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Hoskinson Disses Dogecoin! Questions its Relevance

Written by: Haripriya Sureban

June 17, 2021

Amongst the plethora of things, Hoskinson spoke on the Lex Fridman podcast, Why Tesla should opt for Cardano over Bitcoin and what’s the relevance and significance of Dogecoin were some interesting takes we’d like to pick on.

Charles Hoskinson on the podcast said, if Tesla truly cares about sustainability and carbon neutrality it should abandon Bitcoin 

“Well, if they truly care about alternative energy, sustainability, carbon reduction, and carbon neutrality, you can’t be in a system where there’s no built-in mechanism to constrain the energy consumption,” he said. 

However, he reluctantly did admit that the claim that Bitcoin could use otherwise wasted energy has some merit. 

He even says, unless Tesla can establish that the proliferation of bitcoin will legitimately result in the development of wind, battery, and solar energy. They should just focus on green cryptos. 

Hoskinson had earlier noted that Cardano uses only 6-gigawatt hours of energy per year, which is a tiny fraction of the massive energy used by bitcoin.

It’s not only about concerns about climate change; according to Hoskinson, Bitcoin is “the least programmable crypto,” limiting it from achieving “interesting, unique, sexy things.”

Also Read : Is Cardano a Possible Alternative For Tesla? ADA Price Hits New Heights

“What’s the point of Doge”

When asked about Dogecoin and the hype it has got by Musk’s endorsement, Hoskinson made some arguably critical points about the token and its use case.

Dogecoin started as a parody, but it has grown into such a massive thing, according to Hoskinson, that it is a viable target for someone to fix it up, mend it, and turn it into intriguing crypto.

He says it’s really hard to build crypto with a good use case and questions what’s the use case Dogecoin has.

“What’s the point of Doge, Is it just a Meme? Is it just contending to be useful? Or is it competing as a store of value against Bitcoin” 

He goes onto say that if Doge wants to be a store of value, why does it have the monetary policy that it does? He also asserts that Doge has a predatory distribution, with over 90%  consolidated in the hands of less than 1% of holders at a very low price. If these investors start selling and profiting, it will impact retail investors.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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