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

[pjviitas]

The coin distribution does not sound fake.

However, I fail to understand that if 50% of the coins will be distributed to Icelanders, then why are Americans happy about it?

Well, I'm Dutch but maybe Americans are happy about Auroracoin for the same reasons as I am. Most obvious of course would be the personal profitability aspects. But on a far more larger part I'm happy with the prophecy of it's initiative. Iceland is the perfect candidate to actually get an entire economy using cryptocurrency nationwide. If Auroracoin succeeds this will have massive impact on the acceptance of crypto currencies worldwide.

To get back to Americans, if you take some time to study the position of the USD in the near future, you will find out any Americain that is not happy about the prospect of successful integration of cryptocurrency like BTC is just not aware enough...

I still fail to understand why inflation is bad.

So what you want here is that if the cost of basic things increases, inflation should not be there to compensate for it's prices, instead the load should be put on the people to manage with whatever salary they get.

http://www.forbes.com/sites/louiswoodhill/2014/01/23/why-higher-inflation-is-a-very-very-bad-idea/

[redguard]

I just want to remind everyone reading this thread that money represents value. Also known as 'work'.

Let's say I want my shopping bags carried home and for me that work equates to $5. If inflation comes, the same work might be $6 - and in the end everything is 20% more 'expensive'. If deflation occurs, it might just cost me $4 - and everything gets cheaper by 20% in time.

There is an X months difference so that everything gets adjusted, and, yes, some smart people might have an advantage and get more money, but...

The point is the same work still needs to be done! If there is no work done, there isn't any money to be exchanged. Work is the real value, the cost in USD, Bitcoin or Auroracoin is arbitrary. Why arbitrary? Because for $25 you can get a TShirt and you might just feel ok with the price. But in my country for $25 you can get 5, up to 10 - the same TShirts.

Another example: A resident starting doctor is paid, what? $2000 USD? Maybe more. Maybe a cleaning lady is paid that amount since I read that the minimum wage is the US is about that amount. But here he is paid about $300. Same work, same responsability.

--------

I also read that a non-inflationary coin is bad for loaning. Since you can't have a positive what do you call it? Commision, rate? So if you have 1 000 coins and you loan somebody 1 000 at a rate of 1%, he must pay back 1010, but there are only 1 000 coins in total.

Well, that's not a problem since with your money he does more work and thus the value of the coin is increased. So with 0% interest (THAT's what's it called!) those 1 000 coins have much more value. At first with 1 you could buy a stoopid iPhone, but after the loans gets repaid you can buy 2. Or 1.5 or some other more than 1 value. Q.e.d.

[minerjav]

Well airdrop if successfull will give AUR a big media boost and since it's very few coins it shouldn't harm the price much.

Looks like some people is moving litecoins and Bitcoins to Aurora to protect the current drop of BTC & LTC and keep the portfolio value (or increase it).

[Klinky2014]

Why does the AUR network struggle when there are 80+ transactions in a block? Is this is a flaw in how it operates? It seems like all the lagged blocks have a larger than average number of transactions, and those transactions are more complex than average. It still doesn't seem as though AUR should be able to process 50 transactions in 2 minutes, but then take 8 hours to process 135.

[tokyopotato]

don't understand, maybe someone can fill me in?

dev stored all the coins at different addresses? But are those addresses all in the same wallet?

Or are you using a different wallet for each individual address to store the coins?






thanks

There are 21 addresses, each containing 500,000 coins. I split it into 21 addresses so I don't need to load all the coins at once into a wallet. As the airdrop progresses I will load coins from these addresses to a hot wallet. I will list all transactions and all unspent outputs of said hot wallet publicly.

This should be interesting to watch!! Good luck over the next few days!

[molecular]

I still fail to understand why inflation is bad.

because the newly printed money is usually injected at the wrong places (given to the wrong people, invested into the wrong endeavours/things). Price signals are being distorted (misallocation of capital) and the economy becomes less efficient.

[balduro]

one question to balduro and others (about hard fork and the network difficulty)

what's the difficulty going to be after the hard fork at block 5400? is it going to be reset somehow and will be slowly rising (because of KGW), or will it continue with the difficulty -+ of block 5399? i'm just asking because of the constant "locks" of the network at some blocks, and that, if the diff is going to be lets say 4000 at block 5399 and the fork happens, it will not help much to speed up the network and transactions.. in my opinion.. and yes i know, the block time is going to be half the time it is now, but still...

thanks for the answer (hope i'm not asking a question, that was already answered somewhere in this thread)

The difficulty retarget will happen after every block after the fork.

[Peter2058]

Very hard to find a block the last days, the difficulty is very hard.
But we have found 2 blocks the last two days on our pool at http://pool.auroracoin.fr.

Hope it will continue tomorrow 

[molecular]

Very hard to find a block the last days, the difficulty is very hard.
But we have found 2 blocks the last two days on our pool at http://pool.auroracoin.fr.

Hope it will continue tomorrow 

me too

hmmm. It took 69.5 hours to find the last 100 blocks.

that's an average of 0.695 hours/block.

are we under some sort of timewarp attack or can this be explained just by pool-hopping?

