The first alternative currency to hit $1 million? Bitbars

[ohiofarmer]

As a disclaimer, I've bought some bitbars on Cryptsy. But I bought them because I think they have the potential to be valuable. And, I actually believe they'll end up being worth more on a one-to-one basis than bitcoin. Here's why:

1) Scarcity. There are less than 8,000 bitbars in circulation and that growth rate is slowing.

2) Current value. Bitbars are already the second-most expensive currency trading on Cryptsy (current value: $22+).

Ultimately, there will be 21,000,000 bitcoin in circulation. That means each bitbar is 2700 times rarer than each bitcoin. In a perfect world (i.e. if demand for bitbars matched demand for bitcoin), that would mean that each bitbar should be worth 2700 times each bitcoin. At the current asking price for bitcoin ($823), we'd be looking at a value of $823*2700 or $2.2 million per bitbar!

Of course, I doubt bitbars will ever become as popular or widely accepted as bitcoin, but they will remain important in the crypto-currency trading space thanks to their scarcity. Why would I want to invest in a currency that's going to mint hundreds of millions of coins when I can invest in one that mints thousands?

[mymenace]

I believe people only invest in coins if they believe they will have a use.

For example you can buy and sell goods and services with bitcoin, litecoin, etc.

Please advise of current uses for bitbar to promote the value in investing in this cryptocurrency

[Hazard]

Bitbar was one of the old scamcoins. Out of the 8000 that will ever be in existence, over 2000 were instamined by the insiders: http://cryptometer.org/bitbar_96_hour_charts.html

Stay far, far away from this shit. And please do your research before you put money into something.

[AndrewWilliams]

Bitbar had it's chance - and failed.

Scarcity is a bad argument. I can release ScamCoin and limit it 100 coins, it will not make it valuable.

[ohiofarmer]

Bitbar had it's chance - and failed.

Scarcity is a bad argument. I can release ScamCoin and limit it 100 coins, it will not make it valuable.

It's seen a bump recently, so I wouldn't write it off yet. As others have noted, it's almost impossible to kill off any alternative currency unless all records of the blockchain are destroyed.

I will definitely do some more research on the origins of the coin, though. I'm thinking of doing a series of blog posts that researches all of the coins in-depth one at a time. There are getting to be so many it's hard to tell why one's different from another.

[GameKyuubi]

I could easily make a coin hit 1 mil.  The coin is called "SingleCoin."  There will only ever be ONE coin, so the value of a coin is the whole market cap!  This coin is SO SCARCE that NOBODY WILL EVER OWN ONE!!  This means it's sure to gain value!

I got this crypto thing in the bag 

[FiiNALiZE]

I could easily make a coin hit 1 mil.  The coin is called "SingleCoin."  There will only ever be ONE coin, so the value of a coin is the whole market cap!  This coin is SO SCARCE that NOBODY WILL EVER OWN ONE!!  This means it's sure to gain value!

I got this crypto thing in the bag 

I believe there is already a coin like that - Onecoin.

[acs267]

I do believe that Litecoin is higher than BitBar. Wouldn't that mean that LTC would have a greater chance of success? (I'm not a LTC fanboy.)

[jojo69]

I could easily make a coin hit 1 mil.  The coin is called "SingleCoin."  There will only ever be ONE coin, so the value of a coin is the whole market cap!  This coin is SO SCARCE that NOBODY WILL EVER OWN ONE!!  This means it's sure to gain value!

I got this crypto thing in the bag 

I knew I liked you


OP, forget these derpcoinz, please

[lukemarshall]

Reserved

[niniyo]

OK, we all know bars are worth more than coins, and this is what gives BitBar its intrinsic value over bitcoin.  But, I've got a new concept which will be far more valuable - BitSculptures.  Each sculpture is a life-size replica of Rodin's "The Thinker" made of solid 24-carat digitally-rendered virtual gold.  I shall release only 2000 of these.  Based on my calculations, they are 10,500x more scarce than bitcoins, which should give BitStatue a current equilibrium price of roughly $11.1M based on today's bitcoin prices.  Of course, the statues have more intrinsic value than a bar or coin because they also are a work of art, so I would actually expect the price to head far higher once supply/demand levels out.

[AndrewWilliams]

How about BitNuggets? Or BitDiamonds? 

[msin]

OK, we all know bars are worth more than coins, and this is what gives BitBar its intrinsic value over bitcoin.  But, I've got a new concept which will be far more valuable - BitSculptures.  Each sculpture is a life-size replica of Rodin's "The Thinker" made of solid 24-carat digitally-rendered virtual gold.  I shall release only 2000 of these.  Based on my calculations, they are 10,500x more scarce than bitcoins, which should give BitStatue a current equilibrium price of roughly $11.1M based on today's bitcoin prices.  Of course, the statues have more intrinsic value than a bar or coin because they also are a work of art, so I would actually expect the price to head far higher once supply/demand levels out.

I'm in, where do I sign up?  But seriously, what value does Bitbar add to the market?  BTC is already a hoarders paradise, I'd like to see a currency that people actually spend!

[ohiofarmer]

There's a saying in the investing community: "a rising tide lifts all ships." If that's the case -- all other factors being equal -- then the rarer coins will ultimately rise higher in value because they're not as diluted. I definitely don't think there's anything better about bitbars than litecoin, but on a percentage basis, I could see it rising higher percentage-wise over time.

I will say that I like other coins better, though...

[roozifus]

One of the things people need to understand when dealing with cryptos is that the unit price cannot be used to make comparisons (not good ones anyway).

The price of a single coin is not just affected by the price people are willing to pay for a stake in a crypto, it's also affected by the total number of coins in the crypto (which is completely unrelated to value).

If you want to make reasonable comparisons look at the market cap of the entire crypto as given by coinmarketcap.com. Bitbar is doing average, it's up, but so is everything else in the last week, many cryptos by a much greater %.

[A L I E N]

Bitbar is a rather unique altcoin that could do very well in the future!

[msin]

Bitbar is a rather unique altcoin that could do very well in the future!

How is it unique?

[mercSuey]

Scarcity could be defined in many ways.  

For instance, defining scarcity as the low relative value of the daily minting of new coins with respect to a coin's market cap.

Or did you think all these altcoins at $1 million and higher market caps, minting over 10 BTC+ in new coins daily (at least $3.65 million of new supply in a year), was sustainable given their vast economic ecosystems?  

[simplydt]

My two main concerns, a $10,000 value on coin on bitbar would put off a lot of people, it only needs to grow 20x to get there.

Also, its not really that special, as one bitbar can be divided into infinitely many parts so really, its not that scarce. As opposed to a gold bar, which cannot be divided smaller than a small drop otherwise you wouldnt see it.

[Hazard]

Who the fuck is paying $150 for bitbars? Jesus christ. This coin was the most obvious scamcoin of 2013!