BOOM - First Self-Burning Cryptocurrency Based on Smart Contract

[stomachgrowls]

This is an interesting system that is owned by BOOM, but the problem is that if every transfer to another user is done continuously there will be automatic destruction of BOOM. with a supply of 1 billion, can it meet market demand if users continue to increase?

If the demand or users continue to increase then it would automatically presumed out that the price will surely

increase and if we do talk about simple economics then demand would be the main factor for the price to go up.

The disadvantage of this one is that this will really stop people on making up transactions.So whats the point?

I have seen now all kinds of token burning models. Used to be a simple buy back burn from the project developers,,, now it is a transaction burning automation, and now this is self-burning smart contract. But reducing supply does not help price if in the first place there is no utility right?

You got it right! It will always depend into its actual usage and not really just focusing on how their supply would be lessen out.

If we do try to look up in most project that doesnt have any buybacks or burning etc... they do still able to get some value

because they do actually have that actual usage.

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[suzanne5223]

The origin of BOOM is simple, once users transfer BOOM to others, 1% of the total transfer amount is automatically destroyed at the same time. The initial total supply of BOOM is 1 billion. The supply will decrease due to transactions, and no new BOOM will be issued then.

Does this mean that the receiver gets the amount he received with a cut already of 1% of the total amount?

That's definitely what he means and I'm surprised what the project is thinking before implementing such protocol which will reduce the quantity of token send to receiver instead of burning token from the total supply.

I don't see the sense of having that kind of protocol and passing the burden and consensus of that token to the users. Do the developers think that people like this kind of system, I don't think that they would love to pay that much for burning those tokens.
They should have thought of it that burden shouldn't be passed on the receivers, it's better if they have been burning the fees if ever there is a fee for each transaction.

Sir if you remember nobody likes the idea of bitcoin in 2009. It took quite a while before people start accepting this bitcoin.
Give some time to deflationary tokens like BOOM, I am sure people will like this idea.

The fact that there are so many scam projects used the deflationary idea and i rarely seen a project that based on deflationary became a successful project. It has been a year sincet the appearance of deflationary tokens

@crypto_geek55, your deflationary token can be compare with what happened to bitcoin then (year 2009) cause people dont like the idea of bitcoin then because they are not properly aware of it theory and i was once among those kind of people but, that change after i study and read the concept BTC.
The reason why people don't take the token concept serious is because we already have more than enough tokens/coins with different protocol why would an investor choose a token which 1 of his token will be burn whenever he received transactions. Mind you, 95% of every investors are after profit not lost.

[ryzaadit]

It can be the same idea from "proof-of-burn- but the different both of them when "proof-of-burn" the user burns the token for getting a hash power for their mining purpose when this token was used other people token to burned on the smart contract. IMO still can be a problem for the user who their amount token got burned, cause they are not getting anything from the burn. The burn should be from the fee not from the total amount use they send, a lot of people will be lost for this.

[crypto_geek55]

It can be the same idea from "proof-of-burn- but the different both of them when "proof-of-burn" the user burns the token for getting a hash power for their mining purpose when this token was used other people token to burned on the smart contract. IMO still can be a problem for the user who their amount token got burned, cause they are not getting anything from the burn. The burn should be from the fee not from the total amount use they send, a lot of people will be lost for this.

If you look at there site they have already explained the working of BOOM. So anyone participating in BOOM transaction has a prior idea of that. Anyone who don't like the idea can quite before any transaction takes place.

[crypto_geek55]

@crypto_geek55, your deflationary token can be compare with what happened to bitcoin then (year 2009) cause people dont like the idea of bitcoin then because they are not properly aware of it theory and i was once among those kind of people but, that change after i study and read the concept BTC.
The reason why people don't take the token concept serious is because we already have more than enough tokens/coins with different protocol why would an investor choose a token which 1 of his token will be burn whenever he received transactions. Mind you, 95% of every investors are after profit not lost.

You are right, the crypto market is saturated but the beauty of the crypto market is that it always welcomes new ideas. Everyday we saw new coins with new concepts among them one is deflationary tokens. BOOM is attracting 50k to 100k USD of daily volume, which clearly shows that investors have faith in this coin.

[TooLate1]

Deflationary tokens are a good choice for daily and short term traders. So far I got good returns from deflationary tokens. BOOM is in my portfolio for quite some time, I am waiting for it to go further up. Wish me luck.

