Topic: Create a Blockchain to Burn Shitcoins (Read 304 times)

This is a shitcoin project, if you're ever going to execute on such an idea then do it with integrity instead of just copy-pasting an idea and hoping a few crypto noobs support the project. You made a dead shitcoin just because you could, not because you actually wanted to put effort into something. 

I was contacted a total of 3 times, no one really has any capacity or intuition to create such a project or token; let alone the expertise.

Hi guys. I think that the main problem is that sh*t tokens (or coins) are really sh*t. Their price is ZERO. Even though someone traded X days ago 1e-18 of sh*t token for 1e-18 ETH it doesn’t mean that the price is 1ETH per sh*t token, the price is still ZERO - there is just no demand for token, so no sense to talk about price.

So we can talk about some lost value (initial investments) and try to recover this value somehow.

Do you know that one of the main proof-of-stake problems is the initial fair token distribution? Because if tokens are for free, then the distribution won’t be fair - someone will just take all the tokens. When you pay for really good tokens it’s not about investing, it’s about fair distribution. In PoW case you pay for hardware.

Our idea is to create a community of crypto-users who can be valuable because they are users but not investors (because for good projects money is not a problem, money is a problem for scam now )

Those who have lost ether in ICOs have already paid. So if we exchange worthless tokens for some new tokens (we call it BurnTokens), then the initial distribution is fair. Worthless tokens should be burnt right away - no need to collect the sh*t

After that BurnTokens can be exchanged (and burnt) for some new good tokens. If some project is REALLY interested in adoption but not collection of money from non-professional investors - it’s not a problem to exchange some tokens for BurnTokens during ICO (and burn all collected BurnTokens - we don’t need them to circulate, we just need to restore lost value).

When exchanging new tokens for BurnTokens the project team don’t give tokens for free (so no problems with other users who pay real money for tokens) because BurnTokens are not free to get - one need to lose some funds or efforts in scam ICO.

I made a thread with brief idea description (https://bitcointalksearch.org/topic/value-recovery-token-5104916). Now the dApp is ready - we just need a list of sh*t tokens to accept with ICO price info.

Great idea!
Is it possible to just create a website that have backend interfaces to other blockchains? That way, the acceptance of $hitcoins will be simplified thru a web interface.
The web interface and backend interface to other chains will be a huge project then burned coins needs to be publicly viewable as well.

How will we get community support?
1. How will the community be "incentivised" to use the platform?
2. What will be the payout for the community for sending coins to recycling facility?
3. Perhaps a grant can be obtained from crypto foundations so that the dev team can continue with their noble work?

It will be like a "decentralized crypto recycling facility" of sorts.
"Cleaning up the crypto space" would be a good slogan. 

Your idea is actually brilliant. I don't know why you've shared it with us but if you want to team up to put it in practice,
here I am!
We may need high financial resources to find the right developers / implementer but I believe this is not the highest
challenge to face.

Does burning shitcoin would not make shitcoin more valuable as the supply will be less =D And some1 with big holding could play the manipulation game some sort of kind and people would jump in as they see it pumping . I think the best is just not to touch them or Delist from every exchange possible

Yeah, eventually someone will create this/pick-up the idea. It honestly woulden't be too difficult to code the interfaces or interactions with the crypto itself.

I guess you wanted to say "ICO"?


According to the coin market cap reference the number of coin/token is 2073. BTC dominance 51.7%

You are right except few most of them are dead coins. They do not have any real value at all.

A lot of trash and fraud. I am glad that now a strong bear market, it has cooled the heads of greedy investors, who, not understanding the meaning of the project, gave their money. Now is the time when everyone began to think and be careful about investing in ISO.
More than 2000 coins / tokens, 95 percent trash. Just imagine how much money we gave to projects.

what a wonderful idea this type of idea is necessary to help out the shitcoin in the space, i am looking forward to development of this type of idea, when implemented hopefully people will accept the idea because it's such a great idea.

It would be cool.

Or better put a smart contract in ethereum, like on binance turn dust to ethereum. You have 540 shitcoin worth 200$ total, now you have 1.5 eth.

It's a great idea. I like it and I say it sincerely, but unfortunately I do not have such resources to run such an ICO and I think that hardly anyone will be interested, because everyone wants to make money, and not to promote something worthwhile.

These days there are no creativity at all. Same website, same concept, same design, same distribution. All copy cat. Everyone is running after launching an ICO to get some BTC and ETH. I am sick and tired of these copy cat projects.

Beauty of blockchain is once it's created then it's irreversible.

Projects can create tokens for the investors. Distribute the tokens based on the amount they invest. Once the project is successful ask the investors to give the tokens back in return for the established currency like BTC or ETH. Once you get the token all of them will be burned by the team.

How about this idea?

I've had this idea for quite some time now, and yet to see any success (or real effort) in the creation of a blockchain, or some sort, of asset that derives value from shitcoins.  

Idea can be really novel, accepting any investment/token or asset that has any value, and issuing a new crypto (pegged at a certain valuation), where those shitcoins can be traded in for. Those shitcoins can all be eventually be burned off, thus creating a unifying crypto (for those who participated), even swapping in shit tokens for eternity, proportional to the cost of the new crypto asset.

This would be a legit project, based around community/investor participation, how a crypto should truly be.



I don't have time or the real desire to create any crypto anymore, i mostly advise teams in creating successful projects these days. Idea is open for anyone, and if this idea eventually does come to fruition, i would definitely be interested in assisting in building the foundation of this type of project.