[ANN][AUR] Auroracoin - a cryptocurrency for Iceland

[Grrizz]

LOL @ people who don't think this is a pump and dump...

[1715424984]

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[stackmint]

Hashrapid is happy join this great coin

Come hash fast!

http://aurora.hashrapid.com

http://s29.postimg.org/bwoetfk1j/Screen_Shot_2014_02_13_at_4_05_19_PM.png

[portice]

Gonna go out on a limb here and say there will not be said "airdrop" and we will not have the entire population of Iceland dumping AUR for BTC's.  But, this definately has been a fun game the past few days, made a few btc's myself.

[pjviitas]

Here are my predictions.

1) We have massive pumps to $100-200 per coin
2) Right before the AirDrop there is a massive sell off
3) Enterprising Icelanders get their AirDropped coins and sell as well
4) Media attention goes through the roof
5) Massive buyback, as everyone wants to get AUR at a low price
6) Even more media attention
7) Early Icelanders regret selling and learn to HODL
New Icelanders are wondering why they are missing out on this. Massive fiat dump into crypto.
9) Some level of acceptance in Iceland
10)
11) Profit for all

I agree that this will happen.  It is stupid to buy in now before the airdrop (market flooded with supply - massive selloff)

I will buy in after the airdrop/selloff occurs.

The only reason it is trading so high right now is the supply is artificially constricted.

An analogy: The price of cocaine in the US is artificially high due to the illegality of it constricting the supply.  If you gave every single person in the US an ounce of cocaine for free tomorrow, the price of cocaine would crash.

This is basic economics and logic.

Bad example dude...due to the element of addiction you would have a large part of the population that would be chasing the dragon and be willing to pay whatever the price may be for their next fix.

If every single person in the country has an ounce of cocaine, cocaine would no longer be scarce and therefore drop in price.

It would be like corn, the US has a massive supply of corn, so it is extremely cheap.


The airdrop will shift the supply curve waaaayyyy to the right and the price of AUR will drop:

I've learnt to be wary of economics because there are too many assumptions.  For example:

1. Who says that all Icelanders are going to claim on day 1?
2. Who says they are going to sell on day 1?
3. I think most people will keep most of their AUR.
4. I believe there is US$7.6 Billion of trapped investment in Iceland.

Short answer is - no one knows what the airdrop is going to do the price of AUR.  But we do know that people's knowledge of cryptos will increase.

They will sell on day 1 to get their FREE $1000+ worth of Bitcoin or fiat.  A rational person will know he can get more if he sells before his neighbor sells.  This will lead to a selloff.  It's basic supply and demand: massive increase in supply will decrease scarcity and drop the price.

I will buy in after the selloff because I believe in the idea.  I don't believe in buying now to inevitably get burned though.

WHY you guys think there will be any 100% PURE distribution?
WHY government should give DEVELOPER their database?

WHERE developer shown any progress towards gathering anything from government officials at all?
Look at coins like ZEIT where people tend to stay in touch with "real" world, at least by intending to do so.

I see all you talking like "Yeah, every Icelander will receive 30 AURs" etc. but where any .gov site saying THERE WILL BE ANY EVENT HAPPENING?

https://www.google.com/search?q=iceland+government&tbm=nws NOTHING

EVEN if dev will distribute money among 100 closest friends/neighbours the reason of keeping other 10 MILLION + AURs stays intact:
All coins will eventually be dumped hard. And you will never know if it was a citizen dumping his 30 AURs or dev, what we will see at the end of the day will be falling numbers.

Actually, it will be very easy:


Quote

Mr Odinsson said the project was possible thanks to an earlier government initiative that assigned a national ID number to every citizen. The ID numbers can be queried via a public database that would help the Auroracoin project to verify that people are getting only their fair share of coins.

http://www.bbc.com/news/technology-26083733

[NickPortland]

I got a technical question... generally how fast are Aurora transfer?

I was looking to transfer mine from Mintpal to Cryptsy.

So how long will it take for them to get to my wallet (i know cryptsy transfers are slow already)?


Thanks.

Can someone help please?

[forzendiablo]

AUR is slow
premined

and its a scam in the end aka icelanders wont get it.

price is great but thats due to you sheeps and believing in fake stuff.

