Charles Hoskinson has reiterated that there is no chance that Cardano will burn ADA supply to boost its value.
His comments come after a Cardano enthusiast slammed him for not supporting the idea that part of ADA supply should be burnt.
“The astonishing power of ignorance is revealed when someone as intelligent as Charles Hoskinson believes burning coins is destroying someone’s property,” a Twitter user said.
The ADA investor, who goes by the Twitter username @PerAsperaVinco added that Hoskinson’s assertion is untrue because the idea of burning a part of the person’s property will ultimately boost the value of the rest.
The astonishing power of ignorance is revealed when someone as intelligent as Charles Hoskinson believes burning coins is destroying someone’s property. The analogy isn’t even correct; it’s more like destroying part property to make the rest more valuable than original.#Cardano
— PerAsperaVinco ?? (@PerAsperaVinco) August 31, 2022
Hoskinson’s Response
In response to the Twitter user, Hoskinson said there is no “magic reserve of ADA floating out there” that can be burnt, suggesting that the entire supply of ADA is currently being held by investors.
He added that for the Cardano team to burn ADA supply, it would first need to do the impossible by retrieving the coins from these investors before destroying them.
“All Ada is in the hands of owners, actual people, to burn it would require it to be taken from them and destroyed,” Hoskinson added.
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
— Charles Hoskinson (@IOHK_Charles) August 31, 2022
Some Investors Call for ADA Burn
Like most cryptocurrencies, ADA has plummeted massively in price due to political and economic factors. The coin, which soared to an all-time high (ATH) of $3.09, is down 85.2%.
At press time, ADA is changing hands at around $0.45, with investors fuming that the price is relatively low.
Instead of blaming ADA’s massive decline on the unfortunate developments that have plagued the industry this year, some investors believe the coin’s total supply of 45 billion is the reason the price is low. Based on this, some ADA holders have hinted that the Cardano team should burn a part of the token’s supply for its price to soar.
The calls do not sit well with Hoskinson, who slammed those making such suggestions.
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Source: https://thecryptobasic.com/2022/08/31/cardano-founder-says-no-magic-reserve-for-ada-as-burning-coin-requires-taking-coins-from-investors-and-destroying-them/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-founder-says-no-magic-reserve-for-ada-as-burning-coin-requires-taking-coins-from-investors-and-destroying-them