Bitcoin Forum

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nice article, I hope this takes off, ive done my bit and bought 50 auroras from https://cryptorush.in, I think they are going cheap at the moment, hopefully the value will grow a few orders in magnitude come end of march

Thanks.  If Auroracoin is successful, it truly sets the stage for other cryptocurrencies to replace traditional means of payment.  And the publicity it would generate for cryptocurrencies would be incredible.

The people of Iceland have one of the highest standards of living in the world, so no need to buy a scam coin on their behalf.

And $100 in Iceland is hardly anything anyway. It is also one of the most expensive countries in the world.

The people of Iceland are not smart of rebellious. They are regular people and quite conservative.

 

Please read about the Iceland economic crisis here: https://en.wikipedia.org/wiki/2008%E2%80%9311_Icelandic_financial_crisis

And pay special attention to points like this:
Not only are the Icelandic people facing steep inflation, but currency devaluations as well.  How would you feel if your currency was devalued 50% AND you had to pay more for goods?  And many are concerned it will continue.  Cryptocurrency takes that power away from the Banking cartels.

I agree $100 is little in the grand scheme of things just as it wouldn't go very far in the USA or Europe.  But if Auroracoin is widely adopted, I suspect that valuation would increase exponentially.  

Auroracoin is anything but a scamcoin.  It is a developer working hard to enact meaningful change.  It's sad that all the scamcoins around here can clouded people's views but I do understand why.

I am well aware of the Iceland's economy and the woes suffered because of greedy bankers.

Nonetheless, it is wealthy country with one of the highest GDP per capita in the world ($43,000). It is also considered to be one of the freest economies in the world. Iceland, or at least the average person in Iceland, has it better than most of Europe, with the possible exception of Norway and possibly Sweden and Denmark.

Auroracoin does not sound like a coin desiring world wide acceptance.

Giving free coins to Icelanders is very nice but  does nothing to endear itself to the global community.  

Free coins to a poor country may have sparked global interest. http://www.therichest.com/rich-list/world/poorest-countries-in-the-world/

I don't think Auroracoin is so much looking for worldwide adoption, but instead change the economic landscape of Iceland itself.  Those that are looking for profit would likely do exactly that if it was indeed widely accepted in Iceland.

I wish Auroracoin the best. If it can exist and thrive in a very small ecosystem of 330,000 people; more power to it. Its all good.

The thing is, no currency except hyper-local currencies only exist in a small ecosystem.  The Icelandic Krona is currently traded all over the world.

Iclander here.

When I read about Bitcoin in 2011 I was very excited to try this new technology and anxious to go buy some Bitcoins right away.
I optimistically registered an account at mtgox and looked at every possible way to get my ISK to the exchange. After a while I gave up, the reason being that it was, and still is, illegal to transfer any amount of money from the country without a probable cause or a plane ticket.
So in a sense buying Bitcoins is illegal (http://bitlegal.net/nation/IS.php) in Iceland do to capital controls.

When Auroracoin popped up, at first I thought to myself, hah, an "Icelandic" coin!.. how unexacting. But when I read about the airdrop I soon realised it actually could be the start of something revolutionary.

It will be very interesting to see how this experiment plays out. I hope, at the very least, people and media here in Iceland start talking about the use of crypto currencies, not just the price.

I am currently writing an article about crypto currencies in Icelandic to explain this new technology in simple terms and highlight the potential benefits of cryptocurrencies for the economy.

Regarding the development of Auroracoin, I will soon post a bounty thread on http://forum.auroracoin.org/ (http://forum.auroracoin.org/) with a list of potential projects for Auroracoin. We need get some community momentum going and start developing and advertising.

-Joi

Iceland is the perfect country for this project.

If there's any country this idea could work, it's in Iceland. Even BBC covered this a few weeks ago. Not sure why it's still under the radar.

http://www.bbc.co.uk/news/technology-26083733

Guess what would happen to the price of Gold if you gave everyone 100 oz of Gold? 

I'll give you a clue, it goes badly.

Welcome Joi! As one of the serious backers of this coin I invite you to join our discussion on aurora coin.org http://forum.auroracoin.org/viewtopic.php?f=9&t=29 (http://forum.auroracoin.org/viewtopic.php?f=9&t=29). We could definitely use some natives on our team  ;D

thats it? no innovation?

Does this coin have a website?

I consider this coin as an experiment. If it doesn't work in Iceland, it'll probably work nowhere.

