Topic: [ANN] [BARR] The Only Cryptocurrency Where No One's Ever Lost Money - page 27. (Read 39371 times)

Oh.  Well we definitely haven't kept it a secret as to which coins we're starting with.  I already had a post deleted here when tokeweed reported me for "spamming" it.  I was only bringing it up in conversation, but he was tired of me talking about BARR in the Altcoins board.

We've also been announcing it in trollboxes at polo, cryptsy, c-cex, cryptopia, and bleutrade.  Mainly polo and cryptsy, since the coins are traded there.  (XAI is also at trex, but no chat box there)

And if you'd like to see a little of the evolution of the project, you can look at our test pre-ANN that I made 2 weeks ago at NXTforum:

nxtforum.org/news-and-announcements/(ann)-barr-burning-altcoins-for-redemption-and-reduction/

We went to NXTforum early on to get advice, because we're launching on the NXT platform.  Originally we were going to do it on the NXT Monetary System, but people there recommended we use the Asset Exchange because it's more established and easier to use. 

I think he's saying that we're only pretending to have a big list of coins, but we "secretly" chose the ones we already hold.

What he left out is that we've already been planning this for weeks in the Keycoin topic, the Fractalcoin topic, and the Sapience topic.  But he knows that, since he read my post history.

Since he also admits that he went to barr.me/who, he knows that we already have community representatives from each coin.  Maybe he conveniently forgot about that. 

The project started as a swap for those 3 coins, so there's no mystery about it.  After we decided to swap those coins, we started looking for other coins to swap in the future.

I think that part needs addressing:  what is "specific" about those 3 coins?  Nothing.  

Is it that their devs abandoned them and/or made promises that weren't kept?  

That they were released, pumped and dumped, and they have steadily lost value ever since?  

There's nothing specific about any of that, in the world of altcoins.  That's the norm.  It's almost all of them.  These aren't unusual scamcoins, they're average typical altcoins.  That's the problem we're trying to help solve.  

If you can find 3 altcoins that don't look like a bad group, then you probably have 3 altcoins that people wouldn't want to burn.  We couldn't afford to burn them anyway.  

So you have a problem with a coinswap that swaps coins to the people who hold the coins it's swapping for?

NAUT just swapped to a new blockchain - did you know that the main people who received the new NAUT were the same people who held the old NAUT?  Is that some "convenient" hidden scam, or is it the entire point?

We're not selling BARR.  We're giving it away for free.  I won't get 1 single BARR unless I burn my altcoins for it.  Altcoins that I mined for the past year, that I paid for, that I helped to keep alive.  During the launch, I'll continue to scrape up every bit of NXT I can, and spend it all for BARR buywalls.  And it's not very much NXT, but hopefully it will be enough.  The idea of me making any money from this is a long way down the road, if ever.    

But yes, I hold the coins we're burning.  I hold a pretty good bit of them, from my point of view, but spending 5 or 6 BTC on some coins that are now worth 3 or 4 BTC isn't much money in terms of entire markets.  Is that the big scam you're uncovering?  That the person running a community takeover of a coin is part of the community?  

If I didn't hold these coins, some of them would already be dead.  KEY and FRAC anyway.  So I hope other holders don't mind.  And if I didn't hold these coins, BARR wouldn't exist.  So I hope other holders of BARR don't mind.  

And yes, I'm going to buy more altcoins after we decide which ones to burn.  I'm going to buy them, and then I'm going to burn them.  All for BARR, which has still never been sold for any amount of anything.  I don't think it makes a very good scam, but I do think it makes a very good altcoin project.

You don't have to stop posting, your posts aren't going to be deleted and you're not breaking any rules.  I'm sure other people have the same questions. 

It is pretty clear what I was trying to say, you've awarded yourself the biggest stake from those three coins you've accumulated through their extended down time.
Really convenient that your filtered shitcoin list ended up with those specific coins. Just don't play the heal the alt world card, your agenda is clear. It's just another scheme of which you will have the edge, starting with these 3 coins and those redeemable later on that you could (benefit of the doubt) be currently accumulating. I will say no more unless my post gets deleted.

Hi thelion007, thanks for taking an interest in BARR.

As you noticed, I have been involved in our 3 launch coins for a while, but not as a developer.  I started out as an altcoin daytrader, and I ended up holding some coins that not many other people wanted to buy.  That includes Fractalcoin, Keycoin, and Sapience, although "coins that not many people want to buy" describes over a thousand altcoins.  Probably 99% of all altcoins.

