*Auroracoin*

[optionT]

Iceland threw the bankers out and are now leading the way with cryptos. Looks interesting!



auroracoin
Auroracoin is a cryptocurrency for Iceland. It is based on litecoin and is 50%
premined. The premined coins will be distributed to the entire population of
Iceland, commencing on midnight 25th of March 2014.

A nation breaks the shackles of a fiat currency

Icelanders will be awarded f 31.8 each from March 25th 2014


Five years ago, the government of Iceland imposed capital controls, following the collapse of a Ponzi inspired financial system that had issued far more Icelandic kronas than the nation could ever back up through its real economy. These controls were supposed to be “temporary”, but as with so many government actions, they remain in place to this day.


This means that the people of Iceland have, for the past five years, been forced to turn over all foreign currency earned to the Central Bank of Iceland. This means that the people are not entirely free to engage in international trade. They are not free to invest in businesses abroad. The arbitrary use of power this entails and the unsustainable debt of the Icelandic government has created uncertainty and risk in all aspects of commerce. This has had a crippling effect on foreign investment, as foreigners in general avoid investing in Icelandic enterprises, because of the risk of not being able to convert their investment back into dollars or euros.


This means lack of investment and stifled economic growth in Iceland. The Central Bank finances consumption imports with the currencies it confiscates from export companies, in addition to expensive FX loans from the IMF, private bondholders and other countries.


This means that the Icelandic economy is slowly bleeding. The people of Iceland are being sacrificed at the altar of a flawed financial system, controlled by an elite that made astronomical bets supported by the government on behalf of the people and ultimately at the expense of the people.



http://auroracoin.org/resources/dropping.png

Picture: The Icelandic krona has dropped greatly for the past 50 years. The line is only flat after the mid-eighties as it is close to zero. A closer inspection would show that the currency continued to lose value relative to the U.S. dollar.


The devaluation of the Icelandic krona, or the ISK, is not just a temporary phenomenon. The entire history of the currency is one of inflation and devaluation. Since 1960, in just over half a century, the Icelandic krona has lost over 99.5% of its value in U.S. dollars – at a time when the dollar lost 98% of its value relative to gold! At one time during this period two zeros were taken off the currency and new bills printed to replace the stock of bills. Now, the highest denomination is back up to 10,000 ISK, which would have been a million krona bill had the two zeros not been removed.


The M3 money supply in Iceland is in the order of 14 billion dollars. The population is only around 330,000 people, about the population of Santa Ana, California.


Of course, the Icelandic financial system was and is fundamentally no different from the financial system in other western countries. The basic premise of the banking system of the world is the unethical marriage of governments and banks. This unholy alliance is in control of the fiat currencies that people are forced to use in their daily lives. The banks, in effect nothing more than an extension of the government, issue money to fund themselves. If the debt becomes unbearable for the banks, the government bails them out. They are too big to fail, and a domino effect would be triggered if one of them were to collapse.








Rest at link:
http://auroracoin.org/

[Shami-Amourae]

50% Pre-mine. I'd avoid it.

[Ares]

50% Pre-mine. I'd avoid it.

No kidding. I don't even touch a coin if it's been 1% pre-mined. Let alone 50%. That's ridiculous. The concept "Give to the people of iceland". Yeah, does everyone in Iceland have a wallet? I hate pre-mine scam artist.

[madfranks]

Another obvious pump and dump scamcoin. Unfortunately, people are stupid and I bet the guy who created this coin and holds the 50% premine makes millions off their ignorance when he dumps them all on some exchange.

[Shami-Amourae]

We might have been wrong...
http://s14.postimg.org/is80ok6oh/3_9_2014_4_30_31_AM.png

This all seems too fishy to me though. I just don't buy it yet. Something has to be wrong.
https://bitcointalk.org/index.php?topic=497736.0

[Neuro]

We might have been wrong...
http://s14.postimg.org/is80ok6oh/3_9_2014_4_30_31_AM.png

This all seems too fishy to me though. I just don't buy it yet. Something has to be wrong.
https://bitcointalk.org/index.php?topic=497736.0
Hahaha Icelandic socialism works... It is a small heterogenous community, if you can make the community agree about the greatness of the project you have a winner!

[Neuro]

No kidding. I don't even touch a coin if it's been 1% pre-mined. Let alone 50%. That's ridiculous. The concept "Give to the people of iceland". Yeah, does everyone in Iceland have a wallet? I hate pre-mine scam artist.
They do now! Each Icelander have $1000 worth of Auroracoins now... If it is real...

