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Author Topic: Something is holding cryptocurrency innovation in India.  (Read 1829 times)
cuddaloreappu
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April 13, 2014, 05:27:06 PM
 #1

India is the IT outsourcing hub of the world, there are tens of thousands of tech engineers graduating every year. The IT sector tops the share market..Bangalore,chennai, Hyderabad  and whats not..

But even with all of these what is the role of our country in cryptocurrency ecosystem?

There are hundreds of alt coins and not a single one is from India.

only one or two exchanges are there in India..

There are projects like Etherium, Blockchain 2.0 applications etc..Does anyone from India play any role in it?

I feel something is really holding this nation back inspite of its abundant IT human resource.

Whats your opinion ..
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April 13, 2014, 06:19:38 PM
 #2

There are few nw exchanges working for India only - I think bitcoin in India is working good.

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subvolatil
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April 13, 2014, 06:37:41 PM
 #3

India is the IT outsourcing hub of the world, there are tens of thousands of tech engineers graduating every year. The IT sector tops the share market..Bangalore,chennai, Hyderabad  and whats not..

But even with all of these what is the role of our country in cryptocurrency ecosystem?

There are hundreds of alt coins and not a single one is from India.

only one or two exchanges are there in India..

There are projects like Etherium, Blockchain 2.0 applications etc..Does anyone from India play any role in it?

I feel something is really holding this nation back inspite of its abundant IT human resource.

Whats your opinion ..

Problem being India does not have an opensource community at all. Zero is the opensource contribution happening.
I can say there are a few Indians in the opensource community that do contribute, but that number is negligible.

The problem is that people in India mostly think about the profit factor and earning money. the social factor is verry little (Will see some defenders crawl out of the woodworks now.)

Exchanges really dont matter when it comes to bitcoin and the technology involved in it .

The only thing that is holding back India is the human factor in social contribution in the field of opensource technology.

P.S- i am talking about Indians living in India, not Indians who moved abroad who have a high opensource participation, especially in the linux kernal dev.
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April 13, 2014, 09:04:35 PM
 #4

High internet cost & poor speed is a major factor according to me. Most people do not have the luxury of surfing the net freely without coughing up huge internet bills. This prevents them from knowing about things or technologies that are yet to go mainstream. The knowledge sphere is too restricted.
Benson Samuel
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April 13, 2014, 10:08:25 PM
 #5

Lack of seed funding prevents this in a big way.
India does not earn at the same level as people abroad.
From what I have seen, techies working with companies, do not involve with projects outside work hours. If they do, their commitment is shoddy and in most cases, nothing gets done.
Even at a planning stage for an OS pack, India tends to talk about how to make money from the final product. In the event that monetization cannot happen, people lose interest.

I have been unable to find a single techie who would be willing to contribute to FOSS and then work on the monetary aspects after product development.
And without FOSS, there will always be limited innovation from India.

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April 14, 2014, 07:06:07 AM
 #6

I completely agree with Benson.
No one here wants to experiment and try out new things.
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April 14, 2014, 07:12:15 AM
 #7

I heard about Indian cryptocoin 'LakshmiCoin' at initial development level which rose $2 Million in funding.
But the plans were put on hold by the developers because RBI policy on crypto currenciees was (and is) not clear. They said they'll resume working on LakshmiCoin only after RBI clears its stand.

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Benson Samuel
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April 14, 2014, 07:47:20 AM
 #8

I heard about Indian cryptocoin 'LakshmiCoin' at initial development level which rose $2 Million in funding.
But the plans were put on hold by the developers because RBI policy on crypto currenciees was (and is) not clear. They said they'll resume working on LakshmiCoin only after RBI clears its stand.

They failed to raise the funding.
The RBI have already replied to them stating that they are not the authority on Bitcoin to give permission. The note stated that they would need to approach other government agencies for permission. They have not mentioned which one.

This was my prediction from day 1. The next agency that may involve is SEBI, but even they will back away in few months.

subvolatil
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April 14, 2014, 07:53:14 AM
 #9

Lack of seed funding prevents this in a big way.
India does not earn at the same level as people abroad.
From what I have seen, techies working with companies, do not involve with projects outside work hours. If they do, their commitment is shoddy and in most cases, nothing gets done.
Even at a planning stage for an OS pack, India tends to talk about how to make money from the final product. In the event that monetization cannot happen, people lose interest.

