thusset

[masato_alexander @masatoalexander]

A May '25 tweet claims @IOHK_Charles sold ~1.5B ADA in the '21 hype cycle, plus 10x 20M payments to @gavofyork.

Rather than take its word, i wanted to check the chain.

Tracing funds is hard, but those x10 20M payments are a solid place to start:

🧵👇

https://t.co/X5vtdke3KQ

[Dave @ItsDave_ADA]

Just some thoughts.

When a genuinely strong Cardano project and team reaches the point where operating costs make it unsustainable to continue, we should not treat that as a normal part of the market cycle.

These moments tell us something.

They tell us about the real economics of building. They tell us about the gap between ambition and operating reality. They tell us that infrastructure does not survive on sentiment, and that even really good teams eventually run out of room when the wider environment becomes too expensive, too uncertain, or too poorly directed.

Cardano has a treasury, but the treasury is not infinite. ADA has a market, but the market is not immune to pressure. Builders have conviction, but conviction does not pay staff, legal costs, audits, maintenance, support, liquidity, or the quiet operational work that keeps useful products alive and profitable.

This is why treasury spending matters in my opinion.

If capital is deployed without clear priorities, without phases, without accountability, and without a serious understanding of the pressure it creates, the cost moves through the system. It becomes sell pressure. It becomes uncertainty. It becomes a harder environment for projects to survive in. It becomes another reason for builders to slow down, for teams to leave, and for SPOs to question whether maintaining infrastructure still makes sense, especially when a lot are already operating at a loss.

That should worry us.

A treasury should strengthen the blockchain. It should not become a mechanism that rewards proximity to funding while the people doing the difficult operational work are left absorbing the consequences because they decided to build on Cardano.

At some point, we have to be honest about incentives. Many of the people constantly calling for more spending are not neutral observers. Most are actually direct beneficiaries. Some are indirect beneficiaries. Some sit close enough to the flow of capital that more spending naturally works in their favour one way or another.

That does not make every proposal bad. It does not mean Cardano should stop funding useful work. It means we need to stop pretending that every call for more spending is automatically aligned with the long term health of the ecosystem.

Because when serious projects wind down, users lose products they relied on. Builders lose tooling and examples of execution. The ecosystem loses trust. SPOs lose another signal that sustainability is being taken seriously. And Cardano loses part of the practical infrastructure that made the blockchain decentralized and unique in the first place.

Decentralization is not only a technical design. It is also an economic condition. If the people securing, building, maintaining, and improving the system cannot operate sustainably, then decentralization becomes weaker in practice, regardless of how strong it looks on paper, and we are also seeing this play out right at the moment.

Good projects closing down should make us pause, reflect and fight, we fight to get back into the top 10, instead of just about surviving in the top 15, and we improve.

Not because one project defines Cardano, but because If capital allocation becomes consistent and careless, if operational costs keep rising, and if treasury spending becomes detached from measurable value, the blockchain continues to slowly tax the very people it needs most.

They will tell us we need to spend more to capture commercial upside.

Then they will attack the people asking for accountability, transparency, because accountability makes poorly structured spending harder to push through.

That is the part we should pay attention to.

The upside is often kept close to private interests, while ADA holders absorb the sell pressure, the ecosystem carries the risk, and everyone is asked to accept a future promise that revenue may return if the venture works.

That is not how a treasury should be managed.

It needs disciplined and strategic capital allocation, opportunity to all builders to contribute to it's core and put in a proposal to bring further competition and reduce core costs, it needs clear priorities, and enough respect for sustainability to protect the builders, projects, and operators who keep the ecosystem and blockchain alive.

Just some Tuesday evening thoughts.

To summarise, I would really just like to say what an amazing team TapTools have been, and how tremendous their impact on Cardano has been.

I have used the platform every day for as long as I can remember. It became one of those products that quietly became part of the ecosystem’s daily infrastructure, not only for users, but for builders, projects, and anyone trying to understand what was happening on chain.

The team always felt close to the community. Almost like family. That is rare, and it matters.

I am genuinely going to miss them. 💙 @TapTools

[$cash @CashAnvil]

Charles I just watched your live stream.

Let me preface this by saying I value your comments and what you say. This is a large part of why i invested the best years of my life into Cardano. I still believe in the long term mission of Cardano. I still build here every day.

