Is Cardano’s “Ada” the Answer?

We live in crazy times when the credibility of government fiat, and even government itself, is coming under grave doubt [Gilder's Daily Prophecy] September 29, 2021 [UNSUBSCRIBE]( | [ARCHIVES]( [>>INCOMING MESSAGE FROM JAMES ALTUCHER<<]( [Attention please]( you know Coronavirus could have very little to do with these crazy up and down markets? And the reason your retirement account could go down to zero? I’ve been warning readers about the REAL CAUSE behind this… [I explain everything in my video—you can click the image above to play it…]( [(Watch my short video now, before it’s taken down THURSDAY AT 9:30 AM)]( Is Cardano’s “Ada” the Answer? [Jeffrey Tucker]Dear Daily Prophecy Reader, Ever since I’ve been involved in blockchain and crypto, I’ve known people who are fanatics for the company Cardano and its token Ada. They can talk a techno-ladden blue streak for hours, amazing audiences with confident predictions that they are the next wave of innovation. Bitcoin and its protocol is in the past; Cardono and its smarter and more efficient token is the future. It’s just a matter of time. So they say. The Cardano [community]( has 1 million followers on Twitter. The loyalty of the fan base is striking. It is also filled with exiles from the Bitcoin and Ethereum communities. I know many of these people personally. Quite frankly, many of these people loathe each other. Such is life. People are organized by tribes. Cardano has its tribe. They despise the other and the other despises them. People might imagine that technology progresses without human drama. Not true. I’ve never in my life seen such acrimony as I’ve witnessed within and among the crypto community. Hatred is a good word for it. It doesn’t matter how earnest and true your views, there will be someone somewhere who will accuse you of being a shill for a “sh@#coin” if you are pushing for this token instead of that one. Such is the nature of the tech world, both gloriously progressive and impossibly brutal and primitive. So yes, the fans of Cardano have been disparaged as hangers on and pushers of a technological crack, a model unproven and unworkable, even as the champions swear that it is the greatest thing to happen to humanity since antibiotics. Regardless, it seems their day is finally here, at least based on the sudden public enthusiasm as evidenced by the price — which is the only real test about which people in this community care. Worthless four years ago, the market capitalization of Ada reached $90 billion in early September, before pulling back. The price of the token is now $2 with a market capitalization of $70 billion. No one is talking about a “crash” of the price because people now understand a bit more about these markets. They are speculative, therefore forward looking. The current price is never justified by the underlying fundamentals. The whole point of the market is to anticipate a future that is not yet here. [Cardino to USD] [FREE: The #1 Pre-IPO For The $100 Trillion Energy Disruption]( The Key Secret Behind The Hard Assets Alliance… Is “Verified Gold”. When you purchase precious metals with your account and store it with Hard Assets Alliance. Your physical gold and silver assets are trusted with the highest level of authenticity… this way you know the market value of your precious metals any day... any time. You don’t even need to be at your computer. With the new mobile website you can buy, sell or trade in your account right from your phone. [Get access to “Verified Gold” now.]( [No more banks. No more accountants. No more Wall Street?]( What Is This Thing? Having sat through many hours of presentations on the technical aspects of the token, let me sum this up as follows. It is a second generation (so they say) of the Ethereum token, which imagines itself to be the next generation of Bitcoin. The fundamental difference is the protocol. Cardano relies on proof of stake rather than proof of work, which means that it uses far less computing power to accomplish the same ends. The “work” in this case is computing power, which requires massive mining rigs. The “stake” in this case means existing token owners electronically coughing up evidence of already being involved in the network as a means of verifying changes in the ledger. The specialization of Ada is in smart contracting, making it possible for application builders to use the token as a means of verifying changes in the network. It’s remarkable how keenly the people in this sector watch the news. The site called AMBcrypto reported carefully on a conference called Cardano Summit 2021, featuring many companies and developers in this sector. The big announcement from the summit was that Cardano will build its own version of a stablecoin. As with most aspects of the proof-of-stake community, the announcement was long in technical details but short on practical applications. As the site [reported]( This newest piece in the network’s efforts in making Cardano an independent ecosystem, Djed could either become a prodigy of a stablecoin or a failure. Djed is Cardano’s answer to USDT and USDC i.e. A stablecoin, but one that is backed by algorithms and not fiat or cryptocurrency. IOHK calls Djed the first-ever “formally verified” stablecoin. It is called so since it’s the only stablecoin whose properties are apparently proven by mathematical theorem. Djed uses a smart contract at its center to ensure price stabilization. It basically operates by maintaining a reserve of base coins while minting and burning stable assets and reserve coins. There is no existing use for this Djed, which is consistent with everything I’ve personally experienced from this sector of crypto developers. The level of confidence that they have in their own awesomeness is striking, and rarely matched by any existing evidence that something is actually happening. Again, this has been true for at least the five years of my experience. What is different this time is that the Ada token has made a dramatic move to become the third most capitalized token after Bitcoin andEthereum, excluding the stablecoin Tether. There is no question that the market is on the move, and there is a strong and growing interest in the protocol, especially given the growing attacks on mining as a means of verifying transactions. Cardano claims that its protocol is more genuinely decentralized than any token that relies on proof of work. And it’s correct that proof-of-work protocols have a vulnerability that mining operations are deeply connected with the physical world and can always be shut down by governments. The trouble I discern, is that this community, which is undoubtedly fabulous and certainly the future, has developed a dictionary of buzzwords. Decentralization, disintermediation, untraceable, and censorship-resistant are top terms in this community around which every new token rallies, and I’ve experienced this for many years. Is Cardano It? Many friends of mine are high-paid programmers in the blockchain world, and even they have doubts about Cardanoites and their claims to own the future. They might be right or they might be wrong. The remarkable thing about the present crypto moment is that it probably doesn’t matter. If you are willing to move with the news, whether and to what extent the news expresses reality or not does not matter when it comes to making or breaking your fortunes. We live in crazy times when the credibility of government fiat, and even government itself, is coming under grave doubt from some of the smartest and most daring entrepreneurs of the world. They have settled on the cryptosphere as the sector they inhabit. That means that tokens will forever compete for the positions of 1,2,3,4, and 5 all the way to one million. There are indeed millions to be made. I knew an old-fashioned investment advisor who said to me that everyone should stay away from all this stuff and for one reason: the good and truly valuable will be adopted by the old-line firms and incorporated into known packages of indexed funds. Stick with what we know, he said, and you keep your shirt and add to your net worth. He is surely right, except that one million investors in Ada — an invisible smart-contracting token with an experimental verification system — are right now claiming that he is entirely wrong. 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