{"id":6899,"date":"2022-09-04T17:08:50","date_gmt":"2022-09-04T17:08:50","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=6899"},"modified":"2022-09-04T17:08:51","modified_gmt":"2022-09-04T17:08:51","slug":"cardano-founder-asks-why-proponents-of-ada-token-burn-are-consumed-with-idiocy","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6899","title":{"rendered":"Cardano founder asks why proponents of ADA token burn are &#8220;consumed with idiocy&#8221;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>In a community dispute over Cardano token burning, Input Output CEO Charles Hoskinson re-asserted his view that the practice is worthless.<\/p>\n<p>Speaking in a disparaging yet playful tone, the Cardano founder implored advocates of the practice to deeply consider their life choices and ask themselves why they are \u201cconsumed with idiocy and avarice.\u201d<\/p>\n<p>He continued by saying that once coming to the realization burning is a fruitless endeavor, proponents of the idea should \u201cbeg for forgiveness\u201d for proposing to destroy the community\u2019s money.<\/p>\n<p>\u201cAfter you\u2019re done with, I want you to come back, and only after you\u2019ve reached a new level of clarity and insight, then beg for forgiveness from the entire Cardano community for suggesting to destroy their money.\u201d<\/p>\n<h2>Token burning is destroying someone\u2019s property<\/h2>\n<p>Since June 13, Cardano has been caught in a tight trading range between $0.40 and $0.59. As a solution, some in the community have suggested a token burn to increase scarcity and trigger a price spike.<\/p>\n<p>In rallying support for the idea, @PerAsperaVinco dismissed the argument that burning ADA tokens is the same as destroying someone\u2019s property.<\/p>\n<p>\u201cThe analogy isn\u2019t even correct; it\u2019s more like destroying part property to make the rest more valuable than [the] original.\u201c<\/p>\n<p>However, Hoskinson made it clear that there \u201cis no magic reserve of Ada floating\u201d around. And that burning tokens would require token holders to destroy their own stack or for tokens to be confiscated.<\/p>\n<p lang=\"en\" dir=\"ltr\">The astonishing power of ignorance is revealed when people cannot grasp that there is no magic reserve of Ada floating out there. All Ada is in the hands of owners, actual people, to burn it would require it be taken from them and destroyed https:\/\/t.co\/kGzwFyg3nS<\/p>\n<p>\u2014 Charles Hoskinson (@IOHK_Charles) August 31, 2022<\/p>\n<h2>Token burning is not the Cardano way<\/h2>\n<p>The concept of burning ADA has been floated on numerous occasions in the past. Last November, Hoskinson addressed the topic, saying a burn would not achieve what proponents want.<\/p>\n<p>Similar to his recent comments, the Cardano founder said burning ADA means someone else will lose out. Furthermore, token burning is not built into the tokenomics of the ecosystem. Nor is it conducive to the project\u2019s approach to blockchain \u2013 which is the incorporation of stability.<\/p>\n<p>\u201cYou\u2019re destroying the integrity of the entire cryptocurrency\u2019s monetary policy by tinkering with the monetary policy that was set years ago and that social contract is built by four years of purchasing decisions of people entering the ecosystem.\u201d<\/p>\n<p>With that, true to Cardano\u2019s philosophy, Hoskinson said, fundamentals and solving real-world problems always beat short-lived gimmicks.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/cardano-founder-asks-why-proponents-of-ada-token-burn-are-consumed-with-idiocy\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a community dispute over Cardano token burning, Input Output CEO Charles Hoskinson re-asserted his view that the practice is worthless. Speaking in a disparaging yet playful tone, the Cardano founder implored advocates of the practice to deeply consider their life choices and ask themselves why they are \u201cconsumed with idiocy and avarice.\u201d He continued [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-6899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6899"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6899\/revisions"}],"predecessor-version":[{"id":6901,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6899\/revisions\/6901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6900"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}