Hoskinson Criticizes Unequal Regulatory Treatment
Charles Hoskinson, co-founder of IOHK and Cardano, expressed his frustration in a video about the categorization of cardano as a security, while bitcoin remains exempt. He criticized the regulatory approach, highlighting what he sees as unfair treatment.
The Absence of Expectation of Profit
Hoskinson questions the lack of expectation of profit among bitcoin supporters and criticizes the perceived decentralization. He points out the potential vulnerability of bitcoin to a 51% attack due to the distribution of hashpower and calls it a “pathetic joke”.
Hoskinson and Back Engage in a Debate
Users on platform X responded to Hoskinson’s assertions. Adam Back, founder of Blockstream, simplified the distinction between bitcoin and other cryptocurrencies. He emphasized that bitcoin did not do an ICO, has no CEO, and is decentralized, making it a commodity rather than a security.
Hoskinson Clarifies Cardano’s ICO Status
Hoskinson responded to Back’s comments, clarifying that Cardano did not have an ICO. He explained that Cardano’s ADA tokens were distributed through a voucher sale in Asia without any US participants, which does not constitute an ICO.
The Debate Continues
The debate between Hoskinson and Back continued, with Back suggesting that an airdrop and some market activity still classify as an ICO. He also highlighted the reliance on a management team for profit expectations.
Hoskinson Refutes Airdrop Equating to ICO
Hoskinson disagreed with the notion that an airdrop is equivalent to an ICO, citing the SEC’s settlement with EOS and Block.one as an example. He emphasized that ADA was not publicly offered by a centralized entity.
Frustration with Bitcoin Community
Hoskinson criticized the bitcoin community for labeling non-Bitcoin projects as inferior and fraudulent. He condemned efforts by Bitcoin advocates to outlaw cryptocurrencies other than Bitcoin and dismissed the argument about the mining process being fundamentally different.
Bitcoin, Gold, and Diamonds as Commodities
Back compared bitcoin with gold and diamonds, stating that they are all commodities, not securities. He argued that ether, ADA, and similar cryptocurrencies are securities and emphasized that they are “unregistered and unregisterable securities.”
Hot Take: Hoskinson Slamming “Team Orange” and Unequal Regulation
Charles Hoskinson of IOHK and Cardano criticized the categorization of cardano as a security while exempting bitcoin, referring to it as a “pathetic joke.” He questioned the unequal treatment and expressed frustration with the bitcoin community’s attempts to outlaw non-Bitcoin cryptocurrencies. Adam Back of Blockstream engaged in a debate, distinguishing bitcoin as a commodity due to its lack of ICO, decentralization, and absence of a centralized entity. Hoskinson clarified that Cardano did not have an ICO, explaining the distribution of ADA through a voucher sale in Asia. The debate continued, with Back suggesting that an airdrop still classifies as an ICO. Hoskinson refuted this and highlighted the SEC’s settlement with EOS and Block.one. Back also argued that while bitcoin, gold, and diamonds are commodities, other cryptocurrencies like ADA are securities.
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