en
Back to the list

Cardano's Executives Rallying Against Token Burn

Altcoins

thenewscrypto.com 12 September 2022 12:57, UTC
  
Reading time: ~2 m

  • Charles thinks the idea of burning a token is stupid and extremely greedy.
  • ADA has been trading steadily between the price range of $ 0.4 to $ 0.6.

Cardano (ADA) founder, Charles Hoskinson was totally against the concept of token burning and takes the same stand firmly now too. Cryptocurrency burning is the day-to-day happening in the current crypto market. Some coins by default have the burn mechanism in their ecosystem, some are trying to cultivate it now.

But the case is different with the creators and developers of the Cardano environment. During an interactive online session last month, questions were raised to Charles regarding the token burn mechanism chances for ADA. He, with a sarcastic tone, replied that the idea was stupid and extremely greedy.

For anyone looking to burn #ADA
Follow the instructions and do exactly as this man says #Cardano $ADA #CardanoCommunity pic.twitter.com/BuYaxHPK1y

— Darren N ☘🇮🇪 (@CryptoIRELAND1) September 1, 2022

Cardano’s Stance on Token Burn

The ADA has been trading steadily between the price range of $ 0.4 to $ 0.6 for the last month. A few in the community have put up the idea of introducing the burn mechanism to increase the scarcity. That in effect is expected to raise the price value of the ADA. 

Despite this thought, Cardano founder Charles very strongly believes burning is taking out and destroying part of the wealth in a greedy mindset to achieve more. 

Charles Hoskinson states:

“All Ada is in the hands of owners, actual people, to burn it would require it be taken from them and destroyed”

Cardano’s development team considers burning to have no long-term value or advantage and has no satisfactory result for the community. At the same time, burning the tokens will only increase the volatility of the network.


   Source
Back to the list