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Cardano (ADA) co-founder Charles Hoskinson is addressing MicroStrategy CEO Michael Saylor\u2019s opinion that ADA counts as a security but Bitcoin (BTC) doesn\u2019t and instead qualifies as a commodity.<\/p>\n
In a new ask-me-anything (AMA) session, Hoskinson argues that Cardano is not only more decentralized than Bitcoin, but it has more real-world utility as BTC\u2019s main use case is speculation.<\/p>\n
\u201cNobody controls [ADA]. It\u2019s completely decentralized, far more than Bitcoin. It has more use and utility. People buy the token not to speculate, which is the only thing they can do with Bitcoin. They buy the token to use it for stuff, medical records and whatever else they\u2019re doing, because it has real-life utility. <\/em><\/p>\n So that\u2019s a security, but the [crypto] that the only thing you can do [with it] is speculate, is not?\u201d <\/em><\/p>\n In an interview with Altcoin Daily last week, Saylor said<\/a> it was \u201cpretty obvious\u201d ADA is a security.<\/p>\n \u201cTo be a commodity network, there has to be no issuer, no initial coin offering (ICO), no central organization and if you study the history of Cardano, it\u2019s pretty obvious it\u2019s a security. It checks all the boxes, so I don\u2019t know how you actually get around intellectually to convincing yourself that it\u2019s anything other than a security.\u201d <\/em><\/p>\n Hoskinson says that Saylor and other Bitcoin maximalists remain exclusively defensive of BTC because they have financial interest in it succeeding over other crypto assets.<\/p>\n \u201cIt\u2019s just one of those cases where [Saylor is] digging deep, fully digged in with Bitcoin, so it\u2019s got to work, because if it doesn\u2019t work the way he hopes, he goes bankrupt. So I don\u2019t give much attention to it, and I don\u2019t think it\u2019s a productive conversation at all\u2026 <\/em><\/p>\n Saying [that] at any given time, [in] a proof-of-stake system, somebody can just arbitrarily take all your money and shut it down, it\u2019s not honest. It\u2019s just libel. <\/em><\/p>\n It\u2019s not true. Protocols don\u2019t do that. They feel they have no burden of proof or evidence of the statements they\u2019ve made, and they say the only thing that matters is their thing, even though their thing doesn\u2019t do anything. It just stores value.\u201d <\/em><\/p>\n Cardano<\/a> is changing hands for $0.45 at time of writing, a 4% increase on the day.<\/p>\n