Solution for low bitcoin volume in India (FeatherCoin FTC)

[subvolatil]

Solution for low bitcoin  volume in  India (FeatherCoin FTC)

So  for the past  few months,  i've  been  trying to  find  a  way to  increase the  volume of  bitcoins into india.
I looked at the  volumes,  an  ASIC of a FPGA mining  riggs  could generate, but the  investment  and the  shear  amount of initiation money needed was huge. and also risking a monopoly in the supply chain. {i'm for open market.}

The other  road blocks are the  rigidity and boneheaded banking  system we  face.
          The Four horseman is used to justify this clamp down on  free flow  of  money for the common man.
                    1. Terrorism
                    2. Money laundering
                    3. Drugs
                    4. Child pornography  
This has always been the  best weapon used by  big businesses  in line  with  government to  stop free market and progress. There  are too many  rules and  regulations  that prevent  people to  do any thing. Trust me  people if  these rules  was  to keep corruption and  criminals down , then it  has  failed  badly. there are  criminals and  corrupt people  using the same  banks  for Terrorism, Money laundering, and  drugs. And that is  a fact. Crypro currency, is  by far the most  effective currency out there, better than Fiat currency, better than online  digital currency, and  far better than  the  old barter system.

The second option  for the  increase in the volume  of Bitcoin is obviously trade, but that also gives  verry little  inflow unless  services are provided  in a  massive  scale.
for this  what can be  created  is a point  of  contact  that  provides  freelancing jobs to prople  looking  for these type of  work and  those  who want  to  give  work. payments from the  freelancer to be made in INR and the receipt  from the person seeking  freelancers  to be made in Bitcoin.
India  has no  shortage of  skilled people, outsourcing  is a  dam  well defined  industry. I guess we just need  people to get together.  and  form  a  loose net  organizing  group and start  creating a list of   freelancers, then  go out and   provide that service out.

The most effective solution Feather Coin :
But  the  far more effective method of getting  volumes into India is  to  use  an alternative  crypto currency.  Right now  i  seee Feather Coin FTC as a  good  option. relatively new , accepted in  a  good number of  exchanges, they  have reliable  pools  for  mining , the   exchange rate to  BTC is  also  quite  good. it is ASIC resistant, so cpu and  gpu mining  can take  place , letting people  with  average  budget  to  mine  the coins.

If we can  put out  enough  mining rigs out in the  wild, the   rate and volume of  FTC increases.  using  the  FTC to  eventually  get bitcoins, or  just  use  FTC as Standard for india which ever  is better.

Mining -> FTC -> BTC -> FTC -> INR
Or Mining -> FTC -> INR -> FTC

Feather coin  like Lite coin is  fast, faster then BTC, and  small  groups of  miners  can actually  get together  , start a mining  pool and  start  hashing .

I know we have been talking about a  creation of a new crypto currency, even i  am for it , but  looking closer to  what  the new  currency  would  add is  alot of  PR time  to  have it  accepted  by  other  exchanges , and the problem  of  acceptability  with other  users from  around the world.
 

I  will  start  awarding  FTC soon to indian  users  so as to  increase the  acceptability of it, and in the process  also  build the  volume of btc in india. Which on  a longer run  translates into  businesses  accepting  bitcoin  .  Who know's  it may work it may not. but  that is  just an idea. What do you  guys  think.  


More info on Feather Coin :-

Official FeatherCoin Site  - http://feathercoin.com/

Bitcointalk Forum : - https://bitcointalk.org/index.php?topic=181807.0

Official FeatherCoin Forum - http://forum.feathercoin.com/

FTC Exchange
BTC-e - https://btc-e.com/exchange/ftc_btc

Miners (mining software)
cgminer - https://bitcointalk.org/index.php?topic=28402.0

Mining pool
http://feathercoin.is-a-geek.com/

Mining Info
http://dustcoin.com/mining

FeatherCoin Blockchain Statistics - http://benhohner.com/feathercoin/statistics.php

How to Mine Feathercoin on Windows Guide - http://bitcoinboard.net/how-to-mine-feathercoin-on-windows



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[Pinwheel]

Indian banks overloaded with bad loans, it is just question of time when it will crash.

[Fifth_ID]

Check out ChinaCoin/CHN which has almost instant transactions and is slightly better thought out than ftc.

Having a DesiCoin with instant transactions and maybe proof of stake could be what India needs. I've bartered with cryptos but I've yet to make a direct purchase.

[subvolatil]

Trust me  CHC has the user base  and  there are already  a  good  number of  chinese exchange  there, number  of  people,  involved  in  bitcoin in china  is   verry  high compared  to india  with  just a  few  hundred (and  yes i know  some  news  report said 2000 but i dont think  so) .  banking  system there are  also not  that ridgit.

