Indian Version of Bitcoin

[mitts.daki]

KhotaSikka

[1714645455]

1714645455

[mitts.daki]

Good names, Guys any suggestion for a more open discussion form for Ripple/ Bitcoin
where no restriction on newbies or anyone

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?

[Benson Samuel]

Good names, Guys any suggestion for a more open discussion form for Ripple/ Bitcoin
where no restriction on newbies or anyone

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?

I can invite the founder of Ripple to our thread.

[subvolatil]

well i  have  pondering  on this  concept  for  quite  some time.
the main  problem  i faced in india , was that people dont have access to bitcoin and  to  purchase it is  real  difficult .  Transfering money outside is next to impossible. the government  makes it hard to  citizens to  send money abroad . but  makes it so easy for the corrupt  people  to  transfer their  millions to  swiss  banks. i had my  account frozen for  trying to send  money to mtgox. they thought  i was laundering  $100 out of the country took me  4 weeks and a  shouting match with my bank  manager to  get  my account  working. 

What we face is   the low  volume of  bitcoins in india.  Mining  rig owners  dont want to  sell bitcoin  in india in bulk, one of my  friend ownes  a sweet  gpu mining  rig and he sell it outside.  I  dont know  if there are an others  who are mining  for profit.
so  either  the mining  operation in  india  needs to increase , may be  get  some investment  on  ASIC/FPGA rigs or try to develop it our self. there are many  good engineers in india  who  can  do a  swell job  designing  these  boards.

The other option is to Have  another  cryptocurrency  launched have it  mined in  india  on a mojority  basis  and  have  the maximum  number of coins in  india use that coin  to  convert the  INR to  crypto  currency , and  from there to  either use this  as a  base line  crypto currency in india, or use it as a trading   currency  for bitsoins. 
Once  an INR  value is  transferred to the alternative  crypto  currency , the same  value  can be used in a  transaction  for  bitcoin.  just like  bitcoin  to litecoin.

What i  propose it the  second  option . create a  Fork of the new  Feathercoine, have  the genessis block  also  mined in india and  set  the number of  coins to  about  4X of the number of litecoins.  let  the mining  be done  mainly in india at  first and  let  market forces take over  after that . 
We need  a  fork of Feathercoin which is a fork of litecoin.
we need miners in india,  alot of them
we need  a  mining  pool . (Which should be  easy to setup)
We need a  exchange (which should not be  a problem as it  can accept inr payment  of  bank transfer online payments and cheque payments. )
Give it  6 months  to mature to a  stable   currency.


PS the  Chinese  have their  own  coin now. CHNCoin .http://chncoin.org/

And by the way  a name  can come  later. lets  discuss concepts  first. 

[Benson Samuel]

well i  have  pondering  on this  concept  for  quite  some time.
the main  problem  i faced in india , was that people dont have access to bitcoin and  to  purchase it is  real  difficult .  Transfering money outside is next to impossible. the government  makes it hard to  citizens to  send money abroad . but  makes it so easy for the corrupt  people  to  transfer their  millions to  swiss  banks. i had my  account frozen for  trying to send  money to mtgox. they thought  i was laundering  $100 out of the country took me  4 weeks and a  shouting match with my bank  manager to  get  my account  working. 

What we face is   the low  volume of  bitcoins in india.  Mining  rig owners  dont want to  sell bitcoin  in india in bulk, one of my  friend ownes  a sweet  gpu mining  rig and he sell it outside.  I  dont know  if there are an others  who are mining  for profit.
so  either  the mining  operation in  india  needs to increase , may be  get  some investment  on  ASIC/FPGA rigs or try to develop it our self. there are many  good engineers in india  who  can  do a  swell job  designing  these  boards.

The other option is to Have  another  cryptocurrency  launched have it  mined in  india  on a mojority  basis  and  have  the maximum  number of coins in  india use that coin  to  convert the  INR to  crypto  currency , and  from there to  either use this  as a  base line  crypto currency in india, or use it as a trading   currency  for bitsoins. 
Once  an INR  value is  transferred to the alternative  crypto  currency , the same  value  can be used in a  transaction  for  bitcoin.  just like  bitcoin  to litecoin.

What i  propose it the  second  option . create a  Fork of the new  Feathercoine, have  the genessis block  also  mined in india and  set  the number of  coins to  about  4X of the number of litecoins.  let  the mining  be done  mainly in india at  first and  let  market forces take over  after that . 
We need  a  fork of Feathercoin which is a fork of litecoin.
we need miners in india,  alot of them
we need  a  mining  pool . (Which should be  easy to setup)
We need a  exchange (which should not be  a problem as it  can accept inr payment  of  bank transfer online payments and cheque payments. )
Give it  6 months  to mature to a  stable   currency.


PS the  Chinese  have their  own  coin now. CHNCoin .http://chncoin.org/

And by the way  a name  can come  later. lets  discuss concepts  first. 

Careful with the Chinacoin client.. It has a clipboard logger, I heard

[subvolatil]

i am not  even  coming  close to a  chines  based  coin  right now  . 

[mitts.daki]

Guys,
I have purchased opencoin.in domain, I am thinking to start ripple discussion form

and later I may start Indian version of Bitcoin

any suggestions???

[Fernandez]

CNC is not really a 'China Coin'. It was a half hearted effort by a Chinese who most likely has sold out by now and is driving a Bentley.

