I would stay away from them.

I joined their discord server today to check how friendly the staff / dev team are. And all I found was ery silence. A guy had asked a question in the correct support channel for over 6 hours and there was no one to answer him.
Finally, when someone was there to answer him he was acting like a smartass who was acting as if he was doing a favor by answer the questions and on top of that he was providing somewhat misleading answers to that other guy.

I don't have a lot of money but whatever pennies I have, I'll make sure to keep them away from projects like these.


To those worrying why am I being so negative :
The sheer number of masternode scams I'm coming across today is way too many and right now this looked like the only real asset with an actual utility that has some future. But the way that team member talked it seemed like they would give a rats ass about any problems that I may face in the future - or for anyone of their community members for that matter.


What a waste!  

You are almost correct!


Let's call it a "system" - something like a wallet but its entirely hosted on the 'internal network' of the "system".

At the beginning the internal network may only be compatible with a few coins or tokens and additional tokens / coins can be plugged into the system -so that when those inputs are enabled the same 'Phoenix' would also be available for those burning events.


Yes, and there will obviously be a cap to how much phoenix can be generated overall so there is - in theory - a limited supply. In that way the early burners will get larger rewards. But the rewards will be locked in a way that not all of it is given away at once. That locked reward is something I'd like to call "Ash".
The ash system in the early days of the product would mature into Phoenixes at a much slower rate than -say 4 years into the project.
This way the early adopters are still rewarded well but not enough to make them whales.


Let me put it this way :
In long term the purpose of this coin/token is to burn away excess digital assets. In a way I want it to not only be able to accept crypto inputs but anything and everything that has a "value" digitally.

Remember, value is something that will be determined by the usd price of an asset in the free market - which is another aspect of this project in the future - setting up a free market where ANY digital asset can be traded and "burned" to get Phoenix coins as rewards.

Yeah, profitable but for whom? The very people that are setting them up. Otherwise who in their right mind would invest with these guys after knowing their extensive history?

The only way these guys get new victims are by these rating sites where the team's shady history and the red tags are not visible to public.

The sad thing is the guys at Masternodes online or any other rating sites do not take such scam investigations into account and still have these scam coins listed on their sites and with a deep green ROI record its easy for people to fall victim.

I think those rating sites are just as much of a problem as these scam rinse/repeat projects themselves.

The aim is to destroy the consumed coins and be never accessible by anyone. Essentially taking them away from the market and in turn they would be replaced by these newly generated 'Phoenix' tokens/coins.
If you are interested in getting onboard as a coder, DM me, we can have further discussions about this.

And its not going to be a wallet ergo a single wallet solution.
The idea is to design a system that will consume inputs - tokens / other cryptos, irrevocably removing them from circulation and the free market.
AND in turn generating some new coins - Phoenixes.

I think just like most MN coins if your node went down for less than an hour (60 minutes) you're fine to receive payments, otherwise, you start back at the queue. I haven't read on Condo's tech specs if they are doing the same, I suggest you to get a hold of a dev and ask them the questions directly.

Well, I'm not them. And if something has been done before does not mean it can't be done again in a much better way. I haven't even described 10% of the full functionality of what I am intending to build.

PS: I've heard of XCP before but wasn't aware of their 'burning bitcoins' ideology. Thanks for digging it up. Now I'll know what I need to do differently.

Which is why I am not leaning towards those ideas. I want to be able to do this 'digitally'... if that makes sense..

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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).


If anyone is able to understand and comprehend this idea, please get in touch.

Burning Bitcoin offline is easy. Transfer to a Drive and destroy the drive. Same with paper wallet, there you will actually get the satisfaction of burning it.

Also, if I do not have the private key to the wallet but still if I could log into the wallet with a passphrase -like older wallets where passphrases were not wallet keys. Then that wallet would still be pretty unsecured as someone would still have access to it.

Can this idea be adopted for wallet destruction?
As in destroying a wallet completely, essentially burning the coins / tokens.

If you care to look at, then here's something I'm trying to cook : Help me DESTROY Bitcoin!

Any technical insight / suggestions would be helpful.

pm'd

If anyone is interested, you may respond to my hiring call here :

NEED EXPERIENCED COIN DEVs

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The idea can be something novel and real. Anyone interested. Please reach out.

I am glad I could help. I've been a bit inactive in the past couple days due to some personal issues. Will get back to you guys once I am home and settled in again. I am really excited to see what comes off from my idea 

PS: I am also hosting my 2nd Node now.

Wasn't aware and that's not what I am aiming for. I have other plans. Want to develop something that is essentially the same as that burn address but with some differences. If you (or anyone) can help me code this, PM me.

This would be a fun project with a huge pay off in the end.

Yep, I've been wondering the same and still awaiting an answer.
Maybe it is like second nature to this project, given how long they have survived, forking and tweaking the chain etc This must be a regular thing for them.

I'm still going to hold off investing any money here until I get full specs of this fork and why its taking place.

Are you serious? This is a billion dollar industry and its in a nascent stage. Comparable to the 1800's for the automobile industry.
Sure, not every institutionalized bank or lender would want to take the risk, but you only need one group to agree to do this and you're all set.

If you have connections and if those connections are risk takers then this is - literally a billion-dollar gamble that has a huge payoff.

I am updating the title of this thread from Help me DESTROY Bitcoin! to "The Burning Project - Investors, Developers, Advisors needed!" as that signifies the current status of the projects discussed here.

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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).

Seems like a typical masternode scam that you read about everyday.
Regardless, my question is how do you go about taking over this coin? Can you point to such instances where it has been done before successfully? PM me and maybe we can discuss things when I get back home (in a couple days)

Not exactly. Satoshi could, in theory, have mortgaged his Bitcoins and might have taken cash for it. In such a case those bitcoins would have never made it into the open market and would still be held with the private or institutionalized lender that would have given out cash for those coins.

This could have been done without even moving the coins outside of their original wallets, just sell the private key, hard drive etc etc IMHO It'd would be quite disastrous if all those original coins are actually held by someone who's not the real Satoshi. Such an individual would be more interested in cashing out their coins at a future high point of the market - something which the real Satoshi may not choose to do so. Idealistically.

Is this your assumption? or did you read it off somewhere? Or are you part of the team?

What could be the reasoning behind having all the coins centralized in one desktop wallet? If there's a swap happening it shouldn't matter where the coins are.. no?

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Also, could someone point to me towards any documentation about the technical specs of this swap. Most importantly, why the team thinks this is necessary at this moment?