Indian Version of Bitcoin

[mitts.daki]

My key aim is to uncomplicate Bitcoin for the Indian and make its entry as frictionless as possible.

Bitcoin having any perceptible usage in India would be of benefit for those using it in India and for Bitcoin itself. Good luck in your endeavors.

Lets start Indian version of bitcoin

[legendster]

My key aim is to uncomplicate Bitcoin for the Indian and make its entry as frictionless as possible.

Bitcoin having any perceptible usage in India would be of benefit for those using it in India and for Bitcoin itself. Good luck in your endeavors.

Lets start Indian version of bitcoin

Hindcoin ? or Sanskoin ? KamaKoin ? Omcoin ? Namastecoin ? bharacoin ? Sikka Coin ? lol

Ok jokes aside, try & keep this thread just to say 'hi's * "hello's" as newbies ^_^ (suggesting)

[mitts.daki]

it will be Lamxicoin

[mitts.daki]

Hi All,
How is the idea ... Indian version of bitcoin .. Laxmicoin?

[ralphtheninja]

Hi All,
How is the idea ... Indian version of bitcoin .. Laxmicoin?

Why would you need an indian version?

[mitts.daki]

Because Bitcoins are so limited and 90% of Indian will not have access to real bitcoins

so we need a desi version which can be converted to bitcoin

[buysellbitcoin]

Because Bitcoins are so limited and 90% of Indian will not have access to real bitcoins

so we need a desi version which can be converted to bitcoin

You can easily start one, but really it is not worth, because you will really need to work very very very hard to get enough hashing power in to save it from 51% attack.

Cheers

[LaggedOnUser]

Sounds like it might be possible.  Create a new coin and an exchange that only accepts Indian currency by design.  Popularize it only in Indian languages and forums.  Contact only Indian businesses to accept the coin.  However, it would not be easy to prevent other people from actually using the coin, even if you try to place geographical restrictions on it.

Elsewhere I have suggested that your coin should use a combination of proof-of-work and proof-of-stake, meaning it should be based on PPCoin.  Also, I think a new coin should feature a constant, high rate of coin creation, such as 1 billion coins per year forever.  That way you don't favor early adopters.  Indian people can learn about the coin for years and it can gain acceptance.  They can still sign up and mine some coins, instead of them all being hoarded in someone's account or lost.  Lost coins would be automatically replaced with new ones.  The inflation would be tolerable, since it would decline over time, and would only be 10% after 10 years, and so on.  Further, more people using the coin would bid up the value of the coin and compensate for the inflation. See more discussion in Coin Complaint List thread (https://bitcointalk.org/index.php?topic=183256.0).

[mitts.daki]

I am infact thinking lets not keep mining because that's just waste of time and resources

rather we have different algorithm 

[Benson Samuel]

I am infact thinking lets not keep mining because that's just waste of time and resources

rather we have different algorithm 

Watching this topic. Seems interesting.

[LaggedOnUser]

I am infact thinking lets not keep mining because that's just waste of time and resources

rather we have different algorithm 

I agree that mining is quite inefficient in the original Bitcoin model.  That is what the PPCoin model was set up to address by making it more efficient.  Aside from pre-mining all the coins and just giving them away, how do you intend to secure the coins any way that is different or better than these?  The mining is not a waste in the original design because it is the basis for the security of the coins.  Having the network devote such great computer resources to mining prevents all but the strongest attacks (51+% of your total network power or coin ownership would be needed).

The mining aspect is basically required by the decentralized model with no trusted 3rd party.  Since you can't count on any one person (or their computers) to keep it fair, the whole group is being asked to keep it fair.  That's what mining is.

[mitts.daki]

Yes I like opencoin/ripple concept where you don't have to mine

[Benson Samuel]

Yes I like opencoin/ripple concept where you don't have to mine

Should try setting up a server for Ripple in India.

