Cardano Founder’s Views on NFT Raise Significant Controversy

Today, Charles Hoskinson, the project’s creator, ignited a big dispute inside the Cardano community. The reason for the ban was that the crypto entrepreneur and blockchain engineer had replaced his Twitter profile picture with a copy of a Cardano NFT including a picture of himself.

Hoskinson link his “right-click and save” actions to his liking of the image, and the artist and owner of the original NFT had no objections since the incident raised the value of the work and confirmed its relationship with him. The inventor of Cardano summarised his position by stating that he obtained a nice profile picture and saved money.

The NFT that Hoskinson uploaded as his profile picture the day before was acquired for 10,000 ADA, or about $2,700.

Number of individuals disapproved of this attitude toward digital art and the intellectual property rights that NFT ownership is intended to protect. Blakelock Brown, CEO of the huge Cardano NFT marketplace JPGstore, said that Hoskinson should have purchased an actual NFT to set an example and assist the NFT business.

Brown also said that the Cardano creator continues to promote this burgeoning section of the cryptocurrency industry. In contrast, Hoskinson reacted to Brown by stating that NFT was nothing more than a print of the original painting.

Remember that, according to U.Today, Hoskinson earlier starred in a music video of Snoop Dogg’s son in the manner of Cardano’s most popular NFT collection, Clay Mates.

Gamza earned a bachelor’s degree in finance and credit, specializing in securities and financial derivatives. In addition, he earned a master’s degree in banking and asset management.

He wants to contribute to the coverage of economic and fintech subjects, as well as educate more individuals about cryptocurrencies and blockchain technology.

In a recent interview with L’Express, the renowned author of “Black Swan,” Nassim Nicholas Taleb, described Bitcoin as “the idiot detector.”

Bitcoin, in Taleb’s opinion, has not achieved its aim of becoming a decentralized currency and store of value.

It is susceptible to inflation and cannot defend against black swan occurrences, according to Taleb. The excitement around cryptocurrencies might be ascribed to near-zero interest rates since few possibilities exist for those seeking risk-free investments. Therefore, this drove individuals into speculation rather than “real finance.”

Moreover, he commented on what may be termed a persisting Ponzi-like attitude in the tech industry, referring to organizations with no cash flow and no underlying financial soundness.

After the 2008 financial crisis, Taleb was critical of the monetary policies implemented by former Federal Reserve Chair Ben Bernanke. As a result, Taleb was initially favourable toward cryptocurrencies. However, he now feels that digital currencies are becoming appealing to manipulators and con artists, who have discovered a safe haven preying on unwary investors duped by promises of quick and excessive profits.

However, if the system one day manages to become more regulated, serious, and trustworthy, the digital currency may be an alternative to conventional finance.

Also Read: The Crypto Community Expects Shiba Inu ($SHIB) To Increase 30% By The End Of The Month