Bitcoin Forum

Excited to announce first digital currency for India, We are still deciding on the implementation

Should we go for bitcoin or Ripple approach but still afraid of mining in Indian environment where less than 5% people have internet connection at home

but more than 80% of youth have email id and internet access

But based on proto type itself we are in talks with couple of top online retailers to accept laxmicoin

and few of them already agreed and we have raise very small amount from angel investors


Why named Laxmi Coin: Laxmi is  Goddess of wealth, prosperity (both material and spiritual), fortune, and the embodiment of beauty

Here is more about Goddess Lakshmi/Laxmi

http://en.wikipedia.org/wiki/Lakshmi

and ours is www.laxmicoin.com

About me:
I am a software engineer and closely following bitcoin and run www.opencoin.in

Thanks, Mitts

Thats why I hate open-source!

Another altcoin  ::)

Care to tell us what Laxmicoin do that I can't do with bitcoin?

BTW this should belong to the altcoin section

this is a good greeaaat idea.  if you succeed you'll isolate india into its own currency backwater.  but you'll get rich off of it so what do you care!!!

Here are few differences
-Most of the people in India are not aware of Bitcoin
-Mots of online retailers in India don't use Bitcoin
-Here we will be backing up Laxmi Coin with % of money in Rs in case someone wants to give back, In case of Bitcoin price varies too much and many people are not comfortable with it
 specially retailers
Many more features we will be disclosing very soon

Thezeng,
This is not for me to get Rich but to provide people alternative currency to Indian Rs, Which is sliding too much recently

and give more option to people

Thread on Opencoin.in
http://opencoin.in/general-laxmicoin-discussion/laxmi-coin-for-india-and-international-market/

Great initiative.

We will help in whatever we can :)

Rgerads

Thanks guys

I think this is a historic moment for the international crypto currency community. Not all environments are the same. Having a crypto coin designed for a particular country is a natural progression. This does not sound like another cloned alt coin project.

I believe this coin will be hugely important. Crypto is not just for developed countries. Bitcoin may not suit all situations.

Like Mitts said, mining may not be best approach in India. Maybe distributing coins another way will spread the coins adoption wider. If you target mobile phone users you will have a target market of many 100s of millions.

This is a good move IMO!!

Good luck!!!

National coins can work well if you can secure them.

The problem the Brits and Canucks had with UKB and CDN respectively was not being able to get enough hashing in place to make their blockchains secure.

Currently they use Open Transactions and Cyclos and such instead of the very vulnerable, easy to 51% attack blockchain format, until their transaction volume (and hence fees to attract miners) and ability to deploy ASIC mining gear themselves (to merged mine themselves even if others won't) make it seem feasible to be able to actually secure a blockchain.

Remember that the whole security model of bitcoin/blockchains is that the blockchain is secured by far more hashing power than all the entire rest of all the supercomputers etc in all the world can bring to bear to attack with even if all the supercomputers etc in the whole world other than those securing the chain all ganged up together to attack the chain.

Even with the advantage of merged mining, that lets all the hashing power that is securing the bitcoin chain also choose optionally to secure more chains at the same time, I don't think any other chain has yet achieved that much power, has it? Mostly because most miners are not yet operating at low enough profit margins that the few percent gross income that merged mining would give them seems to them worth the trouble of merged mining.

-MarkM-

Thanks wezelvis for kind words and We had lots of discussion should we go mining way or none mining but final conclusion was in Indian environment mining is not possible but based on few survey we came to know that Indian youth generation is ready to start using crypto currencies

if you look at buysellbitco.in , he has good market and many people interested

and we talked to multiple eCommerce businesses, some of them agreed to accept Laxmicoin, Which itself is huge target for laxmicoin

Once again thanks for encouraging words

I would prefer Kālī Coin ::)

Balthazar,

Money is with Laxmi :)

Interesting and waiting for release

Thanks Tadakaluri,

Initially we planned for Diwali so people can celebrate Diwali with Laxmicoin, Still working hard to meet Diwali deadline

Hope testing goes well so we are available on Diwali

I will keep updating here

Hi,

When I see the phrase 'Laxmi Coin' it sounds like a alt coin . But as far as I understand it seems more like a payment gateway to me like bitpay .
Is this a bitpay type service targetted for India ? If so can you rename to something that doesn't have a 'Coin' . Coin just creates confusion for people when we already have so many altcoins .