[stan26]

Auroracoin is currently the 3rd highest valued coin after 42Coin and Bitcoin

http://coinmarketcap.com

currently priced at $74.17 according to above site, 0.105 BTC on Cryptsy

[CryptoMF]

Why don't people wait until after the massive sell-off to buy into this?  I think it's a great idea, it's just absolute retarded madness to be buying in prior to the airdrop.


At the current price, every single citizen of Iceland will be given $1758 worth of Auroracoin for free during the airdrop.  

There will be a massive crash in price as many Icelanders make the rational decision to immediately cash out their $1758.

Don't forget that their will be a corresponding spike in Bitcoin sales as they can only cash out their Aurora coins to BTC currently. In order to get $$ they have to then sell their BTC on an exchange. Not saying that all of them will but there will be a trickle down effect. Something to think about.

At the current exchange rate (0.1 BTC) that would equal 1 MILLION BTC if all 10 million Auroracoins are exchanged for BTC and then cashed out. Imagine if you can what this will do to the price of BTC. It will go into freefall as there are not enough buyers in the market to absorb that many sales.

As I don't want to see this poorly thought-out and designed promotion crash Bitcoin, I seriously hope the exchange rate tanks to a miniscule amount before the airdrop. And why the fuck do the people of Iceland get to be handed for free thousands of dollars in crypto coins each that if all cashed out quickly could seriously damage the exchange markets for all cryptocurrencies? Not hating on any Icelanders at all. I just seriously doubt that they give a rats ass about the health of Bitcoin or any other coin and just want the $$. Aurora coin is useless to them otherwise at the moment. They can't buy anything with it and most will likely fear the government will quickly ban it and will want to get what they can before that happens.

Hopefully I am not the only one who actually thinks this whole thing through to likely conclusion. Go ahead and tell me otherwise. I am sure I will hear from someone that this isn't true and I don't understand economics or free markets or some bullshit. I will tell you what I damn sure understand and that is human greed and how it can totally blind someone to the real facts and potential outcomes of their actions.

[Mad Scientist]

Auroracoin is currently the 3rd highest valued coin after 42Coin and Bitcoin

http://coinmarketcap.com

currently priced at $74.17 according to above site, 0.105 BTC on Cryptsy

Until now I hadn't really thought about any other coin reaching BitCoin prices.

[coinsmany]

Hashrapid is happy join this great coin

Come hash fast!

http://aurora.hashrapid.com

signed up

[portice]

Didn't read through 100 pages, I'll admit that.

What happens when only 2% of Icelanders make a wallet for the "airdrop" to "cash in"?  Where do the other premined coins go?

[andyatcrux]

I am gonna chime in hear has someone who was here on day one (who admittedly checked out after two days, or I would be fucking rich now). I had my doubts at first but concluded that AUR itself is not a "pump and dump" scheme. However, it appears to be in a period of manipulation, possibly by the like of Wolong. This is not a surprise. The developer of this coin has clearly expressed concern over this and I can tell you as evidenced by the fact that no one took notice of this coin for weeks, the dev has made it clear that he wanted no part in the placement of this coin on an exchange, probably for the very fact of what is occurring now. I will profit of my handful of AUR but must say I would trade it in a second to see this experiment succeed (whatever level that may be). Please, before you scream in this forum that this is a scam, do a little research with your mouse pointer and develop an opinion that is not blinded by your incredulity of "missing the train." I can assure you no one could have imagined that this coin would get this pumped 3 weeks before the drop. I could say more on the topic, but I think people should actually use this little thing we call a forum to search the progression of this coin before calling foul.

[btcapparel]

I got a technical question... generally how fast are Aurora transfer?

I was looking to transfer mine from Mintpal to Cryptsy.

So how long will it take for them to get to my wallet (i know cryptsy transfers are slow already)?


Thanks.

Can someone help please?

took around 20 minutes for me

[sidhujag]

Why don't people wait until after the massive sell-off to buy into this?  I think it's a great idea, it's just absolute retarded madness to be buying in prior to the airdrop.


At the current price, every single citizen of Iceland will be given $1758 worth of Auroracoin for free during the airdrop.  

There will be a massive crash in price as many Icelanders make the rational decision to immediately cash out their $1758.

