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[ANN] BARR - Burning Altcoins for Redemption and Reduction
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Author Topic: [ANN] BARR - Burning Altcoins for Redemption and Reduction  (Read 4033 times)

BARR_Official

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[ANN] BARR - Burning Altcoins for Redemption and Reduction
« on: October 12, 2015, 06:54:06 pm »

Burning Altcoins for Redemption & Reduction

Raising the BARR by Reducing Supply

1st Coin using Multi-Proof-of-Burn

Asset I.D. 7823929696462256005

Launch date planned for November 1, 2015



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.

The idea for BARR was born out of a community takeover of Fractalcoin.  We wanted to move this struggling coin to a new blockchain - but if it would work for one coin, why not more than one coin at the same time?  Why create another altcoin, the same as hundreds of others, when there are already too many altcoins on the market?

And so, instead of a coin earned only by burning Fractalcoins, we've created the first coin that is earned with Multi-Proof-of-Burn.

Instead of adding another altcoin to the market, we're subtracting altcoins from the market.

 We will burn Fractalcoin, Keycoin, and Sapience.  And then we'll burn another coin, and another coin.  We will continue to burn as many different altcoins as we can, each time trying to destroy the coin's entire supply, getting rid of unnecessary altcoins until there are no more coins that need to be destroyed. 

Our goal is to thin out the crowded altcoin market by bringing multiple coins - and their users - into one project.  Most importantly, we're leaving the old coins behind. 

Just as burning bitcoins makes all remaining bitcoins more valuable, burning entire altcoins will make all remaining cryptocurrencies more valuable.  We want to reduce the total number of altcoin networks in existence.  There are too many, so we're getting rid of them.


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.



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 a buyout of a struggling altcoin and the altcoin's supply is only partially destroyed, then that coin and BARR both benefit.  BARR gains users and adopts 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.


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.



Total supply is set at 10 million BARR.  All existing coins at launch must stay in the burnfund until exchanged for burned coins. 

There is no IPO, ICO, or Pre-Sale, and our devs get 0 BARR unless we burn for it the same as everyone else.  There is no "Pre-Mine" - the mining has been done on countless altcoins;  BARR redeems the value of that work and investment instead of letting it all go to waste.

No BARR will be sold or distributed to anyone without being earned via Proof-of-Burn of our accepted altcoins during each burn period. 

We welcome community contributions in the following ways: 
 - - Buy the accepted altcoins and burn them for BARR.
 - - 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, 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.

Swaps for burned coins will be done at a fixed rate - we will announce each coin, its exchange rate, and the period for which the offer will be available.

Initial coins offered for burn exchange are:
 - - Fractalcoin (FRAC), for 30 days, at .5 BARR per FRAC or a target of 5000 satoshis on market
 - - Keycoin (KEY), for 30 days, .5 BARR per KEY or a target of 5000 satoshis on market
 - - Sapience (AIFX), for 30 days, at .75 BARR per AIFX or a target of 7500 satoshis on market

After the initial 30-day period of multi-burn, we plan to wait 30 days before announcing the next burn period of a single coin.  Our goal is to burn at least one new coin every 60 days, but we will adjust our plans based on community feedback and the results of the launch.  Our options of which new coins we can afford to burn, and how many, and how often, will depend on the price of BARR.

PLEASE NOTE:  In case of emergency, double-spend attack, hidden dev premine, or other disastrous unforeseen circumstances that may affect these altcoins, we may end the burn period early.  So if you're planning to burn your coins for BARR, don't procrastinate.



 - Multi-Proof-of-Burn as a long-term method of coin generation -

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 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 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 Bitcoin, which could allow us to continue buying altcoins indefinitely as we approach the maximum supply without ever reaching it.


If we do not burn a significant percentage of a coin's supply, we may offer another round of burn at a later date.

Additional altcoins will be offered for burn exchange only when there is enough available BARR in the burnfund to buy the total supply of the altcoin at reasonable rates.

Since our goal is to remove altcoins from the market, we will not offer burns on coins that are already dead or delisted from all exchanges.

We will not offer burns on coins that have high block rewards, high staking rewards, or which would otherwise easily be able to regain the supply after we burn it.


We want to remain transparent, and we welcome community suggestions and questions as to the legitimacy and honest intentions of this project.  But we don't want you to take our word for it, so we will attempt at all times to provide any necessary information required for full transparency.

The NXT account for the burnfund is NXT-HD9P-ZTPP-EHFJ-59VUC. 
 - - The BARR held in this account are not in circulation and should not be counted with the current supply.  Sending BARR to this account is essentially burning the BARR itself, as those coins will not be brought back into circulation unless they are re-earned with a new Proof-of-Burn. 
 - - This account will never sell BARR, and will only transfer BARR when there is a public transaction ID of the corresponding amount of altcoins being sent to a burn address.  Any BARR donated to this address or bought back by this account will return to the burnfund and will be subject to the same restrictions.  Any NXT donated to this account will be used to buy BARR, which will go back into the burnfund. 

