Is this site by Sunny Ray and is he on the forum?
Another thing has anybody traded with the site, how the experience if yes?
Also, the site states that strict buying and selling rules applies? What the limit currently anybody?
Just use INRBTC its a better choice if you want to trade according to your own rules. otherwise you can always use buysellbitcoin.in for emergency purchase. |
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Fixed rate of distribution of the Crypto at a set price with inflation calculations to raise the price marginally every day?
Free market equilibrium will reject the notion of set/controlled pricing model and the whole thing will collapse on its head because it is not backed by anything. I find the idea of demurrage and Freicoin's implementation very interesting. Its a brave attempt to code a very real crypto problem. I am not saying its a good solution, only time can tell but its the correct identification of the problem and a laudable attempt. It forces us to see Freicoin as something other than a commodity (which ironically might spell trouble for them in the long run if it does not get retail traction). It might be ahead of its time because no matter what we say as a community we don't actually see cryptos as a currency, we see it as an avenue for a quick buck - well most of us anyway. Inflation I think should not be applied to price but to purchase parity. In due course purchase parity of what you have in hand erodes when supply increases. What a dollar can buy for you today will always be a lot less than what a dollar can buy for you in 1900. Friecoin tries to reduce what you have in hand when the real solution I think should be to reduce the value of what you have. In real terms this is done by increasing money supply. The Fed Reserve does this by continuously printing money from thin air - (the world's greatest Ponzi scheme if you ask me). Can we code for inflationary tendencies, sure we can. Each year a variable number of blocks can be made available to be discovered thereby keeping monetary supply infinite and adaptable year on year. Coins that go out of circulation and/or hoarded are not such a big problem. The variable can be determined based on a number of factors that effect the ecosystem. Keeping variable discovery as an option also mitigates early mover advantage to some extent, because every year more people can join in. Reinforced supply will keep the exchange price in check as well which will also have an influence of the difficulty of mining. now this is some thing to think about. Freicoin has attempetd to do some thing to spur a change in the was currency circulation is done. but not perfect enough .. I do think that there could be a better way to implement a system, that would sustain it self in a turbulent ecosystem, some thing that can be perpetual that adjusts it self on the bases of the total volume movement of coins, that adjusting keeps hording at check. adjust the coin supply up or down based on the network and economic status. i dont think a cap on the number of coins can be set, given the number of coins that do get lost. That too need to be factored in. But a fixed rate on crypto is a disaster waiting to happen. |
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I agree completely that this anyone calling this an investment product is making a scam statement.
but, most of text that you have posted, points back to the ideology rather than something that can be assured in code.
Yes the problem with this is that when you assigne an object a value it can be used both in terms of investment and barter(money). How we distinguish this and make it implemented is to make people realize it is a better option as a transactory medium than investment. I cant fathom how this can be implemented in a code. |
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Bitcoin Exchanges/ brick and mortar end points will always be the weakest link in the eco-system. We just got a full HD demo from China today.
While, these moves cannot damage Bitcoin much, by design, Bitcoin was meant to be more of a F2F kinda commodity.
How can these F2F transactions be tracked and how can they influence/ set the market prices?
Anyone who has been working on something like this and would like to exchange some notes would be awesome.
