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Cardano - Exercising Wisdoms Uncommon To The Crypto Space
While the market has been bleeding out during the course of 2022, Cardano builders have been planning and developing in the background. While many other competitors were busy telling everyone how great they were, Cardano was silently proving it. The “slow progress” of Cardano has often been criticized, ironically, by many who are no longer even relevant or currently battling for the survival of their respective chains. Cardano has literally dropped two bombs over the past few days. In a time when many are wondering if certain projects are even going to survive, Cardano announces their side chain, Midnight. The following excerpt is from the official Midnight website:
Midnight will enable developers to quickly build and deploy data protection-first DApps using many programming languages, starting with Typescript, whilst companies will be able to share mission-critical information without the fear of leaks or censorship. Individuals will be able to safely share their sensitive information when operating in a connected world.
Midnight will incorporate privacy-centered smart contracts. Apparently, the privacy features will be compliant, ultimately avoiding “issues”. The other announcement is that of an algorithmic stablecoin to be launched during the first quarter of 2023. Other projects building on Cardano are also making headway, and it appears as if Hoskinson has played this bear market to Cardano’s advantage. As a trader, one of the most important qualities to possess is patience. This too is an incredibly powerful attribute to display when building something as significant as a public blockchain, aimed at scalability and global adoption.
Had investors followed the wisdom of patience, they would not have bought at $25K, $22K, and so on. To a large extent, this is why this market is often so volatile. Impatient, greedy, and unschooled investors are making trading decisions based on hope and opinion. Without a thesis, you have no place in any financial market. It is difficult for many Crypto investors to accept and realize that they are actually gamblers. Perhaps, they will realize it during the next round. Educated and knowledgeable trading decisions have an incredibly high likelihood of success, just as patient and meticulous blockchain builders are more likely to eventually succeed.
I mentioned some time back, that in business, anything that is not considered a threat is simply ignored. When an entity gives negative attention to an industry peer, they are simultaneously disclosing that they are in actual fact, threatened. Outside of Peter Schiff’s vocal and condescending tone is a man terrified that Bitcoin will eventually replace gold, ultimately destroying his business. Bitcoiners should actually be avoiding this guy. By constantly taking up debates, they give him credibility, and ultimately also reveal that they are perhaps not as sure of their own conviction as they would like to think. This behavior was also present within FTX.
SBF chose not to list Cardano on FTX. Sure, you could trade ADA futures, and the platform would generate revenue. However, you could not deposit or withdraw ADA on FTX. At this point, everyone is aware of Sam’s big bet on Solana. Not only has he been outspoken regarding Solana, but by restricting ADA on his platform, he simultaneously revealed where he envisioned the greatest threat to Solana’s dominance… Cardano! Small and even obscure projects built on Solana were given early listings, while a top-tier coin like Cardano was somehow not listed. This was a clear message to anyone paying attention.
Recent events and developments within the Cardano ecosystem have definitely given ADA the upper hand for 2025, in my opinion. However, this industry is extremely unpredictable, as major events can happen at any time, especially now! What I do like about Cardano, is a similar dynamic that I see within the Hive ecosystem. Both Cardano and Hive are rather independent, not being tied to other entities in the form of partnerships and “obligations”.
This to me is extremely important., and is something that I appreciate, even on principle alone. Needless to say, my main focus shifted a few months ago to Cardano, and recent developments are affirming that decision, at least for now.
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