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

[BARR_Official]

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.

Thank you, we will remove that from the information

[BARR_Official]

We've had a few more XAI burned by new BARR users today, but the only new activity for FRAC and KEY is people selling it to us at Cryptsy.

Anybody else have an old Keycoin or Fractalcoin wallet you forgot about?  Now's a good time to get it synced!

[BitcoinNational]

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?

agree / disagree

BARR is just a currency with no intention of purpose other than being a token you earn by burn.

Because it is on the NXT platform it is like an asset, if you wish it could become a currency, but in practice only BTC and LTC achieve currency status.  But BARR could be treated as a store of value.  And the purpose of BARR would be to manage the value stored in the BARR asset.  

So no need for dividends ... they are paid out in the form of price increase.  And there is no mining or network over head so low cost of operations.

Obviously BARR is attempting to burn the lower tiers of coins first.  And as stated this gives 'bag holders' and option to trade up for BARR.  And it pools these investors into a larger group.  Again see the point that BARR runs on top of NXT so the 'Dev' is not needed.

At this stage this is a Beta test.  BARR finds case use by showing this works and can move up the tiers to coins like TIPS or CASINO or even lofty as PPC or LTC or maybe DASH will find reason to burn their ninja mine stash.

I suggest another case use is revamp these coins being burned, that would make BARR a dev studio/lab.

With these coins it would be nice to keep them alive, basic stuff nodes and blockchains (no forks or wallet updates).

BARR_Official seems not so much interested in this?  And rather not hold burned coins because of possible conflicts of interest?

But it doesn't matter.  KEY, FRAC, XAI supporters can keep some of their coins and burn some too ... now they will have 2 assets to sell and reinvest precedes into their community projects.  

I hope that BARR will continue to accept any of the burned coins for redemption ... not anytime/all the time ... but like burn holidays where redemption rates can be adjusted to reflect market prices.

That would cause long term mutual benefits.

[BARR_Official]

Good points as usual, BitcoinNational.

You're right that we're in a kind of Beta stage, because there are endless possibilities for what could be added.

Burn Holidays are a good idea;  30 days might be too long for some coins, especially ones we've burned before.  If most people burn their coins the first day anyway, we might get almost as much participation doing a special 1-day burn.  Something to think about.

[BARR_Official]

It's been 7 days since launch - Lots of thanks to everyone who has supported the project and helped us surpass all expectations!


Some updated numbers:


Fractalcoin – 314,015 coins burned out of 1,003,589 = 31% of total FRAC supply

Keycoin – 279,051 coins burned out of 946,902 = 29% of total KEY supply

Sapience – 325,567 coins burned out of 690,460 = 47% of total XAI supply

BARR – 30,100 coins burned out of 522,780 in circulation = 5% (self-burned BARR, sent back to the burnfund)

OFFS - 15,000 coins burned out of 30,100 in circulation (permanently destroyed)

[BARR_Official]

[tokyopotato]

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?

Obviously BARR is attempting to burn the lower tiers of coins first.  And as stated this gives 'bag holders' and option to trade up for BARR.  And it pools these investors into a larger group.  Again see the point that BARR runs on top of NXT so the 'Dev' is not needed.

At this stage this is a Beta test.  BARR finds case use by showing this works and can move up the tiers to coins like TIPS or CASINO or even lofty as PPC or LTC or maybe DASH will find reason to burn their ninja mine stash.

I suggest another case use is revamp these coins being burned, that would make BARR a dev studio/lab.

With these coins it would be nice to keep them alive, basic stuff nodes and blockchains (no forks or wallet updates).

BARR_Official seems not so much interested in this?  And rather not hold burned coins because of possible conflicts of interest?

I very much like this BARR project.  I have envisioned a system of shitcoin burning for a while and while this is very rudimentary - it is functional and showing results.

Nexus is working on blockchain merging which will allow old blockchains to be merged into the Nexus network and economy, or possibly even upgrading older networks with valuable history - basically by running a sidechain of sorts.  This would be for communities or projects that had value.

We can't save everyone or preserve all capital, so it will be interesting to see how this "market capitalization" of BARR will be reflected in BARR/BTC markets.

[tokyopotato]

It's been 7 days since launch - Lots of thanks to everyone who has supported the project and helped us surpass all expectations!


