Charles Hoskinson believes that coin burning is tantamount to stealing groceries or taking someone’s wife
An angry and annoyed Charles Hoskinson recently lashed out at one of the viewers of his ask-me-anything session who mentioned the idea of destroying part of Cardano’s supply for the sake of scarcity.
Not mincing words, Hoskinson said that the proposal stemmed from the user’s “greed and stupidity”:
We are so glad that you can tell us that we gotta destroy other people’s money so that you can make a little extra money and then sell the ADA and move on to something else.
Hoskinson went on to compare coin burning to stealing groceries from a supermarket, taking gasoline out of other people’s cars, or grabbing someone’s wife.
Cardano has a maximum supply of 45 billion ADA, which some critics believe is too high. For comparison, Bitcoin’s supply is fixed at 21 million coins.
As reported by U.Today, Hoskinson recently introduced the “Proof of Burn” mechanism, which would let anyone destroy their own ADA tokens by sending them to an unspendable address.
In November, the Stellar Development Foundation burned 55 billion Stellar Lumens tokens that were worth a whopping $4.7 billion at that time.
Binance, the largest exchange, routinely destroys its BNB tokens based on quarterly trading volumes.
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.