Topic: What happened to BitBar (BTB) (Read 3219 times)
Its already dieing out. Just like I said it would in may
^^
that - also - nibble had zero pre-mine or insta - mine block reward was lowered - has a Small but dedicated team - and will soon be literally promoting on the streets , and has unofficial support from people in one of the largest B4nks in the world < misspelling that for Google .
can't be official of course -
Absolutely false. Approximately 50% of the nibble in existence today were mined on the first day, and we are around a month of nibble existence. The idea was there, the intent was there, but the execution was not.
bitbar volume was small
no one care it
no one care it
I think the biggest negative issue was mining fractions versus a few a day at least. That's ok with BTC because it's worth over $100 each. It's just bad psychologically, even though the value of what's mined SHOULD be all that matters - in reality it's not. Also, the long confirm times and waiting 5 days to be paid from a pool is just horrible.
Take a look at the "Total Supply" chart of BitBar, and notice how it is sharply vertical during the day 1 instamine, and then levels off to nearly horizontal:
http://cryptometer.org/bitbar_90_day_charts.html.
That's a pretty strong indication that the distribution of the ownership of the coin is inequitable from the start, and no amount of mining is really going to change that.
Compare that (at the same website, follow the links), to the "Total Supply" chart of coins like bitcoin, litecoin, digitalcoin, worldcoin, or any other coin where the Total Supply slope up much more gradually. Whatever those coins' flaws -- and there may be many -- they don't suffer from the same "almost everything was mined on day 1" problem
http://cryptometer.org/bitbar_90_day_charts.html.
That's a pretty strong indication that the distribution of the ownership of the coin is inequitable from the start, and no amount of mining is really going to change that.
Compare that (at the same website, follow the links), to the "Total Supply" chart of coins like bitcoin, litecoin, digitalcoin, worldcoin, or any other coin where the Total Supply slope up much more gradually. Whatever those coins' flaws -- and there may be many -- they don't suffer from the same "almost everything was mined on day 1" problem
+1; exactly.
This is the worst coin released to date. Good ideas, terrible launch
This is the same for Novacoin no? Correct me if I'm wrong. How is Novacoin doing now?
And you should remember that instamine causes another form of centralization, centralization by early adopters. It's deadly for PoS system because it turns currency into solidcoin. We have a couple of trusted wallets and the regular miners doesn't decide anything.
^^
that - also - nibble had zero pre-mine or insta - mine block reward was lowered - has a Small but dedicated team - and will soon be literally promoting on the streets , and has unofficial support from people in one of the largest B4nks in the world < misspelling that for Google .
can't be official of course -
To be frank there is a lot of hypocrisy on this forum. The very same people who literally cried like babies over bitbar's starting difficulty and instamining immediately jumped onto YACs when they came out shortly afterwards, which had exactly the same problem (check what % of the day 1 coins make up the total money supply). They all turned a blind eye when they hoped it was a situation they could personally benefit from. Since then times have changed. Clones are everywhere and no-one raises an eyebrow about starting difficulty anymore.
BitBar is based on the PPCoin source code, which YACoin is also based on. 2 million ppcoins were made on day 1, it took months for that to look less... even now it's still 10% of the money supply. And it started at 256 difficulty. Bitbar has become a curiosity now, nothing more than an experiment in economics.
BitBar is based on the PPCoin source code, which YACoin is also based on. 2 million ppcoins were made on day 1, it took months for that to look less... even now it's still 10% of the money supply. And it started at 256 difficulty. Bitbar has become a curiosity now, nothing more than an experiment in economics.
Take a look at the "Total Supply" chart of BitBar, and notice how it is sharply vertical during the day 1 instamine, and then levels off to nearly horizontal:
http://cryptometer.org/bitbar_90_day_charts.html.
That's a pretty strong indication that the distribution of the ownership of the coin is inequitable from the start, and no amount of mining is really going to change that.
Compare that (at the same website, follow the links), to the "Total Supply" chart of coins like bitcoin, litecoin, digitalcoin, worldcoin, or any other coin where the Total Supply slope up much more gradually. Whatever those coins' flaws -- and there may be many -- they don't suffer from the same "almost everything was mined on day 1" problem
http://cryptometer.org/bitbar_90_day_charts.html.
That's a pretty strong indication that the distribution of the ownership of the coin is inequitable from the start, and no amount of mining is really going to change that.
Compare that (at the same website, follow the links), to the "Total Supply" chart of coins like bitcoin, litecoin, digitalcoin, worldcoin, or any other coin where the Total Supply slope up much more gradually. Whatever those coins' flaws -- and there may be many -- they don't suffer from the same "almost everything was mined on day 1" problem
+1; exactly.
This is the worst coin released to date. Good ideas, terrible launch
This is the same for Novacoin no? Correct me if I'm wrong. How is Novacoin doing now?
And you should remember that instamine causes another form of centralization, centralization by early adopters. It's deadly for PoS system because it turns currency into solidcoin. We have a couple of trusted wallets and the regular miners doesn't decide anything.
You did a great thing by destroying those coins to allow Novacoin to move forward Balthazar.
I was merely referring to the fact that both NVC and Bitbar have the same reward system, based on PPCoin. Whereas, basically, the lower the difficulty, the higher the reward, and vice versa.
