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Author Topic: [ANN] [BARR] The Only Cryptocurrency Earned by Burning Multiple Altcoins  (Read 35732 times)
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BARR_Official
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November 30, 2015, 02:57:04 AM
 #181

Alright, our weekly trade volume is up to 68,000 NXT, thanks to a late holdout who just exchanged his XAI for some BARR and then took it to SecureAE.com.

And the next burn period starts tomorrow - you have 21 hours to exchange KEY, FRAC, and XAI!

Burning Altcoins for Redemption and Reduction - http://barr.me
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November 30, 2015, 05:09:59 AM
 #182

So you maxed out at 48% of the supply of one coin with one day left - what now? I would assume individual specimens of that coin have increased value with decreased supply. The (temporarily) increased trading volume means they stay on exchanges a little while later and then - they just disappear? This is the one part of this concept I struggle with.

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November 30, 2015, 05:31:06 AM
 #183

So you maxed out at 48% of the supply of one coin with one day left


Yes, we burned $10,000 worth of Sapience and redeemed it with BARR.



Quote
- what now?


If Cryptsy shuts down, or delists KEY and FRAC, then all remaining KEY and FRAC holders lose all their money.  The people who swapped their KEY and FRAC for BARR can continue to trade on a decentralized exchange where their coins can never be delisted.

Meanwhile, we're moving on to burn ACP and LYB.

 

Quote
I would assume individual specimens of that coin have increased value with decreased supply.


On paper.  These markets had low volume at half the price, and now the price says it's higher and still nobody is buying. 



Quote
The (temporarily) increased trading volume means they stay on exchanges a little while later and then - they just disappear?


We offered enough BARR to exchange 100% of everyone's coins.  If people didn't exchange, then they can take their chances that their coins won't disappear. 

Most altcoins eventually disappear anyway, which is why we're offering a way out that doesn't involve losing all your money.



Quote
This is the one part of this concept I struggle with.


The idea is that BARR can replace those coins.  Instead of separately launching upgraded versions of Keycoin 2.0, Fractalcoin 2.0, and Sapience 2.0, and swapping the old coins for the new version, we're swapping them all for 1 new coin.  Then, instead of 3 struggling coins with 20 users each, we have 1 coin with 60 users.  And then we keep bringing in more coins, absorbing their value and their users. 

But it's all voluntary.  If they want to keep their old coins, we're not doing anything to stop them.  But we do think those coins are going to die, so we're saving what we can while they still have value. 

Burning Altcoins for Redemption and Reduction - http://barr.me
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November 30, 2015, 05:40:11 AM
 #184

I think this is awesome.
BARR_Official
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November 30, 2015, 09:00:26 PM
 #185

I think this is awesome.


Thanks!

We just had another 63,918 KEY burned, bringing us to over 36% of the entire KEY supply!

We also have someone withdrawing FRAC from Poloniex's delisted wallet, hopefully it will go through.

Burning Altcoins for Redemption and Reduction - http://barr.me
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November 30, 2015, 09:59:43 PM
 #186

We have moved the ACP market to 600 satoshis, and the LYB market to 6000 satoshis. 

Burn starts in 2 hours, which is also the end of burn for XAI, KEY, and FRAC.

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December 01, 2015, 03:16:10 AM
 #187


Alright, it's December 1st.  Burn exchange has ended for KEY, FRAC, and XAI.  Burn exchange has begun for ACP and LYB.




The burn address for ACP is 1111111111111111111114oLvT2

Here is the link to that address on the block explorer:  http://52.11.163.91:3001/address/1111111111111111111114oLvT2



The burn address for LYB is LKDxGDJq5fF4FohAB8zJH24mDDNHDNtqsE

Here is the link to that address on the block explorer:  http://bitexp.net/address.php?coin=Lyrabar&address=LKDxGDJq5fF4FohAB8zJH24mDDNHDNtqsE

There is also a block explorer at http://www.zpool.ca/explorer?id=865




These burn addresses return a string of zeroes when hashed, so they are considered provably unspendable.



We have made 1 burn transaction for ACP, and multiple burn transactions for LYB.  We will be making more as we acquire more coins.

Burning Altcoins for Redemption and Reduction - http://barr.me
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December 01, 2015, 06:33:55 PM
 #188

We have burned 1,000,000 ACP, which is over 41% of the current coin supply, worth over $2,200.

We have burned 320,000 LYB, which is over 36% of the current coin supply, worth over $7,000.


Burning Altcoins for Redemption and Reduction - http://barr.me
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December 01, 2015, 09:29:33 PM
 #189

Wow, that was quick.

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December 02, 2015, 03:54:27 PM
 #190

Wow, that was quick.


We started buying small amounts of ACP about 3 weeks ago, when it was in the voting for December.  When the voting was final on November 15th, we started buying more and slowly moving the price up. 

Since BARR single-handedly caused the price to increase from 60 to 600 satoshis, with the majority of holders constantly dumping huge orders on us, we ended up buying over a million coins in 3 weeks.  That's almost all the volume the coin has done in those 3 weeks.

Lyrabar is different, since runpaint already had a lot of those.  Since it's a Wild Card, we didn't increase the price as much or make as much effort to acquire 100% of the supply. 

