Laxmi Coin for India and international market

[h0lybyte]

Very interested in where this will go, however what type of coin will this be? My concern here is that you would need to focus more towards a CPU coin if you wish to obtain more followers? I cant see a 3rd world country attempt to adopt a virtual currency that requires heavy "mining" equipment. Furthemore, are you sure you want to back it with Rs? Isnt Rs worth 65-68 to 1usd? Finally the interest rate in India is crazy, maybe you can tie that concept into the coin (i meant the backing concept, of course )

Hehe it be worth more of your time to make a color coin and use the 9% interest rate to build yourself a NRI-style coin, basically evade the taxes that come with the accounts.

[mitts.daki]

Very interested in where this will go, however what type of coin will this be? My concern here is that you would need to focus more towards a CPU coin if you wish to obtain more followers? I cant see a 3rd world country attempt to adopt a virtual currency that requires heavy "mining" equipment. Furthemore, are you sure you want to back it with Rs? Isnt Rs worth 65-68 to 1usd? Finally the interest rate in India is crazy, maybe you can tie that concept into the coin (i meant the backing concept, of course )

Hehe it be worth more of your time to make a color coin and use the 9% interest rate to build yourself a NRI-style coin, basically evade the taxes that come with the accounts.

h0lybyte,

As I also mentioned earlier it may not be feasible to mine in Indian environment so I am going for pre - mined concept

as long as backing up with ₹ will help us gaining confidence and legally also it won't be much of problem

We need to decide how much worth we back up be ₹, May be 60%, 80%, 90% or 100% of purchase price  because slowly price may be increasing as well if converted to local currency

if you have any thought please let us know

[dunderklumpen]

Very interested in where this will go, however what type of coin will this be? My concern here is that you would need to focus more towards a CPU coin if you wish to obtain more followers? I cant see a 3rd world country attempt to adopt a virtual currency that requires heavy "mining" equipment. Furthemore, are you sure you want to back it with Rs? Isnt Rs worth 65-68 to 1usd? Finally the interest rate in India is crazy, maybe you can tie that concept into the coin (i meant the backing concept, of course )

Hehe it be worth more of your time to make a color coin and use the 9% interest rate to build yourself a NRI-style coin, basically evade the taxes that come with the accounts.

h0lybyte,

As I also mentioned earlier it may not be feasible to mine in Indian environment so I am going for pre - mined concept

as long as backing up with ₹ will help us gaining confidence and legally also it won't be much of problem

We need to decide how much worth we back up be ₹, May be 60%, 80%, 90% or 100% of purchase price  because slowly price may be increasing as well if converted to local currency

if you have any thought please let us know

So it will be a 100% premine coin people can buy with FIAT?
I dont like where this is going...

[Duffer1]

I like the idea of introducing crypto-currency to new, or underdeveloped, markets.  However I feel that any region looking to start their own coin (regional market) won't ever benefit as much as if they just adopted Bitcoin instead (global market).

Perhaps look at companies that have had good success with offering cell phone wallets (doesn't have to be a smartphone, only has to be web enabled) to see how they're finding success with Bitcoin in low internet usage areas.   M-pesa and Kipochi come to mind.

I don't believe a 100% pre-mined coin backed by x% of Rs could find success anywhere but in India.  I don't believe that's a good thing.

[mitts.daki]

Duffer1,

I agree if we use Bitcoin chances of success are more as it is globally accepted but for Indian market it may not be true
As most of the Indians are not aware of Bitcoin, it is not like USA where most of the people are aware of what is Bitcoin

2nd Very very few of Indian mined Bitcoin, so to get bitcoin you have to buy them outside of India which may not be legal yet in India
if you look at RBI guide lines buy Bitcoin in bulk is illegal and needs RBI approval

That's why we came up concept of Laxmicoin which is local and % of it backed by ₹   and compliance with Indian rules & regulations

[mitts.daki]

