Topic: [ANN] [BARR] The Only Cryptocurrency Where No One's Ever Lost Money - page 2. (Read 39371 times)

The idea of BARR was to consolidate failing altcoins and reduce the overall number of altcoins into a smaller number of stronger coins.  We burned millions of altcoins and issued BARR to people who burned their altcoins. 

But we didn't advertise like we should have, and we didn't get listed on altcoin exchanges because BARR can already be traded on the decentralized NXT Asset Exchange.  So we didn't get the exposure or the hype and pump that lots of other altcoins get even when they don't deserve it.  Then NXT announced that they were going to do all these other projects, which hurt the value and the public perception of NXT Assets like BARR.

Pretty much most people just sold their BARR and cashed out rather than holding it like they had been holding their altcoins.  Because they didn't want to hold those altcoins, they just weren't able to get rid of them at a good price until we offered the opportunity.  So they took the opportunity, BARR had a lot of volume, but we didn't end up with a lot of long-term users.

Since I wanted to support the price of BARR, so that we weren't just issuing worthless coins in exchange for other worthless coins, I'm the one who ended up buying most of the BARR that people sold.  I got rid of all my other crypto, sometimes at a loss, so that I could keep the price of BARR up and so no one else would lose money.  I sold millions of XEM at a loss so I could put the money into BARR, and if I had kept the XEM for another year it would have been worth over 2 million dollars.

Since not many people showed up to invest long-term money into BARR, the project mostly depended on my own money.  Every time we burned another $10,000 worth of altcoins, effectively it was just me spending another $10,000 because I ended up having to spend that much to support the price.  When I ran out of money, we had to stop burning new coins.  Because people just burned coins for BARR so that they could immediately sell the BARR - without buy orders, the dumping would drive the price to nothing.  Then if BARR was worth nothing, we wouldn't be able to offer it to replace burned altcoins at an equivalent value.  So the price of BARR is still high, nobody lost money but me, but nobody's buying either and basically that's where it's been for a while.

BARR launched with a target price of .0001BTC, which was about $0.04 at the time.  It's been up and down depending on the price of NXT and the price of BTC, but it's still around .00011BTC which is now closer to $0.79.  Of course it started at 3NXT and is now 14NXT, but 14NXT is worth about 5 times less than it used to be, after all the stuff going on with NXT.

Luckily I had some NXT sitting in buy orders for BARR, so when the price of NXT spiked and they issued ARDR to NXT holders, I was able to get some money back out of it.

Wow. I wasnt be there for a real long time.   Long story short - tell me what happened in brief.

No, BARR's current marketcap is only about $750,000.  We can't burn coins worth millions or billions of dollars, because we wouldn't be able to replace those coins with an equivalent value in BARR.

Hello of all the coin/ token that you burned are there people who nominated to burn waves token and I would like to know if token and ethereum token can be burn or are there addressese to burn this two kind of token, waves and ethereum.

It was too profitable.  Everyone sold their BARR because the price kept going up, so we didn't end up with many long-term holders.

No, it's still working perfectly with hundreds of active nodes.  Someone put some BARR for sale earlier this week, and someone else already bought them today.  It all happens on the NXT blockchain where it can never be de-listed. 

But several of the coins we burned are dead.  Fractalcoin, Keycoin, Sapience AIFX, among others.  Everyone lost 100% of their money if they held those coins instead of burning them for BARR.  Also some people lost all their coins when Cryptsy collapsed, because they let an exchange hold their coins instead of how BARR does all exchanges on the blockchain.







If you really wanted to know who is holding BARR, you could easily see every NXT address on a block explorer.  Since you only have 5 posts, and 4 of them are on this topic, it's strange that you still don't know anything about BARR or how it works or what a block explorer is. 

Maybe you should come back with your real account, if you want to talk.

As far as I know, no person has ever lost money on BARR.  Do you know any other altcoins that can say that?

i'm sad to not know about this project earlier
why it stopped ?

Is it right, BARR is dead now?

It would be interesting to know who switched their altcoins into BARR, which had been destroyed with that and hold BARR.

Well, that could end up being a project where we're just giving $1000 to one person. 

What we'd rather do is find a coin that has a lot of holders, and turn those holders into BARR holders while exchanging their dying coin for our coin which would have more participation and liquidity.

What if we burn the low (under $1000) market cap coins on coincap.io and then gradually proceed upward from there? It'd be a cheap way to get the ball rolling and single individuals could be more capable of burning an entire coin supply.

Still waiting on you

all who want to burn coins need to be more active in voting process
but
unclear why BARR team vote to "burn nothing", and besides, by considerable amount
it's like you founded the company and hung a sign with "CLOSED around the clock"

No! you cannot close it!
I still read it, and wait for the next news release!

