We have had several new crypto currencies designed in order to help a specific country out. AuroraCoin (Iceland), SpainCoin, GermanyCoin , NigeriaCoin,….
I can see why the idea behind it could be good, if it was actually viable. There is no country in the world which will simply say “Oh, sure give our people free money they don’t pay taxes on”. It just doesn’t work like that.
Don’t get me wrong, I understand a lot of countries could use a financial injection of some sorts. But that’s not what crypto currency is designed for, at least not in the way these coins have promoted themselves.
Even though you can argue that the “airdrop” for AuroraCoin has been slightly better than most anticipated, it still won’t have any long-term effects, and it once again made the crypto currency world look kind of ridiculous.
The problem with these kinds of efforts seems to be the 50%(ish) pre-mine that “has” to happen in order to “distribute these coins to the people”.
We all know that this pre-mine is simply used to fill the pockets of developers, and nothing else. It’s just a pump-and-dump with a bit more hype to it, nothing more, nothing less.
I know a lot of you are thinking they could have dumped their pre-mine when it was at .15 Bitcoin each, but they couldn’t, because there wasn’t enough buy volume to get rid of all of it.
Surely, some coins probably have been sold at that price, but I’m pretty sure there is still about 70% of the pre-mine left at the moment, and AuroraCoin is losing value rapidly.
As I have mentioned yesterday evening, we really need to stop creating these new crypto currencies, and start developing further for the ones we already have. Enough is enough.