Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.
Which does not differ from other coins like Feathercoin, where ~3 million were mined in the first 24 hours.
Topic: [BTB] The BitBar Information Thread - page 69. (Read 180202 times)
Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.
Which does not differ from other coins like Feathercoin, where ~3 million were mined in the first 24 hours.
Correction: Huge rewards in the first 2000 blocks that were mined in 12 hrs.
BitBar "Premine" allegations
It is always helpful for new coins to be analyzed and vetted out by the community. In doing this, subSTRATA has brought up some potential issues with BitBar's launch. Let's break down his allegations and put this to rest.
1. 60 blocks after the genesis block were premined
This was indeed true, as a testing error. See here for more information, as well as the tester's admission of error. Those bitbars are being donated as a bounty towards the exchange. See the official launch topic here.
2. Difficulty for the first 735 blocks was so low that it can't even be shown on the explorer
Several coins launched that exact same way:
* Feathercoin launched with difficulty 0
* Terracoin launched with difficulty 1 (just as low as 0 in effect)
* Chinacoin launched with difficulty 0
* Novacoin launched with difficulty 0
Let's look at the Feathercoin launch, for example:
* Exactly 24 hours after launch (2013-04-17 21:48:40) 2,898,850 Feathercoins had been mined
* There are currently 6,415,200 Feathercoins as of 5/5/13 at 3:20PM EST. This means that around 50% of the total Feathercoin supply as of 5/5/13 was mined in the first 24 hours.
* 20,000 Feathercoins were mined in the first 8 minutes.
* Feathercoin also started with difficulty of 0, just like BitBar.
Beyond Feathercoin, 2 million PPCoins were mined in the first day.
This makes BitBar's launch very similar to other launches of established coins with a trading market behind them.
3. For the premine period, 59.644201 BTB were generated in little less than 4 minutes
See point above. Current BitBar difficulty and block reward is adjusting predictably to handle the load.
4. For the difficulty under 0.001 period excluding the premine period, 600.324139 BTB were created in little more than 20 minutes
See point above.
So, what's it worth?
Well. The value of any cryptocurrency (and any currency in general) is really what people want to pay for it. However, RustyShackleford1950 has a good analysis of potential BitBar value using historicals from a few other coins:
If we want to estimate the exchange value let's compare it against litecoin:
Litecoin:
Network Hash: 16,759,472 kH/s
Total Supply: 17,392,400 LTC
Current value: 3.14 USD/LTC
Bitbar:
Network Hash: 700,000 kH/s
Total Supply: 2,800 BTB
Theoretical value: 815 LTC/BTB.
Which seems insanely high (24BTC/BTB). And it is, it doesn't take into consideration adoption, reputation, age, etc.
So compare it to one of the lamer coins of recent times, feathercoin;
Feathercoin:
Network Hash: 1,133,753 kH/s
Total Supply: 6,505,600 FTC
Current value: 0.22018 USD/FTC
Bitbar:
Network Hash: 700,000 kH/s
Total Supply: 2,800 BTB
Theoretical value: 315.8 FTC/BTB.
Which would value bitbar at about $70 USD/BTB (0.65 BTC), which seems very low (probably due to the problems feathercoin currently has).
So there's a rough high and low point for the exchange to base the price from.
My personal feeling is that around 10 BTC/BTB is a fair price IN THE LONG TERM. Short term price, anywhere between 1.5BTC/BTB - 2.0 BTC/BTB.
It is always helpful for new coins to be analyzed and vetted out by the community. In doing this, subSTRATA has brought up some potential issues with BitBar's launch. Let's break down his allegations and put this to rest.
1. 60 blocks after the genesis block were premined
This was indeed true, as a testing error. See here for more information, as well as the tester's admission of error. Those bitbars are being donated as a bounty towards the exchange. See the official launch topic here.
