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Author Topic: Laxmi Coin for India and international market  (Read 9976 times)
mitts.daki
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September 04, 2013, 08:17:28 AM
 #1

Excited to announce first digital currency for India, We are still deciding on the implementation

Should we go for bitcoin or Ripple approach but still afraid of mining in Indian environment where less than 5% people have internet connection at home

but more than 80% of youth have email id and internet access

But based on proto type itself we are in talks with couple of top online retailers to accept laxmicoin

and few of them already agreed and we have raise very small amount from angel investors


Why named Laxmi Coin: Laxmi is  Goddess of wealth, prosperity (both material and spiritual), fortune, and the embodiment of beauty

Here is more about Goddess Lakshmi/Laxmi

http://en.wikipedia.org/wiki/Lakshmi

and ours is www.laxmicoin.com

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mitts.daki
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September 04, 2013, 08:20:01 AM
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About me:
I am a software engineer and closely following bitcoin and run www.opencoin.in

Thanks, Mitts
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September 04, 2013, 11:27:34 AM
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Thats why I hate open-source!
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September 04, 2013, 12:57:15 PM
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Another altcoin  Roll Eyes

Care to tell us what Laxmicoin do that I can't do with bitcoin?

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September 04, 2013, 12:57:36 PM
 #5

BTW this should belong to the altcoin section

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September 04, 2013, 02:46:21 PM
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this is a good greeaaat idea.  if you succeed you'll isolate india into its own currency backwater.  but you'll get rich off of it so what do you care!!!
mitts.daki
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September 04, 2013, 04:04:57 PM
 #7

BTW this should belong to the altcoin section

Here are few differences
-Most of the people in India are not aware of Bitcoin
-Mots of online retailers in India don't use Bitcoin
-Here we will be backing up Laxmi Coin with % of money in Rs in case someone wants to give back, In case of Bitcoin price varies too much and many people are not comfortable with it
 specially retailers
Many more features we will be disclosing very soon
mitts.daki
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September 04, 2013, 04:06:27 PM
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this is a good greeaaat idea.  if you succeed you'll isolate india into its own currency backwater.  but you'll get rich off of it so what do you care!!!

Thezeng,
This is not for me to get Rich but to provide people alternative currency to Indian Rs, Which is sliding too much recently

and give more option to people
mitts.daki
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September 04, 2013, 10:41:55 PM
 #9

Thread on Opencoin.in
http://opencoin.in/general-laxmicoin-discussion/laxmi-coin-for-india-and-international-market/
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September 05, 2013, 04:15:47 AM
 #10

Great initiative.

We will help in whatever we can Smiley

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mitts.daki
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September 05, 2013, 04:30:10 AM
 #11

Thanks guys
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September 05, 2013, 06:10:33 AM
 #12

I think this is a historic moment for the international crypto currency community. Not all environments are the same. Having a crypto coin designed for a particular country is a natural progression. This does not sound like another cloned alt coin project.

I believe this coin will be hugely important. Crypto is not just for developed countries. Bitcoin may not suit all situations.

Like Mitts said, mining may not be best approach in India. Maybe distributing coins another way will spread the coins adoption wider. If you target mobile phone users you will have a target market of many 100s of millions.

This is a good move IMO!!

Good luck!!!
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September 05, 2013, 06:39:25 AM
 #13

National coins can work well if you can secure them.

The problem the Brits and Canucks had with UKB and CDN respectively was not being able to get enough hashing in place to make their blockchains secure.

Currently they use Open Transactions and Cyclos and such instead of the very vulnerable, easy to 51% attack blockchain format, until their transaction volume (and hence fees to attract miners) and ability to deploy ASIC mining gear themselves (to merged mine themselves even if others won't) make it seem feasible to be able to actually secure a blockchain.

Remember that the whole security model of bitcoin/blockchains is that the blockchain is secured by far more hashing power than all the entire rest of all the supercomputers etc in all the world can bring to bear to attack with even if all the supercomputers etc in the whole world other than those securing the chain all ganged up together to attack the chain.

Even with the advantage of merged mining, that lets all the hashing power that is securing the bitcoin chain also choose optionally to secure more chains at the same time, I don't think any other chain has yet achieved that much power, has it? Mostly because most miners are not yet operating at low enough profit margins that the few percent gross income that merged mining would give them seems to them worth the trouble of merged mining.

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mitts.daki
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September 05, 2013, 08:06:02 AM
 #14

I think this is a historic moment for the international crypto currency community. Not all environments are the same. Having a crypto coin designed for a particular country is a natural progression. This does not sound like another cloned alt coin project.

I believe this coin will be hugely important. Crypto is not just for developed countries. Bitcoin may not suit all situations.

Like Mitts said, mining may not be best approach in India. Maybe distributing coins another way will spread the coins adoption wider. If you target mobile phone users you will have a target market of many 100s of millions.

This is a good move IMO!!

Good luck!!!

Thanks wezelvis for kind words and We had lots of discussion should we go mining way or none mining but final conclusion was in Indian environment mining is not possible but based on few survey we came to know that Indian youth generation is ready to start using crypto currencies

if you look at buysellbitco.in , he has good market and many people interested

and we talked to multiple eCommerce businesses, some of them agreed to accept Laxmicoin, Which itself is huge target for laxmicoin

Once again thanks for encouraging words
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September 05, 2013, 08:11:47 AM
 #15

I would prefer Kālī Coin Roll Eyes

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mitts.daki
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September 05, 2013, 08:32:19 AM
 #16

I would prefer Kālī Coin Roll Eyes

Balthazar,

Money is with Laxmi Smiley
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September 05, 2013, 10:54:52 AM
 #17

Interesting and waiting for release
mitts.daki
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September 05, 2013, 11:33:43 AM
 #18

Thanks Tadakaluri,

Initially we planned for Diwali so people can celebrate Diwali with Laxmicoin, Still working hard to meet Diwali deadline

Hope testing goes well so we are available on Diwali

I will keep updating here
btc_enigma
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September 05, 2013, 12:49:39 PM
 #19

Hi,

When I see the phrase 'Laxmi Coin' it sounds like a alt coin . But as far as I understand it seems more like a payment gateway to me like bitpay .
Is this a bitpay type service targetted for India ? If so can you rename to something that doesn't have a 'Coin' . Coin just creates confusion for people when we already have so many altcoins .

Thanks,
Shvia

mitts.daki
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September 05, 2013, 05:37:00 PM
 #20

Hi,

When I see the phrase 'Laxmi Coin' it sounds like a alt coin . But as far as I understand it seems more like a payment gateway to me like bitpay .
Is this a bitpay type service targetted for India ? If so can you rename to something that doesn't have a 'Coin' . Coin just creates confusion for people when we already have so many altcoins .

Thanks,
Shvia

Hi Shvia,
This is not payment gateway and it is coin please let me know what made you think it is payment gateway I can clarify or any specific questions let me know

Yes are signing up ties with some payment gateways to help us but we are not payment gateway

Thanks, Mitts
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