Let me clarify some things. When you burn a coins supply, it reduces it's supply it doesn't eliminate it. In this case due to the low volume of FUNK, a supply reduction will actually solve a lot of it's economic problems. FUNK will continue to exist, merely it's supply will be reduced, making each FUNK more rare and hence potentially more valuable.
Airdrops are nice for investors, or people who don't want to take any risks but they also encourage dumping which can harm the economics of the coin. We prefer an EarnDrop where each person that does something to support the project is rewarded with some tokens. It encourages people as an incentive to do something beneficial to support the project. It's not something we have decided yet, however it's an important consideration.
Airdrops are nice for investors, or people who don't want to take any risks but they also encourage dumping which can harm the economics of the coin. We prefer an EarnDrop where each person that does something to support the project is rewarded with some tokens. It encourages people as an incentive to do something beneficial to support the project. It's not something we have decided yet, however it's an important consideration.
So we'll send FUNK tokens to a burn address (good for the remaining FUNK) and get SONIC for them (good for new project).
Sounds like a win-win for both projects
Beside coins are not actually burned, they are just going to be held by whoever has 'burning' address, and could be brought back to the market (at the higher price).
They kind of enforcing sonic, which is not good for people that want to hold coin (funk) instead of token (sonic).
Why not have both?
EDIT:
Lets use appropriate terms first. There is no burn at all, there is a COLLECTION and that is different.
Burn would consider releasing a new wallet with updated core. Such release would have to be a hard fork, and require exchanges update as well. Cryptopia would have to update the wallet too. That would be a burn.
What they are doing is COLLECTING the FUNK coins. If something is collected it means it could be released back to the market.
So what they are trying to do is to collect as much FUNK as possible to have control over it, and then to give newly printed tokens to the people in some ratio.
Once FUNK is collected it could be easily pumped, and it will look that some other guys and not SONIC team is doing it.
It is not the most honest way of doing things.
Wrong. FUNK will be burned for real actually. Those who decide to burn it for Soniq will have to send FUNK to unspendable address. Those addresses will be published and they lack private key, so the coins will be deducted from supply for good.
That's correct. A burn means that the coins are sent to an UNSPENDABLE address, which means they cannot be brought back into the market.
I would be worried if the "burn address" would look like something randomly generated, however as long as it's similar to FUNKSONICSWAPXXXX00000 than it's impossible for someone to hold the private key for it.
