And now, a desi digital currency in the offing-Laxmicoin

[BTCIndia]

Karaagre Vasate Lakssmih Karamadhye Sarasvati,
Karamuule Tu Govindah Prabhaate Karadarshanam.

Karaagre Vasate Lakshmi

http://www.thehindu.com/business/Economy/and-now-a-desi-digital-currency-in-the-offing/article5460177.ece

[romiferns]

I am waiting for the release of this much awaited coin.

[mitts.daki]

We are again writing to RBI, Hope they reply this time

[bitcoinisfurture]

Hey when we have bitcoin, so why creating laxmicoin? Any particular reason for this and also will it only be limited to India or Internationally too it will be accepted?

[BTCIndia]

Hey when we have bitcoin, so why creating laxmicoin? Any particular reason for this and also will it only be limited to India or Internationally too it will be accepted?

Bitcoinisfurture, I'm glad you came up with this question. Bitcoin is not a future(probably) but virtual currency are for sure. "Why use one created by others, when you can create one?" must India think rather than going crazy for Bitcoin in greed. There are some fundamental flaws in Bitcoin which might lead to its failure one day. Plus, half of Bitcoins are with countries indulged in early stages(USA, Canada, EU, Russia and handsome with China) and if we(Indian's) demand Bitcoin that it would take its price to next level.We won't be able to get a hold on chunk of coins because of capital controls but only affect its price. We are not even capable of mining Bitcoin. If Indians indulge into mining full-fledged, then too we won't be able to get a hold on more than 4-5 Lakhs coin by 2140.  

We must not create demand for branded gold (called Bitcoin) developed, market and stockpiled from developed countries when its easy to create our own gold? Laxmicoin is swadesi moment of virtual currency. Battle is going to be tough!

From utility point of view Bitcoin is same as Laxmicoin. If Indians support Laxmicoin then fore sure world will have to accept it as medium of exchange.
Yeah! They'll be force to accept, if we accept.

[thenoblebot]

Hey when we have bitcoin, so why creating laxmicoin? Any particular reason for this and also will it only be limited to India or Internationally too it will be accepted?

Bitcoinisfurture, I'm glad you came up with this question. Bitcoin is not a future(probably) but virtual currency are for sure. "Why use one created by others, when you can create one?" must India think rather than going crazy for Bitcoin in greed. There are some fundamental flaws in Bitcoin which might lead to its failure one day. Plus, half of Bitcoins are with countries indulged in early stages(USA, Canada, EU, Russia and handsome with China) and if we(Indian's) demand Bitcoin that it would take its price to next level.We won't be able to get a hold on chunk of coins because of capital controls but only affect its price. We are not even capable of mining Bitcoin. If Indians indulge into mining full-fledged, then too we won't be able to get a hold on more than 4-5 Lakhs coin by 2140.  

We must not create demand for branded gold (called Bitcoin) developed, market and stockpiled from developed countries when its easy to create our own gold? Laxmicoin is swadesi moment of virtual currency. Battle is going to be tough!

From utility point of view Bitcoin is same as Laxmicoin. If Indians support Laxmicoin then fore sure world will have to accept it as medium of exchange.
Yeah! They'll be force to accept, if we accept.

Whoa whoa ... your making it sound like -



 ..... sorry got to call a spade a spade .... your intentions don't seem (or atleast don't sound) right to be making Laxmicoin.

[Benson Samuel]

I would encourage any coin that allows entry into Bitcoin.
Time will answer for whether the coin works or not.

[thenoblebot]

I would encourage any coin that allows entry into Bitcoin.
Time will answer for whether the coin works or not.

+1 .... also I think a coin should have some uniqueness about it to pull it off .... and yes we all stand on the shoulders of BTC <3.

[subvolatil]

I really dont  want to  speculate  much about  new  coins  comming up.

This coin has no properties bitcoin has. and  is not in the  same  league as bitcoin.

Announcing  a  name and saying it  is going to be launched, only makes it  viewed as a closed source, premined coin that they will most probably use it  as a a money transfer system. nothing to  do  with  currency use.

[thenoblebot]

Also something that I don't like about this campaign is that its being touted as an "Indian coin" ... I mean WTH is that supposed to mean ? Imagine BTC being labelled Japanese (because of Satoshi's supposed name) !! Atleast the developers should include some features to make this coin worthy of the names being used (Laxmi/India).

Just my 2 satoshis :-P

[mitts.daki]

Hey when we have bitcoin, so why creating laxmicoin? Any particular reason for this and also will it only be limited to India or Internationally too it will be accepted?

