Cardano founder Charles Hoskinson criticized the user’s question about burning ADA coins, accusing him of being greedy and seeking to “profit” at the expense of other people.
During a recent Ask Me Anything (AMA) session on YouTube, Charles Hoskinson got angry at a member who suggested destroying some of the ADA stockpile. The user believes that the deficit of ADA in the market will contribute to an increase in the coin’s rate. Cardano’s offer is capped at 45 billion ADA, and some traders think that’s too much. By comparison, Bitcoin’s resources are limited to 21 million coins.
Hoskinson replied that this idea is indicative of the user’s greed and stupidity. The founder of Cardano said that he is not going to destroy the invested money of people so that the user can earn some money, and then sell ADA and invest in another project.
“Burning coins is like stealing groceries from the supermarket, draining gasoline from cars and kidnapping other people’s wives,” Hoskinson said.
The reaction of the creator of Cardano to the user’s question looks a little strange and aggressive, since in August he spoke about the mechanism of “proof of burning” (“Proof of Burn”). According to Hoskinson, this mechanism will allow any user to destroy ADA by sending them to a special address from which it will be impossible to spend or withdraw coins.
Many projects do not neglect the burning of their own crypto assets. So, after the deployment of the London update on the Ethereum network, the number of burned ETH exceeded 327,000. The Binance cryptocurrency exchange also regularly destroys internal BNB tokens. In July, the trading floor got rid of 1,296,728 BNB.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
