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.
Thanks for input but market fluctuation can never be more than Bitcoin, Within hours it changes upto $300
it is considered too be biggest market fluctuation of century
Exchange rate changes in hours and if you see it is stolen every other day
These exchanges make too much of money by selling and buying Bitcoin
Coinbase charges 10% for buying and 10% for selling .. this is completely scam
the market fluctuation is because of isolate exchanges. as long at there are isolated exchanges the price fluctuation will be manipulated by those holding the largest amount. but that hold is only temporary, every year there is spike in bitcoin prices and every year the ratio at which this spike happens is lowered. that shows the indication that those manipulating the currency is loosing grips in manuplating the market as more distribution of bitcoin happens.
however with a system like Ripple and the one you are proposing it will fluctuate, due to many reasons , government intervention, economic collapse, internal rigging, DDos attack, on you main node, a mass dump by a person holding a large amount of the premined coins and many more.
How many people have Bitcoin, How many people in India have Bitcoin?
Our will be much more distributed then what Bitcoin can be, I am sure not more than 10,000 people in India have bitcoin or max 100,000 people
100,000 people out of 1.2B people
By different mean of owning Laxmicoin we will make sure this is distributed right and try to do our best so more people can own it
lets think about this, What % Indians own computer?
Out of people own computer % are good for mining , In this case mass of the population will be left without any laxmicoin or Bitcoin
our aim is to come up with solution which maximum people can use it
if you have suggestions we are open to idea please let me know, I would love to have skype call with you and get ideas/suggestions