[ANN] [BARR] The Only Cryptocurrency Where No One's Ever Lost Money
BARR - Burning Altcoins for Redemption & Reduction
Raising the BARR by Reducing Supply
The Only Source for BARR-Certified Altcoin Offset Credits
1st Coin using Multi-Proof-of-Burn
Launch date November 1, 2015
http://barrcoin.me
NXT Asset I.D. 7823929696462256005
Burning Altcoins for Redemption and Reduction is a new cryptocurrency on the NXT Asset Exchange.
BARR is only earned via Proof-of-Burn, in exchange for altcoins which are permanently destroyed via burn addresses.
Our goal is to absorb entire altcoin networks and their users,
burning their coins,
redeeming those coins with BARR,
and reducing the total number of altcoins on the market.
Burning BARR for OFFS gives us a further purpose.
Please see https://bitcointalk.org/index.php?topic=1233350 for details about OFFS.
Just as burning bitcoins makes all remaining bitcoins more valuable, burning entire altcoins will make all remaining cryptocurrencies more valuable.
We believe that the altcoin market is stuck in a fatal loop;
BARR is designed to disrupt that self-destructive cycle and eliminate resource-hogging redundancy.
As BARR absorbs more coins and more users, it will grow stronger as the crowd of altcoins grows weaker. Multi-Proof-of-Burn means the higher the price of BARR, the more altcoins we can afford to "buy out".
There will be no IPO, no ICO, no Pre-Sale, and no funds set aside for the devs. BARR is only distributed to people who burn their altcoins - We distribute it for free, but no one can get it for free.
We do not handle anyone's altcoins, because users send their coins directly to burn addresses and prove their burn by sending us the transaction ID. Then we send them an amount of BARR equivalent to the amount of altcoins they burned, at the predetermined rate of exchange.
Full Transparency
See the list of our team members, and community representatives from our launch coins, at http://barr.me/who
Burn addresses for each altcoin we've burned can be found at http://barr.me/what
Although NXT Assets and the NXT Asset Exchange are decentralized,
it is not possible to fully run a project like BARR with the current state of decentralized technology.
Even if we coded all future altcoins for redemption into a client,
it would be necessary to make constant changes over the next few years as altcoins constantly get delisted or stop working.
At best we would have to hard-fork every month to set the current rate of exchange and make adjustments as to which coins will be accepted,
which amounts to the same thing as relying on developers at every stage.
So, until such time that the technology exists to run BARR as a fully decentralized project,
we will provide full transparency in every way possible.
Although there are limitations to the voting system at bitcointalk,
we will offer votes to decide which coins will be redeemed in future burn exchanges.
If less than 100 people participate in a vote,
or if the vote appears to be manipulated,
we may need to decide based on response from the BARR community and the communities of the altcoins we burn.
PLEASE NOTE:
BARR does not burn or destroy other peoples coins; that would be impossible.
It is up to the holders of these coins to burn them, and only if they choose.
BARR is not an attack on you or other holders of your altcoin,
because only you and other holders of your altcoin can burn your coins.
The choice is yours,
and any holders who choose to participate in BARR redemption are voting with their coins when they send them to the burn address.
Who benefits from BARR?
Holders of good coins, holders of bad coins, holders of struggling coins, and holders of BARR.
Holders of good coins benefit when bad coins are destroyed, leaving more money on the market available for the good coins.
Holders of bad coins benefit when they burn their coins in exchange for BARR, turning their liabilities into liquidity.
Holders of BARR benefit when the market bands together against the never-ending plague of altcoins; buying BARR is a Vote of No Confidence in Altcoin Business As Usual.
If BARR offers an exchange for a struggling altcoin and the altcoins supply is only partially destroyed, then that coin and BARR can both benefit. BARR can gain users and adopt the value of the absorbed coins which were burned, while the altcoin can continue with a higher value no longer struggling, due to its reduced supply. In this case BARR has still served its purpose, transforming a bad coin into a good coin.
Instead of adding another altcoin to the market, we're subtracting altcoins from the market.
BARR puts an end to pumping and dumping, because coins that no longer exist can never be dumped again.
If you think there are too many altcoins on the market, buy BARR and help destroy those coins.
WALLETS
BARR coins are sent and received from your NXT wallet if youve never used NXT before, just try it. We think youll be impressed.
