4 votes

Iceland's Auroracoin, and a new independence?

Norse money-god Niord was famed for being able to give riches to anybody he wanted. In modern Iceland newly-minted money is falling from the digital heavens.

http://rt.com/op-edge/iceland-auroracoin-financial-crisis-825/



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nwo currency

centralized ledger records every transaction, not anonymous. electronic currency with no inherent value. might as well put a barcode on your neck and put your children in shackles today. why wait?

First of all, it's a

First of all, it's a DECENTRALIZED ledger. The fact that it is dispersed and open is its strength. Everyone verifies the numbers.

Second, value is whatever people assign to something. "Inherent value" is a myth.

QFT.

inherent value is a myth?

Maybe you misunderstand what inherent value is...

The latest fad

is a massively premined coin with the coins distributed in some fashion. Auroracoin (market cap 40 million, fifth largest) in Iceland. AphroditeCoin (Cyprus), SpainCoin and GreeceCoin are all in the top 20. SiliconValleyCoin http://siliconvalleycoin.com/ must have some money behind it because they're mailing (as in USPS) vouchers to people with Silicon Valley zip codes.

Seems to be an effective way to jumpstart a new alt coin.

You can "jumpstart" an alt

You can "jumpstart" an alt coin, but the market determines what will be valuable. Look at Dogecoin...it's ridiculous, but people can't get enough of it.

The market likes jumpstarts apparently

Look at how many of the top 20 coins by market cap have either done IPO launches (Mastercoin, Nxt, Counterparty) or premining with free distribution (Auroracoin, SiliconVallyCoin, Aphroditecoin) and those are just the ones I recognize.

Dogecoin is a litecoin variant, but the developers were very smart about how they positioned it. What they've done exceptionally well is build an attractive community, get a lot of coins out into circulation, and push the idea of using dogecoin for tipping.

What I think is even more interesting is how many of the top alts are there because they offer (or try to offer, or pretend to offer) real competitive advantages over the first generation coins. Proof-of-stake coins, Mastercoin and Bitshares trying (both badly) to do some fancy stuff, Counterparty, etc.

So the market isn't just capricious. Some that are in the top ten now will be on life support or dead by the end of the year, but it's not hard to see what the market is responding to, and obviously some developers are paying attention.

Icelandic Zoo

bump

"Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the office of a thoroughly nasty business concern." ~~C.S. Lewis
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

excerpt

Please?

Pandacentricism will be our downfall.

Sorry my friend,,

added,,,

NOSHEEPLE