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Author Topic: [ANN] [BARR] The Only Cryptocurrency Where No One's Ever Lost Money  (Read 36929 times)
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December 10, 2016, 10:28:27 AM
 #481

I run quite a valuable coin with only 2 million in supply and am trying to back it up with more assets. What do we need to do if we want some of the supply burned off? Or what do we benefit buy owning this asset? Are there any dividends made by procuring and holding this asset?

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December 10, 2016, 01:27:04 PM
 #482


Great so this dev only has over 1 million supply now he burned half of it,while all the other devs has over 100 million to 10 billion and new coins coming with coins supply from 100 million to billions you opted for just over 1 million I'm sure it will have an impact in the market.


That dev didn't burn any coins.  He sold them for BTC, and then someone else burned them.  He earned those coins by PoW and/or by buying them on the market.  We don't just give away money to devs who premine billions of free coins.  We only issue BARR as a replacement for real coins that already have real investment in them and are actively being traded.  Not 1 BARR has ever entered circulation without an equal value of altcoins being burned first. 

As for how many coins we burn, we don't turn anyone down when we're burning a particular altcoin.  People decide whether to burn their own coins.  Other than that, we can only burn as much as we can afford to buy.  But we only offer burn redemption for a coin when we have enough BARR allocated to swap for the entire supply of that altcoin.  So for all of the coins we burned, we were ready and able to replace the entire supply.  The final choice belongs to the holders of the coins, and we've burned as much as 48% of a coin's entire supply.

We did burn 9 Billion Cagecoins and 11 Billion Bunnycoins, and we've burned about $40,000 worth of altcoins in all, making permanent changes across 14 blockchains.  We've also kept thousands of dollars worth of NXT in buy orders to support the price of BARR and make sure not a single person has gotten stuck with BARR and unable to sell it. 

If you wanted to help make an impact in the market, you could have bought BARR or burned any of these altcoins.  Making posts at bitcointalk is free, but making entries in a blockchain ledger costs money.

Burning Altcoins for Redemption and Reduction - http://barr.me
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December 10, 2016, 01:33:50 PM
 #483

I run quite a valuable coin with only 2 million in supply and am trying to back it up with more assets. What do we need to do if we want some of the supply burned off? Or what do we benefit buy owning this asset? Are there any dividends made by procuring and holding this asset?



Holding BARR gives you all the benefits of the altcoins you're already holding, but on a stronger blockchain with more users.  BARR runs on the NXT blockchain, which has more community and development than 99% of other altcoins.  BARR can be used just like any altcoin as a store of value, or to make quick, easy, and cheap online payments across the world.  Plus BARR can never be delisted from the decentralized NXT Asset Exchange as long as NXT is running, which gives it an advantage over other altcoins which face the constant threat of delisting and can't be traded without trusting a centralized exchange. 

How can you back up an altcoin with assets?  Does owning your altcoin give someone a share of ownership in a company or commodity? 

Burning Altcoins for Redemption and Reduction - http://barr.me
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December 15, 2016, 12:02:10 PM
 #484


Great so this dev only has over 1 million supply now he burned half of it,while all the other devs has over 100 million to 10 billion and new coins coming with coins supply from 100 million to billions you opted for just over 1 million I'm sure it will have an impact in the market.


That dev didn't burn any coins.  He sold them for BTC, and then someone else burned them.  He earned those coins by PoW and/or by buying them on the market.  We don't just give away money to devs who premine billions of free coins.  We only issue BARR as a replacement for real coins that already have real investment in them and are actively being traded.  Not 1 BARR has ever entered circulation without an equal value of altcoins being burned first. 

As for how many coins we burn, we don't turn anyone down when we're burning a particular altcoin.  People decide whether to burn their own coins.  Other than that, we can only burn as much as we can afford to buy.  But we only offer burn redemption for a coin when we have enough BARR allocated to swap for the entire supply of that altcoin.  So for all of the coins we burned, we were ready and able to replace the entire supply.  The final choice belongs to the holders of the coins, and we've burned as much as 48% of a coin's entire supply.

We did burn 9 Billion Cagecoins and 11 Billion Bunnycoins, and we've burned about $40,000 worth of altcoins in all, making permanent changes across 14 blockchains.  We've also kept thousands of dollars worth of NXT in buy orders to support the price of BARR and make sure not a single person has gotten stuck with BARR and unable to sell it. 

