Input Output CEO Charles Hoskinson reiterated his belief that burning Cardano tokens is pointless in a community discussion, as reported by Cryptoslate.
As per Cryptoslate, the inventor of Cardano urged followers of the practise to seriously reflect on their decisions and ask themselves why they are “consumed with ignorance and avarice” in a mocking yet amusing tone. He went on to say that if supporters of the proposal understood that burning was a pointless undertaking, they should “ask for forgiveness” for suggesting to destroy the community’s funds. “After you’re done with, I want you to come back, and only after you’ve reached a new level of clarity and insight, then beg for forgiveness from the entire Cardano community for suggesting to destroy their money,” Hoskinson added.
Cardano has been stuck in a constrained trading range between $0.40 and $0.59 since June 13. Some members of the community have proposed a token burn to create scarcity and cause a price increase as a fix. Hoskinson spoke on the subject in November of last year, claiming that a fire would not accomplish what supporters desired.
The founder of Cardano stated that burning ADA means someone else would lose out, which is similar to his most recent remarks. Burning tokens is also not a feature of the ecosystem’s tokenomics. It also doesn’t support the project’s approach to blockchain, which incorporates stability, Cryptoslate further noted.
(With insights from Cryptoslate)
Also Read: US Congress not looking to ban crypto