Cardano Founder Charles Hoskinson Calls Ethereum ‘Hotel California of Crypto’
Cardano (ADA) founder Charles Hoskinson has called Ethereum (ETH) the “Hotel California of Crypto” in response to a tweet that claimed withdrawals of ETH stakes could be delayed beyond the Shanghai upgrade.
The Hotel California song is about a prison from which no one escapes.
Ethereum becomes the Hotel California of Crypto https://t.co/oRUw4kxvfS
— Charles Hoskinson (@IOHK_Charles) 16 September 2022
A screenshot from the Discord group for Ethereum developers showed Micah Zoltu, founder of Serv.eth Support saying that all documentation and publications have clarified that there is no expected time for withdrawal of ETH.
And for the record, Ethereum withdrawals are *not* planned for Shanghai; there is no ETA. Key developers are not happy that exchanges and others continue to say otherwise. Source: their disagreement. pic.twitter.com/PoWnb0fqeZ
— St₳kΣ with Pride 🌈 Ardana & Hosky ISPO (@StakeWithPride) 15 September 2022
The screenshot reads:
“Sure, I’m not suggesting that we never implement withdrawals. I don’t think there’s any particular urgency. I think there are other things that are far more critical to the long-term health of Ethereum than players being able to pull out in 2023 instead of 2024.” »
The comment appears to be a reaction to Kraken’s email, who told their customers that they would not be able to access their ETH until after the Shanghai upgrade.
The Shanghai upgrade is expected to take place between six to 12 months after the merger.
CryptoSlate reached out to Micah Zoltu for clarification on his message, but did not immediately receive a response.
Many in the community expect access to their Ethereum by 2023 after the Shanghai upgrade, but the latest information from the Ethereum developers discord group suggests otherwise.
The Ethereum Foundation had also stated that “the Shanghai upgrade will enable staking.”
Hoskinson questions Ethereum’s staking mechanism
Charles Hoskinson further questioned Ethereum’s staking mechanism, wondering if there wasn’t another way to “implement proof of stake that doesn’t require locking up assets like this.”
Unlike Ethereum PoS, Cardano PoS does not require users to lock their assets since they stake directly from their wallet and can withdraw whenever they want.
But Micah clarified his position on why withdrawals are not a priority. According to him, strikers are wealthy and can afford all the expensive hardware needed for staking.
Stakeholders on Cardano are ordinary people who do not need to be wealthy. I guess that’s the philosophical difference https://t.co/ScJ6hZKlMi
— Charles Hoskinson (@IOHK_Charles) 15 September 2022
Hoskinson agreed with this saying that Cardano stakers are ordinary people.
