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
Well the problem is this, you'r proposal suggest that there needs to have a central authority.
this central authority issues the coins. (This it self creates a problem "Why would a central authority issue coins")
Issuing central authority will hold all the control on what price fluctuation it will make. e.g today you may decide to sell the coins at the rate of Rs. 10 for the next 1 years, and for some reason you then start selling it for Rs.2.
Or some one else on the market has a lot of these coins and then starts selling it at Rs. 2 the you start to sell it at Rs 2 to make up for the cost, what is there to stop such a thing happening.
You are saying you will make it distributed to other using it, and will earn your coin if they contribute their computing power. How will you track their contribution. through hash solution, or login time?
Then comes the problem of transaction processing, with a DDOS attack on you main node or even all the distributed nodes a DDOS attack can be sustained . secondly what about the 51% attack on your coin, what if some one with enough processing power gets to your network and processes his own transactions then he can effectively ruin you entire ledger.
The other big problem , because it is a central authority issuing coins , what if a hacker gets to your wallet and destroyed all your coins. how will you address this problem. You will be handling a lot of coins and will most probably have to have your wallet with a significant amount of coins on it. cant keep transferring small amounts from a cold wallet to a hot wallet a 100 times a day.
the most biggest problem i see is the DDOs on your nodes. a sustained DDos attack on the nodes for a week would mean the coin becomes as worthless as sand. Ckz you will have verry little number of nodes.
Excellent question and we actually answered this in our presentation in Global Bitcoin conference, We will have distributed ledger we are working on this strategy
and all Laxmicoin Wallet will be made public
Putting cap and setting basic valuation we are still debating on this
but in general also if you look Bitcoin is stolen so many times but no one could stole ripple
.. although we are not working like Ripple but want to compare