So I bought these coins, and all the devs abandoned them.  At first I thought it would help to keep the bitcointalk topics active, so my role in the community was just posting on this messageboard.  Then I gave some tips and pointers, helped some people sync their wallets and make .conf files.  But mostly we just talked about how our coins weren't worth much, and how we wished they were worth more.  

The only coding I know is HTML, so I paid $8.99 a year for a domain name and some shared hosting.  That was all I could really contribute at that point.  Just a basic homepage, nothing professional, and I made one for Keycoin as well as Fractalcoin.  (I noticed that a lot of coins have their website go offline right about 1 year after they launch;  but that's only for the coins whose website didn't disappear after 1 month.)

So instead of just talking and wishing our coins were worth more, some of us tried to chip in a little and keep things moving.  But with no dev hosting a DNS seeder, people were having a hard time getting the wallets to work at all.  Then we had to figure out how to keep the coins alive and running - it wasn't an issue of the coins eventually being worth more, but rather an issue of the coins eventually going completely dead and all our coins becoming worthless.  

Some people were talking about updating the coins, community takeovers, swapping to a new blockchain, and other options to keep the coins alive and find a way forward for all of us bagholders.

The idea I settled on was BARR, and I think a good many people will agree that it's a good solution for them too.  Others may not, and they are free to do their own community contribution to keep their coins alive as I have done.

Thank you for providing an archive of my posts, as I like to think I've said some helpful things that people will benefit from.  

But I'm not sure what you mean by "bingo", since it doesn't apply to anything you said.  Since you didn't actually say anything, I can only guess what your point was supposed to be.  Are you saying that all 3 devs of these coins abandoned the coins?  I agree.  That's why we're trying to completely destroy these coins and their entire supplies.  If you have anything you'd actually like to say, please go ahead.  

Interesting choice of coins 

FRAC – EARLZ
KEY – PROMETHEUS
XAI – ALTY/JOE MOZ



WHO? http://barr.me/who/ runpaint – Inventor of Multi-Proof-of-Burn

Just a random click on his post history....THAT'S A BINGO!! 

https://bitcointalksearch.org/user/runpaint-404349

https://archive.is/Mw4Jh

We've just added a few more coins to the eligible list, and a lot more coins to the ineligible list.  Hopefully we'll have more done by the end of the day today. 

We'll need to go ahead and decide on the coins to burn for December about 2 weeks ahead of time, to get everything lined up and give people enough notice.  We can't do it at the last minute, but we also can't plan too far ahead because coins get delisted, block explorers stop working, and prices change.  So if we planned it now, we'd probably have to change something before December anyway. 

For example, we were thinking about Prospercoin, and it has a block explorer.  But today we noticed that the block explorer hasn't moved in 3 days, so now we're not sure if we'll be able to do it or not.  It depends on whether the explorer starts working again.  (We've contacted the explorer's host and also mentioned it on the PRC ANN)

For now we'll be concentrating on the launch and the November coins, but we'll start looking at which coins might be good for December.  If most people seem to agree, we won't have to hold a formal vote.  We don't have enough people here yet for a good vote anyway, so it might not be as complicated as in the future when we have a lot of users.  When we need a vote, we'll probably start a separate topic for a discussion and a poll.   

One important thing to talk about is how many coins we're going to burn in December;  we think we may do as many as 6 different coins at the same time, because some of the marketcaps are so low that 2 or 3 coins won't amount to much BARR even with full participation and burning the entire supply.  But we'll have to see how the launch goes and what unexpected problems we might run into.  6 coins at one time might be too many.  But we don't want to split it up into fewer coins for shorter periods, because 2 weeks might not be enough time for everyone to hear about it. 

So once we get that ironed out, we'll be ready for the next question.  Tomorrow is Monday so we're expecting more response here when everybody goes back to work.

Hopefully after the launch begins on November 1st, it will be easier for everyone to see how the process works and decide if they would like to participate. 

Nothing is perfect, and I doubt we'll be able to please everyone at the same time, but we're going to do our best and consider everyone's suggestions. 

I agree.  I wasted 1 month trying to sync NXT in the spring of 2015, it's a little geekish :/
But I've just played with the online wallet and it is fairly simple and easy too do.

Also looking at the NXT exchange site and it is uber simple to use.  However it seems all but half a dozen markets are actively traded.  


Very coin-cident-tal I suppose  


this concept requires a custodian.
even if you code some auto-bot ... you still face the same trust issues. (someone holds the keys)

solutions would be multisig or multiple trustees.
i am willing to have a little faith because this an experiment and the guys managing the project have been around for some time.

but yes as time goes by and if BARR becomes an asset of value then perhaps some safe guards are needed.

i would suggest public dumps.  example a BARR holder wants to improve XAI, so he says "I've got $50 of BARR and I am going to selling, the revenue will be used to pay for a block explorer".  so thus you have micro budget projects DIY on the record.  the sincere participants will become evident and hustlers would find it difficult to scam more than $5-$10 if even a $1. 

also this keeps more less a fixed market cap so there is little of a bubble to pop by dumping the reserve BARR.

again as time goes by, and if it works, then find a way to safe guard the system so the market cap can increase.

