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

[Omnivion]

i think it is time to reduce the block rewards.. manually. reduce it so very significantly. ive only mined 3 aur and bought the rest so dont think this is a ploy. but in light of the kgw flaw, and the concerted effort to crash the coin, i believe the dev would be able to effectively combat those negation efforts by reducing the block reward to something harsh. like .1 aur per block. if icelanders want to sell their 31.8 coins they are welcome to do so.

As ghur says, decreasing the block reward would remove mining incentive, and a lower hash rate would reduce the coin's security.

For the moment, best to leave it as it is.  A moderately low price right now is not really such a bad thing, keeps the market forces at reasonable levels.

[1715633374]

1715633374

[1715633374]

1715633374

[Coinler]

well ok, personally i wouldnt be scared off as a miner, but would be interested in investing more ;p

i guess if ur happy with the current supply on sell side then it's fine. my idea is that if u reduce mining reward then the coin is free to make rise with new investment till it levels off at the relative diff/reward value. we do have a 50% premine making it's way to the markets already. the price would eventually rise up to and past the same value per coin, just each coin would be worth more. returns from mining would eventually be the same even though there is lower block reward.

[Acidyo]

well ok, personally i wouldnt be scared off as a miner, but would be interested in investing more ;p

i guess if ur happy with the current supply on sell side then it's fine. my idea is that if u reduce mining reward then the coin is free to make rise with new investment till it levels off at the relative diff/reward value. we do have a 50% premine making it's way to the markets already. the price would eventually rise up to and past the same value per coin, just each coin would be worth more. returns from mining would eventually be the same even though there is lower block reward.

I'm not sure that made sense, like at all.

[Coinler]

well ok, personally i wouldnt be scared off as a miner, but would be interested in investing more ;p

i guess if ur happy with the current supply on sell side then it's fine. my idea is that if u reduce mining reward then the coin is free to make rise with new investment till it levels off at the relative diff/reward value. we do have a 50% premine making it's way to the markets already. the price would eventually rise up to and past the same value per coin, just each coin would be worth more. returns from mining would eventually be the same even though there is lower block reward.

I'm not sure that made sense, like at all.

why? do u think that price has to stick with miners? we could pump aur to $500 right now even if there were only 5 miners on the entire network. it really doesnt matter. when the price rises the miners will come.

e.g pump aur to .02btc now and you will see the network housing more than 10gh. pump it to .050 and you will see appearing on the network 50gh. miners follow profitability not the other way around. and investors hold stable coins longer than coins that steadily drop in value.

im saying, if the block rewards were reduced significantly enough then the coin instantly becomes more valuable as there is less dump coming to the market. when that happens, itll get bought up due to low supply at low prices and it will return to a value similar to current income per day even with lowered block reward. miners generally sell and not buy. few im sure even trade effectively to multiply the coins they hold. they just cashout to btc and maybe straight to usd.

my point.. u could not gain value on this coin without attracting more hash. i will state and you can quote me on that..  "it's impossible". if the price rises, the hash will come. the question then would just be how much of that hash wants to dump and how much prefers to hold more longterm.

[mineabit]

well ok, personally i wouldnt be scared off as a miner, but would be interested in investing more ;p

i guess if ur happy with the current supply on sell side then it's fine. my idea is that if u reduce mining reward then the coin is free to make rise with new investment till it levels off at the relative diff/reward value. we do have a 50% premine making it's way to the markets already. the price would eventually rise up to and past the same value per coin, just each coin would be worth more. returns from mining would eventually be the same even though there is lower block reward.