Inovation doen't always come from technology my friend. In this case the innovation lies within the implementation within a wisely chosen and targeted economy.

Unless this coin is released by Icelandic devs and supporters, you guys don't see a problem of foreigners feeling entitled to replace the currency of Iceland?

You also don't see a problem of foreigners pumping-and-dumping a national currency on an exchange? Also, who said Icelanders want to get rid of the government they elected?

Which is exactly why we (as supporters of crypto) need to put in some effort to make this work  ;D

I'm still missing the point of what makes this "the most exciting altcoin of 2014". Please enlighten me.

50% premined for the residents of Iceland fails to excite me.  What else makes this coin worthy of investment for *outsiders*? 

Make me an honorary Icelander and give me some free coins and I'll jump onboard ... ;)

Exciting doesn't always mean you get to profit.  I personally find the potential of a country adopting a cryptocurrency extremely exciting for a plethora of reasons.

Auroracoin gives them CHOICE.  If they choose not to adopt it, that's fine.  If they like the idea and utilize it, fantastic. 

As for foreigners trading others' currency, it is done to the tune of trillions of dollars a day on the forex markets.

And nobody ever said anything about getting rid of their government.

So, you don't see the irony, neither you're interested in directly addressing the points?

Very well. Let's hope this is INDEED the best for Icelanders, not a "rat's lab" experiment.

The excitement (at least for me) lies within the opportunity to get it right for once. Not only with cryptocurrency, but also with an entire economy that adapts it. When you look into the potential Iceland has to make this work, you automatically get drawn into its prophecy...

I apologize, I'm not sure what I didn't address.  Please restate it and I'll be happy to answer if I'm able to.

Ok, you're at least as intellectual honest as myself, perhaps even more. Thanks!

Regarding the point of pump-and-dump and your view against "banksters" and Icelandic people's "shackles", take a look at this: https://bitcointalk.org/index.php?topic=474757.0

See the irony?

I also hope its not a rat's lab, there is a need to be very careful with a coin that has high volatility, thats why I dont see this coin replacing the Krona soon, BUT it will put a lot of pressure on the Icelandic government not to inflate and print money because Icelanders will have the opportunity to buy and hold AUR.

No.

I admittedly don't see the irony, but feel free to point it out to me as I occasionally wonder where my keys are as they sit on my desk in front of me.

Regarding the post you linked to, I can't say it was the most well-written, articulate diatribe I have ever read.  I would say it sounds more pump and dump than informative.  But that's the way of cryptocurrencies at present.  We have to sift through a ton of garbage to find the gems.  And sometimes even those gems are locked inside rocks with ugly exteriors and we have to use our imagination and some tools to help unlock the potential.

Is Auroracoin a gem?  I sincerely don't know.  But I think it has the potential to be one.  And if it does turn out to be a gem, it's going to be really exciting to watch and partake of.  Please note that I used, "MAY BE" in the title.  Not, "Will be".  I'm not trying to pump and then dump Auroracoin.  I'm only interested in bringing attention to a coin that is doing something different and potentially very exciting.  If people do their own research and see it the same way as me, great.  If not, that's ok too.  Time will tell.

It'll buy about five pints in Reykjavik. Change the world indeed.

And 10,000 Bitcoin once bought a pizza.

I think it has a high chance of turning into a currency there for one reason, market penetration.  Bitcoin has crap for market penetration because most people don't know how to work a VCR, let alone mine something.  Whether this currency works or not will depend on having easily accessible wallet applications on phones, other devices, and ease of use in vendors accepting it.

As long as the currency lasts a few months, eventually some restaurants will start taking it.  The country is rich enough that $100 isn't that much, and not everyone is going to just rush out to claim a free meal when the speculative price in the future might be higher.  The same speculators will be buying up coins, while some small business will be accepting them, creating liquidity.  

As long as the coin is valued at *something*, eventually, the deflationary aspect will help increase the price.  Another alternative is, lots of people might start using this coin, then abandon it and switch to Bitcoin, or other coins.

USD is USD no matter how optimistic your math is.

Dogecoin had no innovation either - it's all about the userbase/liquidity. Arguably Vertcoin is the best altcoin from an innovation perspective, but it definitely doesn't have the same market cap nor publicity.

Was the iPhone revolutionary because of technical innovation?  What about the personal computer?  No, they were revolutionary because they connected people with these existing technologies and gave them what they needed before they even knew they needed it.

They are given an option. They have a choice.

What's wrong with that?

I whole-heartedly agree.

