Quote from: stan26 on March 04, 2014, 04:21:25 AM

Quote from: CryptoMF on March 04, 2014, 04:02:19 AM

Quote from: DaFockBro on March 04, 2014, 01:14:14 AM

Why don't people wait until after the massive sell-off to buy into this? I think it's a great idea, it's just absolute retarded madness to be buying in prior to the airdrop.

At the current price, every single citizen of Iceland will be given $1758 worth of Auroracoin for free during the airdrop.

There will be a massive crash in price as many Icelanders make the rational decision to immediately cash out their $1758.

Don't forget that their will be a corresponding spike in Bitcoin sales as they can only cash out their Aurora coins to BTC currently. In order to get $$ they have to then sell their BTC on an exchange. Not saying that all of them will but there will be a trickle down effect. Something to think about.

At the current exchange rate (0.1 BTC) that would equal 1 MILLION BTC if all 10 million Auroracoins are exchanged for BTC and then cashed out. Imagine if you can what this will do to the price of BTC. It will go into freefall as there are not enough buyers in the market to absorb that many sales.

As I don't want to see this poorly thought-out and designed promotion crash Bitcoin, I seriously hope the exchange rate tanks to a miniscule amount before the airdrop. And why the fuck do the people of Iceland get to be handed for free thousands of dollars in crypto coins each that if all cashed out quickly could seriously damage the exchange markets for all cryptocurrencies? Not hating on any Icelanders at all. I just seriously doubt that they give a rats ass about the health of Bitcoin or any other coin and just want the $$. Aurora coin is useless to them otherwise at the moment. They can't buy anything with it and most will likely fear the government will quickly ban it and will want to get what they can before that happens.

Hopefully I am not the only one who actually thinks this whole thing through to likely conclusion. Go ahead and tell me otherwise. I am sure I will hear from someone that this isn't true and I don't understand economics or free markets or some bullshit. I will tell you what I damn sure understand and that is human greed and how it can totally blind someone to the real facts and potential outcomes of their actions.

That's assuming the whole population of Iceland will all immediately claim it. I'm not sure how the airdrop works. But they probably have to claim it individually, yes? I doubt the selling would happen in one single swipe. More likely in waves. So in the first week only 1,000 might claim the coins. then maybe word gets out to more Icelanders about the free money and a few more thousand claim it each week. It might have an effect on the bitcoin market, but I doubt it alone will cause the bitcoin market to go into freefall.

After the first 1000 claim their coins and cash out there won't be any buy support left on the exchanges anyway and the coin will be basically worthless.