Cardano and Binance CEO shared their intentions regarding cryptocurrencies that managed to survive during bull and bear periods. The Cardano founder said that crypto money projects that have successfully survived periods are “resilient under a contradictory load.” He added, however, that many of them are not DeFi protocols. As Koindeks.com, we convey the crypto money claims of Cardano and Binance CEO to you…
Cardano founder spoke of the impact of the Terra crash on other cryptocurrencies
Cardano founder Charles Hoskinson said that crypto users should learn a great lesson from the collapses of Terra and other cryptocurrency projects. Speaking at the Web Summit Technology Conference held in Portugal on November 2, Hoskinson particularly drew attention to the following. Hoskinson from Silk Road to Mt. Gox, he said he saw the collapse of many companies in the crypto space. Cardano founder included successful surviving protocols in his speech. He stated that crypto projects have passed through the wearisome period of both bear and bull periods thanks to “resilience”.
Hoskinson cites this as an issue where many decentralized finance (DeFi) projects fail. The Cardano founder gave the following words in his speech:
Just because you’re on the top today doesn’t mean you’ll always be on the top. Major cryptocurrencies have to experience a few crashes. I was on Bitcoin when it was under a dollar. From $1 to $30, $40, $256, $80, $1,200, $250, $20,000, $4,000. Even in its rise to 64 thousand dollars, it is now down. So what is it, it’s around $20 today, buy or sell? I followed them and watched the movements of all companies.
Charles Hoskinson spoke about the Terra collapse
The Cardano founder also spoke about the Terra collapse. According to Hoskinson, he noted that some DeFi projects have a “limited lifespan of maybe 6 months and an estimated 12 months”, and are also “prone to insider distribution”:
The way things are built has been wildly useful to a few people, as we’ve seen on Terra. As a result, several people were associated with ascension in beautiful form. They subsequently removed the altcoin and made billions of dollars. They succeeded. Retail investors turn out to be wrong. This will result in regulatory pressure in a particular area.
Binance CEO CZ talks about the development of crypto projects
Changpeng Zhao, CEO of crypto exchange Binance, also spoke at the Web Summit held in Lisbon. CZ pointed out why it is so valuable that crypto projects continue to thrive in the bear market. He then shared his opinion on the market. CZ gave the following words in his speech:
It’s easier to show your talent in a bear market. A year ago, working with a college graduate who knew a bit of Solidity programming cost a lot of money. The payments didn’t make much sense to me. However, it has dropped a lot now. I think these payments are reasonable. Now it’s easy to hire people and grow. Last year, every project that included a test piece or a six-page whitepaper was worth $100 million.
Binance CEO CZ drew attention to Bitcoin’s collapses in his tweet on November 2:
A brief history of “Bitcoin decline”…
2014, Bitcoin “dropped” to $200
2018, Bitcoin “dropped” to $3,000
2022, Bitcoin “dropped” to $20,000
2026, Bitcoin “dropped” … I have no idea.
Crypto is high risk and highly volatile. Learn to manage your risks.
The Binance CEO was asked about the possible end of the bear market. CZ noted that cryptocurrency market cycles typically experience one year of falling prices, two years of recovery. He then pointed out that it took a total of four years with strong and one-year rising prices. Binance CEO also reiterated that he believes in the long-term potential of crypto:
We are very long-term investors. Therefore, we envisage being in space for the next 10, 50 or 100 years.