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During a recent discussion with Coin Bureau, Arthur Hayes, the former CEO of BitMEX, has labeled Cardano as the “first wannabe Ethereum.”

He further questioned the very significance of Cardano in the digital currency space, arguing that it “may be the first one to be irrelevant.” 

Substance over promotion 

Beyond his caustic Cardano comments, Hayes extended his scrutiny to the altcoin market at large, cautioning investors about the allure of projects with more buzz than substance. 

He stressed the importance of discerning between genuine technological advancement and clever marketing. 

According to Hayes, the crypto industry is rife with projects that promise revolutionary breakthroughs without the backing of solid engineering or cryptographic achievements—a trend he sees as a red flag for investors navigating the altcoin terrain. 

“When you detect that you’re being marketed to too heavily, that should give you a bit of pause,” he advised. 

He offered the example of EOS, which employed famous figures for global promotions, as a cautionary tale of how marketing can overshadow substance in the crypto world.

Dismissing Bitcoin ETFs

On the topic of Bitcoin ETFs, Hayes discussed the evolution of investment products in the crypto space, noting the significant milestones and the differences in regulatory treatment and market acceptance over the years. 

At the same time, he criticized the recent approval of Bitcoin ETFs not as a victory for financial freedom but as a mechanism for traditional financial institutions to profit from the interest in cryptocurrencies. “It’s a trading product that makes fees for BlackRock and Fidelity and all the other major asset managers,” he said. 

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