BOMB Token - World’s First Self-Destructing Currency

By talkcrypto | Talkcrypto | 13 Jun 2019


Hi everyone, I am excited to talk about the new social experimental project called BOMB token, some of us are conversant with this project while so many are yet to learn about BOMB token but to the best of my knowledge, am going to walk us through the concept of BOMB and what the team hopes to achieve with this project in the future.

 

Bomb token as mentioned above is a social experimental project that aims to be classified as a deflationary asset in the decentralized world against the regular fiats for example US Dollars. Initially the team minted a total supply of 1,000,000 BOMB, meanwhile the token was designed to destroy 1% BOMB per transaction on the Ethereum blockchain network this means that if Bob is sending 1000 BOMB to Annie, 10 BOMB destroys on the way and 990 BOMB gets to her wallet. Now think about a situation where everyone moving their BOMB tokens either into or out of their wallets loses 1% of each transaction, this means that the total supply of BOMB decreases every time a transaction is made.

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Now, you’d agree with me that the above action of self-destruct leading to decrease in total supply invariably leads to increase in demand and price value of BOMB token. This simply solves the problem that has affected many blockchain projects with great product and team but suffering from low price per token due to high token velocity.

 

To fully understand the idea behind this highly underestimated project we need to recall what economics teaches us about the effect of inflation, deflation and the theory of money which in this space is referred to as token velocity, it appears to be a  tiny little innocent thing that metamorphose to the tumor that cripples the crypto economic buildup of some good looking projects with a perfect team, product and roadmap for example Utility token projects; some of which incentivize their token to users on their network in order to attract increased user base thereby increasing the circulating supply of the coin which sooner or later leads to low price value of their token

Due to BOMB Token operating system, it is strongly advised that it is not to be used for day to day transaction, so if I were you, I’d use my BOMB for huge transitions, long term plans and or HODL as if I have one of Pablo Picasso’s. In that case Bob will prefer to gift Annie with Ethereum or BTC instead of risking to lose 10 BOMB out of 1000 BOMB because there will never be a newly minted BOMB.

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THE EXPERIMENT SO FAR

Upon the launch of BOMB Token in the 1st quarter of 2019 (no ICO) one way to earn BOMB was through community participation in social media related activities to help spread the word, people also earned BOMB by playing games in the community and taking part in quizzes as the word spreads more BOMB were been detonated. BOMB first listed on DDEX where people bought and sold in cents now let’s fast forward to the 2nd quarter 2019 trading in one more exchange Mercatox, BOMB is presently stable at $7 and $8 ranking 493 on coinmarketcap after reaching as high as $12 amazing growth for a project less than 6 months old I guess.

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IF THE EXPERIMENT GOES RIGHT

If this social economic experiment goes right soon the following will be deemed valid:

  1. History will be made in the cyrptospace that the world first deflationary asset has been successfully created
  2. Token velocity problem solved, the reference project will be BOMB Token and its team widely applauded
  3. HODLers of BOMB will become richer

 

On the other hand, if this social economic experiment fails the reverse of the above might be the case but in my honest opinion am quite sure this will end well except the team makes a poor decision at some point.

 

CONCLUSION

While the growing attention on this experimental project grows bigger by the day, I find it interesting watching the performance of BOMB Token and more interestingly watching to see what lies ahead. If a token like Maker DAO (MKR) with a total supply of 1M trades at a price of over $720/MKR then its only right to assume that BOMB token will do very well in future considering the constantly reducing total supply, so it’s advisable for everyone to own a few BOMB

 

Useful links

Website: https://bombtoken.com/

Reddit: https://www.reddit.com/r/BombToken/

Twitter: https://twitter.com/BombToken

Telegram: https://t.me/bombtoken

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talkcrypto
talkcrypto

"history has shown us that the market always returns" BlockchainAuthor


Talkcrypto
Talkcrypto

Crypto space has successfully evolved into real life applicability while the technology pushes towards mass adoption, lets talk about some great projects🤓

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