Cardano Founder Hints at Trump’s Crypto Edge Over Kamala Harris With Gensler Analogy Crypto News Flash
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Is Cardano Spreading Like A Virus? The Analogy Of Hoskinson That Is Controversial! Cointribune EN
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Cardano’s co-founder Charles Hoskinson made an analogy about the United States Internal Revenue Service (IRS) hurting taxpayers in the country. In a social media post on X (formerly Twitter), Hoskinson described the present state of the crypto market likening it to the historical sell-offs that take place when taxes are due.
“Every year, there is a large asset sell-off for April 15th as taxes are due. Then the IRS (represented as Ivan the Terrible here) ponders why it killed its own son (you the taxpayers).”
Every year, there is a large asset sell-off for April 15th as taxes are due. Then the IRS (represented as Ivan the Terrible here) ponders why it killed its own son (you the taxpayers). https://t.co/TvfgQnKhUh pic.twitter.com/YyUHGoRoQE
— Charles Hoskinson (@IOHK_Charles) April 13, 2024
Hoskinson’s Tax Deadline Sell-offs
The crypto market faces plunging figures in the last 24 hours due to macroeconomic factors and geopolitical tensions as investors move funds from risky assets. Historically, market analysts have said the US tax due date, April 15 tanks crypto assets.
As a result, the stock has seen resistance with choppy trades hovering in the weeks leading to the deadline. The cryptocurrency market now trades similarly to stocks with massive outflows recorded in the last 24 hours. This correlation can be traced back to 2019 but is now heightened with the influx of traditional investors in cryptocurrencies.
In Q4 2023, traditional investors increased their exposure to the market on the back of spot Bitcoin (BTC) ETF applications attracting wider gains to the asset.
Analyst Explains Trend
According to Fundstrat’s Tom Lee, there might be some artificial sell pressure on stocks sparked by the tax deadline. An analysis shows that when the market goes bullish, it declines leading to tax day. This can be seen through stocks and crypto at the moment as both markets rallied last year for various reasons.
Lee pinned the reason for the bearish market movements on investors raising cash to pay for capital gains accruing from the previous years.
“The reason this relationship exists is that investors need to raise cash to pay capital gains. Hence, stocks come under selling pressure into tax day.”
Also Read: Uniswap’s Vs SEC: Adam Cochran Critiques SEC’s Case as Contradictory
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano’s Hoskinson Makes Analogy on IRS Killing Taxpayers Amid Sell-offs CoinGape
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Shiba Inu (SHIB) Team Member Makes Interesting Shibarium Analogy U.Today
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Speaking to the Crypto Mile, Cardano founder and Input Output CEO Charles Hoskinson discussed how blockchain could revolutionize the world.
During the discussion, the tortoise-hare analogy was broached – which asserts that Cardano is slow to release developments.
Commenting on this, Hoskinson said the analogy “irritates” him, and he “fundamentally rejects” it on the grounds that Cardano has been first, or near first, on several technologies.
Cardano has long been accused of being a tortoise
Cardano is described as a third-generation platform developed with formal methods to achieve the blockchain tenets of scalability, interoperability, and sustainability in a real-world setting.
Formal methods refer to the use of the scientific method, which involves discovery, peer review, and cryptographic research.
As a systematic and methodical approach, developmental releases have been delayed in the past. The most recent example of this was the Vasil upgrade, which was initially scheduled for release on June 29.
However, following a core team meeting, it was decided to delay the upgrade to the last week of July. Hoskinson said a factor in this was the “measure three times and cut once” mandate he sent out to engineers following the Terra implosion.
Hoskinson disagrees for these reasons
As far as the tortoise-hare analogy is concerned, Hoskinson clapped back, saying Cardano was one of the first Proof-of-Stake protocols to market.
As expected, comparisons with Ethereum were made as he commented that even though Cardano took the slow, systematic development path through peer review, it still pipped Ethereum to the PoS post.
“We were one of the first of the third generations to be in market with PoS. Ethereum is still not on PoS, and they had a two-year head start on us…”
In addition, Hoskinson also made a similar point on Cardano being the first protocol to use the Extended Unspent Transaction Output (eUTXO) accounting model.
This is an adaptation of Bitcoin’s UTXO accounting model, which works by calculating each transaction spending output using prior transactions. This allows new outputs to be spent by transactions in the future.
The eUTXO model improves on the UTXO model by supporting an expressive script, enabling more sophisticated and complex operations.
Closing off, the Cardano founder said it “irritates” him when people say we’re slow. Even so, he still maintained that taking additional time is always the appropriate action for building infrastructure that will still be here in a hundred years.
Speaking to the Crypto Mile, Cardano founder and Input Output CEO Charles Hoskinson discussed how blockchain could revolutionize the world.
During the discussion, the tortoise-hare analogy was broached – which asserts that Cardano is slow to release developments.
Commenting on this, Hoskinson said the analogy “irritates” him, and he “fundamentally rejects” it on the grounds that Cardano has been first, or near first, on several technologies.
Cardano has long been accused of being a tortoise
Cardano is described as a third-generation platform developed with formal methods to achieve the blockchain tenets of scalability, interoperability, and sustainability in a real-world setting.
Formal methods refer to the use of the scientific method, which involves discovery, peer review, and cryptographic research.
As a systematic and methodical approach, developmental releases have been delayed in the past. The most recent example of this was the Vasil upgrade, which was initially scheduled for release on June 29.
However, following a core team meeting, it was decided to delay the upgrade to the last week of July. Hoskinson said a factor in this was the “measure three times and cut once” mandate he sent out to engineers following the Terra implosion.
Hoskinson disagrees for these reasons
As far as the tortoise-hare analogy is concerned, Hoskinson clapped back, saying Cardano was one of the first Proof-of-Stake protocols to market.
As expected, comparisons with Ethereum were made as he commented that even though Cardano took the slow, systematic development path through peer review, it still pipped Ethereum to the PoS post.
“We were one of the first of the third generations to be in market with PoS. Ethereum is still not on PoS, and they had a two-year head start on us…”
In addition, Hoskinson also made a similar point on Cardano being the first protocol to use the Extended Unspent Transaction Output (eUTXO) accounting model.
This is an adaptation of Bitcoin’s UTXO accounting model, which works by calculating each transaction spending output using prior transactions. This allows new outputs to be spent by transactions in the future.
The eUTXO model improves on the UTXO model by supporting an expressive script, enabling more sophisticated and complex operations.
Closing off, the Cardano founder said it “irritates” him when people say we’re slow. Even so, he still maintained that taking additional time is always the appropriate action for building infrastructure that will still be here in a hundred years.
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