Bitcoin Forum

Hi All, I am starting this topic again with few questions

1. What is the scope of virtual currency in India?
2. I feel if lots people have to mine then it may not work so purely like Ripple sounds better
3. If we start, how to we get them listed on these virtual currency exchanges? .. Does anyone have any idea?
4. How many of you are ready to contribute to it? 
5. Suggestions?

well this  is the  same  problem  i have  been  trying  to  bring  up  in  the past  month.

The  problem is  of  volumes in  india.
the  second  problem is  the  economical  use of  these  crypto  currency  in  trade,(buy  and  sell) of  goods  and  services
the  trade is the  biggest  problem, for  a  currency to  be  adopted  it needs  to be  used  as a currency, not  as a  value  store  instrument, for  investment  purpose.

Right now there  are  very  few or next to nothing  in terms  of  exchange of  goods  and  service  with  bitcoin. but  this  is also  contributed  by the volume of bitcoin  available  in india.

The  solutions to this  is  

1. mine  for  bitcoins  and  have the miners  sell in  india. But  they  will not sell, most  will use  it  as a  value  store, or  sell it  abroad for  a  better  price.

2. Start the  use  of  a  alternative  crypto currency, and  have  miners  and  traders  adopt it  here, like FTC  has  the best  option  as the  volumes  in it  can  be  high enough to  sustain small  transactions.

3.  Fork a crypto  currency have  the  firs  genesis block  at  may be  50 - 60 % of the  total  volume , set  volumes at 100 million. use the  genesis block as a  price  control  system , to  prevent  foreign miners  mining  in  large  quantities and  transfer value  out of the  country.
  The 60%  control  has  to be  with  a   reliable   group,  who will only issue the  coins  out  in  the case  of  a  runaway  train  situation,  where in  a  few  coin hordes,  start  to  raise  the  prices  of  that  coin  in  a  unnatural  progression.
  Start  to  bridge  trading,  with BTC and the new  coins  allowing   value  to be  pegged with  BTC  in  due  course  of  time.  

4. Bring in  services  and   goods  transactions  through BTC  in India  so that volumes may  increase.


Regarding  Ripple . i have  always  been  against  a  debt  system economics which  ripple promotes. and   it is  also not  opensource. so cant  say  much about  ripple .

Wrong wording.

We need to flood the market with services.

 i have  been  talking  to  so  many  businesses  to  start processing   bitcoins.  the only thing they  give  me  is the middle  finger. 

Hi Subvolatil,

• I am sure 99.9% Indian business will not start accepting crypto currencies soon
• but if we start our own crypto currency and media coverage comes , more than 50% will start using
• Indian market is media driven and it will be easy to get coverage as bitcoin is in lime light
• Now we need to really think, should we go in Ripple style or Litecoin or yacoin style
• I feel indian market Ripple style is better but we can discuss this
• in case we start how many of you are interested in joining

 can we discuss this, I can setup a conference call betweeen interested parties

That  sounds  like  a  great  idea.  I am  always  for  open  discussion and  dialog.
The  greater  the number  of  people  involved in active  discussion  the  greater  the  chances of  open collaboration and  finding solutions  to this problem  we  are  facing. 

Starting  a  crypto currency is  not  a  big hurdle, but setting  the  right  characteristics so that it  accommodate  the Local users and  also its  ability to  be  used in  layer  transaction  against  BTC becomes  vital.

   Ripple  in my  view  becomes   highly  unstable  when trust  systems   are  violated. and  when that trust  system  is based on debt it  gives  rise  to  a unstable  currency market.  which  will never  sustain it self  on a   longer  run.

Lets  see how  this  discussion  turns  out . lets  outline  the  main  objectives  and  lines  of  communications  and  see  what  we  can   brain storm.

let's wait for others reply  then we will discusse

Benson, make a new members section and move these full of wisdom threads there. As of now with number of these kind of threads really growing, so it well deserve a separate section.

Ripple is not a Virtual Currency

what is it?

Its  more  of a  debt   based  system, where in  you pass  along  a debt to people. based off  which actual  fiat payments  are  made  through  their  exchange  points.

It's a more  a  less a  Keynesian economics at  play here.

Business won't accept it unless employees/small business accept it.