Don't forget that their will be a corresponding spike in Bitcoin sales as they can only cash out their Aurora coins to BTC currently. In order to get $$ they have to then sell their BTC on an exchange. Not saying that all of them will but there will be a trickle down effect. Something to think about.

At the current exchange rate (0.1 BTC) that would equal 1 MILLION BTC if all 10 million Auroracoins are exchanged for BTC and then cashed out. Imagine if you can what this will do to the price of BTC. It will go into freefall as there are not enough buyers in the market to absorb that many sales.

As I don't want to see this poorly thought-out and designed promotion crash Bitcoin, I seriously hope the exchange rate tanks to a miniscule amount before the airdrop. And why the fuck do the people of Iceland get to be handed for free thousands of dollars in crypto coins each that if all cashed out quickly could seriously damage the exchange markets for all cryptocurrencies? Not hating on any Icelanders at all. I just seriously doubt that they give a rats ass about the health of Bitcoin or any other coin and just want the $$. Aurora coin is useless to them otherwise at the moment. They can't buy anything with it and most will likely fear the government will quickly ban it and will want to get what they can before that happens.

Hopefully I am not the only one who actually thinks this whole thing through to likely conclusion. Go ahead and tell me otherwise. I am sure I will hear from someone that this isn't true and I don't understand economics or free markets or some bullshit. I will tell you what I damn sure understand and that is human greed and how it can totally blind someone to the real facts and potential outcomes of their actions.

You make a good point about the morals of creating an expensive giveaway....

However your wrong on both counts.. its all open source and its a good idea.. even if 1% of population keeps their coins its a win for auroracoin and economy.. It will probably be more likely 10% to 20% hodling since price is so high and greed kicks in... its a great way to create loyal followers to create community...

Why do we have faucets?

[CryptoStark]

At the current exchange rate (0.1 BTC) that would equal 1 MILLION BTC if all 10 million Auroracoins are exchanged for BTC and then cashed out. Imagine if you can what this will do to the price of BTC. It will go into freefall as there are not enough buyers in the market to absorb that many sales.

As I don't want to see this poorly thought-out and designed promotion crash Bitcoin, I seriously hope the exchange rate tanks to a miniscule amount before the airdrop. And why the fuck do the people of Iceland get to be handed for free thousands of dollars in crypto coins each that if all cashed out quickly could seriously damage the exchange markets for all cryptocurrencies? Not hating on any Icelanders at all. I just seriously doubt that they give a rats ass about the health of Bitcoin or any other coin and just want the $$. Aurora coin is useless to them otherwise at the moment. They can't buy anything with it and most will likely fear the government will quickly ban it and will want to get what they can before that happens.

Hopefully I am not the only one who actually thinks this whole thing through to likely conclusion. Go ahead and tell me otherwise. I am sure I will hear from someone that this isn't true and I don't understand economics or free markets or some bullshit. I will tell you what I damn sure understand and that is human greed and how it can totally blind someone to the real facts and potential outcomes of their actions.

Umm, your logic is way off.

The only way for them ALL to cash out at the current exchange rate is if the current BUY WALL is 1 MILLION BTC! Right now the buy wall is 2 BTC.

If you go all the way down to .07 BTC, there is only about 15 BTC TOTAL that can be cashed out.

Unless that 1 million BTC buy wall comes along, your gonna have to work a bit harder at thinking this through to its logical conclusion

[KSGuy]

whoa.. released a month ago
Difficulty    6,834.70575879

[andyatcrux]

How many coins can you guys mine per MH/day?

difficulty is super high these days. Coins seems underpriced at exchange if it stays like this. With current difficulty its like 1-2 coins per mh per day.

Ok, so it's too late to get in. Thanks.

DOH!

[NickPortland]

I got a technical question... generally how fast are Aurora transfer?

I was looking to transfer mine from Mintpal to Cryptsy.

So how long will it take for them to get to my wallet (i know cryptsy transfers are slow already)?


Thanks.

Can someone help please?

took around 20 minutes for me

Wow I just did it and it took 30 seconds

[stan26]

Why don't people wait until after the massive sell-off to buy into this?  I think it's a great idea, it's just absolute retarded madness to be buying in prior to the airdrop.


At the current price, every single citizen of Iceland will be given $1758 worth of Auroracoin for free during the airdrop.  

