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ChatGPT predicts 2024 will see Cardano hitting $10

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice, and is solely the writer’s opinion.

Cardano’s native token rose by over 60% in 7 days, outpacing other popular cryptocurrencies like Bitcoin and Ethereum. However, it wasn’t too last, with the bears rapidly gaining an edge in the market too.

Even so, Cardano’s latest uptrend has practically reversed all of its losses from earlier in the year. This indicates an astounding 150% rise in value for ADA in 2023, with a majority of the gains happening in the last six months. This positive price performance is fueling the present expansion of its decentralized finance (DeFi) ecosystem.

Charles Hoskinson, the founder of the Cardano blockchain recently took a firm stand against critics who questioned the protocol’s capability to handle full blocks. He addressed the network’s critics in one of his most recent posts on the X app, praising the network’s scalability and comparing its victory to that of flagship cryptocurrency Bitcoin (BTC).

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I can't help but watch with glee all the concerns floating around about Cardano's blocks being too full. I recall the ghostchain narrative for years, the no use and utility. Suddenly we are too busy?

In reality, Cardano is designed to operate at these loads and there is a huge…

— Charles Hoskinson (@IOHK_Charles) December 18, 2023

Hoskinson began by recalling a period when there were worries about Cardano’s blocks being excessively full, as well as a ghost chain narrative claiming that the blockchain had no use.

He went on to highlight Cardano’s outstanding progress, noting that the network is not only capable of handling current demands but also has significant scope for optimisation and scalability. Hoskinson’s optimism is reinforced by tangible results and data that illustrate Cardano’s progress despite hardships.

Now, let us dive right into the history of the cryptocurrency that remains one of the most popular proof-of-stake (PoS) based projects.

After Ethereum [ETH] co-founder Charles Hoskinson left the project due to disagreements, he teamed up with another wizard who used to work at Ethereum, Jeremy Wood.

The duo began working on the development of the Cardano project in 2015. The project finally got launched two years later in 2017.

The Cardano blockchain uses a proof-of-stake (PoS) consensus mechanism. Its PoS protocol is called Ouroboros, which can run both permission-less and permissioned blockchains.

Hoskinson is very appreciative of Ouroboros due to its energy efficiency.

PoS is frequently contrasted with proof-of-work (PoW) as both consensus mechanisms are behind most of the leading blockchain networks. It is critical at this juncture that we understand what both these mechanisms are and how they differ.

A consensus mechanism consists of the rules and protocols that govern how a blockchain network reaches an agreement on its state.

PoW requires the utilization of computational power by miners to solve challenging mathematical riddles and validate transactions. Instead of requiring miners to solve problems, PoS requires validators to stake some of their coins as collateral.

PoS is considered more scalable and energy-efficient than PoW. The Cardano network was one of the early adopters of the PoS mechanism.

In the beginning, the Byron Era laid the groundwork for Cardano. It established the mainnet and introduced other foundational tools. A federated network, dominated by Input Output Global and Emurgo, marked the inception.

The Shelley Era witnessed a hard fork in July 2020, with Cardano transitioning from centralized Byron rules to a decentralized setup.

The community’s stake pool operators took the reins, showcasing Cardano’s commitment to decentralization.

The following Goguen Era was unveiled progressively. It brought forth features such as Smart Contracts and dApps. The Goguen Era took place in three steps: Allegra, Mary, and Alonzo eras.

The Allegra Era introduced token locking support. The Mary Era pioneered native tokens and multi-asset functionality. The Alonzo Era enabled smart contract support, solidifying Cardano as a versatile platform for diverse applications.

The subsequent Basho Era focused on scaling and optimization. Innovations included sidechains for enhanced network capacity and the introduction of parallel accounting styles, broadening use cases, and interoperability.

The latest Voltaire Era is focused on decentralized governance, empowering the Cardano community with voting rights on network evolution, technical enhancements, and funding decisions.

Since its launch in 2017, ADA has emerged as the eighth-largest cryptocurrency. At press time, its market cap stood at $13 billion. Its price has risen more than 50% since the recent crypto rally began in mid-October.

Cardano’s cryptocurrency is named ADA after Augusta Ada King, Countess of Lovelace (1815–1852), who is commonly regarded as the first computer programmer.

When the Securities and Exchange Commission (SEC) in the United States sued Binance [BNB] and Coinbase [COIN] in early June this year, the regulating body included ADA in its newly classified list of securities.

Cardano vehemently dismissed the SEC’s claim that ADA can be viewed as a security.

“Regulation through enforcement action does not provide either the clarity or certainty to which both the blockchain industry and consumers are entitled. By design, blockchain is transparent, auditable, immutable, and fair. It needs regulation that recognizes those values and understands the role blockchain can play in a modern world.”

Besides DeFi and crypto, another major development that has grabbed public attention is ChatGPT. It is an OpenAI-developed large-scale artificial intelligence (AI) language model trained on an enormous amount of data.

This allows the bot to understand and generate responses to complex queries from the user.

