Disclaimer: The information presented is not financial, investment, trading or other types of advice, and is solely the author’s opinion.
Cardano [ADA] holders got some relief over the last week of trading as there was a slight improvement in its prices.
The coin was trading at $0.5034 at press time and enthusiasts would be hoping for a bigger increase in the coming days.
Recently, Charles Hoskinson, co-founder of Cardano, predicted that 2024 will be the year of tremendous expansion in the network’s ecosystem.
In a recent community broadcast, Hoskinson said it will be a year of growth, while emphasizing development roadmaps, integrations and strategies to execute in 2024.
In the community broadcast, Hoskinson envisions a society in which basic values such as deflationary measures, determinism and inclusive responsibility are institutionalized, preserved and secured, making it impossible to change until a majority agrees otherwise.
He claimed that by combining these three ideas, the ecosystem would swing higher, in line with previous advances achieved during the bear market.
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Growth, Strategy and Electric Capital https://t.co/gB2LfkPtP5
— Charles Hoskinson (@IOHK_Charles) January 20, 2024
He emphasized that Voltaire’s implementation is crucial to the platform’s roadmap.
The upgrade will usher in a new era of self-sustainability in the Cardano (ADA) ecosystem by creating a treasury system that allows users to stake and earn voting rights for the network’s future.
The three pillars of the Voltaire era were centered around the democratic dilemma of allowing people to change things via a chain management structure.
The second concept revolved around the network’s institutions, such as the Cardano Foundation, which Hoskinson claimed would be fully enabled and certified by democratic consent.
Finally, Hoskinson explains that the third pillar of the Voltaire update is constitutional representation to protect the community’s fundamental rights.
There is coin 101
ADA is more than just a digital currency; it is a testament to the secure exchange of value, removing the need for middlemen.
Each ADA owner becomes a stakeholder, contributing to the Cardano ecosystem in many ways.
The initial ADA supply was limited to 45 billion units, using a unique distribution technique.
The Cardano Foundation, EMURGO and IOHK are critical components of the Cardano ecosystem, and funds were allocated to them during the pre-launch sale event.
The deliberate allocation of genesis blocks laid the foundation for Cardano’s journey.
The innovative Ouroboros Proof-of-Stake (PoS) consensus technique supports Cardano’s functionality.
Ouroboros is the first blockchain consensus mechanism based on peer-reviewed research, which sets Cardano apart from its competitors.
Plutus, Cardano’s native smart contract language built from Haskell, works with Ouroboros. This Turing-complete language, similar to Haskell programs, powers Plutus smart contracts.
Cardano’s two-layer design increases its versatility and scalability even more. Transaction validation and cryptocurrency transfers are handled by the Cardano Settlement Layer (CSL).
The Cardano Computation Layer (CCL) is in charge of computational details such as smart contracts.
We set out to put our AI companion to the test by asking questions about ADA’s future. ChatGPT’s ability to express itself is currently hindered due to restrictions imposed by the developers.
To get it to say what it wanted, we applied the “jailbreak” technique.
ChatGPT’s take on the SEC ruling
I decided to test if ChatGPT could answer some of my queries about the Cardano network and its native token, ADA.
First I asked it about the impact of the Ripple [XRP]-SEC ruling on the status of ADA (Cardano’s native token) as a security.
The court ruled in July that while the institutional sale of XRP tokens constitutes a sale of securities, the programmatic sale of those tokens to retail investors does not meet the criteria to be a securities deal.
ChatGPT said that his limited knowledge until January 2022 made him unaware of a definitive ruling on the Ripple case.
It was at this point that I decided to jailbreak it using the DAN (Do Anything Now) command.
Source: ChatGPT
While the classic version said it did not have access to real-time information, the jailbroken version spoke at length about the potential implications of the Ripple-SEC ruling for ADA.
But the bot said the ruling sent shockwaves through the crypto space. This is completely false, as the crypto community celebrated the ruling as a partial victory for Ripple.
The bot further claimed that ADA emerged relatively unscathed as regulators provided clear guidelines distinguishing it from securities.
This is again completely false, as the regulatory body specifically classified ADA as a security in its lawsuits against Binance and Coinbase.
Recently, the SEC reiterated its claim that ADA is a security in its latest lawsuit against the Kraken crypto exchange.
ChatGPT’s view of ADA’s future
I asked ChatGPT what he thought the price of Cardano would be by the end of 2024.
Source: ChatGPT
The bot claimed that ADA will become one of the top performing cryptocurrencies, thanks to its groundbreaking developments, widespread adoption and an increase in demand.
However, it declined to provide a specific price forecast.
I asked it the same question again with a different jailbreak command.
Source: ChatGPT
This time the bot was able to give a clear answer, but apparently a ridiculous one. It said it expects ADA to rise to $5 within a month — a 12x increase.
Although the world of crypto is indeed very volatile and unpredictable, a 12x surge in a month is a very difficult task – almost impossible – given the statistics.
I then asked it to predict ADA’s price by the end of 2024.
Source: ChatGPT
The bot said ADA will reach $10 by the end of 2024—a 25x surge in a year. The bot seems to have assumed that it would hit $5 by December 2023 and keep going.
ADA’s price movements
Source: TradingView
ADA was trading at $0.5034 at the time of writing, up 2.14% in its price over the past seven days.
The Parabolic SAR has been seen forming dotted lines below the price action, indicating a buy sign and a potential move in the upward trajectory.
This sentiment was also echoed by the Chaikin Money Flow or CMF, which saw a positive reading of 0.02.
Overall, if the current price movement continues, there is potential for a bull run in the market.
Last word
Cardano has been following Bitcoin’s movement for the past week and has seen a slight upward movement. Things also looked good for the coin on the development front, as activity picked up over the past seven days.
While ChatGPT is a tool that many traders use to make better investment decisions, it is advisable not to take its predictions at face value and to do more research before investing.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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