Thanks,
Shvia

Hi Shvia,
This is not payment gateway and it is coin please let me know what made you think it is payment gateway I can clarify or any specific questions let me know

Yes are signing up ties with some payment gateways to help us but we are not payment gateway

Thanks, Mitts

Very interested in where this will go, however what type of coin will this be? My concern here is that you would need to focus more towards a CPU coin if you wish to obtain more followers? I cant see a 3rd world country attempt to adopt a virtual currency that requires heavy "mining" equipment. Furthemore, are you sure you want to back it with Rs? Isnt Rs worth 65-68 to 1usd? Finally the interest rate in India is crazy, maybe you can tie that concept into the coin (i meant the backing concept, of course :P)

Hehe it be worth more of your time to make a color coin and use the 9% interest rate to build yourself a NRI-style coin, basically evade the taxes that come with the accounts.

h0lybyte,

As I also mentioned earlier it may not be feasible to mine in Indian environment so I am going for pre - mined concept

as long as backing up with ₹ will help us gaining confidence and legally also it won't be much of problem

We need to decide how much worth we back up be ₹, May be 60%, 80%, 90% or 100% of purchase price  because slowly price may be increasing as well if converted to local currency

if you have any thought please let us know

So it will be a 100% premine coin people can buy with FIAT?
I dont like where this is going...

I like the idea of introducing crypto-currency to new, or underdeveloped, markets.  However I feel that any region looking to start their own coin (regional market) won't ever benefit as much as if they just adopted Bitcoin instead (global market).

Perhaps look at companies that have had good success with offering cell phone wallets (doesn't have to be a smartphone, only has to be web enabled) to see how they're finding success with Bitcoin in low internet usage areas.   M-pesa and Kipochi come to mind.

I don't believe a 100% pre-mined coin backed by x% of Rs could find success anywhere but in India.  I don't believe that's a good thing.

Duffer1,

I agree if we use Bitcoin chances of success are more as it is globally accepted but for Indian market it may not be true
As most of the Indians are not aware of Bitcoin, it is not like USA where most of the people are aware of what is Bitcoin

2nd Very very few of Indian mined Bitcoin, so to get bitcoin you have to buy them outside of India which may not be legal yet in India
if you look at RBI guide lines buy Bitcoin in bulk is illegal and needs RBI approval

That's why we came up concept of Laxmicoin which is local and % of it backed by ₹   and compliance with Indian rules & regulations

dunderklumpen,
What do you suggest in Indian market, If you look at Data how many of house holds have internet? and what kind of computing power they have?  

if we have to mine then it will not go beyond small % of IT professional and we want to reach to mass ...not just software professionals

Everybody does not have to mine it to use it, look at Bitcoin, all im saying that a premine only coin will not have a very bright future, within India or outside India cause it will not suffer from a 51% problem it will suffer from a 100% problem.
Your idea is contradicting the embrace of decentralisation cause the currency will be centralised and everyone have to buy it, buy it from you..
Your out to profit from the masses. My bet is that the masses in India are NOT VERY educated in anything regarding crypto currencys.
Wave any arguments you wont they dont make you a Crypto-Ghandi or Scrythmother Theresia anyway.
Your currency will be just like any FIAT, 100% premine

dunderklumpen,
Thanks for your point/suggestions but I agree everyone doesn't have to mine but one friend of mine tried with mining concept in India and no one even tried mining

so if you try with mining coin then people will say we don't have resource or some other excuse or blame game

Here I don't make much money .. I am providing backing by Rs  so if you want to return the coin to us back you get money back

and some of the Bitcoin community is resisting it because it is against decentralize concept but you can not apply same rule every where

and Bitcoin no one is backing it up with $$ or Rs but we will be

in case people want to return we will take it based on conditions

I think the fact is that most people here want to be early adopters and make money (ie. they're investors). If they can't mine, and if the coin doesn't increase in value over time; it's of no interest to them. Decentralization may be important to some, but not to all. Personally I don't care as much about anonymity and decentralization as I care about getting return on my investment. It being decentralized can help with that through the mechanism of mining, but it's not a must.

