Cardano

Bitcoin

Arthur

Coin

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<p>During a recent <a href="https://www.youtube.com/watch?v=cwk_l-U-0D4&amp;ab_channel=CoinBureau" rel="noopener noreferrer nofollow">discussion</a> with Coin Bureau, Arthur Hayes, the former CEO of BitMEX, has labeled Cardano as the "first wannabe Ethereum."</p>
<p>He further questioned the very significance of Cardano in the digital currency space, arguing that it "may be the first one to be irrelevant."&nbsp;</p>
<h2 id="substance-over-promotion">Substance over promotion&nbsp;</h2>
<p>Beyond his caustic <a href="https://u.today/cardano-skyrockets-33-in-volume-as-market-anticipates-breaking-news" rel="noopener noreferrer nofollow">Cardano</a> comments, Hayes extended his scrutiny to the altcoin market at large, cautioning investors about the allure of projects with more buzz than substance.&nbsp;</p>
<p>He stressed the importance of discerning between genuine technological advancement and clever marketing.&nbsp;</p>
<p>According to Hayes, the crypto industry is rife with projects that promise revolutionary breakthroughs without the backing of solid engineering or cryptographic achievements—a trend he sees as a red flag for investors navigating the altcoin terrain.&nbsp;</p>
<p>"When you detect that you're being marketed to too heavily, that should give you a bit of pause," he advised.&nbsp;</p>
<p>He offered the example of EOS, which employed famous figures for global promotions, as a cautionary tale of how marketing can overshadow substance in the crypto world.</p>
<h2 id="dismissing-bitcoin-etfs">Dismissing Bitcoin ETFs</h2>
<p>On the topic of <a href="https://u.today/vanguard-leaving-bitcoin-etf-inflows-in-the-dust" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>, Hayes discussed the evolution of investment products in the crypto space, noting the significant milestones and the differences in regulatory treatment and market acceptance over the years.&nbsp;</p>
<p>At the same time, he criticized the recent approval of Bitcoin ETFs not as a victory for financial freedom but as a mechanism for traditional financial institutions to profit from the interest in cryptocurrencies. "It's a trading product that makes fees for BlackRock and Fidelity and all the other major asset managers," he said.&nbsp;</p>

Cardano Is "Wannabe Ethereum," Arthur Hayes Says

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