The whole idea of Auroracoin is not to develop or enhance a technology but to get cryptocurrency accepted and used by the public. So this is why we think it's just best to piggyback an established technology like you said and focus on public acceptance and adoption.
I agree 100%.
Of course this is a little early now. I think we could go with the current chain for some more time until momentum is gained and there's enough enthusiasm to migrate mobile wallets and whatnot to the new solution. Of course distribution would have to be copied from classicAUR, otherwise all trust is destroyed. The 'classic' chain would probably live on and there would be some confusion about why there are 2 versions of AUR now. So it needs to be prepared well with a broad consensus and awareness of the migration. altcoin exchanges would have to be in the boat, too.
It's really refreshing to see you are making plans for AUR. I agree that a direct fiat exchange to ISK is extremely helpful.
Now as you said, there are many questions and I hope you can answer some:
- Can you elaborate a bit about the regulatory hurdles for setting up the fiat exchange in Iceland? I'm guessing there would be quite a few, given the capital controls and all that. What are the dangers here (bankster-driven government clampdown or some shit once AUR gains traction and becomes a danger for the established monetary system)?
- Balduro still controls the majority of AUR in the premined addresses, I assume. The airdrop will need to end at some point. Can he be convinced to destroy coins or give up control of them when time comes to end the airdrop?
- airdrop plans: Last change of airdrop plan was unexpected and seemed arbitrary and random. There was no communication and the auroracoin.org airdrop pages still contain the old plan. This has left me (and probably many others) with an uneasy feeling about the future of the premined coins. Do you have any idea of how this might develop?
Also: I run http://blockexplorer.auroracoin.eu. Should your plans to acquire auroracoin.org fail, this might be an option. I know it's not the best one by far, but let me offer to donate auroracoin.eu to you should you want it as long as I get to host subdomain blockexplorer.auroracoin.eu.
thanks for your enthusiasm and work!
molec
Yes the fork would always needed to be well planed, coordinated and executed with caution.
- The regulatory hurdles for the exchange were actually none. We have sent official inquiry to the central bank, tax office and the financial administration. The answers from them were all the same. They don't really have any regulations regarding this. The main restriction Icelandic people have is that we have currency restrictions so we do not get an exception to those restriction to purchase foreign currency for the sole purpose to buy cryptocurrency. We also have a return policy on foreign currency. If we acquire some foreign currency we are bound to trade it back to isk within a time limit. So there are only two ways for Icelandic people to get crypto currency legally. First is to mine it and the second is to buy it with isk. That is why Auroracoin and this airdrop was important here.
No institution here has formed any regulation regarding cryptocurrency, they are just waiting for EU to form some regulations and most likely will implement them partially or fully when they arrive. Since there are no regulations for it they defined it not as a currency but as a property. So it is treated and taxed as such. For this reason we do not have any problems with setting up the exchange here. It would be just the same as setting up a trading site for stamps.
There are a couple of dangers. First is that the banks would see this as a threat and would refuse to keep an bank account for the exchange and second is that the government would see auroracoin to be a treat to stability and would try to stop it by closing the exchange/s with regulations or that the government implements the same regulations as EU and those regulations would bring some limitations. - Regarding Balduro and the premine. I have no reason at all to believe that he would not destroy the airdrop when the distribution period comes to an end. Beside the changes of the second phase airdrop he has not proved to be dishonest regarding the premine.
- I myself was one of those left uneasy after the last airdrop. I think the change was a mistake in many ways but I do understand what he was trying to do. He was trying to give the amount distributed to each individual enough value (the market rate at the time) to make it tempting for people to fetch the second batch. The second thing that was changed there is that he took 1milion aur and gave it to the Icelandic Cryptocurrency Society (ICS) group for bounties and development of the coin. Both of these were a mistake in my opinion. To increase the airdrop portion tenfold was a bit of a kick in the face for the miners and all long term supporters as this greatly devalued the coin at the time. Then I think that taking a million of the premine and to put it up for development etc. has a lot of dangers in it. I know that this million is in safe hands though so I do not worry about it myself at the time but eventually the ICS will have to decide what to do with this million. This is a ground for all kind of debate and I would love to hear some of it here.
All help is appreciated and thanks for offering the auroracoin.eu domain if we cant get the .org one. Now we are just coming out with our plans. They are not fully complete nor do we have all the resources we need to do this alone. This is a community project and I would love to see more of the community stand up and work together on this. As this is not about money as so many seem to think, it is about our freedom. Sounds cheesy but that is my opinion on what cryptocurrency is really about.
I hope this answers your questions but I'm sure I have raised a few others
