Hoskinson Says Low Liquidity Allows Crypto Founders To Manipulate Price & Burn Tokens

Charles Hoskinson responded against a person who wants the Cardano project team to burn the ADA tokens.

Charles Hoskinson is the CEO of IOHK, a team of developers behind the Cardano blockchain. Hoskinson is also one of the co-founders of the Ethereum blockchain but is no longer part of the Ethereum project. IOHK believes they bring real development work instead of following hype and promotional strategies, to push for true adoption of the Cardano blockchain.

Charles Hoskinson recently responded again against people who are willing to see the supply of ADA tokens burned and suggested contributing to the initiative to burn ADA tokens from their wallets. Hoskinson also said that the ADA is a community asset and we cannot destroy it.

In response, a cryptocurrency trader said that Hoskinson’s opinion is incorrect precisely because burning ADA tokens does not mean destroying the wealth of the community, but will increase the wealth of the rest of the ADA token holders.

Furthermore, Hoskinson responded to these facts and stated that burning ADA tokens is not easy because all ADA tokens are in the hands of real people and burning ADA means we have to take ADA from people and then burn it, which is not possible.

Another ADA lover asked Cardano founder how other cryptocurrency projects are doing. Then Cardano explained that in other crypto projects the founders control the price of crypto tokens with low liquidity and help them burn the tokens easily, which is not the case with Cardano.

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