Maza has had it's pump. There's no pump incoming.

Even if it only went back to 10, where it was a couple of days ago, it will have reached Prime coin's price (corrected for coin supply).

So it's already massively overvalued as it is for a new coin that's basically a clone with no no distinguishing features. The network effect of its recent news coverage is what is giving it its value at the moment. I'm not saying it's unjustified, I'm just saying that wishful thinking is not what endows cryptocurrencies with value and no-one posting on here saying "pump incoming" has 1 clue as to what real world event said pump might be based on.

There are 2 ways to trade:

[1] - read the news, and study fundamentals of a coin. Observe past trading history and conclude with 80% certainty that the coin is undervalued

[2] - get panicked by posters on Bitcointalk saying "pump coming, I've got a really strong feeling"

One of the above results in massive coin loss. I'll leave you to decide which one  

The coin lost half its value when that New York times article came out. That's because the effect of last week's hysterical pump was far more powerful in raping the coin of its value than the restorative effect of the New York times.

NYAN is undervalued.

I think you actually mean "how does he prove it to the 'fucktard trolls' on Bitcointalk" and the answer thankfully is that he doesn't have to.

The only people he has to prove anything to are those with a verifiable Icelandic ID number and you'll soon know if there's a problem there because there'll be forum threads full of disaffected Icelandic crypto-nerds complaining that they or their families or people they know were unable to pick up their quota, so stop inventing BS straw man arguments.


LoL ! Really ? So you're conclusion as to the rise in this coin's valuation is that people want to "bail a country out" as opposed to profit from speculation. I'll let others decide how plausable that idea is. Suffice to say that, scam or not, this project has already made a lot of speculators very rich and it isn't the Icelandic nation.

The whole basis of this project is the relative logistical "ease" with which this can be acheived.

Try reading the thread before you troll.

Politely pointing that fact out is a long way away from categorically stating that it is a "blatant scam".

So far, the project has been very professionally planned and executed. It has been about as transparent as it's possible to be without relying on a whole load of counterparties and loosing control of the thing.

It isn't the developer's problem that the valuation went into orbit before stabilising at a more reasonable level - in fact he's on record as stating that it was not necessarily desirable and became 'overheated'. People investing in cryptocurrencies expose themselves to massive risk whatever coin they are buying.

Contrary to what you suggest, helpful advice is not what's being offered in this thread, rather out and out mindless propaganda. Funny how its appearance coincides with an 70% valuation loss of the coin. Maybe I should start one called "SOURED AURORA BAGHOLDERS THROW TOYS OUT OF PRAM".

If would have about as much basis in fact as this one has 

________________________________________
Warning: Low flying bagholder teddy bears

I'm sorry, but you're the clown in this case.

The Icekey - contrary to what you incorrectly assert - is not provided at the discretion of the Icelandic "Government".

It is a general purpose internet based authentication tool which any citizen can obtain upon provision of appropriate ID. You're not required to say why you need it - in fact the authorities positively encourage people to obtain it since it promotes better internet security and is used for all kinds of services.

All you've done with this post is to demonstrate how little substance there is to the 'scam' accusations made in this thread. A bunch of attention seeking drama queens making all kinds of speculative assumptions without any basis.

Yes, the Auroracoin developer COULD be scamming everybody. But it looks increasingly unlikely and as others have pointed out, it's difficult to see what he now has to gain from it - apart from crashing the market and making off with a few thousand bucks which is probably far less attractive to him that the much more challenging prize of making a genuine impact upon the Icelandic society.

Cryptsy is the deathnell for coins.

There are 2 conflicting interests on opposite sides of the trade - miners and traders. (i.e. people who mined the coin before it went on Cryptsy and people who bought it).

Going on Cryptsy provides miners with the liquidity they need to offload the coin in large quantities - they don't care at what price. So Cryptsy is basically a 'dumping ground' for miners.

Look at the history of any coin from Worldcoin to Maxcoin. Going on Cryptsy is like falling off a cliff. The coin's best days are the one's just before it goes mainstream... http://www.cryptocoincharts.info/period-charts.php?period=alltime&resolution=day&pair=wdc-btc&market=cryptsy

What a load of unmitigated FUD this thread is.

