Topic: [ANN] [BARR] The Only Cryptocurrency Where No One's Ever Lost Money - page 14. (Read 39339 times)

Yes, we try to use the market to discover what price will get people to let go of their coins.  If we can buy 30% of the total supply at 100 sats, it's probably not worth it to start paying 200 sats.  Or if our entire buywall at 100 always gets filled in 5 minutes and we're running out of money, we'll try buying at 50.  If our order sits at 50 for 2 days and nobody sells, maybe we'll try 75.

Basically we just try to buy as many coins as we can with the limited BTC we have.

And then other people buy too, and burn their coins for BARR.

Last month we tried doing it differently, putting up a buywall for BARR, letting other people buy the altcoins, and then they could burn them and sell their BARR on a more liquid market.  It definitely resulted in huge trade volume for BARR, but we could've burned more altcoins the usual way. 

We also had more people abusing it with spam transactions, as well as someone dumping BARR at a loss to himself as soon as he got it - just so he could go around fudding with "BARR doesn't even have any buy orders" when he was the one who deliberately filled them all.  Not a big deal, but a waste of that guy's own time and money.  It also let me buy most of the BARR he was dumping for less than half what it normally costs me.






Some of it from random BARR users who are participating on their own.  But mostly from my own pocket.  I've been spending at least $1000 a month of my own money, and that comes from my day job.  So far I haven't sold any BARR, and we're not making any money from altcoins either because we burn them all. 

The plan is to keep doing what we do, keep showing real results in reducing altcoin supplies, and hopefully we'll continue to gain trust and investment from more new users as we prove how serious and solid the project is.

Dead coins are already dead.  When a coin is still actively traded, we can help the people whose money is in that coin.







We've been talking to BowsCoin Dev about burning BowsCoin since last October.  He has never objected in the past 4 months.






We've raised the price of BowsCoin from 22 satoshis to 200 satoshis, so BARR is the best thing it has going for it.







Are you sure that wouldn't be "weird"?

as i understand it,
the swap price of BARR/shitcoin will be based on the relative prices closer to the swap?

also where does the btc in buy wall for the shitcoin come from?

why are you burning coins with active devs ?

bowscoin dev posted on the 24th jan.
actively advertising goods for bowscoin.

just weird how you're promoting the death of shitcoins as a good thing, when you're working on a coin which is obviously alive and seems to have more going for it than BARR
ie you can use it to purchase real world goods.


edit.
lol please burn BUMBA. 20 million coins is obviously far too many in this day of shitcoin bloat

Over $30,000 has been put into BARR.

That money was earned by people who produce goods and services at their jobs;  other people who value those goods and services pay them with money they earned themselves.

Then they took those 30,000 valuable dollars and bought bitcoins, which they believed to have an equal or greater value than the $30,000.

Then they took the $30,000 worth of valuable bitcoins and bought altcoins, which at the time they believed or hoped would have value equal or greater than the bitcoins.

Then they took the $30,000 worth of valuable altcoins and used them to generate new BARR.  They destroyed the altcoins because they believed BARR was more valuable.

Now they can sell their BARR for NXT, and they can sell that NXT for Bitcoin, and they can sell that Bitcoin for dollars, and they can use dollars to pay for goods and services.

People need food, clothing, and shelter, and they also want to acquire other things that they don't already own.  Other people will give them the things they want in exchange for money, and so money is as valuable to people as the food and shelter that keeps them from being homeless and starving.





Why "would" they?  The proper question is why have they already invested $30,000.  That money is a reason itself for other investors.

They invest because they believe it has current or future value greater than or equal to the current value of what they invest, and because they believe in the goals of the project and want to contribute to its ongoing success.





BARR is only issued to redeem the destruction of currency with real value, never for worthless altcoins.  Everyone who burned their coins could have easily sold those coins for Bitcoin instead, which is why their choice of BARR over Bitcoin represents a real transfer of value.

And yes, BARR does more than burn valuable altcoins.  It does all the same things that other altcoins do, including instant secure international transfer of value.




