[ANN] [BARR] The Only Cryptocurrency earned 100% by Multi-Proof-of-Burn

[BARR_Official]

The fees for sending NXT messages are going up, so we're going to have to start enforcing our spam policies.

If you're a spammer, we'll hold your transactions until they're worth combining and sending at one time.

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[BARR_Official]

Alright, only 4 more days to burn your Bunnycoin and Unitus.

And since Unitus is being delisted from Poloniex on Feb. 8, swapping for BARR might be your last chance to get something out of your UIS.

[BARR_Official]

Alright, the exchange period has ended for Bunnycoin and Unitus.

We burned and redeemed about $1100 worth of Bunnycoin and about $2400 worth of Unitus (give or take 500%, depending on markets and the price of Bitcoin).

The next exchange period for BowsCoin and BARR/OFFS will be from February 14 to February 28, and voting for March coins will end on February 14.

[BARR_Official]

The burn address for BowsCoin is B4T5ciTCkWauSqVAcVKy88ofjcSasUkSYU

Current supply is just under 5,300,000

Block explorer:  http://cryptobe.com/chain/BowsCoin

[hacksmash]

Alright, the exchange period has ended for Bunnycoin and Unitus.

We burned and redeemed about $1100 worth of Bunnycoin and about $2400 worth of Unitus (give or take 500%, depending on markets and the price of Bitcoin).

The next exchange period for BowsCoin and BARR/OFFS will be from February 14 to February 28, and voting for March coins will end on February 14.

Top 100 funded Bunnycoin addresses:

Place:   Address:                                                           Amount (BUN):                       % from total coins:
1          BTngbpkVTh3nGGdFdufHcG5TN7hXYuX31z          11339679084.48129082          11.46539716 %


NICE !

[BARR_Official]

11 Billion coins is a lot.

The percentage is a little higher if you don't count the charity funds, which are 10% of all Bunnycoins and have never been in circulation.

[runpaint]

There aren't any charts that track coin swaps, but we redeemed $3500 worth of coins for new BARR.  So I consider that the same as trade volume, as well as a $3500 increase in BARR's marketcap.

[Munti]

I have been lurking here from the start, and I applaud any initiative to get rid of shitcoins.
What I don't understand is where the value in BARR is supposed to come from. Why would anyone invest in BARR?
Does this coin do more than burn shitcoins?

Edit: And why buy all the shitcoins for burning instead of letting them die without help? Where is the profit in that?

[runpaint]

What I don't understand is where the value in BARR is supposed to come from.

Over $30,000 has been put into BARR.

That money was earned by people who produce goods and services at their jobs;  other people who value those goods and services pay them with money they earned themselves.

Then they took those 30,000 valuable dollars and bought bitcoins, which they believed to have an equal or greater value than the $30,000.

Then they took the $30,000 worth of valuable bitcoins and bought altcoins, which at the time they believed or hoped would have value equal or greater than the bitcoins.

Then they took the $30,000 worth of valuable altcoins and used them to generate new BARR.  They destroyed the altcoins because they believed BARR was more valuable.

Now they can sell their BARR for NXT, and they can sell that NXT for Bitcoin, and they can sell that Bitcoin for dollars, and they can use dollars to pay for goods and services.

People need food, clothing, and shelter, and they also want to acquire other things that they don't already own.  Other people will give them the things they want in exchange for money, and so money is as valuable to people as the food and shelter that keeps them from being homeless and starving.

Why would anyone invest in BARR?

Why "would" they?  The proper question is why have they already invested $30,000.  That money is a reason itself for other investors.

They invest because they believe it has current or future value greater than or equal to the current value of what they invest, and because they believe in the goals of the project and want to contribute to its ongoing success.

Does this coin do more than burn shitcoins?

BARR is only issued to redeem the destruction of currency with real value, never for worthless altcoins.  Everyone who burned their coins could have easily sold those coins for Bitcoin instead, which is why their choice of BARR over Bitcoin represents a real transfer of value.

And yes, BARR does more than burn valuable altcoins.  It does all the same things that other altcoins do, including instant secure international transfer of value.




But BARR also does some things that no other coins can do.  For example, Bitcoin releases new coins into circulation every 10 minutes.  Some altcoins release new coins every 60 seconds.  That means that new money has to come in constantly, or else the price will keep dropping towards 0.  They're creating new money where no money existed before, so they have to attract new dollars from outside the crypto markets every 60 seconds just to keep their price from going down.  As you know, almost none of them can do that.  But BARR is different -


BARR only adds new coins into circulation after an equal value of coins has been subtracted from another coin.  That means no new money has to come from outside the crypto markets to support its value - BARR is the only cryptocurrency that isn't creating money where no money existed before.

Edit: And why buy all the shitcoins for burning instead of letting them die without help? Where is the profit in that?

Some altcoins will die without our help.  Of course, the people holding those coins will lose all their money.