Burning Altcoins for Redemption and Reduction - http://barr.me
BARR_Official
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December 05, 2015, 01:09:32 AM
 #191

Don't forget, voting ends at 00:00 GMT on the 15th of each month.

Votes are cast by sending BARR to the Market Fund with an unencrypted permanent message naming the coin or coins you want burned.  Coins must be on the eligible list. 

The address of the Market Fund is NXT-59NQ-AA5B-V4NT-HAZLY

Burning Altcoins for Redemption and Reduction - http://barr.me
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December 05, 2015, 04:07:25 PM
 #192

Don't forget, voting ends at 00:00 GMT on the 15th of each month.

Votes are cast by sending BARR to the Market Fund with an unencrypted permanent message naming the coin or coins you want burned.  Coins must be on the eligible list. 

The address of the Market Fund is NXT-59NQ-AA5B-V4NT-HAZLY

Is there any way to see the voting list, I mean so one can see how the the voting is going prior to the 15th?

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December 05, 2015, 04:23:34 PM
 #193

Don't forget, voting ends at 00:00 GMT on the 15th of each month.

Votes are cast by sending BARR to the Market Fund with an unencrypted permanent message naming the coin or coins you want burned.  Coins must be on the eligible list.  

The address of the Market Fund is NXT-59NQ-AA5B-V4NT-HAZLY

Is there any way to see the voting list, I mean so one can see how the the voting is going prior to the 15th?


Yes, in any NXT client you can view that address, NXT-59NQ-AA5B-V4NT-HAZLY, and see any "Asset Transfer" of BARR that has a message attached indicating that it's a vote.

There's only 1 so far, so it's still a small enough thing that we don't need another method yet.

I can tell you that runpaint is planning to vote for Bunnycoin, and for Unitus as a Wild Card.  Unless anyone else votes with significant amounts of BARR, those will probably be the winners.  

But we will probably vote for at least 1 backup coin too, in case Bunnycoin falls through for any reason such as network failure.  As to what the backup coin or coins should be, it's complicated for several reasons.  Even the list of 100 coins we already made has some problematic coins.

Some of the coins only listed at Cryptopia have such low volume that it doesn't seem possible to acquire a significant percentage of the outstanding supply, at any price, as most users must have abandoned or forgotten their coins and gave up on trying to sell them.  We'd rather not spend an entire month trying to burn only 1 coin, and end up only able to burn 5% of the supply.

But we also don't want to end up like Digital Credits DGCS, a project that claims to burn altcoins using BARR's ideas.  They announced that they would be burning 3 coins, but then changed it to 2 at the last minute because of a problem with one of the coins.  Their final 2 coins were Spacecoin and Selfiecoin, but when they began their coin swap someone apparently came up with Trillions of Selfiecoins that DGCS did not know existed (according to them).  And so they cancelled their offer to swap Selfiecoins, already failing in their plans during the first hours of the first day of their first swap.  That leaves them with only 1 coin, and they've only burned about 0.01% of that coin's supply (or not burned, but sent the coins to an exchange which says they will burn them).  They have also failed to support the price of their coin, making it unprofitable for traders to exchange their altcoins for DGCS.  

Even though we have never so been careless or irresponsible, with such a lack of proper planning, we will still try to have adequate backup plans in place.  These are exactly the kinds of problems we anticipated, planned for, and have thus far avoided.

Burning Altcoins for Redemption and Reduction - http://barr.me
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December 05, 2015, 06:18:34 PM
 #194

Thanks for the reply.
It even works in an online client.

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December 07, 2015, 01:40:29 AM
 #195

Looks like our investor never got his FRAC out of Poloniex.  They delisted it a few months ago, so maybe their wallet is offline.  But he got a "withdrawal complete", so maybe their support can tell him what happened.

Burning Altcoins for Redemption and Reduction - http://barr.me
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December 07, 2015, 03:01:54 AM
 #196

You should consider Yovi as a burn option.
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December 07, 2015, 05:39:12 AM
 #197

Just got a personal message:



!!! WARNING: This user is a newbie. If you are expecting a message from a more veteran member, then this is an imposter !!!

currently dropping a shit-load of data on your servers, send 0.01BTC to 1bpXWNAcrH1MvH9jX5WNdVF452wKVjSFb

within 24 hours
or else i go all out, blocking your traffic,
u have 24 hours

barr.me





The reply:




lol, are you going to attack bitcointalk.org too? 



Burning Altcoins for Redemption and Reduction - http://barr.me
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December 07, 2015, 05:57:54 AM
 #198


if I read this correctly, then this is an attempt to extort .... 0.01 Bitcoin?

what's up with that?  Smiley

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December 07, 2015, 02:35:45 PM
 #199


if I read this correctly, then this is an attempt to extort .... 0.01 Bitcoin?

what's up with that?  Smiley


lol, that does appear to be their goal

Burning Altcoins for Redemption and Reduction - http://barr.me
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December 07, 2015, 04:08:10 PM
 #200


if I read this correctly, then this is an attempt to extort .... 0.01 Bitcoin?

what's up with that?  Smiley


lol, that does appear to be their goal

hey! I've got it: Inverse fat finger, trying to type 100 Bitcoin and landed at 0.01 Bitcoin instead!   Grin

.FundYourselfNow.
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