Breaking Free from Learned Helplessness
Cardano (ADA) founder Charles Hoskinson made striking statements about the cryptocurrency world, technology monopolies, and the current economic system during a live broadcast. Hoskinson urged the community to break free from “learned helplessness” and embrace the vision of “freedom,” which was the original purpose of cryptography.
Navigating Market Volatility and Toxic Pessimism
Hoskinson, referring to the stagnation in the markets and the pessimism in the community, stated that, like the teeth of a saw, dips (valleys) are inevitable for ups. Criticizing the toxic pessimism and the desire for instant profit in the sector, Hoskinson said, “If something isn’t announced immediately, it’s called fraud. We need to break out of this cycle.”
Advancing Universal Privacy with Midnight Protocol
Hoskinson also touched upon technological advancements, announcing that work on the Midnight protocol was intensifying. He argued that Midnight was not just a simple privacy protocol, but a vision to create “Universal Privacy-Enhancing Technology” (PET). They announced that they are working on a system where, in the future, cryptocurrency usage will be possible via a phone using only a fingerprint and PIN code, without the need for a wallet.
Criticism of US Legal Regulations and Industry Leaders
Hoskinson harshly criticized current legal regulations in the US and the stance of industry leaders. He stated that the new bills leave cryptocurrency entirely under the control of the SEC and classify projects as “securities” by default, adding the following:
“I didn’t sign this to hand over this revolution to 15 banks. I signed for freedom, for a revolution. Some leaders in the sector sold this revolution for silver in exchange for private jets and luxury living.”
Crypto as Humanity's Escape from Dystopia
Hoskinson argues that humanity is “sleepwalking” towards a world where tech oligarchs and artificial intelligence track every step of the way, and that the crypto industry is the only tool humanity has to escape this dystopia.
Disagreement with Ripple CEO on Regulatory Approach
Hoskinson, referring to Ripple CEO Brad Garlinghouse’s stance on regulations, criticizes this approach, saying, “There are still people like Brad who say, ‘It’s not perfect, but at least we have to have something.’” Arguing that current bills are handing over the keys of the crypto world to the SEC, Hoskinson said, “Sorry Brad, this is no better than chaos,” defending the idea that handing over the industry to institutions like the SEC is wrong.