Very interested in where this will go, however what type of coin will this be? My concern here is that you would need to focus more towards a CPU coin if you wish to obtain more followers? I cant see a 3rd world country attempt to adopt a virtual currency that requires heavy "mining" equipment. Furthemore, are you sure you want to back it with Rs? Isnt Rs worth 65-68 to 1usd? Finally the interest rate in India is crazy, maybe you can tie that concept into the coin (i meant the backing concept, of course )

Hehe it be worth more of your time to make a color coin and use the 9% interest rate to build yourself a NRI-style coin, basically evade the taxes that come with the accounts.

h0lybyte,

As I also mentioned earlier it may not be feasible to mine in Indian environment so I am going for pre - mined concept

as long as backing up with ₹ will help us gaining confidence and legally also it won't be much of problem

We need to decide how much worth we back up be ₹, May be 60%, 80%, 90% or 100% of purchase price  because slowly price may be increasing as well if converted to local currency

if you have any thought please let us know

So it will be a 100% premine coin people can buy with FIAT?
I dont like where this is going...

dunderklumpen,
What do you suggest in Indian market, If you look at Data how many of house holds have internet? and what kind of computing power they have?  

if we have to mine then it will not go beyond small % of IT professional and we want to reach to mass ...not just software professionals

[dunderklumpen]

Very interested in where this will go, however what type of coin will this be? My concern here is that you would need to focus more towards a CPU coin if you wish to obtain more followers? I cant see a 3rd world country attempt to adopt a virtual currency that requires heavy "mining" equipment. Furthemore, are you sure you want to back it with Rs? Isnt Rs worth 65-68 to 1usd? Finally the interest rate in India is crazy, maybe you can tie that concept into the coin (i meant the backing concept, of course )

Hehe it be worth more of your time to make a color coin and use the 9% interest rate to build yourself a NRI-style coin, basically evade the taxes that come with the accounts.

h0lybyte,

As I also mentioned earlier it may not be feasible to mine in Indian environment so I am going for pre - mined concept

as long as backing up with ₹ will help us gaining confidence and legally also it won't be much of problem

We need to decide how much worth we back up be ₹, May be 60%, 80%, 90% or 100% of purchase price  because slowly price may be increasing as well if converted to local currency

if you have any thought please let us know

So it will be a 100% premine coin people can buy with FIAT?
I dont like where this is going...

dunderklumpen,
What do you suggest in Indian market, If you look at Data how many of house holds have internet? and what kind of computing power they have?  

if we have to mine then it will not go beyond small % of IT professional and we want to reach to mass ...not just software professionals

Everybody does not have to mine it to use it, look at Bitcoin, all im saying that a premine only coin will not have a very bright future, within India or outside India cause it will not suffer from a 51% problem it will suffer from a 100% problem.
Your idea is contradicting the embrace of decentralisation cause the currency will be centralised and everyone have to buy it, buy it from you..
Your out to profit from the masses. My bet is that the masses in India are NOT VERY educated in anything regarding crypto currencys.
Wave any arguments you wont they dont make you a Crypto-Ghandi or Scrythmother Theresia anyway.
Your currency will be just like any FIAT, 100% premine

[mitts.daki]

dunderklumpen,
Thanks for your point/suggestions but I agree everyone doesn't have to mine but one friend of mine tried with mining concept in India and no one even tried mining

so if you try with mining coin then people will say we don't have resource or some other excuse or blame game

Here I don't make much money .. I am providing backing by Rs  so if you want to return the coin to us back you get money back

and some of the Bitcoin community is resisting it because it is against decentralize concept but you can not apply same rule every where

and Bitcoin no one is backing it up with $$ or Rs but we will be

in case people want to return we will take it based on conditions

[kriwest]

I think the fact is that most people here want to be early adopters and make money (ie. they're investors). If they can't mine, and if the coin doesn't increase in value over time; it's of no interest to them. Decentralization may be important to some, but not to all. Personally I don't care as much about anonymity and decentralization as I care about getting return on my investment. It being decentralized can help with that through the mechanism of mining, but it's not a must.

