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Author Topic: BOOM - First Self-Burning Cryptocurrency Based on Smart Contract  (Read 2919 times)
posi
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September 30, 2020, 08:16:42 PM
 #101

Smart contract is taking crypto to new levels day by. First we have BTC that has controlled inflation and now we have smart contract that is burning crypto with every transaction. Dont know how this will behave in days to come but I am impressed with this idea.
Do you really believe that?
I think we need to wait and see How the project develops, but actually I really like the idea of deflationary coins. It would be nice for states to accept a national cryptocurrency that is not subject to inflation and has a self-immolation function. A currency deficit would only raise the value of people's savings.
The idea of deflation of coins is good cause it will help the coin to gain huge demand and limited supply each time a single transaction is perform but the way this coin deflation will occur seems ridiculous cause alot of people will want to choose it as a means to receive payment.
Ddal3, could you be more specific what you mean when you said smart contract is burning crypto with every transaction.
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October 01, 2020, 12:57:52 PM
 #102

One way or another, a self-igniting coin has every chance of success, but why invent a wheel if a bicycle already exists? In other words, if a coin can have a specific maximum amount, such as BTC, then this already suggests that inflation is out of the question.

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October 28, 2020, 04:37:19 PM
 #103

Smart contract is taking crypto to new levels day by. First we have BTC that has controlled inflation and now we have smart contract that is burning crypto with every transaction. Dont know how this will behave in days to come but I am impressed with this idea.
Do you really believe that?
I think we need to wait and see How the project develops, but actually I really like the idea of deflationary coins. It would be nice for states to accept a national cryptocurrency that is not subject to inflation and has a self-immolation function. A currency deficit would only raise the value of people's savings.

Thats correct. We need to give deflationary coins some time and see its behavior in days to come. BTC also took a while to fly. If govt start adopting the concept of deflation then fiat currencies will also go up in value.
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October 31, 2020, 04:53:54 PM
 #104

BOOM and other alike deflationary tokens are facing positive criticism, which every new coin has to face. Dev team need to address all concerns of investors if they really want to see BOOM adopted by massive people.
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October 31, 2020, 05:11:36 PM
 #105

Smart contract is taking crypto to new levels day by. First we have BTC that has controlled inflation and now we have smart contract that is burning crypto with every transaction. Dont know how this will behave in days to come but I am impressed with this idea.
Do you really believe that?
I think we need to wait and see How the project develops, but actually I really like the idea of deflationary coins. It would be nice for states to accept a national cryptocurrency that is not subject to inflation and has a self-immolation function. A currency deficit would only raise the value of people's savings.

Thats correct. We need to give deflationary coins some time and see its behavior in days to come. BTC also took a while to fly. If govt start adopting the concept of deflation then fiat currencies will also go up in value.

IIRC this BOOM token / deflationary coins is already been out there few years ago. They already have enough time for an experiment to get the result, So far there is still 970M Boom available in circulation which means only are interested on this kind of coin because its promise nothing besides burning the supply every transaction which will be good for mass adoption. This kind of experiment goal to know whether people will bite this kind gimmick to attract investors or not.

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November 01, 2020, 04:46:59 PM
 #106



IIRC this BOOM token / deflationary coins is already been out there few years ago. They already have enough time for an experiment to get the result, So far there is still 970M Boom available in circulation which means only are interested on this kind of coin because its promise nothing besides burning the supply every transaction which will be good for mass adoption. This kind of experiment goal to know whether people will bite this kind gimmick to attract investors or not.

I just have a point that BTC is only about digital payment system with no other use case still it made itself the ruler of crypto market.
There are many coins that have attractive use cases but fail to get to mainstream adoption. Deflationary coins doesn't have other use case doesn't mean that they cant qualify for mainstream adoption.
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November 03, 2020, 06:54:43 PM
 #107

We learn from crypto that controlling inflation increases the value of asset. BTC success lies in the fact that it has controlled inflation. likewise these deflationary tokens are bringing the concept of token burning which is also a step in increasing the price of token.
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November 04, 2020, 01:31:48 PM
 #108

The token unmistakably says it will consume the token, the person who is as yet intrigued ought to take an interest others should cruise by. Yet, calling it by and large a trick is ridiculous thing. each undertaking needs a great deal of difficult work to get off the ground and a major network to revitalize behind it, so I will accomplish more exploration and due tirelessness on this task and check whether it merits a little punt or not. This strategy is ground-breaking and numerous tasks do it in light of the fact that numerous financial specialists like to put resources into coins which has a low all out flexibly.

