Auroracoin Airdrop Update

Well it wasn’t just an airdrop, it’s also been the price which is in freefall.  Iceland doesn’t seem to have much luck with it’s national finances. This time I was really hoping to see something positive with this cryptocoin.

To explain, Auroracoin is a cryptocurrency based in Iceland, it was being traded at one week ago (20^th March) at around $ 14.20 per coin. During the course of the week it fell slightly.

On the 25^th of March, there was the airdrop. This mean that every citizen of Iceland could claim 31.8 Auroracoins each for free. At this time the price was $ 12.36, a value in total of  $393.  There are 330,000 Icelanders, you do the calculation, potentially a big giveaway. There are 10.5 Million premined coins earmarked for the airdrop

So far just over 20,000 citizens have claimed their coins, I’m not sure if this is due to a lack of interest, or confidence. Maybe the giveaway system is just slow, who knows? There haven’t been any reports of a system overload or a breakdown, not outside Iceland anyway.  According to their website the airdrop will a last for a year.

So, what is causing the price to go from over $ 14 to just $5?

It could be a number of factors, but I think it’s all to do with supply and demand. The hope is for Auroracoin holders that it will replace the Icelandic Krone, with ATM’s and retail outlets accepting it, this hasn’t happened, but it’s early days. The Icelandic government isn’t too keen on this idea, but people power might force them to backtrack. In a small country like Iceland where the electorate and politicians know each other personally, these sort of things happen.

I think that, for now, people will hang on to their coins and then, things might start to happen. 

The next stage is mining, which is open to anyone around the world.

My last point.

Is it wise to invest in something that is free to others?

In this case, yes, but don’t expect Auroroacoin to be another Litecoin or Dogecoin.  Whereas Litecoin is totally free from national or other controls, Auroracoin will always be restricted by it’s success within Iceland.

Woops, another Bitcoin exchange is in trouble.

Vircurex, a bitcoin exchange in Beijing is in trouble again. Last year they suffered 2 hacking incidents and have been trying to recoup thein funds.
The exchange have given out a statement saying that it has cryptocurrency accounts held by its customers after large withdrawals, have nearly drained it‘s funds.
Not so busy Vircurex traded just 54 bitcoins in the last 30 days, according to statistics compiled by Bitcoin Charts. Compare this to BTC-China, they traded more than 202,000 bitcoins in the same period.
This may be small in comparison to Mt.Gox which lost 650,000 bitcoins, valued at US$23 million.
Vicurex did have enough in reserve to allow regular trading of bitcoins and several other cryptocurrencies, including litecoin, feathercoin and terracoin, however because of large withdrawals, it all went pear shaped.
Vircurex said “large fund withdrawals” in the last few weeks emptied  its “cold wallet,” the offline secure storage for cryptocurrencies such as bitcoin.
“We are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that allows the exchange to continue to operate and gradually pay back the losses,” the company said.
“Funds in this balance type cannot be used to trade or withdraw,” Vircurex said. “Those are the balances that the exchange will gradually pay back and hence transfer back to the available balance over time.”
Keep you posted.

Scamcoins

1. Too many premined coins

Becoming an old trick. So, a new cryptocoin is released with a large percentage of coins set aside for the developer. The developer will try to explain it in some way. However it really comes down to the greed and hoping that miners and investors will try to get in a the beginning to get the price up. The developer wins here, and far too easily.

2. Huge  amount of coins generated at launch

Also known as instamining. When we became suspicious of premining, this was the next trick. A coin is released with parameters that the developer can mine a massive amount of coins immediately after the coin has been released, getting a head start before the miners can set up.

Examples:

Feathercoin: 3 million coins during first 24 hours
Goldcoin: Massive amount of coins generated during first few hours
Bitbar: 2000 coins mined during first three hours. Two months after launch, this amount still represented 50% of all coins in existence
Mincoin: 868k coins mined during the first three hours. Two months after launch, this amount still represented 75% of all coins in existence.

3. Quiet launch

Here, a person will “release” his coin on some obscure website, and begin mining for days with little to no competition before posting about it on bitcointalk; a very obvious attempt at masking a premine.

So, a developer releases his currency on an obscure website with no publicity, starts mining, and then, only after a few days, posts about it on bitcointalk. Very sneaky.

Pennies: Lauched via an obscure website days before a bitcointalk forum post was made.

4. Other things to look out for.

•  Go to the website, how does it look?
•  I look for forums and a community, do they exist? If not, forget it.
• Check out the price history
•  Presentation, does the website look inviting?  I’m not a miner, I’m looking for a bit of info and something that welcomes me in.
• What are people saying about this currency? For example, Megacoin, wonderfully presented, a real good example in fact, but the chat gives it a 50/50, we’ll see.

 If you know more about Megacoin, let me know.

 I

List of scamcoins – use at your own risk:

• PXC Phenixcoin: premined 1,000,000 coins
• BTB Bitbar – premined by small group of coin creators
• MNC Mincoin - started with no binaries and 25000% reward blocks
• GLD Goldcoin - 2000% superblocks at start (3.2% instamine)
• AMC Americancoin- premined with 6.5k-14k blocks giving zero reward
• LKY LuckyCoin – superblocks at start, random superblocks
• MEM MEMEcoin –  premined, superblocks
• ARG Argentum – premined
• StableCoin – 1,200,000 premined
• NUG Nuggets – premined
• CDC Cloudcoin- 1,000,000 premined, random blocks
• CENT Pennies – hidden launch
• SYC Skycoin – premined
• CL Copperlark – massively premined
• NAN NanoTokens – premined
• MST MasterCoin – premined
• USC UScoin – premined
• GIL – premined
• RCH RichCoin – premined
• XNC XenCoin – premined
• REC RealCoin – premined
• RED Recoin – 1,000,000 premined
• ALF Alphacoin – premined
• One Last Coin – premined
• ORB Orbitcoin – 66% premined

• NUC Nucoin – premined

1000 UFOcoins for free!

UFO Coin, register and get 1000 free ufocoins. Who can beat that.

This  themed cryptocurrency has been on the market for around 2 months.  The website at http://ufocoin.co, explains that it’s for UFO and Space fans.  As well as giving all the usual information about the currency, there’s also a lot of UFO, Space, SciFi imagery and articles, which I sort of like actually. 

Value

However, it’s almost fallen off the bottom of the list at http://coinmarketcap.com/all.html, being 173 out of the 174 listed currencies, and no actual figures stated. 

Over at http://crypto-prices.com/UFO the value is 0.00001875 US Dollars.

There is someone selling 30,000 ufocoins for 6 bucks on ebay right now, maybe I'll make an offer. 

However saying that, there does seem to be quite an enthusiastic following, and I’m going to stick my neck out and say that it will grow, once word gets out there and the SciFi fans and Alien abductees all rally round and show support.

One good way to market a product is to give out free samples. So why not got to the UFOcoin website, register and then receive 1000 free coins. I’ve done it already.

Personally, I think this currency, with it's following and it's marketing programme, will be a great success.

 https://www.facebook.com/ufocoin

https://bitcointalk.org/index.php?topic=460522.0
https://plus.google.com/+UfocoinCoCrypto/posts
https://twitter.com/UFOCoins
http://www.reddit.com/r/ufocoin

ufocoins are being traded at

CryptoRush
Sci-Fi Ex
Coins2theMoon

 The UFO's are here!