Cardano is a crypto where I see the price trending towards zero. I think there's a lot better crypto investments, especially Internet Computer Protocol, for example. And I'm going to tell you why. After I held Cardano last year, I was hyped up on Cardano. I got into it for a little while and I sold everything, for the reasons I'm giving you here. First, if I've got my money in Cardano, I can't have it anywhere else. And I see almost no scenario where Cardano is the best crypto investment. So let's look at a couple of big picture things first, and then we'll dive into Cardano in the details.
The big picture: an Ethereum killer that never killed Ethereum
Big picture, Cardano is currently the 10th ranked cryptocurrency. When it first came out, which I was in crypto when that happened, it was this Ethereum killer hype. It's going to be a future top two crypto and all this stuff. Well, that has not played out. And those are just the facts based on the market cap and the users. If you want an Ethereum killer, or if you want a copy of Ethereum that works basically the same way, then BNB and Solana have already locked that down.
There's two basic reasons people build on a cryptocurrency. One, they want to go get users. And BNB and Solana have all the users. Ethereum and Bitcoin have all the users. Cardano is irrelevant right now in terms of users. So somebody who is going to build some kind of application is not going to build on Cardano because they think there's a huge community. And that takes us to the second point: the technology.
Does Cardano have game-changing technology? Not to me
Does Cardano have technology that's truly game changing? Is it a true Ethereum killer? Absolutely not — once you discover Internet Computer Protocol. Internet Computer Protocol has game-changing technology. It is the only third generation blockchain that can actually do full stack web development from your website. Your entire app, your dapp, your pictures, your NFTs, your videos, all of it directly on chain. All of it. You can put a gigabyte on chain for just $5.
If you look at the layer one comparison, you can get an idea of the raw computation power of the blockchain itself, which is extremely important. Because if you're investing in a cryptocurrency, you're basically investing in the protocol itself and the people working on that. And I'm going to show you in a minute who's actually working on Cardano. If you look at ICP, it has, on average, a million instructions executed per second — 10,000 times the raw computing power of Cardano. Now, which of those sounds like a better investment to me?
Market cap and price action that don't impress me
If you look at the market cap, Cardano is 15 billion right now, which I think is drastically overvalued. Internet Computer is less than a third of that. I've got a spreadsheet right here, and I'm going to show this in every video all the time. Today we're doing Cardano, and I am extremely confident that Cardano, priced today, under almost no circumstances over almost any significant period of time will outperform ICP. And I would imagine there will be many other altcoins that outperform Cardano as well. This is the same point I keep coming back to about how crypto market caps are mostly a distraction from what a coin can actually do.
Let's look at a price chart over the last year. You go from 27 cents to 43 cents. That's pretty poor price action. As much FUD as there's been about ICP, the ICP price has pumped significantly more than that in the last year, as have many others. So the price chart on Cardano, it's came and went. It had a bull market in 2021 up to $2.50, and it already had its first one. If you compare the price of Cardano versus Bitcoin, then it was probably higher or about the same. And I seriously doubt Cardano in this bull market goes as high as it even did in the last one, because there's so many more coins. There's Internet Computer now. There's so much else happening in crypto. Other chains have the users. Cardano does not have the impressive technology.
Now some people say, well, Cardano has a max supply. Who cares if something I don't want to use has a maximum supply? The fact is, I've used Cardano before. It's slow. It doesn't impress me with the speed at all. The transaction fees are significantly high, so that even if it did scale up a lot, it would be expensive to use. Now some people will say, well, Cardano's so decentralized. I don't care if something that doesn't have the users or exciting technology is decentralized. Almost nobody's going to use Cardano for whatever theoretical decentralization it has.
The transaction data tells the story
Let's look at some data to back up what I'm saying. Look at the transactions on Cardano. In the last 24 hours, you literally have, in an hour, in an hour, in an hour, less than a thousand transactions. So for comparison, you need to look at the most technologically superior chain in the game, which is Internet Computer. Internet Computer is doing five times as many transactions a second as Cardano is doing in an hour. And these transactions are computationally intensive. Internet Computer is running websites. Like, jerrybanfield.com is hosted on Internet Computer. The OpenChat community that I have instead of Discord or Telegram — this is on chain. This is generating transactions, all without gas fees that users are paying.
Now Cardano — why would anybody build on this? There's hardly any users and the tech is not impressive at all. But it continues to get worse.
Who is actually building Cardano?
Let's look at Cardano. If we go to the official Cardano website at cardano.org and we look at who is working on this — ultimately, if you are investing in a cryptocurrency, the bottom line is you're investing in the engineers that are building the technology that theoretically people will want to use and build on in the future, which will drive marketing and user adoption. So how many engineers are working on Cardano, and who are they? This is a question you should ask about every single cryptocurrency, not just Cardano.
