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Author Topic: [ANN] [BARR] The Only Cryptocurrency Earned by Burning Multiple Altcoins  (Read 35687 times)
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BARR_Official
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October 25, 2015, 11:48:21 AM
 #21

Could you add this coin to the list? https://bitcointalk.org/index.php?topic=562481.0 still have a lot of them


That topic hasn't had a post in 18 months.  We can only burn a limited number of coins during each burn period, and each one requires time and planning.  So we want to add coins that will possibly bring a good number of participants.   

Burning Altcoins for Redemption and Reduction - http://barr.me
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October 25, 2015, 12:00:13 PM
 #22

Hey I just created this account, and I noticed BARR!  What a great idea, and it's good that my avatar already says BARR.me!

BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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October 25, 2015, 12:33:14 PM
 #23

I really love your concept of burning coins. Especially multi proof of burn, this will lower the price of others coin and increase the price of BARR considerably. However, I think that based on NXT which is a currency got quite big blockchain right now will slow down the amount of user who hates waiting for things to sync

I agree.  I wasted 1 month trying to sync NXT in the spring of 2015, it's a little geekish :/
But I've just played with the online wallet and it is fairly simple and easy too do.

Also looking at the NXT exchange site and it is uber simple to use.  However it seems all but half a dozen markets are actively traded.  

Hey I just created this account, and I noticed BARR!  What a great idea, and it's good that my avatar already says BARR.me!

Very coin-cident-tal I suppose  Grin Grin

I literally made an account on this forum (finally) just to point out the obvious scam in all of this:

So you're proposing burning a coin and receiving credit for burning in BARR, however this means eventually BARR is going to have some value on the asset exchange. That is 1 BARR = x units of NXT.

Since you control the supply of BARR, what is honestly preventing you from when x hits some desirable rate that you just don't dump a huge chunk of your BARR onto the market, make a nice profit and walk?

Also, lol the fact that you're doing this manually, this honestly wouldn't take more than a day or two to automate, since people can attach messages to transactions they could put their NXT address / pub key in the message field, submit the coins to the burn addresses listed and you have a worker bot that pays them out automatically -- literally a day of coding tops.

tl;dr
obvious (eventual) scam, dev probably doesn't know jack about coding


Yo did the devs actually just ignore this? i was browsing and noticed this, had to make an account just to point out how the devs tried to burry this without response...

id like to hear what they have to say, for one.

this concept requires a custodian.
even if you code some auto-bot ... you still face the same trust issues. (someone holds the keys)

solutions would be multisig or multiple trustees.
i am willing to have a little faith because this an experiment and the guys managing the project have been around for some time.

but yes as time goes by and if BARR becomes an asset of value then perhaps some safe guards are needed.

i would suggest public dumps.  example a BARR holder wants to improve XAI, so he says "I've got $50 of BARR and I am going to selling, the revenue will be used to pay for a block explorer".  so thus you have micro budget projects DIY on the record.  the sincere participants will become evident and hustlers would find it difficult to scam more than $5-$10 if even a $1. 

also this keeps more less a fixed market cap so there is little of a bubble to pop by dumping the reserve BARR.

again as time goes by, and if it works, then find a way to safe guard the system so the market cap can increase.

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October 25, 2015, 02:03:23 PM
 #24

Nothing is perfect, and I doubt we'll be able to please everyone at the same time, but we're going to do our best and consider everyone's suggestions. 

Burning Altcoins for Redemption and Reduction - http://barr.me
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October 25, 2015, 04:59:11 PM
 #25

Hopefully after the launch begins on November 1st, it will be easier for everyone to see how the process works and decide if they would like to participate. 


BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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October 25, 2015, 06:35:53 PM
 #26

We've just added a few more coins to the eligible list, and a lot more coins to the ineligible list.  Hopefully we'll have more done by the end of the day today. 

We'll need to go ahead and decide on the coins to burn for December about 2 weeks ahead of time, to get everything lined up and give people enough notice.  We can't do it at the last minute, but we also can't plan too far ahead because coins get delisted, block explorers stop working, and prices change.  So if we planned it now, we'd probably have to change something before December anyway. 

