Cryptocurrency

Cardano founder asks why proponents of ADA token burn are “consumed with idiocy”

In a community controversy over the burning of Cardano tokens, Input Output CEO Charles Hoskinson argued: his view That the practice is worthless.

Speaking in a disparaging yet playful tone, the Cardano founder pleaded with the practice’s adherents to ponder their life choices and ask themselves why they are being “consumed by stupidity and greed.” did.

He went on to say that once they realize that burning open fields is a fruitless endeavor, proponents of the idea should “beg forgiveness” for suggesting destroying community money. .

“Once you are done, I want you to come back and only after you have reached a new level of clarity and insight will you forgive the entire Cardano community for suggesting destroying their money. I beg you.”

Burning tokens is destroying someone’s property

Since June 13th, Cardano has been in a tight trading range between $0.40 and $0.59. As a solution, some in the community have suggested burning tokens to increase scarcity and cause price spikes.

While gathering support for the idea, @PerAsperaVinco Dismissed the argument that burning ADA tokens is the same as destroying someone’s property.

The analogy is incorrect.It’s like destroying a part’s properties and making the remaining properties more valuable [the] original.

but, Hoskinson He clarified that “Ada’s magical power reserves are not floating.” Also, burning a token requires the token holder to either discard his stack or confiscate the token.

Burning tokens is not the Cardano way

The concept of burning ADA has been brought up many times in the past. Last November, Hoskinson addressed the topic, saying the burn would not achieve what his supporters wanted.

Similar to his recent comments, the Cardano founder said burning ADA means someone else loses. . Nor does it encourage the project’s approach to blockchain to build in stability.

“We are destroying the integrity of the entire cryptocurrency monetary policy by tinkering with monetary policy that was set years ago. will be constructed.”

So staying true to Cardano’s philosophy, Hoskinson said, fundamentals and solving real-world problems always beat short-lived gimmicks.

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