To download the NXT client, visit http://NXT.org. (The installation is relatively simple, but it takes a while for the blockchain to sync.)
With the NXT client, you can send, receive, and trade, all inside the wallet interface.
That includes NXT, BARR, and any other NXT asset as well as any currency on the NXT Monetary System, such as Nautilus.
To use an online wallet, visit https://wallet.MyNXT.info (Requires purchase of their Asset plug-in for 1000 NXT)
Or to begin trading BARR instantly with a NXT passphrase, visit http://skynxt.github.io/www
To trade with NXT within the SuperNET Lite client:
https://nxtforum.org/lite-multigateway-releases/supernet-lite-v2-0-7-beta/
There is no ICO, but we welcome community contributions in the following ways:
- - Buy the accepted altcoins on exchanges and burn them for BARR, or burn the altcoins you already have.
- - Buy BARR from people who have earned it by burning their altcoins.
- - Dump your altcoins into our buywalls, and we'll burn them.
We will attempt to provide buy support across all exchanges, hopefully with community help, to allow liquidity for these coinswaps. Whether your sell your altcoins to us on exchanges, or burn them and sell us your BARR, we want to take away the weight of that bag you've been holding.
IMPORTANT: Although the announcement of a BARR "buyout" has the potential to influence the market prices of these altcoins, please trade at your own risk and remember that our buywalls will disappear at the end of the burn period (if not before). You can continue to hold your altcoins, gambling on the chance that the price might rise, or you can take the guaranteed BARR and forget about those other coins forever.
BARR isn't about buying altcoins on exchanges, it's about redeeming people's altcoins when they burn them. When a coin hardforks to a new blockchain, the main holders of Altcoin2.0 are the people who were already holders of Altcoin1.0 - in the same way, the main holders of BARR will be the people who already mined and held these altcoins. The reason we plan to support the price of these altcoins with buywalls during swaps is to maintain the value of the BARR being exchanged for the altcoins. If the altcoins we're redeeming become available too cheap, then BARR becomes available too cheap. That would defeat the purpose of people swapping for BARR, since they need to swap for something of value.
Multi-Proof-of-Burn as a long-term method of coin distribution
As the life of BARR develops, we hope to see the true benefits of the Multi-Proof-of-Burn innovation. The price of BARR acts as the "difficulty" in a unique way that has never been seen before:
At launch, you can earn 5,000 BARR for burning 10,000 KEY. But as BARR gains more users, the difficulty the price will hopefully rise. In the future, if BARR has a higher price, then burning 10,000 altcoins might only bring you 500 BARR. Or 50. Or 5. In this way we hope to have a curve of emission over time similar to a PoW coin with frequent block halvings, which could allow us to continue buying altcoins indefinitely as we approach the maximum supply without ever reaching it.
Visit http://barr.me/how for details of how the "block halving" is scheduled, with an estimated 7,500,000 BARR to be in circulation after 4 years.
Total supply is set at 10 million BARR. All existing coins at launch must stay in the burnfund until exchanged for burned coins.
Coins destroyed by BARR as of December 10, 2016:
FRAC 333,978 coins burned out of 1,003,589 = 33% of FRAC coin supply
KEY 285,067 coins burned out of 946,902 = 30% of KEY coin supply
XAI 336,561 coins burned out of 690,460 = 48% of XAI coin supply
LYB - 378,591 coins burned out of 985,344 = 38% of LYB coin supply
ACP - 1,135,048 coins burned out of 2,793,664 = 40% of ACP coin supply
UIS - 17,025,663 coins burned out of 36,874,815 = 46% of UIS coin supply
BUN - 11,120,369,000 coins burned out of 88,975,662,768 = 12.5% of BUN coin supply (excluding charity funds)
BSC - 2,079,346 coins burned out of 5,544,449 = 37.5% of BSC coin supply
CHC- 2,029,696 coins burned out of 11,387,208= 17.8% of CHC coin supply
XAP - 67,882 coins burned out of 269,477 = 25% of XAP coin supply
CAGE - 9,605,167,227 coins burned out of 93,796,631,167 ~ 10% of CAGE coin supply
BARR 305,356 coins burned out of 1,301,599 issued = 23% (self-burned BARR, sent back to the burnfund)
OFFS - 15,000 coins burned out of 295,305 issued = 5% (permanently destroyed)
NXT Asset I.D. 7823929696462256005
BARR - Burning Altcoins for Redemption & Reduction
Raising the BARR by Reducing Supply
The Only Source for BARR-Certified Altcoin Offset Credits
1st Coin using Multi-Proof-of-Burn
Launch date November 1, 2015
http://barrcoin.me
NXT Asset I.D. 7823929696462256005
Burning Altcoins for Redemption and Reduction is a new cryptocurrency on the NXT Asset Exchange.
