BOOM - First Self-Burning Cryptocurrency Based on Smart Contract - page 18.

Lanatsa

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Quote from: crypto_geek55 on June 11, 2020, 03:22:09 PM

Quote from: ice18 on June 08, 2020, 04:54:33 AM

Quote from: crypto_geek55 on May 27, 2020, 05:22:15 AM

As users increase and BOOM circulation speeds up, destruction of BOOM will also accelerate. Once a user buys BOOM, he/she can only sell 99% to others, so the ‘Price Increase’ Expectation will be there naturally. That situation makes users prefer to hodl, if the pump is not big enough.

What if users did not increase? what is the chance of a price to increase if no transaction happens? I have seen too many deflationary tokens and each of them vanish after some months, Im quite curious what developers are trying to prove with this kind of social experiment? So far I only see one deflationary token that has a purpose the "sta" https://www.coingecko.com/en/coins/statera#markets

Well, there are many if and else in crypto industry and we can't say anything with authority until its proved. My take on deflationary tokens is that they have a great future and it will take some time for these tokens to get accepted by masses.

You got some point though but you cant really blame out people on why they can do make some presumptions into this kind of tokens which is deflationary.

Can you elaborate or do give out on why you do see these things have great future? It doesnt really give out something which would the masses support.

Time will tell if this one would able to emerge or would automatically submerge.

crypto_geek55

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Quote from: ice18 on June 08, 2020, 04:54:33 AM

Quote from: crypto_geek55 on May 27, 2020, 05:22:15 AM

As users increase and BOOM circulation speeds up, destruction of BOOM will also accelerate. Once a user buys BOOM, he/she can only sell 99% to others, so the ‘Price Increase’ Expectation will be there naturally. That situation makes users prefer to hodl, if the pump is not big enough.

What if users did not increase? what is the chance of a price to increase if no transaction happens? I have seen too many deflationary tokens and each of them vanish after some months, Im quite curious what developers are trying to prove with this kind of social experiment? So far I only see one deflationary token that has a purpose the "sta" https://www.coingecko.com/en/coins/statera#markets

Well, there are many if and else in crypto industry and we can't say anything with authority until its proved. My take on deflationary tokens is that they have a great future and it will take some time for these tokens to get accepted by masses.

ice18

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Quote from: crypto_geek55 on May 27, 2020, 05:22:15 AM

As users increase and BOOM circulation speeds up, destruction of BOOM will also accelerate. Once a user buys BOOM, he/she can only sell 99% to others, so the ‘Price Increase’ Expectation will be there naturally. That situation makes users prefer to hodl, if the pump is not big enough.

What if users did not increase? what is the chance of a price to increase if no transaction happens? I have seen too many deflationary tokens and each of them vanish after some months, Im quite curious what developers are trying to prove with this kind of social experiment? So far I only see one deflationary token that has a purpose the "sta" https://www.coingecko.com/en/coins/statera#markets

Iced

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Just seems like a copycat of Bomb, not going for this one Roll Eyes

suzanne5223

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Quote from: crypto_geek55 on June 06, 2020, 02:07:13 PM

Quote from: suzanne5223 on June 04, 2020, 03:24:22 PM

@crypto_geek55, your deflationary token can be compare with what happened to bitcoin then (year 2009) cause people dont like the idea of bitcoin then because they are not properly aware of it theory and i was once among those kind of people but, that change after i study and read the concept BTC.
The reason why people don't take the token concept serious is because we already have more than enough tokens/coins with different protocol why would an investor choose a token which 1 of his token will be burn whenever he received transactions. Mind you, 95% of every investors are after profit not lost.

You are right, the crypto market is saturated but the beauty of the crypto market is that it always welcomes new ideas. Everyday we saw new coins with new concepts among them one is deflationary tokens. BOOM is attracting 50k to 100k USD of daily volume, which clearly shows that investors have faith in this coin.

