Topic: [ANN] [BARR] The Only Cryptocurrency Where No One's Ever Lost Money - page 26. (Read 39371 times)

Is it legitimate?  Yes.

Does it solve the problems experienced by users of other coins?  Yes.

Does it require blind trust in our devs?  No.  The ongoing distribution of BARR is fully transparent and can be inspected by anyone at any time.

100% Agree,

However its dont answer the rest of my question.
NXT based Barr.me project the idea of this project from my point of view is good but somewhat excessive, now comes the most important, Is it legitimate? As does Nxt to avoid the same problems?  I have missing that part too, Or is just the fact of following blindly trusting on devs and promoters of the coins.

The supply of BanxShares is 12,000,000.  If 10,000,000 of the supply is still held by Banx, then swapping for BanxShares would benefit the Banx devs more than the actual investors. 

We want to redeem coins held by crypto users.  We don't want to reward scammers for hoarding their own premine.

I did the previous commentary before or read about your thread about  https://bitcointalk.org/index.php?topic=1181883.0

@runpaint  because you are a serious Nxt enthusiast and you bring to us all the evidence of  BanxShares,  But now  I could ask:

NXT based Barr.me project the idea of this project from my point of view is good but somewhat excessive, now comes the most important, Is it legitim? As does Nxt to avoid the same problems?  I have missing that part too, Or is just the fact of following blindly trusting on devs and promoters of the coins.

And after come the next: BanxShares will not be eligible for BARR burn redemption, because of the significant percentage of premined funds held by developers.So this sounds a bit strange considering the purpose of Barr.me project, So in the best of cases the investors of Banxshares could be reimbursed but if this doesnot happens, Then what?   Barr.me project is unable and apart from that is not required to do so change barr for Banxshares so finally also it reflects that this will not be very effective with anothers coins or shares/tokens.

So I could appoint that:
                               * I'm not very sure about that it be the best way
                               *So Barr dont cant stop entire blockchains(speaking of scamcoins for example) its can only  divide to the community even more.
                               *Or is just the fact of following blindly trusting on devs and promoters of the coins.
                              
And only for clarify: I could keep watching this thread because I'm agree that  Reduction of the coins is neccesary maybe dont of this way so I could  mention that I'm not a supporter of Barr.

Thanks! 

Everything is ready for launch, and the 1st burn period starts Saturday at Midnight.  Message us at this account to burn your Fractalcoin, Keycoin, or Sapience.

That is beyond our control.  Users will decide how many coins to burn.  If they burn 100% of a coin's supply, then the coin stops running. 

If we reduce the number of Fractalcoins by 1,000,000, then we've also reduced the number of Altcoins by 1. 

Ok Agree,

But it is a little different to: absorb entire altcoin networks and their users. For now we could let this on:
The less coins the better without going to extremes.

Thanks!  Looks like we end up with a total of +1.

But if we want to reduce the number of altcoins, those coins and users will have to go somewhere.  That's why we're invited them to be absorbed into BARR.

If someone decide burn some BTC buying some shitcoins in the exchanges and burning this is another way,
But I insist that it is not the better way. A cleaning process could be more oriented to reduce the shitcoins and scamcoins without create another because only burn coins it don´t stop the entire  blokchain .  

Watching this thread principally for : Burning Altcoins for Redemption and Reduction, But I'm not very sure about that it be the best way.

Anyway you got +1 for Burning Altcoins Redemption and Reduction idea.

and  -1 for: Our goal is to absorb entire altcoin networks and their users.

and +1 for: reducing the total number of altcoins on the market.

Still working on the full list of altcoins, but we've all been distracted today playing with the new release of FreeMarket. 

An ebay-type service on the NXT blockchain, no Paypal, fully decentralized.  This is the kind of thing that will really change the world.   

And you can even use it without a NXT client at freemarketlite.cc

Anyway, back to work for now.

I don't even see it as an edge or advantage for us.  I hold these coins, but so do a lot of other people, and we're just exchanging them for another coin.  In the case of Sapience in particular, I paid over .0002BTC for a lot of my coins.  I've averaged down closer to .00015, but I don't think I'm giving myself a bonus by exchanging them at half that rate.  I'm still losing money, while anyone who buys during the exchange at 7500 will have an advantage over me and get their BARR cheaper than me when they exchange their Sapience. 

Of course people will suspect something dishonest, since that's what usually happens.  But I don't see anything dishonest about us burning our own coins.

Think about it like this:  What would people say if we started this project and didn't burn our own coins?  "Why should anyone else burn their coins if the devs won't even burn their own?"

Some people will say it's a scam because we're burning our own coins, but they would also say it was a scam if we didn't.  Since we can't stop people from saying that, no matter what we do, we're just going to let people see for themselves.

If we started by burning a coin we don't own any of - let's say ULTC - that coin would have plenty of its own whales.  Every coin will have both small and large holders.  The difference is that we don't know any ULTC whales, so we have no way of getting them to participate in a brand new project.  We need to start with our own coins and lead by example, because nobody else is going to do it until we get it going ourselves.

 If we started by burning ULTC, and nobody participated, then this project would seem like a complete failure to everyone.  Then we wouldn't have much chance of creating buzz and getting participation for the next coin.  So even though I don't hold any ULTC, I would try to become a ULTC whale during the exchange period, in order to make sure some ULTC gets burned.

