My prediction of BTB worth in the coming days, weeks, months, etc.

[peonminer]

All forth mentioned can be consolidated into one acronym: IMHO [In My Humble Opinion]

A quick background:

I am a precious metals expert for one of the largest precious metals purchasers in America. I work with gold, silver, and platinum on a daily basis. Gold being the main item of sellers. Silver is a close second; We aren't here to talk silver though. We are here to talk about BitBars.

In essence, BitBars are designed to be an investment, your personal preservation of wealth. Obviously with the logo, and BTB's 'ultra rare' appeal, I feel it will be safe to say: 'BitBars are the digital equivalent of physical gold bars.'

Let's sidetrack for a moment, and obtain a crash course on how gold is converted, traded, measured, etc.

For a constant instead of a variable, we are going to assume that all of our gold is pure. 99.9% gold.

Gold is measured in a Troy Ounce, not a Avoirdupois(household) ounce. A Troy Ounce has 31.103 grams, unlike an Avoirdupois Ounce containing 28.349 grams. To find the value of one gram of gold, one will divide the 'Spot Price'(market value for one Troy Ounce), by the amount of grams in a Troy Ounce. For instance - Spot Price for gold is $1,400.00, Thus, $1,400 divided by 31.1g = $45. This is the standard conversion equation for pure gold.

Now, on to the fun stuff.

Theoretically, if BitBars are designed to consolidate BitCoins, one could parallel this assumption to the consolidation of your grams of gold. If you spent the last month buying approximately one gram of gold each day, at the end of the month you should have the approximate equivalent of one Troy Ounce of gold. Here in lies the prediction. Once BTB will take the average miner, let's say someone with 1MH/s to 2MH/s of mining power, a full month to generate one BTB, the worth of BTB will have risen to 31.1 BTC per 1 BTB. This stronghold will bring true comparison of physical gold in relation to digital gold.

Thoughts?

BTW - I do mine BTB. I have been an active reader of bitcointalk.org for a while now, and just recently felt an urge to join the conversation. No, I have in no way, shape, or form, been given bounty, reward, or any other bribery to create this thread topic. This has all been created by my own freewill, and my growing appreciation for the cryptocurrency revolution. Feel free to give your predictions.

Spam, Flames, Etc. are not appreciated, please keep all negative or derogatory comments to yourself. Not to be confused with a friendly debate or difference of opinion.

[1715298487]

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[1715298487]

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[peonminer]

Reserved. 

[ohhaithere]

The difference between real gold and bitbars is there is actually a need to store gold material in bar form. There is absolutely no need to store bitcoins in 'bars', because it's just digital numbers. The currency offers nothing beyond any of the other scamcoins.

[Shmoopy]

My first thought is that BTC, BTB and all other cryptos are currencies, not precious metals. Currency trading is different than precious metals. Maybe not that different, but definitely not close enough for a 1:1 comparison. BTB also had a bit of a rocky start in addition to benefiting early adopters by giving them more bars per block at a lower difficulty, which is one of the sure signs of a coin that's propped up solely on hype with no substance.

That being said, I do like the idea of BTB. It's a neat idea. I also hope you're right so what very little I have will actually be worth something.

[Barnacle_Ed]

Gold has been used as a medium of exchange for literally thousands of years.

BTB is what...a month old? Slightly more than that?




With due respect, peonminer, I think you're making an enormous assumption as to BitBar's acceptance with this theory. Value is derived from supply and demand. While BTB might have a forcibly small supply (after that amazingly opportunist miner scramble after its launch), I can all but guarantee it will never approach the demand of Bitcoin, much less gold. And I frankly don't see where this whole "consolidation" argument stems from, since Bitcoin is effectively the gold standard of the cryptocurrency world.

[Rannasha]

The rarity of bitbars is rather void since it can be easily divided. I can trade 0.0001 BTB just fine. But so can I trade 1000 BTC. With digital currencies, the actual amount doesn't really mean anything, only the value it represents. If I have $10000 in coins, yeah I'd want to consolidate that into either bills or maybe gold, simply to save space. No such problem exists with BTC.

