Cardano founder Charles Hoskinson has called on all blockchain platforms and fans of all cryptocurrencies to stand together against the new crypto taxation amendment
In a recent video, the founder of Cardano and IOHK, Charles Hoskinson addressed the U.S. crypto community regarding the amendment offered by Senator Portman and a few others that makes crypto taxation a lot tougher than it is now.
Hoskinson has suggested several simple steps that can prevent this amendment from being adopted in a vote on Saturday. Some solutions he suggested are the same offered by pro-crypto U.S. Senator Cynthia Lummis in her Twitter blog.
Here is what Hoskinson suggests—three simple steps:
Mr. Hoskinson believes that step number one for all members of the U.S. crypto community is calling their senators’ and congressmen’s offices, emailing them and sending them letters.
In all three steps, crypto supporters should tell their congresspeople what their concerns are if the amendment does get passed. Crypto community members should make it clear how important crypto innovation is for the future of average people in the U.S., as well as for businesses.
If senators see a tsunami of messages coming in by phone, email and snail mail, at least something might be done, Hoskinson believes.
We NEED you. Pls call your Senators. Pls tweet. Pls email. We are facing major headwinds on the Wyden-Lummis-Toomey amendment. Burying financial innovation in red tape & sending devs + miners on info collection wild goose chases for info they don’t know is horrible policy. https://t.co/7GRNIUkpKs— Cynthia Lummis 🦬 (@CynthiaMLummis) August 6, 2021
Making public lists of pro- and anti-crypto politicians
The second suggestion that Hoskinson reckons is vitally important is to create a website where politicians and lawmakers would be divided into two groups: pro-crypto and anti-crypto. That should be an industry-wide effort, he added.
The whole industry must come together and set maximalism aside in the face of greater concerns for everyone. At the end of the day, the IOHK founder suggests supporting pro-crypto politicians financially in their campaigns and boycotting those who vote for the Portman amendment and tougher tax measures on the crypto industry.
Hoskinson wants the legislators who vote for the amendment to face the negative consequences from their electorate and realize that they made the wrong choice, facing the political aftermath of their actions.
Every time they run for election, Hoskinson hopes, pro-crypto politicians will be met with massive support, while anti-crypto ones will see their support fading.
Educating people and getting media attention
The third important point is that everyone, from large and small companies to average crypto enthusiasts, should educate as many people on crypto and the amendment as possible—by blogging, tweeting about it and more.
As for himself, IOHK and Cardano, Hoskinson stated that he would do his best to get as much media attention on it as possible and asks other companies—even Cardano haters, like Blockstream and ConsenSys—to do the same.
We will eventually get rid of anti-crypto candidates and replace them with those who realize the importance of crypto for the future of humanity, including the way markets will function and how people will be allowed to earn money and pay taxes on it.
Besides, political and regulatory decisions made in the crypto industry in the U.S. are likely to set an example to governments around the world.
Charles Hoskinson of Cardano (ADA) In Republic of Burundi and Zanzibar Island
Charles Hoskinson Expressed: Great meeting with his excellency President Évariste Ndayishimiye about the future of Burundi’s digital transformation.
And before Burundi, we had a wonderful meeting about the Blue Economy with President Hussein Ali Mwinyi in Zanzibar.
For clarity, just looks like Charles is on the mission. Cardano is an open platform that seeks to provide economic identity to the billions who lack it by providing decentralized applications to manage identity, value and governance. May be taking stuff to the next level.
For clarity, Burundi, officially the Republic of Burundi, is a landlocked country in the Great Rift Valley where the African Great Lakes region and East Africa converge. Burundi itself is a landlocked, resource-poor country with an underdeveloped manufacturing sector. Although Burundi is potentially self-sufficient in food production, the ongoing civil unrest, overpopulation, and soil erosion have contributed to the contraction of the subsistence economy by 25% in recent years.
Unguja, also known as Zanzibar Island, is the main island in the Tanzanian archipelago of Zanzibar. Stone Town, part of Zanzibar City, is an old trade center, with mosques and winding lanes.
Community response: I am waiting for ADA to move an inch so I see it can rise up.
1600% in one year ADA gains. You were saying something? And, it will dump now. Death cross forming.
ADA is up over 2000%. In less than a year. Lol. I’ve been here and this is how ADA runs. We’re blessed to have Charles and the team. Haters are either new or slow.
Charles should have focus on other market than Africa like Indonesia, Philippines, Pakistan.
