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Cardano Founder Fumes at People Requesting for ADA Burns, Says Burning Cardano Is Like Burning Money

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Cardano’s founder smashed the burning idea for ADA, as he notes that burning Cardano is like burning investors’ money.



Charles Hoskinson, the CEO, and founder of popular blockchain project Cardano is not in any mood for tolerating the idea of burning a part of the ADA token’s supply. 

The Cardano boss fumed at the question of “whether there will be a token burn for ADA,” asked by some members of the Cardano community. 

 

According to Hoskinson who has always reiterated that the team will not conduct any burn for the eighth-largest cryptocurrency, people who are still nursing the idea of burning a part of the token’s total supply are id*ots. 

He urged them to have a sober reflection on why they are still deeply immersed in idiocy  

“I want you to be specific about this. Turn off your computer and throw it in the trash can. If you have a car, get in the car and I want you to drive to the mountains, sit on the rocks, look at the sunset, contemplate your existence, and ask yourself why you are still consumed with idiocy,” Hoskinson said.  

The Cardano boss, who was recently accused of lying about his educational background details, added: 

“After you are done with that I want you to come back only if you have reached a new level of clarity and insight, then you can beg for forgiveness from the entire Cardano community for suggesting to destroy their money.” 

Apparently, the idea of burning a part of the total supply of Cardano does not sit well with Hoskinson because it could end up destroying the main fundamentals of the blockchain project. 

However, several cryptocurrency traders may feel differently about the Cardano boss’ opinion on burning a part of the token’s supply, which has a max of 45 billion ADA. 

For most investors, burning ADA to reduce its total supply of 45 billion will ultimately boost its price to higher levels.  

At press time, ADA is trading at $1.18 down 61.5% from its all-time high (ATH) of $3.09 recorded in September 2021. 

While investors feel introducing a burn mechanism for ADA will bring its price back to its ATH, Cardano developers feel differently about the idea, as they believe in focusing on launching significant upgrades that will trigger a rally for the token. 

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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