Crapcoin of the day: Bitbar

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.

source: http://cryptolife.net/crapcoin-of-the-day-bitbar/

Crapcoin of the day: Bitbar