2. Difficulty for the first 735 blocks was so low that it can't even be shown on the explorer
Several coins launched that exact same way:
* Feathercoin launched with difficulty 0
* Terracoin launched with difficulty 1 (just as low as 0 in effect)
* Chinacoin launched with difficulty 0
* Novacoin launched with difficulty 0
Let's look at the Feathercoin launch, for example:
* Exactly 24 hours after launch (2013-04-17 21:48:40) 2,898,850 Feathercoins had been mined
* There are currently 6,415,200 Feathercoins as of 5/5/13 at 3:20PM EST. This means that around 50% of the total Feathercoin supply as of 5/5/13 was mined in the first 24 hours.
* 20,000 Feathercoins were mined in the first 8 minutes.
* Feathercoin also started with difficulty of 0, just like BitBar.
Beyond Feathercoin, 2 million PPCoins were mined in the first day.
This makes BitBar's launch very similar to other launches of established coins with a trading market behind them.
3. For the premine period, 59.644201 BTB were generated in little less than 4 minutes
See point above. Current BitBar difficulty and block reward is adjusting predictably to handle the load.
4. For the difficulty under 0.001 period excluding the premine period, 600.324139 BTB were created in little more than 20 minutes
See point above.
So, what's it worth?
Well. The value of any cryptocurrency (and any currency in general) is really what people want to pay for it. However, RustyShackleford1950 has a good analysis of potential BitBar value using historicals from a few other coins:
If we want to estimate the exchange value let's compare it against litecoin:
Litecoin:
Network Hash: 16,759,472 kH/s
Total Supply: 17,392,400 LTC
Current value: 3.14 USD/LTC
Bitbar:
Network Hash: 700,000 kH/s
Total Supply: 2,800 BTB
Theoretical value: 815 LTC/BTB.
Which seems insanely high (24BTC/BTB). And it is, it doesn't take into consideration adoption, reputation, age, etc.
So compare it to one of the lamer coins of recent times, feathercoin;
Feathercoin:
Network Hash: 1,133,753 kH/s
Total Supply: 6,505,600 FTC
Current value: 0.22018 USD/FTC
Bitbar:
Network Hash: 700,000 kH/s
Total Supply: 2,800 BTB
Theoretical value: 315.8 FTC/BTB.
Which would value bitbar at about $70 USD/BTB (0.65 BTC), which seems very low (probably due to the problems feathercoin currently has).
So there's a rough high and low point for the exchange to base the price from.
My personal feeling is that around 10 BTC/BTB is a fair price IN THE LONG TERM. Short term price, anywhere between 1.5BTC/BTB - 2.0 BTC/BTB.
I wanted to put together this info thread on BitBar to help others learn about it (note, I did not release the coin). Please feel free to reply to it and suggest anything that could be added or modified. I've modeled this page after the LiteCoin information thread here.
What Makes BitBar different than other AltCoins?
BitBar is a cryptocurrency designed to be extremely rare and thus hold a larger store of value per unit than conventional cryptocurrencies such as Bitcoin or Litecoin.
It is based upon the Novacoin codebase which uses Scrypt as the hashing algorithm and the fast continuous exponential difficulty adjustment/reward of PPCoin. This makes it highly ASIC resistant, meaning specialist mining equipment built into chips is very costly to manufacture efficiently. (thanks mr_random)
Technical:
* Proof of Stake + Proof of Work (based off of Balthazar's Novacoin code as well as the RareCoin and Fairnova projects)
* No premine like Novacoin has been accused of having
* Dynamically adjusting difficulty and reward calculation
Psychological:
* Ultra rare
* Is the first altcoin that is trading at a higher value than BitCoin per unit (correct me if I'm wrong)
* Novel "bar" concept -- breaks from the "coin" idea. Bar concept holds meaning in people's heads as inherently more value than "coin", i.e. "gold bar" vs "gold coin"
General BitBar Info
BitBar Homepage - bitbar.co
The BitBar Forum - https://bitcointalksearch.org/topic/btb-the-bitbar-information-thread-196125
BitBar @ Reddit - reddit.com/r/bitbar
Downloads:
Windws QT wallet - bitbar-qt_v04.3.004.zip
Source code - Github.com
Beginner's guide to mining Bitbar
reddit.com/r/bitbar/comments/1v2rn7/beginner_guide_to_mining_bitbar/
BitBar Block Explorers
btb.cryptocoinexplorer.com/
BitBar mining calculators
coinchoose.com
BitBar Exchanges
Cryptsy - cryptsy.com
bter.com - Exchange / Deposit / Withdraw
Google Docs: Spreadsheet Discussion
BTB Financial Sites
None yet.