[mick silver]

SpeculationAuroracoin was created as decentralized digital currency for the people of Iceland. Óðinsson, its inventor, is aiming to give Icelanders an alternative to that country’s fiat krona denomination.
After the 2008 financial collapse, the banking industry in Iceland was mired in turmoil. The inflation rate of the krona shot to 18% by the end of 2009.
http://media.coindesk.com/2014/03/Iceland_UK_GDP_GBP.png (http://media.coindesk.com/2014/03/Iceland_UK_GDP_GBP.png)Iceland vs. UK GDP as measured in British pound. Source: Icelandic Economics (http://icelandicecon.blogspot.com/)
Óðinsson plans to give every one of Iceland’s 320k people 31.8 AUR starting March 25 via an initiative he has dubbed ‘AirDrop’. A web interface that has an online verification system using Iceland’s personal identification will be used to dole out the coins.
CommunityThe purpose of giving premined auroracoin to Icelanders in particular is to build a community around the coin.
Another effort, called scotcoin (http://scotcoin.org/) is working on a similar effort. Scotcoin is giving everyone in Scotland over the age of 18 the opportunity to obtain its coins. At 980 million premined coins for Scotland’s population of 3.5 million, each person would receive 280 scotcoins.
Fifty percent of the auroracoin’s 10,619,651 units circulation is reserved for the Icelandic community. This likely led to AUR’s price to speculate upwards of $45. It is currently trading at $21.
http://media.coindesk.com/2014/03/auroracoincryptsy.png (http://media.coindesk.com/2014/03/auroracoincryptsy.png)One month AUR/BTC trading. Source: Cryptsy (https://www.cryptsy.com/markets/view/160)
Many industry observers are eagerly awaiting what happens when auroracoin’s ‘AirDrop’ commences, with some suggesting it could lead to a sharp decline in auroracoin’s value should new recipients immediately cash out their coins.
Circulation, however, might be more important than price for auroracoin to remain strong. And at a current supply of just over 10 million, auroracoin still has a lot more coins to be mined. The total number of auroracoins is set to be 21 million.
CoinDesk is monitoring this developing story, and will post updates as they become known.

[mick silver]

Iceland’s Auroracoin Passes Litecoin, Becomes Third Largest Altcoin by Market Cap Pete Rizzo (http://www.coindesk.com/author/pete-rizzo/) (@pete_rizzo_) (http://www.twitter.com/pete_rizzo_) | Published on March 3, 2014 at 18:15 GMT | Altcoins (http://www.coindesk.com/technology/altcoins/), Litecoin (http://www.coindesk.com/technology/altcoins/litecoin-news/), News (http://www.coindesk.com/news/)


inShare19
Share (http://www.coindesk.com/icelands-auroracoin-passes-litecoin-becomes-third-largest-altcoin-market-cap/#)159 (http://www.coindesk.com/icelands-auroracoin-passes-litecoin-becomes-third-largest-altcoin-market-cap/#)


http://media.coindesk.com/2014/03/aurlogo7-300x185.jpg
Auroracoin, the digital currency launched this February (http://www.coindesk.com/cryptocurrency-auroracoin-every-person-iceland/) for use by the citizens of Iceland, has now passed litecoin to become the third-largest digital currency by market capitalization.
At press time, auroracoin had a total market capitalization of $515m, roughly $162m more than litecoin’s $353m, according to data from Coinmarketcap (http://coinmarketcap.com/). The price of auroracoin (AUR) currently stands at $47.08 on the company’s website.
The quick spike in interest from investors has surprised even its creator Baldur Friggjar Óðinsson who has mixed sentiments about his coin’s meteoric rise.
Speaking to CoinDesk, Óðinsson indicated that he believes the high value could be key to convincing more Icelanders to claim and use the 31.8 auroracoins his team will disperse to citizens later this month.
Explained Óðinsson:

“What I did not expect was the sheer volume of speculation that would go on. I thought a market cap of $20m would be a huge success and enough to get Icelanders excited.”
The news of auroracoin’s ascent on the market cap leaderboard is particularly noteworthy given that digital currency is based on litecoin (http://www.coindesk.com/technology/altcoins/litecoin-altcoins/).
Fifty per cent of all auroracoins have been pre-mined, and will be given out via an ‘Airdrop’ to citizens on 25th March. Claimants will be required to use state-issued ID numbers in order to receive the coins.
Speculation threatens communityThough undeniably excited about the interest his project has generated, Óðinsson says that this increase in value is not without its drawbacks.
First and foremost, he worries of the effects excessive speculation could have on the success of this month’s launch.

