BOOM - First Self-Burning Cryptocurrency Based on Smart Contract - page 5.

galambo

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Quote from: coinism on December 10, 2021, 02:41:41 PM

The only thing associated with BOOM is token burning till date which means coin will go down in strength with every new transaction. Though it sounds tempting, but decrease in strength will increase demand only if token has some sort of utility. As long as we dont see any utility, I dont think price will go up.

Whales have the capability to do anything and do they nasty things that can pump a coin. See BOOM daily volume is around 50k most of the time. But when BOOM hits its ATH on 9 May 2021 its 24 hrs volume was over 3 million USD. It was clearly pumping because no feature was added to BOOM but it still got its moon shot.

coinism

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Activity: 700

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The only thing associated with BOOM is token burning till date which means coin will go down in strength with every new transaction. Though it sounds tempting, but decrease in strength will increase demand only if token has some sort of utility. As long as we dont see any utility, I dont think price will go up.

Theones

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Activity: 1204

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The whole market is taking a break as BTC is taking a dip, I guess its the right time to buy any coin of your choice. But if you are planning to invest in defi coins of type BOOM then you have to keep in mind that they are not going to be affected by Bull nor bearish market. Its a long term investment and we have to wait for the return.

mm2543363580

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Activity: 952

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Market is taking correction and alts are also going down with BTC. But good or bad thing about boom is that its not affected by price volatility. Seems its like a gambling, you buy BOOM and then keep on waiting for it to go up. You need to be lucky to buy at right time else you have to wait a lot to get your money back.

og kush420

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Quote from: mm2543363580 on December 04, 2021, 01:33:34 PM

Spare some cash for coins that are still at discounted price. Seems like BTC is going down so we will see alt coins bleeding heavily with that dip. Try to buy your alt coin at that time. I have some cash reserve for BOOM but will but it at my target price not at current price. I am hopeful I will see my price very soon.

Let this coin sink a bit more, the way its going definatly it will go more down and try to buy this coin at its price before the bull run. Crypto is all about buying the right coin, at right time and at right price. So dont make panic just wait until you see your target price. You will learn something new with this experience.

mm2543363580

full member

Activity: 952

Merit: 105

Spare some cash for coins that are still at discounted price. Seems like BTC is going down so we will see alt coins bleeding heavily with that dip. Try to buy your alt coin at that time. I have some cash reserve for BOOM but will but it at my target price not at current price. I am hopeful I will see my price very soon.

Theones

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Activity: 1204

Merit: 110

Price of BOOM is not showing satisfactory pattern. If you see its one year pattern of price then its continuously going down, there are few spikes though but since then its a dry period for BOOM. We need to see whether this coin can show any positive behavior in this bull run or not. If it cant go up right now, it will stay down after this bull run.

og kush420

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Quote from: galambo on November 30, 2021, 12:29:26 PM

Just like p2p cash transfer coins, many deflationary coins are also in circulation. Some are doing good while some are average and remaining are dead. I think BOOM belongs to average class of deflationary tokens that is here to stay. But its also just doing average business and dont think that it will go massively up in near future.

If you see its daily volume then its around 50k USD, which is not bad for a coin of BOOM type. Positive thing is this coin is still surviving in this volatile crypto market. If this coin keep hmself alive like that then there are chances that one day it may have moon shot. Already there are some good spikes in BOOM price.

galambo

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Activity: 966

Merit: 311

Just like p2p cash transfer coins, many deflationary coins are also in circulation. Some are doing good while some are average and remaining are dead. I think BOOM belongs to average class of deflationary tokens that is here to stay. But its also just doing average business and dont think that it will go massively up in near future.

mm2543363580

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Activity: 952

Merit: 105

Quote from: dvndr007 on November 21, 2021, 12:20:51 AM

Its burning token on transaction's what's new in it ?

Every idea in crypto market faces too much resistance in the start and same is happening with deflationary tokens. Remember what happens with BTC in its early days but that does'nt mean its an end. The team need to keep there nerves strong and face every situation with patience. BOOM so far has done good, may be one day we see BOOM as top gainers.

og kush420

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Quote from: Theones on November 27, 2021, 01:21:54 PM

Quote from: srhash on November 23, 2021, 01:46:48 PM

Correct if the dev team of BOOM realizes this fact that they can succeed with only adding utility to this token and soon they realizes the better it will get for the project. Its becoming very difficult these days to get success only on token burning.

