Bitcoin Forum

Hello,

I'm from India and along with my team I'm working on a project named INDICOIN: BLOCKCHAIN REDEFINING SOCIAL SERVICE.
This will mark the first TOKEN SALE/ICO from India. We are a team of developers working round the clock to make our project one of its kind.

Please read our ANN thread on bitcointalk: https://bitcointalk.org/index.php?topic=2142084. (https://bitcointalk.org/index.php?topic=2142084.)
Also, spare some time to read our whitepaper (also available in ANN): http://www.indicoin.org.in/wp-content/uploads/2017/09/Indicoin-Whitepaper-1.pdf (http://www.indicoin.org.in/wp-content/uploads/2017/09/Indicoin-Whitepaper-1.pdf)
Visit our website at www.indicoin.org.in (http://www.indicoin.org.in)
I'm sure you'd like our idea and concept.

Please give us your valuable feedback. We really need your support.

Regards,
Mihir
Community Manager & Researcher
Team Indicoin

Is this u?

http://www.indicoin.org.in/wp-content/uploads/2017/08/newproject_1_original-78.jpg

Yes sir, This is me.

Recently China has just banned the sale of ICO and they have term this as an illegal . Do you think its a huge risk you have taken to bring this ICO in India at this juncture if Govt here follows or they will follow a ban of ICO. Because their simple question will be who gave you authority to take money from others? How well are you prepared for it and if Govt says to refund the money to all the investors back are you up for it?

Sir, we're working on this project for over an year now. Indicoin has became an integral part of every team member involved.
As for taking money from others, we are not dealing with INR or any other fiat currency, we are asking for a contribution in digital currency for which India has no regulation up until now. If for a chance, it will be banned up until or during the ICO, investors will be repaid in full, But what we feel this is not the case for India because,

Why China is cracking down on cryptocurrencies is obvious. US and some other democracies are doing the biggest ICOs in the world. AND THEY ARE CONTINUING WITH IT in some kind of regulated manner. China is a communist country, cryptocurrencies will free people of China's economic hold, which it can't allow. Communism is very strict with having state control over important items. That's why China also has many censorship laws.

Chinese users used Bitcoins to invest in foreign markets, which is somewhat prohibited in China and is allowed only under special conditions. Also, China aims to launch a cryptocurrency built by state to replace its other currency. So ICOs run counter to what it believes is its exclusive right.


 Vrd
(Community Admin -Indicoin)

Excellent explanation. Impressed by your macro knowledge.

What if Indian government bans ICO's and sees it as a money laundering or mixing procedure for whales.? Everyone will be paid back.? Where the company is actually situated and licenced.?

We can see that the Indian government, like any government, is slow to recognize the impact of cryptocurrencies. But when it does, the system is expected to be mature and widespread. In case, the government does ban it. We'll refund the exact amounts to user wallets.                        
Also, we are still a bit unsure with what government regulations apply to us we're new but determined so we are still figuring that out.

It seems you're taking a big risk launching an ICO from India. It would be better to set up the company in another country and do the ICO if you are serious about the project because India has stricter capital controls compared to China and look at what China has done to ICOs.

No misrepresentation. I signed up like a few days ago and I could not browse the content of your posts because I was not logged in / registered.

Please fix it.

Would you be open towards divulging publicly how much money has gone into your project currently? Who are the current investors?

happy to see a new coin from our country. All the best

We are aware of some technical glitches with our website and we are hard at work at fixing the issues. But in future we hope to migrate all our data to a more robust system.                       
But good and quality services demand capital. And that is why we are raising some right now. After that we'll revamp our infrastruture.
*btw you can browse through all the contents now .

I think it's somewhat dishonest to name our coin Indicoin and launch it from some other country. You seem to believe that our progress will be hindered by India, but you fail to recognize that all our progress so far has been from the confines of India. Therefore we are taking an honest approach with us being located in India and not Singapore or other popular destinations. We are open to suggestions and if we can reasonably conclude that it's better to register ourselves in some other country, we'll do so.

Ah okay so this is who you are.
In ref to your PM. I'll check it out soon :)

And is this really India's first token sale?

What about this?
https://bitindia.co/

There's hardly any trading in India compared to the world

Coinsecure has a volume of about $300,000 per day and with 0.4% fee they get $1230 per day. That's the biggest exchange in India. So where does the valuation of $134 million come from?

Coinsecure was giving 10% equity for $1 million for a valuation of $10 million which was also too much. https://bnktothefuture.com/pitches/coinsecure

Bitindia plans to sell 134,400,000 tokens for about $1 each and  take a fee of 0.1%

Presale is cheaper but even at 4500.58 per 1 ETH and a valuation of $9 million it's too much for an exchange in India when you can get 100% equity in the top exchange for the same price. Here you will just be given some tokens for an exchange that is not launched yet.

