Hoskinson to VCs Who Hate ADA: Deploy Your Capital in LUNA, FTX

The crypto community is back at taunting the Cardano (ADA) fanboys, calling the blockchain a risky Ponzi scheme waiting to collapse. Yesterday, crypto enthusiasts Paul Manuel and Patrick Tobler claimed that some venture capitalists (VCs) have vowed not to invest in any startup related to the Cardano network. In their view, sponsoring Cardano-related businesses imply taking on unreasonable risk.

I literally received a mail from a VC yesterday writing «We will not be investing into startups related to Cardano».

It’s a big joke.

— Patrick Tobler (@Padierfind) November 22, 2022

However, the founder of the Cardano blockchain, Charles Hoskinson, mocked these claims saying, “They’d rather deploy capital into [the bankrupt] Luna and FTX,

Remember that Cardano is a scam people. Thank God we have things like celsius, luna, and FTX to protect us. Seriously fuck you guys. https://t.co/SXzLaY0rex

— Charles Hoskinson (@IOHK_Charles) November 13, 2022

Recently, Celsius, Terra Luna blockchain, and the FTX crypto exchange became insolvent while the Cardano community persistently received backlashes from supposed haters, projecting ADA as a scam. Commenting on the argument, Lawyer Robert Gauss said:

“It has been tough days for Cardano people, with the market treating all crypto the same.”

Despite the bad press Cardano sometimes suffers, its utility token ADA still ranks as the eighth largest cryptocurrency with a market cap of over $10 billion. Lately, its team has partnered with a layer-one protocol to establish the algorithmic stablecoin DJED.

According to an earlier report by Coin Edition, the DJED stablecoin will go live on the Cardano mainnet starting next year after a successful audit and rigorous stress testing. The algorithmic stablecoin will trade at a one-to-one ratio against the US Dollar using surplus collateral in cryptocurrencies like the ADA token.

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