We need to to this and we need to do it wihtout direct monetary incentive, out of "idealism" so-to-speak.

The airdrop onto a somewhat enclose, tech-savvy and screwed-by-bankers population is the exciting experiment.

This is no get-rich-quick scheme. If you're looking to make money, I suggest you look elsewhere.

You should take a look at what's happening in Turkish Lira lately, amongst other currencies.

Also: the "foreigners" will, at the point of the airdrop own roughly 150,000 AUR, while icelandic population has potential access to 10,500,000 AUR.

So the "foreigners" have 1.5% of the currency while the icelanders have access to 98.5%.

Who do you think is going to play games with the market? Namely the "dump"-game.

Zimbabwe is another place where something like this could work, their economy has gone down hill big time over the last decade, time to replace those 1 trillion dollar notes with a cryptocurrency!

There are so many failing economies around the world :) what about Argentina? Cyprus?
Iceland has small population (almost a community), very technological loving environment,  and access to the internet. Simply the best ground the start this kind of a project.

Ye but Zimbadwe has problem with infrastructure to support cryptos such as steady electricity delivery and decent computers for every residents. Without that you cant have cryptos.

They should dump they currency completely for bitcoin.

Is anyone else worried about the long transaction time for aurora if this is about to hit mainstream?

As I said before, lets hope for the best.

Very interesting coin, the first country that will try to use crypto currency to be independent from banksters...

If adoption by Island citizen and business is great.. This could became an historic coin..

I always like to read about Island and their citizen.. they are awesome !

With all due respect Nem coin really seems to be the most exciting altcoin of 2014. Too much excitement around it. I will give Auroracoin a shot though.

What makes aurora interesting is not only is it putting the coin in people's hands directly, which not many alts have done if any, its also giving the coins real world value before doing so.  So you already have a head start since the trust that it has value is already there.  Assuming a high percentage of Icelanders will be able to comprehend what they get.

Another benefit is that the Auroracoin won't be held by a bunch of greedy geeks who pump it and run away like all other cryptocurrencies.
Its going to be more "equal" and spread through a large number of people. even then the bitcoin is held by a minority.

http://bitcoinrichlist.com/charts/percent-bitcoins-owned-by-richest

Aurora is not interesting. You could spread bitcoin yourself if you wanted to, but there is a slight difference. Bitcoin is actually worth something.

Bitcoin has been falling and falling since the bubble 3 months ago. Very uninteresting.

I strongly support Auroracoin

I agree it would be neat to be able to spread $100+ with of Bitcoin to 350,000 people in a single country but very few in this world have the capital to do that.  That's the incredible aspect of altcoins and Auroracoin.  It can be created and if people think it is a good idea, they can adopt it and it is given value.  And now the coins that are going to be given to the Icelandic people are worth over $100 and rising.  All with very negligible startup costs.  

It's very exciting in my opinion.

Well, something similar is being tried in cyprus (by neobee). They're not using a new coin, but bitcoin instead.

So we have at least two interesting experiments of this type (introduction of crypto to a nations people) going on...

Exactly. It's like "money on demand"

LaudaM, you should think about why bitcoin has value. Then think about wether or not Auroracoin could acquire value also.

I suggest people think before putting in too much of their savings. The rate might very well take a huge hit by airdrop. Maybe the best time to buy in is after the airdropping has started.

I like the idea of Auroracoin. If this experiment will succeed than it will pushes the whole cryptocoin thing.

Exactly. This is why everyone not only those holding AUR's should be rooting for this to succeed.

Well, Auroracoin has rocketed to #6 on Coinmarketcap.com :)  I suspect it is going to get a little more attention now.

At current prices, every person in Iceland will get more than $250.00 in Auroracoin for free if they accept it.  I know I would sure accept it!

airdrop?

The, "Airdrop" is when the people of Iceland will each be given their Auroracoin.  It starts in about 25 days which you can read about here: http://auroracoin.org/

oh ok so the price will go down in one month?

50% premined..... bitch please...

So hard to read OP?

That depends on the people of Iceland.  If they dump it (which I do not think they will) then yes.  If they adopt it like we hope, then the price will go up a LOT.

The 50% premine which is going to the people of Iceland in a fair, efficient manner is what makes this coin so exciting.

btw it is very good idea
go aurora coin

i never thought id see the day when i would get exited about a premined coin

LOL same here.  Now that it's perched at the top of coinmarketcap, this coin will get the attention it deserves. For now, the liquidity is very low on the two exchanges (only 87k coins available to the public).  The price is going to rollercoaster wildly for a while. This could be THE silent launch crypto of 2014, like a submarine crashing through the surface. 

