Charles Hoskinson says Ethereum has become the California Hotel of Crypto

Charles Hoskinson says Ethereum has become the California Hotel of Crypto

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Yuri Molchan

The IOG founder once again points to a major problem with the Ethereum blockchain after the recent merger, saying that Cardano makers do not have to be rich, unlike those on ETH.


The creator of IOG, the company that built the Cardano blockchain, took to Twitter to highlight how Ethereum is implementing the Proof-of-Stake consensus protocol, which does not require a great deal of energy to support a chain like Proof-of-work does.

Charles Hoskinson referred to Ethereum, which he once helped found, the Hotel California in the crypto space.

“Ethereum has become the California hotel of crypto”

In his tweet, Hoskinson commented on the fact that Kraken does not allow users to withdraw their Ethereum tokens, saying that their ETH is not available for ejection until the next scheduled Ethereum upgrade called Shanghai, which is due to be introduced in about half a year after the merger.

The Kraken support service stated that this limitation does not come from the exchange but from the Ethereum blockchain.


This is the second time the Cardano founder has commented on this, and his first tweet about it on Friday, hinting that there is another way to implement the Proof of Stake protocol. Cardano’s POS does not require users’ ADA to be closed, as they are stored without leaving the user’s wallet and can be withdrawn at any time.

Now, Hoskinson has compared Ethereum to the Eagles’ classic “The Hotel California.”

‘We’re all just prisoners here because of our devices’says the song.

“The last thing I remember, I was

running towards the door

I had to find the aisle again

To the place you were before

“Relax,” said the man of the night.

We are programmed to receive

You can check anytime you want

But you can never leave”

However, in the comment thread, Twitter userStakeWithPride shared screenshots from Discord, saying that there is no ETA (Estimated Time of Arrival) for ETH withdrawals and no date has been set for them in Shanghai.

In this footage, Mika Zolto, founder of Serv.eth Support, says that information about withdrawals that are only opened after the Shanghai upgrade comes from the exchanges. However, he admits that they think allowing investors to “pull out in 2023, not 2024” would be very important at this point.

“Ethereum Owners Are Rich, And They Don’t Have To Be Cardano”

Earlier, StakeWithPride shared another screenshot from a conversation with Zoltu, in which the latter clarified that since Ethereum makers are wealthy and can purchase expensive specialized hardware, they do not need to withdraw ETH immediately and can wait until later. Thus ‘users’ needs’ are given priority over the needs of stakeholders here.

In this regard, Hoskinson said that those who participate in the Cardano POS protocol are ordinary people, and they do not have to be wealthy to participate in Cardano stakes. He emphasized that herein lies the important difference between Ethereum and Cardano.

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