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[markm]

Low to no expense need not mean no value.

What makes a currency valuable is backing. Reserves.

If everyone who issued coins honoured them instead of just dumping them with no "money back guarantee" they would doubtless do much better.

The big problem with "mined" coins is that miners refuse to honour the coins they themselves are minting.

Even if they charged a 20% re-stocking fee when people "return" the coins they issued that would be better than the current total no-returns dumping.

Open Transactions is not expensive to operate, but that has not stopped many of the "national" and "corporate" coins currently using that platform (due to not being able or willing to afford the insanely high expense of so called "miners") from long long ago becoming more valuable than bitcoin, see

http://galaxies.mygamesonline.org/digitalisassets.html

It was expected that bitcoin would always be more valuable than e.g. CDN, UKB, MBC, GMC, GRF, UNS, and especially NKL (since NKL issued twenty times as many coins instead of the same old 21 million coins), but the failure of bitcoin minters to honour the coins they minted seems to have massively suppressed bitcoin's value.

-MarkM-

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[r3wt]

Anyone else find it hard to believe that a native of iceland speaks perfect english?

[YarkoL]

Anyone else find it hard to believe that a native of iceland speaks perfect english?

You don't know much about Iceland or Scandinavia in general, do you?

Ever heard of EVE online?

[r3wt]

Anyone else find it hard to believe that a native of iceland speaks perfect english?

You don't know much about Iceland or Scandinavia in general, do you?

Ever heard of EVE online?

Your argument is that an online role playing game is the reason "MegaHertz" speaks perfectly fluent english?

[markm]

Scandinavians write better English than most Americans and such.

-MarkM-

[s1gs3gv]

According to his logic if I'm able to gain access to his house I have free reign to enter his house and steal all his property..Not only that but he would consider it "cool", cos after all how secure can doors be if I can brake the lock?

We must expose the door scam for what it is before more people decide to create more doors!

LOL. I couldn't say it better myself. ~BCX~ and his gang of thugs aren't interested in a world where rationality and the rule of just law prevail, they promote a lawless oligarchy of the bitcoin wealthy.

It never ceases to amaze me how surely serendipitous wealth turns grown men and women into arrogant bullies and taunts.

Creating malicious negative feedback to suppress free speech brings shame on the bitcoin community.

[YarkoL]

Anyone else find it hard to believe that a native of iceland speaks perfect english?

Ever heard of EVE online?

Your argument is that an online role playing game is the reason "MegaHertz" speaks perfectly fluent english?

It's more like the other way round..

[zeroday]

Here is the thing, Icelanders have really gotten hit by the 2008 crash.  People lost homes and have seen mortgages go UP and principal down (in effect, because mortgages are tied to inflation)  and have had some reality biting them in the ass.

But it wasnt their fault, it was the banking system and some bankers that let them down.

That is why there was a 50% pre-mine.  To give the coins to Icelanders.  Just because they didnt know about protecting block-chains, this was a poor excuse (if true) for a hacker to try to mess up a valid idea, a grand experiment, to try to offer some help to fellow Icelanders.

-MegaHertz

So, instead of promoting bitcoin, the very first and strongest cryptocurrency that is intended to spread financial freedom around the world, someone is trying to push a utopian commie-coin 50% of which was pre-mined.
Instead of supporting international approach, they want to earn points with nationalism based currency. Good luck with that.

I really feel for those naive Icelanders who invested in this pseudo-national coin, that ended up as yet another pump and dump scheme.

[frnak]

Anyone else find it hard to believe that a native of iceland speaks perfect english?

Yeah pretty unbelievable, learning another language?! On behalf of the Icelandic people I apologise, if it helps I can starting make badder grammar og maybe bara switch yfir to íslensku…

We all speak good english, movies are subtitled, not dubbed, so we start learning from exposure when we're very young...

[jabo38]

I've seen Icelanders on TV.  They speak English well.

That doesn't mean that account wasn't a sock puppet.  This coin was always a scam to begin with.  If the developer was serious, he would have gone about it in a much better way. 

[Wipeout2097]

Here is the thing, Icelanders have really gotten hit by the 2008 crash.  People lost homes and have seen mortgages go UP and principal down (in effect, because mortgages are tied to inflation)  and have had some reality biting them in the ass.

