Topic: The True Value of Auroracoin - page 9. (Read 21152 times)
It's a scam. The developers create a coin without the governments consent. Do a press release stating you will give "some" of the coins to the citizens (only the ones with internet with no explanation of how or why). Traders pump it and developers dump the 50% premine.
That's weird you read my mind at the same exact time I post this using same words 
https://bitcointalksearch.org/topic/m.5475545
But ya - it's wild.
I was saying someone needs to setup a script that immediately notifies everyone if the pre-mine moves.
Or actually the dev should set that up and post it.
It would take some time to move and coins and I bet someone out there already probably is watching
with a script of some kind. So there would be some warning. Would take hours to get coins on cryptsy
at least. But the other exchanges would go pretty fast. I noticed savvy buyer are not usually leaving large
buys wall up. Just in case. But if that pre-mine fell it would be a permanuke to the coin. But they would only
get what is on the buy orders for an hour at best.
I do have a this weird feeling though that it's legit. But you can never be sure. Such is the game here.
I want it to work for the sake of innovation. That's me at least. But I am not holding the coin - i just go in
and out a few times. heh...
https://bitcointalksearch.org/topic/m.5475545
But ya - it's wild.
I was saying someone needs to setup a script that immediately notifies everyone if the pre-mine moves.
Or actually the dev should set that up and post it.
It would take some time to move and coins and I bet someone out there already probably is watching
with a script of some kind. So there would be some warning. Would take hours to get coins on cryptsy
at least. But the other exchanges would go pretty fast. I noticed savvy buyer are not usually leaving large
buys wall up. Just in case. But if that pre-mine fell it would be a permanuke to the coin. But they would only
get what is on the buy orders for an hour at best.
I do have a this weird feeling though that it's legit. But you can never be sure. Such is the game here.
I want it to work for the sake of innovation. That's me at least. But I am not holding the coin - i just go in
and out a few times. heh...
Shhh, quiet now. No facts please on this forum. Brain hurts. Much math
I kid. I kid.
+1
I kid. I kid.
+1
I don't usually make these kinds of posts, but what I outlined above immediately threw up big red flags for me (as it should for everyone else).
It looks even worse when you think that 99% of all currently minted coins are pre-mined.
98,476 is the total that have been mined since launch.
10,598,476 AUR is the total including pre-mine AND mined coins.
10,500,000 is the pre-mine. (99% of total existing coins is pre-mine at this time.)
That's 10,500,000 x $25 = $270,375,000 at it's current rate. I don't see this ending well.
98,476 is the total that have been mined since launch.
10,598,476 AUR is the total including pre-mine AND mined coins.
10,500,000 is the pre-mine. (99% of total existing coins is pre-mine at this time.)
That's 10,500,000 x $25 = $270,375,000 at it's current rate. I don't see this ending well.
Yikes, that does sound much worse, one person owns 99% of the current supply! Whether or not he actually distributes $270mil worth of coins to Icelanders, the fact is that for every $25 you pay for a single coin, $24.75 is going directly into an Icelander's pocket!
I looked around, and for some reason no one is talking about this..
I was looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98476 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,476 coins.
The true value of the Auroracoin marketcap is currently $2,552,498. When the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.
Additionally, people don't seem to realize that currently one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else. So when the price "jumps" 60-70%, that's actually not uncommon for low valued coins; however, because the pre-mine number is included, this jump looks magnitudes larger than it really is.
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.
I was looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98476 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,476 coins.
The true value of the Auroracoin marketcap is currently $2,552,498. When the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.
Additionally, people don't seem to realize that currently one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else. So when the price "jumps" 60-70%, that's actually not uncommon for low valued coins; however, because the pre-mine number is included, this jump looks magnitudes larger than it really is.
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.
It looks even worse when you think that 99% of all currently minted coins are pre-mined.
98,476 is the total that have been mined since launch.
10,598,476 AUR is the total including pre-mine AND mined coins.
10,500,000 is the pre-mine. (99% of total existing coins is pre-mine at this time.)
That's 10,500,000 x $25.75 = $270,375,000 at it's current rate. I don't see this ending well.
I looked around, and for some reason no one is talking about this..
I was looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98476 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,476 coins.
The true value of the Auroracoin marketcap is currently $2,552,498. When the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.
Additionally, people don't seem to realize that currently one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else. So when the price "jumps" 60-70%, that's actually not uncommon for low valued coins; however, because the pre-mine number is included, this jump looks magnitudes larger than it really is.
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.
I was looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98476 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,476 coins.
The true value of the Auroracoin marketcap is currently $2,552,498. When the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.
Additionally, people don't seem to realize that currently one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else. So when the price "jumps" 60-70%, that's actually not uncommon for low valued coins; however, because the pre-mine number is included, this jump looks magnitudes larger than it really is.
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.
Shhh, quiet now. No facts please on this forum. Brain hurts. Much math
I kid. I kid.
+1
I looked around, and for some reason no one is talking about this..
I was looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98476 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,476 coins.
The true value of the Auroracoin marketcap is currently $2,552,498. When the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.
Additionally, people don't seem to realize that currently one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else. So when the price "jumps" 60-70%, that's actually not uncommon for low valued coins; however, because the pre-mine number is included, this jump looks magnitudes larger than it really is.
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.
I was looking up Auroracoin, and now I know why it's marketcap is insanely inflated: There are only 98476 coins in circulation, but coinmarketcap is also including all 10,500,000 (50%) of the premine coins for a total of 10,598,476 coins.
The true value of the Auroracoin marketcap is currently $2,552,498. When the airdrop happens, expect the price to eventually plummet to less than 1% of it's current value when the airdrop is finally complete. If I were an Icelander, I'd grab my free ~$900 USD and dump it right away, the price is only going to drop as the supply inflates by %10,000 in less than a year's time.
Additionally, people don't seem to realize that currently one entity controls 50% of the total Auroracoin supply (10,500,000) while there are only ~100k coins being traded by everyone else. So when the price "jumps" 60-70%, that's actually not uncommon for low valued coins; however, because the pre-mine number is included, this jump looks magnitudes larger than it really is.
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.
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