Bitcoinisfurture, I'm glad you came up with this question. Bitcoin is not a future(probably) but virtual currency are for sure. "Why use one created by others, when you can create one?" must India think rather than going crazy for Bitcoin in greed. There are some fundamental flaws in Bitcoin which might lead to its failure one day. Plus, half of Bitcoins are with countries indulged in early stages(USA, Canada, EU, Russia and handsome with China) and if we(Indian's) demand Bitcoin that it would take its price to next level.We won't be able to get a hold on chunk of coins because of capital controls but only affect its price. We are not even capable of mining Bitcoin. If Indians indulge into mining full-fledged, then too we won't be able to get a hold on more than 4-5 Lakhs coin by 2140.  

We must not create demand for branded gold (called Bitcoin) developed, market and stockpiled from developed countries when its easy to create our own gold? Laxmicoin is swadesi moment of virtual currency. Battle is going to be tough!

From utility point of view Bitcoin is same as Laxmicoin. If Indians support Laxmicoin then fore sure world will have to accept it as medium of exchange.
Yeah! They'll be force to accept, if we accept.

Thanks lot BTCIndia, and we exactly think in your line that's why we are coming up with Laxmicoin, We definitely want to launch sooner but we don't want RBI to come and shut us down

That's why we are sending letters to RBI and waiting for RBI's response

appreciate your support and looking forward to provide solid virtual currency for India

[mitts.daki]

I really dont  want to  speculate  much about  new  coins  comming up.

This coin has no properties bitcoin has. and  is not in the  same  league as bitcoin.

Announcing  a  name and saying it  is going to be launched, only makes it  viewed as a closed source, premined coin that they will most probably use it  as a a money transfer system. nothing to  do  with  currency use.

subvolatil,

Do you only want Bitcoin properties or open for better solution of digital currency which fits the environment as well works  with other international currencies?

and if anything we are open for suggestions please give us ideas

[mitts.daki]

Also something that I don't like about this campaign is that its being touted as an "Indian coin" ... I mean WTH is that supposed to mean ? Imagine BTC being labelled Japanese (because of Satoshi's supposed name) !! Atleast the developers should include some features to make this coin worthy of the names being used (Laxmi/India).

Just my 2 satoshis :-P

That's true we don't want to be labelled just Indian currency but our first priority to provide better solution which fits in legal frame works

if doesn't fit but RBI doesn't shut down .. we are trying best

[mitts.daki]

Hey when we have bitcoin, so why creating laxmicoin? Any particular reason for this and also will it only be limited to India or Internationally too it will be accepted?

Hi Bitcoinisfurture,

Today you see so many countries are stopping use of Bitcoin

read news below
http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

and in our presentation mentioned why we need Laxmicoin

We want to work with Local business first then international business and international  digital currencies

I am not sure if you have watched this video if not please watch this and see the fear of Law agencies in India
http://www.youtube.com/watch?v=BM10sKEJRho

India definitely needs own digital currency which can work with local business as well as international  currencies

[subvolatil]

Well first  i would love to  know  what you are  launching. How is this  system any good. what are its  advantages. and the  big question is it  opensource?

Because all i can see this  being  used  for is  for  money  transmitting  purpose. correct me if i am wrong.

[mitts.daki]

subvolatil,

Did you attend Global Bitcoin Conference Bangalore?

[mitts.daki]

Guys,
Thanks for patience and appreciate your support

It frustrating for us too wait for lunch when we have worked so hard but we want to work within regulatory frame work so they don't shutdown us

[subvolatil]

subvolatil,

Did you attend Global Bitcoin Conference Bangalore?

noops!!!

so now  are  you  going  to  tell us, or is it  still hush hush ....

[mitts.daki]

subvolatil,
if you would attended the conference, you definitely would have better idea about Laxmicoin

Please list all your questions I will try to answer or we can have a skype call if you want more detail
and we will welcome your suggestions

[subvolatil]

subvolatil,
if you would attended the conference, you definitely would have better idea about Laxmicoin

Please list all your questions I will try to answer or we can have a skype call if you want more detail
and we will welcome your suggestions

How  about a  quick question  Like

 How is this  system any good. what are its  advantages. Is it  based on the  bitcoin code, is it premined and the  big question is it  opensource?

is this  being  used  for money  transmitting  purpose. correct me if i am wrong.

Simple  yes  and  no would  suffice too.