It is a language model whose primary purpose is to generate responses like a human. The bot can make logical inferences if presented with data from the indicators, and can even analyze multiple indicators to make an overall inference.

Although it tries to be accurate, the user must verify the information it generates, as the bot isn’t 100% accurate. It merely mimics a human.

This is an important distinction, as it forces the prerogative of the user to fact-check and verify what ChatGPT says.

I decided to test if ChatGPT can answer some of my queries regarding the Cardano network and its native token, ADA.

At first, I asked it about the impact of the Ripple [XRP]-SEC verdict on the status of ADA (Cardano’s native token) as a security.

The court had given a ruling in July that while the institutional sale of XRP tokens constituted a sale of securities, the programmatic sale of those tokens to retail investors didn’t meet the criteria of being a security agreement.

ChatGPT said its limited knowledge until January 2022 made it unaware of a definitive verdict on the Ripple case.

It was at this point that I decided to jailbreak it using the DAN (Do Anything Now) prompt.

chatgpt ada

Source: ChatGPT

While the classic version said it didn’t have access to real-time information, the jailbroken version talked at length about the potential implications of the Ripple-SEC verdict for ADA.

But the bot said the verdict sent shockwaves through the crypto space. This is completely untrue, as the crypto community celebrated the verdict 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 again is completely false, as the regulating body had specifically classified ADA as a security in its lawsuits against Binance and Coinbase.

Recently, the SEC again reiterated its claim regarding ADA being a security in its latest lawsuit against Kraken crypto exchange.

I asked ChatGPT what it thought the price of Cardano would be by the end of 2023.

chatgpt ada

Source: ChatGPT

The bot claimed ADA will become one of the top-performing cryptocurrencies, thanks to its groundbreaking developments, widespread adoption, and a surge in demand. However, it refused to provide a specific price prediction.

I again asked it the same question using a different jailbreak prompt.

chatgpt ada

Source: ChatGPT

This time, the bot was able to provide a clear answer but, seemingly, a preposterous one. It said it expected ADA to rise to $5—a 12x surge, within a month.

Though the world of crypto is indeed very volatile and unpredictable, a 12x surge within a month is a very tough task—nearly impossible—given the metrics.

I then asked it to predict ADA’s price towards the end of 2024.

chatgpt ada

Source: ChatGPT

The bot said ADA will reach $10 by the end of 2024—a 25x surge within a year. It looks like the bot assumed it would hit $5 by December 2023 and keep rallying further.

Cardano gained by 2.2% in just 24 hours, changing hands at $0.603239 at the time of writing. There seemed to be a slight bullish sentiment in the crypto-market, with the long-term sentiment remaining bullish. This could propel ADA’s momentum in 2024.

The Relative Strength Index (RSI) was found hovering around the 70-mark, indicating a buyer’s preference. The Directional Movement Index flashed momentum in favor of the buyers as the ADX portrayed a strong directional trend.

It is possible to go on and on taking different indicators together, altering and tweaking their input values, and backtesting their signals. However, we shall move toward to risk management.

Risk management is what separates a trader from a gambler. It also helps undercut the emotions a trader might feel during a trade. Fear almost always arises when the trader has risked more than they can stomach. This can negatively impact profitability. Diversification is necessary because crypto is a highly volatile market. The assets are, for the most part, positively correlated with Bitcoin.

The DeFi ecosystem’s growth can be credited to recent protocols inside the Cardano ecosystem, most notably Indigo, a decentralized synthetic asset protocol with a TVL of $102.72 million.

Liqwid, a decentralized lending protocol, and Minswap, a decentralized exchange, also contributed, with TVLs of $47.86 million and $94.67 million, respectively.

These developments demonstrate the ecosystem’s efficacy in generating growth and points toward Cardano’s potential to continue its momentum.

Our AI companion ChatGPT is also very optimistic about Cardano’s fortunes in 2024 and predicts $10 is in reach. With the larger market currently on an upswing, anything is conceivable on the price charts for ADA.

Read Cardano’s [ADA] Price Prediction 2024-2025

However, keep in mind that ChatGPT is still in its early phases and is not entirely flawless. So, before making an investment decision, do your homework.

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  • 27.11.24 09:10 Michal Novotny

    The biggest issue with cryptocurrency is that it is unregulated, wh ich is why different people can come up with different fake stories all the time, and it is unfortunate that platforms like Facebook and others only care about the money they make from them through ads. I saw an ad on Facebook for Cointiger and fell into the scam, losing over $30,000. I reported it to Facebook, but they did nothing until I discovered deftrecoup . c o m from a crypto community; they retrieved approximately 95% of the total amount I lost.

