Cardano Founder Drops Hard Truths: ‘Bitcoin Was Heavily Centralized At The Start’
Cardano founder Charles Hoskinson has stirred the crypto community, revealing significant ‘truths’ about Bitcoin’s centralized origins and its regulatory perceptions in the United States.
Hoskinson Unveils Bitcoin Truth
Founder and CEO of Cardano, Charles Hoskinson has recently published a live video titled ‘On Bitcoin, Ethereum, and Cardano’ via his main X (formerly Twitter) account. In the video, Hoskinson delved deep into the decentralized nature of Bitcoin and the present regulatory outlook of cryptocurrencies.
He made emphasis on the growing criticism from Bitcoin maximalists, who constantly glorify BTC but condemn other cryptocurrencies like Cardano. Hoskinson revealed that one of the reasons Pseudonymous Bitcoin Inventor, Satoshi Nakamoto has continued to remain unidentified was due to the lack of clarity for cryptocurrencies in the US financial regulatory landscape.
The Cardano founder disclosed that at some point BTC was centralized because Satoshi had complete control of the Bitcoin network with 100% hash power at its preliminary stages.
“The reason Satoshi stayed anonymous by his own admission was the legal ambiguity of issuing a currency,” Hoskinson stated.
He added:
“Some of the bitcoin issued through the mining process was done in a completely centralized way because only one actor mined them and had complete control over the network and at any given time could have made arbitrary decisions to change the network in any way.”
BTC price continues upward rally | Source: BTCUSD on Tradingview.com
Hoskinson Asserts US Regulations Pose A Threat To Crypto Revolution
In his video, Hoskinson also emphasized his belief that the US regulatory system was blocking its ability to become a globally superior economy by impeding the advancement of blockchain technology and cryptocurrencies.
“It brings no pleasure to me to watch my nation declare war on an industry that not only would be liberated from many of its biggest problems but also guarantees that we will miss out on a multi-trillion dollar revolution that is the future of the global economy,” Hoskinson stated.
Hoskinson revealed that the United States Securities and Exchange Commission (SEC) does not see Bitcoin as a security due to its decentralization. However, they labeled other altcoins with similar structures and decentralized nature as securities.
The Cardano founder disclosed that if cryptocurrencies were allowed their full potential to evolve in the US, they could transform various sectors including politics, medicine, finance, security, and more.
Hoskinson further added that the recent regulatory crackdown on cryptocurrencies aims to reduce the people’s power, fostering dependency and adoption of cryptocurrencies like Bitcoin which could be easily controlled.
“They understand that if the world gets back control of its money, of its voting, of its identity and data. That it’s gonna be really hard to put a global regime over humanity and have a small group of people run the whole show,” Hoskinson stated.
“They try to make sure that there’s no projects or programs in the long-term that return power to the people, make people their own bank, push power to the edges, they’re real comfortable with things like bitcoin because it’s very clear how to control that.”
Featured image from, chart from Tradingview.com
