Burning Coins new Marketing Ploy

[Woodie]

Today's coins on the market are nothing more than some get rich quick scheme, and knowing very well that People are on the lookout for best performing crypto coins on the market, several projects have resorted to burning to pump prices artificially to paint a rosy picture.

Is Burning the ultimate solution to get prices going up for our coins out there? And why is this mostly done by a certain niche of coins like xxxxx finance, xxxx inu etc

Is marketing crypto coins the good old fashioned way obsolete?

Wonder what would happen if dogecoin started burning Coins with its huge support base already on standby....

credit: CryptoInsightsX

[Strongkored]

From what I know so far that the coins that have the burning feature are coins that are still owned by the developer while dogecoin is almost said based on community development, if this can be implemented it will need voting but I don't understand exactly how to burn the system can be applied to community coins such as dogecoin.

[Jaered]

I agree with you to an extent. Burns are now deployed as a soft scam tool by most developers these days. We can't ignore it. New projects now use it to attract investors. They mint like a gazillion amount of tokens and build a burn code into it, then regularly hit the codeto cause small pumps, thereby attracting new investors

[tabas]

The current marketing that they've got isn't working anymore because the bear market is stronger than their way of marketing. These burning mechanisms have became a trend when companies and projects like BNB has found success on it and the same goes for Ethereum which was one of the latest upgrade that it has got. These marketing ploys that these meme coins are putting with their burning of tokens, it's not really going to work at these times but if they do this on a bull run, there's a chance that it will really attract more investors.

[Gamerkong]

I agree with you to an extent. Burns are now deployed as a soft scam tool by most developers these days. We can't ignore it. New projects now use it to attract investors. They mint like a gazillion amount of tokens and build a burn code into it, then regularly hit the codeto cause small pumps, thereby attracting new investors

Question so is burning of tokens mainly just to up the price of the tokens does it serve any other purpose?
So it would be written in the smart contract it self?

[sunriseme]

I don't see the activity of burning coins as bad, nor good. Also, if we call it a scammy activity then we should label all other parts of economy that does that. Don't banks/governments print money or take old coins out of circulation? Don't shares and other publicly tradable assets do the same to keep their values in shape/ to stay agile and relevant in the market? They just call it different or not at all - is the act of buying back stocks/shares so they can keep a low volume circulating, in hopes that will incfrease demand and value. But it can happen the other way around, so is not really a safe or proven practice. Sometimes it works, sometimes not. As in other corporate stocks, this activity can have also its negative - in stocks it happens to backfire and we all know it happens in crypto as well. We just hurry to call it scam here, but in my opinion is just normal activity in a free market, is all possible and whatever works...

[yhiaali3]

I think it's a twisting tactic to raise the price of a coin, why would there be a big total supply of coins in the first place? Sometimes the number is mythical, in some coins it reaches 20 digits!!! One of the secrets of Bitcoin's success is that it has a limited total supply that cannot be scaled up in any way, so in my opinion burning is just a twisting method of marketing.

[yazher]

The most effective way of increasing the price and most of the time they announced it before they do so because of the potential buyers to hold the coins after buying it for cheaper price just before the burning procedure. Most of the altcoins are doing this kind of method to further attract investors to buy their coins and the early birds are the luckiest guys because after burning there's a high tendency for the price of the coin to increase.

[worle1bm]

All of them are pump dump coins and by burning supply they just want to increase the prices to gain more profits themselves in the centralised wallets in which most of the supply is capped and what else do you expect from these coins? I would say not to invest in any of them as most of them are going to zero without any much longer period so stay away from them.

[dothebeats]

Devs need to point out "burning" old coins so as to emphasis that they care about the coin's economy, when in fact it shouldn't be the case since if you have a good coin to start with, lowering its number down wouldn't even come to as a solution at all. You wouldn't have this problem on the coin's economics, and you would rather focus on other important matters and less about the coin's price. Personally, I wouldn't buy these coins that has burning mechanism embedded towards it. It just doesn't sit well to me.

[Humility4sure]

Burning tokens has been a marketing ploy for a very long time. I recall most projects tend to include the periodic burning of tokens to give holders a false sense of value or comfort that the value of the tokens would increase in the future, if they hold for a longer period of time. Burning in most cases has not been helpful as the tokens still faces the same fate as many others in the market.

[coin-investor]

I think it's a twisting tactic to raise the price of a coin, why would there be a big total supply of coins in the first place? Sometimes the number is mythical, in some coins it reaches 20 digits!!! One of the secrets of Bitcoin's success is that it has a limited total supply that cannot be scaled up in any way, so in my opinion burning is just a twisting method of marketing.

