- Hoskinson Draws Sharp Contrast Between Cardano’s Structured Approach with On-Chain Governance and Meme Coins’ Speculative Nature.
- Urges Crypto Community to Focus on Long-Term Utility of Blockchain, Criticizes Social Media’s Role in Meme Coin Hype.
Charles Hoskinson, the founder of Cardano, recently expressed his stern views on meme coins during a Halloween live stream.
Addressing from Colorado, he criticized the cryptocurrency market’s current fascination with meme coins, which he described as having no intrinsic value and prone to exploitation through pump-and-dump schemes.
“Meme coins, they have no value, they never will have value, they will never ever have value, stop, stop thinking they will you degenerates. Grow the hell up,” he asserted.
Critique of Meme Coins
Hoskinson was unequivocal about the value—or lack thereof—of meme coins. He labeled them as valueless, speculative, and unstable, cautioning investors about their inherent risks. His critique extended to the mechanisms that often promote these coins, such as social media platforms, which he argued contribute to their unregulated and often misleading hype.
“What do you honestly expect? What do you expect? What is the outcome of this game? You buy a token and the token goes up a little bit and a whole bunch of other people rush in and the token goes up and then what happens? People dump on you. That’s how that game works. It’s always worked that way for meme coins, always will work that way for memecoins,” he explained.
He emphasized that meme coins typically have no utility or foundational culture that supports long-term value
The Role of Social Media
The Cardano founder pointed out the significant role social media plays in the meme coin ecosystem. Platforms facilitate rapid dissemination of information, allowing for quick and sometimes irresponsible promotion of these coins.
“They have no utility. There’s no culture behind somebody taking a picture of me and turning it into a meme coin for the purposes of a pump and dump,” he stated.
He criticized the so-called experts and analysts on these platforms who often have little accountability, leading to misinformation and speculative investments.
“We all know that these things [meme coins] have no value. There’s no utility behind them. When they lose their luster, they go to zero. […] The reason why meme coins have any any popularity right now is people are bored […]. We’ve gone through three years of a brutal bear market. It’s been horrible and so people got to do something with all this crypto wealth,” Hoskinson elaborated.
Contrasting Cardano’s Approach
Highlighting the stark differences between meme coins and Cardano, Hoskinson praised the latter’s structured and utility-based framework.
“Look at something like Cardano. There’s an on-chain government. There’s a smart contracting stack. There is a network that has 1.4 million users inside of it that enables you to store information in a secure way. It’s been running for seven years straight. You can use it as the foundation to rebuild the social fabric of society itself,” he emphasized.
He noted Cardano’s on-chain governance, smart contracting capabilities, and a robust user network as foundational elements that support a practical and sustainable cryptocurrency ecosystem.
In contrast to meme coins, Cardano aims to provide a secure platform for real-world applications and societal development.
Societal Commentary
Beyond the realm of cryptocurrencies, Hoskinson also touched upon broader societal issues such as the quality of public discourse and the real value of engagement in the crypto market.
He linked the popularity of meme coins to societal boredom and the bear market, suggesting that a shift in focus towards substantial and meaningful crypto uses is necessary.
“If you can do that, you’re a true crypto user, a true one because you’re worthy of being your own bank and being in charge of your own life,” he stated
Ending his discourse, he called for a community-driven approach to blockchain technology, emphasizing the importance of responsible investment and the potential of cryptocurrencies like Cardano to offer meaningful solutions to societal challenges.
