Bitcoin Forum

Karaagre Vasate Lakssmih Karamadhye Sarasvati,
Karamuule Tu Govindah Prabhaate Karadarshanam.

Karaagre Vasate Lakshmi

http://www.thehindu.com/business/Economy/and-now-a-desi-digital-currency-in-the-offing/article5460177.ece

I am waiting for the release of this much awaited coin.

We are again writing to RBI, Hope they reply this time

Hey when we have bitcoin, so why creating laxmicoin? Any particular reason for this and also will it only be limited to India or Internationally too it will be accepted?

Bitcoinisfurture, I'm glad you came up with this question. Bitcoin is not a future(probably) but virtual currency are for sure. "Why use one created by others, when you can create one?" must India think rather than going crazy for Bitcoin in greed. There are some fundamental flaws in Bitcoin which might lead to its failure one day. Plus, half of Bitcoins are with countries indulged in early stages(USA, Canada, EU, Russia and handsome with China) and if we(Indian's) demand Bitcoin that it would take its price to next level.We won't be able to get a hold on chunk of coins because of capital controls but only affect its price. We are not even capable of mining Bitcoin. If Indians indulge into mining full-fledged, then too we won't be able to get a hold on more than 4-5 Lakhs coin by 2140.  

We must not create demand for branded gold (called Bitcoin) developed, market and stockpiled from developed countries when its easy to create our own gold? Laxmicoin is swadesi moment of virtual currency. Battle is going to be tough!

From utility point of view Bitcoin is same as Laxmicoin. If Indians support Laxmicoin then fore sure world will have to accept it as medium of exchange.
Yeah! They'll be force to accept, if we accept.

Whoa whoa ... your making it sound like -

http://bitcoinexaminer.org/wp-content/uploads/2013/06/The-government-be-like............jpg

 ..... sorry got to call a spade a spade .... your intentions don't seem (or atleast don't sound) right to be making Laxmicoin.

I would encourage any coin that allows entry into Bitcoin.
Time will answer for whether the coin works or not.

+1 .... also I think a coin should have some uniqueness about it to pull it off .... and yes we all stand on the shoulders of BTC <3.

I really dont  want to  speculate  much about  new  coins  comming up.

This coin has no properties bitcoin has. and  is not in the  same  league as bitcoin.

Announcing  a  name and saying it  is going to be launched, only makes it  viewed as a closed source, premined coin that they will most probably use it  as a a money transfer system. nothing to  do  with  currency use.

Also something that I don't like about this campaign is that its being touted as an "Indian coin" ... I mean WTH is that supposed to mean ? Imagine BTC being labelled Japanese (because of Satoshi's supposed name) !! Atleast the developers should include some features to make this coin worthy of the names being used (Laxmi/India).

Just my 2 satoshis :-P

Thanks lot BTCIndia, and we exactly think in your line that's why we are coming up with Laxmicoin, We definitely want to launch sooner but we don't want RBI to come and shut us down

That's why we are sending letters to RBI and waiting for RBI's response

appreciate your support and looking forward to provide solid virtual currency for India

subvolatil,

Do you only want Bitcoin properties or open for better solution of digital currency which fits the environment as well works  with other international currencies?

and if anything we are open for suggestions please give us ideas

That's true we don't want to be labelled just Indian currency but our first priority to provide better solution which fits in legal frame works

if doesn't fit but RBI doesn't shut down .. we are trying best

Hi Bitcoinisfurture,

Today you see so many countries are stopping use of Bitcoin

read news below
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

and in our presentation mentioned why we need Laxmicoin

We want to work with Local business first then international business and international  digital currencies

I am not sure if you have watched this video if not please watch this and see the fear of Law agencies in India
http://www.youtube.com/watch?v=BM10sKEJRho

India definitely needs own digital currency which can work with local business as well as international  currencies

Well first  i would love to  know  what you are  launching. How is this  system any good. what are its  advantages. and the  big question is it  opensource?

Because all i can see this  being  used  for is  for  money  transmitting  purpose. correct me if i am wrong.

subvolatil,

Did you attend Global Bitcoin Conference Bangalore?

