Today is a tough Monday morning for crypto traders. the majority of them wake up with double-digit percentage losses across the market. Large-cap altcoins like Cardano and XRP had lost millions of dollars in market capitalization, while Bitcoin and Ethereum had lost 6% and 7%, respectively.
In tandem with the market, Cardano has dipped from a 24 hour high of $2.37 to $2.01.
It is now trading at $2.05 down by 12.6%. The market cap stands at 67.26 Billion.
Hoskinson on coin burning
Charles Hoskinson, enraged and irritated, recently lashed out at a viewer of his ask-me-anything session who suggested destroying a portion of Cardano’s supply for the sake of scarcity.
The idea of burning the ADA coin supply, according to Charles Hoskinson, is based on greed and stupidity.
Some people want the price of ADA to increase in some way so they can sell it for a profit and invest in other tokens he said.
“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.”
Coin burning, according to Hoskinson, is comparable to stealing groceries from a supermarket, stealing gasoline from other people’s cars, or grabbing someone’s wife.
Because there are 45 billion ADA coins in circulation, many ADA coin holders believe there is a pressing need to burn the coins. One of the viewers requested that the ADA supply be burned.
Some critics too believe the circulation is too high. For comparison, Bitcoin’s supply is fixed at 21 million coins.
Hoskinson recently introduced the “Proof of Burn” mechanism, which would let anyone destroy their own ADA tokens by sending them to an unspendable address.