Topic: [ANN][AUR] Auroracoin - a cryptocurrency for Iceland - page 42. (Read 506425 times)

I see a future for the coin.

Today it was announced that 90% of all loans that the Icelandic banking system has lent out are illegal. To make a long story short 90% of  Icelandic loans have a fixed or floating interest rate and a principal protected with a (CPI) inflation link. Today the infation link of the loans was ruled illegal by the EFTA court. http://www.eftacourt.int/fileadmin/user_upload/Files/Cases/2013/27_13/27_13_Judgment_EN.pdf

This might mean that the Icelandic banks have to repay about 50% of all outstanding loans. I'm not sure if the Icelandic banking system can handle it if the final ruling will be to repay all these loans.

Just another nail in the coffin of the Icelandic króna.

Wow is this coin still alive?

Well the final phase of the airdrop should start in the next couple of days. That should be open for the next 4 months, after that the airdrop will be closed and the remaining coins should be destroyed. You are right, only after that phase is done can the real price discovery can begin.

once free money is stopped this can have value. Currently it's leaking and as long as it is leaking it will not have value and will not be secure network. Free coins do not have value. Should be easy to understand.
Keep up the free coins for 1 more year and this is dead beyond repair.

I agree with you. This is something that takes time. As long as there are some people here in Iceland working on this project, it can not be deemed a failure. I understand that a lot of people have invested a lot in this coin and are unhappy about the situation but it should have been clear to those that invested in this coin that it would not be a quick gain. A social experiment like this would always be a long term investment. So to those that are still holding and are unhappy about the situation, you have not really lost anything until you have sold your coins. If you want this experiment to be a success then help us make it so.

You can all help by spreading the word that this is still ongoing and help find some skills for this project or even provide your own.

I think we should give this experiment at least 2 years if not 5-6 because everyone know what happened with BTC and they wanted to rush AUR to the same thing... well maybe one day AUR will be high enough to allow me to travel to Iceland with my coins

The numbers speak for themselves. A 10% adoption can be considered a success for a project involving "money falling from the sky".
I'm sure even Baldur was surprised by the scale of speculation and media coverage. That 10% adoption was possible just because of that.
Is too early to consider this, a failed experiment.

The ISK / AUR exchange should have been online before the first airdrop, to help create a market and central point of focus for the AUR community in Iceland.

The old saying is "You only get one chance to make a first impression." AUR has totally burnt that chance with the wider Iceland public.

I agree with the 10 fold increase, from a single perspective. Is better to have those coins % in the hand of 3000 Icelandic people, than in the hand of 30 speculators. I guess bitcoin set a precedent with the early adopters.

I like this plan.

Unfortunately it's not up to us.

I don't think Baldur will like to delay the airdrop. My understanding was that he really wants to get this responsibility off his shoulders as soon as he can.

I don't think the second stage of the airdrop will create a mass dump of the coin. Just consider the beginning of the second phase, most of the coins that were claimed there were not dumped on the market and I doubt that it will be the case in the third phase. Of course there will be some dumping but if people know that there is an Icelandic exchange on the way it might even be less than in the previous phases. The exchange will surely open within the third airdrop phase and hopefully it will spark more claims than the second phase did.

It's at the top of the page.


I have no believe that the distribution amount will be increased as anyone can see it would destroy the coin.

Hi,

Been thinking about the airdrop. An airdrop has pros and cons. Whenever there will be a third airdrop but people are still not really able to use/spend aurora, then it will kill the AUR/BTC rate. But whenever there is an airdrop when many Merchants are accepting then an airdrop will make the coin grow/make it more widely accepted.

Things have to be done in the right order, I guess.

1. Fist there have to be contact with Balduro to prevend a new big airdrop, it will kill the coin. i think this will not be so difficult, Balduro wants Aurora to be a succes.
2. Then the aur/isk exchange has to be launched.
3, Then the number of Aurora-accepting- Merchants has to grow. This is a huge job. A group of people must have the job to contact all the Merchants and concvince them to take Aurora.
4. Then a new airdrop can be successfull, when many people get some Aurora ( not a few people get a lot). Another option is of course burning the coins that aren't airdropped at the moment.

