Re: [ANN][AUR][MANDATORY UPDATE] Auroracoin - a cryptocurrency for Iceland
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 $$. Aurora coin is useless to them otherwise at the moment. They can't buy anything with it and most will likely fear the government will quickly ban it and will want to get what they can before that happens.
Hopefully I am not the only one who actually thinks this whole thing through to likely conclusion. Go ahead and tell me otherwise. I am sure I will hear from someone that this isn't true and I don't understand economics or free markets or some bullshit. I will tell you what I damn sure understand and that is human greed and how it can totally blind someone to the real facts and potential outcomes of their actions.
As I don't want to see this poorly thought-out and designed promotion crash Bitcoin, I seriously hope the exchange rate tanks to a miniscule amount before the airdrop. And why the fuck do the people of Iceland get to be handed for free thousands of dollars in crypto coins each that if all cashed out quickly could seriously damage the exchange markets for all cryptocurrencies? Not hating on any Icelanders at all. I just seriously doubt that they give a rats ass about the health of Bitcoin or any other coin and just want the $$. 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.
Umm, your logic is way off.
The only way for them ALL to cash out at the current exchange rate is if the current BUY WALL is 1 MILLION BTC! Right now the buy wall is 2 BTC.
If you go all the way down to .07 BTC, there is only about 15 BTC TOTAL that can be cashed out.
Unless that 1 million BTC buy wall comes along, your gonna have to work a bit harder at thinking this through to its logical conclusion
This little bit about the "buy wall" is a fact, no other way around it. I am bumping it for any newbies. If even 1% of people get airdrop and even 1% of those cash out, the price will be effectively 0.