The only value in cryptocoins lies in
1) Stability in price (good for merchants and users alike)
2) Security of the network
(besides obviously ease of use, anonymity, etc.).
The price doesnt really matter if you are interested in building a working economy out of it, that is just a side effect of its usage adoption.
Now with BitBar the issue is
1) as tiny alt coin there is no stability at all,
2) as tiny alt coin the network isnt very secure either
besides other problems like denominations are too big (pple are already want to switch to mBTC or uBTC), bitbar deliberately fools you into thinking just because its rare it must be valuable - Instead it is just the opposite with cryptocoins,
if they are not rare and are traded all over the place they have value.
my 2 satoshis.
1) Stability in price (good for merchants and users alike)
2) Security of the network
(besides obviously ease of use, anonymity, etc.).
The price doesnt really matter if you are interested in building a working economy out of it, that is just a side effect of its usage adoption.
Now with BitBar the issue is
1) as tiny alt coin there is no stability at all,
2) as tiny alt coin the network isnt very secure either
besides other problems like denominations are too big (pple are already want to switch to mBTC or uBTC), bitbar deliberately fools you into thinking just because its rare it must be valuable - Instead it is just the opposite with cryptocoins,
if they are not rare and are traded all over the place they have value.
my 2 satoshis.
I can see what you are saying, but what about all the people who tend to hoard coins as a store of value?
Edit: redundant
I think hoarding is not storing value but speculating that the currency appreciates in value through increased adoption, ie higher volume of market transactions.
IMO nobody just wants to "store" fiat in volatile commodities/currencies, if it isn't speculation in part at least.
Also if banks want to transact money via cryptocurrencies, it makes no sense to use BitBar if they already use Bitcoin (type a number and hit send in both cases). Also 100k dollar bills make sense if you would otherwise end up with piles of paper money, but sending 10kBTC or 100k BTC makes no difference really.
oh but it would make sense, you are aware that Bitcoin chain grows by 6GB+ every year, at current transaction rate? You think banks/big players like to deal with all that bloated blockchain shit with tons of dust/spam and possibly tainted coins? Compared to Bitcoin, BTB blockchain is tiny and will always be tiny because it's PPC based, with dust/spam protection. Also the large denomination discourage using it as transactional currency, so it is the perfect reserve crypto for banks/big players.
What would be cool to see, are these "banks" keeping reserves of bitbars in cold storage
. Gold bars in a vault.