While listening though, I couldn't help but be alarmed about the lack of self awareness. I am sorry to put that so bluntly but i respect you so I'll cut right to it.

You made claims that basically we need to support the ecosystem builders, etc. Do you not understand that you are actively blocking us from funding because almost the entire NCL, or at least a LARGE portion of it, is directly tied to IO initiatives as well as FE initiatives? There is no pie left.

I am not arguing that you are deserving of treasury funds. I voted YES on multiple proposals. My issue is that you weren't willing to renegotiate on any of your proposals. You weren't willing to listen to the community and take line items out we deemed unnecessary. There was no room for revision, that is simply put a fact. I am not your advisory, IO is a business that provides real value to Cardano.

Dropping 1 item from the research proposal could of kept TapTools in business.

That simply put, is a decision. We are all working with the same budget. The proposers need to be just as responsible as the DReps. We all know what the NCL is.

Whether this was your intent (I highly doubt) or not, it's the reality we currently sit in. Many of us went through Intersect, the MBO we all agreed to join and use as a center point for our community, and adhere to their process. Many of us will likely not get funded due to that, following the process and mandate of the community, wild how that works.

To be clear, you certainly are not solely at fault here. Draper will certainly help the future of Cardano, what about the current? CBDAO is currently a NO vote in intersect...Catalyst is likely never coming back, it needed reform but to simply delete it for a year was basically killing small biz on Cardano, and hope for opportunity. Our business arm Emurgo has all the voting power, surely they will vote YES on more business proposals with their 1B ada right?

All this to say, we need to figure it the hell out. I agree with many of your points made today but i truly think it's a top down effort. You guys set the example. When we lose focus, the entire ecosystem feels it. Let's get back to what matters and lock in. Sorry if this comes off wrong I am just super passionate and tired of not being heard by the people who have power here.

[IAGONAUT MANNY @IAGONAUTMANNY]

🚨BIG Cardano Ecosystem decision🚨

Charles’ latest dummy spit of @ItsDave_ADA has made it clear that he is becoming increasingly toxic towards the ecosystem.

To me, he appears to be either:

1. Profoundly mentally unstable, or
2. A malicious actor in the Cardano ecosystem.

Either option is bad for the ecosystem.

I believe we should decouple from him until he seeks psychiatric help or reflects on his toxic behaviour.

We should be able to ask questions without being attacked.

The ecosystem won’t make meaningful progress until this is addressed—the fish rots from the head.

Like many others, I miss the old Charles. It’s why I joined initially.

But he has changed.

Whale, @NaVi_GaT0R , and Dave are all right.

#cardano #ada

[avaXricious 🔺Ⓜ️🕸️ @avaxricious]

It is so great to see Cardano $ada get some recognition on the @Visa Onchain Analytics Dashboard! Thanks @emurgo_io and @phillip_pon for all the hard work you are putting in to build out the ecosystem's business / commercial partnerships. You are killing it!

[Meshnet Capital @MeshnetCapital]

Charles Hoskinson torched billions in ADA on a $250M Wyoming vanity clinic. Talking robots, a napatorium, space NFTs, Roman coins on the walls. Now closing. His bailout token flopped because he already burned the community. Cardano was the slow rugpull.

https://t.co/qr90gD8wzj

[Toshi @claytoshi]

If this proposal does not pass, we want the entire Japanese community to fully recognize that Cardano will lose its scientists, and our lab will be forced to close.

Charles Jong-un

[Leo of the Brothership @BrothershipPool]

A) Cardano’s USP isn’t “science” — it’s RELIABILITY. Science is simply the tool we use to achieve it.
B) This is emotional blackmail.
C) It has become clear that IOG’s engineering has been slacking on formal verification — the scientific method for reliable code.
E) Respecting the scientists and criticizing IOG’s leadership or profit margins vs. their pay are not mutually exclusive.
F) Researchers can be poached by other Cardano firms. A loss for IOG is not automatically a loss for Cardano.

Finally: IOG is an excellent research firm, but you’ve been burning cash like a drunk in a whorehouse on everything except core research. Your string of failed commercial, infrastructure, and tooling projects proves it.

