Cardano vs Ethereum Classic: it’s a scam

Cardano co-founder Charles Hoskinson has made some comments on Twitter about Ethereum Classic (ETC), defining it as a scam.

Summary

• Cardano’s Charles Hoskinson calls the Ethereum Classic crypto project a scam
• Cardano’s Hoskinson and the rant against the Ethereum Classic project in favor of Ergo
• ADA vs ETC

Cardano’s Charles Hoskinson calls the Ethereum Classic crypto project a scam

Directly on the social network of crypto-lovers, Twitter, Charles Hoskinson, co-founder of Cardano, said that the Ethereum Classic crypto project is now a scam.

ETC is now a scam and it’s only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come. There is no roadmap, innovation, team, or vision. It’s just anger and toxicity. The Twitter account was built up from years of effort…

— Charles Hoskinson (@IOHK_Charles) May 19, 2023

Hoskinson’s remarks come in response to the release of a new “PoW Summit” event to be presented in September in Prague by the Litecoin Foundation and the Ethereum Classic Cooperative.

Not only that, Hoskinson also intervenes after Ergo’s platform was mentioned in the comments, which was denied attendance by Bob Summerwill, executive director of the ETC Cooperative.

Apparently, Hoskinson’s claims referring to ETC are indirectly aimed at Summerwill.

The founder of ADA thus called the ETC crypto project a scam, which allows participants to make money from those they recruit, and which now has no roadmap, innovation, or a single vision.

Moreover, Hoskinson added that what moves ETC is just “anger and toxicity.”

Cardano’s Hoskinson and the rant against the Ethereum Classic project in favor of Ergo

Hoskinson’s rant then also names Ergo, a next-generation PoW smart contract platform that enables new models of financial interaction.

And indeed, in the eyes of Cardano’s founder, Ergo is what Ethereum Classic should have been, with plenty of purpose, willingness to innovate, good ethical leadership, and with funding for the future.

Thus, who knows whether the present outburst was intended to make Ethereum Classic look bad, or also to highlight the Ergo crypto project.

In any case, at the PoW Summit in Prague, other big crypto industry names such as Charlie Shrem, Jameson Lopp, Litecoin founder Charlie Lee, and Caitlin Long of Custodia Bank will also be present.

ADA vs ETC

Trying to compare the two crypto assets Cardano (ADA) and Ethereum Classic (ETC), here is the situation.

Cardano (ADA) ranks 7th in market capitalization, which currently exceeds $12.7 billion. Ethereum Classic (ETC), on the other hand, is in the 25th position, with a market cap of above $2.5 billion.

At the time of writing, the price of ADA is $0.37, a 6% drop from last month. ETC’s price, on the other hand, is $18, with a 8% drop from last month.

It is worth mentioning that in terms of daily trading volume, ADA is trading for twice as much as ETC. And indeed, while ADA has a last 24-hour trading volume of nearly $150 million, ETC stands at $77.5 million.

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