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November 08, 2020, 05:42:39 PM
 #109

The token unmistakably says it will consume the token, the person who is as yet intrigued ought to take an interest others should cruise by. Yet, calling it by and large a trick is ridiculous thing. each undertaking needs a great deal of difficult work to get off the ground and a major network to revitalize behind it, so I will accomplish more exploration and due tirelessness on this task and check whether it merits a little punt or not. This strategy is ground-breaking and numerous tasks do it in light of the fact that numerous financial specialists like to put resources into coins which has a low all out flexibly.

Its best strategy to do proper research and explore it before you come up with any conclusion. The only thing deflation coins missing right now is use cases. If in coming days we have use cases of these deflation coins then who knows they may land on moon.
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November 08, 2020, 07:24:13 PM
 #110

BOOM really has a pretty good mechanism but it has a huge weakness that traders / holders have to suffer a disadvantage.
As far as I understand the BOOM mechanism, A transfers 100 BOOM to B and B just receives 99 BOOM, 1 BOOM will be automatically destroyed.
In terms of physical value, B has lost 1 BOOM and if the price of BOOM does not increase, then B is considered to have lost. According to the current BOOM price chart, it is falling down and trading always leads to losses!
That is the reason why BOOM has a good mechanism but certainly cannot attract many investors to them. I think the team should have a marketing campaign and create a strategy to keep prices for BOOM so that the project can be successful.
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November 09, 2020, 04:54:18 PM
 #111

This would simply lead for its speculators/clients to hold the token rather on making out exchange since they do realize that it would doubtlessly diminish out their whole port in the event that they do such thing so there's no dissemination. I believe it's unseemly. The possibility that bitcoin has brought is altogether unique in relation to the consuming thought of this coin that you have brought.

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November 10, 2020, 09:09:48 AM
 #112

I believe it's improper. The possibility that bitcoin has brought is totally unique in relation to the consuming thought of this coin that you have brought. I love to see result of this model. In the event that BOOM can have any critical effect, at that point previously existing deflationary coins will likewise be profited.
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November 10, 2020, 05:12:19 PM
 #113

BOOM really has a pretty good mechanism but it has a huge weakness that traders / holders have to suffer a disadvantage.
As far as I understand the BOOM mechanism, A transfers 100 BOOM to B and B just receives 99 BOOM, 1 BOOM will be automatically destroyed.
In terms of physical value, B has lost 1 BOOM and if the price of BOOM does not increase, then B is considered to have lost. According to the current BOOM price chart, it is falling down and trading always leads to losses!
That is the reason why BOOM has a good mechanism but certainly cannot attract many investors to them. I think the team should have a marketing campaign and create a strategy to keep prices for BOOM so that the project can be successful.

Very well explained. B will be in total loss if price does'nt go up. This is what crypto is all about, you have to take risk to get some big hits.
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November 11, 2020, 03:38:28 AM
 #114

BOOM really has a pretty good mechanism but it has a huge weakness that traders / holders have to suffer a disadvantage.
As far as I understand the BOOM mechanism, A transfers 100 BOOM to B and B just receives 99 BOOM, 1 BOOM will be automatically destroyed.
In terms of physical value, B has lost 1 BOOM and if the price of BOOM does not increase, then B is considered to have lost. According to the current BOOM price chart, it is falling down and trading always leads to losses!
That is the reason why BOOM has a good mechanism but certainly cannot attract many investors to them. I think the team should have a marketing campaign and create a strategy to keep prices for BOOM so that the project can be successful.

