I have been looking into Cardano (not impressed) and noticed that the majority of it's trading volume exists on two exchanges. Bittrex, a United States based crypto exchange and UpBit, a Korean based exchange.
But check this article out. To launch UpBit, Kakao Corp teamed up with American exchange Bittrex.
So I guess It's safe to assume that majority of the transactions that have taken Cardano 10x these past months have been placed on Bittrex. That is not very diversified, and kinda strange considering Cardano's coin ADA is now listed at #5 with a market cap over 11 billion. Something is not right about this amount of volume out of one exchange.
Cardano has ceased to amaze me in all that I have read about this project. I watched an hour video where Charles Hoskinson, founder, speaks about philosophy, theory, and the scientific approach to programming this new blockchain. I wanted to throw up. It sounds like some new Ethereum with the "science" philosophy included to make it appear different. C'mon people! This is a bunch of hype. They don't even have working software yet. The founder talks about how they have created ideas that will have to pass peer review before implementation. WTF?! This guy Charles Hoskinson reminds me of someone with great ideas but real scattered in his delivery. I'm guessing that is why he needs peer review, to keep him in line. He came from an Ethereum background and we're already seeing a similar structure as Cardano creates a foundation for ADA just like Ethereum created a foundation for ETH. Regardless, this project is moving to slow and will fail to recruit new Dapps due to the extreme measures for accomplishing ANYTHING through peer review.
This makes me laugh. Cardano's website states the following: "Ouroboros (the name of their new algorithm) is the first proof of stake protocol that has mathematically been shown to be provably secure, and the first to have gone through peer review through its acceptance to Crypto 2017, the leading cryptography conference." Dude, you don't even have a system yet. How the heck is it secure?! Oh, but it passed peer review! Blah, blah, blah!
Read this for yourself, direct from the Cardano website, "We are currently in Byron, the bootstrap phase, where we are making improvements. These include to the code, for example in middleware, and debugging. We will improve the design of Daedalus and make integration through APIs to third parties simpler. We will then move from Byron to Shelley, where the network becomes decentralised. Over the next 18 months work will be done that contributes to stability, interoperability and governance. Throughout the arc of development, Cardano鈥檚 protocols will increase in complexity, interdependence and use more exotic cryptographic primitives.
In 18 mos the Cardano software will be obsolete. Just like Ethereum is practically obsolete now. Serious developers cannot build on Ethereum because of it's scaling issues. It's got real issues! Apparently, Charles plans to solve this using the peer review method. Good luck, Charlie!
Just sayin', Cardano is not to exciting from my viewpoint although i'm happy to admit when i'm wrong! Can anybody explain why Cardano is killing it? Why are they only popular in Japan? Why is the majority of their trading volume taking place on one exchange, Bittrex (and partner UpBit)?!
Your thoughts are appreciated,
Clay
