[BTB] The BitBar Information Thread

[rbdrbd]

I wanted to put together this info thread on BitBar to help others learn about it (note, I did not release the coin). Please feel free to reply to it and suggest anything that could be added or modified. I've modeled this page after the LiteCoin information thread here.
    
   

The [BTB] BitBar Information Thread

    
   

    
    What Makes BitBar different than other AltCoins?
    
    BitBar is a cryptocurrency designed to be extremely rare and thus hold a larger store of value per unit than conventional cryptocurrencies such as Bitcoin or Litecoin.
    
    It is based upon the Novacoin codebase which uses Scrypt as the hashing algorithm and the fast continuous exponential difficulty adjustment/reward of PPCoin. This makes it highly ASIC resistant, meaning specialist mining equipment built into chips is very costly to manufacture efficiently. (thanks mr_random)
    
    Technical:
    * Proof of Stake + Proof of Work (based off of Balthazar's Novacoin code as well as the RareCoin and Fairnova projects)
    * No premine like Novacoin has been accused of having
    * Dynamically adjusting difficulty and reward calculation
    
    Psychological:
    * Ultra rare
    * Is the first altcoin that is trading at a higher value than BitCoin per unit (correct me if I'm wrong)
    * Novel "bar" concept -- breaks from the "coin" idea. Bar concept holds meaning in people's heads as inherently more value than "coin", i.e. "gold bar" vs "gold coin"
    
    General BitBar Info
    
          BitBar Homepage - bitbar.co
          The BitBar Forum - http://bitcointalk.org/index.php?topic=196125.0
          BitBar @ Reddit - reddit.com/r/bitbar

    Downloads:
          Windws QT wallet - bitbar-qt_v04.3.004.zip
          Source code - Github.com


          Beginner's guide to mining Bitbar
              reddit.com/r/bitbar/comments/1v2rn7/beginner_guide_to_mining_bitbar/

    
          BitBar Block Explorers
              btb.cryptocoinexplorer.com/
    
    
         BitBar mining calculators
              coinchoose.com
    
    
   
    BitBar Exchanges
         Cryptsy - cryptsy.com
         bter.com - Exchange / Deposit / Withdraw
         Google Docs: Spreadsheet  Discussion
    
         BTB Financial Sites
              None yet.
    
                     
    BitBar Mining Pools
    
         btb.mastermining.net - btb.mastermining.net
         ispace - ispace.co.uk
    
    
         P2Pool Support - Will be possible after block #9689 - See here for more information.
         SOLOMINING BitBar - NEED LINK
    
    
    
    
    Mining "Hardware and HowTo" Guides
    
         Consolidated Litecoin Mining Guide for 5xxx, 6xxx, and 7xxx GPUs (applies to BTB as well) - https://bitcointalk.org/index.php?topic=117221.0
    
         Mining hardware comparison (from LTC) - https://github.com/litecoin-project/litecoin/wiki/Mining-hardware-comparison
    
    
     Other Interesting BitBar threads
       
            Coming soon...

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[rbdrbd]

BitBar "Premine" allegations

It is always helpful for new coins to be analyzed and vetted out by the community. In doing this, subSTRATA has brought up some potential issues with BitBar's launch. Let's break down his allegations and put this to rest.

1. 60 blocks after the genesis block were premined

This was indeed true, as a testing error. See here for more information, as well as the tester's admission of error. Those bitbars are being donated as a bounty towards the exchange. See the official launch topic here.

2. Difficulty for the first 735 blocks was so low that it can't even be shown on the explorer

Several coins launched that exact same way:
  * Feathercoin launched with difficulty 0
  * Terracoin launched with difficulty 1 (just as low as 0 in effect)
  * Chinacoin launched with difficulty 0
  * Novacoin launched with difficulty 0

Let's look at the Feathercoin launch, for example:
  * Exactly 24 hours after launch (2013-04-17 21:48:40) 2,898,850 Feathercoins had been mined
  * There are currently 6,415,200 Feathercoins as of 5/5/13 at 3:20PM EST. This means that around 50% of the total Feathercoin supply as of 5/5/13 was mined in the first 24 hours.
  * 20,000 Feathercoins were mined in the first 8 minutes.
  * Feathercoin also started with difficulty of 0, just like BitBar.

Beyond Feathercoin, 2 million PPCoins were mined in the first day.

This makes BitBar's launch very similar to other launches of established coins with a trading market behind them.

3. For the premine period, 59.644201 BTB were generated in little less than 4 minutes

See point above. Current BitBar difficulty and block reward is adjusting predictably to handle the load.

