There's no such thing as "waiving" your citizenship. You have to renounce it. It's a complicated process that must be done in person, under oath, before a consular or diplomatic officer. And there's a bunch of paperwork.

Also, crucially, if you have not obtained citizenship elsewhere first, you will be a stateless person with no rights anywhere. So you can't just renounce your citizen and then move.

Also, it's irrevocable — if you change your mind, you can't get citizenship back except by immigrating the hard way (visa/green card track).

You may also owe an exit tax, depending on your recent income and current wealth. Oh, and it costs $2,350.