Topic: Laxmi Coin for India and international market - page 3. (Read 11491 times)

kriwest,
Thanks for referring  to the real point, Yes we have discussed this in our meeting,

Why someone should invest/buy Laxmicoin ?

-Initially we are planning to launch at low price and take it way high slowly as it circulates in the market  and we want our early investors to make money, They support us and we work for them

-And in this no one will loose money as I mentioned earlier % of the purchase price is guaranteed by Laxmicoin, You may loose in Bitcoin if it goes down

- and when you buy items from online retailers ( those who tied up with us) , you will be given additional % discount then others because we bring business to them


- Over the time price will be going up and we will not create/generate new Laxmicoin

- and Hope for good acceptance of Laxmicoin

And Hope Laxmicoin brings Laxmi in their lives

In India Laxmi is the Goddess of wealth, prosperity
 

I think the fact is that most people here want to be early adopters and make money (ie. they're investors). If they can't mine, and if the coin doesn't increase in value over time; it's of no interest to them. Decentralization may be important to some, but not to all. Personally I don't care as much about anonymity and decentralization as I care about getting return on my investment. It being decentralized can help with that through the mechanism of mining, but it's not a must.

So if I can somehow make money with Laxmi-coin, I'm all ears. Otherwise, good luck - I can see the benefit on the Indian market, just not for me.

dunderklumpen,
Thanks for your point/suggestions but I agree everyone doesn't have to mine but one friend of mine tried with mining concept in India and no one even tried mining

so if you try with mining coin then people will say we don't have resource or some other excuse or blame game

Here I don't make much money .. I am providing backing by Rs  so if you want to return the coin to us back you get money back

and some of the Bitcoin community is resisting it because it is against decentralize concept but you can not apply same rule every where

and Bitcoin no one is backing it up with $$ or Rs but we will be

in case people want to return we will take it based on conditions

Everybody does not have to mine it to use it, look at Bitcoin, all im saying that a premine only coin will not have a very bright future, within India or outside India cause it will not suffer from a 51% problem it will suffer from a 100% problem.
Your idea is contradicting the embrace of decentralisation cause the currency will be centralised and everyone have to buy it, buy it from you..
Your out to profit from the masses. My bet is that the masses in India are NOT VERY educated in anything regarding crypto currencys.
Wave any arguments you wont they dont make you a Crypto-Ghandi or Scrythmother Theresia anyway.
Your currency will be just like any FIAT, 100% premine

dunderklumpen,
What do you suggest in Indian market, If you look at Data how many of house holds have internet? and what kind of computing power they have?  

if we have to mine then it will not go beyond small % of IT professional and we want to reach to mass ...not just software professionals

Duffer1,

I agree if we use Bitcoin chances of success are more as it is globally accepted but for Indian market it may not be true
As most of the Indians are not aware of Bitcoin, it is not like USA where most of the people are aware of what is Bitcoin

2nd Very very few of Indian mined Bitcoin, so to get bitcoin you have to buy them outside of India which may not be legal yet in India
if you look at RBI guide lines buy Bitcoin in bulk is illegal and needs RBI approval

That's why we came up concept of Laxmicoin which is local and % of it backed by ₹   and compliance with Indian rules & regulations

I like the idea of introducing crypto-currency to new, or underdeveloped, markets.  However I feel that any region looking to start their own coin (regional market) won't ever benefit as much as if they just adopted Bitcoin instead (global market).

Perhaps look at companies that have had good success with offering cell phone wallets (doesn't have to be a smartphone, only has to be web enabled) to see how they're finding success with Bitcoin in low internet usage areas.   M-pesa and Kipochi come to mind.

I don't believe a 100% pre-mined coin backed by x% of Rs could find success anywhere but in India.  I don't believe that's a good thing.

So it will be a 100% premine coin people can buy with FIAT?
I dont like where this is going...

h0lybyte,

As I also mentioned earlier it may not be feasible to mine in Indian environment so I am going for pre - mined concept

as long as backing up with ₹ will help us gaining confidence and legally also it won't be much of problem

We need to decide how much worth we back up be ₹, May be 60%, 80%, 90% or 100% of purchase price  because slowly price may be increasing as well if converted to local currency

if you have any thought please let us know

Very interested in where this will go, however what type of coin will this be? My concern here is that you would need to focus more towards a CPU coin if you wish to obtain more followers? I cant see a 3rd world country attempt to adopt a virtual currency that requires heavy "mining" equipment. Furthemore, are you sure you want to back it with Rs? Isnt Rs worth 65-68 to 1usd? Finally the interest rate in India is crazy, maybe you can tie that concept into the coin (i meant the backing concept, of course )

Hehe it be worth more of your time to make a color coin and use the 9% interest rate to build yourself a NRI-style coin, basically evade the taxes that come with the accounts.

Hi Shvia,
This is not payment gateway and it is coin please let me know what made you think it is payment gateway I can clarify or any specific questions let me know

Yes are signing up ties with some payment gateways to help us but we are not payment gateway

Thanks, Mitts

Hi,

When I see the phrase 'Laxmi Coin' it sounds like a alt coin . But as far as I understand it seems more like a payment gateway to me like bitpay .
Is this a bitpay type service targetted for India ? If so can you rename to something that doesn't have a 'Coin' . Coin just creates confusion for people when we already have so many altcoins .

Thanks,
Shvia

Thanks Tadakaluri,

Initially we planned for Diwali so people can celebrate Diwali with Laxmicoin, Still working hard to meet Diwali deadline

Hope testing goes well so we are available on Diwali

I will keep updating here

Interesting and waiting for release

Balthazar,

Money is with Laxmi

I would prefer Kālī Coin

Thanks wezelvis for kind words and We had lots of discussion should we go mining way or none mining but final conclusion was in Indian environment mining is not possible but based on few survey we came to know that Indian youth generation is ready to start using crypto currencies

if you look at buysellbitco.in , he has good market and many people interested

and we talked to multiple eCommerce businesses, some of them agreed to accept Laxmicoin, Which itself is huge target for laxmicoin

Once again thanks for encouraging words

National coins can work well if you can secure them.

The problem the Brits and Canucks had with UKB and CDN respectively was not being able to get enough hashing in place to make their blockchains secure.

Currently they use Open Transactions and Cyclos and such instead of the very vulnerable, easy to 51% attack blockchain format, until their transaction volume (and hence fees to attract miners) and ability to deploy ASIC mining gear themselves (to merged mine themselves even if others won't) make it seem feasible to be able to actually secure a blockchain.

Remember that the whole security model of bitcoin/blockchains is that the blockchain is secured by far more hashing power than all the entire rest of all the supercomputers etc in all the world can bring to bear to attack with even if all the supercomputers etc in the whole world other than those securing the chain all ganged up together to attack the chain.

Even with the advantage of merged mining, that lets all the hashing power that is securing the bitcoin chain also choose optionally to secure more chains at the same time, I don't think any other chain has yet achieved that much power, has it? Mostly because most miners are not yet operating at low enough profit margins that the few percent gross income that merged mining would give them seems to them worth the trouble of merged mining.

-MarkM-

I think this is a historic moment for the international crypto currency community. Not all environments are the same. Having a crypto coin designed for a particular country is a natural progression. This does not sound like another cloned alt coin project.

I believe this coin will be hugely important. Crypto is not just for developed countries. Bitcoin may not suit all situations.

Like Mitts said, mining may not be best approach in India. Maybe distributing coins another way will spread the coins adoption wider. If you target mobile phone users you will have a target market of many 100s of millions.

This is a good move IMO!!

Good luck!!!

Thanks guys