With scam ICOs like this no wonder the govt. will get involved.

The Indicoin presale is indeed India's first presale. Zebpay an Indian Bitcoin exchange reached a major milestone of 500,000 mobile Android users, a mobile user base that is larger than all the mobile applications of Bitcoin exchanges and service providers in South Korea and Japan combined.I agree about the volume part but that can't be solved overnight unlike any other exchange which is not fulfilling any gap in the current virtual currency domain, we are the first blockchain project for witch we have a clear idea about the platform we are developing.
Please have a look at our project as well and any feedbacks and genuine reviews are highly appreciated.

Exilamt implication experience your accounts system

not clear what do you want to say ?

So was it a success?

Yes, we have unexpectedly performed really very well, not because of our less effort or project idea but Since India being new to this Cryptocurrency Saga, we didn't expect so many Indians and people to support our first ever Blockchain project and India's too. India has a total17.5% of total world's population and 76% of the people don't know about the basic financial institutions. It was always our biggest challenge to break this jinx. But here we are with 8 successful days of PreSale still 2 days are left. We as a team have had much more tough task at our dispense than just building up any other ICO. We have had to develop a basic Market full of information amongst the masses and raise India's role in the Blockchain community for more contribution and participation. We have been active 24*7 on our support channels to attend any query and bridge the gap between a new user and cryptocurrency. We will be launching our ICO on 31st September. We would like to invite everyone from the community to have a look at our proposal and help us develop a community which brings difference where it matters, sold over 10 million INDI tokens and have gathered sufficient funds for the same.

We can now work in sync with our plan and roadmap without any constraint, financial and otherwise. We are already wholeheartedly working in the interest of our initial investors.

From here onwards, our journey will only get better, more comfortable and profitable for all. We will soon be launching our main token sale on various platforms, some of them being leading exchanges in terms of volume with whom we have an agreement of getting listed immediately after the token sale. This undoubtedly, will benefit our initial investor and empower them to manage their liquidity as per their discretion.
thanx
vrd
Indicoin

I too can't find their license number or formation of a company, they say in last posts here will pay back, but who knows they might replace the company.
For the OP
In India every business need a registration certificate not like china companies.  I hope you have registration certificate, if not please register your company and promote them, else it is bad for you against the Indian Laws.

Hello,
For the last 1.5 years I have spent every walking moment of my life promoting Bitcoin and Blockchain Technology and spreading awareness in India and thus the first thing which I would like to make it very clear is we are not a Business or our goal is not to do only business it is much more than that, it is about Social Service. We fully note your concerns raised here. It is duly understood that as a community we are only dedicated to bringing people together and encouraging daily social service. We are already in consideration of giving it a legal form to our group as per Indian law at priority(though this is totally an irrelevant question to be asked by any sensible member of this forum for a decentralized blockchain open source project for a real social cause ,its exactly like asking Satoshi back in 2009 for his registation and license :P, but still for people back here in our country and under the current political quirks which are present in India who are still new to these things and no existing laws are present for a project like us then too we are considering to give it legal form as mentioned above our Non Profit Organation registration is lined up on 27th sept. Also, we will release the list of NGOs we would be collaborating with by 27th September.
We are built on top of Ethereum blockchain and extensively using smart contract for that purpose, thus Payback issue shall also get addressed by this.
I hope I have cleared all your doubt Thanks for your valuable feedback and for more details can visit our WP or just post a reply.
Thanks,
Varad
Indicoin

Hi friends how aer you

As all things were your wish, I have nothing to do, but when it comes to collect money from others is under financial company.  If you are not collecting monies from people then it is good to start, however Ive seen here another company from India (Banagalore) that said backed by Paypal.
 Is that company was backed or created by Paypal?

Sir,
Thanks for raising a genuine question, but it is make it clear again on this platform that we are not at all dealing in Fiat Currency. We are crypto lovers and enthusiasts, so for us to fall back on Fiat makes No sense as it will reverse all the things we have worked for sustaining and engaging people in Blockchain tirelessly for over a year and we have no connection with money as it will be exactly opposite to the concept in which we believe.

cant see this token being traded anywhere . no name of it .

sir ,
we are currently in our token sale phase.
vrd

Token sale looks very sketchy .

Sir, any suggestions and genuine advice are considered, token sale to start on 30th Sept , for pre sale we allocated 5 percent of the total supply of the token sale to raise enough funds so that we can sync our development and marketing requirements according to our roadmap.

hi everybody,

this is the official BitIndia Telegram Group:

https://t.me/joinchat/E1huKQ0ncJpqNbllHsQRbQ

feel free to join

...here you get alle informations, updates and news... at this time is the privat pre sale with min. 150ETH. the regular ico begins at 11th oct. with min. 50$

you are welcome