This focus on speculation, Óðinsson reasons, may detract from the building of necessary infrastructure, as most current trading is being conducted by speculators, not involved community members.
However, Óðinsson acknowledges that given the digital currency’s decentralized nature, there’s only so much he can do to ensure its ultimate success.

“People need to be able to do something with their coins other than just immediately sell them. This aspect of the coin can’t be centrally planned, it has to grow from the community.”
Struggling to keep upAs evidence of auroracoin’s rise, major altcoin exchanges are rushing to add the hot listing to their offerings.
In just the last week alone, auroracoin has been added to Cryptsy (https://www.cryptsy.com/markets/view/160), Swiss Coin Exchange (https://twitter.com/swisscex/status/440388689303437312) and Mintpal (https://www.mintpal.com/).

[1970 silver art]

13 days later...............................




3
http://coinmarketcap.com/img/Litecoin.png Litecoin (http://litecoin.org/)
$ 461,766,870
$ 17.34 (http://coinmarketcap.com/volume.html#ltc)
26,628,104 LTC (http://explorer.litecoin.net/chain/Litecoin)
$ 5,482,558 (http://coinmarketcap.com/volume.html#ltc)
+2.37 %

(http://coinmarketcap.com/ltc_30.html)


4
http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)
$ 106,944,939
$ 10.07 (http://coinmarketcap.com/volume.html#aur)
10,621,751 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)
$ 203,828 (http://coinmarketcap.com/volume.html#aur)
-47.10 %


http://coinmarketcap.com/

[1970 silver art]

Less than 12 hours later after my last post on this thread....................

5
http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)
$ 56,937,544
$ 5.36 (http://coinmarketcap.com/volume.html#aur)
10,622,051 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)
$ 131,599 (http://coinmarketcap.com/volume.html#aur)
-60.20 %

[EE_]

Less than 12 hours later after my OP.............................
The bankers are getting closer to running all crypto exchanges and eliminating all competition

[madfranks]

Auroracoin was one of the more brilliant scam coins to be released so far. I simply can't believe that people are so gullible to take this one individual for face value that he is going to successfully distribute coins to every man, woman, and child in the entire country. What about people who have never heard of it? What about the older population who doesn't work with computers? What about people who are simply not interested? He never explains how the "air drop" is going to work, he doesn't explain how he's going to convince everyone to buy a computer and set up a wallet. He never explains how he's going to verify who is eligible for free coins and who is not. He doesn't explain how he is going to safeguard against people claiming coins multiple times. He attempts to provide legitimacy to his coin by making it appear that it's a partnership with the government, when in fact the government has nothing to do with it whatsoever and has already warned that Auroracoin is not recognized by the government. Quite simply, there is no way this "air drop" is going to work, because there's no possible way for one man to complete such an undertaking. And the brilliance doesn't stop there, with a 50% premine, that incredibly over-inflates the value of the coin. If there are 500,000,000 coins sitting untouched, while 10,000 or so coins are traded on the market, when those 10,000 get a value of a couple dollars, that value is then assigned to the other 500,000,000 sitting in cold storage, thereby making the total market cap of that coin appear to be incredibly valuable, when in fact if all the coins were on the market, the actual value would be fractions of a cent. Again, brilliant scam coin, but once the "air drop" fails spectacularly, Auroracoin will be dead.

[1970 silver art]

Auroracoin was one of the more brilliant scam coins to be released so far. I simply can't believe that people are so gullible to take this one individual for face value that he is going to successfully distribute coins to every man, woman, and child in the entire country. What about people who have never heard of it? What about the older population who doesn't work with computers? What about people who are simply not interested? He never explains how the "air drop" is going to work, he doesn't explain how he's going to convince everyone to buy a computer and set up a wallet. He never explains how he's going to verify who is eligible for free coins and who is not. He doesn't explain how he is going to safeguard against people claiming coins multiple times. He attempts to provide legitimacy to his coin by making it appear that it's a partnership with the government, when in fact the government has nothing to do with it whatsoever and has already warned that Auroracoin is not recognized by the government. Quite simply, there is no way this "air drop" is going to work, because there's no possible way for one man to complete such an undertaking. And the brilliance doesn't stop there, with a 50% premine, that incredibly over-inflates the value of the coin. If there are 500,000,000 coins sitting untouched, while 10,000 or so coins are traded on the market, when those 10,000 get a value of a couple dollars, that value is then assigned to the other 500,000,000 sitting in cold storage, thereby making the total market cap of that coin appear to be incredibly valuable, when in fact if all the coins were on the market, the actual value would be fractions of a cent. Again, brilliant scam coin, but once the "air drop" fails spectacularly, Auroracoin will be dead.I think that the free market is agreeing with you on this based on the steep decline in market cap as of late.