I have been unable to find a single techie who would be willing to contribute to FOSS and then work on the monetary aspects after product development.
And without FOSS, there will always be limited innovation from India.

We know where the problem lies.

The question is how can we change the  thought process? What initiative can we as a small community do to encourage more participation in the opensource community?

These questions needs solutions.  FOSS needs to be actively promoted.
Benson Samuel
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April 14, 2014, 08:02:07 AM
 #10

Lack of seed funding prevents this in a big way.
India does not earn at the same level as people abroad.
From what I have seen, techies working with companies, do not involve with projects outside work hours. If they do, their commitment is shoddy and in most cases, nothing gets done.
Even at a planning stage for an OS pack, India tends to talk about how to make money from the final product. In the event that monetization cannot happen, people lose interest.

I have been unable to find a single techie who would be willing to contribute to FOSS and then work on the monetary aspects after product development.
And without FOSS, there will always be limited innovation from India.

We know where the problem lies.

The question is how can we change the  thought process? What initiative can we as a small community do to encourage more participation in the opensource community?

These questions needs solutions.  FOSS needs to be actively promoted.

The FOSS community has to be funded. Perhaps a crowd funding tool aimed specifically for this.  Roll Eyes

The thought process will change once people see rewards from FOSS.

cuddaloreappu
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April 14, 2014, 09:30:24 AM
 #11

I heard about Indian cryptocoin 'LakshmiCoin' at initial development level which rose $2 Million in funding.
But the plans were put on hold by the developers because RBI policy on crypto currenciees was (and is) not clear. They said they'll resume working on LakshmiCoin only after RBI clears its stand.

They failed to raise the funding.
The RBI have already replied to them stating that they are not the authority on Bitcoin to give permission. The note stated that they would need to approach other government agencies for permission. They have not mentioned which one.

This was my prediction from day 1. The next agency that may involve is SEBI, but even they will back away in few months.


With the IRS declaring bitcoin is an asset Does Securities exchange board of India have a role to play?
Benson Samuel
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April 14, 2014, 09:33:21 AM
 #12

I heard about Indian cryptocoin 'LakshmiCoin' at initial development level which rose $2 Million in funding.
But the plans were put on hold by the developers because RBI policy on crypto currenciees was (and is) not clear. They said they'll resume working on LakshmiCoin only after RBI clears its stand.

They failed to raise the funding.
The RBI have already replied to them stating that they are not the authority on Bitcoin to give permission. The note stated that they would need to approach other government agencies for permission. They have not mentioned which one.

This was my prediction from day 1. The next agency that may involve is SEBI, but even they will back away in few months.


With the IRS declaring bitcoin is an asset Does Securities exchange board of India have a role to play?


IRS in India??? Have not heard about this.

SEBI is the market regulator, they have a long arm and can jump in anywhere.
Apart from Bitcoin Smiley

cuddaloreappu
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April 14, 2014, 09:53:58 AM
 #13

I heard about Indian cryptocoin 'LakshmiCoin' at initial development level which rose $2 Million in funding.
But the plans were put on hold by the developers because RBI policy on crypto currenciees was (and is) not clear. They said they'll resume working on LakshmiCoin only after RBI clears its stand.

They failed to raise the funding.
The RBI have already replied to them stating that they are not the authority on Bitcoin to give permission. The note stated that they would need to approach other government agencies for permission. They have not mentioned which one.

This was my prediction from day 1. The next agency that may involve is SEBI, but even they will back away in few months.


With the IRS declaring bitcoin is an asset Does Securities exchange board of India have a role to play?


IRS in India??? Have not heard about this.

SEBI is the market regulator, they have a long arm and can jump in anywhere.
Apart from Bitcoin Smiley

I meant the IRS of united states, since they have given a legal status i thought our people would also follow the same footsteps.
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April 14, 2014, 09:57:36 AM
 #14

Cannot see India following that route anymore.
The US is no longer the worlds policymaker and I think India Inc.. is driving that quite aggresively... Eg.. Devyani Khobragade.

We may follow the China path or something similar to Singapore.
Or in the rarest of cases, we may overturn most beliefs and become the Bitcoin haven.

