Bitcoin

[heskey]

What if the Iceland government bans it?

Then they would basically have to ban bitcoin as well. Why buy bitcoin? Plus, there are good reasons to have faith in Iceland's regime: http://www.youtube.com/watch?v=DDexDNn6vSM

I know he may be anti-bank but why would governments want to lose the ability to control fiat and print baby print?

Auroracoin will probably function in the same way as bitcoin, as an alternative. The interesting part is that the distribution of the coin will be in favor of Iceland, not a small bunch of miners.

[1713863091]

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[DoomDumas]

You like this coin ?

Vote here :

http://www.allcrypt.com/beta/voting.php

[Predseda4D]

What if the Iceland government bans it?

Then they would basically have to ban bitcoin as well. Why buy bitcoin? Plus, there are good reasons to have faith in Iceland's regime: http://www.youtube.com/watch?v=DDexDNn6vSM

I know he may be anti-bank but why would governments want to lose the ability to control fiat and print baby print?

Auroracoin will probably function in the same way as bitcoin, as an alternative. The interesting part is that the distribution of the coin will be in favor of Iceland, not a small bunch of miners.

Do you all know that buying bitcoin or another crypto is illegal in Iceland now?  

Does anyone know how "Airdrop" will be done? How they will validate their identity?

There are 320 000+ residents. Who will be doing all those verifications? This need really big team. Who will pay them? Who really is dev of this coin?

kennitala  

Code:

http://www.island.is/english/first-days/kennitala

Dev ==> Baldur Óðinsson [pseudonym] referring to the Icelandic Viking Sagas 

I know about registry but how they will validate that? How this proccess will be secure against ID fraud?
By "Airdrop blueprint", stage 1 will be 4 months, it is 122 days. So they need verificate 2 623 residents daily.  
Why is dev shaddow man. Domain auroracoin.org is registered to WhoisGuard, Inc. in Panama. Why?

[heskey]

What if the Iceland government bans it?

Then they would basically have to ban bitcoin as well. Why buy bitcoin? Plus, there are good reasons to have faith in Iceland's regime: http://www.youtube.com/watch?v=DDexDNn6vSM

I know he may be anti-bank but why would governments want to lose the ability to control fiat and print baby print?

Auroracoin will probably function in the same way as bitcoin, as an alternative. The interesting part is that the distribution of the coin will be in favor of Iceland, not a small bunch of miners.

Do you all know that buying bitcoin or another crypto is illegal in Iceland now?  

Lol, that I did not know. However, with a quick search I found this this:

Due to the capital controls put in place in 2008 to stop money flight on the króna, buying and selling Bitcoin in Iceland, which appears to consider Bitcoin as a foreign currency, is Illegal. The Icelandic Central Bank confirmed "It is prohibited to engage in foreign exchange trading with the electronic currency Bitcoin, according to the Icelandic Foreign Exchange Act.",[19] however commentators suggest bitcoins mined within Iceland could be freely traded.
http://en.wikipedia.org/wiki/Legal_status_of_Bitcoin

If I interpreted that correctly, it should mean that it's OK to make transactions. You give me a beer, I give you 1AUR

This clearly need a deeper investigation.

[TotalPanda]

http://dealbook.nytimes.com/2013/12/21/into-the-bitcoin-mines/

http://www.youtube.com/watch?v=DDexDNn6vSM

[MyFarm]

Do you all know that buying bitcoin or another crypto is illegal in Iceland now?  

Good thing we'll be giving them Auroracoin for free

Does anyone know how "Airdrop" will be done? How they will validate their identity?

There are 320 000+ residents. Who will be doing all those verifications? This need really big team. Who will pay them? Who really is dev of this coin?

kennitala  

Code:

http://www.island.is/english/first-days/kennitala

Dev ==> Baldur Óðinsson [pseudonym] referring to the Icelandic Viking Sagas  

I know about registry but how they will validate that? How this proccess will be secure against ID fraud?
By "Airdrop blueprint", stage 1 will be 4 months, it is 122 days. So they need verificate 2 623 residents daily.  
Why is dev shaddow man. Domain auroracoin.org is registered to WhoisGuard, Inc. in Panama. Why?

