BOOM - First Self-Burning Cryptocurrency Based on Smart Contract - page 19.

rodskee

full member

Activity: 2576

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Quote from: justdimin on May 31, 2020, 04:49:32 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, 11:05:02 AM

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.

justdimin

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

I understand that this boom token will get burnt at 1% of transacting amount every time I make a transaction (please correct me if I am wrong). So, devs will not make any transaction so that they will not lose 1% on every transaction they are going to make. Or they will make daily 1000s of fake transactions to burn quickly so that they will keep attracting new investors. Both the cases are not good for a token economy nor for a project.

Because, they must focus on project development and must develop a real world applications to have real supporters for their project. This will definitely help in increasing value for their tokens. Instead of that, lazy devs will go for burning their own creations; definitely not sounding like a good deed.

Burning is somewhat similar to scamming. Do not fall for this.

passwordnow

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Quote from: crypto_geek55 on May 31, 2020, 02:10:57 AM

Quote from: passwordnow on May 30, 2020, 05:09:04 AM

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.

It's not nobody likes the idea but the idea isn't known and common that's why most people were not aware of the launching and they just chose to ignore it. But to say and compare that in today's time with the consensus algorithm that you are introducing, I think it's inappropriate. The idea that bitcoin has brought is entirely different from the burning idea of this coin that you have brought. It's your choice and I can't stop thinking about that, we're in a free community.

crypto_geek55

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Quote from: passwordnow on May 30, 2020, 05:09:04 AM

Quote from: suzanne5223 on May 29, 2020, 11:24:34 AM

Quote from: passwordnow on May 29, 2020, 09:57:00 AM

Quote from: crypto_geek55 on May 27, 2020, 04:22:15 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.

passwordnow

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Quote from: suzanne5223 on May 29, 2020, 11:24:34 AM

Quote from: passwordnow on May 29, 2020, 09:57:00 AM

Quote from: crypto_geek55 on May 27, 2020, 04:22:15 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.

suzanne5223

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Want top-notch marketing for your project, Hire me

Aside the social experimental and self burning features. Is there any others potential BOOM have? I checked the project which the OP claim to be utility and i see that it was listed on 12 exchange site with no good liquidity

Quote from: passwordnow on May 29, 2020, 09:57:00 AM

Quote from: crypto_geek55 on May 27, 2020, 04:22:15 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.

New_order

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Activity: 238

Merit: 15

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 🏃🏃🏃

passwordnow

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Activity: 3136

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Leading Crypto Sports Betting & Casino Platform

Quote from: crypto_geek55 on May 27, 2020, 04:22:15 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.

This means that the receiver gets the amount he received with a cut already of 1% of total amount? I don't think that seems to be a good idea that they are burning tokens at the expense of the receiver. If they have made 1 billion supply and has the plan to burn many of it in the long run, why didn't they just made it low supply?

Quote from: crypto_geek55 on May 29, 2020, 09:42:47 AM

Thank you for kind words.
You can see statistics of BOOM at coinmarketcap. I personally think that these stats are not that bad, keeping in view the competitive altcoin market.
Every coin has a day and BOOM day is yet to come.

I don't think that's an interesting stats at all.

crypto_geek55

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Activity: 41

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Quote from: republicrypto on May 28, 2020, 04:56:52 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

Thank you for kind words.
You can see statistics of BOOM at coinmarketcap. I personally think that these stats are not that bad, keeping in view the competitive altcoin market.
Every coin has a day and BOOM day is yet to come.

Quidat

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Quote from: crypto_geek55 on May 27, 2020, 04:22:15 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.

So it do burn out automatically 1% on the entire transaction? This would just lead for its investors/users to hold the token instead on making out transaction
since they do know that it would surely decrease out their entire port if they do such thing so theres no circulation. This is somewhat new to me but that burning
of token scenario wont really give out changes in terms of price if the demand isnt really that high.Also this one is also using up eth platform and just like any
other erc20 shit tokens out there then this one is no different, there might be other features but this one doesnt really give out something new.

republicrypto

sr. member

Activity: 1414

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Keep it Simple guys :)

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

nesfe

newbie

Activity: 36

Merit: 0

so this means there will be a day when all BOOM tokens will be burned and there will be no more BOOM. We have to consume all BOOM tokens prior to that date. Its like pass a pillow game, you need to throw pillow to someone other before the music stops. Let me know if I got it correct.

crypto_geek55

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Activity: 41

Merit: 1

BOOM is a new type of utility token with a self-destructing mechanism, based on Ethereum smart contract. They’re now listed as the project with the highest market value among all deflationary tokens on etherscan https://etherscan.io/tokens/label/deflationary-token

BOOM project is a social experiment, aiming at exploring the market influence of an extremely deflationary cryptocurrency, and it will validate the effect of BOOM token as a hedge against the rapid inflation in token ecosystem.

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.

The destruction of BOOM token will run automatically on chain, written in Ethereum smart contract. No one can interfere.

When taking insight into bitcoin and litecoin supply halving history, you can find that destroying the liquidity can cause positive market expectations, and may cause a value increase. Now Boom provides a whole new supply curve, which is much more radical. It is a direct reduction in supply of token.

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.

Boom website: https://www.boomtoken.io/

Coinmarketcap Statistics: https://coinmarketcap.com/currencies/boom/

Trade at Bitmart: https://www.bitmart.com/trade/en?symbol=BOOM_BTC

Topic: BOOM - First Self-Burning Cryptocurrency Based on Smart Contract - page 19. (Read 3723 times)