Crypto market is an extensive setting and every new ideas are welcome but speaking on daily volume of $50K to 100K range, the last time i checked the token never cliched daily volume of $100K. Besides, the market manipulation activities done by some project owner, only newbies will rely only on crypto daily trade volume to choose his investment without putting into consideration the utility level, liquidity, community support level etc.

Twinkledoe

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Quote from: carlisle1 on June 07, 2020, 12:43:12 AM

Quote from: republicrypto on May 28, 2020, 05:56:52 PM

reducing the supply by doing a burning action is good enough to increase the demands
but seems there is no significant impact on price in this burning action my friend, i hope the dev team always active to develop this token
anyway good luck for you with BOOM
regards

Demand will increase if the Token is legit and has a true products ,But like those shit projects now?burning tokens are only a strategy to attract investors but the truth?there will be no increase in price because they will run eventually.

Quote from: TooLate1 on June 06, 2020, 10:15:42 PM

Deflationary tokens are a good choice for daily and short term traders. So far I got good returns from deflationary tokens. BOOM is in my portfolio for quite some time, I am waiting for it to go further up. Wish me luck.

Yeah for those who only wanted to make a Pump and Dump in prices,those traders that taking chances to be a 1 day millionaire ,But in the end?most of their trials comes to failure lol.

Stop believing in this kind of projects because this is just another scam attempt to fool people inside crypto.

If there will be no strong use case in the market, the burning strategy will not work in the long run. So give it few more months to 1 year and you will see the true nature of the project. Is this the first self-burning crypto based on smart contract? I don't think so.

carlisle1

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Quote from: republicrypto on May 28, 2020, 05:56:52 PM

reducing the supply by doing a burning action is good enough to increase the demands
but seems there is no significant impact on price in this burning action my friend, i hope the dev team always active to develop this token
anyway good luck for you with BOOM
regards

Demand will increase if the Token is legit and has a true products ,But like those shit projects now?burning tokens are only a strategy to attract investors but the truth?there will be no increase in price because they will run eventually.

Quote from: TooLate1 on June 06, 2020, 10:15:42 PM

Deflationary tokens are a good choice for daily and short term traders. So far I got good returns from deflationary tokens. BOOM is in my portfolio for quite some time, I am waiting for it to go further up. Wish me luck.

Yeah for those who only wanted to make a Pump and Dump in prices,those traders that taking chances to be a 1 day millionaire ,But in the end?most of their trials comes to failure lol.

Stop believing in this kind of projects because this is just another scam attempt to fool people inside crypto.

TooLate1

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Deflationary tokens are a good choice for daily and short term traders. So far I got good returns from deflationary tokens. BOOM is in my portfolio for quite some time, I am waiting for it to go further up. Wish me luck.

crypto_geek55

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Quote from: suzanne5223 on June 04, 2020, 03:24:22 PM

@crypto_geek55, your deflationary token can be compare with what happened to bitcoin then (year 2009) cause people dont like the idea of bitcoin then because they are not properly aware of it theory and i was once among those kind of people but, that change after i study and read the concept BTC.
The reason why people don't take the token concept serious is because we already have more than enough tokens/coins with different protocol why would an investor choose a token which 1 of his token will be burn whenever he received transactions. Mind you, 95% of every investors are after profit not lost.

You are right, the crypto market is saturated but the beauty of the crypto market is that it always welcomes new ideas. Everyday we saw new coins with new concepts among them one is deflationary tokens. BOOM is attracting 50k to 100k USD of daily volume, which clearly shows that investors have faith in this coin.

crypto_geek55

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Quote from: ryzaadit on June 04, 2020, 04:27:49 PM

It can be the same idea from "proof-of-burn- but the different both of them when "proof-of-burn" the user burns the token for getting a hash power for their mining purpose when this token was used other people token to burned on the smart contract. IMO still can be a problem for the user who their amount token got burned, cause they are not getting anything from the burn. The burn should be from the fee not from the total amount use they send, a lot of people will be lost for this.

