A wise man once said In the end there's always someone holding the bag.
A wise man also said there's an a$$ for every seat...I guess I'm an a$$ with a bag! 
Topic: The True Value of Auroracoin - page 7. (Read 21179 times)
People usually scream bloody murder to premine (even as *low* as 10%!), but some guy comes along and says "give me 50% premine, I promise to distribute it, trust me" and suddenly everyone is convinced.
The big puzzle to me is: how can the airdrop possibly be implemented without government support?
How does he deal with a thousand people who all claim to be
Sigrun Gudmundsdottir with kennitala (national id) 120174-3389?
Have them all send in a copy of their passport and manually verify it?
I'm really curious how this is supposed to be implemented.
They only way I can see this working is if each Icelander has been issued a private key
and there is a public list of public keys (and each Icelander has been professionally
trained how to properly handle keys and keep their computer secure. Yeah right)
I got a feeling the dev of this coin gonna be a hero in iceland, $ 500 per person or something, thanks altcoin speculators 
Good job of the dev, he maded 500 millions in one month what a player, hahahah.
Interesting that auroracoin is very similar to ZenithCoin
Auroracoin
Scrypt Algo
21 million total coins.
25 coins per block.
Coins mature after 100 blocks
Re-target every 8 blocks.
50% premined
Zenithcoin
Scrypt Algo
42 million total coins.
24 coins per block.
Coins mature after 120 blocks
Re-target every 9 blocks.
50% subsidy goes to developer redistribution
Auroracoin
Scrypt Algo
21 million total coins.
25 coins per block.
Coins mature after 100 blocks
Re-target every 8 blocks.
50% premined
Zenithcoin
Scrypt Algo
42 million total coins.
24 coins per block.
Coins mature after 120 blocks
Re-target every 9 blocks.
50% subsidy goes to developer redistribution
I got a feeling the dev of this coin gonna be a hero in iceland, $ 500 per person or something, thanks altcoin speculators
I want to know who is still investing at nearly $50? The Icelandic people must to itching to sell these coins.
Yes current value is unreal and from the moon. But if you would control all supply which wont be claimed by Icelanders than best strategy would be wait to let hype make price high and coin well distributed by start of mining by community. Then when aurora will be accepted he can slowly sell coins without crushing it.
Otherwise this guy would be a dump one to kill hype knowing that it would kill final stable price. Now he could sell very limited amount and the rest would be worthless...
But of course Aurora hype is helping altcoins to be more popular even if in short term hits valuation of all other alts...
If you are master of auroracoin and you read it than Dude hold it! You are already rich so dont mess it up bro
You dont want to be tye next Karpeles ^^
Otherwise this guy would be a dump one to kill hype knowing that it would kill final stable price. Now he could sell very limited amount and the rest would be worthless...
But of course Aurora hype is helping altcoins to be more popular even if in short term hits valuation of all other alts...
If you are master of auroracoin and you read it than Dude hold it! You are already rich so dont mess it up bro
You dont want to be tye next Karpeles ^^ the $$ has already been made on this coin....panic buy created...check.....slowly dump into panic buys...check....millions made.....check.
Where do you think over 600 BTC worth of volume on day one came from?? icelandic people?
dont hate the players.....hate the game.
Where do you think over 600 BTC worth of volume on day one came from?? icelandic people?
dont hate the players.....hate the game.
WUT? You mean it's value isn't due to its innovation and its revolutionary features? Well sir I do not believe that i do not believe that one bit.
the $$ has already been made on this coin....panic buy created...check.....slowly dump into panic buys...check....millions made.....check.
Where do you think over 600 BTC worth of volume on day one came from?? icelandic people?
dont hate the players.....hate the game.
Where do you think over 600 BTC worth of volume on day one came from?? icelandic people?
dont hate the players.....hate the game.
gotta love when whales make coins.
proving that it remains oh so easy to take peoples hard earned money.
to me these market cap of new coin is meaningless, so a few of the gullible pay a certain price for a handful of coin, and what about the other umpteen millions or billions of coins?
to me these market cap of new coin is meaningless, so a few of the gullible pay a certain price for a handful of coin, and what about the other umpteen millions or billions of coins?
