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

[orco#2]

You guys should get Crypty or another exchange to take custody of the funds & ensure that the coins are sent into oblivian

[1714063153]

1714063153

[BARR_Official]

You guys should get Crypty or another exchange to take custody of the funds & ensure that the coins are sent into oblivian

We never handle people's altcoins.  They send their coins to a burn address, directly from their own wallet, or they can withdraw directly from an exchange to the burn address.  Then they prove that the coins were destroyed by showing their transaction ID.  Then we transfer the BARR to them.  

All transaction IDs are publicly available so you can verify them on a block explorer for each coin - click the explorer links we posted a few posts back, and you will see how many of each coin we've burned today.  Coins sent to these addresses cannot be spent, because the hash has a long string of zeroes.

And yes, we are only doing 3 coins during November.  After November these 3 coins will no longer be exchanged for BARR, and we'll do another coin or coins for December.  For now, especially until we get more participation, we are limited by how much bitcoin we have.  Part of the exchange process is that we try to uphold the price for the altcoins during the exchange period, to give people incentive to exchange their coins for BARR, or they can just sell them to us and we'll burn them ourselves.  That way, anyone who doesn't want BARR can still benefit from the opportunity to sell their coins on a market that previous had a lower price and no volume.

[runpaint]

I'll repost the burn addresses and explorer links so they're easy to find:


The burn address for Fractalcoin is FVAiSujNZVgYSc27t6zUTWoKfAGxc8CEW5

The burn address for Keycoin is K7D9JtQxx7rRoWGu6szLpeFQKhbSzyUbC8

The burn address for Sapience is AFmseVrdL9f9oyCzZefL9tG6UbvhPbdYzM



Explorers:


http://www.blocktree.io/address/XAI/AFmseVrdL9f9oyCzZefL9tG6UbvhPbdYzM


http://www.multifaucet.tk/index.php?address=FVAiSujNZVgYSc27t6zUTWoKfAGxc8CEW5&blockexplorer=FRAC


http://www.multifaucet.tk/index.php?address=K7D9JtQxx7rRoWGu6szLpeFQKhbSzyUbC8&blockexplorer=KEY

[BARR_Official]

Alright, it's been almost 24 hours so we'll post some results:



263,919 Keycoins have been burned, and redeemed for 131,960 BARR.

308,059 Fractalcoins have been burned, and redeemed for 154,030 BARR.

297,339 Sapience AIFX coins have been burned, and redeemed for 223,005 BARR.



508,995 BARR has been distributed, out of 10,000,000, which would leave 9,491,005 BARR in the Burn Fund -

but 30,000 BARR has been burned and redeemed for 30,000 OFFS, which brings the Burn Fund back up to 9,521,005 BARR.



We have burned over 27% of all Keycoins, with a market value of $4,350.

We have burned over 30% of all Fractalcoins, with a market value of $5,080.

We have burned over 43% of all Sapience coins, with a market value of $7,360.



In the first 24 hours, BARR has removed $16,790 worth of altcoins from the market, and absorbed them into BARR.

[EBK1000]

Alright, it's been almost 24 hours so we'll post some results:



263,919 Keycoins have been burned, and redeemed for 131,960 BARR.

308,059 Fractalcoins have been burned, and redeemed for 154,030 BARR.

297,339 Sapience AIFX coins have been burned, and redeemed for 223,005 BARR.



508,995 BARR has been distributed, out of 10,000,000, which would leave 9,491,005 BARR in the Burn Fund -

but 30,000 BARR has been burned and redeemed for 30,000 OFFS, which brings the Burn Fund back up to 9,521,005 BARR.



We have burned over 27% of all Keycoins, with a market value of $4,350.

We have burned over 30% of all Fractalcoins, with a market value of $5,080.

We have burned over 43% of all Sapience coins, with a market value of $7,360.



In the first 24 hours, BARR has removed $16,790 worth of altcoins from the market, and absorbed them into BARR.

As BARR is an asset and not a currency, will we get dividends on BARRs held?

[BARR_Official]

As BARR is an asset and not a currency, will we get dividends on BARRs held?

From Page 1:

————————————————————————


Burning Altcoins for Redemption and Reduction is a new cryptocurrency on the NXT Asset Exchange.

That's the first full sentence in the OP.  You don't even have to read it all.

BARR is a currency.



On a related subject -

Now that you have announced BITZx on the NXT Asset Exchange, how will you run it differently from how you've run BITZ? 

