- Yes - burn 1 billion Ada
- No - do not burn
I want to bury this hatchet, at least for a while. Seems that voting for a coin burn still stirs up people’s fire!!
Voted…see ya in the chat…
I’d burn 10 Billion.
No. I would vote to print more. Look at bitcoin, 100% mined.
The more you burn, the less people get from mining, and thus less people get involved into the ecosystem as not enough incentives are there.
I will play devils advocate here. Some people think bitcoin is hurting its self by generating 12.5 new bitcoins every 10 minutes, or about $75,000 in new coins. And that these new coins contribute to market decline in an already bear market.
Personally I think the mining process is well proven and the only way to keep bitcoin running is to reward the miners.
ADA is not mined.
Then why should people run stake pools?
Yes, people are paying a price for the Bitcoin system, this happens all along the way.
And yes, it seem to be an unwise choice for now to buy BTC. So…is it the end? Its’ function is replaceable… Well, this will be another topic.
What I wanted to point out was that people who contribute to running the system needs to be happy too.
In a proof of stake system such as Cardano staking takes the place of mining and is rewarded. There are many videos and articles out there explaining all this, I suggest you consult Mr Google.
I think your staking means mining in my dictionary. Or should we call it witnessing?
There’s a reason it’s called staking and not mining. They’re different processes, though they play similar parts in the big picture. In the Cardano community we always use the s word, never the m one.
Sorry for my poor English, but I am no sure if “staking” means building a block. Here is the wiki:
Can you contribute the “staking” part, so people may share your knowledge? (forget it if too troublesome)
What I do know is that in DPoS, we call it “witness” for building a block.
The process of mining ( for proof of work ) is equivalent to the process of Minting! ( for proof of stake )
The purpose is the same…
It’s Minting for proof of stake ( cardano )
Indirectly, sort of. In most cases a node will build a block on behalf of a stake that has been delegated to it, though very big stake holders might run their own nodes in some cases.
There are many folks who know a great deal more than me, I’ll leave the wiki entry to one of them!
Great, cheers~ Learned a new word
Why would you burn tokens? To lower supply, yes, but just for that?
Burning a billion tokens sends a message implying that devs did not choose the correct max supply in the first place, and that lack of demand is a problem that needs a reaction, a quick fix. Besides gaining some publicity, I do not see a positive result from this.
I would rather people see that as Cardano develops, the community is confident that there will be growth in use that will justify the supply that we have.
Burning coins also implies that they are not valuable enough on their own to justify keeping, and that we need to deflate in order to overcome an inflation problem.
Please think as an economist, when considering actions for economic reasons.
Instead, let’s get publicity as people begin to build on the platform.
Cardano is clearly valuable enough, as a top ten coin. So I don’t see a need to make it more valuable. Also, where are these coins that will be burned going to come from? They represent money, so if they are in the coffers somewhere, wouldn’t it be better to spend them on something? Even if it would take a year or so, you could give away training courses and buy publicity in a hundred different ways.