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Wealth Manager Mike Alfred May Have Left Secret Message for Cardano Community in His Recent Tweet

Mon, 05/02/2022 - 12:48
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Arman Shirinyan
While Cardano gets its portion of criticism, it's not related to fundamental problems of the network
Wealth Manager Mike Alfred May Have Left Secret Message for Cardano Community in His Recent Tweet
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In his most recent tweet, cryptocurrency wealth manager Mike Alfred criticized networks like Ethereum, Solana and even Cardano, highlighting the superiority of Bitcoin, which holds stable block issuance and processing since the launch of the blockchain.

The tweet gathered the most recent negative events from each network, including Ethereum, Cardano and Solana. But while the wealth manager highlighted functionality and performance issues on the two networks, Cardano's critique was not of the fundamental issues of the network.

Alfred noted that Cardano's market performance was far from being acceptable by the cryptocurrency market standard, but the network keeps on growing, allowing developers to build scalable, cheap and efficient decentralized solutions and applications.

Ethereum user pays $40,000 in fees

Following the minting of lands in the Otherside Metaverse related to the Bored Ape Yacht Club, the Ethereum network became highly congested, causing a record-breaking spike in transaction fees. According to the Ethereum blockchain explorer, a random user paid $40,000 in fees for a simple mint.

XRP Rebounds 6%, Outperforming Top 10, Here's Why

The spike in fees caused a massive controversy in the cryptocurrency community. One side accused Yuga Labs of inappropriate smart contract optimization, while others criticized Ethereum's inability to scale properly.

Solana going down

Solana's stability is a long-lasting meme in the crypto community as some users constantly make fun of the "Ethereum killer," which constantly goes down after the number of transactions rises above average.

Recently, Solana was down for hours after a spam transaction attack. The downtime on Solana was ironic as Ethereum beat the record in the number of fees generated in 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.