I'm not sure that made sense, like at all.

why? do u think that price has to stick with miners? we could pump aur to $500 right now even if there were only 5 miners on the entire network. it really doesnt matter. when the price rises the miners will come.

e.g pump aur to .02btc now and you will see the network housing more than 10gh. pump it to .050 and you will see appearing on the network 50gh. miners follow profitability not the other way around. and investors hold stable coins longer than coins that steadily drop in value.

im saying, if the block rewards were reduced significantly enough then the coin instantly becomes more valuable as there is less dump coming to the market. when that happens, itll get bought up due to low supply at low prices and it will return to a value similar to current income per day even with lowered block reward. miners generally sell and not buy. few im sure even trade effectively to multiply the coins they hold. they just cashout to btc and maybe straight to usd.

my point.. u could not gain value on this coin without attracting more hash. i will state and you can quote me on that..  "it's impossible". if the price rises, the hash will come. the question then would just be how much of that hash wants to dump and how much prefers to hold more longterm.

If you reduce block reward you effectively reduce profitability too.

Keep that in mind

[Coinler]

well ok, personally i wouldnt be scared off as a miner, but would be interested in investing more ;p

i guess if ur happy with the current supply on sell side then it's fine. my idea is that if u reduce mining reward then the coin is free to make rise with new investment till it levels off at the relative diff/reward value. we do have a 50% premine making it's way to the markets already. the price would eventually rise up to and past the same value per coin, just each coin would be worth more. returns from mining would eventually be the same even though there is lower block reward.

I'm not sure that made sense, like at all.

why? do u think that price has to stick with miners? we could pump aur to $500 right now even if there were only 5 miners on the entire network. it really doesnt matter. when the price rises the miners will come.

e.g pump aur to .02btc now and you will see the network housing more than 10gh. pump it to .050 and you will see appearing on the network 50gh. miners follow profitability not the other way around. and investors hold stable coins longer than coins that steadily drop in value.

im saying, if the block rewards were reduced significantly enough then the coin instantly becomes more valuable as there is less dump coming to the market. when that happens, itll get bought up due to low supply at low prices and it will return to a value similar to current income per day even with lowered block reward. miners generally sell and not buy. few im sure even trade effectively to multiply the coins they hold. they just cashout to btc and maybe straight to usd.

my point.. u could not gain value on this coin without attracting more hash. i will state and you can quote me on that..  "it's impossible". if the price rises, the hash will come. the question then would just be how much of that hash wants to dump and how much prefers to hold more longterm.

If you reduce block reward you effectively reduce profitability too.

Keep that in mind

yup temporarily. but it will set a cap at the current price and guarantee a rise in value of the coin from new investors interested in the dramatic reduction of supply making the coin a superb investment opportunity for those who start buying at current prices. the sell value would then raise itself to a point where mining profitability is back to normal.

it may also encourage those who sold at higher value to buy back multiples of what they sold earlier, with the difficulty following suit being raised by the price and new hashpower. it would severely reduce the success of any person or group vindictively trying to hold down the price of the coin. if the icelandic ppl were smart, theyd all try to margin trade their coins to multiply how much they hold in possession from 31.8 to 63.6 etc.

either way this is a nice price for aur.. cheap ;0. im ok with whatever way you want to swing it. i am and will be a dedicated aur investor for the long haul. i suppose with the airdrop dumpers it is a good idea to keep the price low so we can get 30 aur for $100 from those that wish to sell. just my 2 cents. ive studied the markets for a long time. and just as i called the blackcoin rise.. im also going to call the spaincoin rise now since they have converted to nscrypt, reducing daily reward by 60%.. u can expect spaincoin to at least triple once the early miners have sold out their stock and only the n-scrypt miners have coins to sell.

[mineabit]

what i mean is that if you reduce profitability by reducing the block reward you also reduce the attraction for new miners and for profit switching pools which at the moment seem to be the only ones able to bring lots of hashing power to a coin

[niothor]

well ok, personally i wouldnt be scared off as a miner, but would be interested in investing more ;p

i guess if ur happy with the current supply on sell side then it's fine. my idea is that if u reduce mining reward then the coin is free to make rise with new investment till it levels off at the relative diff/reward value. we do have a 50% premine making it's way to the markets already. the price would eventually rise up to and past the same value per coin, just each coin would be worth more. returns from mining would eventually be the same even though there is lower block reward.