For example, we were thinking about Prospercoin, and it has a block explorer.  But today we noticed that the block explorer hasn't moved in 3 days, so now we're not sure if we'll be able to do it or not.  It depends on whether the explorer starts working again.  (We've contacted the explorer's host and also mentioned it on the PRC ANN)

For now we'll be concentrating on the launch and the November coins, but we'll start looking at which coins might be good for December.  If most people seem to agree, we won't have to hold a formal vote.  We don't have enough people here yet for a good vote anyway, so it might not be as complicated as in the future when we have a lot of users.  When we need a vote, we'll probably start a separate topic for a discussion and a poll.   

One important thing to talk about is how many coins we're going to burn in December;  we think we may do as many as 6 different coins at the same time, because some of the marketcaps are so low that 2 or 3 coins won't amount to much BARR even with full participation and burning the entire supply.  But we'll have to see how the launch goes and what unexpected problems we might run into.  6 coins at one time might be too many.  But we don't want to split it up into fewer coins for shorter periods, because 2 weeks might not be enough time for everyone to hear about it. 

So once we get that ironed out, we'll be ready for the next question.  Tomorrow is Monday so we're expecting more response here when everybody goes back to work.

Burning Altcoins for Redemption and Reduction - http://barr.me
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October 25, 2015, 10:04:31 PM
 #27


FRAC – 0 coins burned out of 1,003,590 – 0% of total FRAC supply
KEY – 0 coins burned out of 945,787 – 0% of total KEY supply
XAI – 0 coins burned out of 684,468 – 0% of total XAI supply
BARR – 0 coins burned out of 0 in circulation, 0% of distributed supply
(self-burned BARR, sent back to the burnfund)



Interesting choice of coins  Roll Eyes

FRAC – EARLZ
KEY – PROMETHEUS
XAI – ALTY/JOE MOZ



WHO? http://barr.me/who/ runpaint – Inventor of Multi-Proof-of-Burn

Just a random click on his post history....THAT'S A BINGO!!  Grin

https://bitcointalk.org/index.php?action=profile;u=404349;sa=showPosts;start=400

https://archive.is/Mw4Jh


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October 25, 2015, 10:24:24 PM
 #28

Hi thelion007, thanks for taking an interest in BARR.

As you noticed, I have been involved in our 3 launch coins for a while, but not as a developer.  I started out as an altcoin daytrader, and I ended up holding some coins that not many other people wanted to buy.  That includes Fractalcoin, Keycoin, and Sapience, although "coins that not many people want to buy" describes over a thousand altcoins.  Probably 99% of all altcoins.

So I bought these coins, and all the devs abandoned them.  At first I thought it would help to keep the bitcointalk topics active, so my role in the community was just posting on this messageboard.  Then I gave some tips and pointers, helped some people sync their wallets and make .conf files.  But mostly we just talked about how our coins weren't worth much, and how we wished they were worth more.  

The only coding I know is HTML, so I paid $8.99 a year for a domain name and some shared hosting.  That was all I could really contribute at that point.  Just a basic homepage, nothing professional, and I made one for Keycoin as well as Fractalcoin.  (I noticed that a lot of coins have their website go offline right about 1 year after they launch;  but that's only for the coins whose website didn't disappear after 1 month.)

So instead of just talking and wishing our coins were worth more, some of us tried to chip in a little and keep things moving.  But with no dev hosting a DNS seeder, people were having a hard time getting the wallets to work at all.  Then we had to figure out how to keep the coins alive and running - it wasn't an issue of the coins eventually being worth more, but rather an issue of the coins eventually going completely dead and all our coins becoming worthless.  

Some people were talking about updating the coins, community takeovers, swapping to a new blockchain, and other options to keep the coins alive and find a way forward for all of us bagholders.

The idea I settled on was BARR, and I think a good many people will agree that it's a good solution for them too.  Others may not, and they are free to do their own community contribution to keep their coins alive as I have done.