So if I can somehow make money with Laxmi-coin, I'm all ears. Otherwise, good luck - I can see the benefit on the Indian market, just not for me.

[mitts.daki]

kriwest,
Thanks for referring  to the real point, Yes we have discussed this in our meeting,

Why someone should invest/buy Laxmicoin ?

-Initially we are planning to launch at low price and take it way high slowly as it circulates in the market  and we want our early investors to make money, They support us and we work for them

-And in this no one will loose money as I mentioned earlier % of the purchase price is guaranteed by Laxmicoin, You may loose in Bitcoin if it goes down

- and when you buy items from online retailers ( those who tied up with us) , you will be given additional % discount then others because we bring business to them


- Over the time price will be going up and we will not create/generate new Laxmicoin

- and Hope for good acceptance of Laxmicoin

And Hope Laxmicoin brings Laxmi in their lives

In India Laxmi is the Goddess of wealth, prosperity
 

[with]

Interesting

[markm]

There is no point using a blockchain, all that does it create vulnerability to attacks, vulnerability you do not need.

Just use something like Cyclos or Open Transactions if you are going to own all the coins initially, blockchain is pointless crazy stupid extra that is totally not needed for that.

-MarkM-

[Sukrim]

Why would a 100% INR backed coin not simply be called "Rupee IOUs"?

If it is only partially backed, how would you attract customers?
"Hey, buy this ___coin for 1 Rupee - don't worry, you'll get back 0.5 Rupees if you give it back to me!" does not sound like a great deal - or if it does, I am happy to sell you SukrimBTC that are backed 90%(!) by the BTC I receive! 90% is higher than 50%, right?

[mitts.daki]

Hi Sukrim,
Suppose you have BTC, It's price today is $140,  you purchased from exchange x, They charge you some % for transfer or money % initially
generally it is 3% and tomorrow it is $280 then you go back to exchange and say take it back they again charge you %

we are charging for % of value for processing fee and more over we don't want to get it back but rather we want it to be in circulation

if user rather then returning us if they buy some thing or sell it forward they get actual value and % backed up value will not be 50% it will be almost near actual value

Hope this clarifies it

[markm]

yes but using a blockchain means people can do double spends and stuff like that, because no way will you get enough hashing power to make it secure.

So the whole idea of usign a blockchain for it is crazy. just use normal system like all the other currencies (paypal, egold. liberty reserve whatever) do, blockchain is not suitable for a centralised currency like you are making, it is just stupid vulnerability that is not needed and it is irresponsible to open such a pointless useless vulnerability unless you are in fact knowingly conspiring the screw your users.

-MarkM-

[mitts.daki]

MarkM,
We still exploring different options

One friend of mine ( Not disclosing name)  launched a currency based on mining in Indian, He mentioned to me hardly anyone tried
it means it is difficult to mine in Indian environment

We will disclose more detail as we make progress

[Sukrim]

You can check out and/or connect with the user "dishwara" on this board, he ran a GPU mining operation some years ago (and got burnt badly in the process). No idea where in India he's from though.

[zeta1]

I am curious to see where this goes

[mitts.daki]

You can check out and/or connect with the user "dishwara" on this board, he ran a GPU mining operation some years ago (and got burnt badly in the process). No idea where in India he's from though.

Thanks Sukrim,
I will try to message him and please keep suggesting us if you have suggestions for improvement

We thought going for pre mined coins and backing by money is the best solution , Legally and people will trust also

Few of top e commerce websites agreed to accept Laxmicoin as payment method and will provide special discount if user pays with laxmicoin

because Laxmicoin will bring customers to their websites

[mitts.daki]

I am curious to see where this goes

Hi Zata1,
We are trying best if you have any suggestions,  we will try to improve