[chaseideas]

Speaking of altcoins/cryptocurrency…

Has anyone heard much about MazaCoin?

It just became the official currency for the Lakota nation. Wanted to hear what fellow HN'ers think about this.

http://www.theverge.com/2014/3/5/5469510/native-americans-as...

Out of all the altcoins, seems like this one has strong real-world application and brings a lot of value to these Indian tribes. Similar to what Bitcoin has done in other nations that lack a strong national currency.

MazaCoin is also the "official national currency" of a Sovereign Nation, so it can't "technically" be outlawed. Huge step forward for crypto currencies? Outright scam? What do you guys think?

Thoughts on this coin in specific? Altcoins/cryptocurrency in general?

[flatline]

For now it's just another altcoin (zetacoin clone) that is riding the same speculative trend as auroracoin has been for the last couple weeks. If it is actually officially recognized by the tribe and if it starts getting used more like a real currency on tribal lands, it stands a chance at establishing a more stable value and breaking new ground as a cryptocurrency. I figure this is at least several years off and is highly speculative in itself. The coin additionally still has the problem that all the others do, and most of them will end up in the hands of cryptocurrency speculators and not indians, which would seem to cast a rather uncertain future on the coin.

That being said, I bought some and am mining some, I think it's cool.