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Charles Hoskinson of Cardano ADA Rubbished ETC Bailout Proposed by Michael Kapilkov of CoinTelegraph

August 11, 2020 Off By Steven Anderson

There have been a lot of discussions about the Treasury Roadmap in the past.  Charles Hoskinson recently rubbished away the idea of ETC bailout proposed by Michael Kapilkov of CoinTelegraph.

Charles in a YouTube Video stated, I saw an article, right before I was going to leave the office, which says, Ethereum Classic Leadership Says they don’t need Charles Hokinson’s Bailout.

From my good friend, Michael Kapilkov, he is actually a fun journalist at Coin Telegraph and he specializes in these types of articles. I was never aware of a Bailout to begin with.

You know it is fun when you read these things, I had a great conversation today with a lot of people in the ETC leadership over Discord and there is going to be a meeting on Thursday to discuss some of the options.

Ethereum Classic Bail out Story and innovation

Charles Hoskinson stated, see, the reality is everybody comes to the table with different ideas and my belief is that if ETC is to be successful as a project it needs to innovate.  And, the reality is that innovation comes from the availability of resources. 

EOS has billions of dollars at its disposal, Tezos has six hundred million dollars at its disposal through public disclosures, and a lot of people again have hundreds of millions. 

And, this is fantasy among some people in the ETC community that because ETC has immutability it is going to be a field of dreams like whenever it is going to show up and build on the infrastructure.  The problem is that ETC suffers from all of the design problems and experiments that were conducted by Vitalik, when he first created Ethereum.  It was his first cryptocurrency. There were lot of protocol issues that now with Ethereum 2 they are trying to address and correct.

They haven’t been able to fully address and correct it at F1.  So, it is one thing with Bitcoin, when you have a very simple model and you never want to get more than that model. Small blocks, smart contracts and these types of things and you tell everybody to innovate later to but base layer is going to be very simple. 

If that is the way you are going to do it. that is fine, but it can’t be in a bizarre halfway house, between the platforms of the future like the Cardano, Tezos, Algorand and the Avalanche and so forth.

And, immutable simplistic platforms like the Litecoin and Bitcoin, you can’t live in an uncomfortable medium. You have to pick one side or the other.  And, because Ethereum was always destined to push in the direction of innovation.  We need to have an innovation plan. 

An innovation costs time effort and money.  This is a fact.  No matter how passionate people are, you are not going to get the research, you are not going to get the passion and you are not going to get the subsidies required for use and utility without funding.

Sydney Ifergan, the crypto expert tweeted:  “Now, it is Ethereum Classic (ETC) used as tool by a journalist to test Charles Hoskinson’s Cool; Good thing, Charles never fails to clarify.” 

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Thank You, The TCAT team.