A point can be made for having a separate crypto currency as a backup to store funds in, in case BTC fails. But there's no reason why this should be BTB. Almost all alt-coins share the same basic principles with BTC, the most significant difference typically being the use of scrypt instead of sha-256. Something that would cause BTC to fail will probably have a similar effect on other alt-coins (unless a sha-256 weakness is found that doesn't exist in scrypt).

Finally, with BTC being the only currency that is close to being somewhat accepted by merchants and all other currencies having their value expressed in BTC, a price-crash of BTC will probably take down alt-coins as well. Just look at the LTC exchange rate after BTC had a mini-crash following the news of Mt.Gox accounts in the US being seized: LTC had a similar, if not bigger crash.

Right now, there is no real point in consolidating money in an alternative coin. They're fun to mine and (day)trade, but practical use is very limited. Bitbar is no exception. And its rarity is just a play of numbers, it's no more rare or common than any other coin if you consider that crypto currency is dividable into extremely small parts.

[champbronc2]

Rannasha summed it up nicely.

There is no practical use for BTB to be "the bar". Any coin could be "the bar" that's rare. Hell, why not MNC? MNC is another rare currency. That was a rehetorical question of course.

[zdarkazn]

Rannasha summed it up nicely.

There is no practical use for BTB to be "the bar". Any coin could be "the bar" that's rare. Hell, why not MNC? MNC is another rare currency. That was a rehetorical question of course.

Rare? You're kidding me.

[Rannasha]

Rannasha summed it up nicely.

There is no practical use for BTB to be "the bar". Any coin could be "the bar" that's rare. Hell, why not MNC? MNC is another rare currency. That was a rehetorical question of course.

There's also no need for "a bar". If I have 10000 BTC (if only ^^), it's not going to fill up my computer or make transactions more clumsy than if I'd have just 1 BTC (closer to reality ).

With digital currency, some of the restrictions of fiat money and/or currency based on precious metals are gone. Lets not reintroduce them.

[ymer]

Shmoopy and peonminer talking to himself with his different accounts.

[champbronc2]

Rannasha summed it up nicely.

There is no practical use for BTB to be "the bar". Any coin could be "the bar" that's rare. Hell, why not MNC? MNC is another rare currency. That was a rehetorical question of course.

Rare? You're kidding me.

Rhetorical question bro. I'm not actually implying we use MNC as the new BTB. Completely missed the point.

Moreso that the concept of needing bars period is unnecessary. Like Rannasha said, no need to re-introduce the problems of physical currency into digital currency haha

[peonminer]

The difference between real gold and bitbars is there is actually a need to store gold material in bar form. There is absolutely no need to store bitcoins in 'bars', because it's just digital numbers. The currency offers nothing beyond any of the other scamcoins.

Gold is mined from the ground, Cryptocurrency is mined from a network.
Gold is stored in your safe, Cryptocurrency is stored in your encrypted wallet.

My first thought is that BTC, BTB and all other cryptos are currencies, not precious metals. Currency trading is different than precious metals. Maybe not that different, but definitely not close enough for a 1:1 comparison. BTB also had a bit of a rocky start in addition to benefiting early adopters by giving them more bars per block at a lower difficulty, which is one of the sure signs of a coin that's propped up solely on hype with no substance.

That being said, I do like the idea of BTB. It's a neat idea. I also hope you're right so what very little I have will actually be worth something.

http://www.fxdd.com/us/en/products/metals/

On one end, you are correct sir. On another end, trading is trading. Supply is supply, and demand is demand. Of course there are exponential factors to take into consideration. You provide good food for thought.

Gold has been used as a medium of exchange for literally thousands of years.

BTB is what...a month old? Slightly more than that?




With due respect, peonminer, I think you're making an enormous assumption as to BitBar's acceptance with this theory. Value is derived from supply and demand. While BTB might have a forcibly small supply (after that amazingly opportunist miner scramble after its launch), I can all but guarantee it will never approach the demand of Bitcoin, much less gold. And I frankly don't see where this whole "consolidation" argument stems from, since Bitcoin is effectively the gold standard of the cryptocurrency world.