With the current market trend it looks like Auroracoin is going for billion market cap just before the Airdrop commence. Interesting!
what do you think will happen to the 100k coins when 10.5mil coins suddenly become added into circulation
I don't know.
Hint: I mentioned it in my first post. I really don't understand why you keep shrugging off this very critical point. The Fed prints money at an rate of 1-2% per year, and people are already complaining about that. (And I'm sure Icelanders understand inflation) Imagine if they printed 100x the total money supply of USD in one year. Yes, that is the kind of devaluation we're looking at.
Okay, that is an advantage. But why can't Bitcoin do the same thing for Icelanders? (Besides being illegal to exchange fiat for it? What if Iceland bans Auroracoin?)
I would have thought that would be obvious - because they'd have to buy Bitcoin but they're going to get Aurora for free. Adoption is worth big money in the cryptocurrency world and no-one has so far come up with such a strategic and well targeted adoption method for any coin. Icelanders are going to benefit financially from facilitating such a widespread adoption IF there's a good takeup. However, that becomes less of an IF everyday that the valuation increases and a virtuous cycle ensues between adoption propensity and coin value.
A noble goal, it's hard to beat free. But if it's given out for free, Icelanders will have no investment in it. To Icelanders, it'll basically be a one time gift. If it crashes to 0, they will have lost nothing, thus they won't have an incentive to try to build it's value.
This is great for Icelanders, but why in the world would anyone else want to put money in
Why does anyone put money into any foreign currency ? Forex markets are huge because you're basically buying into a country's economy without having to live there. Apart from anything else it's going to garner some major publicity if things continue on this path - the kind of publicity that not even Bitcoin has been able to get it's hands on apart from to cite one coin-loss disaster after another.
A major difference is that when you put money into forex, your investment isn't instantly being given away for free and diluted by 99% (you don't invest in markets you think are going to go down, obviously). Right now, the supply is artificially low because of the 50% premine (technically, 99% premine, if you want to use the current supply).
Icelanders will have no choice but to either A) use the coin (which would require rapid merchant adoption) or B) they dump it for Krona
No. Those are not the only choices. Remember that most money is neither spent nor converted but simply sits in bank accounts or stocks as a store of value. Auroracoin has a fixed supply and is equally distributed to the entire population. That gives it a massive advantage over ISK which has an unlimited supply and is de-valued on a regular basis. So Auroracoin gives people a new option to store their ISK.
When all is said and done, it may well get "dumped" but the significant thing here - and this is something that applies to all crypto's - it will never disappear. Cryptocurrencies are unlevered base money, unlike bank credit money. So this experiment is going to be interesting whatever the outcome of the exchange rate.
***************************** EDIT: *****************************
While I've been writing this, Auroracoin has increased in value to over $40 per coin. That makes the airdrop worth over $1000 per Icelander. What do you think the Government and central bank are going to do about this ? The value of the airdrop is now valued at 15%-20% of Icelandic government annual tax revenue.
This is MAJOR stuff which they can't ignore. On the other hand if they ban it (using a totally un-enforceable ban) they risk making themselves as unpopular as the worst of the bank-crash cartel and another popular uprising. The emperor's clothes are coming under 1000 spotlights just round the corner.
I agree it's an interesting experiment, but IMO, the lead dev should have released the coin shortly before the airdrop because it's experimenting with people's real money. Right now, there are tons of people poised to lose a ton of money.
Btw, your last few points don't apply to Auroracoin uniquely, they can always store their money in some altcoin-that-isn't-Bitcoin.
I don't have beef with new alts, but I do see this as the antithesis of cryptocurrency: It's completely centralized (99% in the hands of 1 person), 99% of the current supply is going to be distributed in a centralized manner (by the same person), huge first year inflation (10000%), and if it crashes, it will give a very bad name to cryptocurrencies as a whole (you thought bitcoin losing 70% of it's value at it lowest recently was bad, try losing up to 99%). I seriously hope that this guy does what he says and distributes it openly and transparently, but the reason why the cryptocurrency movement is here today is because we want to move away from 1 (or a few) person controlling the entire money supply, which the dev is doing currently.