Some updated numbers:


Fractalcoin – 314,015 coins burned out of 1,003,589 = 31% of total FRAC supply

Keycoin – 279,051 coins burned out of 946,902 = 29% of total KEY supply

Sapience – 325,567 coins burned out of 690,460 = 47% of total XAI supply

BARR – 30,100 coins burned out of 522,780 in circulation = 5% (self-burned BARR, sent back to the burnfund)

OFFS - 15,000 coins burned out of 30,100 in circulation (permanently destroyed)

I was looking at data of XAI, KEY, FRAC markets and it appears that on Nov. 1st all of these markets experienced price increases due to people buying these coins for redeeming for BARR.

[BARR_Official]

I was looking at data of XAI, KEY, FRAC markets and it appears that on Nov. 1st all of these markets experienced price increases due to people buying these coins for redeeming for BARR.

That is part of our stated purpose.  The only way to earn new BARR is to burn the accepted altcoins during each burn period, so we have to support the price of these altcoins in order to support the price of BARR. 

[runpaint]

Opinions please:

The XAI market at Bittrex is up for delisting again.

I have personally saved it from delisting multiple times in the past.  Right now, I don't have enough money to buy all the sell orders at 7500, and we aren't getting enough community participation to buy them either.  But I could spend the trade fees to create enough volume from buying and selling to myself, and keep it from being delisted.

But we're approaching 50% of the entire XAI supply burned for BARR, and it's still listed at Poloniex and Cryptsy.  If Bittrex delists it, people can send their coins to the other exchanges and hopefully we'll be able to buy all of them by the end of the month. 

If we do save it at Bittrex now, it will probably just get delisted next month anyway. 

So should we see this as a positive step towards completely absorbing XAI into BARR?

[BARR_Official]

FRAC is now up to 33%.

[djhomeschool]

Call me weird, but I love this idea and I'm constantly refreshing this thread for updates and getting none!

[BARR_Official]

Call me weird, but I love this idea and I'm constantly refreshing this thread for updates and getting none!

Sorry, we don't want to seem like we're spamming when there's nothing much to report other than business as usual and slow markets.

Right now we're looking at which coins to vote on for December, and scraping up some more BTC to buy KEY, FRAC, and XAI.  If we can manage to buy what's on offer and have an extra buywall, then that buywall can move over to the next coins at the end of the month.  

Other than that, the next big thing is to do some marketing and promotion for OFFS.  Once there are a few sites displaying their OFFS Altcoin Offset Rating, then more people will be willing to participate.  Then when there's a bigger demand for OFFS, there will be a bigger demand for BARR, to burn for OFFS.

What do you think about the XAI market at Bittrex?  Is it better to let it get delisted, or keep it trading for 2 more weeks?

[djhomeschool]

XAI shows as 1 BTC worth of volume now, so I think you're OK.

[runpaint]

I just burned 100,000 BARR in exchange for OFFS.  Hopefully OFFS will never be this cheap again, so I'm stocking up.  Of course, I also hope BARR will never be this cheap again, so I'm still buying as much KEY, FRAC, and XAI as I can to burn for more BARR.

[BARR_Official]

Alright, it's the 15th and we had 1 vote for ACP Anarchists Prime.  We also had 1 vote for LYB Lyrabar for the Wild Card.

So, unless something happens that forces us to change the plan, December 1st will be the start of Burn Period 2-A for ACP and LYB.

[3r197]

Well I still haven't heard back from Mullick at Cryptsy and the support ticket remains open in regards for them to unlock their Craigscoin wallet for withdrawals and deposits.

edit I'll create a new ticket. I responded to my old support ticket (41 days old) again, trying to reason my case for burning them for BARR.
I really don't understand it, if they unlock the coin they earn commission. Heck I'd think one of the biggest supporters of BARR would be exchanges that hold their commission in that specific altcoin. I'd think they'd be full of small wallets of altcoins that they'd want to burn for BARR.

Hopefully he'll at least respond this time.

[BARR_Official]

Cryptsy support is usually backed-up, and Craigscoin isn't the only wallet offline.  Poloniex just had their Dogecoin wallet offline for 2 days, so I imagine sometimes there aren't enough people to fix all the problems.  The longer it's offline, and the bigger the coin is, the more money they lose.  So I think they do want to fix it, but they just aren't able to get to it yet.

[BARR_Official]

This guy who is copying our burn idea is very angry that BARR won't give up and admit his superiority:

https://bitcointalk.org/index.php?topic=1247145.0

[zoneout]

With less 24% now everything should be different right?