BTC has been used as a medium for exchange for a few short years. It took a beautiful and sharp rise in 2013. I do agree, I am making an enormous theoretical prediction. One thing I have noticed, BTB already holds almost half the value of one BTC. Have I missed another AltCoin that has preformed as such with in days of being traded on an exchange? From my general understanding, the normal pump and dump of a coin will happen over a few days after an exchange opening or supporting the coin.

The consolidation argument stems from gold. You are correct, BitCoin is the 'gold standard' of cryptocurrency. I feel that BitBars can be in this same realm. Just as 31 grams of gold can consolidate into one Troy Ounce of Gold, the theoretical argument suggests the same for BTC to BTB.

Thank you for the thought provoking replies! Keep em' coming!

[peonminer]

The rarity of bitbars is rather void since it can be easily divided. I can trade 0.0001 BTB just fine. But so can I trade 1000 BTC. With digital currencies, the actual amount doesn't really mean anything, only the value it represents. If I have $10000 in coins, yeah I'd want to consolidate that into either bills or maybe gold, simply to save space. No such problem exists with BTC.

A point can be made for having a separate crypto currency as a backup to store funds in, in case BTC fails. But there's no reason why this should be BTB. Almost all alt-coins share the same basic principles with BTC, the most significant difference typically being the use of scrypt instead of sha-256. Something that would cause BTC to fail will probably have a similar effect on other alt-coins (unless a sha-256 weakness is found that doesn't exist in scrypt).

Finally, with BTC being the only currency that is close to being somewhat accepted by merchants and all other currencies having their value expressed in BTC, a price-crash of BTC will probably take down alt-coins as well. Just look at the LTC exchange rate after BTC had a mini-crash following the news of Mt.Gox accounts in the US being seized: LTC had a similar, if not bigger crash.

Right now, there is no real point in consolidating money in an alternative coin. They're fun to mine and (day)trade, but practical use is very limited. Bitbar is no exception. And its rarity is just a play of numbers, it's no more rare or common than any other coin if you consider that crypto currency is dividable into extremely small parts.

This is a great argument! I must debate though, I can buy gold in very, very, very small increments just the same. As well as silver, platinum, and palladium! Diversify!

Since the implementation of the international yard and pound agreement of 1 July 1959, the grain or troy grain (Symbol: gr) measure has been defined in terms of units of mass in the International System of Units as precisely 64.79891 milligrams.[4]:C-19[7] 1 gram is approximately 15.43236 grains.[4]:C-13 The unit formerly used by jewellers to measure pearls, diamonds, or other precious stones, called the jeweller's grain or pearl grain, is equal to 1⁄4 of a carat, or 50 mg (~ 0.7716 gr).[3] The grain was also the name of a traditional French unit equal to 53.115 mg.[3]
In both British Imperial and U.S. customary units, there are precisely 7,000 grains per avoirdupois pound, and 5,760 grains per troy pound or apothecaries pound.[4]:C-6–C-7

http://en.wikipedia.org/wiki/Grain_(unit)

Rannasha summed it up nicely.

There is no practical use for BTB to be "the bar". Any coin could be "the bar" that's rare. Hell, why not MNC? MNC is another rare currency. That was a rehetorical question of course.

Thanks for the LoL.

Rannasha summed it up nicely.

There is no practical use for BTB to be "the bar". Any coin could be "the bar" that's rare. Hell, why not MNC? MNC is another rare currency. That was a rehetorical question of course.

There's also no need for "a bar". If I have 10000 BTC (if only ^^), it's not going to fill up my computer or make transactions more clumsy than if I'd have just 1 BTC (closer to reality ).

With digital currency, some of the restrictions of fiat money and/or currency based on precious metals are gone. Lets not reintroduce them.

Let's take a look at the reverse. If I have 1 BTC why would I trade it for 1000 CHN? Restrictions? I've yet to see any. The only restrictions(besides DHS & Hackers) I see that can effect or affect markets are you and I. I would more-so call this theory an addition, rather than restriction.

Shmoopy and peonminer talking to himself with his different accounts.

Rannasha summed it up nicely.

