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The Hotel California song is about a prison where no one escapes from.
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Cardano (ADA) founder Charles Hoskinson has called Ethereum (ETH) the “Hotel California of Crypto” in response to a tweet that claimed that ETH staking withdrawals might be delayed beyond the Shanghai upgrade.
The Hotel California song is about a prison where no one escapes from.
Ethereum is becoming the Hotel California of Crypto https://t.co/oRUw4kxvfS
— Charles Hoskinson (@IOHK_Charles) September 16, 2022

A screenshot from the Ethereum developers Discord group showed Micah Zoltu, founder of Serv.eth Support saying that all documentation and publications have clarified that there’s no expected time for withdrawals of staked ETH.
And for the record, Ethereum withdrawals are *not* scheduled for Shanghai; there is no ETA. Key developer is not happy that exchanges and others keep stating 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 implement withdraws. I don’t think there is significant urgency. I think there are other things that are far more critical to the long-term health of Ethereum than stakers being able to withdraw in 2023 rather than 2024.”
The comment appears to be a reaction to Kraken’s email, which told its customers they would be unable to access their staked ETH until after the Shanghai upgrade.
The Shanghai upgrade is expected to happen between six to 12 months after the Merge.
CryptoSlate contacted Micah Zoltu for a clarification of his message but did not immediately get a response.
Many within the community expect access to their staked Ethereum by 2023 after the Shanghai upgrade, but the latest information from the Ethereum developers discord group suggests otherwise.
The Ethereum foundation had also stated that the “Shanghai upgrade will enable staking withdrawals.”
Charles Hoskinson further questioned Ethereum’s staking mechanism, wondering if there was not another way of ” implementing proof of stake that doesn’t require locking assets like this.”
Unlike Ethereum PoS, Cardano PoS does not require users to lock their assets since they stake directly from their wallet and can withdraw whenever they want.
However, Micah clarified his position on why withdrawals are not a priority. According to him, stakers are wealthy and can afford all the expensive hardware needed for staking.
Stakers on Cardano are everyday people who don't need to be wealthy. I guess that's the philosophical difference https://t.co/ScJ6hZKlMi
— Charles Hoskinson (@IOHK_Charles) September 15, 2022

Hoskinson agreed with this saying that Cardano stakers are everyday people.
Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is the community-run technology powering the cryptocurrency ether (ETH) and thousands of decentralized applications. Learn more
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source. Learn More
Charles Hoskinson is a Colorado-based technology entrepreneur, mathematician, and blockchain enthusiast. Learn More
Ethereum Foundation, a Swiss nonprofit organization, is a worldwide team of passionate developers. Learn More
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