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 ADA tokens.

Charles Hoskinson is the Chief executive officer of IOHK, a developer team behind Cardano blockchain. Hoskinson is also one of the co-founders of the Ethereum blockchain but he is no longer in the Ethereum project. IOHK believes to bring real development works instead of following hype & promotional strategies, to push the real adoption of the Cardano blockchain.

Recently Charles Hoskinson again responded against the people who are willing to see the burn of ADA token supply and suggested contributing to the ADA token burn initiative from their own wallets. Hoskinson also said that ADA is a community wealth & we can’t destroy it.

In response, a crypto trader claimed that Hoskinson’s opinion is not correct exactly because burning ADA tokens doesn’t mean to destroy community wealth, instead it will increase the wealth of the rest of ADA token holders.

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

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

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