If you look at there site they have already explained the working of BOOM. So anyone participating in BOOM transaction has a prior idea of that. Anyone who don't like the idea can quite before any transaction takes place.

ryzaadit

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It can be the same idea from "proof-of-burn- but the different both of them when "proof-of-burn" the user burns the token for getting a hash power for their mining purpose when this token was used other people token to burned on the smart contract. IMO still can be a problem for the user who their amount token got burned, cause they are not getting anything from the burn. The burn should be from the fee not from the total amount use they send, a lot of people will be lost for this.

suzanne5223

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Quote from: WalkerIVIV on June 04, 2020, 02:01:02 AM

Quote from: crypto_geek55 on May 31, 2020, 03:10:57 AM

Quote from: passwordnow on May 30, 2020, 06:09:04 AM

Quote from: suzanne5223 on May 29, 2020, 12:24:34 PM

Quote from: passwordnow on May 29, 2020, 10:57:00 AM

Quote from: crypto_geek55 on May 27, 2020, 05:22:15 AM

The origin of BOOM is simple, once users transfer BOOM to others, 1% of the total transfer amount is automatically destroyed at the same time. The initial total supply of BOOM is 1 billion. The supply will decrease due to transactions, and no new BOOM will be issued then.

Does this mean that the receiver gets the amount he received with a cut already of 1% of the total amount?

That's definitely what he means and I'm surprised what the project is thinking before implementing such protocol which will reduce the quantity of token send to receiver instead of burning token from the total supply.

I don't see the sense of having that kind of protocol and passing the burden and consensus of that token to the users. Do the developers think that people like this kind of system, I don't think that they would love to pay that much for burning those tokens.
They should have thought of it that burden shouldn't be passed on the receivers, it's better if they have been burning the fees if ever there is a fee for each transaction.

Sir if you remember nobody likes the idea of bitcoin in 2009. It took quite a while before people start accepting this bitcoin.
Give some time to deflationary tokens like BOOM, I am sure people will like this idea.

The fact that there are so many scam projects used the deflationary idea and i rarely seen a project that based on deflationary became a successful project. It has been a year sincet the appearance of deflationary tokens

@crypto_geek55, your deflationary token can be compare with what happened to bitcoin then (year 2009) cause people dont like the idea of bitcoin then because they are not properly aware of it theory and i was once among those kind of people but, that change after i study and read the concept BTC.
The reason why people don't take the token concept serious is because we already have more than enough tokens/coins with different protocol why would an investor choose a token which 1 of his token will be burn whenever he received transactions. Mind you, 95% of every investors are after profit not lost.

stomachgrowls

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Quote from: suryapro on June 04, 2020, 08:07:31 AM

This is an interesting system that is owned by BOOM, but the problem is that if every transfer to another user is done continuously there will be automatic destruction of BOOM. with a supply of 1 billion, can it meet market demand if users continue to increase?

If the demand or users continue to increase then it would automatically presumed out that the price will surely

increase and if we do talk about simple economics then demand would be the main factor for the price to go up.

The disadvantage of this one is that this will really stop people on making up transactions.So whats the point?

Quote from: leea-1334 on June 04, 2020, 01:51:58 AM

I have seen now all kinds of token burning models. Used to be a simple buy back burn from the project developers,,, now it is a transaction burning automation, and now this is self-burning smart contract. But reducing supply does not help price if in the first place there is no utility right?

You got it right! It will always depend into its actual usage and not really just focusing on how their supply would be lessen out.

If we do try to look up in most project that doesnt have any buybacks or burning etc... they do still able to get some value

because they do actually have that actual usage.

suryapro

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This is an interesting system that is owned by BOOM, but the problem is that if every transfer to another user is done continuously there will be automatic destruction of BOOM. with a supply of 1 billion, can it meet market demand if users continue to increase?