Let's say that the critics are correct.  Let's say every single Icelandic person accepts the coins and then dumps.  What will they dump for?  Bitcoin.  That means every single person in Iceland will suddenly have some Bitcoin.  Every single person in that country will be utilizing cryptocurrency.  Do you not understand how huge and exciting that is?  And THAT is why everyone should be cheering on Auroracoin whether you think the actual coin has a future or not.  This is a VERY exciting event in the history of cryptocurrency.

Indeed... Iceland is great for this !  Hope citizen and business will mass adopt this fast !   This could be a nice example for other countries how we could do trade without the banksters racket !

Does anyone know how "Airdrop" will be done? How they will validate their identity?

There are 320 000+ residents. Who will be doing all those verifications? This need really big team. Who will pay them? Who really is dev of this coin?

kennitala  ;D

Dev ==> Baldur Óðinsson [pseudonym] referring to the Icelandic Viking Sagas  ::)

What if the Iceland government bans it?

Then they would basically have to ban bitcoin as well. Why buy bitcoin? Plus, there are good reasons to have faith in Iceland's regime: http://www.youtube.com/watch?v=DDexDNn6vSM

They would be stopping their people from receiving $271 (at current prices) for free.  I doubt they'd be in office much longer.

The higher in price Auroracoin goes before the Airdrop, the less likely Icelandic politicians will be able to stop it.

I know he may be anti-bank but why would governments want to lose the ability to control fiat and print baby print?

Auroracoin will probably function in the same way as bitcoin, as an alternative. The interesting part is that the distribution of the coin will be in favor of Iceland, not a small bunch of miners.

You like this coin ?

Vote here :

http://www.allcrypt.com/beta/voting.php (http://www.allcrypt.com/beta/voting.php)

Do you all know that buying bitcoin or another crypto is illegal in Iceland now?  ;)


I know about registry but how they will validate that? How this proccess will be secure against ID fraud?
By "Airdrop blueprint", stage 1 will be 4 months, it is 122 days. So they need verificate 2 623 residents daily.  :o
Why is dev shaddow man. Domain auroracoin.org is registered to WhoisGuard, Inc. in Panama. Why?

Lol, that I did not know. However, with a quick search I found this this:

Due to the capital controls put in place in 2008 to stop money flight on the króna, buying and selling Bitcoin in Iceland, which appears to consider Bitcoin as a foreign currency, is Illegal. The Icelandic Central Bank confirmed "It is prohibited to engage in foreign exchange trading with the electronic currency Bitcoin, according to the Icelandic Foreign Exchange Act.",[19] however commentators suggest bitcoins mined within Iceland could be freely traded.
http://en.wikipedia.org/wiki/Legal_status_of_Bitcoin

If I interpreted that correctly, it should mean that it's OK to make transactions. You give me a beer, I give you 1AUR ;D

This clearly need a deeper investigation.

http://dealbook.nytimes.com/2013/12/21/into-the-bitcoin-mines/

http://www.youtube.com/watch?v=DDexDNn6vSM

Good thing we'll be giving them Auroracoin for free :)


Probably the same general reason we don't know the true identity of the person behind Bitcoin.  When you're messing with the status quo, sometimes it is best to keep your identity secret.  I know I would if I was behind Bitcoin or Auroracoin.

As for the ID fraud, I'm not sure and that is a valid question.

At current prices, each citizen of Iceland would receive $508.00.  Would YOU accept $508.00 for free?

Hopefully this is really going to success in term of promoting cryto currency :)

Unless the majority of the population is cryptoliterate, history shows that people will sell it for fiat as soon as they get it.

This happened when the employee share scheme first came out and will happen with this coin.

So I would say the developer need a massive education campaign + set up all the infrastructure for coin payment before the Airdrop, otherwise it will just be a evenly distributed dump. As with sharemarket, these less educated are more likely to panic sell.

I hope this coin succeed but unless the developer is capable of marketing and proper implementation of the coin, it is going to be an uphill battle.

At current prices, each citizen of Iceland would receive $710.00 each.

Auroracoin does not have a real market cap of 250M, that would be insane.

agreed , pump and dump coin

I see a lot of posts about people saying the current market cap of Auroracoin isn't real because there is less than 100,000 coins available and all of the premine isn't being taken into account.  I come from an investing background with wallstreet.  When you look at a stock, you can see two terms:

1.  Float - This is the amount of sharing available for trading.  
2.  Shares Outstanding - This is the total amount of shares a stock has.  This includes shares that are unavailable for trading for a variety of reasons.