If I was doing this project I'd handle it exactly the way the dev already has. There's no way I'd hand over the airdrop to an escrow body or anybody else. The only 'escrow' body that has any significance in this is the Icelandic citizens themselves.

Fair enough if people think he might be scamming - I don't, I've no reason to - but who cares ? Just wait and find out. The project is very public so it will either be a very public, exciting initiative or a very public scam and it's clear that even though we don't, many people know the developer's identity.


This can be done using IsLykill (Icekey) for example. The Icekey links a person's verified identity (previously done by the person turning up with personal ID at a bank or having the Icekey sent to their registered legal domicile) to the 'Kennitala' which is their public ID number.

Think of it this way - the Kennitala is an Icelandic person's 'public key', the Icekey (IsLykill) is their private key. So to obtain their Aurora, they would log on to the airdrop website, enter their 'Kennitala' and also enter their 'IsLykill' which would then have a blockchain address and associated private key sent to their email address, home or secure bank-account associated 'inbox' which the banks host. (Or maybe even a pre-configured wallet.dat file).

This initiative is visionary in so many ways. Whether it is successful is just a question of extent. It clearly is going to massively expose the 'emperors clothes' syndrome of the fiat banks by demonstrating that the citizens are just as capable of creating their own money as a central bank is.

It also will be a huge advance in introducing the idea of cryptocurrencies to an entire nation.

I'm sick of people attaching the 'scam' tag to anything and everthing that they happen to be cluless about. Wait and see what the result is before posting all this nonsense.

EDIT: Regarding the valuation, the coin is trading this morning at a healthy $20. So all it's doing is going through all the same machinations as Bitcoin has. It's not been dumped at all. About 10 days ago it was $5. The fact that it has any value at all and that it will entitle every single Icelander to a cryptocurrency 'asset' worth at least $600 - so more than $2000 per typical family - is phenomenal. It is a kind of 'reverse taxation' which isn't going to go un-noticed. The marketcap of the airdrop (Aurdrop ! ) itself is now a significant portion of Icelandic government annual tax revenues. So shut up with the FUD unless you know what you're talking about and get behind this.

Looks like Mazacoin's going on Cryptsy tomorrow morning.

New press blitz today:

Native American tribes adopt Bitcoin-like currency, prepare to battle US government

http://www.theverge.com/2014/3/5/5469510/native-americans-assert-their-independence-through-cryptocurrency-mazacoin


The Lakota Nation Thinks Cryptocurrencies Could Be 'The New Buffalo'

http://www.thewire.com/politics/2014/03/lakota-nation-thinks-cryptocurrencies-could-be-new-buffalo/358844/


Native American Tribe Adopts Bitcoin As Official Currency

http://www.mintpressnews.com/native-american-tribe-adopts-bitcoin-official-currency/185745/


Could A Bitcoin Spin-Off End The Cycle Of Poverty In Native American Communities?

http://thinkprogress.org/economy/2014/03/05/3365221/bitcoin-native-americans-poverty/

OP: Most of your arguments - however valid - actually work in Bitcoin's favour.

First of all, whether Bitcoin is or isn't, or even will be "mainstream" is irrelevant. You need to look at the cryptocurrency economy as a whole and that most definitely IS going mainstream. There will probably be several actual networks that go "mainstream" because there's a need for them to support different roles as in the fiat economy where you have some forms of money that serve as a store of value and "safe haven", others which provide day to day liquidity etc.

So whether it's Bitcoin or something else doesn't matter. It's Bitcoin at the moment so if you want to "ride" this train to its destination you need to be in Bitcoin right now.


If you're using this as your criteria, then Bitcoin most definitely IS going mainstream. The last few months have seen nothing but new regulations emerging over cryptocurrencies all over the world. Did you watch the recent 2-day New York hearing ? This is just a non-argument. Governments all over the workd have been ruling on Bitcoin regulation and clarifying things such as Value added tax status such as in the UK last week.


