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Thanks BTCIndia, Appreciate it
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Thanks BTCIndia, Yes we will do our best to live up to community expectation and release right information on right timeWe 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 |
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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.  Jai Hind! 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 |
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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. 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 |
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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. 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 |
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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. 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 |
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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 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 |
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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 |
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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
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Hi Subvolatil,
Thanks for questions and we will be open source but not immediately
it will take some time to come to that level
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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. Ans: Well if you ask me this is definitely very good , I can't make any comment about what you think what are its advantages. Ans : Well Laxmicoin will be accepted by Indian retailers and we will provide support to price.. Difficult to answer like you wanted yes or no Is it based on the bitcoin code, Ans: No is it premined and the big question is it opensource? Ans: premined but will be distributed for " Computing for good cause" You allow computing power for research purpose or some good cause and earn Laxmicoin is this being used for money transmitting purpose. correct me if i am wrong. Ans: Even bitcoin is used for trasmitting money , all digital currencies used to transfer money , I am not sure what is your exact question?  Simple yes and no would suffice too. |
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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
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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 |
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subvolatil,
Did you attend Global Bitcoin Conference Bangalore?
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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?
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=BM10sKEJRhoIndia definitely needs own digital currency which can work with local business as well as international currencies |
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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
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 |
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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.
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 |
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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.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 |
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We are again writing to RBI, Hope they reply this time
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