LTEX wrote: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.
Auroracoin is up for sale on cryptsy, even if there are only a few thousand for sale, if the government baught that amount it would send the price up, so we both agree that the price is going up but as the price goes up so more people want to sell.
Secondly there is still many millions of Auroracoin that the government can mine using its own computers.
My point is that Auroracoin objective should be to become the 100% reserve for the Icelandic krona and we need a road map of how to get there. This recent report of a new money system in Iceland is just making a simple solution complicated. We need Auroracoin, nothing else.
Thirdly, 5% of all bitcoin is mined in iceland that's 150 million dollars. If these miners were forced to mine Auroracoin by Icelandic law that would give Auroracoin market cap another 150 million dollars, greatly enriching the people of Iceland, right now they get very little benefit from those bitcoin miners being there.