THE CHRONICLES OF A DEFLATIONARY ASSET HOLDER — VOLUME I

THE CHRONICLES OF A DEFLATIONARY ASSET HOLDER — VOLUME I

(My Bomb Token Story)

The Introduction

They say the best things in life are free; but how many people can really relate to this?

In 2008 the global financial crisis led to the emergence of **Bitcoin** according to reports, by an alias, Satoshi Nakamoto. The main intent behind the creation of this “digital money” was for citizens of the world to be free from the shackles of central banks. It was clear that paper money will continue to lose its value to inflation and mass printing by central banks; thus, the continuous reduction of purchasing power for the masses. Over the years that followed, there has been steady development of various cryptocurrencies with claims of meeting various needs.

Fast forward to 2017 (that is about a decade after the unveiling of Bitcoin), the crypto industry witnessed a massive proliferation of projects and their respective coins or tokens, whose founders or creators either developed from the scratch, or built off of existing blockchains or contracts. As a matter of fact, the Ethereum Blockchain arguably brought the breakthrough, changing the face of the crypto space, by providing an efficient and effective platform for virtually every Tom, Dick and Harry to launch their ideas on the Ethereum Smart Contract.

Courtesy: https://www.guidetocrypto.com/-

During the late 2017 to early 2018, the crypto market experienced an unprecedented boom in prices, with Bitcoin rallying to record levels in the region of $20,000. There is no gainsaying that a lot of folks with very little knowledge or none at all of investments, who did stumble into the industry at the time, made some gains for themselves. Whether or not they cashed out on the profits made is another subject entirely. In spite of this apparent sweet tale, seasoned financial experts warned that there was always going to be negatives around the corner. Con artists, swindlers, scammers did get onto the scene as well. They came in all forms — from project developers, project administrators, advisors, investment managers, crypto exchanges, moderators, influencers, and so on — to rip naive investors of their hard earned finances. With the attendant rise in these unscrupulous elements, it was clear that the space was still a wild-wild west kind of setup, as it was largely unregulated; reason for the high level of unprofessionalism and financial misconducts going on at the time. Exit scams became a norm. Trust was lost in the otherwise novel idea of Satoshi Nakamoto. It did seem after all that there was no escaping the financial trepidations of the world governments’ central banks. With the negative spanner of distrust and folly thrown in the wheels of digital monetary system, a major blow was dealt on the crypto market, with prices plunging like waterfalls, beyond most people’s expectations. It had become the classic definition of a bubble. With crypto projects becoming insolvent, some pulling exit scams; it became a question of whether the purpose of creating Bitcoin (and indeed cryptocurrencies) had been defeated. Clearly, inflation was a major negative feature of fiat (paper money); however, the cryptocurrencies which had been created to address this flaw were becoming more and more inflationary — even hyperinflationary — compared to the central banks’ printed paper money.

Changing the Narrative

In January 2019, whilst a lot of crypto enthusiasts and investors alike were busy comparing notes of who lost what, after the markets had witnessed a humongous drop in the valuation of cryptocurrencies across board, a group of individuals — crypto advocates themselves, notably *Zachary Dash and [Austin Merricks](https://www.linkedin.com/in/austin-merricks-521387132)— tinkered on the idea of presenting the economic [concept of deflation](https://www.investopedia.com/terms/d/deflation.asp), using crypto as the vehicle, to the world. If [inflation](https://www.investopedia.com/terms/i/inflation.asp)* entails that the purchasing power of currency is falling, and deflation happens to be the opposite of such, why do people not really talk about the possibility of pushing for and implementing deflationary mechanisms in our financial systems? These folks were willing to give this a push and began working on ways to do make this happen. This was how the idea of ***Bomb Token*** was conceived and birthed.

As with human psychology, it is not always easy changing the mind-set or perspectives of people that have been built and become a part of their existence almost forever. Maybe one way they would get to listen and explore the idea was to try selling same idea to them for free.

Changing the narrative was to be implemented from a tactical, clever but yet simple front. There is no free lunch anywhere, not even in Freetown. The creators of **Bomb Token printed [ERC-20 tokens](https://support.blockchain.com/hc/en-us/articles/360027491872-What-is-an-ERC20-token-)** with deflationary or burn features, distributed them to as many as were interested at the time as “free lunch”.