Africa is adopting Crypto. Huge opportunities. We are growing food so long. Charles Hoskinson means business. Get on this train now. He is on an Africa tour for pushing power to the edges. Cardano is changing the world.
Presidents are elected officials, Charles is a free man, again they need Cardano not the other way round if anything they are impressing Charles as they have more to gain by utilising Cardano.
Presidents have meetings all day long. It’s their job to meet people and represent their country. It doesn’t mean they commit to something.
Please catch Nigeria, Ghana, South Africa and Egypt and all the dominoes will be set. I can’t wait to hear about Cardano‘s upcoming partnerships, with countries
South African just done. Egypt is in a few days. Nigeria and Ghana will be next time I believe.
This guy’s view of the future is to complete change the financial system, help countries and always improving.
I am glad that these countries in Africa are embracing the new technology that Cardano is bringing, and the so-called developed countries will remain at the forefront of evolution. I am proud of Africa that they have chosen the future.
Solana and Cardano Dominate As Crypto Sees Largest Weekly Institutional Inflows in History
Digital asset manager CoinShares says that last week, the crypto markets saw the biggest inflow of institutional capital ever recorded.
The crypto firm says that digital asset investment products have shattered the record for both weekly and yearly capital flows by a huge margin.
“Digital asset investment products saw inflows last week totaling US$1.47bn, the largest on record by a significant margin. The previous weekly record was seen earlier this year in February with inflows totaling US$640m.
Inflows year-to-date now sit at US$8bn, far surpassing the record in 2020 of US$6.7bn.”
CoinShares says that Bitcoin (BTC) accounted for the overwhelming majority of the funds on the back of positive sentiment stemming from the launch of the new ProShares Bitcoin futures exchange-traded fund (ETF).
“Bitcoin saw 99% of the inflows totaling US$1.45bn last week. The record inflows were a direct result of the US Securities & Exchange Commission [SEC] allowing a Bitcoin ETF investing in futures and the consequent listing of two Bitcoin investment products with inflows totaling US$1.24bn.
Inflows into Bitcoin products were also seen in other regions totaling US$138m, although there was evidence of profit-taking with some older investment products seeing outflows.”
Looking at altcoins, the asset manager says that the most notable coins seeing inflows were smart contract platforms Solana (SOL) and Cardano (ADA), as well as crypto exchange Binance’s BNB. Solana and Cardano saw $8.1 million and $5.3 million in inflows respectively, while BNB recorded $1.3 million.
Is Cardano (ADA) Slowly Becoming a Stable Coin
Someone said: Why don’t you hand over Cardano’s management to those who really have the courage to burn?
Community response: Alright, let’s have a chat about this. First off, could you please explain your position on why burning tokens is a must-do?
Yes, come on, first because ADA is turning into a stable coin. Second, it has been losing space to others, example BNB, which does exactly what? Burn! AVAX and Solana are coming with everything supply Infinitely smaller. Third, the community owns the coin, and 80% of it wants to burn.
How is ADA turning into a stable coin? Losing space? You mean market cap ranking, in which case welcome to the Altcoin world. Explain why you actually need to burn tokens. “Everybody else does it” is a pathetic reason. Get technical please.
I don’t think is a must do, but would surely help spike the price for investors. As less supply = price increase. Hooray for market manipulation.
Cardano’s “management” is with the Cardano community who decide on future plans and projects, hence the word “decentralized”. If you believe that burning coins will improve Cardano, please state the reasons how this would be beneficial for Cardano.
Burning a token just takes it away from 1. Staking, 2. Catalyst, 3. The people transacting on the network. Improving the 3 of these are what increases the value of ADA, burning tokens damages them and therefore damages Cardano unnecessarily.
We just hit a new ATH like a month ago. Chill. Charles doesn’t care about price action to begin with but also remember the fact that ADA was close to 18 cents on January 1st.
I’m hopeful for another leg or 2 up but I have never paid more than 7 cents for ADA. Stacked way back. 25x up and feeling good.
Anyone can burn their ADA if they want too. I personally feel that IOHK Charles cares more about helping people and making things better for everyone than pumping the price of ADA to make money that is why I hold and stake ADA. There is plenty of pump and dumps out there.
Burning tokens is a pathetic and craven move with zero function other than to artificially pump price. Only insecure greedy projects do this.
Burning tokens burns the utility. It’s not sustainable in long term. With SC, the tokens become time locked anyway that’s similar to token burn but in a natural way.
A sustainable system does not need to burn tokens. IMO burning tokens is a sign of failure and I hope more than 80% are against burning.
I understand the function is nearly there burn your coins first see how the price moves and buy more.