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AuroraSpjall

The official Auroracoin discussion board

why are miners in Iceland mining bitcoin and not Auroracoin?

Almenn umræða um allt sem tengist Auroracoin
- General discussion about the Auroracoin ecosystem

by odin » 30 Mar 2015 07:57

Ive just had a chat with a miner in Iceland and he says he mines bitcoin and no one knows about Auroracoin there?

I asked him what needs to be done to get miners to mine Auroracoin and he says we need better marketing.

What's going on guys?
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by Dinobotta » 30 Mar 2015 09:24

Probably because of the price of AUR. It's probably more economical for them to mine other coins.

There are big mining companies that operate in Iceland and they mine about 5-10% of the bitcoin network. Latest news they are buying 10-30 MW of power and have been setting up huge mining facilities designed to utilize the free cooling Iceland offers.
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by LTEX » 30 Mar 2015 14:12

Marketing? Did someone say Marketing!? :D

Thats where I come in! First we have to arrange certain things though. One reason the folks you talked to are not mining AUR as well is that they own SHA256 asic's, they are unable to mine AUR since that uses Scrypt algorithm. But you know, that just might change in the near future!

For now, I'm already working on some campaigns to get word out in Iceland again...
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by odin » 30 Mar 2015 19:42

Also what is it going to take to get Auroracoin discussion in parliament and financial policy written, one such policy could be that all miners in Iceland must only mine Auroracoin.

Surely this will be an objective for the Auroracoin foundation?
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by LTEX » 30 Mar 2015 21:50

Wow Odin, that is a vigorous question!

I'm sure we would like to get some attention from parliament sometime, but one of the main reasons to create a cryptocurrency like this is to empower and free the people of Iceland, not to create extra shackles in the form of obligatory mining laws!

Gee, I sound like a politician already ;)
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by Dinobotta » 30 Mar 2015 22:06

I'm not sure what will bring Auroracoin into the Icelandic parliament. Perhaps it will happen when/if we get the economy to start to use Auroracoin.

The latest news in Iceland is that "The Pirate Party" (mostly internet activist people) are being measured with 30% of the popular vote in the latest Gallup polls, if parliament elections were today. If they get these results in the next parliament elections in two years, they are likely to be open to legislate the use of crytpo in Iceland in a positive way. These people got elected into parliament because of the banking collapse here in Iceland, so I'm positive they want to see something like crypto change banking politics here in Iceland.
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by Dinobotta » 31 Mar 2015 11:58

This came in from the government today:
http://eng.forsaetisraduneyti.is/news-and-articles/reform-of-the-monetary-system
and
http://www.forsaetisraduneyti.is/media/Skyrslur/monetary-reform.pdf

The government is putting forth ideas regarding changing the monetary system. If this goes through, banks will no longer be able to create money out of thin air, but they are trusting the Central bank to do the money printing and then the government will spend the money into the economy.

I'm not sure if this is in the right direction or not. This kind of system will only move the money printing corruption into the political arena, where politicians pick the people who decide how much money the Central bank should print and then they, the politicians, spend it into the economy.

This shows that radical ideas are being discussed in parliament and within the government to change the monetary system. This of course will take a few years to be discussed in parliament, but shows that our ideas of using Auroracoin to implement these changes are not just ideas of a few nuts.
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by odin » 31 Mar 2015 18:45

I suggest the Auroracoin foundation engage the pirate party on their financial policy and advocate that we convert all of icelands foreign exchange reserves into Auroracoin and relaunching the Icelandic krona backed 100 % by Auroracoin.
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by BioMike » 31 Mar 2015 19:52

odin wrote:I suggest the Auroracoin foundation engage the pirate party on their financial policy and advocate that we convert all of icelands foreign exchange reserves into Auroracoin and relaunching the Icelandic krona backed 100 % by Auroracoin.


The Dutch PirateParty accepts Guldencoin for donations (since a few weeks now). We collected some money as community and gave it to them, use that as an example. As for having all the reserves in Auroracoin (and having it backing the krona), that is not realistic at the moment.

BTW, Does this Auroracoin foundation already exist?
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by Dinobotta » 31 Mar 2015 21:11

Auroracoin Foundation (Auraráð in Icelandic) was founded last Sunday. Pétur (Skarfurinn) will file in the papers to the government registry this week. Perhaps he did it today, I don't know.
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by BioMike » 01 Apr 2015 08:53

Great! :D
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by odin » 01 Apr 2015 11:22

LTEX wrote:Wow Odin, that is a vigorous question!

