We got a little bored during the bear market and created the world's first self-destructing currency

Myself and three friends got a little bored during the bear market and decided to create the world's first self-destructing currency called BOMB.    The rules are simple1) There were originally 1,000,000 Bomb created.\ 2) Each time a Bomb is transferred, 1% of the transaction is destroyed.\ 3) There will never be newly minted Bomb.\First and foremost, we acknowledge and anticipate an incoming amount of skepticism and negativity towards this project. I'll be the first to admit, the concept still seems a little whimsical when we explain it to people. At the same time, the more research we did into economic incentives and history of the financial system, the more curious we became:    Outside of transactional currency, can a hyperdeflationary asset survive?\ When given away, would people actually want to keep or store them?\ With crypto changing the financial landscape, is there a place for this alternative asset class?\ At the current rate of hyperdeflation, how long will it take for all Bomb to be destroyed?      While there is no way of knowing the answers to those questions, we wanted to create a case study to find out. For that reason, Bomb is nothing more than a social experiment of human psychology and economic exploration.        There are quite a few projects that inspired the tokenomics behind the project (MKR especially), and many projects already using the burn method in their system. That said, the intent of BOMB is not to be used as a transactional currency or utility token, but rather a hyperdeflationary and decentralized store of value.        On the first day of putting the website up, we had over 200+ people claim the tokens. As of today (one week since launch), there have been over 225,750 claimed tokens, and over 11,000 tokens burned during the distribution process. On average, every five minutes a new person claims their Bomb. While this doesn't add true validity to the project by any means, it did show us other people are as intrigued as us.    The tokens have already been minted and 125,000 have already been released into the wild for destruction. We aren't doing an ICO, and everything will be completely self-funded out of our own curiosity and development. Trash them. Sell them. Save them. We don't care. We just want to see where this case study goes.      If you would like to participate in this experiment with us, we encourage you to grill us with questions below. We understand the the amount of distrust in the industry and want to be 100% transparent with everything we do.

Submitted January 24, 2019 at 02:19PM