Cardano has been in the list of top 10 cryptocurrency for more than a year now. A lot of new investors have flocked to it due to its many advantages over other cryptocurrencies. These advantages include cheaper fees, faster and greener network, better scalability, a thriving ecosystem, and more.
Despite its many advantages, there are also a lot of very vocal people speaking against Cardano. Why would people speak against Cardano and are there any justification to these negative comments?
Read on to find out as I list 7 reasons why people hate on Cardano:
1. People Want To Secure Their Investment in Other Coins
This is probably the main reason why Cardano gets a lot of hate. A few years ago, Ethereum made big waves with its introduction of smart contracts. Suddenly a world of use cases opened up and millions have been invested in it. Projects and companies were built and are continuing to be built on Ethereum from Dapps to NFT’s. Obviously, if you have invested a lot of time, effort and actual cash in Ethereum, you will not be happy when a new coin like Cardano comes along that is touted to be the “Ethereum Killer”. Thus, these people tend to look for ways to discredit Cardano in order to secure their own investments. Some of these criticisms may be justified. Others are downright lies told due to ignorance or unfortunately sometimes because of malice.
2. “Cardano Does Not Have Smart Contracts”
This was a common criticism of Cardano as they took years before releasing smart contracts which is a major pre-requisite to build Dapps. Nevertheless, this criticism is no longer valid when Cardano released smart contracts on September 2021. Surprisingly, even this week I saw someone claim that Cardano still has no smart contracts. I feel that this is more of ignorance than malice. People who are not into Cardano won’t keep up with it’s updates so they remain ignorant of new developments.
3. “Cardano Does Not Have Any Working Apps”
Again this is not true. While a lot of apps are indeed under development, a lot more are already running including multiple DEX that went live and are going live this year. As of March 2022, 886 projects are registered as building on Cardano. Countless more are unregistered. Just take a look at this chart and you will see the scale of development in the Cardano ecosystem:
4. “Cardano Is Slow In Development”
This admittedly is true. A lot of projects have completed their development much quicker and have thus had first mover advantage. Cardano prefers to have a “measure twice, do once” attitude. This gives them great execution and security at the expense of punctuality. Development has been speeding up since last year but it would be great if it is even faster so that it is not left behind. Nevertheless, this careful growth seems to be paying off as some faster projects have recently been plagued with costly hacks.
5. “Cardano Is Not Scalable”
Actually, even in Cardano’s current state at 250 TPS, it is already way faster than Ethereum which is at 15 TPS. Nevertheless, when there is a popular DEX launch or other major activity, it was observed that some transactions took hours or even days to complete. This has since improved with some parameter changes to increase block sizes and will further improve with the implementation of Hydra. This is an incremental upgrade of the network with estimates of up to 1 million TPS once it is fully implemented.
6. To Get Increased Views
This is an opportunistic move by some influencers who want to increase their view count. As the Cardano community is quite large and willing to educate others, posting a negative Cardano comment will almost always give the poster a good number of views and reactions.
7. “Cardano Has Too High of a Market Cap”
Considering that Cardano dapps are only just starting to come out, some people believe it’s market capitalisation should not be so high. This may be true if Cardano is trading above 100USD. At its current price of a little over a dollar me with multiple apps and use cases already live, the current price is actually a bargain.
There you have it. 7 reasons why some people hate on Cardano. Most of the reasons are related to ignorance or self serving motivations and are not due to any weakness of Cardano itself. So next time you see someone spewing hate at Cardano, remember to listen to it with a grain of salt and do your own research to prove/disprove their claims.
WISH Pool is the creator of Cardano SPOT Check, an online resource for Cardano Stake Pool Operators for maintaining their nodes. We are actively helping several Cardano communities and were a recipient of the IOG delegation in 2021 and are currently a recipient of the Cardano Foundation delegation in 2022. If you like this article, we greatly appreciate if you will delegate your ADA to WISH Pool. You will be earning interest rewards while indirectly helping the lives of disadvantaged children. This is because WISH Pool pledges to give at least 10% of its own profit to educational charities so that successful students can help get their families out of poverty. Let’s help grow the community together!