I think you mis-understand what malleability actually is. It is DESIGNED into the Bitcoin protocol to make the transactions more independent of their originating application. This feature is what will allow the next tier of network applications to evolve and has nothing to do with hacking. The issue with MT Gox was that they got conned into doing double withdrawals by their customers - a bit like me sending someone $1000 from my bank account (which takes 3 days to arrive) and then someone else in the meantime finding a way to get me to send another $1000 to them.

Malliability is here to stay - there is no intention of designing it out of the Bitcoin protocol and it's simply up to clients to wait for at least 1 confirmation before recognising any funds. No problem.

As for your other points, I can't be bothered addressing them - thay are FUD and have been well addressed all over these forums.


LoL ! Have you been living on the moon for the last 3 months ? The number of Alt currencies which have emerged now numbers in the hundreds - many of them surpassing Bitcoin's specifications in all kinds of ways. Yet they haven't even made a dent in Bitcoin's status as the most established cryptocurrency network. On the contrary, they've actually enhanced it in the following ways:

[1] - by providing liquidity to the market as a proxy for Bitcoin. Make no mistake. They only reason people trade alts is to make Bitcoin gains, otherwise why would their value all be measured in BTC ?

[2] - even many of the 2nd generation protocols emerging which are being heralded as "the future" run on top of the Bitcoin network

[3] - while alt coins continue to evolve, that commercial infrastructure that is being buit - such as payment gateways, POS hardware, cryptocurrency derivative and hedging products, security services - all UNIQUELY support Bitcoin. What this means is that even though new and emerging currencies may be more practical for say-to-day or specialised uses, the value they gain is always going to be dumped into Bitcoin ultimately as long as no "show stoppers" emerge in the Bitcoin protocol (and malliability definitely IS'NT one as I outlined above)

I'll just say one last thing about your posting etiquet:



Whether you think people on these forums are naive or not, you've exposed a cartoon level of understanding about the cryptocurrency economy and the Bitcoin protocol in particular and are in no position to call them "naive" or "suckers". You're lucky you got any considered replies at all with such unmitigated arrogance which I'm getting sick of on these threads and is why I made this post.
 
I don't really give a monkey's whether Bitcoin goes mainstream or not ultimately, for reason I stated in my first point, but one thing that could do with staying out of the mainstream is baseless inflammatory chaff like this original post.

It's taking off again.

Main engine ignition.

There is nothing wrong with premines as long as the coin's value doesn't drop to the floor as soon as you buy it and before you've had a chance to recover your investment.

But then, if you use those criteria as a measure of the coin's 'scam' factor then there are plenty of non-premined proof of work coins that qualify and loads of premine proof-of-stakes that don't.

What IS a problem is posters with a chip on their shoulder about this or that coin algo, distribution policy, price or other property that they happen to hate, hysterically slapping the 'scam' tag onto coins and swearing at other posters.

MODS: Target practice please.

They're not actually illegal per se. Anyone can trade cryptocurrencies till the cows come home.

It's a bit like the China situation - i.e. they have capital controls and to the extent to which cryptocurrencies are used to breach those capital controls, that activity would be illegal.

For example you bought bitcoin with Icelandic Krona (ISK), made bitcoin gains from trading against doge, and cash those gains out into USD. You've now breached the Icelandic capital controls because you've basically used Bitcoin as a vehicle to convert ISK to USD which is not allowed.

Well, you're not at immediate risk of loosing it I don't think. I just have haunting nightmares about mooncoin and don't think I have the bottle to entrust my entire holdings to a single alt-coin pump.

Believe it or not, one of the reasons I didn't panic buy AUR is that - incredibly - I happen to have 3 immediate family members who wouldn't know a cryptocurrency from a rice crispy but who are fully fledged, passport holding Icelandic citizens ! I myself am not one - I'm Scottish - but I do speak the language and have a national ID number. So an enforced visit to the embassy to pick up an "IsLykill" for the lot of them is in the offing I think when the airdrop happens. I'm sure by that time it will have been comprehensively dumped by the rest of the world, but I still think the idea is totally amazing as a political gesture of popular power.

