Cardano is trapped in a range that has resisted every attempt at a clean breakout. Charles Hoskinson, its founder, has spent recent weeks publicly calling Bitcoin “the dumbest and least capable cryptocurrency” and arguing that ADA is the superior long-term investment. Hoskinson’s argument has a coherent logic. Bitcoin, he contends, is programmability-free digital gold, useful as a store of value but incapable of hosting the financial applications that Cardano is built for. He points to the Midnight Protoc ...