How to Tell a Phony Burn Project

Meet Paul, aged 25. Paul has found a way to burn a whopping 100 million Shib tokens daily. That’s around 36 billion tokens yearly!

Marvelous!

At this rate of burning, Paul’s first trillion tokens burned won’t happen until his 50th birthday! 

That sucks…

Moral of the story is such, that no one Joe, or Michael, or Jessica, can even hope to put a serious dent in the SHIB’s current 400+ trillion supply on their own. Explains why token burns had to evolve  beyond the “one man army” mentality, and into team effort projects, counting thousands of members that are the engine that powers all burn projects alike.

It works like clockwork: they gang up, make revenue, buy tokens and then burn them. 

Side note: clearly, Lady Irony is alive and kicking in the 21st century - let’s first create a whopping load of crypto so that later we can all happily bash our heads on the wall trying to figure out how to burn a huge chunk of it. What a time to be alive!

Ideally, the money that buys the soon-to-be-burned tokens should have to avoid involving any participant’s wallet. The “y’all give us a buck so we can burn it for ya” projects should set off alarms on sight. That’s where the good old ad revenue steps in. Simple and elegant, but not 100% scamproof.

It’s not how much Project X burns that defines its credibility (effectiveness, maybe, but not credibility.) At the end of the day, a project is lying to you if the $100,000 worth of crypto it burns monthly turns out to be only 50% of the promised 70% burn fraction, as opposed to a smaller project burning only $200 worth of tokens, that is exactly the percentage promised from day one.

That said, a legit burn checks off the following criteria:

• Makes it crystal clear what percentage of its revenue will be committed to burning, and, ultimately, follows it to a letter.
• Doesn’t compel its followers to shell out for this or that; unless it’s totally secondary and doesn’t affect the project or its goals as a whole.
• Keeps its burns transparent, e.g. provides links to relevant data on Etherscan as well as videos/screenshots of their ad revenue receipts, burns etc.
• Willing to answer any questions at any given time. This doesn’t mean the project should be supposed to entertain every internet troll that passes by, but so long as the question asked makes sense, it shouldn’t go unanswered.
• Partnered with other well-known, credible projects.
• Planted at least 300 trees in the last week alone and donated one trillion dollars towards building a translunar highway to the Moon.

Now go ahead and spread this sacred knowledge with other Shibanauts via social media! And keep your eyes on the Moon, for Shib’s sake!

Stay awesome,

Spaceshib team