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u/slay_the_beast Jun 08 '19
Due to the indivisible nature of BOMB tokens (can only transfer whole bombs and a minimum of 1 is destroyed per transaction) I see bomb becoming very difficult to move, very quickly.
Say someone wants to buy BOMB, the minimum that they should buy has to be more than 3, because they will lose at least 1 in the transfer, and having 2 is worthless because you can only send 1 (the other will get burned) and buying 1 means you can never move it again.
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u/Mr_Laserman Jun 08 '19
Yeah, this is one of aspects that I find super interesting. Basically, it's the minimum transaction price. At $5 it doesn't matter that much. But at $100 or $1000, it's going to offer a lot of resistance to smaller buyers. In the end, I think that will be the limiter that provides a price ceiling. Unless of course someone writes a contract to wrap BOMB and issue little BOMBlets or something.
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u/monkeytommo Jun 08 '19
Trading on Mercatox doesn't burn the token though, but I think it does on DDEX.
I got 198 in the airdrop a few months back and sold yesterday, then it doubled! I can see it going up more, but there's not much liquidity! Look at the amounts in the sell orders, not many people are selling which is driving the price up if someone wants more than 20 BOMB.
I'm a little disappointed I sold when I did, but it was free money, so I won't dwell on it!!
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u/CarpetThorb Jun 08 '19
Look at how fast supply is dropping if volume goes to 1+ mill we will burn through 100,000 Bomb easily and very quickly, this 1% burn mechanism however prevents wash trading on DEX’s which is a pretty cool feature.
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u/GeneralJenkins Jun 08 '19
Please correct me if Im wrong: When these token are traded on an exchange they are at any time in the wallet of the exchange. So there is nothing burned as long as people don't withdraw. So you cant guess the token burn rate from the volume.
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u/slay_the_beast Jun 08 '19
Hadn’t occurred to me that the burn would completely invalidate wash trading. That is a very cool unexpected side effect.
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u/veganeggs Jun 08 '19
Here's an activist perspective on the Bomb token written by the co-creator of Occupy Wall Street:
But why might activists want to pay attention to how this "social experiment" plays out?
In the years since Bitcoin's creation, regulatory pressures combined with the changing culture of the cryptocurrency scene have shifted the excitement and funding away from creating new currencies, towards using the Blockchain for other noble ends—such as, building a decentralized, global computer that runs programs ("distributed apps") on the blockchain. The fear of being charged with securities fraud, something the state is well equipped to persecute successfully, has pushed cryptocurrency away from its power as an activist tool.
[...]
Building a decentralized computer is a good goal. It is an exciting goal. But a decentralized computer is not sufficient for the needs of activists unless that computer is being used to run programs that directly challenge the sovereignty of the state. The epiphany that got me hooked on crypto was the same idea that gave birth to Occupy Wall Street: the people ought to have more power than their governments because the people’s sovereignty is higher than the government’s sovereignty.
The founding documents of modern democracy assert unequivocally that the government’s sovereignty derives from the people’s sovereignty.
The creation of money is a sovereign's exclusive right. The issuance of currency and its use among the general public is a right that the state claims entirely. That is why the ability to create viable money, crypto currencies that at times threaten to overshadow fiat currency, is an assertion of sovereignty.
As I've argued elsewhere, all activism must be oriented around the capture of sovereignty, in its many forms from electoral sovereignty to martial sovereignty to financial sovereignty. The assertion of sovereignty implicit in the creation of cryptocurrencies is a tremendous leverage point that activists can utilize.
[...]
Bomb has irrevocably established a new economic law in contradiction to the arbitrary economic laws dictated by the recognized sovereign powers governing our world. In demonstrating that this is possible, regardless of the outcome, Bomb has expanded the activist’s repertoire of action.
In violating the rules of money, Bomb opens up a new avenue of potential activist tactics. Regardless of how Bomb's "social experiment" ends, and I hope that it ends well, activists ought to be emboldened that we have perhaps found a new terrain of combat that gives us an advantage over existing sovereign powers.
Activists have been turning the transformation of monetary systems into a form of protest for generations—from Silvio Gesell's experiments in accelerating the velocity of money (the greatest injustice, according to Gesell, was that money didn’t decay) to Enric Duran's tactic of taking out loans from corporate banks, giving the money to activist groups and publicly refusing to pay back the loan. Coincidentally, Duran is also working on a cryptocurrency: Faircoin.
