Bitbar looks great but digging deeper...

[hax0red]

So I'm here to get my account functional but also in my efforts to maximize my mining commission I've run across bitbar which IMO looks package really well although it's clearly thrown together in a weeks time, which leads my money making mind down a different path from mining to currency creation ect but we will stick to mining. So I see a few guys really pumping these things and some not so bright looking people handing over hundreds and while I think it's one of the best packaged coins to hit the scrypt side of things it's definitely not an earned starting point. The shadyness continues with people trading 5-10 bars in the other crypto forum and people on btb.binarycoins.eu with 7k khash making less then 1 bar a day I cannot imagine how some got so many so quickly unless they are strapped with 20-40k khash and got in first day which is probably likely for a few but not the amount I have seen...seems fishy no?

 Also want to point out I'm mining these atm but my khash isnt quite what I would get from a decent litecoin pool so you would honestly need 50k+ khash to be holding the amounts I have seen.

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[hennessyhemp]

I dunno...Bitbar is going to take a little time to gain adoptance...but during that time I'm going to grab as much as I can.  Yesterday, the binarycoins pool had 135 users...divide the total amount of BTB by 135 and you're at 21 bitbars per miner...in a single pool.  I did not mine that much...and I'm sure a few ultrapowerful miners did...though I am still mining, and the hashrate fluctuates greatly.  I did however, purchase that much from BTER.com  people are still actively selling these for more than 1 bitcoin in forums, and the likelihood is it will rise soon.  I mean...any coin that trades against bitcoin that has less than 3000 units currently in supply has some strong potential...and since bitbar was first...we shall see.  I'm glad the market price is low right now...people are insane for selling at these rates...and I'll be picking up as many as possible while they are.  0.49!!!   

[hax0red]

hennessyhemp, how do you feel about bitbar now that bter.com is trading them? 

[Armchair Miner]

I'll answer. After seeing the mining graph of a first day or so, it seems that accepting BTB lowers the reputation of BTER. What is the difference between premining and mining so much on the 1st day anyways?

[Giskard]

In the first 24 hours there were a massive amount of hashing power aimed at BitBar. This increased the difficulty, but the algorithm seems be handling flash-mobs quite well, as it is now slowly decreasing. The BitBar network is still chugging along at around 200 Mhs.

[jamesgarfield]

I dunno...Bitbar is going to take a little time to gain adoptance...but during that time I'm going to grab as much as I can.  Yesterday, the binarycoins pool had 135 users...divide the total amount of BTB by 135 and you're at 21 bitbars per miner...in a single pool.  I did not mine that much...and I'm sure a few ultrapowerful miners did...though I am still mining, and the hashrate fluctuates greatly.  I did however, purchase that much from BTER.com  people are still actively selling these for more than 1 bitcoin in forums, and the likelihood is it will rise soon.  I mean...any coin that trades against bitcoin that has less than 3000 units currently in supply has some strong potential...and since bitbar was first...we shall see.  I'm glad the market price is low right now...people are insane for selling at these rates...and I'll be picking up as many as possible while they are.  0.49!!!   

+1

[aetos]

tested it  mined one block a whooping .15  lol    it would had been nice if  it was at 1 btc but at the current level of .25-.35   its    about 5 bucks i guess

[hennessyhemp]

My hope is to see BTB establish paper wallets so we can start creating physical BTB bars...similar to the Casascius gold bars...that would start to create the right kind of crowd drawn to this, and that would help create value.  Then BTC-e needs to exchange this for it to really spread.  Lots of haters out there re BTB...but many are just jealous...don't be...it's cheap...buy it like mad right now and hold!

The lack of exchange is a double edged sword for BTB...on the one hand, low volume is bad for using as a currency.  On the plus side, this will have a much smaller blockchain than almost any other crypto, which will make syncing to the network theoretically very fast for BTB, even years from now, presuming no gambling sites start using it and spreading dust.  I personally feel that the value will rise fast enough, many gamblers will opt to convert to BTC and gamble with that, rather than try to risk their bars...coins are much easier to part with, mentally.

[lukemarshall]

I'll answer. After seeing the mining graph of a first day or so, it seems that accepting BTB lowers the reputation of BTER. What is the difference between premining and mining so much on the 1st day anyways?

Really??

I guess I'll go dump my Yac, Wdc, Pwc and whatever other trash I have on that "reputable" exchange.

I would actually think the complete opposite, Betr hurt Bitbar...

I would like to see Btb do better, as I like gold bars and such... but Betr was not the answer...

[hennessyhemp]

I have nothing against it being on BTER.  BTER has very little volume as compared to other exchanges, but many alt coins started on lower volume exchanges prior to being proven and rising to the next exchange.  Add this to BTC-e and I think we'll see a huge spike in price.

The fact that it's there and cheap is great for those of us that want some! 

Volume on BTB will probably always be lower than other cryptos...which was part of it's inherent design, which to me is a good thing for this one crypto. 

The day we have a Casascius BTB bar though...that will be pretty cool.  Someone needs to get on the coding for paper wallets.  I would if I had any clue how.

[fast-coin]

with that amount of diff simply not worth it

[hennessyhemp]

with that amount of diff simply not worth it

Worth becomes fairly relative when one BTB becomes "worth" 10 BTC.  I think with enough interest...this is more than possible...it's the likely outcome.

The current payout of .1 would be a pretty nice find at those kinds of rates...and even at their current price are beating BTC on Coinchoose.com right now.  Look at the difficulty of BTC right now...not stopping people from mining...not one bit.