Guys,
Thanks for patience and appreciate your support

It frustrating for us too wait for lunch when we have worked so hard but we want to work within regulatory frame work so they don't shutdown us :)

noops!!!

so now  are  you  going  to  tell us, or is it  still hush hush ....

subvolatil,
if you would attended the conference, you definitely would have better idea about Laxmicoin

Please list all your questions I will try to answer or we can have a skype call if you want more detail
and we will welcome your suggestions

How  about a  quick question  Like

 How is this  system any good. what are its  advantages. Is it  based on the  bitcoin code, is it premined and the  big question is it  opensource?

is this  being  used  for money  transmitting  purpose. correct me if i am wrong.

Simple  yes  and  no would  suffice too.

correction  i should  have  said  transmitting  fiat  currency.

Thank you  for  your  answers  it  clears  up  alot  of things.

you missed out the  last and the most  important  question . is it open source?

Hi Subvolatil,

Thanks for questions and we will be open source but not immediately

it will take some time to come to that level

Thanks to everyone on this forum for support and We definitely want to launch soon at the same time want to be careful and follow legal frame work

We open for idea and suggestions


special thanks to Benson who has provided us valuable suggestions

Something that has been running through my mind is a foreseeable co-operation with current regulatory regimes until these regulations change.

What makes Crypto so invaluable is the speed at which it can adapt to the system and make a change.

Honest opinion of Laxmicoin:
It bridges a gap. A gap that can be covered quite well with a campaign for an Indian coin. Cannot do non-premined Indian specific crypto coin.
It is not a long term coin :(.. We are behind those technologies now, but there will be a market for this for the next 5 years atleast.

If these are the options that you guys are considering as well, then I would kinda like to 'wait and watch'. There are several used cases for this kind of currency/ technology and it would be good to see how it works.

1 big problem that you guys will face is that once you'll get a legal framework in place, Ripple will take over that space ;)

Again with the ripple crap.  trust me  ripple doen not  have  any thing  that is  self  containing . It needs  constant input  regulation and  human interference. there is not  difference  between  how  ripple  and  actual  currency  works, this holds  true  for  the  Laxmicoin too. Regualtion on how  the  coin  should  behave  will make in no  difference  to  what fiat  is , Prone to inflation and  flawed.  Trust me  when ever  there is  a cloak and dagger involved it's not  good  for a  community  born out of a  opensource  program

By the  way  it is  regulation and  excessive  control by governments that make the  current  fiat  system  flawed. The bitcoin  network  removes  that flaw  by  making  sure  a  system is not  tampered and makes  all  transactions  open and public.

A  simple word this is not  a long term coin  when the  creators hold  all the  coins and  can  set  price  and  market  fluctuation to their  will.

An a non-open source  crypto coin sounds  like  a  breach to the MIT licences.  but who  knows Laxmicoin could  have  built it  by  scratch and implemented their own algo. cant  say any thing  about that without  reviewing the  code. 

Thanks for input but market  fluctuation can never be more than Bitcoin, Within hours it changes upto $300

it is considered too be biggest market  fluctuation of century :)   

Exchange rate changes in hours and if you see it is stolen every other day

These exchanges make too much of money by selling and buying Bitcoin

Coinbase charges 10% for buying and 10% for selling .. this is completely scam

the market fluctuation is because of isolate exchanges. as long  at there are  isolated exchanges the price fluctuation  will be  manipulated by those holding the largest amount. but that hold is only temporary, every year  there is  spike in bitcoin prices and every year  the  ratio at which this  spike happens  is lowered. that shows the indication that those manipulating the currency  is  loosing  grips in  manuplating the  market as more  distribution of  bitcoin happens.

however with a system like Ripple and the one you  are proposing it  will  fluctuate, due to many reasons , government  intervention, economic collapse, internal rigging, DDos attack, on you main node, a mass dump by a  person holding  a  large  amount of the premined coins and many more.

Benson,
I agree this market is for 5 years but today's market mined currency is not feasible in Indian environment

yes definitely we will have to innovate and change with time

How many people  have Bitcoin, How many people in India have Bitcoin?

Our will be much more distributed then what Bitcoin can be, I am sure not more than 10,000 people in India have bitcoin or max 100,000 people

100,000 people out of 1.2B people 

By different mean of owning Laxmicoin we will make sure this is distributed right and try to do our best so more people can own it

lets think about this, What % Indians own computer?