[Stephen Gornick]

Because Bitcoins are so limited

The rate of currency inflation is limited (currently just under 11% per year on an annual basis).  That is what allows a bitcoin to hold its value.

and 90% of Indian will not have access to real bitcoins

A digital cryptocurrency does require computing hardware and connectivity, but either $40 android devices or dedicated hardware wallets will extend bitcoin to even the poorest regions of the world.   Additionally, there will be innovations such as inexpensive scratch-off prepaid cards allowing bitcoin value to be stored and carried by even those with no technology.

so we need a desi version which can be converted to bitcoin

Bitcoin is a proof-of-work based cryptocurrency.   It is vulnerable to a 51% attack, however the prerequisite to such an attack is accumulation of tens of millions of dollars of hardware.  (though if just ASIC, that amount is still under $10 million today but ASIC hardware is not available in quantity yet, so it will be tens of millions of investment by the time excess ASIC capacity is available).  

But alternative proof-of-work based cryptocurrencies (like Litecoin, and especially a new one like you suggested with a desi version) are more vulnerable to a 51% attack.   The thickness of the walls of a bank vault need to be the same whether inside is just $1 million or $2 billion.   The same issue exists with proof-of-work based cryptocurrencies.  

Now Ripple might be something to look at.    With Ripple, one might extend an INR loan to another person through Ripple -- a family member perhaps, or even a member of the local community with repayment of the INR loan informally backed by some gold jewelry.

Or Open-Transactions might be the enabler.   With open transactions, contracts for any type of asset can be issued and traded.   A specific Open Transaction node could even be tailored to a specific community (versus a larger region or nation even).

[mitts.daki]

Yes and we can have tie up with different bitcoin, ripple or other form of virtual currency traders

[legendster]

Hi All,
How is the idea ... Indian version of bitcoin .. Laxmicoin?

Why would you need an indian version?

Because it is in our blood to copy the western trend and make a cheap copy of it and tag it 'Desi'

Personally I dont see a reason why should there be any more new 'types' of crypto coins. It will be utterly useless ..

[rezurect]

Well guys with good reaserch backgrounds could still make a coin, which can survive the competition, there are lots of alt coins including bitcoins with small and large flaws in them.
bitcoin with 10 minute confirmation time is not designed with ecommerce in mind. Current e-commerce systems handle millions of transaction a second without confirmation delay. Bitcoin can handle the million transcation per second rate if scaled. But the 10 minute confirmation delay will remain. Double spend is another problem.The scope for alt coins remain.
Bitcoin is just the stepping stone, version 1.

I`d like to see a Desi coin  worked and  backed by at least a few researchers , a whitepaper and a thorough peer review. Any thing less than that might end up a dump.

[Benson Samuel]

Well guys with good reaserch backgrounds could still make a coin, which can survive the competition, there are lots of alt coins including bitcoins with small and large flaws in them.
bitcoin with 10 minute confirmation time is not designed with ecommerce in mind. Current e-commerce systems handle millions of transaction a second without confirmation delay. Bitcoin can handle the million transcation per second rate if scaled. But the 10 minute confirmation delay will remain. Double spend is another problem.The scope for alt coins remain.
Bitcoin is just the stepping stone, version 1.

I`d like to see a Desi coin  worked and  backed by at least a few researchers , a whitepaper and a thorough peer review. Any thing less than that might end up a dump.

Another feature that we need for Indiacoin is a leveling of technology. We know that hardware always reaches India late.
How can we bridge this gap to ensure that even late adopters due to circumstance can make some cryptos.

[mitts.daki]

exactly, we can distribute through pan waala, Milk man, like SIM cards

[tenakha]

Here are my suggestions for more Indian Coins

Punjabi based:

- CDPCoin (Chak De Phatay Coin)
- BhangraCoin
- BBCoin (Balay Balay Coin)
- JWMCoin (Jab We Met Coin)

and some Bollywood Coins:

KKHHCoin (Kuch Kuch Hota Hai Coin)
BBCoin (Big Bachchan Coin)
K420Coin (Khiladi 420 Coin) [ be careful of this one ]
GSCoin (Gabbar Singh coin) - very volatile
DDCoin (DevDas Coin) - tragic
K3GCoin (Khabhi Kushi Kabi Gham Coin)
DhoomCoin (obvious).
SKJCoin (Sheila Ki Javani Coin)

what do you guys think?