That's incorrect thinking. You need to straighten out your crypto-trading strategies and priorities. If you continue to think like that, not only will you not make gains, you'll make huge losses.

The goal is:

a) - always take calculated risks. i.e. know what the maximum is you can loose and be prepared to loose it

b) - lock in at least your initial investment before it's too late

c) - remain focused on making large long term gains or small short term ones but always trade within a long term strategy (i.e. if you are bullish long term, then your objective is to maximise the alt coin. If you are bearish, then your objective is to maximise Bitcoin so 'park' your funds in Bitcoin between trades)

I had the complete opposite experience to you. Parked my funds in the alt-coin overnight during a pump without locking **anything** in and woke up to find I'd gone from a 50% gain to a 25$ loss.

If you happen to stumble on a bonanza by accident - all well and good, but don't plan on it (except long term as we all are doing with Bitcoin).

So switch your thinking around because you played your trades by the book by locking in your initial gain. Forget about the bonanza and take pleasure in the fact that you stayed in control - that's far more important than catching a random pump while you were asleep  

A small anecdote to do with the 'other side' of the lag.

Last night I was looking at Mazcoin - checked the forums, price history, all that. I noticed that it had already been pumped and come back down. That always makes me wary.

Sent 0.6 BTC up to a Cryptorush deposit address, but it was taking forever and a day to appear. I wasn't worried because I monitored it on blockexplorer and could see it was just waiting for confirmations.

Eventually I gave up and sent 22 LTC instead - which took about 3 minutes to appear !!

Then, upon checking the LTC market, I noticed that all the sells were sitting at 0.00079 (LTC) except for 1 SELL which was was a massive 134,000 MZC sitting there at a price of 0.00024 ! - a third of the market price. Instead of just buying it, I sat with a calculator for about 10 minutes because I didn't think it could be right. In the end I bought 108,000 of them and immediately offloaded half when the price doubled - which at that time netted me about half a bitcoin.

If I had kept those in it would have netted about 7 Bitcoins at today's prices, but then I would have had to break my rule of always recouping my investment at the earliest opportunity for loss mitigation.

That's the "wild west" of Cryptocurrencies for you. For every bit of luck like that, I've had about 5 fails - ike buying Mooncoin at 18 Satoshis, watching it go to 36 and then holding all the way down to 8 because I just couldn't beleive it wasn't going to go back up.

With 20/20 hindsight we'd all be millionaires 20 times over, but that's the fun of it - just don't bet your house !!

Yes it does. It says:


Additionally (which is the item your are referring to):


Then the killer..


You don't say  

Considering that all the world's main cryptocurrencies now have "not-in-Japan" status plus offline exchanges just around the corner with technologies like NXT, I hope they've got a good contact in the NSA  

They are bankrupt and can't pay their debts no matter how much JPY-no-upper-limit, ink-mineable instamine scam coin is generated by the Central Bank of Japan.

They now want to tax cryptocurrency trades (Good luck on that one).

The only way I see this being enforceable is by regulating the exchanges and making them report the gains to the authorities. Exchanges would probably also need to hold the identities of their customer accounts the way they do at the moment for facilitating fiat transfers.

Of course, they're not going to be able to regulate any exchange outside of Japan so it seems kind of hopeless.

http://asia.nikkei.com/Politics-Economy/Policy-Politics/Japan-to-regulate-Bitcoin-trades-impose-taxes

Another rally's just started.

The 10,000 satoshi sellwall got eaten. Significant milestone's approaching:

+ 5 Hrs: US Eastern Seaboard comaing home from work.

+ 6Hrs: China waking up

+ 10 Hrs: US Western Seaboard coming home from work.

+ 15 Hrs: News propagates about Japan banning all known banks and walking entities from touching Bitcoin. Taxing every bitcoin movement they can get their hands on because the government's bankrupt and haven't got any money left of their own that isn't "JPY instamine scam coin". Everyone panic dumps BTC into Maza since the Sioux nation didn't ban it     (Note to self: recommend to peacefulmind that his trolling skills would be well deployed on JPY)
 
+ 48 Hrs: MZC on Cryptsy