Out of people own computer % are good for mining , In this case mass of the population will be left without any laxmicoin  or Bitcoin

our aim is to come up with solution which maximum people can use it

if you have suggestions we are open to idea please let me know,  I would love to have skype call with you and get ideas/suggestions

Well the problem is this, you'r proposal  suggest that there needs to have a central  authority.

this  central  authority  issues  the  coins. (This  it self  creates a problem "Why would a central authority issue  coins")

Issuing  central authority will hold all the  control on  what price  fluctuation it  will make. e.g today you may decide to  sell the coins at the rate  of  Rs. 10 for the next  1 years, and  for  some  reason  you  then  start  selling  it  for  Rs.2.

Or  some one  else on the market has a lot of these coins  and  then starts  selling  it  at Rs. 2  the you  start to  sell it  at Rs 2 to  make up  for the  cost, what is there to  stop such a  thing  happening.

You are  saying  you will make it  distributed to  other  using  it, and  will earn  your  coin  if they  contribute  their  computing power. How  will you track their  contribution. through  hash solution, or  login  time?

Then comes the problem  of  transaction processing,  with a DDOS attack on you  main  node  or  even  all the distributed  nodes  a  DDOS  attack can  be  sustained . secondly  what about the  51%  attack on your  coin, what if  some one  with  enough processing  power  gets  to your  network and  processes  his own  transactions  then  he  can   effectively  ruin  you entire  ledger.

The  other  big  problem , because it is  a central  authority issuing  coins  , what if a  hacker  gets to your  wallet and  destroyed all your  coins. how  will you  address this  problem. You will be  handling  a lot  of  coins  and  will most probably have to have your  wallet  with a  significant  amount of  coins  on it. cant  keep  transferring small amounts  from  a cold  wallet to a  hot  wallet  a 100  times a  day. 

the most  biggest  problem i  see is the DDOs on your  nodes. a  sustained DDos attack on the  nodes for  a  week would  mean  the coin becomes  as worthless as sand. Ckz you will have  verry little  number of  nodes.

Excellent question and we actually answered this in our presentation in Global Bitcoin conference, We will have distributed ledger we are working on this strategy
and all Laxmicoin Wallet will be made public

Putting cap and setting basic valuation we are still debating on this

but in general also if you look Bitcoin is stolen so many times but no one could stole ripple :) .. although we are not working like Ripple but want to compare

Well i like that you said that this is an  excelent  question but the  answer  was  not  excellent enough. The  bitcoin conference was not  a  conference in which the  indian Bitcoin community  attended and many stayed back  even  those  from Banglore, if you are under the  illusion that your  presentation  made  it  outside  that every one  now  know  the  answer  then you are  mistaken.  The  true  community is in here, and  the  answers  are being  requested here. and if you be  so kind as to  bestow  your  answers to us it will be  more than  helpful, or may be  even a  whitepaper. Right now  it looks like  you havent  started  with your  project and  doing this  just  to  hype  up  what ever  altcoin you would  release and  make  a  quick  buck on it.

Please don't make comments without knowing, We will release the details when required meanwhile you can do guess work

Well in that case i call it  bullshit. you dont  have any thing. and  just  another  Quick  money making  scam. If you do have a product i will make sure that you follow ethical process. ie opensource codes from a different program needs to be  credited to the right source. i hope you follow protocol especially when you are talking about your fictional coin.

p.s i am really good  working with Ida-Pro when i am determined to find code copyrights violation.

Good luck with your  endeavor and stay honest. Stealing from the opensource community will get your booted out.

Dear thenoblebot,

Greetings! Can you please kill 'greedy part' for a minute and think yourself as "Mother India" and try to see Bitcoin from her frame of mind. Hopefully, you'd able to see what I see and mean.

P.S. I don't appreciate Laxmicoin until and unless all information is public. I only appreciate Swadeshi Virtual Currency.

http://www.columbia.edu/itc/mealac/pritchett/00routesdata/1800_1899/congress/bharatmata/vhpversion.jpg

Jai Hind!

