Auroracoin

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This article was considered for deletion at Wikipedia on March 19 2014. This is a backup of Wikipedia:Auroracoin. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/Auroracoin, the first at Wikipedia:Wikipedia:Articles_for_deletion/Auroracoin. Purge

Auroracoin is a cryptocurrency launched in February 2014 as an Icelandic alternative to Bitcoin and the Icelandic króna.[1][2][3] Its unknown creator or creators use the pseudonym Baldur Friggjar Óðinsson (or Odinsson).[1][2][3] He, she, or they plan to distribute half of auroracoins that will ever be created to all 330,000 people listed in Iceland's national ID database beginning on March 25, 2013, free of charge, coming out to 31.8 auroracoins per person.[1][3]

Auroracoin was created as an alternative currency to address the government restrictions on Iceland's króna, in place since 2008, which severely restricts movement of the currency outside of the country.[1] Iceland's Foreign Exchange Act also prohibits the foreign exchange of bitcoins from the country, according to a government minister.[4]

History

The pseudonym Baldur Friggjar Óðinsson is based on Norse mythology, referencing the chief of the gods Odin, the benevolent sorceress Frigg, and their son Baldur.[1]

By using the Kennitala national identification system to give away 50% of the total issuance of auroracoins to the population of Iceland, a processed dubbed the "airdrop", the developer hopes to bootstrap a network effect and introduce cryptocurrency to a national audience.[5]

Controversy

Some Icelandic politicians have taken a negative view of Auroracoin. During a Parliamentary debate on March 14, 2014, MP Peter Blöndal noted the potential for tax evasion and cited the fact that no entity "backs" the value of Auroracoin makes it "not a recognized currency". Odinsson noted that "(parliament) can make it illegal to own or trade Auroracoin, however, they will never be able to control such a decentralized system, or stop Icelanders from using the currency, without turning Iceland into a police state.”[6] Frosti Sigurjónsson, a member of the ruling Progressive Party and Chairman of the Committee for Economic Affairs and Trade says in a blog post on his website that “There is evidence however that this is a case of [a money] scam and illegal.”[7]

References

  1. 1.0 1.1 1.2 1.3 1.4 Casey, Michael J. (2014-03-05). "Auroracoin already third-biggest cryptocoin–and it’s not even out yet". The Wall Street Journal. http://blogs.wsj.com/moneybeat/2014/03/05/auroracoin-already-second-biggest-virtual-currency-and-its-not-even-out-yet/. 
  2. 2.0 2.1 Rizzo, Pete (2014-03-03). "Iceland’s Auroracoin passes Litecoin, becomes third largest altcoin by market cap". CoinDesk. http://www.coindesk.com/icelands-auroracoin-passes-litecoin-becomes-third-largest-altcoin-market-cap/. 
  3. 3.0 3.1 3.2 Charlton, Alistair (2014-03-04). "What is Auroracoin? Icelandic cryptocurrency passes Litecoin with $1 billion valuation". International Business Times. http://www.ibtimes.co.uk/what-auroracoin-icelandic-cryptocurrency-passes-litecoin-1-billion-valuation-1438833. 
  4. "Höftin stöðva viðskipti með Bitcoin [Controls suspend trading in Bitcoin"] (in Icelandic). mbl.is (Morgunblaðsins). 2013-12-19. http://www.mbl.is/vidskipti/frettir/2013/12/19/hoftin_stodva_vidskipti_med_bitcoin/. 
  5. "As Auroracoin “Airdrop” Approaches, What Does It Mean When A Nation Adopts A Cryptocurrency?". Tech Crunch. 201403-01. http://techcrunch.com/2014/03/01/as-auroracoin-airdrop-approaches-what-does-it-mean-when-a-nation-adopts-a-cryptocurrency/. 
  6. "Auroracoin vs Icelandic Government". Forex Minute. 2014-03-15. http://www.forexminute.com/litecoin/auroracoin-vs-icelandic-government-24942. 
  7. "Icelandic Parliament Committee Holds Closed Session to Discuss Auroracoin". CoinDesk. 2014 03-14. http://www.coindesk.com/icelandic-parliament-committee-holds-closed-session-discuss-auroracoin/. 

External Links

Auroracoin.org – Official website

Yay. This is how Deletionpedia v2 got started. Guaka (talk) wanted to rescue some Wikipedia articles for Coinwiki.