Creating  another  fork of a  alt coin is  easy, but the usability , acceptance, and overall new users  is hard to gain. if  a  desi coins  is  created, the first problem is  the  people  using  in india  would  be low. miners from  outside the country  would have a instant  monopoly on the generation of the coins.  hard for  exchanges to  accept the  coin until a  certain  user numbers  are  reached. New alternative  desi  coin  can  only  work  once  the user base  of   crypto currency  increases. p.s - i'm not a ripple  fan.

FTC has  4X the number  of  coins  as  Litecoin.  making it  fare more  suitable  for  transactions  on a daily  basis.

And  also I proposed this  as a  method  to increase  the  volume  of  bitcoins  in india.  once  the  volume  is  there,  over pricing  from  sellers  would  vanish. (oops  i think i am making  some  enemies already). 

FTC is new  and Can be mined,  without people investing in ASIC , or  FPGA,  mining  can be  kept  with  many people, not  only the  ASIC miners like in bitcoin. 

*Question out of  topic, why is it that  india  being  one of the largest  software industry in the world,  still  manages to lag  being  China  in terms community  driven  open source  projects?* 

[Fifth_ID]

*Question out of  topic, why is it that  india  being  one of the largest  software industry in the world,  still  manages to lag  being  China  in terms community  driven  open source  projects?* 

China's current approach to communism may be why there is a culture where community driven projects has surpassed the rest of the world at least in cryptos.

[escrow.ms]

Nice to see indians here, and yeah FTC is good dude

[Benson Samuel]

Creating  another  fork of a  alt coin is  easy, but the usability , acceptance, and overall new users  is hard to gain. if  a  desi coins  is  created, the first problem is  the  people  using  in india  would  be low. miners from  outside the country  would have a instant  monopoly on the generation of the coins.  hard for  exchanges to  accept the  coin until a  certain  user numbers  are  reached. New alternative  desi  coin  can  only  work  once  the user base  of   crypto currency  increases. p.s - i'm not a ripple  fan.

I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.

Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.

We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.

If it fails, would have atleast been a good project to try.

[subvolatil]

Creating  another  fork of a  alt coin is  easy, but the usability , acceptance, and overall new users  is hard to gain. if  a  desi coins  is  created, the first problem is  the  people  using  in india  would  be low. miners from  outside the country  would have a instant  monopoly on the generation of the coins.  hard for  exchanges to  accept the  coin until a  certain  user numbers  are  reached. New alternative  desi  coin  can  only  work  once  the user base  of   crypto currency  increases. p.s - i'm not a ripple  fan.

I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.

Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.

We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.

If it fails, would have atleast been a good project to try.

Lets  discount  the time  taken , if you  guys  are  serious ,  we  can  give it  a  shot.  It  does not harm any one  to try, but  we need to  put in the  characteristic that is  required  for the  indian  market.  may be  some thing like  the number  of  coins  that needs to be  capped . how it  is  gona  hash  the transactions. , but  before  that  how  we are  gona   convince  the miners in india,  to  mine  for  it  in  a larger  pool,  before  foreigner  miners  come into the picture and  limit the  coin volume in India.
Strategy  for  success lies in the initial  number  of  people  involved in the  project and  the participation in the  first phase. If  we  fail  to  get the numbers in india  then  the  alt  coin  will  fall. My only  fear, is that  marketing  pulls in  big time miners  and the one  especially owning  bot nets , they  will destroy the project  before it can  take off.

[Benson Samuel]

Creating  another  fork of a  alt coin is  easy, but the usability , acceptance, and overall new users  is hard to gain. if  a  desi coins  is  created, the first problem is  the  people  using  in india  would  be low. miners from  outside the country  would have a instant  monopoly on the generation of the coins.  hard for  exchanges to  accept the  coin until a  certain  user numbers  are  reached. New alternative  desi  coin  can  only  work  once  the user base  of   crypto currency  increases. p.s - i'm not a ripple  fan.

I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.

Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.

We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.

If it fails, would have atleast been a good project to try.

Lets  discount  the time  taken , if you  guys  are  serious ,  we  can  give it  a  shot.  It  does not harm any one  to try, but  we need to  put in the  characteristic that is  required  for the  indian  market.  may be  some thing like  the number  of  coins  that needs to be  capped . how it  is  gona  hash  the transactions. , but  before  that  how  we are  gona   convince  the miners in india,  to  mine  for  it  in  a larger  pool,  before  foreigner  miners  come into the picture and  limit the  coin volume in India.
Strategy  for  success lies in the initial  number  of  people  involved in the  project and  the participation in the  first phase. If  we  fail  to  get the numbers in india  then  the  alt  coin  will  fall. My only  fear, is that  marketing  pulls in  big time miners  and the one  especially owning  bot nets , they  will destroy the project  before it can  take off.

Am quite serious about giving this a shot.

[subvolatil]

Ok then,  lets  do it.  Start  a  thread  for technical and  marketing  strategies.
We can  recruiter  voluntaries ,  for  coding, marketing, art design, webmaster and  project  coordinator, and testers.

lets discuss when to put in the  deadline, and  bench marking  the project.

