Charles Hoskinson: Burning Cardano (ADA) Is like Grabbing Someone’s Wife

Charles Hoskinson, the CEO of Input Out Global (IOG), who created Cardano, has compared burning the digital token ADA to grabbing someone’s wife, stating that only greed and stupidity will make someone expect Cardano to start destroying ADA as much as Ethereum currently does.

Hoskinson said this during the recent Ask Me Anything (AMA) session in response to the request of a supposed Cardano community member.

Recall that Ethereum has been destroying ETH since the implementation of EIP-1559 in early August. According to ethburned.info, the Ethereum network has managed to burn over 328,000 ETH worth more than $1.1 billion at current prices.

So, considering the idea of burning part of Cardano (ADA) supply raised by a viewer during the AMA session, a section of the community seems to expect IOG to replicate Ethereum’s mechanism. However, the suggestion was completely turned down by IOG’s boss, Charles Hoskinson.

The viewer brought up the idea of burning a part of Cardano’s supply in order to cause scarcity of ADA, but the mathematician said the idea is born out of “greed and stupidity:

“We are so glad that you can tell us that we gotta destroy other people’s money so that you can make a little extra money and then sell the ADA and move on to something else.”

Cardano creator further compared the idea of destroying ADA to grabbing someone’s wife, stealing groceries from supermarkets, and taking gasoline out of other people’s cars.

Charles Hoskinson Introduces Proof of Burn Mechanism

While Bitcoin (BTC), the largest cryptocurrency by market capitalization, has a fixed supply of 21 million BTC, Cardano on the other has a maximum supply of 45 billion ADA, which some critics think is too high.

So recently, Hoskinson introduced the “Proof of Burn” mechanism. This will enable ADA holders to burn their tokens at will by sending them to an unspendable address.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.