Last week, you announced that you didn't want to run BITZ anymore, and the price crashed on the news that the dev didn't think it was worth the cost of running nodes.  You wanted someone else to take it over, and BARR was the only one who offered.  But then you decided that you didn't want your investors to be able to exchange their BITZ for BTC or BARR, so you said you would continue as dev solely to prevent BITZ holders from benefiting from a BARR swap.

Do you think your track record of giving up and changing your mind will affect investor confidence in BITZx?

[BARR_Official]

We're going to try a new voting system to decide which coins will be burned next.  If this voting system works for the next burn period, we'll stick with it.

Voting will be done with BARR, to ensure that the process can only be influenced by BARR holders.  If any altcoin's community wants to benefit from the BARR exchange process, they must first benefit the BARR community a little bit.

To vote for an altcoin to be accepted during the next burn period, send BARR to the Market Fund and include a message with the transaction naming the coin or coins you are voting for (don't encrypt the message).  1 BARR equals 1 vote.

In the future we may have a dedicated voting address for each coin, but for now there is no need to create 100 separate NXT accounts just for voting. 

At 12:00 AM on the 15th of each month, the 3 eligible coins with the most votes will be set as the coins to be burned during the next exchange period.

We may burn more than 3 coins from the voting list if the allocated funds allow it, as well as 1 coin from the Wild Card list if the surplus funds allow it. 

In the future, if the allocated funds for a burn period are only enough to exchange the entire supply of the top voted coin, then we may burn only 1 coin during a burn period. 

Coins must be on the currently-eligible list on Page 1 of this thread to qualify for voting.  If a coin becomes ineligible after the voting process and cannot be burned, e.g. due to exchange delisting or block explorer failure, its votes will be saved towards the next burn period in which it may be eligible.   

The address of the BARR Market Fund is NXT-59NQ-AA5B-V4NT-HAZLY, and all voting funds will be used to support the market.  All NXT and BARR in the Market Fund are never transferred to any other account, unless it is a burn transaction sent to the Burn Fund.

[drakoin]

Interesting experiment. Kudos for all the work you are putting into this.

Not sure I have fully understood it yet, though.

The supply side, I get: You are holding an abundance of asset 7823929696462256005, and whoever is burning his XAI, FRAC, KEY ... will get some of that asset transfered. Correct?

The demand side, I do not understand yet. Who would want to buy BARR, and why?

What are your plans with BARR? What are income streams? Plans for dividends? Where will they come from?

Are you perhaps speculating with the remaining XAI, FRAC, KEY coins, and will distribute trading profits from that, to your asset shareholders? Then why is dividends better than simply holding XAI, FRAC, KEY?


Thanks a lot

[BARR_Official]

Interesting experiment. Kudos for all the work you are putting into this.

Not sure I have fully understood it yet, though.

The supply side, I get: You are holding an abundance of asset 7823929696462256005, and whoever is burning his XAI, FRAC, KEY ... will get some of that asset transfered. Correct?

That's right, all 10,000,000 BARR that will ever exist come from the Burn Fund;  BARR coins in the Burn Fund are never sold, only exchanged for free as a swap to people who burn their altcoins.  After our launch the Burn Fund has 9,521,005 BARR remaining.

So far we have burned 869,000 altcoins, with an approximate current value of $18,000, in exchange for 478,995 BARR.  That gives BARR an estimated value of over 3 cents each.

All burn transactions are available on the block explorers for KEY, FRAC, and XAI, to show that the BARR was legitimately earned:


http://www.blocktree.io/address/XAI/AFmseVrdL9f9oyCzZefL9tG6UbvhPbdYzM


http://www.multifaucet.tk/index.php?address=FVAiSujNZVgYSc27t6zUTWoKfAGxc8CEW5&blockexplorer=FRAC


http://www.multifaucet.tk/index.php?address=K7D9JtQxx7rRoWGu6szLpeFQKhbSzyUbC8&blockexplorer=KEY

The demand side, I do not understand yet. Who would want to buy BARR, and why?

#1, BARR acts as a swap for holders of these altcoins.  Their altcoins are dying, but nobody else is willing to run a community takeover.  So before their coins completely stop running, get delisted from exchanges, and/or lose all value, they can swap those coins for BARR.

People can choose BARR if they believe it has a better chance of surviving long-term than the altcoins they're burning.



#2, Buying BARR helps support the value of BARR, and that contributes to our ability to exchange and burn more altcoins.  Even if someone doesn't hold any of the altcoins we're burning, they can still participate and help us burn coins simply by buying BARR on the market, from sellers who earned their BARR by burning altcoins.  

So people can choose to invest in BARR because they believe that it serves a valuable purpose.



#3, Burning BARR is the only way to earn OFFS, Altcoin Offset Credits.  If someone wants OFFS, they first have to get some BARR.

