[2014-02-08] BBC.co.uk - Icelanders to enjoy virtual cash giveaway

[P_Shep]

Errr... what!?

http://www.bbc.co.uk/news/technology-26083733

Every Icelandic citizen is to be given the chance to get a handful of virtual coins on 24 March.

The idea to distribute millions of the digital coins to all of Iceland's 333,000 citizens has been dreamt up by entrepreneur Baldur Odinsson.

Mr Odinsson's company is now creating, or "mining", the millions of Auroracoins needed for the giveaway.

He hopes that distributing the virtual cash to everyone will help to restore some value to the Icelandic krona.

...

[Lethn]

*facepalm*

[zeroday]

CommieCoin 

[Barek]

Mr Odinsson's company is now creating, or "mining", the millions of Auroracoins needed for the giveaway.

More like "Old computer premining yet another coin to partially give away to people to try to induce trading and later dump for profit."

[hilariousandco]

So he's pre-mining a coin to give away to everyone... won't that really make it worthless (not that it wouldn't be anyway)?

[Barek]

Quark is an exampe for premining. Here's an example what could happen.

"Total of 247 million QRK will were mined in ~ 6 months, after that ~ 1 million QRK per year."

So he copies Quark, calls it something new, mines for 6 months, gives away 150 million, hopes people start trading it (hey, there are people who buy QRK) and cashes in his remaining coins.