Probably the same general reason we don't know the true identity of the person behind Bitcoin.  When you're messing with the status quo, sometimes it is best to keep your identity secret.  I know I would if I was behind Bitcoin or Auroracoin.

As for the ID fraud, I'm not sure and that is a valid question.

[MyFarm]

At current prices, each citizen of Iceland would receive $508.00.  Would YOU accept $508.00 for free?

[evansearle42]

Hopefully this is really going to success in term of promoting cryto currency

[qwerty1231121]

Unless the majority of the population is cryptoliterate, history shows that people will sell it for fiat as soon as they get it.

This happened when the employee share scheme first came out and will happen with this coin.

So I would say the developer need a massive education campaign + set up all the infrastructure for coin payment before the Airdrop, otherwise it will just be a evenly distributed dump. As with sharemarket, these less educated are more likely to panic sell.

I hope this coin succeed but unless the developer is capable of marketing and proper implementation of the coin, it is going to be an uphill battle.

[MyFarm]

At current prices, each citizen of Iceland would receive $710.00 each.

[Lauda]

At current prices, each citizen of Iceland would receive $710.00 each.

Auroracoin does not have a real market cap of 250M, that would be insane.

[El Dude]

At current prices, each citizen of Iceland would receive $710.00 each.

Auroracoin does not have a real market cap of 250M, that would be insane.

agreed , pump and dump coin

[MyFarm]

I see a lot of posts about people saying the current market cap of Auroracoin isn't real because there is less than 100,000 coins available and all of the premine isn't being taken into account.  I come from an investing background with wallstreet.  When you look at a stock, you can see two terms:

1.  Float - This is the amount of sharing available for trading.  
2.  Shares Outstanding - This is the total amount of shares a stock has.  This includes shares that are unavailable for trading for a variety of reasons.

The value of a stock is based upon the shares outstanding, NOT the float because investors and the market understand that at some point, those locked up shares will become part of the float.  If there are very few shares available in the stock, it is said to be, "Illiquid".  An illiquid stock can have wild price fluctuations when there is a lot of interest in it.

Auroracoin has is illiquid.  Its', "Float" is very small (less than $100,000).  However, its marketcap which properly takes into account all of the coins (shares) outstanding, IS correct and the market is working to price in the fundamentals and risk associated with all those coins outstanding.

[username here]

At current prices, each citizen of Iceland would receive $710.00 each.

If we don't expect all the people who get these for free to dump them immediately then we are kidding ourselves.

[cryptohunter]

Beware of investing in this coin.  It is a nice idea but the facts are these.

1. where is all of this money coming from that we will give out to the folks living in iceland??  - YOU the investors.

2. why would you want to give $710 to each citizen in iceland? these people had their wealth taken by bankers and now you guys want to subsidise them getting some back?

3. what do you think people hearing of magic internet money are going to do as soon as they can.?  yes cash it out, anyone left holding the bag here is going to be crying.


I like the idea but seriously there is going to be a lot of bagholders if you just want to give 300k strangers $710 each from your own pockets.

It is cool it will bring some awareness to crypto but then the bankers who rule those guys have already banned bitcoin. I don't see the point of giving this country anything really. I would rather see it go to a country that is not a total loss. 

They just got their pants pulled down hard and still get told what to do buy the same people that have just finished bending them over. 

So we come along and decide to give them all a little cash to make it hurt a little less?

Nah, seems a nice idea, but i'm not paying in to this repair their bankers damage fund.  They will cash out and still BTC will be banned there. Iceland is dead loss.

Let's do the same for a country that could actually bring some benefit to crypto.

How about some island which is sovereign and has some financial backbone. Small population which will adopt crypto as their national currency. We could make it worth their while actually.

[Litesire]

This would make for one crazy scam coin if the airdrop never occurs and people buying for 3 times what they worth at current prices

[cryptohunter]

This would make for one crazy scam coin if the airdrop never occurs and people buying for 3 times what they worth at current prices

would do the crypto community a lot of damage..... is the devs ID actually known?