More information about OFFS:  https://bitcointalk.org/index.php?topic=1233350



#4,  When BARR accepts an altcoin for burn exchange, it can potentially cause increased trading activity for that coin.  Holders of a certain coin may want to benefit from a BARR exchange, but they will first have to get some BARR and spend it in the voting process for their coin.

Buying BARR for voting is the primary method people can use to bring our services to the coin of their choice.



#5, People can buy BARR for any of the reasons they buy any other altcoin.  It can serve as a store of value, a currency, a payment method, or a way to transfer funds instantly to anywhere in the world.


  

What are your plans with BARR? What are income streams? Plans for dividends? Where will they come from?

We have a plan mapped out to absorb/burn/exchange up to 100% of the entire coin supplies of 100 different altcoins over the next 4 years.

Although BARR is built on the NXT platform as an asset, we intend for it to function as a regular cryptocurrency.  It does not pay dividends, because we want BARR's value to come from the functions it performs rather than speculation on expected dividends.  

None of the coins we are burning pay dividends, and BARR takes the place of those coins just as any coin-swap does.  The main difference is that we're swapping more than one coin.  

In order to continue the swaps indefinitely, we use a "difficulty" level in order to reduce rewards at regular intervals, much like the block reward halving of a PoW coin.  That, together with the BARR sent back to the Burn Fund in exchange for OFFS, will allow us to continue without ever running out of BARR.

More on the plans for the future of BARR distribution can be found at http://barr.me/how

Are you perhaps speculating with the remaining XAI, FRAC, KEY coins, and will distribute trading profits from that, to your asset shareholders?

We've burned 43% of all XAI.  That is a good indicator that we haven't held anything back, and it's in our rules that we will never keep extra altcoins on the side, nor will we ever sell the altcoins we are burning during an exchange.  The only possible exception would be for Wild Card coins - we may keep some of our personal coins in the case of a Wild Card, but even then we will not sell into a market during an exchange period while we're buying.  

If we had more XAI, we would burn it.  We are still buying, and we will burn everything we buy.  Everyone who sells to us right now is participating, because their coins will be burned after we buy them.

The ultimate success for us would be to swap the full 100% of a coin's supply to BARR;  that may never be possible, especially with unknown percentages of lost coins, but we will always try to get as close as we can.  For us to sell any coins at all would work against our goals.

We're throwing all our BTC into supporting the prices of the current altcoins, so there's no room for us to sell any.  We're the main ones buying.  And we honestly don't want to be stuck holding these coins after the exchange period ends, because we believe in what we're doing.  We want to destroy as many of these coins as we can, and we want BARR instead.  (There is also the possibility that these coins will crash as soon as we stop buying, so it would be a big risk to keep any.)

Then why is dividends better than simply holding XAI, FRAC, KEY?

There are no dividends from BARR, but there are no dividends from XAI, FRAC, or KEY either.

We believe that holding BARR is better than holding these coins, because these coins are slowly dying and will eventually cease to function.  If the coins completely die, all holders will lose 100% of their investment.  

If and when these altcoins are delisted, there will be no easy way to trade them.  But BARR can never be delisted from the NXT Asset Exchange.  

These altcoins have no developers, and their networks may fail at any time.  BARR's wallet and network are the NXT wallet and network.  That means everything for BARR is already under continual and active development by NXT developers and community, so BARR will function as long as NXT functions.  

Furthermore, these coins are all struggling because there are only a few people in each coin's community.  If we bring them and their coins to BARR, and all of those people combine their efforts into 1 coin, it will already be healthier and more active than any of the coins by themselves.

[runpaint]

We're going to try a new voting system to decide which coins will be burned next.  If this voting system works for the next burn period, we'll stick with it.

Voting will be done with BARR, to ensure that the process can only be influenced by BARR holders.  If any altcoin's community wants to benefit from the BARR exchange process, they must first benefit the BARR community a little bit.

To vote for an altcoin to be accepted during the next burn period, send BARR to the Market Fund and include a message with the transaction naming the coin or coins you are voting for (don't encrypt the message).  1 BARR equals 1 vote.

In the future we may have a dedicated voting address for each coin, but for now there is no need to create 100 separate NXT accounts just for voting. 

At 12:00 AM on the 15th of each month, the 3 eligible coins with the most votes will be set as the coins to be burned during the next exchange period.

We may burn more than 3 coins from the voting list if the allocated funds allow it, as well as 1 coin from the Wild Card list if the surplus funds allow it. 

In the future, if the allocated funds for a burn period are only enough to exchange the entire supply of the top voted coin, then we may burn only 1 coin during a burn period. 