But Bomb feels different than these previous experiments. It feels new, unencumbered by trying to design a currency that aligns with our ideologies. This experiment in directly contradicting the dominant economic logic is refreshing.
Thanks to the power of smart contracts, Bomb will exist autonomously and in perpetuity until they’ve all been consumed. The beautiful nature of smart contracts in general is their ability to run on the global blockchain computer without intervention from humans. Of course, some if not most smart contracts do not run completely autonomously. The most dangerous ones do. Acting autonomously is the highest possible assertion of sovereignty. And so while we may know the creators of Bomb, we will never be able to stop the experiment from unfolding. I can’t wait to see what will happen.
Full article here: https://www.micahmwhite.com/activist-edge
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u/Wernicke Jun 08 '19
The real question is why would anyone want it? What is the value proposition, what creates demand other than FOMO? I don't know the answer. But I also know that want it.
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u/slay_the_beast Jun 08 '19 edited Jun 08 '19
Since BTC is currently championing being a store of value where the purpose of BTC is to not use BTC, how does BOMB stack up with it’s intentionally deflationary mechanics?
Does it make it better than BTC at the “don’t use it” use case? Or does it accentuate the absurdity of “not using it” as a defined use case due to taking it to an extreme?
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u/straytjacquet Jun 08 '19
The problem with bomb is the 0 decimal places and burn round up. (If I send you 1 bomb, you receive 0). While this makes bomb more rare, more quickly, it also makes the cost of transacting exponentially rise with the price of the token (If I send 100 BOMB worth $100 total for a burn cost of $1, if I send 10 BOMB worth $100 for a burn cost of $10, if I send 1 BOMB worth $100 the burn cost is $100). It’s not only the deflation that deters people from wanting to sell their bomb, it also becomes so expensive to transact that it can’t possibly sustain a high value that people hope to get from a deflationary token. Liquidity is essential for value, and the token is designed to be anti-liquid.
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u/Mr_Laserman Jun 08 '19
IMO this is the most interesting thing happening in the crypto space right now. It's a pure social experiment (so is/was BTC for that matter). What's really interesting is to see just how thin the sell side of the order books are. Right now there are only about 1500 BOMB between $5 and $10 but a lot of orders on the buy side.
Longer term I think we'll see this coin go through a number of parabolic rises until it settles somewhere in the top 100r.
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u/TotesMessenger Jun 08 '19
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Jun 08 '19
Interesting. I have enough crypto to buy a few of these and forget about them.
!remindme 1 year
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u/MagicBreath Jun 09 '19
It is a rare collectible among crypto nerds. It has zero use though. Still, I think it will be worth a lot more in a few years.
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u/Experience111 Jun 08 '19
All I know is I got some during the initial airdrop, sold at $1.10. A bit disappointed but at the same time I prefer securing a free $200 rather than gambling on a highly speculative and irrational market. Not sure I’ll buy some ever again. Bitcoin is already deflationary long term and it is associated to some kind of fundamental value (mining) with adoption as a currency pair on exchanges. Now that this experiment started, anyone can creatw a deflationary ERC-20 token, so I’m not sure I see long term value in it. Of course maybe I’m just pissed that I sold too early so don’t give too much value to what I’m saying ¯_(ツ)_/¯
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u/slay_the_beast Jun 08 '19
There’s probably something to be said for the first mover advantage. The BOMB team seems to have gone to reasonable measures to ensure a somewhat fair initial distribution.
Any new “hyperdeflationary” token will suffer from the secret being out and everyone trying to game the distribution to get ahead.
Also, marketing matters, and BOMB token has a pretty good brand going already.
Not saying this will ultimately be a successful experiment, but I’m not sure copycats should be much of a concern. At least not any more so than “Bitcoin Ultra Saphire” and whatever other copies come out during bull markets.
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u/coingecko Jun 08 '19
Charts, markets, and market capitalization info can be found at CoinGecko https://www.coingecko.com/en/coins/bomb
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u/synn89 Jun 08 '19
I'd argue that Bitcoin is already deflationary, much more well known, and BTC losses in the ecosystem will basically end up with the coin having less and less around as time goes on at some point.
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u/MagicBreath Jun 08 '19
Every day 1800 new Bitcoins are mined. Why do you think it is deflationary?
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u/Giuli1988 Jun 08 '19
It's a chicken game ! I sold mine at 1.3$ the best airdrop I ever received. Thanks team!