[98476]

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 currently use coinbase, using direct bank wires, so it's pretty easy. Is there another way that's just as easy as coinbase?