Re: And now, a desi digital currency in the offing-Laxmicoin
Something that has been running through my mind is a foreseeable co-operation with current regulatory regimes until these regulations change.
What makes Crypto so invaluable is the speed at which it can adapt to the system and make a change.
Honest opinion of Laxmicoin:
It bridges a gap. A gap that can be covered quite well with a campaign for an Indian coin. Cannot do non-premined Indian specific crypto coin.
It is not a long term coin
.. We are behind those technologies now, but there will be a market for this for the next 5 years atleast.
If these are the options that you guys are considering as well, then I would kinda like to 'wait and watch'. There are several used cases for this kind of currency/ technology and it would be good to see how it works.
1 big problem that you guys will face is that once you'll get a legal framework in place, Ripple will take over that space
What makes Crypto so invaluable is the speed at which it can adapt to the system and make a change.
Honest opinion of Laxmicoin:
It bridges a gap. A gap that can be covered quite well with a campaign for an Indian coin. Cannot do non-premined Indian specific crypto coin.
It is not a long term coin
.. We are behind those technologies now, but there will be a market for this for the next 5 years atleast.If these are the options that you guys are considering as well, then I would kinda like to 'wait and watch'. There are several used cases for this kind of currency/ technology and it would be good to see how it works.
1 big problem that you guys will face is that once you'll get a legal framework in place, Ripple will take over that space
Again with the ripple crap. trust me ripple doen not have any thing that is self containing . It needs constant input regulation and human interference. there is not difference between how ripple and actual currency works, this holds true for the Laxmicoin too. Regualtion on how the coin should behave will make in no difference to what fiat is , Prone to inflation and flawed. Trust me when ever there is a cloak and dagger involved it's not good for a community born out of a opensource program
By the way it is regulation and excessive control by governments that make the current fiat system flawed. The bitcoin network removes that flaw by making sure a system is not tampered and makes all transactions open and public.
A simple word this is not a long term coin when the creators hold all the coins and can set price and market fluctuation to their will.
An a non-open source crypto coin sounds like a breach to the MIT licences. but who knows Laxmicoin could have built it by scratch and implemented their own algo. cant say any thing about that without reviewing the code.