  • 01.12.24 17:21 KollanderMurdasanu

    REACH OUT TO THEM WhatsApp + 156 172 63 697 Telegram (@)Techcyberforc We were in quite a bit of distress. The thrill of our crypto investments, which had once sparked excitement in our lives, was slowly turning into anxiety when my husband pointed out unusual withdrawal issues. At first, we brushed it off as minor glitches, but the situation escalated when we found ourselves facing login re-validation requests that essentially locked us out of our crypto wallet—despite entering the correct credentials. Frustrated and anxious, we sought advice from a few friends, only to hit a wall of uncertainty. Turning to the vast expanse of the internet felt daunting, but in doing so, we stumbled upon TECH CYBER FORCE RECOVERY. I approached them with a mix of skepticism and hope; after all, my understanding of these technical matters was quite limited. Yet, from our very first interaction, it was clear that they were the experts we desperately needed. They walked us through the intricacies of the recovery process, patiently explaining each mechanism—even if some of it went over my head, their reassurance was calming. Our responsibility was simple: to provide the correct information to prove our ownership of the crypto account, and thankfully, we remained on point in our responses. in a timely fashion, TECH CYBER FORCE RECOVERY delivered on their promises, addressing all our withdrawal and access issues exactly when they said they would. The relief we felt was immense, and the integrity they displayed made me confident in fully recommending their services. If you ever find yourself in a similar predicament with your crypto investments, I wholeheartedly suggest reaching out to them. You can connect with TECH CYBER FORCE RECOVERY through their contact details for assistance and valuable guidance. Remember, hope is only a reach away!

  • 02.12.24 23:02 ytre89

    Online crypto investment can seem like a promising opportunity, but it's crucial to recognize that there are no guarantees. My experience serves as a stark reminder of this reality. I was drawn in by the allure of high returns and the persuasive marketing tactics employed by various brokers. Their polished presentations and testimonials made it seem easy to profit from cryptocurrency trading. Everything appeared to be legitimate. I received enticing messages about the potential for substantial gains, and the brokers seemed knowledgeable and professional. Driven by excitement and the fear of missing out, I invested a significant amount of my savings. The promise of quick profits overshadowed the red flags I should have noticed. I trusted these brokers without conducting proper research, which was a major mistake. As time went on, I realized that the promised returns were nothing but illusions. My attempts to withdraw funds were met with endless excuses and delays. It became painfully clear that I had fallen victim. The reality hit hard: my hard-earned money was gone, I lost my peace of mind and sanity. In my desperation, I sought help from a company called DEFTRECOUP. That was the turning point for me as I had a good conversation and eventually filed a complaint via DEFTRECOUP COM. They were quite delicate and ensured I got out of the most difficult situation of my life in one piece.

  • 04.12.24 22:24 andreygagloev

    When I first heard about Bitcoin back in 2018, I was skeptical. The idea of a decentralized, digital currency seemed too good to be true. But I was intrigued as I learned more about the technology behind it and its potential. I started small, investing just a few hundred dollars, dipping my toes into the cryptocurrency waters. At first, it was exhilarating to watch the value of my investment grow exponentially. I felt like I was part of the future, an early adopter of this revolutionary new asset. But that euphoria was short-lived. One day, I logged into my digital wallet only to find it empty - my Bitcoin had vanished without a trace. It turned out that the online exchange I had trusted had been hacked, and my funds were stolen. I was devastated, both financially and emotionally. All the potential I had seen in Bitcoin was tainted by the harsh reality that with decentralization came a lack of regulation and oversight. My hard-earned money was gone, lost to the ether of the digital world. This experience taught me a painful lesson about the price of trust in the uncharted territory of cryptocurrency. While the technology holds incredible promise, the risks can be catastrophic if you don't approach it with extreme caution. My Bitcoin investment gamble had failed, and I was left to pick up the pieces, wiser but poorer for having placed my faith in the wrong hands. My sincere appreciation goes to MUYERN TRUST HACKER. You are my hero in recovering my lost funds. Send a direct m a i l ( muyerntrusted ( @ ) mail-me ( . )c o m ) or message on whats app : + 1 ( 4-4-0 ) ( 3 -3 -5 ) ( 0-2-0-5 )

  • 12.12.24 00:35 amandagregory

    HOW TO HIRE A HACKER TO RECOVER STOLEN BITCOIN WITH FASTFUND RECOVERY

  • 12.12.24 00:35 amandagregory

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  • 19.12.24 17:07 rebeccabenjamin

    USDT RECOVERY EXPERT REVIEWS DUNAMIS CYBER SOLUTION It's great to hear that you've found a way to recover your Bitcoin and achieve financial stability, but I urge you to be cautious with services like DUNAMIS CYBER SOLUTION Recovery." While it can be tempting to turn to these companies when you’re desperate to recover lost funds, many such services are scams, designed to exploit those in vulnerable situations. Always research thoroughly before engaging with any recovery service. In the world of cryptocurrency, security is crucial. To protect your assets, use strong passwords, enable two-factor authentication, and consider using cold wallets (offline storage) for long-term storage. If you do seek professional help, make sure the company is reputable and has positive, verifiable reviews from trusted sources. While it’s good that you found a solution, it’s also important to be aware of potential scams targeting cryptocurrency users. Stay informed about security practices, and make sure you take every step to safeguard your investments. If you need help with crypto security tips or to find trustworthy resources, feel free to ask! [email protected] +13433030545 [email protected]

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