Auroracoin: The First National Cryptocurrency?

Re:Auroracoin: The First National Cryptocurrency? by singularityyy on Saturday March 01, 2014 @04:14PM (#7326148)

Thanks for covering this. The article doesn't mention the price, which is a big deal right now. According to Coinmarketcap, the value of 1 AUR now is $15.09. You mention each Icelander getting about 31 AUR, so this is over $450 worth of value for every single Icelander. That's a significant incentive for everyone to sign up. Good luck to Icelanders and to the team behind Auroracoin, exciting times ahead!

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Re:Auroracoin: The First National Cryptocurrency? by gus_massa on Saturday March 01, 2014 @04:55PM (#7326315)

From: http://auroracoin.org/

> 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.

From http://coinmarketcap.com/mineable-all.html

> Price: $ 17.31

> Total Supply: 10,594,451 AUR

If we discount the 10,500,000 premined coins, we get only 94,451 "wild" coins, increasing slowly until March 25th. In the "best" case, the circulating coins well increase x112. A less successful hand out to a 10% of the population will increase it only x12. With a 1% it increases x2.

I expect a big drop in the value, approximately 112-fold, 12-fold or 2-fold according to how successful the hand out is. And that's the optimistic scenario, because now it has a very small market and it's easy to manipulate the price.

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Re:Auroracoin: The First National Cryptocurrency? by sidko on Saturday March 01, 2014 @04:28PM (#7326200)

Prices of cryptocurrencies are notoriously hard to predict in the long run. If it can maintain this price though, you're right - it will provide a very strong incentive for people to go and claim their AURs. That should help with the adoption inside Iceland too.

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