[1970 silver art]

Less than 12 hours later after my last post on this thread....................

5

http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)

$ 56,937,544

$ 5.36 (http://coinmarketcap.com/volume.html#aur)

10,622,051 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)

$ 131,599 (http://coinmarketcap.com/volume.html#aur)

-60.20 %



Hmmmmm......................A dead cat bounce from $5.36...............

4
http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)
$ 99,718,243
$ 9.39 (http://coinmarketcap.com/volume.html#aur)
10,622,651 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)
$ 434,005 (http://coinmarketcap.com/volume.html#aur)
+5.37 %

[Ares]

Hmmmmm......................A dead cat bounce from $5.36...............

4
http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)
$ 99,718,243
$ 9.39 (http://coinmarketcap.com/volume.html#aur)
10,622,651 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)
$ 434,005 (http://coinmarketcap.com/volume.html#aur)
+5.37 %



aww why the pessimism? I'm sure everyone in Iceland will get their coin... :rolleyes: lol

Damn premine pump and dumps.

[1970 silver art]

aww why the pessimism? I'm sure everyone in Iceland will get their coin... :rolleyes: lol

Damn premine pump and dumps.Yeah you are right. No problems will arise when Icelanders get their coin. LOL ::) Speaking of Auroracoin, The dead cat bounce continues................................

4

http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)

$ 200,708,942

$ 18.89 (http://coinmarketcap.com/volume.html#aur)

10,624,076 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)

$ 582,536 (http://coinmarketcap.com/volume.html#aur)

+115.33 %



A double in total marketcap in less than 12 hours from my last post on this thread. I wonder if it will dead cat bounce to $100 and overtake Litecoin in total marketcap. :o Nah!!!!!

[madfranks]

This is awesome, the "air drop" commences in less than 24 hours from now, and on their website it says this:


Technical details on the method of authentication will be released later. Preparations are taking place. As much will be done as possible to minimize the possibility of identity theft and fraud. I can not guarantee a 100% fair outcome of the Airdrop and no claim can be made against me if there are imperfections in the process.

[1970 silver art]

This is awesome, the "air drop" commences in less than 24 hours from now, and on their website it says this:So far, it is down.......

4

http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)

$ 121,264,888

$ 11.41 (http://coinmarketcap.com/volume.html#aur)

10,631,876 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)**

$ 239,118 (http://coinmarketcap.com/volume.html#aur)

-11.14 %



I am not sure exactly what they mean by "fair" but I will venture a guess by saying that they cannot guarantee that the Icelanders will get exactly what they were promised and if they get the exact Auroracoin that they were promised, then there is no guarantee that it will get pumped up to previous pre-air drop highs of ~$100. This is just a WAG on my part and I could be wrong on this. This is just my interpretation of what they are trying to state on their website.

[madfranks]

Auroracoin website is down. Lol, who did not see this coming?

[1970 silver art]

Auroracoin website is down. Lol, who did not see this coming?It appears that the website is back up and the entire population of Iceland can now get what is rightly theirs [insert sarcasm smiley here]. It does not look like they will get as much as expected.............

4

http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)

$ 64,896,765

$ 6.10 (http://coinmarketcap.com/volume.html#aur)

10,632,501 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)**

$ 347,792 (http://coinmarketcap.com/volume.html#aur)

-53.28 %

[Neuro]

It appears that the website is back up and the entire population of Iceland can now get what is rightly theirs [insert sarcasm smiley here]. It does not look like they will get as much as expected.............

4
http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)
$ 64,896,765
$ 6.10 (http://coinmarketcap.com/volume.html#aur)
10,632,501 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)**
$ 347,792 (http://coinmarketcap.com/volume.html#aur)
-53.28 %



It doesn't seem to have affected $ turnover very much, yet...

[Horn]

6
http://coinmarketcap.com/img/Auroracoin.png Auroracoin (http://www.auroracoin.org/)
$ 29,313,844
$ 2.76 (http://coinmarketcap.com/volume.html#aur)
10,634,801 AUR (http://blockexplorer.auroracoin.eu/chain/AuroraCoin)**
$ 202,391 (http://coinmarketcap.com/volume.html#aur)
-47.71 %





http://www.youtube.com/watch?v=9FkbXTDzKBc