Will Iceland Ban Auroracoin?

[Bit_Happy]

Admittedly, I look at a ban as only symbolic at the most. The way to police that sort of law just isn't worth the logistical effort.

Speaking of which, I still don't see the logistics of this "airdrop" working without either a significant company being involved or government intervention occurring. If the government bans it, then we're looking at the only feasible way of distributing all of these coins through some sort of major company that can coordinate all of the efforts that will be needed for this.

Either way, I see the price continuing on its downward trend. I still expect a price increase a few days before the 25th, but after that, the downward trend will accelerate.

Only political figures and central bankers reportedly attended the Parliament meeting, however, representatives of the digital currency were noticeably absent.
...
“They can make it illegal to own or trade auroracoin,” said Óðinsson. ”However, they will never be able to control such a decentralized system, or stop Icelanders from using the currency, without turning Iceland into a police state.”

Stay tuned...

[bitcointodayand]

Nobody thinks this coin is going up in value?

[kalus]

auroracoin is still overpriced.  it has a long way to go down. 

[Djinou94]

Buy BC quickly

? and why you are telling us to do that?

Because i leave the aurora train for the BC train
Follow me

[corebob]

If they ban it, the value potentially could increase.

lol this premined coin will crash so hard if they ban it , on the other hand once they airdrop it everyone will rush to sell it for usd and it will crash.

Icelanders have no use of USD. If anything they would exchange it into Icelandic Krona, but since that currency has been lying on the ground with a broken back since 2008, they may very well stick to AUR for a while after all.

[Bit_Happy]

If the devs actually give away AUR to enough people, then this story will be worth watching.

[roslinpl]

Nobody thinks this coin is going up in value?

perhaps it wont when they ban it

[master-P]

None of the alts go up long-term except for LTC. Sure some of the early ones like NVC and NMC did, but that's only because they're on btc-e. Auroracoin is going nowhere except down from here.

[bitcointodayand]

I think Altcoins need an innovative business model to break out, an Auroracoin has the potential for that.

The two key factors may well the execution and the response of Iceland's government

[aminorex]

None of the alts go up long-term except for LTC. Sure some of the early ones like NVC and NMC did, but that's only because they're on btc-e. Auroracoin is going nowhere except down from here.

I can easily imagine BC draining LTC's marketcap, if their black-hole mining pool concept works out.

[master-P]

None of the alts go up long-term except for LTC. Sure some of the early ones like NVC and NMC did, but that's only because they're on btc-e. Auroracoin is going nowhere except down from here.

I can easily imagine BC draining LTC's marketcap, if their black-hole mining pool concept works out.

How exactly would that work? People aren't going to suddenly dump their LTC for a new coin that has no infrastructure built around it.

EDIT: Is it something like this?

Follow this - a mining pool that targets profitable POW coins, then sells the alt coins to buy NXT, then distributes the NXT  to the miners.

Use your POW mining rig to generate NXT, the premier POS coin - cool idea!!

https://nextcoin.org/index.php/topic,4399.0.html

Seems like some of the other alts are trying this 'black-hole mining pool concept'. The problem with this is that most who who mine alts do it to exchange them to BTC, or to a lesser extent LTC. So in reality, those two are the ones who will be eating away from these alts' marketcaps in the long run. In fact, if you go over to mining speculation sub-forum, you'll find a lot of people saying 'SHA-256 mining is no profitable, just mine Scrypt coins and exchange them to BTC for maximum profit.'

[coinerer]

What about the new referendum?   

Give Icelandic people the right to make new decision! 

They have to stay responsible to prevent the new financial collapse again as well as the development of the polar greed. 

[Spekulatius]

When is a decision to be expected?

[niothor]

BCX will kill the coin before then ban.

[TotalPanda]

BCX is a clown

[toknormal]

lol this premined coin will crash so hard if they ban it , on the other hand once they airdrop it everyone will rush to sell it for usd and it will crash.

Actually, this isn't as likely as it seems.

Ironically the Icelandic central bank will help the coin to be held because of it's strict exchange controls. To cash out to dollars, people would have to find a way to circumvent those exchange controls to get their dollars back into the country and into an Icelandic bank account. On the other hand, if they cash out to Krona in an Icelandic black cryptocurrency market, the coin will just stay in Icelandic hands.

This has either been very cleverly thought out by the project planners or is an extremely handy accident.

Auroracoin is all talk but no substance. How are they supposedly going to airdrop coins to every single citizen? The manpower and coordination that would be involved in such an endeavor would be massive

This critiscism has about the least basis of any I can think of. Again - the Icelandic government has actually helped Auroracoin here because distribution is going to be a piece of cake due to the national ID online validation service they already have in place. What's more, the "Icekey" system is generic. That means the authorities will never have to know who is collecting their Aurora and who isn't.

The whole thing is going to be very interesting on 4 counts:

[1] - the difficulty with which Icelanders will have in cashing out as opposed to retaining and circulating their Aurora for goods & services

[2] - the ease whith which distribution can take place (contrary to the nonsense quoted above)

[3] - the fact that the coin has been given significant value by foreign markets prior to the aurdrop

[4] - the fact that it is now national news in Iceland, having invoked a special parliamentary session to discuss its implications

[LTEX]

BCX is a clown

Wrong! He's a Wet Fart!

https://bitcointalk.org/index.php?topic=517964.0

[kevorsen]

I remain very skeptical in this area.

though to disclose very clearly, I missed the aurora train completely, so maybe my subconscious is bitter, let no one question that from me first.


but aurora's coin prime objective... basically is a dangerous one for Iceland.
For one, the government will need professionals to study to code to even give it a fair assessment.

the fact that there appears to be no professionals (from 3rd parties) present, appears to be on the negative side this moment.

I will wish Aurora's coin to succeed, as it will be revolutionary if they do.
but the contrary action here.. will likely kill off a lot of these 'new country based coins'...

again, very speculative, I don't want to sound swayed either side.
and regardless, we will all learn something here.

[Spekulatius]

If this pioneer experiment succeeds we will see a tsunami of Ethnocoins, scams, pumps and clones but also the occasional true blue diamond.
The whole project seems rushed though and lacking a real plan or proof thereof. The likelyhood of success, whether banned or not in my eyes is rather small, but lets wait and see. The Ethnocoin model is a interesting one that, well planned ahead and with a bit of luck and good advocacy/PR could work sooner or later.

[niothor]

BCX is a clown

Wrong! He's a Wet Fart!

https://bitcointalk.org/index.php?topic=517964.0

That was a bad move , one is arguing in the thread one is starting a thread about it.