I think that's one thing people aren't understanding - we want to burn as much of these coins as we can, up to 100% of the entire supply.  That means if we're not whales already, we're going to try and become whales in every coin we offer.  And then we're going to burn it all.  The fact that I'm personally a whale in our launch coins makes perfect sense, rather than being anything negative.  It's a big reason why this project will work, and there's no other way it could be done.

fair enough- however I might add another angle, and that is that of course people taking the initiative have got the edge.
idea, initiative, risk- get rewarded.

of course, this definition discounts dishonest schemes, but I do not think that this project is dishonest.
if there is potential benefit for a lot of people involved, why should the initiator not have an edge?

We still need a community representative for each coin we plan to burn, so please don't hesitate to volunteer if you have a coin you'd like us to offer for burn redemption.

If we can go ahead and gather a list of community representatives, it will help us narrow down which coins should be burned next, and it will also give us a better idea of which coins have active community members that want to participate.

We're still updating the list, and we may be done by later today if we have enough time.  We're reviewing almost 500 coins, which is basically the bottom of the list from CoinMarketCap in addition to some that aren't listed at CoinMarketCap.

So you've never gone to a new ANN for a sha256 coin and demanded that they change it to x11 before launch?

Don't you know that they're only benefiting themselves because they already have asics?  They should make it so it can be mined by scrypt asics too, and so cpus can get as many fair coins as asics. 

Are you guessing that?  Or did you read it more than once already in this thread?  It's part of the rules, for us.  For you, we can't make you burn the coins after you buy them, if you buy them.  It's all voluntary, except for us.  We're the devs, so we're holding ourselves to certain rules.

As we've already said, we will spend as much as we can for price support, and we hope other BARR users help out with that.  We're not rich, and in fact we're practically broke because we spent all our money on altcoins.  But we will do what we can.






Well that's very generous of you, to allow us to burn our own coins in addition to all other coins in the world. 

Let me see if I understand you correctly:  We planned to swap Fractalcoin to a new coin, and then we decided to add Sapience and Keycoin as well.  So now, for our new coin project that was made for the purpose of swapping those three coins, you think it's not fair that we're swapping those three coins? 

Have you ever gone to a construction site, where they're building an elementary school, and asked them why all the world's children won't be able to go to that one school?  Wouldn't it be more fair if any child could go there, instead of just the children who live in the area? 

Or maybe one of the construction workers has children that will be attending that school.  Isn't it unfair that he has two children, while another construction worker only has one?  And then some people don't have any children at all.  The whole school is rigged in favor of children - but if you change that, it wouldn't be a school.  If we changed BARR to accept all coins, then it wouldn't be able to burn or redeem any single coin.   

I think it's more important to concentrate on what we can do, rather than what we can't do.  Yes, the people who hold other coins won't get to exchange their coins.  But the people who hold these coins will get to exchange theirs.  That's the point of this project.  Maybe there can be another project that exchanges every altcoin in the world, but this project isn't able to do that.  We don't even want to, because it's not our purpose. 

Since burning altcoins is our way of mining BARR, these launch coins are the genesis block.  We have to start somewhere, and we can see where it goes.  But it won't go anywhere without starting first, and the entire definition of a coin is decided by the launch specs.  These coins are our launch specs.  After everyone sees how the launch period goes, then they can see if the coin works like they think it should. 

the "we" refered to in price support references a specific group of people or all people participating in this thread who decide to help support the price? im guessing any coins acquired through dumps on buywalls will be burned for BARR.

Thanks, we always try to put our best foot forward and present an effort we can be proud of.






If BARR had a marketcap equal to the combined marketcaps of every altcoin, then we could do that.  But we don't have that many millions of dollars.

So instead, we're burning one at a time.  (Or 3 at a time.)  Then we move on and burn something else. 






The length of the redemption period is set, and so is the exchange rate.  It's open to everyone, with the only restrictions being to prevent spam. 

During the exchange period for a given coin, we will attempt to support the price of that altcoin on exchanges, buying what we can, and burning it.  Hopefully other BARR users will show up to buy the altcoin as well, since it's the only way to get new BARR.  This project is about exchanging and burning altcoins, not buying them.  But we end up having to buy some anyway, so from that angle it will work kind of like a planned pump.  But the difference here is that there will be no dump.  We show up at cryptsy, we buy the altcoin, and then we stop buying the altcoin at the end of the exchange period.  But we don't sell any of the coins we bought.  We burn them, and then we go over to the NXT Asset Exchange and try to make sure the price of BARR is supported too.  Hopefully there won't be much dumping of BARR, since everyone who wanted to dump would've already dumped their altcoins.  They probably won't go to the trouble of exchanging their coins for BARR if they just wanted to dump it, so our altcoin buywalls should help keep the dumpers out of BARR.

Saw you guys on the XAI thread recently. It does look like your putting a good foot forward where your personal bags are already packed. it should be open to burn/exchange any shitcoin (or any coin) at marketvalue for current marketvalue of BARR at least that would keep it fair. meanwhile will it be an open redemption period? because that could really hodl your price down if anyone can just swap and dump until the shitcoins included for swapping are all bought up to equalize value. (which might not take much considering the spread on many dead alts)