4. For the difficulty under 0.001 period excluding the premine period, 600.324139 BTB were created in little more than 20 minutes

See point above.


So, what's it worth?

Well. The value of any cryptocurrency (and any currency in general) is really what people want to pay for it. However, RustyShackleford1950 has a good analysis of potential BitBar value using historicals from a few other coins:

If we want to estimate the exchange value let's compare it against litecoin:

Litecoin:
Network Hash: 16,759,472 kH/s
Total Supply: 17,392,400 LTC
Current value: 3.14 USD/LTC

Bitbar:
Network Hash: 700,000 kH/s
Total Supply: 2,800 BTB
Theoretical value: 815 LTC/BTB.

Which seems insanely high (24BTC/BTB). And it is, it doesn't take into consideration adoption, reputation, age, etc.

So compare it to one of the lamer coins of recent times, feathercoin;

Feathercoin:
Network Hash: 1,133,753 kH/s
Total Supply: 6,505,600 FTC
Current value: 0.22018 USD/FTC

Bitbar:
Network Hash: 700,000 kH/s
Total Supply: 2,800 BTB
Theoretical value: 315.8 FTC/BTB.

Which would value bitbar at about $70 USD/BTB (0.65 BTC), which seems very low (probably due to the problems feathercoin currently has).


So there's a rough high and low point for the exchange to base the price from.

My personal feeling is that around 10 BTC/BTB is a fair price IN THE LONG TERM. Short term price, anywhere between 1.5BTC/BTB - 2.0 BTC/BTB.

[ymer]

Premined garbage.

https://i.imgur.com/qcjso0c.png

Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.

[rbdrbd]

Premined garbage.

https://i.imgur.com/qcjso0c.png

Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.

Which does not differ from other coins like Feathercoin, where ~3 million were mined in the first 24 hours.

[mr_random]

Nice and clean compilation  

BitBar needed something like this

Premined garbage.

https://i.imgur.com/qcjso0c.png

Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.

Same for pretty much any coin. PPCoin had 2 million coins in the first day. Do your research...

[zdarkazn]

Premined garbage.

https://i.imgur.com/qcjso0c.png

Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.

I dont see any 2000 blocks. Where are you getting your information.

[hdclover]

Premined garbage.

https://i.imgur.com/qcjso0c.png

Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.

I dont see any 2000 blocks. Where are you getting your information.

He missed the boat guys.

[ymer]

http://btb.cryptocoinexplorer.com/chain/BitBar?count=6019&hi=6019

If you know how to read those numbers you will LOL hard.

[ymer]

Creator said that it accidentaly mined 60 and then gave them away, this is true and here's the wallet: http://btb.cryptocoinexplorer.com/address/BNu1hLYzku3Cw5GfQwEjVgF6F38L6jh1Ge


However as soon as the coin was released this happens:

And look at this wallet: http://btb.cryptocoinexplorer.com/address/BKvC5MojhFX9UVDbMhEcpS2T1WYDxHRkCP

Oh look, right after the release one single handendly mined the next 140 blocks alone, then moar people joins and after 28 minutes he already owns 250 bitbars.

That's not pre-mining at all, just sheer luck  , he was just lucky to mine around 250 BTC in 20 minutes after selling.

Nice 25k USD profit for a weekend project and some insider to announce the coin (Remember creator wants to remain annonymous) 

[ymer]

Here's another finding, that wallet transfered almost all his coins to this other address, I think he has some good stash of coins in different wallets with different miners:

http://btb.cryptocoinexplorer.com/address/BCJ49q7DHd4sCzwiQ1FDmTx7saxV7fDqX8

[mr_random]

Ymer, so now you have a problem with people mining the coin AFTER the coin has been publicly announced and it's fair game for anyone to mine? Dear God.

Everyone knows the hour or two when a coin launches you get a ton of coins at a silly rate. It's the early adopter advantage. While you are studing Blockchains, look at the most recent coin favourite - Feathercoin, approximately 200k created in the first 2 hours. This is one reason why you get people with hundreds of thousands of Litecoins, PPCoins etc.

[relm9]

Good to see an information repository, nice work. I'm looking forward to see what the future holds for BitBar. Promising specs and a unique concept as far as ALTs go in one package. If coins like FC and CHN can gain traction I see no reason why BitBar won't, as it's actually something new.

[daytrader420]

Premined garbage.

https://i.imgur.com/qcjso0c.png

Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.

I dont see any 2000 blocks. Where are you getting your information.

He missed the boat guys.

Haha.