The NXT account for the dev fund is NXT-59NQ-AA5B-V4NT-HAZLY.
 - -This account is strictly for market support.  This account will not receive any BARR except that which is first earned via Proof-of-Burn with public transaction ID.  The proceeds of any BARR sold from this account will be used to buy more BARR.  Any NXT donated to this account will be used to buy BARR;  any BARR held by this account will either be sold for market support funds, or re-burned by sending it back to the burnfund.




Coins destroyed by BARR as of October 12, 2015:
FRAC - 0 coins burned, 0% of total FRAC supply
KEY - 0 coins burned, 0% of total KEY supply
AIFX - 0 coins burned, 0% of total AIFX supply
BARR - 0 coins burned, 0% of available supply (self-burned BARR, sent back to the burnfund)


BARR remaining in the burnfund as of October 12, 2015:
10,000,000 BARR
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runpaint

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #1 on: October 12, 2015, 06:58:16 pm »

Hey guys, runpaint here, I'm running the website and launch. 

I don't know what will happen, but I bet it will be fun!

The website is barr.me, in a similar preliminary stage. 
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BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #2 on: October 12, 2015, 07:00:16 pm »

We appreciate any feedback or suggestions.  This is a preliminary ANN for the NXT community to discuss before we take it to bitcointalk.
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EvilDave

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #3 on: October 12, 2015, 10:17:06 pm »

I think this is a frakking brilliant idea. We made jokes in the past about Nxt being the Borg of cryptocurrrency, assimilating other coins.
So let's do it. (plus, I've got some AIFX that needs to be burned  :D )
 
I've got to know runpaint on BTT, and I'll vouch for his integrity and honest enthousiasm for crypto.
BARR could be a really fun project and Nautilus has already proved that the technology works.
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BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #4 on: October 12, 2015, 11:22:27 pm »

You're right, it's a lot like the Borg.  We roll through, assimilating everything and everyone.

Unfortunately there's already a Borgcoin, and it doesn't even assimilate anything.  I prefer Quatloo for Star Trek coins, although Gold Pressed Latinum is a good name too.  A little obvious though. 

But we're making the most of BARR, and we resisted the urge to call it BarrBars.


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coldmoldy

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #5 on: October 13, 2015, 12:25:12 am »

Very interesting idea. Excited to see where this goes!
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runpaint

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #6 on: October 13, 2015, 01:10:48 am »


BARR could be a really fun project and Nautilus has already proved that the technology works.



Do you think it will make much difference being on the AE instead of MS?
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yassin54

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #7 on: October 13, 2015, 08:07:46 am »

Tweeted!  ;D

BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #8 on: October 17, 2015, 04:31:52 pm »

We're putting together a comprehensive list of every altcoin that is currently active, and we're selecting the ones that fit our requirements.  We have to be able to afford the entire supply of the altcoin, it has to be active with a working block explorer and listed on at least one exchange, and it can't have block rewards so high that the supply could easily be replaced after we burn it.  We're also disqualifying coins with significant premines, especially if the devs are still holding.

Any suggestions or coins you hold that you'd like to exchange?
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BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #9 on: October 17, 2015, 04:35:43 pm »


Also check out the details on Wild Card burns that we've added at barr.me - a "Wild Card" burn round is for a coin that we don't think we can completely destroy, but which people have requested to be burned.  For example, the dev of NyanCoin has asked if we would be interested in burning NYAN, because he thinks it would be good for the coin to reduce the supply.  Wild Cards will be burned separately from the regular schedule of standard burn periods.
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BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #10 on: October 17, 2015, 05:45:56 pm »

The name of the coin is Sapience AIFX, and the ticker is XAI.  Unfortunately, it's not the only confusing thing about the coin.
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EvilDave

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #11 on: October 18, 2015, 01:12:20 pm »

The most confusing thing is why the hell I bought some.
Moment of weakness on Polo......  >:(
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EvilDave

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #12 on: October 18, 2015, 03:07:26 pm »

Nah, something like 0.1 BTC, so no biggie.
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BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #13 on: October 25, 2015, 12:48:04 am »

We're live at bitcointalk - let the games begin!

bitcointalk.org/index.php?topic=1219460
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BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #14 on: October 31, 2015, 06:40:36 pm »

We have announced our auxiliary project, OFFS - Altcoin Offset Credits

https://bitcointalk.org/index.php?topic=1233350
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BARR_Official

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Re: [ANN] BARR - Burning Altcoins for Redemption and Reduction
« Reply #15 on: November 01, 2015, 10:42:42 am »

The launch is off to a good start.  We've burned 43% of the entire coin supply of Sapience AIFX.  That's about $7000 worth.  All 3 of our burn coins are near the top 200 at Coinmarketcap, and we're absorbing them.  So it looks like we're achieving some real results.
« Last Edit: November 01, 2015, 10:45:28 am by BARR_Official »
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