Hey I just created this account, and I noticed BARR!  What a great idea, and it's good that my avatar already says BARR.me!

That topic hasn't had a post in 18 months.  We can only burn a limited number of coins during each burn period, and each one requires time and planning.  So we want to add coins that will possibly bring a good number of participants.   

As it says in the OP, a project like this isn't possible without someone running it.  There's no way to make it fully decentralized with the currently existing technology.

The Burn Fund will never sell BARR, and never send it to anyone without a txid to prove that altcoins were burned for it.  

What prevents us from dumping the Burn Fund is that we're all holders of these altcoins ourselves, and we want to exchange them for something valuable.  If we wanted to dump them, we'd dump them now and not bother exchanging them for BARR.  But it's true that it could possibly happen if we were dishonest, which is a limitation of the project.  As time goes on, and more BARR is fairly distributed to many people, then the risk will grow less and less as there will continually be less BARR in the Burn Fund, and as we build a track record of honestly handling the accounts.

If we begin to behave like BanxShares and break all our promises, act without transparency, give ourselves millions of free coins, double the supply after promising not to, and lie to the public, then you will have a legitimate complaint.  

(Actually we can't double the supply because it's fixed, and we can't do anything without people being able to see it, because the NXT platform is decentralized and transparent)







You too?  Amazing that out of the 200 people who have viewed this topic, a full 1% of them were lurkers who created a new account to post.

And of the 8 people who have replied, a full 25% created their accounts just to post here.

And then after we didn't respond for 10 minutes, you had to create an account to point out how we tried to "bury it" for 10 minutes.  Truly a noble endeavor on your part.

Do you know what else is better when you process it manually?  Self-moderated threads.

Yo did the devs actually just ignore this? i was browsing and noticed this, had to make an account just to point out how the devs tried to burry this without response...

id like to hear what they have to say, for one.

You don't have to sync a NXT client to hold or trade BARR.  Syncing a new NXT wallet can take 24 to 48 hours, but you can also use an online wallet/trade account at MyNXT.info or SecureAE.com.

KEY and FRAC both have a higher supply, and they're both cheaper than XAI.  So the price is already balanced between all 3, with approximately 500,000 BARR allocated for each altcoin.  

We can't set the exchange rate at the current price of a low-volume market, because we already know that nobody is willing to sell at that price.  So we are offering more than the current price for all 3 coins, to give holders enough incentive to sell.

KEY and FRAC have both been trading under 3000, so we're setting the exchange rate at .5 BARR (estimated at 5000).  XAI has been as low as 4000, it's still around 5000 now, and there still aren't many sell orders going through.  So we're setting the exchange rate at .75 BARR (estimated at 7500).

These rates allow us to offer an equivalent amount of BARR for the entire supply of each coin:  

1,003,590 FRAC for 501,795 BARR
945,787 KEY for 472,893 BARR
684,468 XAI  for 513,351 BARR


Does this seem fair to all 3 coins, since we're offering the same amount of BARR for each one?

I literally made an account on this forum (finally) just to point out the obvious scam in all of this:

So you're proposing burning a coin and receiving credit for burning in BARR, however this means eventually BARR is going to have some value on the asset exchange. That is 1 BARR = x units of NXT.

Since you control the supply of BARR, what is honestly preventing you from when x hits some desirable rate that you just don't dump a huge chunk of your BARR onto the market, make a nice profit and walk?

Also, lol the fact that you're doing this manually, this honestly wouldn't take more than a day or two to automate, since people can attach messages to transactions they could put their NXT address / pub key in the message field, submit the coins to the burn addresses listed and you have a worker bot that pays them out automatically -- literally a day of coding tops.

tl;dr
obvious (eventual) scam, dev probably doesn't know jack about coding

-- edit: this post will probably get deleted too, but op deleted the post where I called out his bullshit in technical details, oh well.

Could you add this coin to the list? https://bitcointalksearch.org/topic/annetc-eternalcoin-afterlife-currency-launched-on-exchange-562481 still have a lot of them

I really love your concept of burning coins. Especially multi proof of burn, this will lower the price of others coin and increase the price of BARR considerably. However, I think that based on NXT which is a currency got quite big blockchain right now will slow down the amount of user who hates waiting for things to sync