Very well explained. B will be in total loss if price does'nt go up. This is what crypto is all about, you have to take risk to get some big hits.

what about A ? A send BOOM to B because A is also a holder of BOOM and if BOOM doesnt increase A will also suffer from loss and its loss can be higher than B because A is a hodler of BOOM but why will the BOOM will decrease when it always burns its supply everytime a transaction was done , i thought token burning can lead ro the increase in the price  . what about the fee when we send BOOM , is there a seperate fee from the sender if yes then both the sender and the reciever are going to loose some coin .
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November 12, 2020, 06:39:39 PM
 #115

BOOM really has a pretty good mechanism but it has a huge weakness that traders / holders have to suffer a disadvantage.
As far as I understand the BOOM mechanism, A transfers 100 BOOM to B and B just receives 99 BOOM, 1 BOOM will be automatically destroyed.
In terms of physical value, B has lost 1 BOOM and if the price of BOOM does not increase, then B is considered to have lost. According to the current BOOM price chart, it is falling down and trading always leads to losses!
That is the reason why BOOM has a good mechanism but certainly cannot attract many investors to them. I think the team should have a marketing campaign and create a strategy to keep prices for BOOM so that the project can be successful.

Very well explained. B will be in total loss if price does'nt go up. This is what crypto is all about, you have to take risk to get some big hits.

what about A ? A send BOOM to B because A is also a holder of BOOM and if BOOM doesnt increase A will also suffer from loss and its loss can be higher than B because A is a hodler of BOOM but why will the BOOM will decrease when it always burns its supply everytime a transaction was done , i thought token burning can lead ro the increase in the price  . what about the fee when we send BOOM , is there a seperate fee from the sender if yes then both the sender and the reciever are going to loose some coin .

If BOOM goes up then both A and B will be at loss and vice versa. There are fair chances that BOOM price will go up with time as supply will decrease and as per supply/demand relation price will go up. But for that BOOM team has to work hard to make it to top 100.
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November 15, 2020, 04:04:19 AM
 #116

Coin succeess largely depends on how large its community is. If BOOM wants to make it to mainstream adoption then they should focus on building a community, there daily volume is good and should go up from here on.
 
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November 21, 2020, 04:16:34 AM
 #117

The concept is very interesting. Its in early stages and we need to see what its team is doing for the enhancement of token. Boom is doing good on exchanges and I am interested in learning what there team is doing. Can admin post something about that.
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November 24, 2020, 04:05:35 PM
 #118

The idea to reduce the supply will only be fruitful in the long run if BOOM has a huge community of investors thats backing the coin. I am interested in seeing the community developed by this project so far.
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November 25, 2020, 06:13:32 PM
 #119

Only burning the token wont make you a successful coin. BOOM need to come up with a strong utility also. Unless I cant buy a cup of coffee with BOOM I wont think of buying this coin. Many like me are waiting to see when BOOM come up with some such use case.
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November 26, 2020, 05:51:02 PM
 #120

BOOM really has a pretty good mechanism but it has a huge weakness that traders / holders have to suffer a disadvantage.
As far as I understand the BOOM mechanism, A transfers 100 BOOM to B and B just receives 99 BOOM, 1 BOOM will be automatically destroyed.
In terms of physical value, B has lost 1 BOOM and if the price of BOOM does not increase, then B is considered to have lost. According to the current BOOM price chart, it is falling down and trading always leads to losses!
That is the reason why BOOM has a good mechanism but certainly cannot attract many investors to them. I think the team should have a marketing campaign and create a strategy to keep prices for BOOM so that the project can be successful.

Very well explained. B will be in total loss if price does'nt go up. This is what crypto is all about, you have to take risk to get some big hits.

what about A ? A send BOOM to B because A is also a holder of BOOM and if BOOM doesnt increase A will also suffer from loss and its loss can be higher than B because A is a hodler of BOOM but why will the BOOM will decrease when it always burns its supply everytime a transaction was done , i thought token burning can lead ro the increase in the price  . what about the fee when we send BOOM , is there a seperate fee from the sender if yes then both the sender and the reciever are going to loose some coin .

the whole concept is to reduce the supply of coins in circulation and someone has to lose in this process either its A or B. But if its a hit project then loses bear by A and B are far less then price gain.
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