There are 10 000 000 of BurnTokens (https://etherscan.io/token/0xE0dD75DA07C10D0A904e79E9ac95B360a06A4bb9)

- 9 000 000 are under control of special distribution smart-contract
- 1 000 000 in reserve

BurnTokens are burnable (they can and will be destroyed when exchanged for other valuable tokens) but not mintable (all totalSupply was created during the deployment and cannot be increased).

So the model is deflationary

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://bitcointalk.org/index.php?topic=5104916.0). Now the dApp is ready - we just need a list of sh*t tokens to accept with ICO price info.

Yep, working hard to fulfill the Rothschild's prophesy See here http://expandourmind.com/2017/07/20/rothschild-prediction-1988-global-currency-phoenix-start-2018/

Hi ICOEthics, thank you for your interest.

We’re preparing more detailed explanation of the project. Right now we have FAQ section on BurnToken site and we’ll publish smart contract code which is pretty verbose and self explanatory for those who can read Solidity. So we want to make it as trestles as possible.

And finally it’s about elimination of useless and worthless tokens, but with correct ERC20 contracts (we can’t allow for example Monero Gold because it was broken and current totalSupply is enormously huge)

BurnToken is a value recovery token.
For those who have no idea what to do with all that sh*t tokens!

What does it mean?
Many teams that conducted ICO and collected real money haven't delivered a product and couldn't even list their tokens on a decent exchange. Such tokens are useless, and funds can be considered lost in many cases. We want to recover the lost value.

How does it work?
You destroy sh*t tokens using our smart contract and get BurnTokens. So you don't need to pay for BurnTokens because you've already paid with your Ether or efforts when you've participated in sh*t ICO.

But how the value can be recovered?
The harsh truth is that the really good projects don't need small investors, because big investors are easier to deal with. But what good projects need is users (that was the real reason behind good ICOs - to get users not investors, but one had to make a fair token distribution that's why no free tokens).
So good projects are ok to get BurnTokens in exchange for their tokens because:
1. They get more users
2. They don't give their tokens for free as BurnTokens are NOT free, so such users are not freeloaders
Project teams can make their offers to BurnToken community to exchange their tokens for the burn of BurnTokens (yes, BurnTokens are burnt in this case to have no additional circulation, no need to give BurnTokens to the project as they get all they want - users)

What do we want from the community?
The smart contract and dApp are ready (https://burntoken.xyz) but not yet activated.

Please suggest worthless ERC20 tokens in comments and on our site (there is a suggestion form) so that we could add them to our smart contract.

PS. Please PM me if you want to suggest some value for BurnToken community.