Instead of trying to generate new value, CannibalCoin EATS the "intrinsic value" that people believe is somehow trapped inside their fiat money. It is the online equivalent of creating a private coin and making someone burn a dollar in front of you in order to get it.
The problem is as follows: almost every cryptocurrency relies on the fact that the total amount of currency in circulation is limited. If your CannibalCoin is "mined" by destroying for example dollar notes, it becomes inflational, and hence, another fiat currency. No matter how many dollars you burn, FED can print as many new ones, as it wants 
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