[mineabit]

pool hopping at it's best, look at the wales coming in while diff is low, hash the hell out of a coin and leave it with high diff and low hashrate... been happening all over

[tseug]

wallet says current block: 5100, total blocks: 5100 but still says out of sync

Any ideas?

[Jeezy911]

T minus 3 days until the most epic price decline in crypto history. Wtb 50 cent auro in 4 days pm me thanks.

[molecular]

wallet says current block: 5100, total blocks: 5100 but still says out of sync

Any ideas?

http://blockexplorer.auroracoin.eu/block/246b7c5a9bb2ecdac8441fd61f7940e5e3629f47e001008f2affc425fc7a9894

5101

[minerjav]

T minus 3 days until the most epic price decline in crypto history. Wtb 50 cent auro in 4 days pm me thanks.

T- 1D:19H

Received an update about a 100% legal ATM for Iceland (for AUR crypto-coin circulation).
Waiting for events next week (mainly the airdrop startup) to announce it in a couple of weeks.

Don't lose your AUR position, you will regret later.

[tokyopotato]

T minus 3 days until the most epic price decline in crypto history. Wtb 50 cent auro in 4 days pm me thanks.

You know, the best time to buy something is when nobody wants it but everyone is watching it.  Like right now.

[Jeezy911]

T minus 3 days until the most epic price decline in crypto history. Wtb 50 cent auro in 4 days pm me thanks.

If I gave you 25 of an item you didn't know anything about and said you could trade these for 20 dollar bills what would you do?

You know, the best time to buy something is when nobody wants it but everyone is watching it.  Like right now.

[ghur]

Very hard to find a block the last days, the difficulty is very hard.
But we have found 2 blocks the last two days on our pool at http://pool.auroracoin.fr.

Hope it will continue tomorrow  

me too

hmmm. It took 69.5 hours to find the last 100 blocks.

that's an average of 0.695 hours/block.

are we under some sort of timewarp attack or can this be explained just by pool-hopping?

Unfortunately all of these issues have been pointed out weeks ago.
It is really regrettable the devs stated they would not move the hard fork to a lower block despite the indication reaching the fork would take weeks.
They had been warned repeatedly the fork would not be hit before the airdrop.

It's quite amusing to see a coin with such grandiose plans and yet the devs are unable to get the network to run more reliable than the dozen clone coins released every day.

The coin isn't under attack. The parameters are just terrible.
Not realizing this before launch was the first sign these devs have no idea what they're doing.

[insanid]

Very hard to find a block the last days, the difficulty is very hard.
But we have found 2 blocks the last two days on our pool at http://pool.auroracoin.fr.

Hope it will continue tomorrow  

me too

hmmm. It took 69.5 hours to find the last 100 blocks.

that's an average of 0.695 hours/block.

are we under some sort of timewarp attack or can this be explained just by pool-hopping?

Unfortunately all of these issues have been pointed out weeks ago.
It is really regrettable the devs stated they would not move the hard fork to a lower block despite the indication reaching the fork would take weeks.
They had been warned repeatedly the fork would not be hit before the airdrop.

It's quite amusing to see a coin with such grandiose plans and yet the devs are unable to get the network to run more reliable than the dozen clone coins released every day.

The coin isn't under attack. The parameters are just terrible.
Not realizing this before launch was the first sign these devs have no idea what they're doing.

Agreed. It will take months for them to hit block 5400 at the rate at which miners are currently solving blocks. This coin needs a hard fork now, not at 5400.

[molecular]

Very hard to find a block the last days, the difficulty is very hard.
But we have found 2 blocks the last two days on our pool at http://pool.auroracoin.fr.

Hope it will continue tomorrow  

me too

hmmm. It took 69.5 hours to find the last 100 blocks.

that's an average of 0.695 hours/block.

are we under some sort of timewarp attack or can this be explained just by pool-hopping?

Unfortunately all of these issues have been pointed out weeks ago.
It is really regrettable the devs stated they would not move the hard fork to a lower block despite the indication reaching the fork would take weeks.
They had been warned repeatedly the fork would not be hit before the airdrop.

It's quite amusing to see a coin with such grandiose plans and yet the devs are unable to get the network to run more reliable than the dozen clone coins released every day.

The coin isn't under attack. The parameters are just terrible.
Not realizing this before launch was the first sign these devs have no idea what they're doing.

Agreed. It will take months for them to hit block 5400 at the rate at which miners are currently solving blocks. This coin needs a hard fork now, not at 5400.

I don't get it. Those 8 blocks (5096 through 5103) took 17 hours to mine (at diff 2892).

Shouldn't the difficulty adjust to 2892 * ( 10 minutes * 8 ) / ( 17 * 60 minutes) = 226 and not to 1982 as it has?

How many past blocks are used for difficulty retarget? I'm guessing it's not "8", otherwise my above calculation should be roughly correct, right?

[minerjav]

I don't get it. Those 8 blocks (5096 through 5103) took 17 hours to mine (at diff 2892).

Shouldn't the difficulty adjust to 2892 * ( 10 minutes * 8 ) / ( 17 * 60 minutes) = 226 and not to 1982 as it has?

How many past blocks are used for difficulty retarget? I'm guessing it's not "8", otherwise my above calculation should be roughly correct, right?

Somebody could explain how the proximate next difficulty rate is calculated?