But BARR also does some things that no other coins can do.  For example, Bitcoin releases new coins into circulation every 10 minutes.  Some altcoins release new coins every 60 seconds.  That means that new money has to come in constantly, or else the price will keep dropping towards 0.  They're creating new money where no money existed before, so they have to attract new dollars from outside the crypto markets every 60 seconds just to keep their price from going down.  As you know, almost none of them can do that.  But BARR is different -


BARR only adds new coins into circulation after an equal value of coins has been subtracted from another coin.  That means no new money has to come from outside the crypto markets to support its value - BARR is the only cryptocurrency that isn't creating money where no money existed before.









Some altcoins will die without our help.  Of course, the people holding those coins will lose all their money.

Some of the coins we have burned will be delisted from all exchanges.  If we hadn't burned them, the most active holders of those coins would have 30,000 reasons to get listed on other exchanges and keep them alive.  Now they can let those coins die without dragging it out and tying up more capital within the cryptocurrency ecosystem.

If you want to burn your altcoins without exchanging them for anything else, you are free to do so.  But since you have never done that, I'm sure you understand why nobody else is going to do it either.

I have been lurking here from the start, and I applaud any initiative to get rid of shitcoins.
What I don't understand is where the value in BARR is supposed to come from. Why would anyone invest in BARR?
Does this coin do more than burn shitcoins?

Edit: And why buy all the shitcoins for burning instead of letting them die without help? Where is the profit in that?

There aren't any charts that track coin swaps, but we redeemed $3500 worth of coins for new BARR.  So I consider that the same as trade volume, as well as a $3500 increase in BARR's marketcap.

11 Billion coins is a lot.

The percentage is a little higher if you don't count the charity funds, which are 10% of all Bunnycoins and have never been in circulation.

Top 100 funded Bunnycoin addresses:

Place:   Address:                                                           Amount (BUN):                       % from total coins:
1          BTngbpkVTh3nGGdFdufHcG5TN7hXYuX31z          11339679084.48129082          11.46539716 %


NICE !

The burn address for BowsCoin is B4T5ciTCkWauSqVAcVKy88ofjcSasUkSYU

Current supply is just under 5,300,000

Block explorer:  http://cryptobe.com/chain/BowsCoin

Alright, the exchange period has ended for Bunnycoin and Unitus.

We burned and redeemed about $1100 worth of Bunnycoin and about $2400 worth of Unitus (give or take 500%, depending on markets and the price of Bitcoin).

The next exchange period for BowsCoin and BARR/OFFS will be from February 14 to February 28, and voting for March coins will end on February 14.

Alright, only 4 more days to burn your Bunnycoin and Unitus.

And since Unitus is being delisted from Poloniex on Feb. 8, swapping for BARR might be your last chance to get something out of your UIS.

The fees for sending NXT messages are going up, so we're going to have to start enforcing our spam policies.

If you're a spammer, we'll hold your transactions until they're worth combining and sending at one time.

Sorry, but the exchange period ended in November.  We have to set a firm cutoff to encourage people to go ahead and burn their coins instead of waiting.

Plus XAI was trading at 7500 when we exchanged it for BARR, and now it's going as low as 1300.  Exchanging again now would devalue people's BARR that they got for more expensive coins.

Plus, Poloniex is delisting XAI and Cryptsy is going under. 

In related news, Poloniex is also delisting Unitus.

Any chance i can get BARR for XAI at this time ?

But you can buy Bowscoin at C-Cex, their wallet works fine.

It's Bowscoin.  Don't buy at Yobit unless they take their wallet off of maintenance, because withdrawals have been down for a while.

Maybe one person shouldn't have filled every buy order for both coins even when he was selling at a loss. 

Almost as if he was attempting some futile attack on the market that didn't accomplish anything but wasting his own money while helping us burn more UIS and BUN.

But I appreciated the cheap BARR, and the increase in volume got us some good attention.

  In November and December I spent thousands of dollars of my own money on altcoins and burned them for BARR;  this month I let other people buy the altcoins and I spent thousands of dollars buying the BARR they were dumping.  It's pretty much the same either way.

What is the vote result for the next burn period?

guys, it was a good start but there is no incentive to burn due to buy order book is emty for BARR & OFFS both
i like to work with you and i want to return in December/first half of January