May be the team is accessing how much they should invest in making this token a utility token. If you look at stats of this coin, they are satisfactory. You can say BOOM is surviving in the crypto market, its no more a dead coin. So its better to add some utility to this token so more investor jump into it and make it a successful one.

They are wasting vital time by not issuing any vital utility associated with there tokens. If you dont do any effort timely, your competitors will grab the opportunity and had there position secured. I dont know why they are delaying this or whether they are planning to do that or not. If they are thinking about the later option they are making big mistake.

Theones

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Quote from: srhash on November 23, 2021, 01:46:48 PM

Correct if the dev team of BOOM realizes this fact that they can succeed with only adding utility to this token and soon they realizes the better it will get for the project. Its becoming very difficult these days to get success only on token burning.

May be the team is accessing how much they should invest in making this token a utility token. If you look at stats of this coin, they are satisfactory. You can say BOOM is surviving in the crypto market, its no more a dead coin. So its better to add some utility to this token so more investor jump into it and make it a successful one.

galambo

sr. member

Activity: 966

Merit: 311

There are some coins which have zero effect in whole bull run of this year. With only few spikes I guess BOOM fails to utilize this opportunity and bring some positive change in its price. Lets see whether it continuous this behavior or it joins the party. Most important thing for any coin is its price stability and BOOM has that thing.

srhash

newbie

Activity: 30

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Quote from: mm2543363580 on November 21, 2021, 12:54:32 PM

Quote from: dvndr007 on November 21, 2021, 12:20:51 AM

Its burning token on transaction's what's new in it ?

You got it so right. Till now its just about burning token on every transaction. There isn't any-other thing associated with this coin right now. The dev team must roll out some utility associated with this token very soon, so that this coin doesnt dry out. These days investors are very picky about there coins.

Correct if the dev team of BOOM realizes this fact that they can succeed with only adding utility to this token and soon they realizes the better it will get for the project. Its becoming very difficult these days to get success only on token burning.

mm2543363580

full member

Activity: 952

Merit: 105

Quote from: dvndr007 on November 21, 2021, 12:20:51 AM

Its burning token on transaction's what's new in it ?

You got it so right. Till now its just about burning token on every transaction. There isn't any-other thing associated with this coin right now. The dev team must roll out some utility associated with this token very soon, so that this coin doesnt dry out. These days investors are very picky about there coins.

dvndr007

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

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

Its burning token on transaction's what's new in it ?

og kush420

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Activity: 1050

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BOOM has hardly paid any attention to current Bitcoin dip which means that it has the potential to withstand the bearish crypto market. Not many alt coins have this capability. But one thing is not good, which is BOOM is continuously going down in value despite bitcoin ATH. Its a kind of gamble to invest in BOOM, you win you win big.

Theones

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Activity: 1204

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Quote from: superman184 on September 29, 2021, 02:53:14 PM

Reduced supply always leads to more price increases, that's the main idea of Burning tokens. Also, most projects have a different form of token burning, wherein the purchase of their product leads to token burning, in the long run reducing the supply, in the case of others, the team will set a time to buy back and burn their tokens. However, my humble opinion is, the team should put more effort into adding value to their product so, token burning will lead to more price hikes.

If you and me are thinking about the aspect of adding value to the coin then I am sure the team was also taking about this aspect. The point is right now deflationary coins are getting volume just on the concept of reduced supply thats why we are not seeing any use case associated with these tokens. With time when people wont invest just on these reduced supply concept we will see some use case.

mm2543363580

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Activity: 952

Merit: 105

Boom team need to work hard to bring some real world use cases with it, other wise in the long run Boom wont be successful just in terms of token burning. Also we need to know how this token burning will occur once the coin is off chain like if they are on some exchange then how can this token burning process will take place?

og kush420

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Activity: 1050

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Crypto market is uncertain and we don't know when it will fall or go up. 2 days back btc was 68k and today its 59k, all altcoins are also down because of this. Those coins who are not affected because of this bull run and also not affected because of this collapse. So thats why I see Boom a safe asset to buy.

Topic: BOOM - First Self-Burning Cryptocurrency Based on Smart Contract - page 5. (Read 3722 times)