Cardano

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Cardano Founder <a href="https://twitter.com/IOHK_Charles/status/1760868920599146543" rel="noopener noreferrer nofollow">Charles Hoskinson</a> has praised Elon Musk's social media platform X (formerly Twitter) for crushing the European Central Bank's (ECB) latest diss against Bitcoin.
"Community Notes just murdered the ECB," Charles Hoskinson said in response to the ECB's tweet, criticizing Bitcoin as having "failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation."
<blockquote>
 Community Notes just murdered the ECB <a href="https://t.co/96lpajQpUd" rel="noopener noreferrer nofollow">https://t.co/96lpajQpUd</a>— Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1760868920599146543?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 23, 2024</a>
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The ECB also stated that "the recent approval of an ETF doesn’t change the fact that Bitcoin was costly, slow and inconvenient."
The community notes accompanying the tweet cited Chainalysis to refute the ECB's claim that Bitcoin was prone to fraud and manipulation:
"Chainalysis found that only 0.34% of the transaction volume with cryptocurrencies in 2023 was attributable to criminal activity. Bitcoin's share of this is significantly lower, at 25%. Illicit transactions with euros accounted for 1% of the EU's GDP or €110 billion, in 2010."
Community Notes is a feature on X that allows contributors to add context, such as fact-checking a post, image or video. Community Notes aims to create a better-informed world by allowing X users to collaboratively add context to potentially misleading posts.
Hoskinson was overjoyed that the Community Notes did justice in providing the right context to the ECB Bitcoin tweet, challenging the ECB's claims and pointing out the flaws in their arguments.
In a throwback to events, on Thursday, the European Central Bank (ECB) issued a <a href="https://www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html" rel="noopener noreferrer nofollow">blog post</a> about Bitcoin. According to ECB Director General Ulrich Bindseil and advisor Jürgen Schaaf, the world's first and largest cryptocurrency failed as a currency and investment, giving it a realistic worth of "zero dollars."
The central bank also stated that the lead crypto poses risks to the environment and enables criminal activity, describing last month's approval of <a href="https://u.today/bitcoin-price-action-explained-heres-real-reason-why-btc-dipped-after-etf-approval" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> as "the naked emperor's new clothes."

Cardano Founder Hails Elon Musk's X for Crushing ECB's Bitcoin Diss

U_Today

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