Charles Hoskinson, the creator of Cardinal (ADA), admitted to involvement in cryptomonies as an act of political character.
Speaking during an impromptu „Ask me Anything“ question section on YouTube, Hoskinson stated that the events driven by cryptomonies in economic relations are not going to be easy to overcome, which involves the phenomenon in the political arena.
Hoskinson also urged community members to take a stand against the growing regulatory movements that seek to end the crypto trade.
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Kryptomonas is part of a political movement
In the question section on June 5, Charles Hoskinson proclaimed that „crypto currencies are part of a political movement:
„It’s the most political thing there is. We are going to reinvent the concept of money and take it out of the hands of the government and control it ourselves.
Hoskinson emphasized that this Bitcoin Revolution is especially political in nature because of the creative destruction it seeks to wreak on monetary products and policies, and stated that „money is the greatest influence on all politics.
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Considering the consequences of the widespread adoption of DLTs, or Distributed Accounting Technologies, Hoskinson noted that the impacts of cryptomoney will reach far beyond the realm of money, he said:
„Everything has to change: changes in commerce, changes in property rights, changes in business, changes in trade structure, changes in laws.
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Hoskinson predicted that cryptoactives will face increasing hostility from regulators and said, „There are people in the Senate and Congress today in the United States and around the world who want to ban cryptomoney.
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Cardano’s creator urged the crypto community to fight regulatory efforts to ban cryptography, he said:
„If you’re in this industry, what do you do? Do you just turn around like a dead dog and say, ‚It was really fun, okay, okay, whatever‘? No, I’m sorry, you have to have an opinion. You have to fight for the right things.
„Right now, there’s a strong movement to ban encryption, so when you have encryption, you need to have a backdoor in the system,“ Hoskinson said.
„Would you use Cardano if you had a backdoor and we designed the system that way so that some small group of people would have control over their money and at any time they could freeze it? How many of you would use it that way? he asked.