Topic: [ANN] [BARR] The Only Cryptocurrency Where No One's Ever Lost Money - page 19. (Read 39324 times)

Yes, in any NXT client you can view that address, NXT-59NQ-AA5B-V4NT-HAZLY, and see any "Asset Transfer" of BARR that has a message attached indicating that it's a vote.

There's only 1 so far, so it's still a small enough thing that we don't need another method yet.

I can tell you that runpaint is planning to vote for Bunnycoin, and for Unitus as a Wild Card.  Unless anyone else votes with significant amounts of BARR, those will probably be the winners.  

But we will probably vote for at least 1 backup coin too, in case Bunnycoin falls through for any reason such as network failure.  As to what the backup coin or coins should be, it's complicated for several reasons.  Even the list of 100 coins we already made has some problematic coins.

Some of the coins only listed at Cryptopia have such low volume that it doesn't seem possible to acquire a significant percentage of the outstanding supply, at any price, as most users must have abandoned or forgotten their coins and gave up on trying to sell them.  We'd rather not spend an entire month trying to burn only 1 coin, and end up only able to burn 5% of the supply.

But we also don't want to end up like Digital Credits DGCS, a project that claims to burn altcoins using BARR's ideas.  They announced that they would be burning 3 coins, but then changed it to 2 at the last minute because of a problem with one of the coins.  Their final 2 coins were Spacecoin and Selfiecoin, but when they began their coin swap someone apparently came up with Trillions of Selfiecoins that DGCS did not know existed (according to them).  And so they cancelled their offer to swap Selfiecoins, already failing in their plans during the first hours of the first day of their first swap.  That leaves them with only 1 coin, and they've only burned about 0.01% of that coin's supply (or not burned, but sent the coins to an exchange which says they will burn them).  They have also failed to support the price of their coin, making it unprofitable for traders to exchange their altcoins for DGCS.  

Even though we have never so been careless or irresponsible, with such a lack of proper planning, we will still try to have adequate backup plans in place.  These are exactly the kinds of problems we anticipated, planned for, and have thus far avoided.

Is there any way to see the voting list, I mean so one can see how the the voting is going prior to the 15th?

Don't forget, voting ends at 00:00 GMT on the 15th of each month.

Votes are cast by sending BARR to the Market Fund with an unencrypted permanent message naming the coin or coins you want burned.  Coins must be on the eligible list. 

The address of the Market Fund is NXT-59NQ-AA5B-V4NT-HAZLY

We started buying small amounts of ACP about 3 weeks ago, when it was in the voting for December.  When the voting was final on November 15th, we started buying more and slowly moving the price up. 

Since BARR single-handedly caused the price to increase from 60 to 600 satoshis, with the majority of holders constantly dumping huge orders on us, we ended up buying over a million coins in 3 weeks.  That's almost all the volume the coin has done in those 3 weeks.

Lyrabar is different, since runpaint already had a lot of those.  Since it's a Wild Card, we didn't increase the price as much or make as much effort to acquire 100% of the supply. 

Wow, that was quick.

We have burned 1,000,000 ACP, which is over 41% of the current coin supply, worth over $2,200.

We have burned 320,000 LYB, which is over 36% of the current coin supply, worth over $7,000.

Alright, it's December 1st.  Burn exchange has ended for KEY, FRAC, and XAI.  Burn exchange has begun for ACP and LYB.




The burn address for ACP is 1111111111111111111114oLvT2

Here is the link to that address on the block explorer:  http://52.11.163.91:3001/address/1111111111111111111114oLvT2



The burn address for LYB is LKDxGDJq5fF4FohAB8zJH24mDDNHDNtqsE

Here is the link to that address on the block explorer:  http://bitexp.net/address.php?coin=Lyrabar&address=LKDxGDJq5fF4FohAB8zJH24mDDNHDNtqsE

There is also a block explorer at http://www.zpool.ca/explorer?id=865




These burn addresses return a string of zeroes when hashed, so they are considered provably unspendable.



