Topic: [Joke token] BuyOnlyCoin: the ultimate solution to pump-and-dumps (Read 80 times)

Well, I agree that it can't lose value, though I would of course refer to the great value of owning a coin for all of eternity, and of exhibiting virtues like self-sacrifice and avoiding vices like greed, and that the value of these things never falls.

Actually, instead of "value" I probably should've wrote "price" in the original post. The price never falls, and rises whenever new people buy BONS. This is a play on the difference between current price (related to market capitalization), and the actual price you'd earn for selling a large numbers of tokens (related to liquidity), where the latter is always smaller.

For tokens with low liquidity, this discrepancy is larger. Selling a small percentage of all tokens may reduce the price by a large percentage. BONS is the extreme case of this, where selling any amount of tokens reduces prices 100%, i.e. you can't sell any tokens for any non-zero price. Indeed, you can't sell your tokens at all.

A class of tokens where this discrepancy can be neatly calculated is tokens based on bonding curves. These coins compute their per-token price based on a formula with the total supply as an input variable. If the bonding curve has the form f(supply) = some_constant * supply^exponent, then the market capitalization is always exponent + 1 times bigger than the amount of money poured into the token, so the token has seeming created money out of thin air, just by minting and burning according to some simple price setting function.

BONS is crudely based on the linear bonding curve f(X) = 0.01 * X + 0.000001 X where X is supply. If the BONS contract allowed burning, its "market capitalization" would artificially be 2x higher than the amount of POL that would be stored in the contract.

Now of course, most tokens aren't based on explicit bonding curves, but I'd imagine market forces roughly follow similar principles, with real liquidity being proportional to and substantially smaller than market capitalization.

Do however note that market caps can be higher than liquidity for legitimate assets too, for instance the US stock market is often valued higher than the entire US GDP, see https://en.wikipedia.org/wiki/Buffett_indicator. The difference is that stocks and useful cryptocurrencies create (add) value, and investors earn money from customers or blockchain users, and are therefore justly valued above the initial investment. Here reluctance to provide infinite fixed-price liquidity is based on "what does the seller know about this assets value that I don't?", not "people are selling, so I won't be able to resell my newly bought tokens to any other invesors for a decent price". The latter case is zero-sum, and taking a linear bonding curve coin as a simplified model, the average investor will only be able to sell their coins for half of the current price used in computing market capitalization. This predictably leads to rushes to sell these coins before everyone else (as those earlier in the queue get a better price), unlike useful stocks or cryptocurrencies, where low prices mean a great time to buy.

Ah, so its satire? I missed that part and thought you were serious. 

Well, I suppose you are right about one thing: the vast majority of tokens offer nothing but empty promises. So yeah, a turd in a tuxedo is still a turd. It might be a fancy turd, but its still a turd. You speak the truth, something completely worthless cant lose value. I guess.

Most tokens have no use case, even though thousands of BS tokens in the ICO years promised to "disrupt the industry". DeFi is just as bad. At least OP is honest about it.

The "seller" is the BONS contract, which mints new tokens for a fee, but never buys or burns tokens, i.e. it acts as a one-sided liquidity provider.

BuyOnlyCoins takes great pride in being a truly useless token, unlike e.g. NFTs which can be used to resell to other buyers. BONS can only be bought out of true interest in this project, not mere financial motives.

Jokes aside, BONS satirizes many memecoins and zero-sum "deflationary tokens" with little more utility than this, by fully openly having no possible use case.

Well, we just earn the fees when people mint new tokens, so technically we don't ever need to sell any coins.

Can you please explain this? If there are buyers then there must be sellers, otherwise there is no trade. If the "creators" cannot sell, then who does?


So whats the use of such token?


But didnt you just say that you (creators) cannot sell tokens? Then how will the money get into your pockets???

Are you tired of putting your life savings into SuperPepeMoonDoge42069 only for naysayers to suddenly decide to panic sell it, leaving you with nothing but an embarrassing number stored in millions of RPC nodes around the world? Look no further for a solution. We present BuyOnlyCoin, whose motto is "buy only, never sell", abbreviated BONS.

BuyOnlyCoin is the first cryptocurrency guaranteed to never fall in value. This is achieved by allowing users to buy BONS, but never to sell it. This means that BuyOnlyCoin is clearly not a rug pull, as the creators cannot sell it.

In addition to being the first truly long-term focused, HODL-only coin, BuyOnlyCoin also has the most advanced phishing protection available on the market. Even if you give that helpful tech support person your wallets private key, BONS tokens cannot be transferred between accounts, so your investment will remain safely unspendable.

Forget about promises of taking your money and giving you 1,000,000%+ APYs - we only promise the former, making BuyOnlyCoin a guaranteed non-zero sum game.^[1]

Join this new wave of DeFi at https://bons.surge.sh/, and your money will be stored safely in our pockets.

[1] Non-zero does not necessarily mean positive.