“Just ‘cause you’re on top today, you’re not always going to be,” said Hoskinson. “Great cryptocurrencies have to go through several collapses. I was in Bitcoin when it was under a dollar, and I watched it go from a dollar to $30, to $40, to $256, to $80, to $1,200, to $250, to $20,000, to $4,000, to $64,000, now down to, what is that, $20,000 today, give or take? I watched that, and I watched all the companies come and go.
Cardano founder Charles Hoskinson speaking to Cointelegraph social media specialist Mada at Web Summit on Nov. 2 Hoskinson said some DeFi projects had a limited “shelf life of maybe 6-12 months” and were “biased towards insider distribution,” as many in the space learned after the collapse of Terra: “The way things were constructed, [Terra] was wildly profitable for a few people, and those few people happened to be well connected to the space, and so they lifted it up, and they made billions of dollars, and they made it off the back of retail investors — which is wrong. It’s going to result in a regulatory crackdown in that particular area.”
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