Cardano (ADA) co-founder Charles Hoskinson made a statement regarding MicroStrategy CEO Michael Saylor's view that ADA is considered a security, but Bitcoin (BTC) is not considered a commodity.
Hoskinson argues that Cardano is not only more "Decentralized" than Bitcoin, but also has more real-world benefits as BTC's main use case is speculation. Hoskinson says on the subject:
“No one controls ADA. It is completely decentralized, much more than Bitcoin. ADA has more uses and benefits than BTC. People buy ADA to avoid speculation, and the opposite is true for Bitcoin. They buy ADA to use it because it has real-life utility. So it's a commodity."
In an interview with Altcoin Daily last week, Saylor said it was "pretty clear" that ADA is a security.
"To be a commodity network, there has to be no issuer, no initial coin offering, no central organization and if you study the history of Cardano, it's pretty obvious it's a security. It checks all the boxes, so I don't know how you actually get around intellectually to convincing yourself that it's anything other than a security."
Hoskinson claims that Saylor and other Bitcoin maximalists continue to defend BTC only because they have financial interests.
“This is just one of those cases where he digs deep, digs completely with Bitcoin, so it has to work, because if it doesn't work out as he hoped it would go bankrupt. So I'm not very interested and I don't think it's a fruitful conversation at all. At any time, in a proof-of-stake system , saying that someone can arbitrarily take all your money and close it, that's dishonest. That's just slander. That's not true. Protocols don't do that. They feel they have no proof or burden of proof for the statements they make and say that the only thing that matters even if their business does nothing . It just stores value."