[Fifth_ID]

I'd rather see a coin with a market cap of 100 lakh crore coins than 1 crore coins. The larger the number of coins, the less decimal places are needed (I'd rather buy a game for 1000 coins than .0001 coins.)

[Benson Samuel]

So, how do we start?

[rezurect]

The PPC NVC model seems better in resisting 51% attacks + central checkpointing till the network can fend off 51% attacks on its own, else its gonna get murdered on release, especially since the entire network speed from Indians or supporters can easily be overthrown by a single mining farm.
Hope you guys figure a selling point,something diff from all those clone'y copy coins,making it worth mining the coin, something fundamentally different.

Vorksholk coin(Project on hold): https://bitcointalk.org/index.php?topic=193948.0
Only ideas, no code there.

[rezurect]

I too concern is about 51%. Any idea how latest Chinacoin survived the attack?

Chinese miners are extremely large in number,and have large mining farms, most probably support from local quarters helped them survive the first attack. Something i dont think a desi coin will have. I believe Pinwheel has the highest hashing power among the forum members .

[americandesi]

quick question though.! Even if we have desicoin, how will that overcome the issue of domestic money transfer / net banking issue that is plaguing the virtual currency trading in India.?

[Benson Samuel]

Once we start to publicize, I am sure that many more will join us before the launch.

quick question though.! Even if we have desicoin, how will that overcome the issue of domestic money transfer / net banking issue that is plaguing the virtual currency trading in India.?

Online services that accept only crypto need to be introduced.
We always have localbitcoins to fallback onto for the final processing if needed.

[americandesi]

Once we start to publicize, I am sure that many more will join us before the launch.

quick question though.! Even if we have desicoin, how will that overcome the issue of domestic money transfer / net banking issue that is plaguing the virtual currency trading in India.?

Online services that accept only crypto need to be introduced.
We always have localbitcoins to fallback onto for the final processing if needed.

Awesome. Keep me in the loop. Am looking into ways to start a marketplace so that people can trade the coins especially to overcome the problems revolving around trading in India most probably incorporate somewhere outside of India.!

Benson - I had emailed you a plan. That was more of a short term though specifically to buy and sell bitcoins.

[Benson Samuel]

Benson - I had emailed you a plan. That was more of a short term though specifically to buy and sell bitcoins.

Will reply in a bit, kinda swamped.

[subvolatil]

So, how do we start?

We lets  first   start  with a  new  thread.  i  will put in an   update   on this  post   that the  discussion  about the Alt coin  dev has  moved. 

Secondly , all  conversation   needs  to be  done  on the   new  thread,  for a  open  project to be successfully all conversation  needs  to be  public. nothing  to be  discussed  closed  door.

Third a open  publication/invitation for  voluntaries :-
   Category:-  coders, Testers, project coordinator, artists, and  designers. over  all  invite any one  wiling  to help in their  own way. 

Forth is to  start  the initial  discussion  on the  deadline   set  for the  release  of the  Alt  coin,  that way  all the different people  involved  will be  able to sync their  work and   start  off  with  the  promotion  and  public  awareness.

Fifth , this is  important, although we  are  planing  this  for  the indian  markets, and to  work  around  the  the problem  of  low  bitcoin  volumes,  there  will be  and  should not  be any  pre mining, and no one will discourage  people  from the  globe  from participating, a crypto  currency is inherently a  global  currency and  can  never be  a  local  currency.  businesses  and  other  exchanges should  not  be the  priority as they  will  follow  once  the   community is  built and  more  people  start  using it.

[Benson Samuel]

So, how do we start?

We lets  first   start  with a  new  thread.  i  will put in an   update   on this  post   that the  discussion  about the Alt coin  dev has  moved. 

Secondly , all  conversation   needs  to be  done  on the   new  thread,  for a  open  project to be successfully all conversation  needs  to be  public. nothing  to be  discussed  closed  door.

Third a open  publication/invitation for  voluntaries :-
   Category:-  coders, Testers, project coordinator, artists, and  designers. over  all  invite any one  wiling  to help in their  own way. 

Forth is to  start  the initial  discussion  on the  deadline   set  for the  release  of the  Alt  coin,  that way  all the different people  involved  will be  able to sync their  work and   start  off  with  the  promotion  and  public  awareness.

Fifth , this is  important, although we  are  planing  this  for  the indian  markets, and to  work  around  the  the problem  of  low  bitcoin  volumes,  there  will be  and  should not  be any  pre mining, and no one will discourage  people  from the  globe  from participating, a crypto  currency is inherently a  global  currency and  can  never be  a  local  currency.  businesses  and  other  exchanges should  not  be the  priority as they  will  follow  once  the   community is  built and  more  people  start  using it.

Please feel free to go ahead. I will sticky the thread. Am waiting for few Child boards to be setup as well.
I can help tremendously with design, brainstorming and marketing. Am also pretty good at resource augmentation.