To first give you a nice comparison, let's look at DFINITY. I have $50,000-plus worth of Internet Computer Protocol today. I had zero dollars in crypto a year and a half ago. I've been totally transparent with you every step of the way as to how I've built from zero to 50,000, and it's primarily been done by DCAing into Bitcoin, buying a bunch of other altcoins, realizing they were crap, putting them all into Internet Computer, and then it went up 4x, and I turned $50 a day into $50,000 in a year and a half. I've done that, and it's because I thoroughly research stuff. DFINITY is the one who launched Internet Computer Protocol — major contributors to the Internet Computer blockchain, the largest research and development team in blockchain. If you go look at their website, look at all the engineers that are working on this. You can see why the technology is vastly superior to everything else in the game. Keep that in mind: 270-plus team members, tons of engineers and technical staff.
When I'm holding ICP, I'm betting — I mean, I'm investing, however you do your crypto — I'm investing in these engineers, these cryptographers from IBM, Google, Facebook. I'm betting that these engineers are making technology that is more advanced than anybody else. I can see proof of that when I use the wallet, the Network Nervous System, when I see the governance. This is the kind of honest, in-the-weeds research I share with everyone inside the Jerry Banfield Family, and it's exactly why I ended up calling Internet Computer the one altcoin I love after researching thousands of them.
Now, let's look at Cardano. Who exactly is building Cardano? We know Charles Hoskinson. In theory, he's doing some stuff on Cardano. But who's building this? If you look at the Cardano Foundation, who's building this? Where are the pictures? Where are the engineers? There's no transparency. I've talked to some blockchain developers personally, and one in particular — I actually met him in person — he said he works for a blockchain in this kind of capacity, and he immediately sells all the payment he gets. Because he's not impressed with it, and he doesn't think it has any real value. And this is somebody actually working for the thing that everybody investing in is putting their faith in, and he's getting paid and he dumps the coin immediately. This is why people don't put their pictures on something like this — because they don't want you to know who they are. If they wanted you to know who they are, and they were proud of what they were working on, their pictures and their profiles would be linked to it.
But look at this, the official Cardano website, the Cardano Foundation. Nobody's listed here. Not even Charles Hoskinson. And there's a for-profit arm of Cardano — nobody's listed on there. Input Output — nobody's listed on there. Intersect — nobody's listed on there. The nonprofit — not one single person is even listed on there. Now, you do have Cardano ambassadors, and they don't have their faces on here either. But an ambassador, that's a marketing person. I want to see the real engineers that are doing the hard work to make real technology that people are going to use. If you go to the Cardano Foundation, which they've linked to on the official website, they give you nothing. This is a bad sign. To me, there's no way I want to invest in something where they hide that.
This is the research I did, which is why I went all in on ICP. DFINITY is trustworthy to me because you can see this huge team, and not only that, you can watch videos with many of these team members. If you follow the DFINITY YouTube channel — Dominic's got a whole bunch of videos, Jan, and I've watched videos from many of these other people and engineers explaining the stuff they're making on ICP. Who else is doing that? What do you see on Cardano?
Why I sold all my Cardano
This is why I sold all my Cardano last year, because my calculation is that Cardano is going to trend towards zero. When the people holding Cardano right now — crypto's mostly echo chambers, so people holding Cardano are likely to watch other people who talk about how great Cardano is. And I made a video talking about how great Cardano is, and I got a bunch of views on it, but I had no information of substance in that video, which is why I stopped making videos like that and started making videos like this. I got disgusted with myself as a creator. Most people in crypto are just trying to say anything to get you to give them money and applause and attention. My goal is to help you see it. My goal is to say what needs to be said. And what needs to be said is, I think Cardano is an investment that will lose you money. And I think Internet Computer, by comparison, is one of the best possible investments I see. I've got my money there, I'm absolutely transparent with you, and I'll keep you updated on my spreadsheet. If you want the longer version of this story, I wrote it up for the people still holding the bag in my letter to Cardano holders on why I sold and moved to ICP.
Here's where my money is. Cardano: here's the spot on the spreadsheet for it. Internet Computer: I've got, you know, 3,000 locked indefinitely, I have a thousand liquid, and I have another wallet with another 500 or so in it. Cardano is 42 cents today. Internet Computer is about $10.90 today. And I'm going to put this on the spreadsheet, and we will see exactly over time how accurate I am. So far, in the first couple of days, if you'd had ICP instead of Bitcoin and NEAR, you'd have a hundred percent — but even just a couple of days in, you have 97 instead. So I'll keep you updated.
Why I actually care whether you get this right
I'm one of the few people who actually cares about your successful financial future, because I'm tired of having neighbors that have made bad investments and then they're desperate and they don't have any money, so they can't keep up their house. So then I have a crappy neighborhood. That hasn't happened as much in my neighborhood, but that's how I think worldwide. There are a lot of bots and a lot of people in crypto trying to rip you off, and I'd rather just tell you what I actually believe. If you enjoyed this kind of honest review, you can watch more of my videos on money and crypto here.