So if I can somehow make money with Laxmi-coin, I'm all ears. Otherwise, good luck - I can see the benefit on the Indian market, just not for me.

kriwest,
Thanks for referring  to the real point, Yes we have discussed this in our meeting,

Why someone should invest/buy Laxmicoin ????

-Initially we are planning to launch at low price and take it way high slowly as it circulates in the market  and we want our early investors to make money, They support us and we work for them

-And in this no one will loose money as I mentioned earlier % of the purchase price is guaranteed by Laxmicoin, You may loose in Bitcoin if it goes down :)

- and when you buy items from online retailers ( those who tied up with us) , you will be given additional % discount then others because we bring business to them


- Over the time price will be going up and we will not create/generate new Laxmicoin

- and Hope for good acceptance of Laxmicoin

And Hope Laxmicoin brings Laxmi in their lives

In India Laxmi is the Goddess of wealth, prosperity
 

Interesting ;)

There is no point using a blockchain, all that does it create vulnerability to attacks, vulnerability you do not need.

Just use something like Cyclos or Open Transactions if you are going to own all the coins initially, blockchain is pointless crazy stupid extra that is totally not needed for that.

-MarkM-

Why would a 100% INR backed coin not simply be called "Rupee IOUs"?

If it is only partially backed, how would you attract customers?
"Hey, buy this ___coin for 1 Rupee - don't worry, you'll get back 0.5 Rupees if you give it back to me!" does not sound like a great deal - or if it does, I am happy to sell you SukrimBTC that are backed 90%(!) by the BTC I receive! 90% is higher than 50%, right?

Hi Sukrim,
Suppose you have BTC, It's price today is $140,  you purchased from exchange x, They charge you some % for transfer or money % initially
generally it is 3% and tomorrow it is $280 then you go back to exchange and say take it back they again charge you %

we are charging for % of value for processing fee and more over we don't want to get it back but rather we want it to be in circulation

if user rather then returning us if they buy some thing or sell it forward they get actual value and % backed up value will not be 50% it will be almost near actual value

Hope this clarifies it

yes but using a blockchain means people can do double spends and stuff like that, because no way will you get enough hashing power to make it secure.

So the whole idea of usign a blockchain for it is crazy. just use normal system like all the other currencies (paypal, egold. liberty reserve whatever) do, blockchain is not suitable for a centralised currency like you are making, it is just stupid vulnerability that is not needed and it is irresponsible to open such a pointless useless vulnerability unless you are in fact knowingly conspiring the screw your users.

-MarkM-

MarkM,
We still exploring different options

One friend of mine ( Not disclosing name)  launched a currency based on mining in Indian, He mentioned to me hardly anyone tried
it means it is difficult to mine in Indian environment

We will disclose more detail as we make progress

You can check out and/or connect with the user "dishwara" on this board, he ran a GPU mining operation some years ago (and got burnt badly in the process). No idea where in India he's from though.

I am curious to see where this goes

Thanks Sukrim,
I will try to message him and please keep suggesting us if you have suggestions for improvement

We thought going for pre mined coins and backing by money is the best solution , Legally and people will trust also

Few of top e commerce websites agreed to accept Laxmicoin as payment method and will provide special discount if user pays with laxmicoin

because Laxmicoin will bring customers to their websites

Hi Zata1,
We are trying best if you have any suggestions,  we will try to improve

A nice logo always seems to attract new minors/investors!