But it wasnt their fault, it was the banking system and some bankers that let them down.

That is why there was a 50% pre-mine.  To give the coins to Icelanders.  Just because they didnt know about protecting block-chains, this was a poor excuse (if true) for a hacker to try to mess up a valid idea, a grand experiment, to try to offer some help to fellow Icelanders.

-MegaHertz

So, instead of promoting bitcoin, the very first and strongest cryptocurrency that is intended to spread financial freedom around the world, someone is trying to push a utopian commie-coin 50% of which was pre-mined.
Instead of supporting international approach, they want to earn points with nationalism based currency. Good luck with that.

Please make your point without resorting to ideology ...

[frnak]

I've seen Icelanders on TV.  They speak English well.

That doesn't mean that account wasn't a sock puppet.  This coin was always a scam to begin with.  If the developer was serious, he would have gone about it in a much better way. 

I wish everyone here would stop begging the question, and present real arguments to back up their assumptions.

If the developer was serious, he would have done it in a better way?

No.

You are assuming that if he was serious he would somehow be a better developer/marketer/whatever it takes to do this in a better way.

This is not logic. I would love to read more posts here with actual facts and reasoning based on logic.

[alyssa85]

^^^^

There's nothing stopping a bunch of icelanders from launching their own coin and doing it properly. Call it a proper icelandic name too, you don't need to have English imposed on you.  All the code is open-source, all that's needed from you is a bit of effort. i.e. you'll have to mine it, and secure it, which means using your own electricity and buying your own ASICs. And doing your own marketing. And because you all collectively work to control it, you'll all own it and it should be a success.

The mistake you've made is trusting in some fairy god-father from panama, believing that they'll do everything for free - and you just sit there and collect your airdrops.

All currencies require effort, whether govt currencies paid for and backed by the taxpayer, or private currencies worked for by the community. There ain't no such thing as free.

[verdun2003]

Here is the thing, Icelanders have really gotten hit by the 2008 crash.  People lost homes and have seen mortgages go UP and principal down (in effect, because mortgages are tied to inflation)  and have had some reality biting them in the ass.

But it wasnt their fault, it was the banking system and some bankers that let them down.

That is why there was a 50% pre-mine.  To give the coins to Icelanders.  Just because they didnt know about protecting block-chains, this was a poor excuse (if true) for a hacker to try to mess up a valid idea, a grand experiment, to try to offer some help to fellow Icelanders.

-MegaHertz

So, instead of promoting bitcoin, the very first and strongest cryptocurrency that is intended to spread financial freedom around the world, someone is trying to push a utopian commie-coin 50% of which was pre-mined.
Instead of supporting international approach, they want to earn points with nationalism based currency. Good luck with that.

I really feel for those naive Icelanders who invested in this pseudo-national coin, that ended up as yet another pump and dump scheme.

It seems you do not like EU on one side and promote an "international" currency that is bitcoin. I can't find a link between communism and Aurora, I can just see free market forces working at its fullest - it's in the hands of the Icelanders to decide wether or not Auroracoin is a scam, pump and dump asset, a currency and what not. Most of the criticism that receives Aurora today remembers me of... bitcoin's early days.

If you follow closely AUR, you'll see that 20 stores already accept it over there, that a car has been sold for AUR and that the USD/AUR price is not the same as the one quoted in cryptsy or mintpal.

Let's wait and see what happens in the coming months, there may be some surprises..

[kalus]

It was expected that bitcoin would always be more valuable than e.g. CDN, UKB, MBC, GMC, GRF, UNS, and especially NKL (since NKL issued twenty times as many coins instead of the same old 21 million coins), but the failure of bitcoin minters to honour the coins they minted seems to have massively suppressed bitcoin's value.

could you expand this thought some more?

for auroracoin specifically, the preminers aren't honouring the minted coins.  However, we all knew the market valuation for auroracoin was inaccurate due to the premine volume.

However, for If a bitcoin miner mints a blockchain currency and holds it, where do they fail to honour the coins they've minted?  If a miner trades his currency for fiat or cryptocurrency, hasn't utility and liquidity been increased?

[MegaHertz]

Ripple is maybe ideal for this, actually.

