There are some coins out there that don’t need (or deserve) a full length article to tell you how awful they are. Perhaps the finest example of this is BitBar. Bitbar has the honor of having the largest premine/instamine in the history of cryptocurrency, putting even coins like megacoin and feathercoin to shame. Take a look:
The graph really speaks for itself. More than 6 months later, the amount generated during those first few hours still represents an astonishing 45% of all bitbars in existence.
In total, BitBar breaks 5 of the 7 rules (Anatomy of a ScamCoin). Only #3 and #4 do not apply to it.
This coin, or bar if you will, was released way back in the altcoin frenzy of April, and at one point reached price parity with bitcoin (1 BTB = 1 BTC). As if that wasn’t foolish enough, the real question is, who the hell is paying 0.09 BTC per bitbar right now?
As a note to end on, bitbar was promoted heavily by a user named TruCoin. If you go through his posts, you’ll find all sorts of outlandish things, the least of which was the claim of having developed a hybrid USB/ASIC for under $5000.
Pull your buy orders, people. This coin is garbage, and has not one redeeming quality.
I have always wondered who the hell would buy this BS
Hope to see someone post who actually buys this
some idiots buying it think it represents the digital equivalent of a GoldBar
What are your thoughts on Emerald (EMD) ?
Junk
Well, one redeeming quality is that it is one of the few cc’s based on Novacoin. Of course, NVC is another scamcoin, but it still has the best technical design.
Serious question here. Love your site, and I’m a bit new to the whole Alt crypto thing. I’m just wondering why a pre-mine is really such a big deal after the original scammers have taken their money and left.
I get that we don’t want to reward a group of tools from creating shit coins, but in the case of BitBar, wouldn’t the remaining people invested right now be the poor suckers that were stuck holding the bag after the scam brought out into the light? I can’t imagine any scammer holds BitBars now.
Couldn’t a well minded group of developers come in and restore the coin and give it some love and attention and relaunch? As long as the coin functions as a crypto, open source, scarce and under new management that’s trusted, it would seem like the kind of coin to take a risk on.
I’m new so go easy. Thanks
The nature of these coins means that the original development team has abandoned them after the coin is dumped. With the plethora of coins out there, neither investors or developers need to waste resources on these horrible coins.