I’m 100% supportive of IOG pivoting back to what it’s actually good at: research and protocol development. The biggest obstacle isn’t defunding IOG because people “don’t appreciate the scientists.” It’s the way you frame any criticism of leadership as an attack on the scientists. That’s emotional manipulation of both the voting community and the researchers themselves.Honestly, this attitude is the only reason I’m now strongly considering down-voting this proposal — even if every other IO proposal gets rejected.

And let’s be real: it’s not a coincidence this proposal dropped right after the other nine, is it? This is a Hail Mary to save IOG. If you’re actually in trouble, some humility would be a much better way to start your redemption arc.

[αℓмα ✝️ 💹 🧲 @AlmaMater07]

No one would “ leave “ or not support if you actually delivered on all “ YEARS “ of “ scientific research “

I am glad you are finally feeling the demands of a community taken for granted and abused by your narcissism, grift and manipulation.

The Cardano Treasury It’s not for you to loot and exploit at your whim without accountability, transparency, or real competitive progress.

To the Community:

Always DMEAND more ! DEMAND what you deserve. It’s you who matters most.

To Dreps:

Thank you so much for listening to an exhausted community and taking into consideration all their concerns.
The progress doesn’t match the spending. There needs to be accountability and all this looting of funds needs to stop.

[The Connector @the_c0nnector]

Why Cardano & Midnight are extraction scheme.

I am bad speaker and it's bad time in my life due to health problems, but I think this video is long overdue and it's something I had to do - even in not so perfect form.

In video I forgot to ask why Intersect is not fully transparent with expenditures, when they were fully funded from treasury, but if you watched entire video you know the answer - to extract more with less people finding out.

0:00 Intro
1:40 EMURGO
2:27 Catalyst Fund
5:43 What @Cardano_CF should do with Catalyst
6:35 BS proposals that got funded, AI Nigerian prince, simpfluencers...
13:19 Cronyism in Cardano structures.
14:23 Intersect another extraction scheme.
18:01 Genesis ADA distribution
18:48 Charles Hoskinson
19:54 why I lost respect to @IOHK_Charles
25:02 why Midnight will fail, how it is centralized too.

[masato_alexander @masatoalexander]

was it worth it?

the development cost per Tx, calculated from funding raised + tokens allocated to founding entities.

cardano: $79.25/Tx
ethereum: $7.89/Tx
solana: $0.25/Tx

methodology explained in graphic, if you spot any errors in the data lmk, made in a few min with claude.

[Mike C 🇪🇺 | Monad Arc 🟣⚡️ @mccoelhofr]

4 years later… 🙃😂
💨🌬️🐢
#Cardano

[wab.eth @wabdoteth]

@lilybrodi cardano has no users, no real apps, has been milked for billions of $, and is currently being vamped by its own founder who’s now PvPing other stewards of the ecosystem

the ethical thing to do here is hyperfocus on the fraud, not pretend it’s all sunshine and rainbows

[BigADA @BigADA244]

You have lost the plot @IOHK_Charles. You just told everyone that if they disagree with you, you will act like a child and do everything you can to ruin whoever them. This was your vision for governance? Do you really not understand what this says about your character?

[Doctor ₳ @Doctor__A__]

I once fought for Cardano. Hard.

I saw the potential to change lives.
I saw a path to give people a chance.

There are still good people within.
There are a lot of bad too.

The treasury is an exit prize for those who can make one last push.

May the odds be ever in your favor.

[GNP1 - Cardano SPO - supporting mental health @GrahamsNoPlus1]

IOG got 2.46 BILLION ADA at genesis

9 years later, still asking treasury for ~$47M in 2026

That war chest should’ve delivered a finished product by now - especially with AI supercharging efficiency

Where is the incentive to finish when jobs depend on never finishing?

[Toshi @claytoshi]

Cardano has been completed. The original contract expired in 2020. I've been working for free because I care about Cardano since 2020.

[thusset @thusset37]

@bigpey better burn it than giving it to grifters

[Zormtar @zormtar]

If this proposal gets funded I am leaving #Cardano for good. I will wait and cash out everything, make profit, and leave silently. It's really that simple. We all have a breaking point. I did not sign up for this tyranny. I signed up to bank the unbanked. Can do that else where.

[avaXricious 🔺Ⓜ️🕸️ @avaxricious]

Charles Hoskinson @IOHK_Charles — He is a man of many words. He would like to share them with you, Cardano $ADA.