There is no practical use for BTB to be "the bar". Any coin could be "the bar" that's rare. Hell, why not MNC? MNC is another rare currency. That was a rehetorical question of course.

Rare? You're kidding me.

Rhetorical question bro. I'm not actually implying we use MNC as the new BTB. Completely missed the point.

Moreso that the concept of needing bars period is unnecessary. Like Rannasha said, no need to re-introduce the problems of physical currency into digital currency haha

There is absolutely no 'need' at all. Only preference and choice.

[Invest0r]

Very good prediction. Respect for sharing it with us!
Will bookmark this topic.

[peonminer]

Very good prediction. Respect for sharing it with us!
Will bookmark this topic.

Thank you Invest0r! I hope to see many more friendly debatable additions to the thread! 

[willhash4food]

I think you're forgetting that block difficulty has nothing to do with price. It doesn't matter if it takes you 2 seconds or 2 years to mine a bitbar, it's still worth the price it's traded for BTC... which is only worth the goods/services BTC is valued at.

This isn't an equal comparison because gold has value in its raw form. Bitbar is just 1's and 0's, regardless of it's name or intention.

[Invest0r]

I think you're forgetting that block difficulty has nothing to do with price. It doesn't matter if it takes you 2 seconds or 2 years to mine a bitbar, it's still worth the price it's traded for BTC... which is only worth the goods/services BTC is valued at.

This isn't an equal comparison because gold has value in its raw form. Bitbar is just 1's and 0's, regardless of it's name or intention.

See this post:

/edit:
new client available

download : http://bitbar.biz/


Hi!
I just recieved a PM to announce this coin.

so here you are:


The unique alternative to bitcoin.
 
This is a compilation of two projects by two groups: RareCoin project, and FairNova project.
It is possible to join all features in one coin, so we did just that. It is a crypto-token, designed to be investment, preservation of wealth.
Most advanced technology from Novacoin, but with public start. unique features of RareCoin.
Get your digital gold bar !
   
Ultra rare
POW+POS
Fast, continuous difficulty and reward calculation
Fair start:
no foreign forum pre release
no premine
no slow diff corrections for hours of instamining
no super-blocks at start
all binaries available
reward of 1 BTB per 10 minutes and quickly dropping
scrypt hashing

BitBar is not just another simple litecoin 30 minutes done clone.
 Increasing reward and speed is easy.
 Those networks are more vulnerable to double spend, spam and dust, but it works.
 Even bigger problem is coming. Soon, outdated difficulty adjustment will crash those networks.
 Decreasing reward in Bitbar is not just a quick move.
 Every parameter is simulated and than tested on a live alpha network.
 -no more rounding of reward down to two decimals
 -heavily reduced Stake low-limit for small number of Bars
 -adequately decreased fees
 -new dynamic first connection and search for new nodes. Doesn't need client update for fixing connections.

  Scrypt chasing itself is no longer chain-jumping anti-resonance protection. Bitbar includes modified PPC's 'exponential moving average' difficulty/reward adjustment introduced in NVC. It's modified in a way that reward decreases a little slower, so first players don't have so much advantage over later ones.
 With simulations and testing, chain should operate smoothly for years.
 no resonance,
 no high-diff crash,
 no high-fee problems,
 no spam and dust problem,
 no connections problem.
 We take lessons from competitors mistakes.

We will ask a respectable forum member for announcement. Making new account just to stay cryptonymous sounds fishy.

And now compare the difference between BitBar and any other coin. After some research I've bought some BitBars at https://bter.com/trade/btb_btc
BitBar is worth investing in I.M.O.

[jj9guy]

Bitbar has bar in its name so its worth more and is like a physical gold bar.

If someone started a coin called airplanecoin that would mean it is like a physical airplane and you could fly it to whatever country you choose

[Barnacle_Ed]

And now compare the difference between BitBar and any other coin. After some research I've bought some BitBars at https://bter.com/trade/btb_btc
BitBar is worth investing in I.M.O.

The difference between BitBar and any other coin is that you are only hype'ing up BitBar...so of course BitBar is worth investing in I.Y.O.