WalkerIVIV

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Quote from: crypto_geek55 on May 31, 2020, 03:10:57 AM

Quote from: passwordnow on May 30, 2020, 06:09:04 AM

Quote from: suzanne5223 on May 29, 2020, 12:24:34 PM

Quote from: passwordnow on May 29, 2020, 10:57:00 AM

Quote from: crypto_geek55 on May 27, 2020, 05:22:15 AM

The origin of BOOM is simple, once users transfer BOOM to others, 1% of the total transfer amount is automatically destroyed at the same time. The initial total supply of BOOM is 1 billion. The supply will decrease due to transactions, and no new BOOM will be issued then.

Does this mean that the receiver gets the amount he received with a cut already of 1% of the total amount?

That's definitely what he means and I'm surprised what the project is thinking before implementing such protocol which will reduce the quantity of token send to receiver instead of burning token from the total supply.

I don't see the sense of having that kind of protocol and passing the burden and consensus of that token to the users. Do the developers think that people like this kind of system, I don't think that they would love to pay that much for burning those tokens.
They should have thought of it that burden shouldn't be passed on the receivers, it's better if they have been burning the fees if ever there is a fee for each transaction.

Sir if you remember nobody likes the idea of bitcoin in 2009. It took quite a while before people start accepting this bitcoin.
Give some time to deflationary tokens like BOOM, I am sure people will like this idea.

The fact that there are so many scam projects used the deflationary idea and i rarely seen a project that based on deflationary became a successful project. It has been a year sincet the appearance of deflationary tokens

leea-1334

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I have seen now all kinds of token burning models. Used to be a simple buy back burn from the project developers,,, now it is a transaction burning automation, and now this is self-burning smart contract. But reducing supply does not help price if in the first place there is no utility right?

crypto_geek55

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Quote from: rodskee on May 31, 2020, 08:10:00 AM

Quote from: justdimin on May 31, 2020, 05:49:32 AM

Burning out is a trap used by devs to trigger hype among investors by showcasing like lesser circulating supply.

Actually all those tokens that has a strategy of burning is now mostly a dying in value right?and this is not a proof that
after there is a burning happen meaning it will increase
the price because this is just a strategy uses by scammers to make the investors believe of their good intention but in
the end?lol nothings happen to favor the people.

Quote from: New_order on May 29, 2020, 12:05:02 PM

Looks like another BOMB Token to me, deflation can actually drive price but is this all that this token can offer? No real use case than battling inflation with deflation? Anyway goodluck, i will just pass by 🏃🏃🏃

Absolutely and of course people now are aware of this style and i believe that there will no investors to enter this just
because of these promises.

What you saying is your own personal guess. We cant say with certainty that deflationary tokens won't go up, just because of current market trend. You can see market stats of BOOM on CMC https://coinmarketcap.com/currencies/boom/

crypto_geek55

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Quote from: HankePoster on June 02, 2020, 01:56:10 AM

Deflationary tokens are a new idea and gaining lots of attention from crypto investors. There are many such tokens in the market, I have gathered a few BOOM in my list. Invest in such tokens for short term don't HODL them. Thats my strategy so far for deflationary tokens.

So far the token is doing good on exchange. I do agree that these coins are for short term investment but those who wanna take the risk, should accumulate these tokens. I am sure their price will go up with time. Rest DYOR before investing.

HankePoster

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Deflationary tokens are a new idea and gaining lots of attention from crypto investors. There are many such tokens in the market, I have gathered a few BOOM in my list. Invest in such tokens for short term don't HODL them. Thats my strategy so far for deflationary tokens.

crypto_geek55

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I think it's not appropriate to call a legitimate project a scam. The token clearly says it will burn the token, the one who is still interested should participate others should pass by. But calling it altogether a scam is baseless thing. The scam is something that does, what it's not offering.

Topic: BOOM - First Self-Burning Cryptocurrency Based on Smart Contract - page 18. (Read 3698 times)