07-06-2021, 05:21 PM
Be aware of burned supply coins
<!-- SC_OFF --><div class="md"><p>I’ve seen there is a bit of confusion on understanding why coins that are just deployed burn 50% or 99% of their supply. Some people say to increase scarcity. Sadly not, if they wanted a scarce coin they would have deployed it already with a low supply, so the answer is another: To hide their whales.</p> <p>If i deploy a coin on BSC with 100m supply and burn 50% of it as soon as it’s deployed, and own 10m of it myself, my wallet will be listed as having 10% of the supply while i have actually 20% of it, since BSCscan keeps in account also the burn address in the whole supply pool. </p> <p>If i deploy a 100m supply coin and hold 100k of it while burning 99% of the supply then my 100k will be listed as “only” 0.1% of the supply while i actually hold 10% of the circulating supply (the remaining 1 mil). And so on.</p> <p>So beware of coins that burn their supply as soon as they are deployed.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Cookiesnap"> /u/Cookiesnap </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oeq8b2/be_aware_of_burned_supply_coins/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oeq8b2/be_aware_of_burned_supply_coins/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I’ve seen there is a bit of confusion on understanding why coins that are just deployed burn 50% or 99% of their supply. Some people say to increase scarcity. Sadly not, if they wanted a scarce coin they would have deployed it already with a low supply, so the answer is another: To hide their whales.</p> <p>If i deploy a coin on BSC with 100m supply and burn 50% of it as soon as it’s deployed, and own 10m of it myself, my wallet will be listed as having 10% of the supply while i have actually 20% of it, since BSCscan keeps in account also the burn address in the whole supply pool. </p> <p>If i deploy a 100m supply coin and hold 100k of it while burning 99% of the supply then my 100k will be listed as “only” 0.1% of the supply while i actually hold 10% of the circulating supply (the remaining 1 mil). And so on.</p> <p>So beware of coins that burn their supply as soon as they are deployed.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Cookiesnap"> /u/Cookiesnap </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oeq8b2/be_aware_of_burned_supply_coins/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/oeq8b2/be_aware_of_burned_supply_coins/">[comments]</a></span>Kind Regards R