[carlisle1]

reducing the supply by doing a burning action is good enough to increase the demands
but seems there is no significant impact on price in this burning action my friend, i hope the dev team always active to develop this token
anyway good luck for you with BOOM
regards

Demand will increase if the Token is legit and has a true products ,But like those shit projects now?burning tokens are only a strategy to attract investors but the truth?there will be no increase in price because they will run eventually.

Deflationary tokens are a good choice for daily and short term traders. So far I got good returns from deflationary tokens. BOOM is in my portfolio for quite some time, I am waiting for it to go further up. Wish me luck.

Yeah for those who only wanted to make a Pump and Dump in prices,those traders that taking chances to be a 1 day millionaire ,But in the end?most of their trials comes to failure lol.

Stop believing in this kind of projects because this is just another scam attempt to fool people inside crypto.

[Twinkledoe]

reducing the supply by doing a burning action is good enough to increase the demands
but seems there is no significant impact on price in this burning action my friend, i hope the dev team always active to develop this token
anyway good luck for you with BOOM
regards

Demand will increase if the Token is legit and has a true products ,But like those shit projects now?burning tokens are only a strategy to attract investors but the truth?there will be no increase in price because they will run eventually.

Deflationary tokens are a good choice for daily and short term traders. So far I got good returns from deflationary tokens. BOOM is in my portfolio for quite some time, I am waiting for it to go further up. Wish me luck.

Yeah for those who only wanted to make a Pump and Dump in prices,those traders that taking chances to be a 1 day millionaire ,But in the end?most of their trials comes to failure lol.

Stop believing in this kind of projects because this is just another scam attempt to fool people inside crypto.

If there will be no strong use case in the market, the burning strategy will not work in the long run. So give it few more months to 1 year and you will see the true nature of the project. Is this the first self-burning crypto based on smart contract? I don't think so.

[suzanne5223]

@crypto_geek55, your deflationary token can be compare with what happened to bitcoin then (year 2009) cause people dont like the idea of bitcoin then because they are not properly aware of it theory and i was once among those kind of people but, that change after i study and read the concept BTC.
The reason why people don't take the token concept serious is because we already have more than enough tokens/coins with different protocol why would an investor choose a token which 1 of his token will be burn whenever he received transactions. Mind you, 95% of every investors are after profit not lost.

You are right, the crypto market is saturated but the beauty of the crypto market is that it always welcomes new ideas. Everyday we saw new coins with new concepts among them one is deflationary tokens. BOOM is attracting 50k to 100k USD of daily volume, which clearly shows that investors have faith in this coin.

Crypto market is an extensive setting and every new ideas are welcome but speaking on daily volume of $50K to 100K range, the last time i checked the token never cliched daily volume of $100K. Besides, the market manipulation activities done by some project owner, only newbies will rely only on crypto daily trade volume to choose his investment without putting into consideration the utility level, liquidity, community support level etc.

[Iced]

Just seems like a copycat of Bomb, not going for this one 

[ice18]

As users increase and BOOM circulation speeds up, destruction of BOOM will also accelerate. Once a user buys BOOM, he/she can only sell 99% to others, so the ‘Price Increase’ Expectation will be there naturally. That situation makes users prefer to hodl, if the pump is not big enough.

What if users did not increase? what is the chance of a price to increase if no transaction happens? I have seen too many deflationary tokens and each of them vanish after some months, Im quite curious what developers are trying to prove with this kind of social experiment? So far I only see one deflationary token that has a purpose the "sta"   https://www.coingecko.com/en/coins/statera#markets

[crypto_geek55]

As users increase and BOOM circulation speeds up, destruction of BOOM will also accelerate. Once a user buys BOOM, he/she can only sell 99% to others, so the ‘Price Increase’ Expectation will be there naturally. That situation makes users prefer to hodl, if the pump is not big enough.

What if users did not increase? what is the chance of a price to increase if no transaction happens? I have seen too many deflationary tokens and each of them vanish after some months, Im quite curious what developers are trying to prove with this kind of social experiment? So far I only see one deflationary token that has a purpose the "sta"   https://www.coingecko.com/en/coins/statera#markets

Well, there are many if and else in crypto industry and we can't say anything with authority until its proved. My take on deflationary tokens is that they have a great future and it will take some time for these tokens to get accepted by masses.