The value of a stock is based upon the shares outstanding, NOT the float because investors and the market understand that at some point, those locked up shares will become part of the float.  If there are very few shares available in the stock, it is said to be, "Illiquid".  An illiquid stock can have wild price fluctuations when there is a lot of interest in it.

Auroracoin has is illiquid.  Its', "Float" is very small (less than $100,000).  However, its marketcap which properly takes into account all of the coins (shares) outstanding, IS correct and the market is working to price in the fundamentals and risk associated with all those coins outstanding.

If we don't expect all the people who get these for free to dump them immediately then we are kidding ourselves.

Beware of investing in this coin.  It is a nice idea but the facts are these.

1. where is all of this money coming from that we will give out to the folks living in iceland??  - YOU the investors.

2. why would you want to give $710 to each citizen in iceland? these people had their wealth taken by bankers and now you guys want to subsidise them getting some back?

3. what do you think people hearing of magic internet money are going to do as soon as they can.?  yes cash it out, anyone left holding the bag here is going to be crying.


I like the idea but seriously there is going to be a lot of bagholders if you just want to give 300k strangers $710 each from your own pockets.

It is cool it will bring some awareness to crypto but then the bankers who rule those guys have already banned bitcoin. I don't see the point of giving this country anything really. I would rather see it go to a country that is not a total loss. 

They just got their pants pulled down hard and still get told what to do buy the same people that have just finished bending them over. 

So we come along and decide to give them all a little cash to make it hurt a little less?

Nah, seems a nice idea, but i'm not paying in to this repair their bankers damage fund.  They will cash out and still BTC will be banned there. Iceland is dead loss.

Let's do the same for a country that could actually bring some benefit to crypto.

How about some island which is sovereign and has some financial backbone. Small population which will adopt crypto as their national currency. We could make it worth their while actually.

This would make for one crazy scam coin if the airdrop never occurs and people buying for 3 times what they worth at current prices ;)

would do the crypto community a lot of damage..... is the devs ID actually known?

No, he is one "shaddow man" without ID.  ???

He does not answer any of the questions.  :-\
https://bitcointalk.org/index.php?topic=446062.msg5426900#msg5426900

You are missing part of the point here, I do believe.  The publicity may drive the entire market up, and if any group of people would be forward thinking in terms of a decentralized, it would be the Icelandic people.  They have a history of making extreme decisions with regard to their government, and they have been crushed with inflation.

I look at it this way.  If the Icelandic people hear about this currency that is coming to them, actually go through the process of getting it, and then notice that it has an incredibly high exchange rate vs their government issued currency, do you not think they will ask how this is possible?  How many do you think will be pulled into the world of digital currency by that?

Even if they all sell it off for fiat, and the price drops later, I do not care.  I bought some Auroracoin because I believe in the cause behind it.  Best case scenario, it actually starts the ball rolling in Iceland to replace their fiat with a digital currency (Auroracoin, or otherwise).  Worst case scenario, it is a charity to help the people there who have been so unfairly crushed by the banks \ government.  I'm ok with it either way.

Of course this is assuming that it is legit, and the drop will actually happen.  But, after looking through the main thread, and the website, I feel pretty confident that it will happen.  The way it is written seems like it is being designed by someone who truly cares about the Icelandic people, and legitimately understands their plight.

I'd be careful drawing analogies like this.

Say I start a new coin.  100 trillion coins are premined but frozen, to be released to the world in a year.  1 coin is mined per month.  Someone mines the first coin and sell it for $1.  What's my market cap?

Where is there a source, from the Icelandic government, that this is actually happening? Because if they are not behind this or at least taking part in it, then I am seeing this setting up to another huge blow to crypto with news postings of, "Iceland rejects new crypto" or "New crypto does not take off as expected in Iceland" followed by the obvious "futures look grim for BitCoin" and etc.

If this concept was even remotely legit the developers would not be hiding behind Whois guards and unknown IDs.

If you buy into this be sure to invest only what you can afford to lose.