We have made 1 burn transaction for ACP, and multiple burn transactions for LYB.  We will be making more as we acquire more coins.

We have moved the ACP market to 600 satoshis, and the LYB market to 6000 satoshis. 

Burn starts in 2 hours, which is also the end of burn for XAI, KEY, and FRAC.

Thanks!

We just had another 63,918 KEY burned, bringing us to over 36% of the entire KEY supply!

We also have someone withdrawing FRAC from Poloniex's delisted wallet, hopefully it will go through.

I think this is awesome.

Yes, we burned $10,000 worth of Sapience and redeemed it with BARR.





If Cryptsy shuts down, or delists KEY and FRAC, then all remaining KEY and FRAC holders lose all their money.  The people who swapped their KEY and FRAC for BARR can continue to trade on a decentralized exchange where their coins can never be delisted.

Meanwhile, we're moving on to burn ACP and LYB.

 



On paper.  These markets had low volume at half the price, and now the price says it's higher and still nobody is buying. 





We offered enough BARR to exchange 100% of everyone's coins.  If people didn't exchange, then they can take their chances that their coins won't disappear. 

Most altcoins eventually disappear anyway, which is why we're offering a way out that doesn't involve losing all your money.





The idea is that BARR can replace those coins.  Instead of separately launching upgraded versions of Keycoin 2.0, Fractalcoin 2.0, and Sapience 2.0, and swapping the old coins for the new version, we're swapping them all for 1 new coin.  Then, instead of 3 struggling coins with 20 users each, we have 1 coin with 60 users.  And then we keep bringing in more coins, absorbing their value and their users. 

But it's all voluntary.  If they want to keep their old coins, we're not doing anything to stop them.  But we do think those coins are going to die, so we're saving what we can while they still have value. 

So you maxed out at 48% of the supply of one coin with one day left - what now? I would assume individual specimens of that coin have increased value with decreased supply. The (temporarily) increased trading volume means they stay on exchanges a little while later and then - they just disappear? This is the one part of this concept I struggle with.

Alright, our weekly trade volume is up to 68,000 NXT, thanks to a late holdout who just exchanged his XAI for some BARR and then took it to SecureAE.com.

And the next burn period starts tomorrow - you have 21 hours to exchange KEY, FRAC, and XAI!

FRAC – 333,978 coins burned out of 1,003,589 = 33% of total FRAC supply
KEY – 285,067 coins burned out of 946,902 = 30% of total KEY supply
XAI – 336,561 coins burned out of 690,460 = 48% of total XAI supply


When the price of Bitcoin was up, that was over $18,000 worth of altcoins burned for BARR.  Now it's closer to $14,000, but the price of BARR isn't limited by the price of the altcoins after they've already been burned.


And we've burned 230,100 BARR in exchange for OFFS, out of the 561,990 total BARR earned  = 40%.

The current available supply of BARR in circulation is 331,890.

What are the current numbers looking like for the November coins?

Yes.  BARR can be exchanged for NXT within any NXT wallet or client, or at SecureAE.com, or at wallet.MyNXT.info.

BARR can also be exchanged for OFFS Altcoin Offset Credits through our burn exchange program.

Can BARR be exchanged anywhere for anything?

Tanks,

Alright, 7 days from now it will be too late to exchange your KEY, FRAC, and XAI. 

When the Keycoin and Fractalcoin markets at Cryptsy are gone, these coins will pretty much be dead.  But if you exchange those coins for BARR, you will have something that can never be delisted.

Easy links to view the burn transactions for LYB and ACP:



http://bitexp.net/address.php?coin=Lyrabar&address=LKDxGDJq5fF4FohAB8zJH24mDDNHDNtqsE



http://52.11.163.91:3001/address/1111111111111111111114oLvT2

Excellent point.  We have indeed released yet another altcoin, increasing the number of altcoins.

That is why the BARR project has earned OFFS Altcoin Offset Credits, proving that we have reduced and recycled other altcoins to balance the coins we are creating.