Quote from: JessicaG on June 17, 2016, 10:07:33 AM

Quote from: dinobotta on June 16, 2016, 05:25:35 PM

Iceland is used to pump and dump games with their currency. Back in 2002 our banks took part in the biggest pump and dump in history, paying roulette with the Icelandic krona. Increasing its value by ~50% and then printing up billions of ISK and dumped it and devalued the krona by ~100%.

If Bitcoin can be pumped to to $1.100 and dumped to $165 and then again now to $750, Auroracoin can be pumped also, nothing different here.

You'd probably meant a different value than the ISK dumped and devalued by ~100%, because devaluating like ~100% would mean kinda like the ISK would be worth like 0.00. But that's just minor detail

But yeah, your second line pictures it pretty good what I meant. Considering the financial history over the past years, it would be ashamed if the Icelandic inhabitants would hop on way to high during a bullish rally, only to see it plummet deeper than where they jumped on board.

The thing is that a county wide adoption would take many years to happen and during which time all major bag holders would make their dumps gradually during that road getting the coins effectively into the hands of many. You are looking at this like these tiny crypto markets that you are looking at today could possibly be translated into a full scale economy market. It will evolve massively! over time while it's in adoption and will not remotely resemble anything like these tiny crypto markets when fully evolved. Like ny2cafuse just mentioned. ton of "whales" will dump when the price reaches $1 and again at $3 or $5 and $10 and so forth.

Don't forget that this price increase will not be based on speculation like with all of the other cryptocurrencies (including Bitcoin) but from the fact that people will be using the coin so real demand will be increasing the price which will make it more sustainable than any other crypto. If Auroracoin would have reached the goal of having large % of the Icelandic market the price would be in the hundreds of $ and would have taken a long way to get there creating thousands of moments when any large bagholders would have considered the best time to release some or all of their funds.

Any currency that would not be instantly deployed through a nation and sanctioned by a government will have volatility while it's growing, it however would be just as stable as any fiat currency you have today when it has reached a point of being used the majority of all of the nation.

Having said all this I completely get what you are trying to point out and of course we don't want to burn anyone, that is why we will always be clear to people about the dangers of using a cryptocurrency. If people still continue to go down that path knowing the risk the answer is simple. People will then have judged the risk of using a cryptocurrency less than the damage that is currently being imposed upon us by a fiat currency in this fatally flawed monetary system. A system that in every 15-20 year period wipes out over half of all our assets.

In the end of the day the people will make this choice. We will only show them how the current monetary system really is and point out that there exists something that could be a better alternative.