[Predseda4D]

This would make for one crazy scam coin if the airdrop never occurs and people buying for 3 times what they worth at current prices

would do the crypto community a lot of damage..... is the devs ID actually known?

No, he is one "shaddow man" without ID. 

He does not answer any of the questions. 
https://bitcointalk.org/index.php?topic=446062.msg5426900#msg5426900

[DynamicDK]

Beware of investing in this coin.  It is a nice idea but the facts are these.

1. where is all of this money coming from that we will give out to the folks living in iceland??  - YOU the investors.

2. why would you want to give $710 to each citizen in iceland? these people had their wealth taken by bankers and now you guys want to subsidise them getting some back?

3. what do you think people hearing of magic internet money are going to do as soon as they can.?  yes cash it out, anyone left holding the bag here is going to be crying.


I like the idea but seriously there is going to be a lot of bagholders if you just want to give 300k strangers $710 each from your own pockets.

It is cool it will bring some awareness to crypto but then the bankers who rule those guys have already banned bitcoin. I don't see the point of giving this country anything really. I would rather see it go to a country that is not a total loss. 

They just got their pants pulled down hard and still get told what to do buy the same people that have just finished bending them over. 

So we come along and decide to give them all a little cash to make it hurt a little less?

Nah, seems a nice idea, but i'm not paying in to this repair their bankers damage fund.  They will cash out and still BTC will be banned there. Iceland is dead loss.

Let's do the same for a country that could actually bring some benefit to crypto.

How about some island which is sovereign and has some financial backbone. Small population which will adopt crypto as their national currency. We could make it worth their while actually.

You are missing part of the point here, I do believe.  The publicity may drive the entire market up, and if any group of people would be forward thinking in terms of a decentralized, it would be the Icelandic people.  They have a history of making extreme decisions with regard to their government, and they have been crushed with inflation.

I look at it this way.  If the Icelandic people hear about this currency that is coming to them, actually go through the process of getting it, and then notice that it has an incredibly high exchange rate vs their government issued currency, do you not think they will ask how this is possible?  How many do you think will be pulled into the world of digital currency by that?

Even if they all sell it off for fiat, and the price drops later, I do not care.  I bought some Auroracoin because I believe in the cause behind it.  Best case scenario, it actually starts the ball rolling in Iceland to replace their fiat with a digital currency (Auroracoin, or otherwise).  Worst case scenario, it is a charity to help the people there who have been so unfairly crushed by the banks \ government.  I'm ok with it either way.

Of course this is assuming that it is legit, and the drop will actually happen.  But, after looking through the main thread, and the website, I feel pretty confident that it will happen.  The way it is written seems like it is being designed by someone who truly cares about the Icelandic people, and legitimately understands their plight.

[panda9228]

I see a lot of posts about people saying the current market cap of Auroracoin isn't real because there is less than 100,000 coins available and all of the premine isn't being taken into account.  I come from an investing background with wallstreet.  When you look at a stock, you can see two terms:

1.  Float - This is the amount of sharing available for trading.  
2.  Shares Outstanding - This is the total amount of shares a stock has.  This includes shares that are unavailable for trading for a variety of reasons.

The value of a stock is based upon the shares outstanding, NOT the float because investors and the market understand that at some point, those locked up shares will become part of the float.  If there are very few shares available in the stock, it is said to be, "Illiquid".  An illiquid stock can have wild price fluctuations when there is a lot of interest in it.

Auroracoin has is illiquid.  Its', "Float" is very small (less than $100,000).  However, its marketcap which properly takes into account all of the coins (shares) outstanding, IS correct and the market is working to price in the fundamentals and risk associated with all those coins outstanding.

I'd be careful drawing analogies like this.

Say I start a new coin.  100 trillion coins are premined but frozen, to be released to the world in a year.  1 coin is mined per month.  Someone mines the first coin and sell it for $1.  What's my market cap?