I'm sure we would like to get some attention from parliament sometime, but one of the main reasons to create a cryptocurrency like this is to empower and free the people of Iceland, not to create extra shackles in the form of obligatory mining laws!

Gee, I sound like a politician already ;)


Here is a quick image to think about, the central bank of Iceland converts all its foreign ecxchange reserves into Auroracoin. This will give auroracoin a total market cap of 4,237,652,279 and a price of 353 dollars per coin.

This will greatly benefit the people of Iceland who claimed hundreds of Auroracoin during the airdrop. The krona will stay but will be backed 100% by auroracoin. People will continue spending their krona as if nothing happened except they know that they are benefiting from that spending of krona and not the private individuals and foreign countries who currently own all of Iceland's reserves.
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by LTEX » 01 Apr 2015 11:50

Exept that a Dutchman like myself would be holding a significant amount of that reserve... And many more like me. How do you see that?
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by sorin » 01 Apr 2015 12:06

Auroracoin will be in the best case accepted by the Icelandic government, as a mean of exchanging goods and taxed accordingly. I personally don't expect anytime soon if ever that will be backed by the Icelandic government. They simply can't control it.
And as LTEX said we have already big auroracoin holders with 500.000+ bags full of coins. Is any government willing to transfer their money coffins to them? I guess no.
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by Bimmerhead » 01 Apr 2015 13:19

Funny, this article was at the top of a blog I read most mornings:

http://globaleconomicanalysis.blogspot. ... -plan.html
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by sorin » 01 Apr 2015 16:22

Bimmerhead wrote:Funny, this article was at the top of a blog I read most mornings:

http://globaleconomicanalysis.blogspot. ... -plan.html

Nowadays there is no better "radical money plan" than the one used by blockchain technology.
Politicians should really consider this great invention, as a source of progress and prosperity for their electors.
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by odin » 01 Apr 2015 16:44

LTEX wrote:Exept that a Dutchman like myself would be holding a significant amount of that reserve... And many more like me. How do you see that?

I'm south African, my countries government currently holds billions of of Icelandic krona, many multiples more than the entire market cap of this coin right now.

sorin wrote:Auroracoin will be in the best case accepted by the Icelandic government, as a mean of exchanging goods and taxed accordingly. I personally don't expect anytime soon if ever that will be backed by the Icelandic government. They simply can't control it.
And as LTEX said we have already big auroracoin holders with 500.000+ bags full of coins. Is any government willing to transfer their money coffins to them? I guess no.



The government can control Auroracoin with ease, the market cap of this coin is so small my grandmother could double it by putting her pension money in right now.

Also if you look at the rich list there are only 70 individuals with more than 100 dollars invested in Auroracoin right now, and 36 of those are miners, the government could buy them out without even blinking
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by LTEX » 01 Apr 2015 19:46

True Odin!

But now we get to the essence of this currency! Sure the market cap is peanuts right now, but it still isn't up for sale! I could instantly put up a buy order for the entire market cap, only to find it will fill with less than 0.5%! Unlike regular currencies, you cannot buy your way into it like it were fiat money. The true value lies within it's acceptance, decentralization and scarcity.

You say your country holds billions of Icelandic Krona, many multiples of the entire market cap, but you forget that those krona's are not worth anything if they are just a figure in a computer and are not going to be released for exchange to a currency that they can use. AUR on the other hand is on even 0.001% of what it could be worth if it gets used by the entire Icelandic economical community.

So actually, it's the other way around. The krona's your country hold have no value. The entire amount of AUR is not for sale, thus very scarce and worth far more than you can imagine!
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by BioMike » 01 Apr 2015 20:16

That is why we need active support from people from Iceland, to get the acceptance to grow. How many people on this forum are actually from Iceland? 2 or 3 people? We need a lot more.

That, and we need to start building services (read: infrastructure) to facilitate the acceptance. For that we don't need people from Iceland, per se.
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by LTEX » 01 Apr 2015 20:35

Good arguments Mike!

There are more then 3 people from Iceland here, but a lot more, who are not here, do empathize with AUR and are willing to contribute. Also the events that are to come will draw a lot more attention from Icelanders so I expect the community to grow soon.

On the part of developing infrastructure I like to invite you to the team that is currently working on it. A PM is on the way...
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