You do see a point in keeping this thread going, because you did.  Thanks!

Someone told !e the Barr burning is over so all my useless coins remain useless. This threads died now and noone seems to want to help me. I see no point of keeping this thread lice please close it. Thank you.

There is a list on Page 1 of this topic, but it is outdated.  It takes a long time to go through each coin and make sure there's a working explorer and no blockchain problems and that it's still listed on current exchanges.  Our original list required several weeks of man-hours to research every coin listed on Coinmarketcap.com, and some that weren't listed there, and determine which ones fit the criteria for BARR burn redemption.

Until we overhaul and update the list, we're just taking any suggestions and looking at any coin that people express interest in burning.

It's been successful as far as maintaining its value and burning a lot of coins, but it hasn't gotten enough traction to see lots of users and lots of volume.  So that has also limited how many coins we can continue to burn.






I think if crypto and Bitcoin continue to gain new users, there will be new targets for scam coins.  But the more mainstream Bitcoin becomes, the more awareness there will be about scam coins and there won't be as many people interested in every new altcoin.  So if there are no new people putting money into new coins, the new coins will start to dry up.  That still leaves the older coins that lots of people have already sunk their money into, and that's what BARR helps with.





Lots of altcoins have been launched for buying marijuana, or urea, or other commodities or goods and services.  But Bitcoin can already buy all those things, so there has been limited interest.  A more successful type of currency is "company store money" - instead of having money that can only buy one thing, you have one thing that can only be bought with that money.  Microsoft points, Linden dollars, online services that only accept Bitcoin;  people buy these currencies because they need them to get what they want.  So if you have a website selling something that people want, and you only accept your own altcoin, then you will have as many altcoin adopters as you have customers. 

OP, Can you post the list of Coins you presently accept for BARR Burning?

This whole BARR burning thing, to reduce the number of ridiculously-named alt-coins, seems like a worthwhile project.  Never could understand what the "value" of some funky-named alt-coin was anyways.  Got a trillion of them and what are they actually worth, anyways?  I mean, for example, you can still mine Teacoin (TEA), but it's absolutely worthless in every possible sense of the word.  The coin page is gone.  The Facebook page is dead.  But there are still people who mine/trade it for some insane reason that defies human logic.

How is the BARR thing going anyways?  Is it successful or just a nice idea that isn't getting the traction it aimed for? Can we ever out-burn all the existing lame alt-coins out of existence or are there some that will always keep making more, to offset the lost ones?  In other words, can we win this war, or is it a lost cause?

I still believe the only way to create a coin that has any real value, is to create a coin that is designed to transact a very specific type of item or form of business and was intentionally self-limited (you can't have a 100 million of them).  For example, if you created a coin that was specifically designed to buy/sell lemonade... let's call it lemonadecoin (LAC).  And you had a preset value of 100 LAC for 1 glass of lemonade.  You can ONLY buy lemonade with the coin, so you don't have any reason to have 50,000 of them.  How much lemonade are you planning on buying?

But, because the coin is specifically designed to transact a specific item, even if it goes on an exchange and becomes worth only 1 satoshi (essentially worthless) and gets delisted, it STILL has value, because you can still buy lemonade with it, from other vendors, who are part of the network.  If you create an economy of like-minded individuals seeking the same goal, it can never die, even if outsiders deem it worthless, because as long as any two are willing to transact business in that economy... it lives on.  And who doesn't like good, old fashioned homemade lemonade, eh?  :-D 

I have two "coins" in mind, fashioned for two specific purposes.  But haven't been able to get much traction from people.  It's tough being the Little Red Hen, full of barn animals that don't want to help do anything, except EAT the bread, after all the work leading up to that point, is done.

If anyone has coin-working skills and would like to know more about my ideas, just let me know or Email me.  Perhaps the death of "silly alt-coins" is simply in revealing them for how actually useless they really ARE!  We can always hope! :-D

BARR is built on the NXT blockchain, so it trades within the NXT wallet on the decentralized asset exchange.  That's why it can never be delisted. 

Download at https://nxt.org/
Once you get NXT up and running, trading is very simple and easy. 

If you don't have a NXT wallet synced, you can use a web wallet like MyNxt.info

https://www.mynxt.info/asset/7823929696462256005



Unfortunately the burn period for Bunnycoin has ended.  So far we have burned each coin for 1 month and then stopped.

In January 2016 we burned Bunnycoin and Unitus.  We burned 11 Billion Bunnycoins which were worth about 3BTC at the time, about 12.5% of the entire Bunnycoin supply, and we burned 17 Million Unitus, which was 46% of the total coin supply and worth about 7BTC at the time.