Bitcoin Forum

At the beginning of May there was a great deal of hype around a "Rare" crypto currency in a "bar" format that was to directly compete with Bitcoin and to be a source where people could consolidate there countless other coins into for storage and safe keeping.

I'd be happy to hear thoughts and opinions of the future of this Alternate Cryptocurrency.


Edit:  if you've never heard of BitBar, here is an information thread with some very useful information & links.

https://bitcointalk.org/index.php?topic=196125.0

Game over. Changing one thing in the code (the number of coins generated per block) wasn't enough innovation.

NEXT!

You missed one possibility:

People realized it's shit.

without a proper exchange like btc-e or any services it's nearly as useless as all the other crap coins. It is unfortunate as I really like the support in the beginning and the idea.

You missed option on your poll.

:Everyone bought into shitcoins, and their spending power went down in an Armada of sinking ships.

Bitbar is like a submarine sitting under the radar, it slowly dived below as the other ships were destroyed, it silently waits, ready to rise when the shitstorm is over.

Seriously, Bitbar is great, it was just released at the wrong time.

Born in Coin War 1. But it lives  ;)

TruCoin killed it.

I would be interested to hear from the developer, or from Balthazar to find out if this statement is true.

I understand that it is very close to Novacoin, with lower block reward, but I think I read that there are a few other differences concerning the generation of proof of stake blocks and the reward amount calculation.



This is a possibility, and I have updated the polling options @ 25 votes

I'm waiting till it drops a little more and then buy 10-12% of all Bitbars :)

bitbar did seem to have potential in the beginning, and the price showed up....that potential & promise was never fulfilled though.

+1

Please add to the poll so we can vote.

I don't see how we can say that already.
It's still in the top region of CoinChoose, the difficulty adjustment is perfect and fast and the maximum amount ever existing never changed.

I think it's actually good for Bitbar price is dropping so fast and low.
The people who mined many BTB at the start have 2 options: hold at low price and pray or sell quick before dropping lower.

The diff adjustment will make it always (close to) profitable to mine :) I don't see why it can't go up again, once.

I will buy a lot of BTB as soon as the price is right for me :)

You are one optimistic f****r, but I like it :)

I would cast your vote under the "not unique enough for me to invest in"

Trying to @ least play nice here  ;D

Too much negative publicity about the day 1 insta-mining, caused by 2 or 3 very vocal members. That troll substrata and the other guy, I forget his name.

Insta-mining on day 1 of launch is actually commonplace. However when those insta-mined coins could be worth 0.5 bitcoins each, that's when the tears flow and people start throwing epic tantrums.

That said, the continuous difficulty adjustment means it will always be profitable to mine so long as there is an exchange and just a small amount of demand.

This. More reason than any.



Most of the bars are being held, only the weak and foolish are selling, probably mostly noob smalltime miners, dumping the small amount they have mined  just to get a piece of the holy grail of a bitcoin.

Yes now is not the time to buy, its sensible to put in bids and wait for it to fall further. But I think maybe it is near its bottom, the dumping has slowed over the last couple of days

lol   :D

Just got this joke too  ;D ;D ;D

+1

+2

Can someone link the site where you can see how much coins there were mined the first day?

It showed how incredibly bad this coin was launched. It was really sad

I agree.
Bitbar is far from dead.  The low starting difficulty/high block reward initially is why there are so many to sell.  This is great for those of us that let them sell into our low bids.  Anyone buying at these levels will not regret it.  Bitbar is currently trading at 0.05 on 6/18/2013.  I will come back to this thread in 12 months to prove that I was right.  But in the mean time please panic sell all your bitbar so I can buy more at 0.05.

Wasn't bitbar trading at 0.5 one month ago? Come on man, you're on in 12 months. The problem is, I can't prove you're wrong because BTB won't be listed anywhere.

Take a look at the "Total Supply" chart of BitBar, and notice how it is sharply vertical during the day 1 instamine, and then levels off to nearly horizontal:

http://cryptometer.org/bitbar_90_day_charts.html.

That's a pretty strong indication that the distribution of the ownership of the coin is inequitable from the start, and no amount of mining is really going to change that.

Compare that (at the same website, follow the links), to the "Total Supply" chart of coins like bitcoin, litecoin, digitalcoin, worldcoin, or any other coin where the Total Supply slope up much more gradually.  Whatever those coins' flaws -- and there may be many -- they don't suffer from the same "almost everything was mined on day 1" problem.

+1; exactly.

This is the worst coin released to date. Good ideas, terrible launch

This is the same for Novacoin no? Correct me if I'm wrong. How is Novacoin doing now?

BTB has a volume of 4.72919109 on Cryptsy over the last 24 hours. No one is buying bitbars...

When like 70% of the coins (or bars) in circulation are mined in the first day and then 30% are mined over the next 29 days, there's something wrong with the coin.

Who the hell would want them?

All the early birds stocked up massive amount of BTB while everyone else got measly block rewards.

Then no one is selling either.

