Cardano's founder slammed MicroStrategy's CEO for using the term "security" to describe ADA and for being a poisonous Bitcoin maximalist.
Charles Hoskinson, the founder of Cardano and IOG, discussed his opinion on Michael Saylor recently declaring Cardano a security in an AMA ("Ask Me Anything") session from Monglia.
Hoskinson addresses Saylor's assertions on the ADA. Hoskinson contrasted Tone Vayes and Michael Saylor to the current market conditions for cryptocurrencies.
Vays used to be very well-liked and used to label everything—aside from Bitcoin—a hoax, the Cardano CEO reminded the community.
Hoskinson said that Michael Saylor has since taken his place and is proclaiming that "Bitcoin is the way" and that everything else is either a fraud or a security.
According to Hoskinson, the founder of Cardano, Cardano is much more decentralized than Bitcoin and has much more utility than BTC, which is merely a store of value.
He also said that people continue to buy ADA not just to speculate but to use ADA to pay for various goods and services provided by Cardano-based projects.
Even yet, Michael Saylor refers to ADA as a security, while Hoskinson claims that the only practical application for Bitcoin is speculation and that, in spite of this, nobody refers to BTC as a security.
Charles also threatened to declare bankruptcy if Bitcoin does not function the way Saylor expects it to.