I'm not sure that made sense, like at all.

why? do u think that price has to stick with miners? we could pump aur to $500 right now even if there were only 5 miners on the entire network. it really doesnt matter. when the price rises the miners will come.

e.g pump aur to .02btc now and you will see the network housing more than 10gh. pump it to .050 and you will see appearing on the network 50gh. miners follow profitability not the other way around. and investors hold stable coins longer than coins that steadily drop in value.

im saying, if the block rewards were reduced significantly enough then the coin instantly becomes more valuable as there is less dump coming to the market. when that happens, itll get bought up due to low supply at low prices and it will return to a value similar to current income per day even with lowered block reward. miners generally sell and not buy. few im sure even trade effectively to multiply the coins they hold. they just cashout to btc and maybe straight to usd.

my point.. u could not gain value on this coin without attracting more hash. i will state and you can quote me on that..  "it's impossible". if the price rises, the hash will come. the question then would just be how much of that hash wants to dump and how much prefers to hold more longterm.

If you reduce block reward you effectively reduce profitability too.

Keep that in mind

yup temporarily. but it will set a cap at the current price and guarantee a rise in value of the coin from new investors interested in the dramatic reduction of supply making the coin a superb investment opportunity for those who start buying at current prices. the sell value would then raise itself to a point where mining profitability is back to normal.

it may also encourage those who sold at higher value to buy back multiples of what they sold earlier, with the difficulty following suit being raised by the price and new hashpower. it would severely reduce the success of any person or group vindictively trying to hold down the price of the coin. if the icelandic ppl were smart, theyd all try to margin trade their coins to multiply how much they hold in possession from 31.8 to 63.6 etc.

either way this is a nice price for aur.. cheap ;0. im ok with whatever way you want to swing it. i am and will be a dedicated aur investor for the long haul. i suppose with the airdrop dumpers it is a good idea to keep the price low so we can get 30 aur for $100 from those that wish to sell. just my 2 cents. ive studied the markets for a long time. and just as i called the blackcoin rise.. im also going to call the spaincoin rise now since they have converted to nscrypt, reducing daily reward by 60%.. u can expect spaincoin to at least triple once the early miners have sold out their stock and only the n-scrypt miners have coins to sell.

You realize you're talking like a central bank spokesman who is speaking about manipulating the value of the currency?
It's a damn free market .. let it be

[1369]

OPEC FTW!!!

[ghur]

guarantee a rise in value of the coin

It won't. Any attempts at manipulating the coin value in such a public manner will only accomplish the opposite, destroy the remaining tiny bit of trust the coin still has.

We get it, you're a bag holder who bought in way too expensive.
But that is on you, not on the coin.

The block reward has very little to do with the current market conditions anyways.
There's a 50% premine and a good portion of these "airdrops" already made it onto the exchange and into the dev's wallet.

[sevoque]

guarantee a rise in value of the coin

It won't. Any attempts at manipulating the coin value in such a public manner will only accomplish the opposite, destroy the remaining tiny bit of trust the coin still has.

We get it, you're a bag holder who bought in way too expensive.
But that is on you, not on the coin.

The block reward has very little to do with the current market conditions anyways.
There's a 50% premine and a good portion of these "airdrops" already made it onto the exchange and into the dev's wallet.

how do you know?

[Coinler]

guarantee a rise in value of the coin

It won't. Any attempts at manipulating the coin value in such a public manner will only accomplish the opposite, destroy the remaining tiny bit of trust the coin still has.

We get it, you're a bag holder who bought in way too expensive.
But that is on you, not on the coin.

The block reward has very little to do with the current market conditions anyways.
There's a 50% premine and a good portion of these "airdrops" already made it onto the exchange and into the dev's wallet.

i said im fine either way.. i guess that is one way to look at it. but whatever it's just a suggestion.

[Hellionator]

1% fee pool http://aur.scrypthp.com - mpos on fast, secure servers.

 Everything is running smoothly with this coin, we need vendors in iceland to accept the coin and an android app as the next step which i believe are both in progress.  The airdrop in my opinion has exceeded expectations.  The future looks bright for Auroracoin!