BARR is only earned via Proof-of-Burn, in exchange for altcoins which are permanently destroyed via burn addresses.
Our goal is to absorb entire altcoin networks and their users,
burning their coins,
redeeming those coins with BARR,
and reducing the total number of altcoins on the market.
Burning BARR for OFFS gives us a further purpose.
Please see https://bitcointalk.org/index.php?topic=1233350 for details about OFFS.
Just as burning bitcoins makes all remaining bitcoins more valuable, burning entire altcoins will make all remaining cryptocurrencies more valuable.
We believe that the altcoin market is stuck in a fatal loop;
BARR is designed to disrupt that self-destructive cycle and eliminate resource-hogging redundancy.
As BARR absorbs more coins and more users, it will grow stronger as the crowd of altcoins grows weaker. Multi-Proof-of-Burn means the higher the price of BARR, the more altcoins we can afford to "buy out".
There will be no IPO, no ICO, no Pre-Sale, and no funds set aside for the devs. BARR is only distributed to people who burn their altcoins - We distribute it for free, but no one can get it for free.
We do not handle anyone's altcoins, because users send their coins directly to burn addresses and prove their burn by sending us the transaction ID. Then we send them an amount of BARR equivalent to the amount of altcoins they burned, at the predetermined rate of exchange.
Full Transparency
See the list of our team members, and community representatives from our launch coins, at http://barr.me/who
Burn addresses for each altcoin we've burned can be found at http://barr.me/what
Although NXT Assets and the NXT Asset Exchange are decentralized,
it is not possible to fully run a project like BARR with the current state of decentralized technology.
Even if we coded all future altcoins for redemption into a client,
it would be necessary to make constant changes over the next few years as altcoins constantly get delisted or stop working.
At best we would have to hard-fork every month to set the current rate of exchange and make adjustments as to which coins will be accepted,
which amounts to the same thing as relying on developers at every stage.
So, until such time that the technology exists to run BARR as a fully decentralized project,
we will provide full transparency in every way possible.
Although there are limitations to the voting system at bitcointalk,
we will offer votes to decide which coins will be redeemed in future burn exchanges.
If less than 100 people participate in a vote,
or if the vote appears to be manipulated,
we may need to decide based on response from the BARR community and the communities of the altcoins we burn.
PLEASE NOTE:
BARR does not burn or destroy other peoples coins; that would be impossible.
It is up to the holders of these coins to burn them, and only if they choose.
BARR is not an attack on you or other holders of your altcoin,
because only you and other holders of your altcoin can burn your coins.
The choice is yours,
and any holders who choose to participate in BARR redemption are voting with their coins when they send them to the burn address.
Who benefits from BARR?
Holders of good coins, holders of bad coins, holders of struggling coins, and holders of BARR.
Holders of good coins benefit when bad coins are destroyed, leaving more money on the market available for the good coins.
Holders of bad coins benefit when they burn their coins in exchange for BARR, turning their liabilities into liquidity.
Holders of BARR benefit when the market bands together against the never-ending plague of altcoins; buying BARR is a Vote of No Confidence in Altcoin Business As Usual.
If BARR offers an exchange for a struggling altcoin and the altcoins supply is only partially destroyed, then that coin and BARR can both benefit. BARR can gain users and adopt the value of the absorbed coins which were burned, while the altcoin can continue with a higher value no longer struggling, due to its reduced supply. In this case BARR has still served its purpose, transforming a bad coin into a good coin.
Instead of adding another altcoin to the market, we're subtracting altcoins from the market.
BARR puts an end to pumping and dumping, because coins that no longer exist can never be dumped again.
If you think there are too many altcoins on the market, buy BARR and help destroy those coins.
WALLETS
BARR coins are sent and received from your NXT wallet if youve never used NXT before, just try it. We think youll be impressed.