Coins must be on the currently-eligible list on Page 1 of this thread to qualify for voting.  If a coin becomes ineligible after the voting process and cannot be burned, e.g. due to exchange delisting or block explorer failure, its votes will be saved towards the next burn period in which it may be eligible.   

The address of the BARR Market Fund is NXT-59NQ-AA5B-V4NT-HAZLY, and all voting funds will be used to support the market.  All NXT and BARR in the Market Fund are never transferred to any other account, unless it is a burn transaction sent to the Burn Fund.

If I had known we would be sending BARR to the Market Fund for votes, I wouldn't have donated so many of my personal altcoins to the Market Fund already.  But I think it's a good idea, and worth trying. 

One thing I would like to mention is that our main obstacle is supporting the altcoin markets during the exchange period.  Our Bitcoin is spread pretty thin between Keycoin, Fractalcoin, and three separate markets for Sapience.  If we get more BARR users who show up to help and buy altcoins so they can burn them for BARR, then we won't have to maintain the price by ourselves. 

But until then, if we're going to be doing it mostly on our own, we may be able to absorb a higher percentage of a coin's supply by doing fewer coins at one time.  Maybe we should try just one coin for December, and maybe one Wild Card as well.  If the Wild Card market starts to dump more than we can buy, it's not as important.  So we can focus more on the one regular coin and buy as much as possible, instead of buying smaller percentages of three different coins.  Then, if BARR starts to get more participation, it will allow us to do more coins at one time during future exchange periods. 

[BARR_Official]

Those are some points to consider, and hopefully we'll get some feedback here.  Either way, we'll continue to use our best judgment to carry the project forward.

[BARR_Official]

[runpaint]

I'm still buying, but it's slowed down a little.  On the one hand, the same amount of fiat only gets me .5 BTC instead of 1 BTC.  On the other hand, the value of these altcoins and BARR is going up with Bitcoin as long as we maintain the price.

[Thenoticer]

Truly this project is hard to wrap my head around. However I think if you examin the motivation then it is easier to understand.

You can't examine it from the point of view that barr wants to reduce the altcoin scene and is just consumming dying altcoins. New altcoins will always be created to counter balance the consumed and dead coins and dying coins. And of course if a coin is dieing then why not just let it die as that is the same mission of barr, to reduce the altcoin scene.

But if you look at barr as a clever way to get new users onto the nxt system then it makes complete sense as to why this project exists.

[runpaint]

New altcoins will always be created to counter balance the consumed and dead coins and dying coins. And of course if a coin is dieing then why not just let it die as that is the same mission of barr, to reduce the altcoin scene.

If it dies, then all its holders lose all their money.

If it doesn't die, then it continues limping along, taking up space on the market, leaving its holders with their money tied up forever.

Either way, BARR offers another option and serves a valuable purpose.

But if you look at barr as a clever way to get new users onto the nxt system then it makes complete sense as to why this project exists.

We've burned over $20,000 worth of altcoins.  If we wanted to get people into NXT, we would have done better to give away $20,000 worth of NXT.

But most of the people participating don't even have to get involved with NXT, since they can just sell their altcoins on the market.  BARR is allowing them to get out of their altcoin without getting into BARR.

[BitcoinNational]

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.

Jase Money what bag are you holding?

Barr did an pretty damn good review of qualified candidates ... did it miss your coin of choice?

It was a test run.  More to follow.  Make your case for the coin you're wishing to burn.

XAI and FRAC have had positive results ... but both were fair coins (relatively) and suffered from dev abandonment yet still had solid market performances ...  not the hot for a week then dumped.  KEY the same history too, and this weeks numbers show 3 of 3, not a bad program!

This, i hope, is a long term project so may the cream rise to the top of the list.  So far 3/3.  Why the whine?

[runpaint]

I think he was just asking where the buywalls would come from during burn exchanges.

I was hoping the buywalls would come more from $250 bitcoins rather than $500 bitcoins, but I guess we'll see what happens.

[BARR_Official]

[runpaint]

I've just burned another 18,000 XAI, which brings the total of burned coins to 45% of the Sapience supply.

People are still selling as much as we can buy, so we'll be burning more.  Hopefully the price of Bitcoin will get a little lower and we can take that 1.5 BTC buywall down at Bittrex.

[Hoganye]

ASN   Ascension    - Delisted from Bittrex today or not?  Hippie Tech says there was a Trojan in the wallet?  (Not the latex kind)

There was never a virus of any kind in any ASN file or download. Out of hundreds of unique downloads across all platforms only one person ever made such claims. His posted 'evidence' was laughable.