Tag Archives: bitcoin

In One Month, Everyone In Iceland Will Own Cryptocurrency

By Meghan Neal

The cryptocurrency craze spun into a new realm of ridiculous with Kanyecoin, Dogecoin, Ron Paul Coin and the bounty of other clone-coins that sprung up to ride the Bitcoin wave. But the latest altcoin to enter the market, Auroracoin, wants to take the futurist trend back to its cryptoanarchist roots. The altcoin was designed specifically for Iceland, and the creator plans to give every citizen of the Nordic country a digital handful of Auroracoins to kickstart their use.

Auroracoin is the brainchild of cryptocurrency enthusiast Baldur Friggjar Odinsson, and he’ll be the one distributing pre-mined coins to the entire population of Iceland at midnight on March 25 in a countrywide “airdrop.” Each Icelandic citizen—all 330,000 of them—will receive 31.8 AUC through a digital transaction. Citizens all have a national ID number available through a public database, which will be used to verify their identity. 

“So I intend to leverage this system so everyone has a chance to verify their ID and get their share of Auroracoins. For most, it will be as easy as logging onto Facebook,” Odinsson told me. “People will have (at least) a year to claim their coins.”

Why would someone want to give away over 10 million digital coins? To stick it to the man, naturally. Auroracoin creators believe the digital currency can buck the “unholy alliance” between governments and too-big-to-fail banks, by taking the power away from politicians and giving it back to the people.

Iceland’s economy is still reeling from the country’s major financial meltdown in 2008, when greedy banksters nearly bankrupted the traditionally well-off nation. The banking system collapsed, followed by a run on deposits from foreign investors in the Netherlands and UK. Iceland’s fiat currency, the Krona, plummeted; inflation exploded; the stock market did a nosedive; and the national debt skyrocketed. (Actually, the currency’s problems go back even further than the 2008 crisis; the Krona has lost 99.5 percent of its value since 1960 relative to the US dollar.)

Iceland’s new 10,000 ISK bill is worth about $85, according to the Central Bank.  

Iceland avoided bankruptcy, but spiraled into an economic recession it’s only recently beginning to recover from. Major banks were nationalized and the government imposed capital controls to stabilize the economy that were supposed to be temporary but are still in place today. As a result, any foreign currency earned has to be turned over to the Central Bank of Iceland, people can’t freely trade internationally or invest in business abroad, and foreigners are hesitant to invest in Icelandic companies, which further stifles economic growth.

“I started wondering how to break the cycle, and came to the conclusion that we had to democratize money in Iceland,” Odinsson said. “It has to be divorced from the corrupt banks and government. I thought Iceland might be too small and isolated (because of the capital controls) for a cryptocurrency like bitcoin and litecoin to naturally take root. So I thought: What if everyone just got some cryptocoins and could use them or discard them or do anything they wanted with them? And as I thought more about this I realized that this could actually be done.”

Odinsson turned to digital currency to get around these government restrictions. Remember when Bitcoin boomed after the government in Cyprus tried to pull itself out of financial ruin by reaching into citizens’ pockets? That’s what Odinsson’s hoping will happen with Auroracoin in Iceland.

So can it work? Well, Iceland is well-positioned to be a guinea pig for national cryptocurrencies. It’s small—the population’s about the size of San Mateo—and nearly everyone is online and brandishing gadgets. Icelanders tend to be tech-savvy and well-educated, and Odinsson’s betting it won’t be too hard to get people up to speed on virtual currencies. Plus Iceland has a thing for virtual stuff anyway.

Odinsson’s taking the unconventional approach of pre-mining half of the Auroracoin stock, which is based off the Litecoin source code, so that the early adopters won’t just be techsperts with expensive mining hardware but the whole public. Now he’s encouraging developers to make tools like payment software and virtual wallets for currency, and calling on all global currency exchanges to accept the new Nordic altcoin come March.

“People will try out the system, they will send coins and use them for fun, and then they may gradually gain some economic value. People will speculate on the coins and they will have some monetary value of at some point,” said Odinsson. “If the Airdrop works in Iceland, I can see similar schemes being employed in other countries with a history of economic mismanagement. I know there is an Irish version of Auroracoin currently in development, and I could see an Argentinian one working as well.”



Banks Wobbling…Bitcoin Getting STRONGER

Bix Weir   Today at 9:28 AM

To       Andy Valisalo

The Global Banking system is wobbling dangerously out of control…as expected at this point of the battles. From investigations to withdrawal restrictions to back office computer “glitches” to flat out threats of confiscation it’s not hard to see…even for the Regular Joe. Here are just a few of the stories coming out…  