Dear BTCIndia,

Learn to look beyond boundaries, there is a whole world out there having the same needs. I don't think at all that we need a  "Swadeshi Virtual Currency" .. we just need a currency that solves problems of real people .. irrespective of country, caste, color, religion, sex, etc.

And don;t get me wrong I might sound tongue in cheek but I say the above with all humility. Imagine if all of us thought the way you said ... there would be 200+(for every country) digital currencies (we already have fiat for that). And all of them are just manipulated and also make for a very inefficient system (which is why BTC sprang up in the first place ... ah what am I saying - the world is just round ... if you know what I mean).

Cheers

Okay, I'll learn to look beyond boundaries. I've update myself with the needs of whole world,now. About, Swadeshi currency- we all have freedom of thought. I can't sub-consciously force you to accept as I'm not developed with tools like marketing personnel out there...Chuck it! You're west, I'm east.

Cheers to Bitcoin!
May God bless Bitcoin but after my country!

Lol cmon I know you have to run a company in India but atleast don't sound so naive and make it sound like an "us vs them" :P . We are all in this together.

Cheers to Bitcoin!
May God bless Bitcoin after the whole world !!

PS: I am as "eastern" as you claim to be :P

"Us vs them" is always there only difference is platform where this occurs. In past it occurred over spirituality then things changed to physical dominance.. thereafter came money as a form of domination. We're living in age physiological domination.  Look at me me now, trying to conquer you with arguments and hollow logic's. It's always "us vs them", m'dear. How can you deny competing economies existing in world? Apply same to Bitcoin ecosystem and ponder. If ' by together' you mean virtual-currencies then for sure, I'm in.

My concern is- Bitcoin is tradition english and Swadeshi Currency will be English 2.0. Even if new English had marginal improvements over traditional English where is the infrastructure? Where are the vast tomes of literature written in English 2.0? Where are the speakers and writers and scholars of this new language? Where are the libraries and Wikipedias full of English 2.0 articles? How many newspapers are written and conveyed in English 2.0? How many podcasts, videos will disseminated in this new alternative currency matters. That infrastructure wouldn’t exist, and neither therefore, would the users. This is merely the natural, spontaneous consequence of network effect, and it applies to English as a protocol for language just as it applies to Bitcoin as a protocol for money.

I'm still contemplating... ::)

Hail crypto-currencies!
Reject Bitcoin!

Guys,
Hold down and wait for announcement , We will make everything public and it is honest effort but some people want to know before we have announced

We are making every effort to launch but we have legal hurdles and be assured we will make every detail public

Laxmicoin,

I request you not to take advantage of Swadeshi sentiment to promote Laxmicoin rather promote it on concept. I sincerely wish your Laxmicoin lives upto communities expectation. Eagerly waiting for further information for further support.

Thanks BTCIndia,
Yes we will do our best to live up to community expectation and release right information on right time

We are putting honest efforts and as we mentioned earlier we are open for suggestions and ideas but have patience and wait for right time

It is easy to make comments here but difficult to get reply from Law agencies :)

I request this community to write to Indian govt to have policies in place for digital currencies

I understand the mental pain your're going through right now, your feelings bubbling for the government, test of patience you're going through. I mean, every single emotion! I must remind you that, you're not in some desi trade where you just buyandsell like a provision store found in native Indian gali for sake of making money(in the name of organizing market or reducing pain of customer) thereby promoting semi-understood philosophy wrapped in surprise gift of economic imperialism. I believe, you've a vision.Trust me, everything will be okay in end, if you're right.

May god give you god thoughts and power to execute them!

Om Sarvesham Svasti Bhavatu
Sarvesham Shantir Bhavatu
Sarvesham Purnam Bhavatu
Sarvesham Mangalam Bhavatu
Om Purnamadah Purnamidam
Purnaat Purnamudachyate
Purnasya Purnamaadaaya
Purnamevaa Vashishyate
Om Shanti, Shanti, Shanti

Thanks BTCIndia, Appreciate it

I appreciate you appreciating me that I appreciated you for task that would be appreciated in future.
Keep it up! :P

Guys, This is my fear
I understand Laxmicoin is delayed but this is my fear

Indian Bitcoin Exchanges Suspend Operations Following RBI Warning
http://www.coindesk.com/indian-bitcoin-exchanges-suspend-operations-following-rbi-warning/