And what's to stop all these Icelanders exchanging their nascent AUR for the more advanced BTC as soon as they get it for free. BTC is accepted more places after all. People won't have an allegiance to something they didn't build or demand.
If I were given AUR for free it would be, "Thank you. Now to exchange it for BTC before it crashes." Hence crashing it.
It's free money for Icelanders either way. The bag holders will be the people who buy in now before the crash and the Icelanders who don't know how to exchange AUR.
If I were given AUR for free it would be, "Thank you. Now to exchange it for BTC before it crashes." Hence crashing it.
It's free money for Icelanders either way. The bag holders will be the people who buy in now before the crash and the Icelanders who don't know how to exchange AUR.
Psst... klondike has the same number of total coins as aurora with no premine, already has payment processors, just had a massive block reduction, and is currently valued at one thousandth that of aurora.
Looks like Aurora is going to pop
what do you think will happen to the 100k coins when 10.5mil coins suddenly become added into circulation
I don't know.
Okay, that is an advantage. But why can't Bitcoin do the same thing for Icelanders? (Besides being illegal to exchange fiat for it? What if Iceland bans Auroracoin?)
I would have thought that would be obvious - because they'd have to buy Bitcoin but they're going to get Aurora for free. Adoption is worth big money in the cryptocurrency world and no-one has so far come up with such a strategic and well targeted adoption method for any coin. Icelanders are going to benefit financially from facilitating such a widespread adoption IF there's a good takeup. However, that becomes less of an IF everyday that the valuation increases and a virtuous cycle ensues between adoption propensity and coin value.
This is great for Icelanders, but why in the world would anyone else want to put money in
Why does anyone put money into any foreign currency ? Forex markets are huge because you're basically buying into a country's economy without having to live there. Apart from anything else it's going to garner some major publicity if things continue on this path - the kind of publicity that not even Bitcoin has been able to get it's hands on apart from to cite one coin-loss disaster after another.
Icelanders will have no choice but to either A) use the coin (which would require rapid merchant adoption) or B) they dump it for Krona
No. Those are not the only choices. Remember that most money is neither spent nor converted but simply sits in bank accounts or stocks as a store of value. Auroracoin has a fixed supply and is equally distributed to the entire population. That gives it a massive advantage over ISK which has an unlimited supply and is de-valued on a regular basis. So Auroracoin gives people a new option to store their ISK.
When all is said and done, it may well get "dumped" but the significant thing here - and this is something that applies to all crypto's - it will never disappear. Cryptocurrencies are unlevered base money, unlike bank credit money. So this experiment is going to be interesting whatever the outcome of the exchange rate.
***************************** EDIT: *****************************
While I've been writing this, Auroracoin has increased in value to over $40 per coin. That makes the airdrop worth over $1000 per Icelander. What do you think the Government and central bank are going to do about this ? The value of the airdrop is now valued at 15%-20% of Icelandic government annual tax revenue.
This is MAJOR stuff which they can't ignore. On the other hand if they ban it (using a totally un-enforceable ban) they risk making themselves as unpopular as the worst of the bank-crash cartel and another popular uprising. The emperor's clothes are coming under 1000 spotlights just round the corner.
Quote
All I see in this thread are a bunch of butt hurt whiny bitches
+1000. The OP and followers have no clue as to what's going on here and the historical implications of this project.
The idea is brilliant.
I am half Icelandic and have lived in Iceland for years at a time. I may or may not be entitled to a quota and haven't bought any, but whatever I don't care because the idea is immensely powerful and certainly justifies the current marketcap.
What people don't realise is 3 things:
[1] - the cryptocurrency concept is an idea who's time has come and will be recognised as such by Icelanders. If there's one phrase they know the meaning of it's "Central Bank Devaluation".
[2] - Iceland is the one country in the world where an idea like this has a practical chance of taking hold. That's because of the unique documentation of their genealogical heritage and it's public nature. A database that is usually only available to closed off sectors of government is in the public domain (at least if you're an Icelander) and thus makes full and equal distribution a practical possibility
[3] - as a game of chess, the creators of Auroracoin have out-smarted the Central Bank of Iceland because the bank's exchange control policies will unwittingly force the coin into circulation by making it difficult to cash out into dollars.