An instamine is unavoidable when using this system and starting from a very low difficulty.
Hopefully bitbardev could do something similar to help bring more credibility to Bitbar.
I recommend people should ignore the trolls(bashers and Trucoin). The Bitbar dev. is active and currently working on an update. It is currently #1 CoinChoose when adjusted for stales, even above LTC. BTB has one of the best designed difficulty adjustments and proof of stake blocks so it will never "die".
So people who don't like this coin for a good reason are trolls? That's narrow minded
Take a look at the "Total Supply" chart of BitBar, and notice how it is sharply vertical during the day 1 instamine, and then levels off to nearly horizontal:
http://cryptometer.org/bitbar_90_day_charts.html.
That's a pretty strong indication that the distribution of the ownership of the coin is inequitable from the start, and no amount of mining is really going to change that.
Compare that (at the same website, follow the links), to the "Total Supply" chart of coins like bitcoin, litecoin, digitalcoin, worldcoin, or any other coin where the Total Supply slope up much more gradually. Whatever those coins' flaws -- and there may be many -- they don't suffer from the same "almost everything was mined on day 1" problem
http://cryptometer.org/bitbar_90_day_charts.html.
That's a pretty strong indication that the distribution of the ownership of the coin is inequitable from the start, and no amount of mining is really going to change that.
Compare that (at the same website, follow the links), to the "Total Supply" chart of coins like bitcoin, litecoin, digitalcoin, worldcoin, or any other coin where the Total Supply slope up much more gradually. Whatever those coins' flaws -- and there may be many -- they don't suffer from the same "almost everything was mined on day 1" problem
+1; exactly.
This is the worst coin released to date. Good ideas, terrible launch
This is the same for Novacoin no? Correct me if I'm wrong. How is Novacoin doing now?
And you should remember that instamine causes another form of centralization, centralization by early adopters. It's deadly for PoS system because it turns currency into solidcoin. We have a couple of trusted wallets and the regular miners doesn't decide anything.
If anyone is seriously considering spending money on BTB be aware that it had a 296.234% inflation rate at last check. This was the highest of any "coin" listed. Rare indeed. https://bitcointalksearch.org/topic/inflation-rate-coin-supply-growth-of-major-alt-coins-updated-2013-06-26-227395
This is nothing profound. Of course a newer currency like Bitbar that has a money supply of 3K is going to have greater money supply growth rate than a mature coin like BTC (the OP even mentions this). However, any estimation of money supply growth is ultimately irrelevant since there is a set limit of 500,000 bars in the source.
If anyone is seriously considering spending money on BTB be aware that it had a 296.234% inflation rate at last check. This was the highest of any "coin" listed. Rare indeed. https://bitcointalksearch.org/topic/inflation-rate-coin-supply-growth-of-major-alt-coins-updated-2013-06-26-227395
A better question is, what happened to TruCoin? He amped up his FGPA BitBar USB Key and we haven't heard anything since.
copy pasta coin.
'consolidate your digital wealth' what the fuck does that even mean? instead of 1000, you get 1 and they call this a feature.
'consolidate your digital wealth' what the fuck does that even mean? instead of 1000, you get 1 and they call this a feature.
I edited my original poll and reset it because I felt that it reflected my own thoughts to much, Ecpecially the "to much negativity on the forums" option.
It is now pretty generic left/right/middle of the road.
It is now pretty generic left/right/middle of the road.
I recommend people should ignore the trolls(bashers and Trucoin). The Bitbar dev. is active and currently working on an update. It is currently #1 CoinChoose when adjusted for stales, even above LTC. BTB has one of the best designed difficulty adjustments and proof of stake blocks so it will never "die".
A better question is, what happened to TruCoin? He amped up his FGPA BitBar USB Key and we haven't heard anything since.
Too much negative publicity about the day 1 insta-mining, caused by 2 or 3 very vocal members. That troll substrata and the other guy, I forget his name.
Insta-mining on day 1 of launch is actually commonplace. However when those insta-mined coins could be worth 0.5 bitcoins each, that's when the tears flow and people start throwing epic tantrums.
That said, the continuous difficulty adjustment means it will always be profitable to mine so long as there is an exchange and just a small amount of demand.
Insta-mining on day 1 of launch is actually commonplace. However when those insta-mined coins could be worth 0.5 bitcoins each, that's when the tears flow and people start throwing epic tantrums.
That said, the continuous difficulty adjustment means it will always be profitable to mine so long as there is an exchange and just a small amount of demand.
Insta-mineing is commong, but it rarely contributes 25% of the entirety of the coins that will ever be minted.
It was a mixture of the instamine with the steep decrease in blocksize that killed bitbar's value.
Scarcity is not a virtue that is valued in crypto, because there is no such thing as more or less scarce. Just because there are fewer 1.000000 units doesn't mean it is more scarce, it just means that you have to use more decimals. These things are nearly infinitely divisible.
Negative publicity has nothing to do with the long term viability of the coin. If the commentary had been rosy, it still would be worthless. And the six days worth of confirmations is nutty.
I believe Trucoiin happened to it
Lol.. you beat me to it.
I believe Trucoiin happened to it
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