Thank you for providing an archive of my posts, as I like to think I've said some helpful things that people will benefit from.  

But I'm not sure what you mean by "bingo", since it doesn't apply to anything you said.  Since you didn't actually say anything, I can only guess what your point was supposed to be.  Are you saying that all 3 devs of these coins abandoned the coins?  I agree.  That's why we're trying to completely destroy these coins and their entire supplies.  If you have anything you'd actually like to say, please go ahead.  

BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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October 25, 2015, 10:51:41 PM
 #29

Hi thelion007, thanks for taking an interest in BARR.

................

But I'm not sure what you mean by "bingo", since it doesn't apply to anything you said.  Since you didn't actually say anything, I can only guess what your point was supposed to be.  Are you saying that all 3 devs of these coins abandoned the coins?  I agree.  That's why we're trying to completely destroy these coins and their entire supplies.  If you have anything you'd actually like to say, please go ahead.  

It is pretty clear what I was trying to say, you've awarded yourself the biggest stake from those three coins you've accumulated through their extended down time.
Really convenient that your filtered shitcoin list ended up with those specific coins. Just don't play the heal the alt world card, your agenda is clear. It's just another scheme of which you will have the edge, starting with these 3 coins and those redeemable later on that you could (benefit of the doubt) be currently accumulating. I will say no more unless my post gets deleted.
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October 25, 2015, 11:06:42 PM
 #30


It is pretty clear what I was trying to say, you've awarded yourself the biggest stake from those three coins you've accumulated through their extended down time.
Really convenient that your filtered shitcoin list ended up with those specific coins. Just don't play the heal the alt world card, your agenda is clear. It's just another scheme of which you will have the edge, starting with these 3 coins and those redeemable later on that you could (benefit of the doubt) be currently accumulating. I will say no more unless my post gets deleted.


So you have a problem with a coinswap that swaps coins to the people who hold the coins it's swapping for?

NAUT just swapped to a new blockchain - did you know that the main people who received the new NAUT were the same people who held the old NAUT?  Is that some "convenient" hidden scam, or is it the entire point?

We're not selling BARR.  We're giving it away for free.  I won't get 1 single BARR unless I burn my altcoins for it.  Altcoins that I mined for the past year, that I paid for, that I helped to keep alive.  During the launch, I'll continue to scrape up every bit of NXT I can, and spend it all for BARR buywalls.  And it's not very much NXT, but hopefully it will be enough.  The idea of me making any money from this is a long way down the road, if ever.    

But yes, I hold the coins we're burning.  I hold a pretty good bit of them, from my point of view, but spending 5 or 6 BTC on some coins that are now worth 3 or 4 BTC isn't much money in terms of entire markets.  Is that the big scam you're uncovering?  That the person running a community takeover of a coin is part of the community?  

If I didn't hold these coins, some of them would already be dead.  KEY and FRAC anyway.  So I hope other holders don't mind.  And if I didn't hold these coins, BARR wouldn't exist.  So I hope other holders of BARR don't mind.  

And yes, I'm going to buy more altcoins after we decide which ones to burn.  I'm going to buy them, and then I'm going to burn them.  All for BARR, which has still never been sold for any amount of anything.  I don't think it makes a very good scam, but I do think it makes a very good altcoin project.

You don't have to stop posting, your posts aren't going to be deleted and you're not breaking any rules.  I'm sure other people have the same questions. 

BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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October 25, 2015, 11:26:14 PM
 #31


Really convenient that your filtered shitcoin list ended up with those specific coins.



I think that part needs addressing:  what is "specific" about those 3 coins?  Nothing.  

Is it that their devs abandoned them and/or made promises that weren't kept?  

That they were released, pumped and dumped, and they have steadily lost value ever since?  

There's nothing specific about any of that, in the world of altcoins.  That's the norm.  It's almost all of them.  These aren't unusual scamcoins, they're average typical altcoins.  That's the problem we're trying to help solve.  

If you can find 3 altcoins that don't look like a bad group, then you probably have 3 altcoins that people wouldn't want to burn.  We couldn't afford to burn them anyway.  