On the other hand, if people cash out into Krona, the coin will stay in Icelandic hands.
Make no mistake, this is going to have some impact - I don't know to what extent, but it will be a major "dent" in the fiat mirage, the fact that a popular currency can be created from nothing and have a tradeable value.
1. Right, they know a thing or two about devaluation - what do you think will happen to the 100k coins when 10.5mil coins suddenly become added into circulation?
2. Okay, that is an advantage. But why can't Bitcoin do the same thing for Icelanders? (Besides being illegal to exchange fiat for it? What if Iceland bans Auroracoin?)
3. This is great for Icelanders, but why in the world would anyone else want to put money in? If I understand your point correctly, Icelanders will have no choice but to either A) use the coin (which would require rapid merchant adoption) or B) they dump it for Krona, effectively making all those putting money into the coin now willing donors to the Iceland economy. I'll give the creator that much credit, it's a brilliant idea to pump money from all over the world into the hands of Icelanders.
But as for having "no idea" (and what followers?), I was merely talking about the economics. The fact is that the dev currently holds 99% of the currency, and only 1% is actually representative of the true price. Price is a buy/sell indicator for most people, I'm just concerned for the people who will lose a ton of money when an additional 10.5mil coins suddenly drop into circulation.
Btw, why does everyone keep bringing up different points instead of responding to my original post? I feel like that's a pretty big deal.
+1 spot on
More likely dump it for BTC. Maybe Krona after that. Either way they'll dump it.
Quote
All I see in this thread are a bunch of butt hurt whiny bitches
+1000. The OP and followers have no clue as to what's going on here and the historical implications of this project.
The idea is brilliant.
I am half Icelandic and have lived in Iceland for years at a time. I may or may not be entitled to a quota and haven't bought any, but whatever I don't care because the idea is immensely powerful and certainly justifies the current marketcap.
What people don't realise is 3 things:
[1] - the cryptocurrency concept is an idea who's time has come and will be recognised as such by Icelanders. If there's one phrase they know the meaning of it's "Central Bank Devaluation".
[2] - Iceland is the one country in the world where an idea like this has a practical chance of taking hold. That's because of the unique documentation of their genealogical heritage and it's public nature. A database that is usually only available to closed off sectors of government is in the public domain (at least if you're an Icelander) and thus makes full and equal distribution a practical possibility
[3] - as a game of chess, the creators of Auroracoin have out-smarted the Central Bank of Iceland because the bank's exchange control policies will unwittingly force the coin into circulation by making it difficult to cash out into dollars.
On the other hand, if people cash out into Krona, the coin will stay in Icelandic hands.
Make no mistake, this is going to have some impact - I don't know to what extent, but it will be a major "dent" in the fiat mirage, the fact that a popular currency can be created from nothing and have a tradeable value.
1. Right, they know a thing or two about devaluation - what do you think will happen to the 100k coins when 10.5mil coins suddenly become added into circulation?
2. Okay, that is an advantage. But why can't Bitcoin do the same thing for Icelanders? (Besides being illegal to exchange fiat for it? What if Iceland bans Auroracoin?)
3. This is great for Icelanders, but why in the world would anyone else want to put money in? If I understand your point correctly, Icelanders will have no choice but to either A) use the coin (which would require rapid merchant adoption) or B) they dump it for Krona, effectively making all those putting money into the coin now willing donors to the Iceland economy. I'll give the creator that much credit, it's a brilliant idea to pump money from all over the world into the hands of Icelanders.
But as for having "no idea" (and what followers?), I was merely talking about the economics. The fact is that the dev currently holds 99% of the currency, and only 1% is actually representative of the true price. Price is a buy/sell indicator for most people, I'm just concerned for the people who will lose a ton of money when an additional 10.5mil coins suddenly drop into circulation.
Btw, why does everyone keep bringing up different points instead of responding to my original post? I feel like that's a pretty big deal.
Either the developer or the Icelandic people will dump this coin. Most people in the World consider cryptocoins a bubble or scam (look at the comments section under any Bitcoin article). Under this logic why would they hold? I understand cryptocoins and I would still dump it.
A wise man once said In the end there's always someone holding the bag.
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