I just came across this article about the upcoming token burn event for $DOGS and $NOT, and it's got me thinking. On October 9, 2024, at 1 PM UTC, they're burning a whopping $4 million worth of tokens. That's a massive amount! But here's the kicker: it was all decided by a community vote. They even live-streaming it on X (formerly Twitter).
The Community Angle
First off, I gotta hand it to them. This is some top-notch transparency from the devs. They could've just pocketed those unclaimed tokens, but instead they asked the community what to do with them. And of course, being crypto enthusiasts ourselves, we voted to burn them. It’s like a rite of passage for these projects.
But then I thought about it some more... Are we really okay with burning that many tokens? I mean sure, it's nice to think that less supply might mean more value down the line, but there's no guarantee of that.
Token Burns: Do They Even Work?
Speaking of guarantees, the article dives into whether token burns actually work to increase value. Apparently not everyone is sold on the idea. Cryptoforinnovation.org points out that while some projects see price spikes after burns (hello Terra Luna), others don’t fare as well.
And let’s be real here—$DOGS and $NOT are still relatively new projects. Are we just setting ourselves up for disappointment if things don’t go as planned?
Ethical Concerns Over Charitable Donations
Now here's where it gets really interesting—and kinda murky—the article raises some ethical questions about donating those unclaimed tokens to charity.
First off, where did those tokens come from? If they're unclaimed airdrop tokens, does that mean they were possibly generated through some sketchy methods? The last thing you want is your charitable organization getting linked to something illegal or unethical.
Then there's the whole trust factor. Charities depend on goodwill from their stakeholders—donors and beneficiaries alike. Using those tokens without clear provenance could seriously damage an organization's rep if those coins turn out to be dirty later on.
Final Thoughts
So yeah... I'm torn here. On one hand, I'm all for community engagement and maybe even increasing our bag's value down the line (if that ever happens). On the other hand... burning billions of tokens? That feels like a big gamble.
And let's not forget about those charities potentially stepping into hot water over accepting questionable assets.
I guess we'll find out soon enough how effective this burn will be... but color me skeptical for now!
