Quote from: pineapples on February 03, 2016, 04:22:49 AM

as i understand it,
the swap price of BARR/shitcoin will be based on the relative prices closer to the swap?

Yes, we try to use the market to discover what price will get people to let go of their coins. If we can buy 30% of the total supply at 100 sats, it's probably not worth it to start paying 200 sats. Or if our entire buywall at 100 always gets filled in 5 minutes and we're running out of money, we'll try buying at 50. If our order sits at 50 for 2 days and nobody sells, maybe we'll try 75.

Basically we just try to buy as many coins as we can with the limited BTC we have.

And then other people buy too, and burn their coins for BARR.

Last month we tried doing it differently, putting up a buywall for BARR, letting other people buy the altcoins, and then they could burn them and sell their BARR on a more liquid market. It definitely resulted in huge trade volume for BARR, but we could've burned more altcoins the usual way.

We also had more people abusing it with spam transactions, as well as someone dumping BARR at a loss to himself as soon as he got it - just so he could go around fudding with "BARR doesn't even have any buy orders" when he was the one who deliberately filled them all. Not a big deal, but a waste of that guy's own time and money. It also let me buy most of the BARR he was dumping for less than half what it normally costs me.

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also where does the btc in buy wall for the shitcoin come from?

Some of it from random BARR users who are participating on their own. But mostly from my own pocket. I've been spending at least $1000 a month of my own money, and that comes from my day job. So far I haven't sold any BARR, and we're not making any money from altcoins either because we burn them all.

The plan is to keep doing what we do, keep showing real results in reducing altcoin supplies, and hopefully we'll continue to gain trust and investment from more new users as we prove how serious and solid the project is.