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mitts.daki (OP)
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June 01, 2013, 08:46:30 PM |
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Hi All, I am starting this topic again with few questions
1. What is the scope of virtual currency in India?
2. I feel if lots people have to mine then it may not work so purely like Ripple sounds better
3. If we start, how to we get them listed on these virtual currency exchanges? .. Does anyone have any idea?
4. How many of you are ready to contribute to it?
5. Suggestions?
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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subvolatil
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June 02, 2013, 12:27:35 AM |
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well this is the same problem i have been trying to bring up in the past month.
The problem is of volumes in india.
the second problem is the economical use of these crypto currency in trade,(buy and sell) of goods and services
the trade is the biggest problem, for a currency to be adopted it needs to be used as a currency, not as a value store instrument, for investment purpose.
Right now there are very few or next to nothing in terms of exchange of goods and service with bitcoin. but this is also contributed by the volume of bitcoin available in india.
The solutions to this is
1. mine for bitcoins and have the miners sell in india. But they will not sell, most will use it as a value store, or sell it abroad for a better price.
2. Start the use of a alternative crypto currency, and have miners and traders adopt it here, like FTC has the best option as the volumes in it can be high enough to sustain small transactions.
3. Fork a crypto currency have the firs genesis block at may be 50 - 60 % of the total volume , set volumes at 100 million. use the genesis block as a price control system , to prevent foreign miners mining in large quantities and transfer value out of the country.
The 60% control has to be with a reliable group, who will only issue the coins out in the case of a runaway train situation, where in a few coin hordes, start to raise the prices of that coin in a unnatural progression.
Start to bridge trading, with BTC and the new coins allowing value to be pegged with BTC in due course of time.
4. Bring in services and goods transactions through BTC in India so that volumes may increase.
Regarding Ripple . i have always been against a debt system economics which ripple promotes. and it is also not opensource. so cant say much about ripple .
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Benson Samuel
Legendary
 Offline
Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
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June 02, 2013, 03:34:18 AM |
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4. Bring in services and goods transactions through BTC in India so that volumes may increase. Wrong wording. We need to flood the market with services. |
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subvolatil
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June 02, 2013, 04:13:57 AM |
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4. Bring in services and goods transactions through BTC in India so that volumes may increase. Wrong wording. We need to flood the market with services. i have been talking to so many businesses to start processing bitcoins. the only thing they give me is the middle finger. |
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mitts.daki (OP)
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June 02, 2013, 04:38:35 PM |
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Hi Subvolatil, - I am sure 99.9% Indian business will not start accepting crypto currencies soon
- but if we start our own crypto currency and media coverage comes , more than 50% will start using
- Indian market is media driven and it will be easy to get coverage as bitcoin is in lime light
- Now we need to really think, should we go in Ripple style or Litecoin or yacoin style
- I feel indian market Ripple style is better but we can discuss this
- in case we start how many of you are interested in joining
can we discuss this, I can setup a conference call betweeen interested parties |
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subvolatil
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June 03, 2013, 07:41:52 AM |
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Hi Subvolatil, - I am sure 99.9% Indian business will not start accepting crypto currencies soon
- but if we start our own crypto currency and media coverage comes , more than 50% will start using
- Indian market is media driven and it will be easy to get coverage as bitcoin is in lime light
- Now we need to really think, should we go in Ripple style or Litecoin or yacoin style
- I feel indian market Ripple style is better but we can discuss this
- in case we start how many of you are interested in joining
can we discuss this, I can setup a conference call betweeen interested parties That sounds like a great idea. I am always for open discussion and dialog. The greater the number of people involved in active discussion the greater the chances of open collaboration and finding solutions to this problem we are facing. Starting a crypto currency is not a big hurdle, but setting the right characteristics so that it accommodate the Local users and also its ability to be used in layer transaction against BTC becomes vital. Ripple in my view becomes highly unstable when trust systems are violated. and when that trust system is based on debt it gives rise to a unstable currency market. which will never sustain it self on a longer run. Lets see how this discussion turns out . lets outline the main objectives and lines of communications and see what we can brain storm. |
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mitts.daki (OP)
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June 03, 2013, 02:23:14 PM |
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let's wait for others reply then we will discusse
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Pinwheel
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June 03, 2013, 07:01:14 PM |
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Benson, make a new members section and move these full of wisdom threads there. As of now with number of these kind of threads really growing, so it well deserve a separate section.
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Tom Waits: We should just start as soon as possible cause we might catch a rabbit before we have our pants on. (Juxtapoz)
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nagatlakshmi
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June 04, 2013, 02:13:23 AM |
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Ripple is not a Virtual Currency
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mitts.daki (OP)
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June 04, 2013, 03:11:56 AM |
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what is it?
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subvolatil
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June 04, 2013, 04:29:35 AM |
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what is it?
Its more of a debt based system, where in you pass along a debt to people. based off which actual fiat payments are made through their exchange points. It's a more a less a Keynesian economics at play here. |
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alaudidae
Newbie
Offline
Activity: 10
Merit: 0
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June 30, 2013, 11:52:14 AM |
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Hi Subvolatil, - I am sure 99.9% Indian business will not start accepting crypto currencies soon
- but if we start our own crypto currency and media coverage comes , more than 50% will start using
- Indian market is media driven and it will be easy to get coverage as bitcoin is in lime light
- Now we need to really think, should we go in Ripple style or Litecoin or yacoin style
- I feel indian market Ripple style is better but we can discuss this
- in case we start how many of you are interested in joining
can we discuss this, I can setup a conference call betweeen interested parties Business won't accept it unless employees/small business accept it. |
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