There will be a massive crash in price as many Icelanders make the rational decision to immediately cash out their $1758.

Don't forget that their will be a corresponding spike in Bitcoin sales as they can only cash out their Aurora coins to BTC currently. In order to get $$ they have to then sell their BTC on an exchange. Not saying that all of them will but there will be a trickle down effect. Something to think about.

At the current exchange rate (0.1 BTC) that would equal 1 MILLION BTC if all 10 million Auroracoins are exchanged for BTC and then cashed out. Imagine if you can what this will do to the price of BTC. It will go into freefall as there are not enough buyers in the market to absorb that many sales.

As I don't want to see this poorly thought-out and designed promotion crash Bitcoin, I seriously hope the exchange rate tanks to a miniscule amount before the airdrop. And why the fuck do the people of Iceland get to be handed for free thousands of dollars in crypto coins each that if all cashed out quickly could seriously damage the exchange markets for all cryptocurrencies? Not hating on any Icelanders at all. I just seriously doubt that they give a rats ass about the health of Bitcoin or any other coin and just want the $$. Aurora coin is useless to them otherwise at the moment. They can't buy anything with it and most will likely fear the government will quickly ban it and will want to get what they can before that happens.

Hopefully I am not the only one who actually thinks this whole thing through to likely conclusion. Go ahead and tell me otherwise. I am sure I will hear from someone that this isn't true and I don't understand economics or free markets or some bullshit. I will tell you what I damn sure understand and that is human greed and how it can totally blind someone to the real facts and potential outcomes of their actions.

That's assuming the whole population of Iceland will all immediately claim it. I'm not sure how the airdrop works. But they probably have to claim it individually, yes? I doubt the selling would happen in one single swipe. More likely in waves. So in the first week only 1,000 might claim the coins. then maybe word gets out to more Icelanders about the free money and a few more thousand claim it each week. It might have an effect on the bitcoin market, but I doubt it alone will cause the bitcoin market to go into freefall.

[CryptoMF]

At the current exchange rate (0.1 BTC) that would equal 1 MILLION BTC if all 10 million Auroracoins are exchanged for BTC and then cashed out. Imagine if you can what this will do to the price of BTC. It will go into freefall as there are not enough buyers in the market to absorb that many sales.

As I don't want to see this poorly thought-out and designed promotion crash Bitcoin, I seriously hope the exchange rate tanks to a miniscule amount before the airdrop. And why the fuck do the people of Iceland get to be handed for free thousands of dollars in crypto coins each that if all cashed out quickly could seriously damage the exchange markets for all cryptocurrencies? Not hating on any Icelanders at all. I just seriously doubt that they give a rats ass about the health of Bitcoin or any other coin and just want the $$. Aurora coin is useless to them otherwise at the moment. They can't buy anything with it and most will likely fear the government will quickly ban it and will want to get what they can before that happens.

Hopefully I am not the only one who actually thinks this whole thing through to likely conclusion. Go ahead and tell me otherwise. I am sure I will hear from someone that this isn't true and I don't understand economics or free markets or some bullshit. I will tell you what I damn sure understand and that is human greed and how it can totally blind someone to the real facts and potential outcomes of their actions.

Umm, your logic is way off.

The only way for them ALL to cash out at the current exchange rate is if the current BUY WALL is 1 MILLION BTC! Right now the buy wall is 2 BTC.

If you go all the way down to .07 BTC, there is only about 15 BTC TOTAL that can be cashed out.

Unless that 1 million BTC buy wall comes along, your gonna have to work a bit harder at thinking this through to its logical conclusion

That is a valid point. Thank you for correcting me. I want to make sure everyone here understands what you are saying. What you have just said is that basically the first maybe 100 Icelanders to try to completely cash out their 31 odd coins would completely deplete the buy support for Aurora coin on pretty much every exchange that currently offers Aurora coin. This would bring the price to almost nothing.

But I thought the market cap was 100's of millions of dollars? I thought we were giving every Icelander $1000's for free? I thought that we were going to overtake BTC? Does anyone still see a way that this is going to end well? Sure there will be some publicity around cryptocurrencies and the well intended plan to help Icelanders. I can only see the bottom falling out in one way or another. Of course maybe a big whale will come and save everyone.