Burning Altcoins for Redemption and Reduction - http://barr.me
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October 25, 2015, 11:32:58 PM
 #32


Really convenient that your filtered shitcoin list ended up with those specific coins.



I think that part needs addressing:  what is "specific" about those 3 coins?  Nothing. 



I think he's saying that we're only pretending to have a big list of coins, but we "secretly" chose the ones we already hold.

What he left out is that we've already been planning this for weeks in the Keycoin topic, the Fractalcoin topic, and the Sapience topic.  But he knows that, since he read my post history.

Since he also admits that he went to barr.me/who, he knows that we already have community representatives from each coin.  Maybe he conveniently forgot about that. 

The project started as a swap for those 3 coins, so there's no mystery about it.  After we decided to swap those coins, we started looking for other coins to swap in the future.

BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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October 25, 2015, 11:42:04 PM
 #33

Oh.  Well we definitely haven't kept it a secret as to which coins we're starting with.  I already had a post deleted here when tokeweed reported me for "spamming" it.  I was only bringing it up in conversation, but he was tired of me talking about BARR in the Altcoins board.

We've also been announcing it in trollboxes at polo, cryptsy, c-cex, cryptopia, and bleutrade.  Mainly polo and cryptsy, since the coins are traded there.  (XAI is also at trex, but no chat box there)

And if you'd like to see a little of the evolution of the project, you can look at our test pre-ANN that I made 2 weeks ago at NXTforum:

nxtforum.org/news-and-announcements/(ann)-barr-burning-altcoins-for-redemption-and-reduction/

We went to NXTforum early on to get advice, because we're launching on the NXT platform.  Originally we were going to do it on the NXT Monetary System, but people there recommended we use the Asset Exchange because it's more established and easier to use. 

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October 26, 2015, 12:06:40 AM
 #34

Saw you guys on the XAI thread recently. It does look like your putting a good foot forward where your personal bags are already packed. it should be open to burn/exchange any shitcoin (or any coin) at marketvalue for current marketvalue of BARR at least that would keep it fair. meanwhile will it be an open redemption period? because that could really hodl your price down if anyone can just swap and dump until the shitcoins included for swapping are all bought up to equalize value. (which might not take much considering the spread on many dead alts)

$MAID & $BTC other than that some short hodls and some long held garbage.
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October 26, 2015, 12:18:15 AM
 #35

Saw you guys on the XAI thread recently. It does look like your putting a good foot forward where your personal bags are already packed.


Thanks, we always try to put our best foot forward and present an effort we can be proud of.




Quote
it should be open to burn/exchange any shitcoin (or any coin) at marketvalue for current marketvalue of BARR at least that would keep it fair.


If BARR had a marketcap equal to the combined marketcaps of every altcoin, then we could do that.  But we don't have that many millions of dollars.

So instead, we're burning one at a time.  (Or 3 at a time.)  Then we move on and burn something else. 




Quote
meanwhile will it be an open redemption period? because that could really hodl your price down if anyone can just swap and dump until the shitcoins included for swapping are all bought up to equalize value. (which might not take much considering the spread on many dead alts)


The length of the redemption period is set, and so is the exchange rate.  It's open to everyone, with the only restrictions being to prevent spam. 

During the exchange period for a given coin, we will attempt to support the price of that altcoin on exchanges, buying what we can, and burning it.  Hopefully other BARR users will show up to buy the altcoin as well, since it's the only way to get new BARR.  This project is about exchanging and burning altcoins, not buying them.  But we end up having to buy some anyway, so from that angle it will work kind of like a planned pump.  But the difference here is that there will be no dump.  We show up at cryptsy, we buy the altcoin, and then we stop buying the altcoin at the end of the exchange period.  But we don't sell any of the coins we bought.  We burn them, and then we go over to the NXT Asset Exchange and try to make sure the price of BARR is supported too.  Hopefully there won't be much dumping of BARR, since everyone who wanted to dump would've already dumped their altcoins.  They probably won't go to the trouble of exchanging their coins for BARR if they just wanted to dump it, so our altcoin buywalls should help keep the dumpers out of BARR.