[Lanatsa]

As users increase and BOOM circulation speeds up, destruction of BOOM will also accelerate. Once a user buys BOOM, he/she can only sell 99% to others, so the ‘Price Increase’ Expectation will be there naturally. That situation makes users prefer to hodl, if the pump is not big enough.

What if users did not increase? what is the chance of a price to increase if no transaction happens? I have seen too many deflationary tokens and each of them vanish after some months, Im quite curious what developers are trying to prove with this kind of social experiment? So far I only see one deflationary token that has a purpose the "sta"   https://www.coingecko.com/en/coins/statera#markets

Well, there are many if and else in crypto industry and we can't say anything with authority until its proved. My take on deflationary tokens is that they have a great future and it will take some time for these tokens to get accepted by masses.

You got some point though but you cant really blame out people on why they can do make some presumptions into this kind of tokens which is deflationary.

Can you elaborate or do give out on why you do see these things have great future?  It doesnt really give out something which would the masses support.

Time will tell if this one would able to emerge or would automatically submerge.

[BChydro]

As users increase and BOOM circulation speeds up, destruction of BOOM will also accelerate. Once a user buys BOOM, he/she can only sell 99% to others, so the ‘Price Increase’ Expectation will be there naturally. That situation makes users prefer to hodl, if the pump is not big enough.

This is the most outrageous things i have heard, i have heard about coins being burned but self burning cryptocurrency, seriously do we need that  . What if all my investment goes boom since it is a self burning cryptocurrency. Good luck with the adaption explaining about your coin and it would like to see how far it will go.

Any plans to list on popular exchanges.

[patz22]

Is there something new about this? what is the usecase? If a project doesn't have this for sure it is just a pump and dump token and people will just get rekt if they are planning a long term investment, maybe a quick profit will do however it is not the case, in this times, we need someone that will last.

[crypto_geek55]

You got some point though but you cant really blame out people on why they can do make some presumptions into this kind of tokens which is deflationary.

Can you elaborate or do give out on why you do see these things have great future?  It doesnt really give out something which would the masses support.

Time will tell if this one would able to emerge or would automatically submerge.

I do agree that everyone has his own right to say and invest in any crypto of his choice. Deflationary coins are interesting in my opinion, as they are rolling out a new concept. BOOM is a legitimate project since it's on too many exchanges. 

[RomiM]

You got some point though but you cant really blame out people on why they can do make some presumptions into this kind of tokens which is deflationary.

Can you elaborate or do give out on why you do see these things have great future?  It doesnt really give out something which would the masses support.

Time will tell if this one would able to emerge or would automatically submerge.

I do agree that everyone has his own right to say and invest in any crypto of his choice. Deflationary coins are interesting in my opinion, as they are rolling out a new concept. BOOM is a legitimate project since it's on too many exchanges. 

I just there site https://www.boomtoken.io/ , really the coin is on few top exchanges. No doubt about the legitimacy of the project.

We just have to wait and see how it goes in the long run, till then start accumulating few of them.

[disconnectme]

I don't see the reason why I need this token because it is not valuable enough to serve as money, I know some people would say what about Bitcoin but Bitcoin is not pre-mined and you need huge energy to create it unlike this, the only sellin gpoint is burning part, there is no token in the space that has not been burnt mistakenly, some people have lost BTC. Just tell me what give this tokens value

[RomiM]

I don't see the reason why I need this token because it is not valuable enough to serve as money, I know some people would say what about Bitcoin but Bitcoin is not pre-mined and you need huge energy to create it unlike this, the only sellin gpoint is burning part, there is no token in the space that has not been burnt mistakenly, some people have lost BTC. Just tell me what give this tokens value

It seems that deflationary tokens like BOOM will find a huge challenge from the crypto community. If dev of BOOM is reading this then he should do something to soften the image of BOOM in the heart of the crypto community. 

[anknok]

I don't see the reason why I need this token because it is not valuable enough to serve as money, I know some people would say what about Bitcoin but Bitcoin is not pre-mined and you need huge energy to create it unlike this, the only sellin gpoint is burning part, there is no token in the space that has not been burnt mistakenly, some people have lost BTC. Just tell me what give this tokens value

It seems that deflationary tokens like BOOM will find a huge challenge from the crypto community. If dev of BOOM is reading this then he should do something to soften the image of BOOM in the heart of the crypto community. 

I don't think there is something dev needs to do about this token. They created the coin with feature that it will go down in numbers with every transaction that's why its called deflationary tokens.