Crypto

The Crypto Elite’s Growing Condemnation of Ripple & Cardano

4 weeks ago
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Ripple was once the favorite project within the crypto community. Their groundbreaking solutions for cross-border payments were widely viewed as one of the first large use cases of cryptocurrencies. On the other hand, Cardano garnered appreciation for its rigorous academic approach and being the first third-generation Layer 1 chain. 

However, in the past couple of years, these sentiments have grown to be widely divided, and this could easily be exemplified by Raoul Pal’s recent criticism of both Cardano and Ripple, in which he labeled these cryptos as “old” with a “cult-like following.”

Raoul Pal’s Criticism of Ripple and Cardano

Raoul Pal, the CEO of Real Vision and one of the crypto OGs is the prime example of the growing wave of criticism for XRP and ADA. Over time, his stand on these two cryptos has grown from cautiously optimistic to outright skepticism. 

Raoul warned crypto investors against holding on to assets out of “loyalty” or “FOMO”. “I just feel like you’re doing a disservice by being in a cult,” Pal said while reminding the investors not to deviate from a mercenary-centric approach. “Cults don’t make money except for the leaders,” Pal says these words while taking a jab at the founders of XRP and ADA. Although a bit inflammatory, these words do have a certain truth to it. At least for people to have these sentiments. 

Ripple has been involved in one of the biggest and longest-lasting lawsuits with the SEC. The lawsuit impacted its public perception and price action, with some major exchanges delisting the crypto from their platforms. On a more technical level, XRP has always been looked down upon for being too centralized. 

Cardano, on the other hand, has made technical developments with its Voltaire hard fork coming up on August 27th. However, its academic approach has drawn criticism for being too slow, especially when compared to newer chains like Solana. Its price action has also been bad, not able to bounce up to even $0.50. 

Notably, Pal holds a lot of Solana and ETH and is invested in other projects like SUI. His assertions about XRP and ADA could be biased, and his comments should be taken with a pinch of salt. Pal notably supported some of the worst projects in the crypto ecosystem, including Terra. 

Hoskinson responds to Pal

Charles Hoskinson, the founder of Cardano, with his ever-sharp wit, rescinded to the criticisms with a snarky post on X.

Cardano’s development has been methodical and robust, which, even though it looks slow now, could pay off in the long run. Charles himself has told ADA holders that if they want short-term gains, they are looking at the wrong crypto project. 

Ripple, despite being at the center of a long-lasting lawsuit, has maintained a strong community that sees significant use in international remittance. Most legal experts say that once the lawsuit is over, the price could reach a new high. XRP has seen it being relisted on some exchanges that it was expelled from, further demonstrating a positive sentiment in its perception. 

When it comes to long term vision, both Cardano and XRP have proved to be the projects to be looked up upon. However, the crypto community and the ecosystem are so young that long-term vision might not be everyone’s cup of tea. 

Although some criticism is essential for iterating towards a better project, name-calling, especially by industry leaders like Pal, usually is detrimental to progress. As the blockchain industry evolves, it will always be better for top projects and leaders to collaborate and unite against the one common enemy: the broken centralized global monetary system.

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Source: https://www.cryptonewsz.com/crypto-elites-growing-condemn-ripple-cardano/