The burning mechanism is useless if they cannot back it up with a good platform I never look at the burning mechanism if the supply is on billions and they have no platform to back up their coin/token, a token/coin cannot sustain itself in the market if they only have staking, and burning mechanism, we have proven that in the past they cannot sustain their project in a long term and they fall into a pump and dump category.

[Strongkored]

The most effective way of increasing the price and most of the time they announced it before they do so because of the potential buyers to hold the coins after buying it for cheaper price just before the burning procedure. Most of the altcoins are doing this kind of method to further attract investors to buy their coins and the early birds are the luckiest guys because after burning there's a high tendency for the price of the coin to increase.

That method worked effectively to reduce or control the circulating supply of coins, but is now turning into a powerful way for many projects to use it as a scheme to pump up their coin prices.
BNB still uses this method but doesn't pay attention to what really affects the price.

[asriloni]

Is Burning the ultimate solution to get prices going up for our coins out there? And why is this mostly done by a certain niche of coins like xxxxx finance, xxxx inu etc

Is marketing crypto coins the good old fashioned way obsolete?

Burning is just an illusion created by the developers to make people think if when tokens have less supply and it will be even more valuable. Mostly of shit tokens were using this mthod caused by they didn't have actual usage. they are being created as a money grabber and so there's no way to create the hype other than doing self burn which doesn't even make sense to be done by so many scam tokens like that.

Wonder what would happen if dogecoin started burning Coins with its huge support base already on standby....

Since doge coin has not premined coin as the developers of doge coin already sold their coins to bought old civic and it will never be possible for doge coin. The only possible thing to implement burning mechanism for doge coin like what already done by ethereum before it went to the POS.

[super bako]

the concept of burning is what investors are waiting for because they know from the end after burning their tokens, that there will be a significant increase even if not directly. the increase is only temporary but with the decreasing supply it is a good thing to hold on to long term. the more tokens burn up to 50% the more people buy in large quantities

[abel1337]

I've seen token burning from way back and I think it is proven that prices can soar up since many devs has done it and even top coins such as BNB has been burning their own token that were announce by CZ few times. I think it is still effective to the current date that's why they are still doing it. Reducing the supply logically can bring up the value if it has enough demand. Just be attentive of those coins that are just burning and burning to just raise their value, I personally doubt those projects especially if they are burning for nothing.

[Woodie]

I think it's a twisting tactic to raise the price of a coin, why would there be a big total supply of coins in the first place? Sometimes the number is mythical, in some coins it reaches 20 digits!!!

I think coins of today that have these big numbers have always had the intention to burn at the expense of the investors which benefits the devs!

One of the secrets of Bitcoin's success is that it has a limited total supply that cannot be scaled up in any way, so in my opinion burning is just a twisting method of marketing.

For bitcoin it worked out because it has stood to be the face of all cryptocurrencies. And the model of having a limited and small total supply means price of coin will be high and should demand rise, this certainly pushes price even higher.

the concept of burning is what investors are waiting for because they know from the end after burning their tokens, that there will be a significant increase even if not directly. the increase is only temporary but with the decreasing supply it is a good thing to hold on to long term. the more tokens burn up to 50% the more people buy in large quantities

Unfortunately this burning of coins works well if both supply and demand are affected without any one side remaining constant. But you are definitely right on its short term impact when the coin undergoes a Burn.

[Reid]

I understand what you are trying to say here but I guess they really have no choice because the old marketing idea doesn't work anymore due to the competition getting higher/broader. The only solution is mimic Bitcoin with a smaller number of coins and maybe some luck if ever investors find out about it.
What I don't understand is, they are the ones who input how many coins they will create and yet after a year they will try to burn it out.
Yes, I think because there no other way or they are cornered.

[Hamza2424]

Burning the shitcoins in my views is just a scheme to promote the he project tokenomics  and attract the Capital. Every second project is introducing as the burner its good but its not the real time feature. Good projects introduce good products. In my view the growth of the project is non depending on the burning timeline. So What matter is Projects ecosystem.

[Balmain]

These burns attracted a lot of attention during the bull season, but I don't think they will attract much attention right now. It was actually used as a kind of marketing tactic in the bull, if there is a volume in the market again, I don't know if the same tactic will work again, they need more. I keep the BNB burning method separately, of course, projects should create a burning mechanism against inflation.