Needs it be mentioned that what started seemingly as a joke of an experiment to some evolved into a kind of compact set? The community was knit, voted on virtually every decision reached, including the landmark one, heralding the swap from the V2 to the V3 edition of the token, to eliminate any decimal in the contract. This makes for the unique feature of the present day Bomb Token — 1% burn for every transaction done on the blockchain.

Testimonies of Family and Friends

When I came across the concept of Bomb on social media — early February, 2019 — I fell in love with it, curious to see how it would fly. Becoming an active member of the community did open my eyes to a lot more information and knowledge pertaining to economics, cryptocurrencies and indeed blockchain technology.

There are not so many people who would decline free gifts ordinarily, right? Having gotten a share of the “free lunch” being distributed by the creators of Bomb, in the form of the ERC-20 Bomb tokens, words were sent out to my family members, friends, loved ones and a few acquaintances; with a view of presenting them the opportunity of becoming beneficiaries of this “lunch pack”. Yes, as expected, many jumped on the invite and got “rewarded” as well.

If you have never walked in my shoes, do not judge me. If you come from regions where up to (or in some cases even more than) half the population of the citizens live on less than $2 a day, only then would you understand the true value of giveaways which have become so popular in the cryptosphere.

A younger brother who received a fair share of Bomb tokens during the airdrop campaign would forever be grateful to the project team for their “kind gesture”. At the time, he was running a Postgraduate Degree Course in Electronics Engineering, in one of our national universities of technology. The high rate of unemployment in the country meant he would have to undergo his educational training without having a job to support himself, totally depending on the family for his bills. Truth be told; there is only so much assistance you could get from a middle-class (or slightly below middle-class) family, after your tuition, accommodation and a few logistics bills have been taken care of by them. The second quarter of 2019 ushered in his project work, to earn him the cognate certification in his course of study; but then came the challenges of funding the thesis and practical works. Fortunately for this fella, it was around the same time Bomb experienced a positive run up in price. His portion of the free lunch he had received several months prior came to the rescue, as he was able to raise substantial amount of cash from trading the tokens. The funds raised took care of up to 60% of the financial requirement of his project work. This, without a doubt, was a major milestone in achieving his academic pursuit.

There is yet another brother of mine who testifies to the generosity of the Bomb project. After taking part in the airdrop campaign, and eventually receiving the free lunch package, the tokens would come to his rescue at a later date. At some point leading to mid 2019, this dude was hit with some financial difficulties. To make matters worse, his vehicle with which he would get by became faulty, requiring a serious engine overhaul. With his finances literally dried up, he was stuck with the solitary option of selling the automobile. Call it a stroke of luck, good fortune or whatever, his Bomb tokens rallied to his rescue. He was able to trade them for some substantial amount of cash which he would use to have his vehicle fixed, enabling him take care of his business.

A friend of mine fell in love with the Bomb mascot — **Bombino** — after she realized that her tokens had gained so much value, mid 2019. This is somebody who knew nothing at all about blockchain technology, let alone cryptocurrencies, prior to her encounter with the Bomb project.

There are a lot more friends and acquaintances with memorable stories of their encounters with this deflationary asset whose accounts would be the more interesting if they shared such themselves. For a lot of them, the project broadened their horizon, becoming aware of a world outside of the traditional finance that they have been so used to all their lives.

Everyone Has a Story to Tell

Time will fail me to share every of my Bomb story on this single post. Without a doubt, everyone who did come across or got involved with the world’s first deflationary token would have something to share. For those who only just got exposed to this new asset class by reason of this post, sooner than later, you also would be able to share your Bomb Story.

Everyone is encouraged to share their stories so the world becomes more aware of the concept of a deflationary asset class.

Disclaimer: This post should by no means be taken as investment advice, as the writer is not a financial adviser. The contents herein are only the thoughts and personal views of the writer. Be reminded that cryptocurrency investments are purely based off of speculative assets. Those wishing to invest in any crypto asset do so of their own volition and risk.

For further details on the Bomb Project, visit the following social media handles:

• Website: https://bombtoken.com/
• Twitter: https://twitter.com/bombtoken
• Telegram: http://t.me/bombtoken
• Medium: https://medium.com/bombx
• Reddit: https://www.reddit.com/r/bombtoken