Have you read the forum post in which Satoshi Nakamoto , talks about the Wikileaks acceptance of Bitcoin, he said that this would not bee good he did not want a sudden world wide interest in bitcoin, and was warning against it. The reason he was doing this is that he knew that sudden acceptance of bitcoin would , Firstly, it would raise prices which crates Bubbles, always. Secondly, it would give Authorities very little time to understand the concept and mostly get it blocked. The problem China faced is that The Investors got to it. Investing in Bitcoin in such institutional manner would always be bad. China has alot of Bitcoin Vendors, sellers and service provider, it was not in proportional manner to the investors and service providers. I blame the Investor factor to this fall. the Tulip madness was true in case of china. Now that the Chinese government has asked banks to stop working with bitcoin companies . the only option the bitcoin companies have is a Face to face exchange. or a distributed network to collect cash but that would cost to much. Right now bitcoin is not so strong that it can survive without a banking facility . it needs the existing banking infrastructure to grow. Now, the only bitcoiners that will be there in china are the hobby based bitcoiners, bitcoin miners, the mining companies, and a few goods and service providers. in a way is a good thing bitcoins would go back to the tech guys again. For China i say this was a Good thing that happened to them, this came about when china now has a lot of bitcoin and litecoin already in the country. It will give rise to innovative solutions and workarrounds that we need in a case of a non -banking environment. Atleast it will be a good Test environment. What i Caution India with is that, not to hype Bitcoin as a investment tool. this hype will create a much unneeded bubble. Investors in the currency is not a requirement, Bitcoin is a currency system it was designed to be used as such it needs to be conveyed that Bitcoin is a currency not a investment tool. we need to first start having some online stores and merchants start using bitcoin. keep the press away from blowing this out of proportion, and have more technically sound people involved in the bitcoin community, in building a community that can help things grow. This is an opensource project the concept of an opensource project is user freedom and public collaborations, the community needs to be more involved in helping others and working together in building ideas. Business type of things are good. But right now, at this point is where a community is needed, not business cutthroat competition, and giving luster shine information to gullible people( face it there are alot of idiots out there). Business cutthroat involvement can come later after 2-3 years. India is at a stage then when bitcoin were first released when the community was the one supporting the project the ones who contributed to open ideas and collaboration were the ones, that was able to help bitcoin come to the point it is at now. It needs it community to work together first. Bitcoin Exchanges/ brick and mortar end points will always be the weakest link in the eco-system. Not really we need is a exchange that can be viable in a banking blockade type situation, pick points and third party payment processors, an exchange can use. and in the goods and services part we dont actually need the physical shops any more it only needs a good amount of online traders and service providers working on it. |
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Fear mongering total FUD, mostly financed by bankers to write this article. Money talks. Dont believe every thing they say. These people are from the conformist government obeying sheep's will believe what ever any institute tells them to believe in |
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Ha, under 500.. This bites..
yup and think now i am gona start buying big. heheheh. lost alot in the last rise. going to make a killing in this fall. |
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at what rate do you guys expect btc to go? and do you think will it stabilize or again shoot up to 800 usd?
it will go down to 400 . and then stabilize to 500 for the next 6 months. |
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Also you would have a better idea on this as you are on their frontpage too .  Lol, not anymore. Benson just became Carol. One pointer to note. They need PAN and accept only NEFT but Carol looks and sounds (not so Indian) *cough* *cough* She has been involved since the start. She is infonetenergy's wife. That is worst than putting your name in it. is't Infone...... sunny. the same guy from Coinmonk. that started this website. |
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yeh may be do regular weekly or bi-weekly meetup on IRC. that should help have some good experts on it to answer questions and help people through any questions they have.
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Bitcoin mentioned in a TV series, Almost Human. http://www.imdb.com/title/tt3336036/Almost human, Season 1, Episode 6 @ 30:40. A girl forced to pay using bitcoins so that her illegally stolen artificial heart will function another 30 days, until next payment of 4,999$. To those want to watch show, BIT torrent is an easy way. SPOILER ALERT: 00:30:27,696 --> 00:30:30,197 It's another Vastrel Alpha. 00:30:33,668 --> 00:30:37,004 My mother used to hide money in her sock. 00:30:43,044 --> 00:30:45,012 Bit coin. 00:30:45,046 --> 00:30:47,081 Totally untraceable. 00:30:47,115 --> 00:30:49,116 How much has she got on there? 00:30:51,753 --> 00:30:54,321 4,999. 00:30:54,356 --> 00:30:56,223 She <i>was</i> going to make her payment. 00:30:56,258 --> 00:30:58,392 They didn't care. 00:30:58,426 --> 00:31:00,461 We were right. 00:31:02,464 --> 00:31:04,832 They're shutting down. Yeh i saw it yesterday it was funny seeing them look at a small device that looked like a future Trezor. Oh and bitcoins was also mentioned in the cartoon Simpsons , by crusty the clown. funny he said that he made bad investment in bitcoin and lost everything. reminds me of all the noobs that keep crying after a whale pumps and dumps. |
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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 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. |
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Has Coinmonk kicked off their site?
yeah, check out http://unocoin.com/I tried to register, but no mail was sent to me. Looks like coin monk is Falsely advertising Benson Samuel name to make a buck. What a bunch of scam artist. Would not trust them . Lemme talk to em first.. I just had to do this. Regardless if they were just doing a trial. Putting up a testimonial without that person actually a being able to signup for that service. Its cold. Way to cold.  |
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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. |
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Has Coinmonk kicked off their site?
yeah, check out http://unocoin.com/I tried to register, but no mail was sent to me. Looks like coin monk is Falsely advertising Benson Samuel name to make a buck. What a bunch of scam artist. Would not trust them . |
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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. |
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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. |
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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. |
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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. 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? |
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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. 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. |
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