Cardano (ADA) founder Charles Hoskinson has dubbed Ethereum (ETH) the “Hotel California of Crypto” in response to a tweet claiming that withdrawals from ETH stakes are expanding beyond the Shanghai upgrade could delay.
The Hotel California song is about a prison from which no one escapes.
Ethereum becomes the Hotel California of Crypto https://t.co/oRUw4kxvfS
— Charles Hoskinson (@IOHK_Charles) September 16, 2022
A screenshot from the Discord group of Ethereum developers showed Micah Zoltu, founder of Serv.eth Support, who said that all documentation and publications have made it clear that there is no expected time for withdrawals from staked ETH.
And for the record, Ethereum withdrawals are *not* planned for Shanghai; there is no ETA. The key developer isn’t happy that exchanges and others keep claiming otherwise. Source: their discord. pic.twitter.com/PoWnb0fqeZ
— St₳kΣ with Pride 🌈 Ardana & Hosky ISPO (@StakeWithPride) September 15, 2022
The screenshot reads:
“Sure, I’m not suggesting that we never make withdrawals. I don’t think there is any particular urgency. I think there are other things that are far more critical to Ethereum’s long-term health than allowing players to retire in 2023 rather than 2024.”
The comment seems to be a reaction to that Kraken’s email, which informed its clients that they would not be able to access their staked ETH until after the Shanghai upgrade.
The Shanghai upgrade is expected to occur six to 12 months after the merger.
CryptoSlate contacted Micah Zoltu to clarify his message but did not immediately receive a response.
Many members of the community expect access to their staked Ethereum after the Shanghai upgrade by 2023, but the latest information from the Discord group of Ethereum developers suggests otherwise.
The Ethereum Foundation had also stated that the “Shanghai upgrade will enable staking withdrawals.”
Hoskinson questions Ethereum’s staking mechanism
Charles Hoskinson further questioned Ethereum’s staking mechanism, wondering if there wasn’t another way to “implement Proof of Stake that doesn’t require such asset freezing.”
Unlike Ethereum PoS, Cardano PoS does not require users to lock their assets as they can wager and withdraw directly from their wallet whenever they want.
Certainly Micah cleared his position on why withdrawals are not a priority. In his opinion, stakers are wealthy and can afford the expensive hardware needed for staking.
Stakers on Cardano are ordinary people who don’t have to be rich. I think that’s the philosophical difference https://t.co/ScJ6hZKlMi
— Charles Hoskinson (@IOHK_Charles) September 15, 2022
Hoskinson I Agree with this adage that Cardano stakers are ordinary people.
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