The other 1M coins that was given to the ICS is another thing. It would be very nice when it would be clear what is going to happen with those coins.

Overall there is a lot to be done and their many people needed to do this job. It might be best that ICS uses the 1M to pay allt he people that work on this project with the 1M. I also think, that Balduro wanted the 1M being spend this way.

When points 1 and 2 are done you could pay the people who getting the merchants on board, by paying them for every merchant they get.

I don't see it. For second stage I see this:


I understand your not making these decisions. Maybe it would be good if Balduro showed up or passed control on.

According to plan the undistributed part of the premine will be destroyed:


So 50% of 6% (that's 3%) of the remaining coins were originally planned to be given to towards development, not 1 million.

There's no way I trust the info on that page because the parts that should've been done in the described way just weren't.

If indeed 3180 AUR are distributed per airdrop in 3rd phase, there's no keeping up the exchange rate. It'll plummet to 0.00001 BTC/AUR if we're lucky, probably much lower. There's nothing positive in this for anyone.

I just hope the ICS will use the coins to pay for work that is needs to be done. For starters set a bounty for a AUR / ISK exchange and set a bounty for a AUR iPhone wallet. 

The update information is on the blueprint page http://auroracoin.org/blueprint.php ,but I missed this too at first.

I agree with you. When this matter will be discussed by the ICS I will suggest the option to destroy the premine partially or fully. I think it was a bad idea in the first place and an amount like 1 million is just way too much. This was a break of trust in my opinion and destroying it partially or fully would be respectful to the supporters, investors and miners that have invested their time and money into this coin. That said there are is no guarantee that this will happen as this is not just up to me.

Well I hope he will not increase it 10 fold again as that would really! corrupt the idea behind this distribution. To release all the coins is meaningless as such. It doesn't matter how many coins will eventually be in circulation just that there is a fixed amount. For a user it doesn't matter if he uses 50, 5, 1 or 0.000001 aur to buy a Coke. Also it doesn't matter if Baldur burns 7million or 300.000 in the end. I don't think he was increasing the amount in the last phase to distribute more coins, he was trying to reach more people rather than giving more to few.

Yes I hope we can get the exchange up and running soon but we have run into some delays. It was supposed to be up in the beginning of this month but now we are hoping it can be up in the beginning of December. As this is something that needs to be done properly. To launch a unstable and faulty exchange could be a big blow to peoples trust in Auroaracoin.

What will be interesting after we launch the exchange is that Auroracoin might have quite different value in isk here in Iceland and in Bitcoin on the foreign exchanges. Likely they will hold in hand to begin with but it will be interesting to see how it will develop later on.

Thank you so much for taking the time to answer my questions. This has really helped and cleared some things up. You also added new information I hadn't previously known about (the 1 million, for example).

I agree that increasing the 2nd airdrop 10-fold was not a good move. It scared away past and future supporters / investors and gave fuel to the opposition. As much as I sometimes despise of 'greedy speculators', one has to acknowledge they (alongside the miners and community developers) play a vital role in giving AUR value. I think it would make sense to destroy a large part of the premine prior to 3rd airdrop stage. That also (like increasing the airdrop amount) increases the value of the individual airdrop share (by ways of people regaining confidence in the management of the supply and also by ways of reducing the potential final supply and hence price rising) and it doesn't spread uncertainty and drive investors, miners or general supporters / evangelists away.

I think Baldur will increase the airdrop amount by a factor of 10 again, to release all the coins to the people who are willing to accept them.

I also think this is a great time point for a ISK / AUR exchange to get online. With the uncertainty of the airdrop out of the way the real price discovery can start.

Yeah I forgot to mention that. That is why I can't really complain as this statement was there from the beginning, even though I don't agree with the changes. My guess is the same as yours, I don't really see any reason he would make any further changes as the situation hasn't changed from the state he set after the last changes.