Topic: Help me DESTROY Bitcoin! - page 3. (Read 1030 times)

Okay, that was a clickbait!  

I am not looking to destroy Bitcoin but rather a way to effectively send a deposit to a wallet and then destroy the wallet along with the Bitcoins.
I'd want to be able to do this with any cryptocoin. And I want to be able to track it and verifiably prove it.

Essentially setting up an off-chain burning tool / service.

I need technical guidance, help, suggestions and basically anything and everything I'll need to pull this off. Please DM or start up a convo and I'll DM you.


PS: I am on the road will be back home in a couple days or sooner, expect slow replies. Thanks in advance.


The ideology is :

There is a non-stop increase in digital assets especially cryptos. That's equivalent to an uncontrollable rate of inflation.
As FIAT will keep getting produced by the governments and someone or the other with a large bucket of FIAT currency will invest in some altcoin out there. Resulting in more money being created out of no where.
There is no system in place in the crypto-verse where this steady inflow of money is countered with a steady reduction in the amount of available money and digital assets in the crypto-world.

When you are burning your original asset in the system, you are rewarded with Phoenix based on factors derived from the existing value of your destroyed asset from the open market.

The economic idea :

That's the idea. There is no inherent value of Phoenix at the point of generation, but rather the value of the destroyed asset that would be destroyed to generate Phoenix. Which - would be decided by the open market.

To explain better, here's an example :
Say there are no Phoenix at the moment. So the value of Phoenix is 0 and ∞ depending on who wants to generate the first Phoenix.

To note, there will be XXX number of Phoenix that can be generated. No more.

Now someone burns 1 BTC in the system then they will be rewarded with and instant reward : Phoenix and some locked Phoenix rewards : Ash which will slowly unlock more Phoenixes for a period and then the Ash will itself be depleted. The generation/conversion power of Phonenix from Ash will decrease logarithmically over a set period of time.

Now, theoretically, for the first generation of Phoenix blocks :
1 Phoenix = Total Potential Phoenix Generated = Instant generation of Phoenix + Ash (Locked Phoenix) = 1 Btc's USD value at that point of burning - in the open market.

There will be no direct inflow of FIAT > Phoenix


So if you destroy $1m worth of Bitcoins for Phoenixes, then you will get $1m worth of Phoenixes.

Now, there will be bonuses for early generators - which is what I hope will be the enticement for investors. Then technically their 1 mil could be multiplied by the bonus they will get.





What I am trying to get at is not particular to Bitcoin. And hence does not need to be a single / universal solution.
Think of it this way, we have a 'system' let's call it 'Phoenix Generators" - it simply churns out 'Phoenixes' whenever a token or crypto is burned 'in the system'.

This serves two purposes;

One - The original value of the token or crypto is transferred into the new Phoenix that is generated, creating value for the generated Phoenix in equivalence to the token / bitcoin burnt. The value can be described as the usd market equivalence of the crypto at that time.

Two - Since the burnt cryptos cannot be recovered, the burnt crypto asset as a whole would also appreciate in value as there is less of that original crypto in the market.


Now, of course, this is a lot of work, if a system is built it cannot be universally compatible with every asset and blockchain out there but at the least, I want to target a few chunks of Bitcoin or any other altcoin out there. When the time arises a new asset would be plugged-in to the system (much like how an exchange like Binance keeps adding new coins to it's system).