When Cardano (ADA) arrived on Bittrex, it caused quite a stir. There were claims of Japanese investors being scammed by the group which scammed it's way into Ethereum Classic and wanted to take all the mining and community profits for themselves. Then there have been reviews claiming it could be the second coming of the "Ethereum Killer". (wasn't EOS supposed to be doing that??)...
Anyway, what just happened to make me start talking about Cardano?
This....
100% or more gains in a day....
ADA is going to be POS so I bought a chunk shortly after the first drop on price when it hit Bittrex. Happy days!
I've had it a while, but doubt it can beat Ark, Neo or my other favourites.
For disclosure: I've sold during this rise and reinvested the BTC into Vertcoin. I may buy back later, but not until I see some serious consolidation.
Regardless of the hype, massive price fluctuations or claims of scams and technical genius, I loved the technology and the idea that it was created through partnerships between experts in their fields. I do however have my doubts about it and don't understand why the word 'treasury' is mentioned so many times and why transaction fees go to the treasury and not stakers/miners (read older doc on it here or google "cardano treasury"). (Regardless, as always, do some homework and make up your own mind as it could be the next big thing (and I tend to be sceptical of most things centralised and potentially corruptible).
Anyway, I unfortunately suspect that we've just seen a classic pump ahead of a dump. I know it is supposed to do amazing things and Vitalik had a hard time answering questions about ETH recently, but if you look around, I think you'll find that there's not a whole lot of people going mad looking to invest in alts today.
Just looking at the top of the leaderboard for trading volume on Bittrex will tell you that today's best sellers are generally more speculative or contain the slight whiff of "might be the next big thing and I've got loads of satoshis from 10k Bitcoin!".
I don't want to FUD or create FOMO, I just want to talk about what I think when I see these things.
What do you think? Do you think Cardano is going to the moon and Charles Hoskins is some evil polymath genius or will you wait for the next round of "consolidation"?
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