Earlier today (March 29), popular cryptocurrency analyst Lark Davis (@TheCryptoLark on Twitter) analyzed the three most common complaints about the Cardano project to see which one had merit.
His comments on Cardano were delivered in a video for his popular YouTube channel (which currently has more than 257,000 subscribers).
Critic # 1: "Cardano is overrated"
“Cardano's main use case right now is staking… I think if we're going to be honest here, the current price of Cardano is going up quite a bit because of the hype versus the actual demand for the token based on the utility, the need for developers and users …
The fundamentals that will drive demand in the future don't really exist at this time. And look, there's actually nothing wrong or abnormal about this. This is quite common to see. We see it happening quite a bit with different assets, where the price of an asset will rise much more than it should be based on its current value, simply thanks to strong supporters' enthusiasm and of course predictions of the future trajectory.
And just because Cardano is overvalued right now doesn't mean the price is going to drop drastically or anything like that. In fact, the opposite is likely to be true. The higher the market capitalization, the more serious an investment is in the eyes of many investors, which causes the market capitalization to go even higher and become even more serious. "
Critic # 2: "Nothing is built on Cardano"
“First of all, it is not technically true… since there are actually some things built in Cardano, at the moment, but realistically, there is no ecosystem to speak of at the moment for Cardano. So this criticism is really true, but it is also an incredibly dishonest criticism of Cardano in my opinion because it is difficult to have an ecosystem when there is no smart contract functionality …
Smart contracts are yet to come. The test network is scheduled for the end of April. Smart contracts are scheduled to appear on the mainnet around August… I think we will have at least a few dozen requests by the first quarter of next year. "
Critic # 3: "Cardano is too slow to develop"
“Cardano is moving very, very slowly, especially for a crypto project… Since Cardano was launched, a lot of other blockchains have been launched as well… I understand why they are using the pure academic revised approach. They want to do things right from the start. They want to build the best possible blockchain …
Now, to be fair, Cardano has a huge community, very enthusiastic; so that's a huge user base ready and willing to jump in and use apps on Cardano from day one smart contracts are launched … If Cardano can deliver an ecosystem that makes people money, users will come, developers will come.
I personally believe that Cardano will prove the enemies wrong this year, and that they will deliver a powerful and interesting blockchain that will become a huge part of the cryptocurrency ecosystem. "
(embed) https://www.youtube.com/watch?v=J-bB8gzUCMo (/ embed)