Issue a new currency on Ripple, and hand it out to Icelanders.

Very cheap, no vast expense to pay miners who in any case aren't actually bothering to do their job, no need to give 50% of your currency to foreigners.

-MarkM-

Good points....  at this point though we need to follow this through, even for full experimental purposes.

Thanks for being civil.

MHz

[solid12345]

If a cartel of a few people can systematically destroy a coin, then crypto is NOT as secure as we think it is and all the good reason to consider getting your money out, now.

10-1 these snakes probably profited from it too before setting their sights on AUR. They are no better than the crooks they claim to be fighting.

[markm]

It was expected that bitcoin would always be more valuable than e.g. CDN, UKB, MBC, GMC, GRF, UNS, and especially NKL (since NKL issued twenty times as many coins instead of the same old 21 million coins), but the failure of bitcoin minters to honour the coins they minted seems to have massively suppressed bitcoin's value.

could you expand this thought some more?

for auroracoin specifically, the preminers aren't honouring the minted coins.  However, we all knew the market valuation for auroracoin was inaccurate due to the premine volume.

However, for If a bitcoin miner mints a blockchain currency and holds it, where do they fail to honour the coins they've minted?  If a miner trades his currency for fiat or cryptocurrency, hasn't utility and liquidity been increased?

Until you issue it to someone else it is not yet issued.

Once you issue it, honour it.

For example if someone buys one from you using a car, and within a reasonable 90 day or 30 day or 120 day or one year or whatever warranty period comes back complaining that the coin you sold him is not satisfactory, he wants his money (the car) back, refund with a smile.

Basically you are a coin dealer. If you believe in your goods you should be happy to refund, albeit maybe with some token little cost to cover your trouble, such as a re-stocking fee.

Or, whenever you sell some on an exchange, put 99% or 98% or whatever of what someone bought it with back onto the order books at a slight little change in price, again to cover your time and trouble. That way they can always get back most of what they paid for the thing if they decide it does not afterall suit their purposes.

-MarkM-

[markm]

If a cartel of a few people can systematically destroy a coin, then crypto is NOT as secure as we think it is and all the good reason to consider getting your money out, now.

The coin that is so pathetically insecure that such can happen is not secure, and if you thought it was you were an idiot.

Bitcoin has more SHA256 hashing power than the whole rest of the world all put together, that is why bitcoin hopes maybe to be secure.

All these garbage crapcoins which have so little hashing power that just a stupid meme can drum up as much or more hashing power almost overnight were never secure, and by letting people imagine they were they were scamming.

It is insanely expensive to secure a proof of work blockchain.

Even bitcoin might not have spent enough / be spending enough, spending any less is just stupid, a total scam, just a deliberate criminal irresponsibility scam to scam money out of people because the scammers know most people do not understand the need for massive massive massive hashpower thus do not realise that even bitcoin might not manage to secure itself if the SHA256 hash power of the world fragments and that scrypt is already so fragmented even the highest hash power scrypt coins are pathetically vulnerable still.

-MarkM-

[toknormal]

Jeez, I can't believe some of the idiotic remarks being made here. Now people are suspect because their english is too GOOD ?    

How many history lessons are we going to get from Icelanders over and over again about their economy?

Apparently as many as it takes to get it through the thick heads of some morally grandstanding retards that they don't have a problem with the way the coin was managed.

So the idea that Icelanders are poor things, worse victims than everywhere else is quite wrong. And the idea that they are a special case and should be given free money and it's not their fault for being too lazy to do some mining on an old computer... words fail. This is not like mining bitcoin, there was so little difficulty that anyone could have done it if they wanted to.

Look - if you don't want to trust your government to defend your currency, and want to create an alternative, you have to do the defending yourself. Just being passive and expecting everything to be done for you, foreign people to mine it for you, foreign people to develop it, foreign people to secure the blockchain, people in panama to do airdrops ... come on! This is not how the world works.

That's some peice of twisted logic you've got there by any standards. You make it sound like there was an altruistic element to the initial investment that went into Auroracoin.

Don't kid yourself.

People got rich off Aurora and it wasn't the ones who are getting it for free. If they ever make anything it will be because their economy did the hard work of giving it enough network effect to have some real value.