During a recently published podcast, popular Cardano (ADA) Founder Charles Hoskinson, has said that the crypto sector is in for a very rough time and possible collapse if it so happens that Bitcoin goes down under. Hoskinson, who is also the Ethereum co-founder, started Cardano two years ago in 2017.
The podcast is hosted by Morgan Creek Digital chief, Anthony “Pomp” Pompliano, and regularly interviews some of the biggest names in the crypto world.
Hoskinson has also said that regardless of the fact that the fate of the entire sector is somewhat tied to Bitcoin, the world’s number one cryptocurrency is inherently flawed. He said:
“One of the biggest problems with Bitcoin, is that it’s blind, deaf and dumb and that was by design.”
According to him, such a design might be a good enough idea at inception but might be decisively limiting for the king coin. Hoskinson believes that deviating from the original Bitcoin blueprint is not a bad idea if the deviation is intended to increase the network’s efficiency.
Stressing this, he further suggested that some of the problems Bitcoin is facing at the moment could be because it is being touted as the solution or at least an alternative to the available financial framework and expected to match.
Hoskinson has stressed that Bitcoin was not created “to replicate the world financial system and also be fully compliant with that system. This was not in its scope.” He strongly believes that even though Satoshi’s plans are great and commendable enough, said provisions should not be strictly viewed as the actual fact.
Hoskinson’s speech largely seems to hope for the best for Bitcoin, regardless of any limitations. To him, Proof-of-Work (PoW) systems can only grow and stand the test of time, if they are not rigid, and can evolve. Bitcoin should then be decisively worked on to evolve because if it doesn’t succeed, pretty much everyone else goes down with it.
“Bitcoin frankly is the brand of cryptocurrencies. We can’t say, oh, I’m going to succeed but Bitcoin will fail. If Bitcoin fails, the whole industry’s probably in for a really bad time.”