I 'missed' the boat too. I didn't get in until money supply was over 2,000.

But it still caught my interest as the next big player in the game.

And even though I missed the boat I'm not going around spreading FUD, expressing self stupidity, calling it a scam, or trashing it even though it is 'profiting' me.

I put a good amount of mining resources towards this, because I believe in it. I put a lot of resources in FTC, and I didn't even feel it was as promising as BitBar is.

That 60 BTB Premined?
It's going toward a bounty for an exchange.

Also, even if the dev kept 60 BTB to himself, personally I would be fine with that, that is less than 2% of the money supply anyhow.

@ymer, even you are mining it. Isn't that irony?

Even you believe BitBar has a real future. If you didn't, you wouldn't mine it.

Maybe you are trying to discourage others from truly valued currency (Since you and that other pile of incompetence trashed that other currency before a +500% gain), or you are trying to devalue the currency by spreading false rumors lies and statistics. So then what, you get it low so you can buy? 

You guys are amusing.

[GSnak]

If you read the release thread one guy jumped in with 22MH/s and got a lot of them. He gave some away and sold some, which is probably why that address no longer has 200BTB.

[rbdrbd]

It is less scam than some other altcoins but it is still a scam.

1. 60 blocks after the genesis block were premined
2. Difficulty for the first 735 blocks was so low that it can't even be shown on the explorer
3. For the premine period, 59.644201 BTB were generated in little less than 4 minutes
4. For the difficulty under 0.001 period excluding the premine period, 600.324139 BTB were created in little more than 20 minutes

http://btb.cryptocoinexplorer.com/chain/BitBar?hi=736&count=737

Addressed here.

[ymer]

Ymer, so now you have a problem with people mining the coin AFTER the coin has been publicly announced and it's fair game for anyone to mine? Dear God.

Everyone knows the hour or two when a coin launches you get a ton of coins at a silly rate. It's the early adopter advantage. While you are studing Blockchains, look at the most recent coin favourite - Feathercoin, approximately 200k created in the first 2 hours. This is one reason why you get people with hundreds of thousands of Litecoins, PPCoins etc.

That's curious that you don't call it pre-mining:

Official announcement on this board:
https://bitcointalk.org/index.php?topic=193519.0 Time: 05:30:04 PM

Announcement: 17:30:04
First Block mined: 17:32:10 (Difficulty 0.00) (Reward 1 Bitbar per block)
First Hundred blocks: 17:33:24
First 200 blocks: 17:36:16
First 300 blocks: 17:39:42
First Thousand blocks: 18:01:22
First 2000 blocks: 18:40:45 (Difficulty 0.012) (Reward 0.528202 per block)
.
.
.
.
Current Block 6000 (Difficulty 15.291) (Reward 0.164687 per block)

So from the time that it was announced to the time someone has time to read the announcement, download the client and configure the .config you need at least 15 minuts, by that time 500 Bitbar were already in the hands of the creator and the people that was aware before the announcement.

No Pre-mine?

[wachtwoord]

Smart to create a self-moderated thread so you can remove all the scam accusations.

Anyway, enjoy your scamcoin

[GSnak]

It is less scam than some other altcoins but it is still a scam.

1. 60 blocks after the genesis block were premined
2. Difficulty for the first 735 blocks was so low that it can't even be shown on the explorer
3. For the premine period, 59.644201 BTB were generated in little less than 4 minutes
4. For the difficulty under 0.001 period excluding the premine period, 600.324139 BTB were created in little more than 20 minutes

http://btb.cryptocoinexplorer.com/chain/BitBar?hi=736&count=737

Are you typing that out each time, or copy/pasting it?

[vlaoou321]

i am big fans

[rbdrbd]

It is less scam than some other altcoins but it is still a scam.

1. 60 blocks after the genesis block were premined
2. Difficulty for the first 735 blocks was so low that it can't even be shown on the explorer
3. For the premine period, 59.644201 BTB were generated in little less than 4 minutes
4. For the difficulty under 0.001 period excluding the premine period, 600.324139 BTB were created in little more than 20 minutes

http://btb.cryptocoinexplorer.com/chain/BitBar?hi=736&count=737

Addressed here.

Nice attempts at justifying the scam, but they won't work except with complete retards. It would be cool to see judge reaction on your saying "I killed the guy because
that other killed some other guy earlier and ended (seemingly) unpunished".

If you are going to criticize the difficulty at launch, then it's a larger issue with the launch of many/most altcoins (early adopter advantage). Why single bitbar out? The premine appears to be an honest mistake and the guy isn't profiting off of it.