BitBar Mining Pools
btb.mastermining.net - btb.mastermining.net
ispace - ispace.co.uk
P2Pool Support - Will be possible after block #9689 - See here for more information.
SOLOMINING BitBar - NEED LINK
Mining "Hardware and HowTo" Guides
Consolidated Litecoin Mining Guide for 5xxx, 6xxx, and 7xxx GPUs (applies to BTB as well) - https://bitcointalksearch.org/topic/consolidated-litecoin-mining-guide-for-5xxx-6xxx-and-7xxx-gpus-117221
Mining hardware comparison (from LTC) - https://github.com/litecoin-project/litecoin/wiki/Mining-hardware-comparison
Other Interesting BitBar threads
Coming soon...
The [BTB] BitBar Information Thread
What Makes BitBar different than other AltCoins?
BitBar is a cryptocurrency designed to be extremely rare and thus hold a larger store of value per unit than conventional cryptocurrencies such as Bitcoin or Litecoin.
It is based upon the Novacoin codebase which uses Scrypt as the hashing algorithm and the fast continuous exponential difficulty adjustment/reward of PPCoin. This makes it highly ASIC resistant, meaning specialist mining equipment built into chips is very costly to manufacture efficiently. (thanks mr_random)
Technical:
* Proof of Stake + Proof of Work (based off of Balthazar's Novacoin code as well as the RareCoin and Fairnova projects)
* No premine like Novacoin has been accused of having
* Dynamically adjusting difficulty and reward calculation
Psychological:
* Ultra rare
* Is the first altcoin that is trading at a higher value than BitCoin per unit (correct me if I'm wrong)
* Novel "bar" concept -- breaks from the "coin" idea. Bar concept holds meaning in people's heads as inherently more value than "coin", i.e. "gold bar" vs "gold coin"
General BitBar Info
BitBar Homepage - bitbar.co
The BitBar Forum - https://bitcointalksearch.org/topic/btb-the-bitbar-information-thread-196125
BitBar @ Reddit - reddit.com/r/bitbar
Downloads:
Windws QT wallet - bitbar-qt_v04.3.004.zip
Source code - Github.com
Beginner's guide to mining Bitbar
reddit.com/r/bitbar/comments/1v2rn7/beginner_guide_to_mining_bitbar/
BitBar Block Explorers
btb.cryptocoinexplorer.com/
BitBar mining calculators
coinchoose.com
BitBar Exchanges
Cryptsy - cryptsy.com
bter.com - Exchange / Deposit / Withdraw
Google Docs: Spreadsheet Discussion
BTB Financial Sites
None yet.
BitBar Mining Pools
btb.mastermining.net - btb.mastermining.net
ispace - ispace.co.uk
P2Pool Support - Will be possible after block #9689 - See here for more information.
SOLOMINING BitBar - NEED LINK
Mining "Hardware and HowTo" Guides
Consolidated Litecoin Mining Guide for 5xxx, 6xxx, and 7xxx GPUs (applies to BTB as well) - https://bitcointalksearch.org/topic/consolidated-litecoin-mining-guide-for-5xxx-6xxx-and-7xxx-gpus-117221
Mining hardware comparison (from LTC) - https://github.com/litecoin-project/litecoin/wiki/Mining-hardware-comparison
Other Interesting BitBar threads
Coming soon...
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