Some of the coins we have burned will be delisted from all exchanges.  If we hadn't burned them, the most active holders of those coins would have 30,000 reasons to get listed on other exchanges and keep them alive.  Now they can let those coins die without dragging it out and tying up more capital within the cryptocurrency ecosystem.

If you want to burn your altcoins without exchanging them for anything else, you are free to do so.  But since you have never done that, I'm sure you understand why nobody else is going to do it either.

[bumbacoin]

why are you burning coins with active devs ?

bowscoin dev posted on the 24th jan.
actively advertising goods for bowscoin.

just weird how you're promoting the death of shitcoins as a good thing, when you're working on a coin which is obviously alive and seems to have more going for it than BARR
ie you can use it to purchase real world goods.


edit.
lol please burn BUMBA. 20 million coins is obviously far too many in this day of shitcoin bloat

[pineapples]

as i understand it,
the swap price of BARR/shitcoin will be based on the relative prices closer to the swap?

also where does the btc in buy wall for the shitcoin come from?

[BARR_Official]

why are you burning coins with active devs ?

Dead coins are already dead.  When a coin is still actively traded, we can help the people whose money is in that coin.

bowscoin dev posted on the 24th jan.
actively advertising goods for bowscoin.

We've been talking to BowsCoin Dev about burning BowsCoin since last October.  He has never objected in the past 4 months.

just weird how you're promoting the death of shitcoins as a good thing, when you're working on a coin which is obviously alive and seems to have more going for it than BARR

We've raised the price of BowsCoin from 22 satoshis to 200 satoshis, so BARR is the best thing it has going for it.

edit.
lol please burn BUMBA. 20 million coins is obviously far too many in this day of shitcoin bloat

Are you sure that wouldn't be "weird"?

[runpaint]

as i understand it,
the swap price of BARR/shitcoin will be based on the relative prices closer to the swap?

Yes, we try to use the market to discover what price will get people to let go of their coins.  If we can buy 30% of the total supply at 100 sats, it's probably not worth it to start paying 200 sats.  Or if our entire buywall at 100 always gets filled in 5 minutes and we're running out of money, we'll try buying at 50.  If our order sits at 50 for 2 days and nobody sells, maybe we'll try 75.

Basically we just try to buy as many coins as we can with the limited BTC we have.

And then other people buy too, and burn their coins for BARR.

Last month we tried doing it differently, putting up a buywall for BARR, letting other people buy the altcoins, and then they could burn them and sell their BARR on a more liquid market.  It definitely resulted in huge trade volume for BARR, but we could've burned more altcoins the usual way. 

We also had more people abusing it with spam transactions, as well as someone dumping BARR at a loss to himself as soon as he got it - just so he could go around fudding with "BARR doesn't even have any buy orders" when he was the one who deliberately filled them all.  Not a big deal, but a waste of that guy's own time and money.  It also let me buy most of the BARR he was dumping for less than half what it normally costs me.

also where does the btc in buy wall for the shitcoin come from?

Some of it from random BARR users who are participating on their own.  But mostly from my own pocket.  I've been spending at least $1000 a month of my own money, and that comes from my day job.  So far I haven't sold any BARR, and we're not making any money from altcoins either because we burn them all. 

The plan is to keep doing what we do, keep showing real results in reducing altcoin supplies, and hopefully we'll continue to gain trust and investment from more new users as we prove how serious and solid the project is.

[bumbacoin]

bowscoin dev posted on the 24th jan.
actively advertising goods for bowscoin.

We've been talking to BowsCoin Dev about burning BowsCoin since last October.  He has never objected in the past 4 months.

well, that's good then

edit.
lol please burn BUMBA. 20 million coins is obviously far too many in this day of shitcoin bloat

Are you sure that wouldn't be "weird"?

sure, but weird is good. lol

i'm considering offering to burn BARR for Bumba, i will have to look at teh figures and see what sort of ratio i can offer.

[antonio8]

Where can I find the voting at?

[BARR_Official]

i'm considering offering to burn BARR for Bumba, i will have to look at teh figures and see what sort of ratio i can offer.

How many Bumba do you have?

When we offer a coin for burn redemption, we have enough funds allocated to swap the entire coin supply of that coin.

So if you're going to do it that way, you'll need enough Bumba in your personal wallet to replace about 100,000 BARR in circulation.  At current market rates, it would take over 30 million Bumba to swap 100,000 BARR.  Of course there isn't that much Bumba in existence, even if you owned the entire supply.  But you could offer a rate less than the market.

Bumba's around 35 satoshis, but let's estimate it at 100 satoshis.  BARR is trading at 11,000 satoshis, although there's nobody selling that low.  But let's round it way down and call it 2000 satoshis.

So if you estimate Bumba at 3 times more than the market rate and BARR at 5 times less than the market rate, you can offer 20 Bumba for every 1 BARR burned.  Then you'll only need 2 million Bumba.