I'm not selling my Unicorns either. Doesn't make them worth anything.

Would recommend OP changes the poll to allow each user to submit multiple answers...I personally believe it was a combination of the 60 BTB instamine + no intelligible differences from existing chains + all the shills stuffing up the forums with propaganda of "CONSOLIDATE YOUR WEALTH IN BITBAR!!!!!" that made absolutely no sense.


In any case: good riddance BTB.

Hmm, makes me wonder how long before someone launches the "UniCoin" :P

I just noticed people were talking about the bitbar chart so I updated that chart.  It's now 47 days instead of 30 days.
Remember: my charts aren't necessarily up to date.  Check the "Last block processed" field at the top of the page to know when the chart was generated.
http://cryptometer.org/bitbar_90_day_charts.html

I believe Trucoiin happened to it

Lol.. you beat me to it.  :D

Negative publicity has nothing to do with the long term viability of the coin. If the commentary had been rosy, it still would be worthless. And the six days worth of confirmations is nutty.

Insta-mineing is commong, but it rarely contributes 25% of the entirety of the coins that will ever be minted.

It was a mixture of the instamine with the steep decrease in blocksize that killed bitbar's value.

Scarcity is not a virtue that is valued in crypto, because there is no such thing as more or less scarce. Just because there are fewer 1.000000 units doesn't mean it is more scarce, it just means that you have to use more decimals. These things are nearly infinitely divisible.

A better question is, what happened to TruCoin? He amped up his FGPA BitBar USB Key and we haven't heard anything since.

I recommend people should ignore the trolls(bashers and Trucoin).  The Bitbar dev. is active and currently working on an update.  It is currently #1 CoinChoose when adjusted for stales, even above LTC.  BTB has one of the best designed difficulty adjustments and proof of stake blocks so it will never "die".  

I edited my original poll and reset it because I felt that it reflected my own thoughts to much, Ecpecially the "to much negativity on the forums" option.

It is now pretty generic left/right/middle of the road.

copy pasta coin.
'consolidate your digital wealth' what the fuck does that even mean?  instead of 1000, you get 1 and they call this a feature.

If anyone is seriously considering spending money on BTB be aware that it had a 296.234% inflation rate at last check. This was the highest of any "coin" listed. Rare indeed. https://bitcointalk.org/index.php?topic=227395.0

This is nothing profound.  Of course a newer currency like Bitbar that has a money supply of 3K is going to have greater money supply growth rate than a mature coin like BTC (the OP even mentions this).  However, any estimation of money supply growth is ultimately irrelevant since there is a set limit of 500,000 bars in the source.

No, it's not the same. NVC instamine (my rig mined 110k coins before difficulty stabilization, it's ~25% of current totalsupply) was destroyed publicly. I don't think that TruCoin/bitbardev capable to do something like this with their 2500+ BTBs instamine. Copy-paste and trolling the only things they are capable to do. ::)

And you should remember that instamine causes another form of centralization, centralization by early adopters. It's deadly for PoS system because it turns currency into solidcoin. We have a couple of trusted wallets and the regular miners doesn't decide anything.

So people who don't like this coin for a good reason are trolls? That's narrow minded

You did a great thing by destroying those coins to allow Novacoin to move forward Balthazar.
I was merely referring to the fact that both NVC and Bitbar have the same reward system, based on PPCoin. Whereas, basically, the lower the difficulty, the higher the reward, and vice versa.
An instamine is unavoidable when using this system and starting from a very low difficulty.

Hopefully bitbardev could do something similar to help bring more credibility to Bitbar.

To be frank there is a lot of hypocrisy on this forum. The very same people who literally cried like babies over bitbar's starting difficulty and instamining immediately jumped onto YACs when they came out shortly afterwards, which had exactly the same problem (check what % of the day 1 coins make up the total money supply). They all turned a blind eye when they hoped it was a situation they could personally benefit from. Since then times have changed. Clones are everywhere and no-one raises an eyebrow about starting difficulty anymore.

BitBar is based on the PPCoin source code, which YACoin is also based on. 2 million ppcoins were made on day 1, it took months for that to look less... even now it's still 10% of the money supply. And it started at 256 difficulty. Bitbar has become a curiosity now, nothing more than an experiment in economics.

^^

that - also - nibble had zero pre-mine or insta - mine block reward was lowered - has a Small but dedicated team -  and will soon be literally promoting on the streets , and has unofficial support from people in one of the largest B4nks in the world < misspelling that for Google   .

can't be official of course  -

I think the biggest negative issue was mining fractions versus a few a day at least. That's ok with BTC because it's worth over $100 each. It's just bad psychologically, even though the value of what's mined SHOULD be all that matters - in reality it's not.  Also, the long confirm times and waiting 5 days to be paid from a pool is just horrible.

bitbar volume was small
no one care it

Absolutely false. Approximately 50% of the nibble in existence today were mined on the first day, and we are around a month of nibble existence. The idea was there, the intent was there, but the execution was not.

Its already dieing out. Just like I said it would in may