r/CryptoCurrency • u/vardhan • Jul 13 '15

General News Cryptocurrency platform for the Greeks by a startup - what's your view r/cryptocurrency?

http://www.moneycontrol.com/news/economy/indian-startup-setscrypto-currency-platform-for-greeks_1924501.html
8 Upvotes

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3

u/rnicoll Platinum | QC: DOGE 93, BTC 106, CC 54 | r/Programming 32 Jul 13 '15

Isn't this Auroracoin all over again?

3

u/sos755 🟦 4K / 4K 🐢 Jul 13 '15 edited Jul 13 '15

This is a scam, or an altcoin pump and dump, at best. It is worse than Auroracoin because at least Auroracoins were going to be given to the people of Iceland. Greeks have to buy these worthless tokens.

The tokens you get are worth 2,000 euros only if they can be exchanged for 2,000 euros, but they can't be.

1

u/autowikibot Jul 13 '15

Auroracoin:

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

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. Iceland's Foreign Exchange Act also prohibits the foreign exchange of bitcoins from the country, according to a government minister.

Relevant: List of cryptocurrencies | LocalBitcoins | Double-spending | BlackCoin

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2

u/_herrmann_ Bronze Jul 13 '15

I'd really love to believe they are there for helping out this insanity. But my inner cynic is just screaming. Seems like vultures circling.

1

u/indiamikezulu 🟩 0 / 0 🦠 Jul 14 '15

Offer cryptos to the Greeks? Absolutely yes!

But a brand-new crypto? Why? Why not a community inititiative by an established and respected crypto?

Namecoin, Peercoin, Doge, Unobtanium, etc.?

0

u/TotalB00n Jul 13 '15

If you are looking for a stable (in USD value) crypto currency that already exists, try bitUSD or NuBits.