But if you give away 2 million of your own Bumba, it doesn't really accomplish anything different from just giving it away and not burning anything.  BARR is only issued when altcoins are burned, so that's our method of mining.  So when someone burns altcoins, they're creating new BARR.  There's not really a reason to do it for a PoW coin.

[BARR_Official]

Where can I find the voting at?

Votes are cast by sending BARR to the Market Fund with a permanent non-encrypted message attached naming the coin you're voting for.  
That way anyone can check the votes on the NXT blockchain.  

The coin must be in our list of eligible coins on page 1 of this topic.

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

[bumbacoin]

i'm considering offering to burn BARR for Bumba, i will have to look at teh figures and see what sort of ratio i can offer.

How many Bumba do you have?

When we offer a coin for burn redemption, we have enough funds allocated to swap the entire coin supply of that coin.

So if you're going to do it that way, you'll need enough Bumba in your personal wallet to replace about 100,000 BARR in circulation.  At current market rates, it would take over 30 million Bumba to swap 100,000 BARR.  Of course there isn't that much Bumba in existence, even if you owned the entire supply.  But you could offer a rate less than the market.

Bumba's around 35 satoshis, but let's estimate it at 100 satoshis.  BARR is trading at 11,000 satoshis, although there's nobody selling that low.  But let's round it way down and call it 2000 satoshis.

So if you estimate Bumba at 3 times more than the market rate and BARR at 5 times less than the market rate, you can offer 20 Bumba for every 1 BARR burned.  Then you'll only need 2 million Bumba.

But if you give away 2 million of your own Bumba, it doesn't really accomplish anything different from just giving it away and not burning anything.  BARR is only issued when altcoins are burned, so that's our method of mining.  So when someone burns altcoins, they're creating new BARR.  There's not really a reason to do it for a PoW coin.

hmm, well i'm not really interested in swapping the whole shebang of BARR. as amusing as that would be.
there is a quantity of the BUMBA premine that is still targeted for distribution. issuing those coins as swap/burn coins would be highly entertaining.

swapping Bumba for Barr could help strengthen both currencies apparently.

i have swapped names form this excerpt from your OP ..
  – If BUMBA offers an exchange for BARR and the BARR supply is only partially destroyed, then BUMBA and BARR can both benefit.  BUMBA can gain users and adopt the value of the absorbed coins which were burned, while BARR can continue with a higher value.

seems like a win win


edit.
although i believe you have a stupendous amount of BARR in the burn fund, that even if we did burn the entier current circulated quantity of BARR, you would attempt to keep issuing BARR until some time next century?

[BARR_Official]

hmm, well i'm not really interested in swapping the whole shebang of BARR.

Obviously.  

In the figures above showing how you could afford to swap for BARR, I accidentally said 100,000 BARR when I meant 1,000,000.  That's my bad, sorry.

So it turns out you couldn't afford it with even with 100% of all Bumbacoins in existence, even if the price of Bumba went up 1,000%.

as amusing as that would be.

Agreed, since it could never happen.

swapping Bumba for Barr could help strengthen both currencies apparently.

i have swapped names form this excerpt from your OP ..
  – If BUMBA offers an exchange for BARR and the BARR supply is only partially destroyed, then BUMBA and BARR can both benefit.  BUMBA can gain users and adopt the value of the absorbed coins which were burned, while BARR can continue with a higher value.

If you take a true statement and replace the most important word with something completely different, the statement might not be true anymore.
The most important word in the original statement was "BARR", but you've changed it to "BUMBA" which is completely different.
I guess it still applies because you said "if", but then it's just a hypothetical scenario that could never happen.

See, when BARR talks about burning an altcoin, thousands of dollars get spent and lots of coins get burned.
When Bumba talks about burning something, it's "amusing".  
So it's not quite the same thing, no matter which words you swap.

Just quoting our statements and inserting your coin's name doesn't mean anything.
BARR has actually made those statements reality, on 8 different blockchains and with $30,000 worth of coins.
Bumba has not done that, and was not designed for that purpose.




Besides, we've already burned over 230,000 BARR ourselves, which is more than you could afford with 100% of all Bumbacoins.
Of course we had a reason to burn them, and we did it in a way that made sense.  
We sent BARR back to the burn fund so it can be recycled and must be earned again with burned altcoins before it can go back into circulation.

But if you want to burn a few hundred BARR to go with the hundreds of thousands we've already burned, go ahead.  If you buy them or earn them, they're yours to do with as you please.

edit.
although i believe you have a stupendous amount of BARR in the burn fund, that even if we did burn the entier current circulated quantity of BARR, you would attempt to keep issuing BARR until some time next century?

If we burned 100% of Bumbacoins, would you attempt to keep mining blocks and generating new coins with PoW?

But yes, BARR can continue for 100 years.  

[___TR___]

11 Billion coins is a lot.

The percentage is a little higher if you don't count the charity funds, which are 10% of all Bunnycoins and have never been in circulation.

It is possible that some charity coins are in circulation as anyone could create a charity address and get it voted to receive a cut.