To download the NXT client, visit http://NXT.org. (The installation is relatively simple, but it takes a while for the blockchain to sync.)
With the NXT client, you can send, receive, and trade, all inside the wallet interface.
That includes NXT, BARR, and any other NXT asset as well as any currency on the NXT Monetary System, such as Nautilus.
To use an online wallet, visit https://wallet.MyNXT.info (Requires purchase of their Asset plug-in for 1000 NXT)
Or to begin trading BARR instantly with a NXT passphrase, visit http://skynxt.github.io/www
To trade with NXT within the SuperNET Lite client:
https://nxtforum.org/lite-multigateway-releases/supernet-lite-v2-0-7-beta/
There is no ICO, but we welcome community contributions in the following ways:
- - Buy the accepted altcoins on exchanges and burn them for BARR, or burn the altcoins you already have.
- - Buy BARR from people who have earned it by burning their altcoins.
- - Dump your altcoins into our buywalls, and we'll burn them.
We will attempt to provide buy support across all exchanges, hopefully with community help, to allow liquidity for these coinswaps. Whether your sell your altcoins to us on exchanges, or burn them and sell us your BARR, we want to take away the weight of that bag you've been holding.
IMPORTANT: Although the announcement of a BARR "buyout" has the potential to influence the market prices of these altcoins, please trade at your own risk and remember that our buywalls will disappear at the end of the burn period (if not before). You can continue to hold your altcoins, gambling on the chance that the price might rise, or you can take the guaranteed BARR and forget about those other coins forever.
BARR isn't about buying altcoins on exchanges, it's about redeeming people's altcoins when they burn them. When a coin hardforks to a new blockchain, the main holders of Altcoin2.0 are the people who were already holders of Altcoin1.0 - in the same way, the main holders of BARR will be the people who already mined and held these altcoins. The reason we plan to support the price of these altcoins with buywalls during swaps is to maintain the value of the BARR being exchanged for the altcoins. If the altcoins we're redeeming become available too cheap, then BARR becomes available too cheap. That would defeat the purpose of people swapping for BARR, since they need to swap for something of value.
Multi-Proof-of-Burn as a long-term method of coin distribution
As the life of BARR develops, we hope to see the true benefits of the Multi-Proof-of-Burn innovation. The price of BARR acts as the "difficulty" in a unique way that has never been seen before:
At launch, you can earn 5,000 BARR for burning 10,000 KEY. But as BARR gains more users, the difficulty the price will hopefully rise. In the future, if BARR has a higher price, then burning 10,000 altcoins might only bring you 500 BARR. Or 50. Or 5. In this way we hope to have a curve of emission over time similar to a PoW coin with frequent block halvings, which could allow us to continue buying altcoins indefinitely as we approach the maximum supply without ever reaching it.
Visit http://barr.me/how for details of how the "block halving" is scheduled, with an estimated 7,500,000 BARR to be in circulation after 4 years.
Total supply is set at 10 million BARR. All existing coins at launch must stay in the burnfund until exchanged for burned coins.
Coins destroyed by BARR as of December 10, 2016:
FRAC 333,978 coins burned out of 1,003,589 = 33% of FRAC coin supply
KEY 285,067 coins burned out of 946,902 = 30% of KEY coin supply
XAI 336,561 coins burned out of 690,460 = 48% of XAI coin supply
LYB - 378,591 coins burned out of 985,344 = 38% of LYB coin supply
ACP - 1,135,048 coins burned out of 2,793,664 = 40% of ACP coin supply
UIS - 17,025,663 coins burned out of 36,874,815 = 46% of UIS coin supply
BUN - 11,120,369,000 coins burned out of 88,975,662,768 = 12.5% of BUN coin supply (excluding charity funds)
BSC - 2,079,346 coins burned out of 5,544,449 = 37.5% of BSC coin supply
CHC- 2,029,696 coins burned out of 11,387,208= 17.8% of CHC coin supply
XAP - 67,882 coins burned out of 269,477 = 25% of XAP coin supply
CAGE - 9,605,167,227 coins burned out of 93,796,631,167 ~ 10% of CAGE coin supply
BARR 305,356 coins burned out of 1,301,599 issued = 23% (self-burned BARR, sent back to the burnfund)
OFFS - 15,000 coins burned out of 295,305 issued = 5% (permanently destroyed)
NXT Asset I.D. 7823929696462256005