If you wanted to help make an impact in the market, you could have bought BARR or burned any of these altcoins.  Making posts at bitcointalk is free, but making entries in a blockchain ledger costs money.
That was a responsible answer to what seemed like me having a dig at barr one year after the burn. ACP has zero premine and I was trading as normal coins mined without realisation of someone about to burn them. I will stop by next December to say hello. Have a good new year.

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December 16, 2016, 01:03:36 AM
 #485

Thanks, Merry Christmas!

Burning Altcoins for Redemption and Reduction - http://barr.me
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January 06, 2017, 03:03:09 AM
 #486

Thanks, Merry Christmas!

Yo dude, what have you been up to?  Anything interesting, crypto-wise?  I miss those....burning days...glad to see you're still around. 
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January 06, 2017, 04:12:34 AM
 #487

Thanks, Merry Christmas!

Yo dude, what have you been up to?  Anything interesting, crypto-wise?  I miss those....burning days...glad to see you're still around. 



Well, the price of Bitcoin is interesting.  If the price of BTC drops a little more without NXT going up, it might be a good time to get some more NXT.  Since BARR is traded in NXT, BARR is also cheaper now than it will be if NXT goes up. 

If the prices start to stabilize more then it might be a better time to do some more burns.

Burning Altcoins for Redemption and Reduction - http://barr.me
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January 06, 2017, 05:16:26 AM
 #488

Thanks, Merry Christmas!

Yo dude, what have you been up to?  Anything interesting, crypto-wise?  I miss those....burning days...glad to see you're still around. 



Well, the price of Bitcoin is interesting.  If the price of BTC drops a little more without NXT going up, it might be a good time to get some more NXT.  Since BARR is traded in NXT, BARR is also cheaper now than it will be if NXT goes up. 

If the prices start to stabilize more then it might be a better time to do some more burns.

This is the glory days of icos many newbies creating a lot of new coins attach to ico with millions and billions of supply and you are a big help to the community I hope we'll get a lot more updates on the coins that you are going to burn.

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January 07, 2017, 02:58:22 PM
 #489

Thanks.  I'm sure there are plenty of coins that could use some help. 

Burning Altcoins for Redemption and Reduction - http://barr.me
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January 08, 2017, 02:00:32 AM
 #490

Thanks.  I'm sure there are plenty of coins that could use some help.  
What are we waiting for ? Let's burn something right now, without voting !  Wink
it has not been for a long time and that fact is very very strange

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January 08, 2017, 04:09:40 PM
 #491

Thanks.  I'm sure there are plenty of coins that could use some help.  
What are we waiting for ? Let's burn something right now, without voting !  Wink
it has not been for a long time and that fact is very very strange



If you buy $5,000 worth of BARR right now, then we can burn a coin with a $5,000 marketcap.

Burning Altcoins for Redemption and Reduction - http://barr.me
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January 09, 2017, 10:53:33 AM
 #492

Thanks.  I'm sure there are plenty of coins that could use some help.  
What are we waiting for ? Let's burn something right now, without voting !  Wink
it has not been for a long time and that fact is very very strange



If you buy $5,000 worth of BARR right now, then we can burn a coin with a $5,000 marketcap.

hi Dev, where can i buy Barr   Roll Eyes Roll Eyes

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January 09, 2017, 07:00:58 PM
 #493

Thanks.  I'm sure there are plenty of coins that could use some help.  
What are we waiting for ? Let's burn something right now, without voting !  Wink
it has not been for a long time and that fact is very very strange



If you buy $5,000 worth of BARR right now, then we can burn a coin with a $5,000 marketcap.

hi Dev, where can i buy Barr   Roll Eyes Roll Eyes
https://www.mynxt.info

Direct link to asset....

https://www.mynxt.info/asset/7823929696462256005

Or use the NXT AE client on your desktop......

https://nxtforum.org/nrs-releases/nrs-v1-11-2/
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January 10, 2017, 02:50:31 PM
 #494

Thanks.  I'm sure there are plenty of coins that could use some help.  
What are we waiting for ? Let's burn something right now, without voting !  Wink
it has not been for a long time and that fact is very very strange



If you buy $5,000 worth of BARR right now, then we can burn a coin with a $5,000 marketcap.

hi Dev, where can i buy Barr   Roll Eyes Roll Eyes
https://www.mynxt.info

Direct link to asset....

https://www.mynxt.info/asset/7823929696462256005

Or use the NXT AE client on your desktop......

https://nxtforum.org/nrs-releases/nrs-v1-11-2/



That's correct, thanks!