[sevoque]

https://bitcointalk.org/index.php?topic=503236.0

NSA SHILL

[freedomno1]

https://bitcointalk.org/index.php?topic=503236.0

NSA SHILL

The NSA now has its own cryptocurrency looks at next page and sees a cute girl

[utahjohn]

Mooncoin has a fix for the KGW exploit, it appears the Aururacoin devs need to address this issue also.

[Klacik]

Mooncoin has a fix for the KGW exploit, it appears the Aururacoin devs need to address this issue also.

yes, it will be fixed..

https://bitcointalk.org/index.php?topic=552895.0

[crazy987]

well ok, personally i wouldnt be scared off as a miner, but would be interested in investing more ;p

i guess if ur happy with the current supply on sell side then it's fine. my idea is that if u reduce mining reward then the coin is free to make rise with new investment till it levels off at the relative diff/reward value. we do have a 50% premine making it's way to the markets already. the price would eventually rise up to and past the same value per coin, just each coin would be worth more. returns from mining would eventually be the same even though there is lower block reward.

I'm not sure that made sense, like at all.

why? do u think that price has to stick with miners? we could pump aur to $500 right now even if there were only 5 miners on the entire network. it really doesnt matter. when the price rises the miners will come.

e.g pump aur to .02btc now and you will see the network housing more than 10gh. pump it to .050 and you will see appearing on the network 50gh. miners follow profitability not the other way around. and investors hold stable coins longer than coins that steadily drop in value.

im saying, if the block rewards were reduced significantly enough then the coin instantly becomes more valuable as there is less dump coming to the market. when that happens, itll get bought up due to low supply at low prices and it will return to a value similar to current income per day even with lowered block reward. miners generally sell and not buy. few im sure even trade effectively to multiply the coins they hold. they just cashout to btc and maybe straight to usd.

my point.. u could not gain value on this coin without attracting more hash. i will state and you can quote me on that..  "it's impossible". if the price rises, the hash will come. the question then would just be how much of that hash wants to dump and how much prefers to hold more longterm.

If you reduce block reward you effectively reduce profitability too.

Keep that in mind

yup temporarily. but it will set a cap at the current price and guarantee a rise in value of the coin from new investors interested in the dramatic reduction of supply making the coin a superb investment opportunity for those who start buying at current prices. the sell value would then raise itself to a point where mining profitability is back to normal.

it may also encourage those who sold at higher value to buy back multiples of what they sold earlier, with the difficulty following suit being raised by the price and new hashpower. it would severely reduce the success of any person or group vindictively trying to hold down the price of the coin. if the icelandic ppl were smart, theyd all try to margin trade their coins to multiply how much they hold in possession from 31.8 to 63.6 etc.

either way this is a nice price for aur.. cheap ;0. im ok with whatever way you want to swing it. i am and will be a dedicated aur investor for the long haul. i suppose with the airdrop dumpers it is a good idea to keep the price low so we can get 30 aur for $100 from those that wish to sell. just my 2 cents. ive studied the markets for a long time. and just as i called the blackcoin rise.. im also going to call the spaincoin rise now since they have converted to nscrypt, reducing daily reward by 60%.. u can expect spaincoin to at least triple once the early miners have sold out their stock and only the n-scrypt miners have coins to sell.

Dont cut the mining reward.
Hell smartcoin did that and it effectively killed the coin.
Aside from the hardfork which killed the wallet, exchanges didnt change at the same time.
People who still had coins on the exchanged dumped them and the price fell lower.

My ill advice, dont do it.

[ghur]

Mooncoin has a fix for the KGW exploit, it appears the Aururacoin devs need to address this issue also.

yes, it will be fixed..

https://bitcointalk.org/index.php?topic=552895.0

Still nothing on git and no new release.

Just another saga of devs not fixing things in a timely manner.

[groove_machine]

Auroracoin Unity Pool

Come and try Unity Pool mining! Currently 0% fees!
US and UK/EU stratum mirrors.
Pure SSD servers, fast and reliable.

http://aur.unity-pool.com