The database is public so there is no problem to know each Icelandic ID

I would also preferred to see baldur real name. but I understand his fear and preference of anonymity.
To me he looks trustworthy as he surely not interested in an increased value of the coin at all, and he would have dumped all the coins already if he wasnt waiting for the airdrop.
Its your call if to take the risk and join the train or stay behind. both choices are ok as the train might go to a dead end

As all of you are interested in the story behind Auroracoin, I thought I'd point out a new coin I just found (which has been out awhile) that is doing the same thing as Auroracoin but for the Lakota nation.  But this time, it is in PARTNERSHIP with the people and government.

Introducing Mazacoin: https://bitcointalk.org/index.php?topic=493049.0

I don't see how premining 50% of a coin and giving it to people in iceland is going to make it worth anything.  What can you do with Auroracoin in iceland?  Would you expect business owners to start accepting this 50% premined give away cryptocurrency?  What makes you think they will all of the sudden adopt an alt crypto when bitcoin has been there and is established globally.  

You can keep your scam coin, and anyone who buys it is deserves what happens when it gets dumped to zero.

From Aurora never had anything positive came into existence  ;D

what keeps anybody from registering fake accounts and claiming free auroracoin? great idea, but it needs real government backing instead of an anonymous dude copying code and pasting in a forum. 

has anybody thought that 500 male teenagers will be willing to work through the night and claim all 330,000 Icelandic stakes, so that actually nobody in Iceland will actually be able to use Aurora?

Are you sure it is conjunction with the "government"?  Lakota Nation has 30,000 extremely poor Indians, many without smart phones or internet.  Not sure why the tribe elders would officially back a coin.  They are more concerned with basic needs.   

This is the Lakota government website. http://www.oglalalakotanation.org/oln/Home.html

This is the newspaper http://www.lakotacountrytimes.com/

The radio station http://www.kiliradio.org/

No mention of Maza anywhere.  I am all for the Indians having a coin, I want them too.  I am all for Iceland having a coin.  I want them too.  But these pseudo official coins which aren't official at all to me just hurt cryptocurrencies more than they help.  Can anyone explain why it is not just another pump and dump by a creator, just with the sham of attaching a "people" to it.  Come on!

Also..... check the Icelandic papers.  No mention of Auroracoin there either.  It is getting more press outside of Iceland than in it.

+ 1

The govt has no part in this currently afaik.

I just don't see this getting past the part where they dump a lot of coins into the market, i think it'll mess with the value too much

Why is that a problem? Of course it will be as volatile as can be, but it'll settle down over time.

There you go.. that's an Icelandic newspaper - http://www.mbl.is/vidskipti/frettir/2014/03/01/rafraenir_gjaldmidlar_sla_i_gegn/
http://www.mbl.is/vidskipti/frettir/2014/02/06/gefa_islendingum_nyja_rafmynt_2/

We still have time to reach all of the Icelandic people, first of all we need to get recognition from the alternative cryptocurrency community only after we can build trading tools and publicity.
we still have 23 days

We're on Cryptsy!

https://www.cryptsy.com/markets/view/160

Hi balduro, I wrote the Auroracoin article on CCN (http://www.cryptocoinsnews.com/2014/02/28/auroracoin-shoots-3rd-place-mineable-coin-market-caps/) you probably saw.

I'd like to do a follow-up interview with you. Please reply via PM.

I am waiting for the "commie coin" which is 100% premine and 100% distributed to everyone  ;D

lol gimmick :)

Good luck Iceland. We wish you all the best. Hope it succeeds for you all.

If any of you think this coin is dead, I am of the opinion you're wrong.  I think there is a LOT of story to play out yet...

A lol of stories are still told about the dead.  This coin is dead but stories will still be told about it.

Scam coin

geez, now im convinced

Assuming Auroracoin can reach its goal of becoming a widely used currency in Iceland, we can calculate its potential market value as follows: there are 500 billion Icelandic Krona (ISK) in circulation (http://www.tradingeconomics.com/iceland/money-supply-m1). That's worth about 5 billion USD or about 15'000 USD per inhabitant. Let's say Auroracoin reaches 10% of that within three years. In that case, we could expect it to be worth about 1'500 USD per inhabitant or 50 USD each. Right now it is trading somewhat below 0.01 BTC or about 4 USD each. So if you believe that it will be successful, you can get a tenfold return within three years - which is good. If there's an 80% chance of failure, the investment looks less positive (100% expected upside within three years), but still positive.

thank you for facts, a rare thing seen in this forum.

You'd better tell all the people on here who seem to be using it:

http://aurcoin.is/

And the 1300 members of the Facebook Auroracoin buy/sell group

With the ups an downs I have made a killing on this coin. Absolutely LOVE IT!