Burning Altcoins for Redemption and Reduction - http://barr.me
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January 21, 2017, 01:37:06 PM
 #495

So what altcoins will be chosen for the next burn period?

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January 21, 2017, 02:15:00 PM
 #496

So what altcoins will be chosen for the next burn period?
it's very secret information  Wink
vote for your preferred coin by your BARR
maybe you (or we) will be winners

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January 21, 2017, 04:33:01 PM
 #497

So what altcoins will be chosen for the next burn period?


Don't listen to casper, he's a troll who got BARR just so he could immediately dump it for a loss, fill all the buy orders, and then come here and ask why there were no buy orders.  He literally chose to lose money just to fud us.  We probably should have banned him from this topic and from participating in BARR burn exchanges, but that was a long time ago and there have been plenty of buy orders for the past year.  

The truth is that we select coins by public voting on the blockchain, so that any BARR holder can participate and anyone can see the voting as it happens in a decentralized way.  But very few people have ever participated, so there's not much to keep up with.  

If we had 100 people who held their BARR after burning the altcoins they had been holding, then we would have a lot of volume, a lot of participation, and the ability to burn a lot more coins.  But as it is, almost everyone has chosen to sell instead of holding, so we don't have the ability to do much right now.  

When we burned $40,000 worth of altcoins, and issued an equivalent amount of BARR to the people who burned the coins, that $40,000 worth of BARR mostly got sold on the NXT Asset Exchange except for what belongs to BARR devs and runpaint (me).  And when it got sold, there weren't many people buying other than us.  

So between the BARR market and the altcoin markets during burn periods, I've put all the savings in crypto that I had into BARR.  Every time we burned an altcoin, I had to spend several bitcoins to support the price of BARR while everyone else was dumping and getting rid of their bags of altcoins.  

Now that I don't have any more bitcoins, it's not a good idea to burn another altcoin without anybody helping to support BARR.  We have a few thousands dollars worth of buy orders for BARR on the Asset Exchange, but those could all get filled if we burned a single small-marketcap altcoin.  Then the price of BARR could drop to almost nothing, and then we wouldn't have enough marketcap to offer burn redemption even for a small coin.  

That's why we've voted to burn nothing for the next burn period, and those votes roll over until someone else spends enough BARR to outvote the votes for "nothing".  In order to outvote us, someone would have to buy some BARR.  Buying BARR is what needs to happen before we can burn any more coins.  If they want us to help them and their coin, they first have to help us and our coin.

But also we're waiting to see what happens with the price of NXT, ARDR, and Bitcoin.  Since BARR is traded in NXT, and NXT is currently down, that also limits our buying power.  If NXT goes to the moon, then that alone could possibly allow BARR to burn lots of altcoins without anyone else putting money in.  

Burning Altcoins for Redemption and Reduction - http://barr.me
casper77
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January 22, 2017, 03:57:42 AM
 #498

i'm not troll, you are wrong
yes, i did many burns in nov-dec 2015 then sold BARR immediately and had x2-x3 profit
what's bad about it ? eventually we all here for the sake of "Mr Profit"
now there is no such profit and i'm a little disappointed but i still like conception of BARR and i keep watching the thread

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41bja
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January 22, 2017, 11:27:48 PM
 #499

That's why we've voted to burn nothing for the next burn period, and those votes roll over until someone else spends enough BARR to outvote the votes for "nothing".  In order to outvote us, someone would have to buy some BARR.  Buying BARR is what needs to happen before we can burn any more coins.  If they want us to help them and their coin, they first have to help us and our coin.

Have you considered speaking to the development team at BeginnerCoin? Their premise is to develop an altcoin that gets average people to understand cryptocurrency. From what I understand, they've been going through some rough times right now. They have maybe one or two exchanges trading their coin and I think the one third-party mining pool that supported them dropped out on their coin. Right now, most people are solo mining on their wallets (since it's a SHA-256d coin, that's practically unprofitable). Maybe you can speak with someone on their dev team and maybe you could reach some mutual agreement.

Here's their website:
http://www.beginnercoin.com

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January 22, 2017, 11:48:43 PM
 #500

This is definitely an interesting idea (and one that could very potentially work)! I like NXT/Ardor, but both BARR and OFFS are user issued NXT assets, which I do not like. If you ever decide to implement this idea with its own side-chain/ledger, I would definitely be interested. Any chances of something like that happening?

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