Like the idea of an Indian Coin. However, I think we shouldn't rush into it and see how both FTC and CNC pan out to learn the lessons.

Also, I am not a programmer myself; so won't be a dev but would like to see some unique features involved. Currently any altcoin release follows the same trend:
1> Launch with low difficulty which generate literally millions on the first day itself.
2> Difficulty retargeting can't keep up with the 4x limit and so coins get produced hell of a lot faster for at least a week.
3>Difficulty spikes finally to make up for lost ground and miners leave en-masse.
4>Coin stuck at high difficulty while most of the earlybirds dump everything and laugh all the way to the bank. WIth blocks being generated extremely slowly confirmation takes ages.

[rezurect]

Vorksholk Coin: Project on hold
https://bitcointalk.org/index.php?topic=193948.msg2012189#msg2012189

The coin itself will have a block reward that increases with hashing power. While this doesn't benefit early miners as much as current alt coins, it makes the coin have a more foreseeable e future. While the details are still sketchy, I plan to program the coin to award the square root of the current difficulty times some convenient constant. For example (subject to change a TON), a block when the total network hashrate is 1MH/s would be worth one coin, however a block when the network hashrate is 2MH/s would be worth around 1.41, and a block when the network hashrate is 10MH/s would be right around 3.3. When hash rate gets to 100MH/s, the block reward is 10 coins per block.

The idea is to make coins have some hope of keeping up with increased adoption. A one-to-one ratio of hash power would cause trouble with pump-n-dump, or hyperinflation of the coin. However, increasing block reward as difficulty increases in a non-linear fashion allows the coin to not be so hard for latecomers to adopt, while still giving early adopters their fair share of earnings.

One of the ideas floating around.No coding done yet.  

edit:
A new coin would be extremely hard to implement, so the view till now suggested elsewhere in some thread is a fork of FTC > LTC, with parameters adjusted, but it could easily be "51'd" on launch, considering the fact that Indian miners number in the hundreds(under 2000)
LTC: difficulty adjustment 2016 blocks
PPC/NVC: difficulty adjustment each block

I'd recommend you guys to look into a 51% attack resistant coin's fork. People have apprehensions about NVC because of the premining and subsequent destruction. NVC/BTC still trades >@.025, despite a large section(Western hemisphere) viewing it as a Russian scam.
1)Russian lineage and support.
2)PPC coins advantage: Hybrid (POS+POW):Long term efficiency + Diff Adjustment/block + Scrypt (LTC):ASIC resistance to a limit
3)Initial Checkpointing:: Additional 51% protection.

Technically the best coin in my view.
Assumption: A clean launch could easily gather support, and even external support, as people would really support a Novacoin alternative.

Just my initial views, hope to hear arguments against it.

[Benson Samuel]

Vorksholk Coin: Project on hold
https://bitcointalk.org/index.php?topic=193948.msg2012189#msg2012189

The coin itself will have a block reward that increases with hashing power. While this doesn't benefit early miners as much as current alt coins, it makes the coin have a more foreseeable e future. While the details are still sketchy, I plan to program the coin to award the square root of the current difficulty times some convenient constant. For example (subject to change a TON), a block when the total network hashrate is 1MH/s would be worth one coin, however a block when the network hashrate is 2MH/s would be worth around 1.41, and a block when the network hashrate is 10MH/s would be right around 3.3. When hash rate gets to 100MH/s, the block reward is 10 coins per block.

The idea is to make coins have some hope of keeping up with increased adoption. A one-to-one ratio of hash power would cause trouble with pump-n-dump, or hyperinflation of the coin. However, increasing block reward as difficulty increases in a non-linear fashion allows the coin to not be so hard for latecomers to adopt, while still giving early adopters their fair share of earnings.

One of the ideas floating around.

This looks very promising.

[mitts.daki]

Some thing like ripple will be better as mining coins is waste of resources and non technical people may not be able to mine

as only small portion of Indian people use computer

[legendster]

Some thing like ripple will be better as mining coins is waste of resources and non technical people may not be able to mine

as only small portion of Indian people use computer

80% of College goers use computers.

But in India 80% of the population dont go to college.

[tadakaluri]

After big success of CHINA Coin....... We are waiting for INDIAN Coin.

[Eb0la]

After big success of CHINA Coin....... We are waiting for INDIAN Coin.

alk coins are dead for now since they can make them in a matter of minutes.  If you want to come out with IndiaCoin it needs to be different.. different algorithm would do it!

[Benson Samuel]

After big success of CHINA Coin.......

A big success for 16 seconds on the exchange :p

[Eb0la]

After big success of CHINA Coin.......

A big success for 16 seconds on the exchange :p

I made 250BTC off of ChinaCoin so I consider it a success

[Benson Samuel]

After big success of CHINA Coin.......

A big success for 16 seconds on the exchange :p

I made 250BTC off of ChinaCoin so I consider it a success

I made 25

[Street Jammer]

LaxmiCoin lol

[mitts.daki]

Just to update on this, We started working on this from April and almost ready to officially launch first Indian digital currency

Just FYI
As mining is difficult in Indian environment so this is not based on mining

Yes this highly secure and innovative concept specially design for Indian environment

[mitts.daki]

Very soon they will be announcing on this and opencoin.in

and they signed up couple of ties with some of online shopping sites so this can be used online as well