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10 Things Cardano Should Be Saying About #Cardano

10 Things that worry me about Cardano

[A Thread🧵]

cardano ada ada hosky CardanoVasil

Introduction

I'm as close to a non-crazy Cardano maxi as you can get, I genuinely believe Cardano is the best in the market, but that doesn't mean we're perfect, and there are certain things that we need to be mindful of if we are to succeed.

This is a thread about them.

Reasons why I would sell

This is not a thread to generate FUD, or anything of the sort, a few months ago I already made a thread on reasons why I would sell my ADA. I think it's evidently clear where the lines in the sand are for me.

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Red Flags

This thread's purpose is more to highlight issues than to provide a full exploration and solution. I eventually intend to come to these points and address them comprehensively

For now, we're just flagging a list of things that might impede our long-term success

I - Charles as a figurehead

I've been told by some big accs privately, that they fear the "cult of Charles", so they avoid direct critique. Newbies have also said it's quite offputting that everything seems to revolve around him -even NFT collections!

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II-Bad Communications

The Vasil hardfork is a perfect example of a failure in comms. Dapps are waiting on the sidelines, bleeding money, unsure whether they'll be able to deploy before they go broke, as comms regarding Vasil have been unclear. Overpromising erodes trust!

III Growing bureaucracy

Some Catalyst users are financially incentivized to make the whole process as byzantine as possible to safeguard their income. So proposers end up frustrated and a class of people evolves to become the unelected gatekeepers of treasury funds.

IV- Community Governance under POS

I don't know how we'll cope with having a democracy under a POS system without just devolving into an oligarchy that merely promotes the interests of the already rich, also, how do we stop outright bribery for votes?

VI - Stakepool Mass Extinction Event

Running a stakepool costs a few hundred dollars a month, even this modest sum is unreachable by most SPOs, so they

lose money for operating

With low ADA prices and increasing direct costs due to Vasil, hundreds of stakepools might die

VII Overly Defensive Community

Look, I get it, the rest of the crypto community hasn't been kind to us over the years. But dogpiling and brigading any instance where someone says something bad about ADA makes us look like HEX.

Sometimes people who are on our side get attacked!

VIII - Hubris

A lot in the community outright thinks we're immune to certain maladies in the crypto space, instead of understanding it's because our blockchain is young.

I fear what will happen once we do get punched in the nose and realize we can bleed like the rest.

IX - Disdainful of any other chains

We rarely acknowledge there's anything worthy in any other chain, the one reluctant exception being Algorand, so at most, we make an effort to attract NFT artists, but never larger projects or developers, as we don't believe they're worthy.

X - Unbridgable Philosophical Differences

What happens to the community once we deal with real-life compromises as opposed to nice platitudes?

Imagine a despotic government using our infrastructure. Half the community would tolerate it, the other would demand they get censored

Conclusion

I love Cardano enough to have basically made it my fulltime job at this point. 90% of my (dwindling) net worth is here, my clients, friends, stakepool, NFT project, etc.

Unlikely I'm going anywhere any time soon. But I do feel there are steps we can take to improve.

Addendum

If you want slightly more uplifting news in the bear market, you can check out the "Why you should invest in Cardano" mega thread. All the points there are still very relevant

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Shilling

If you liked this, please consider following. I try to write one thread/article a week, which looks at crypto from a different POV

If you want to support me financially you can delegate to FLAN or send a tip to flantoshi - thanks!😃

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Catalyst

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So if you would like to support my ability to write content that is free for the community to enjoy, please consider supporting my Catalyst proposal 🙂

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This post is based on this twitter thread.

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