Cannot see any other routes apart from these.


globalgaurav
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April 16, 2014, 08:12:42 AM
 #15

SEBI is the market regulator, they have a long arm and can jump in anywhere.
Apart from Bitcoin Smiley

 Cheesy
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April 16, 2014, 08:51:20 AM
 #16

India is the IT outsourcing hub of the world, there are tens of thousands of tech engineers graduating every year. The IT sector tops the share market..Bangalore,chennai, Hyderabad  and whats not..

But even with all of these what is the role of our country in cryptocurrency ecosystem?

There are hundreds of alt coins and not a single one is from India.

only one or two exchanges are there in India..

There are projects like Etherium, Blockchain 2.0 applications etc..Does anyone from India play any role in it?

I feel something is really holding this nation back inspite of its abundant IT human resource.

Whats your opinion ..

You are beating the wrong bush.

We have IT crowds yes, but good hackers? No
If one is so good they can easily earn a lot more migrating to silicon valley and that is what they do!
Every good indian hacker I know of, no longer lives in India.

Lack of hackers due to
brain drain & sad education due to
bad culture (inwards: lack of practical knowledge; outwards: lack of infrastructure & funding) due to
nonsense governance due to
stupidity of people.

The Blockchain could have been invented in india but never the Bitcoin.
Research can be done in india but not invention.

"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
dashingriddler
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April 17, 2014, 10:04:26 AM
 #17

India is the IT outsourcing hub of the world, there are tens of thousands of tech engineers graduating every year. The IT sector tops the share market..Bangalore,chennai, Hyderabad  and whats not..

But even with all of these what is the role of our country in cryptocurrency ecosystem?

There are hundreds of alt coins and not a single one is from India.

only one or two exchanges are there in India..

There are projects like Etherium, Blockchain 2.0 applications etc..Does anyone from India play any role in it?

I feel something is really holding this nation back inspite of its abundant IT human resource.

Whats your opinion ..

You are beating the wrong bush.

We have IT crowds yes, but good hackers? No
If one is so good they can easily earn a lot more migrating to silicon valley and that is what they do!
Every good indian hacker I know of, no longer lives in India.

Lack of hackers due to
brain drain & sad education due to
bad culture (inwards: lack of practical knowledge; outwards: lack of infrastructure & funding) due to
nonsense governance due to
stupidity of people.

The Blockchain could have been invented in india but never the Bitcoin.
Research can be done in india but not invention.
+1

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rohnearner
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April 17, 2014, 10:18:46 AM
 #18

India is the IT outsourcing hub of the world, there are tens of thousands of tech engineers graduating every year. The IT sector tops the share market..Bangalore,chennai, Hyderabad  and whats not..

But even with all of these what is the role of our country in cryptocurrency ecosystem?

There are hundreds of alt coins and not a single one is from India.

only one or two exchanges are there in India..

There are projects like Etherium, Blockchain 2.0 applications etc..Does anyone from India play any role in it?

I feel something is really holding this nation back inspite of its abundant IT human resource.

Whats your opinion ..

You are beating the wrong bush.

We have IT crowds yes, but good hackers? No
If one is so good they can easily earn a lot more migrating to silicon valley and that is what they do!
Every good indian hacker I know of, no longer lives in India.

Lack of hackers due to
brain drain & sad education due to
bad culture (inwards: lack of practical knowledge; outwards: lack of infrastructure & funding) due to
nonsense governance due to
stupidity of people.

The Blockchain could have been invented in india but never the Bitcoin.
Research can be done in india but not invention.
You summed it up quite nicely ..! But we have to understand that India is shaping up and going through a period of change..! and this E-commerce and usage of Internet is expanding each day in India..! and Websites are emerging This is the time for India to shine..!

cuddaloreappu
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April 17, 2014, 03:16:21 PM
 #19

Together lets make our country shine
Benson Samuel
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April 17, 2014, 03:38:26 PM
 #20

Am cleaning this up to make it even simpler.
http://coinsecure.in/this-wallet/

Its a wallet to accept payments through Coinbase and then answer the callback along with page redirection.

It has been requested before, should be open sourcing the code in a day or two.

It validates the withdrawal address as well.

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