Thanks Zata1,
We have selected a best logo in Indian environment, Goddess Laxmicoin

Goddess Laxmi is symbol of money and prosperity and most of the Indians buy laxmicoins generally Gold coins on Diwali which is biggest festival in India

and that's why we named it Laxmi Coin   Please checkout out Twitter/facebook page

www.twitter.com/laxmicoin
www.facebook.com/laxmicoin

Thanks, Mitts

Thanks Sukrim,

I am talking to dishwara but it seems he stopped mining, Looks like mining not possible in Indian environment

Thanks, Mitts

Mining is possible in Indian environment if u go sha 256 based - bitcoin type, instead of scrypt based- litecoin type, alternate crypto currency.

Thanks dishwara

As crypto community mostly comprise of atheist and agnostic people,associating religious symbol may not be a good idea.

Thanks dishwara

For info

Our Open discussion forum link

http://opencoin.in/general-laxmicoin-discussion/laxmi-coin-for-india-and-international-market/

as many of our new users not able to post here

Laxmicoin,
Is working on solution for Cash on delivery to users in India as majority of online shopping in India done with Cash On Delivery Option

http://bit.ly/1aDc4ew

Hi Mitts,

I'm looking for your colleague Boots.

If you see him please tell him to get in touch with me.

Thank you,
Mr. Blizzyrd

When? When? When?

I have beaning waiting for a long time!!!

Hi Mitts
I am actively mining alt-coins on regular basis but my experience is that the new X11 algo runs much more power efficient and also runs much cooler than scrypt on GPU, so it has much better chance of mining in Indian climate if you go for X11 algo.

not everybody has GPU in india but most of indians do have computers so you should go for cryptonote. Obviously if your looking for profit for your self anything than you can opt for any algorithm but if you want the coin to grow in india you should look at facts than some random person saying go for gpu or asic algorithms.

https://i.imgur.com/ObkEkSS.png (http://altcoin.mine-pool.ro)


Hi all,

I added the coin to the pool http://altcoin.mine-pool.ro/.


Thank You!

Daniel

www.mine-pool.ro

I am waiting for this for a very long time.
I Think it will change the future of crypto currency in India.

in india gov planning to introduce LAKSHMI Coin not laxmi coin.

Is bitcoin trading legal in India? If it is legal, then what will be the effect of GST on bitcoin (http://www.gsthelplineindia.com/blog/2018/01/10/gst-on-bitcoin-cryptocurrency-india/)? What will be the procedure of paying tax on bitcoin? I think everyone needs to know about it.

A dead coin, guess an Indian needs to do something.

Excited about the launch.
Waiting for the coin to hit exchange.

Why India need separate coin ? What are the exclusive functionality that laxmi coin is going to have which are not available from any other coin ? Without any explicit purposes why do we need another coin which is targeting a country specific audience ? Because I'm just afraid that it will be another clone without any proper purposes backing it.

In the past, we have seen some country specific coins but they were all failing because they were not capable of providing any country-specific advantages. When crypto currency and block chain technology is free of borders then I am sure having any country specific coin is completely meaningless.

So what's the use of Laxmi Coin?
Some tokens have something to do with a particular country, so I think I would choose to avoid this token, because a decentralized token requires the participation of people from different countries.

Yeah, I have heard about this coin. As per the latest information, Lakshmi coin is going thru development phase and RBI will have full control on that. It will be just like any fiat currency hence will never have the potential of bitcoin. It won't be limited in nature and will not be decentralized at all. Unless they make major changes on the fundamentals of Lakshmi vis a viz the Bitcoin (which is going to be almost impossible), I believe it will be just like the Indian Rupee which will keep getting devalued with time.

https://myaccount.laxmicoin.com/register?ref=ntuf8k6gwrkkswoc

Hi,

Signup for Laxmi coin using this link and get 500 free Laxmicoins. I will get 20 Laxnicoins for reffral.

Thanks

Suprb project

I like the initiative and wish you all the best, but i feel using names of gods and goddesses incentivizes luck more than product viability as a mission statement.

reserved
i thing lax are good one coin from india

great project

cool and confidence
we must go to exchange