China Halts Bank Cash Transfers


Justice Department Inquiry Takes Aim at Banks’ Businesses with Payday Lenders
First HSBC Halts Large Withdrawals now Lloyds ATM’s Stop Working
Bundesbank Calls for Capital Levy to Avert Government Bankruptcies
And it goes on and on. The net effect of all this PLANNED CHAOS is easy to understand. It’s to get the Sheeple thinking…
That is the mindset that is needed going into the coming crash. That was not the mindset of the Sheeple in 2008 when Hank Paulson held a gun to Congress’ head and said “Hand over $700B or else!” Here was his rationalization in his Congressional testimony to justify handing over all that money to the Banking Cabal…
Hank Paulson Justifying the 2008 Bailout to Congress
Can you imagine if Jack Lew tried the same song and dance today?! HA! Not a chance in the world it would pass!!
As for alternatives to the banks? Bitcoin was in the news today because another Bitcoin operator tried to break the law and got caught…
Bitcoin Dealers Charged with Money Laundering
Obviously the anti-Bitcoin crowd is going to chime in with “A bunch of criminals operate in Bitcoin!” and “See, it’s a scam that’s going to fall to zero!”.
All I have to say is BAHAHAHA!
Clearly they have no clue what is happening as Bitcoin grows and strengthens. Taking the bad actors out is THE BEST THING THAT EVER HAPPENED TO BITCOIN! As everyone should know by now Bitcoin transactions are NOT anonymous as every transaction ever made is part of the public Blockchain record. It is the WORST place to try to hide illegal transactions as we are seeing with all these arrests. The PROOF is in the Blockchain!
If I were a drug dealer I’d go back to my “old school” money laundering partners like HSBC!!! You can get away with anything there if you cut them in!!
Anyway, the Bitcoin phenomenon continues to grow around the world and it will get VERY INTENSE as the Banks start to fall.  Brazil is the latest country catching on…
Bitcoin Seen as Safe Haven in Brazil
My take? Bitcoin will be well over $10,000 per coin sometime in 2004…
…and that’s conservative!
Nothing is accidental anymore and there are no more coincidences. The stage is set for the final showdown between the Banksters and We the People.
Here’s your hint….WE WILL WIN THIS TIME!!!
May the Road you choose be the Right Road.
Bix Weir

Bix Weir sent me an email (others too)


Interesting stuff, hope the wheels are turning.

2013 had some dominant theme’s that hit the Mainstream Media and it seems that many of the items related to the Road to Roota Theory are still with us. For example, JP Morgan just can’t get out cleanly anymore from their criminality…
JP Morgan Nears $2B Deal Over Involvement with Madoff
“JPMorgan Chase & Co is nearing a  $2 billion settlement with federal authorities to resolve  suspicions that the bank ignored signs of Bernard Madoff’s Ponzi  scheme, the New York Times reported, citing people briefed on  the case.”
“The bank’s civil and criminal settlements would also involve  a deferred prosecution agreement, a criminal action that would  suspend an indictment as long as the bank acknowledged the facts  of the government’s case and changed its behavior, the NY Times  said.”
I know a lot of you are thinking…”SO WHAT? THEY JUST PAID A FINE AND WALKED AWAY AGAIN!”
On one level you are right. On another level these settlements and lawsuits are laying out a very clear message to JPM and the banking cabal…THE FUTURE WILL BE DIFFERENT.
Remember, in order to run a truly unbacked fiat monetary system you MUST rig the markets…especially gold and silver. Their prices must be kept under control. It is a requirement. It is a necessity. It has been done via computer programs since the very first computer trading programs were introduced by Alan Greenspan in the 1970’s.
That’s the way the unbacked fiat system has worked for over 40 years.
And now that is ending…at least on the Bankster level. Removing the Institutionalized Market Rigging avenues is very, very bad for the system. Of course the Bad Guys will try to work around the new barriers. For example, they are TRYING to move the rigging control mechanism into the hedge funds. Currently it’s BlackRock “trading” collusively with companies like Tim Geithner’s hedge fund, Warburg Pincus, but I’m not convinced that it will work. They don’t have the protection of the Fed and US Treasury so it leaves them very vulnerable to an “official take-down” by the Good Guys. Keep an eye on the hedge funds if you are looking for future gold/silver market manipulation.
Anyway you slice it silver and gold rigging operations as 2014 is a whole new ball game.
As for the other big theme that has made the transfer from 2013 to 2014…
Now I know how hard it has been for many of you to understand and trust the concept behind Bitcoin because for so long we have understood physical gold and silver as the only alternatives to unbacked fiat money. But Bitcoin is just that…ANOTHER alternative! True, it doesn’t have thousands of years of history as money but how could it have? Computer money has only been around for 40 years! You have no problem accepting our current digital money issued from the Banksters and Fed so why would you have a problem trusting a digital money that CAN’T be mass produced and is controlled by NOBODY??
Oh, and please don’t send me any more “anti-bitcoin” articles. I’ve read them all and they all fall short of convincing me that Bitcoin won’t be with us during and after the Global Monetary Meltdown. Even the arguments that bring up weakness in the Bitcoin protocol forget that Bitcoin is anti-fragile…meaning it learns from it’s own weaknesses and failures and becomes stronger and stronger by understanding and fixing the problem.
In the end you will find that Bitcoin will be used side-by-side with physical gold and silver after the CRASH so you’d better just get used to it.
Here’s an interview I did on it in 2013 and information on how to get started with Bitcoin.
INTERVIEW: Bitcoin, Gold & Silver will Survive the Global Implosion
I will be posting an updated “Timeline” article for 2014 in the next few weeks. Of course it’s not exact but it gives you an idea about when I think certain important things will occur in this most important year.
For Private Road Subscribers here’s the Timeline I posted in September 2013. Not bad for an amateur Nostradamus :-)…
Timeline on the Road to RootA
For those of you suffering through the freezing cold…hang in there! According to Clif High it’s going to last a very, very long time 😦
May the Road you choose be the Right Road.
Bix Weir