Burning Altcoins for Redemption and Reduction - http://barr.me
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October 26, 2015, 12:25:26 AM
 #36

the "we" refered to in price support references a specific group of people or all people participating in this thread who decide to help support the price? im guessing any coins acquired through dumps on buywalls will be burned for BARR.

$MAID & $BTC other than that some short hodls and some long held garbage.
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October 26, 2015, 12:49:38 AM
 #37

the "we" refered to in price support references a specific group of people or all people participating in this thread who decide to help support the price? im guessing any coins acquired through dumps on buywalls will be burned for BARR.


Are you guessing that?  Or did you read it more than once already in this thread?  It's part of the rules, for us.  For you, we can't make you burn the coins after you buy them, if you buy them.  It's all voluntary, except for us.  We're the devs, so we're holding ourselves to certain rules.

As we've already said, we will spend as much as we can for price support, and we hope other BARR users help out with that.  We're not rich, and in fact we're practically broke because we spent all our money on altcoins.  But we will do what we can.




Saw you guys on the XAI thread recently. It does look like your putting a good foot forward where your personal bags are already packed. it should be open to burn/exchange any shitcoin (or any coin) at marketvalue for current marketvalue of BARR at least that would keep it fair.


Well that's very generous of you, to allow us to burn our own coins in addition to all other coins in the world. 

Let me see if I understand you correctly:  We planned to swap Fractalcoin to a new coin, and then we decided to add Sapience and Keycoin as well.  So now, for our new coin project that was made for the purpose of swapping those three coins, you think it's not fair that we're swapping those three coins? 

Have you ever gone to a construction site, where they're building an elementary school, and asked them why all the world's children won't be able to go to that one school?  Wouldn't it be more fair if any child could go there, instead of just the children who live in the area? 

Or maybe one of the construction workers has children that will be attending that school.  Isn't it unfair that he has two children, while another construction worker only has one?  And then some people don't have any children at all.  The whole school is rigged in favor of children - but if you change that, it wouldn't be a school.  If we changed BARR to accept all coins, then it wouldn't be able to burn or redeem any single coin.   

I think it's more important to concentrate on what we can do, rather than what we can't do.  Yes, the people who hold other coins won't get to exchange their coins.  But the people who hold these coins will get to exchange theirs.  That's the point of this project.  Maybe there can be another project that exchanges every altcoin in the world, but this project isn't able to do that.  We don't even want to, because it's not our purpose. 

Since burning altcoins is our way of mining BARR, these launch coins are the genesis block.  We have to start somewhere, and we can see where it goes.  But it won't go anywhere without starting first, and the entire definition of a coin is decided by the launch specs.  These coins are our launch specs.  After everyone sees how the launch period goes, then they can see if the coin works like they think it should. 






BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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October 26, 2015, 01:09:26 AM
 #38


Since burning altcoins is our way of mining BARR, these launch coins are the genesis block.  We have to start somewhere, and we can see where it goes.  But it won't go anywhere without starting first, and the entire definition of a coin is decided by the launch specs.  These coins are our launch specs.  After everyone sees how the launch period goes, then they can see if the coin works like they think it should. 




So you've never gone to a new ANN for a sha256 coin and demanded that they change it to x11 before launch?

Don't you know that they're only benefiting themselves because they already have asics?  They should make it so it can be mined by scrypt asics too, and so cpus can get as many fair coins as asics. 

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October 26, 2015, 04:48:48 AM
 #39

We're still updating the list, and we may be done by later today if we have enough time.  We're reviewing almost 500 coins, which is basically the bottom of the list from CoinMarketCap in addition to some that aren't listed at CoinMarketCap.


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October 26, 2015, 12:40:47 PM
 #40

We still need a community representative for each coin we plan to burn, so please don't hesitate to volunteer if you have a coin you'd like us to offer for burn redemption.

If we can go ahead and gather a list of community representatives, it will help us narrow down which coins should be burned next, and it will also give us a better idea of which coins have active community members that want to participate.

BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
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