Although inflation is a persistent problem with all fiat currencies, the Icelandic krona has been inflated consistently to a greater extent than other such currencies, losing more than 99.5% of its value to the dollar since 1960, in a time when the dollar lost 98% of its value to gold!
It took auroracoin just a few months to lose 99.6% of it's value.
And with this the dream is over .
It took auroracoin just a few months to lose 99.6% of it's value.
And with this the dream is over .
To be fair, you would have to look at the value at the beginning of the airdrop, when it was introduced to Icelanders. But the silence from the developers since the Airdrop has been damning. No plans for any integration into Icelandic society that people outside the country can appreciate. I still have Auroracoin - but to be honest, this has been such a disaster that it has done a great deal of damage to the cause of crypto-currencies. This is like the MT Gox of Altcoins, and it's because of coins like this that the market is only getting smaller. Cryptos are supposed to be encouraging transparency but either the devs are keeping silent about real progress or they have no other plans because they have already made their money out of this scam.
(criticism herein is not necessarily directed towards Dragonseer)
I find it a bit unfair to put blame on balduro. He has done a huge amount of effort and as far as we can tell remained honest with the premine (at least there's no evidence to the contrary). Bootstrapping a currency for a nation is not something that can be done by a single person. The bitcoin community did help (many contributed great work). The reaction / contribution of Icelanders themselves I cannot judge. But it was apparently not widespread enough to have the desired effect (continued use of the money in Icelandic markets and person to person). But one thing is for sure: simply buying AUR and hoping for the best (or even demanding more action from the founder) is not enough.
This was (or "is", I don't consider it over yet) a very interesting experiment. It might be "such a disaster" for you, maybe you lost money, I don't know. For me it's something we can learn from.
I don't think it has brought more harm than good for crypto in general so far, either.
.
