The first alternative currency to hit $1 million? Bitbars - page 2.

ohiofarmer

member

Activity: 112

Merit: 10

Quote from: AndrewWilliams on November 25, 2013, 11:17:03 PM

Bitbar had it's chance - and failed.

Scarcity is a bad argument. I can release ScamCoin and limit it 100 coins, it will not make it valuable.

It's seen a bump recently, so I wouldn't write it off yet. As others have noted, it's almost impossible to kill off any alternative currency unless all records of the blockchain are destroyed.

I will definitely do some more research on the origins of the coin, though. I'm thinking of doing a series of blog posts that researches all of the coins in-depth one at a time. There are getting to be so many it's hard to tell why one's different from another.

AndrewWilliams

full member

Activity: 182

Merit: 100

Fourth richest fictional character

Bitbar had it's chance - and failed.

Scarcity is a bad argument. I can release ScamCoin and limit it 100 coins, it will not make it valuable.

Hazard

legendary

Activity: 980

Merit: 1000

Bitbar was one of the old scamcoins. Out of the 8000 that will ever be in existence, over 2000 were instamined by the insiders: http://cryptometer.org/bitbar_96_hour_charts.html

Stay far, far away from this shit. And please do your research before you put money into something.

mymenace

legendary

Activity: 1596

Merit: 1061

Smile

I believe people only invest in coins if they believe they will have a use.

For example you can buy and sell goods and services with bitcoin, litecoin, etc.

Please advise of current uses for bitbar to promote the value in investing in this cryptocurrency

ohiofarmer

member

Activity: 112

Merit: 10

As a disclaimer, I've bought some bitbars on Cryptsy. But I bought them because I think they have the potential to be valuable. And, I actually believe they'll end up being worth more on a one-to-one basis than bitcoin. Here's why:

1) Scarcity. There are less than 8,000 bitbars in circulation and that growth rate is slowing.

2) Current value. Bitbars are already the second-most expensive currency trading on Cryptsy (current value: $22+).

Ultimately, there will be 21,000,000 bitcoin in circulation. That means each bitbar is 2700 times rarer than each bitcoin. In a perfect world (i.e. if demand for bitbars matched demand for bitcoin), that would mean that each bitbar should be worth 2700 times each bitcoin. At the current asking price for bitcoin ($823), we'd be looking at a value of $823*2700 or $2.2 million per bitbar!

Of course, I doubt bitbars will ever become as popular or widely accepted as bitcoin, but they will remain important in the crypto-currency trading space thanks to their scarcity. Why would I want to invest in a currency that's going to mint hundreds of millions of coins when I can invest in one that mints thousands?

Topic: The first alternative currency to hit $1 million? Bitbars - page 2. (Read 1968 times)