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Topic: Solution for low bitcoin volume in India (FeatherCoin FTC) (Read 17283 times)
I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.
Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.
We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.
If it fails, would have atleast been a good project to try.
well, i dont mind coding on indiacoin/desicoin. but at this very
moment i am stuck with way too many projects. may be in the
near future i might show some deep interest and dig in deep.
plus ccie, theory and lab, due in june if i feel confident enough.
else august end for sure.
but i dont understand economics and politics extremely well, esply
economics. so if i understand the economics well enough i can
adapt myself from the bitcoin code and fork away with something
truely desi.
main problem with me? i am a total big 0 in economics.
thanks!
-paul
You know what will drive crypto usage in India?
Build a REAL human POW based coin.
Who is going to do it now?
Build a REAL human POW based coin.
Who is going to do it now?
lol. heheh .
You know what will drive crypto usage in India?
Build a REAL human POW based coin.
Who is going to do it now?
Build a REAL human POW based coin.
Who is going to do it now?
So, how do we start?
We lets first start with a new thread. i will put in an update on this post that the discussion about the Alt coin dev has moved.
Secondly , all conversation needs to be done on the new thread, for a open project to be successfully all conversation needs to be public. nothing to be discussed closed door.
Third a open publication/invitation for voluntaries :-
Category:- coders, Testers, project coordinator, artists, and designers. over all invite any one wiling to help in their own way.
Forth is to start the initial discussion on the deadline set for the release of the Alt coin, that way all the different people involved will be able to sync their work and start off with the promotion and public awareness.
Fifth , this is important, although we are planing this for the indian markets, and to work around the the problem of low bitcoin volumes, there will be and should not be any pre mining, and no one will discourage people from the globe from participating, a crypto currency is inherently a global currency and can never be a local currency. businesses and other exchanges should not be the priority as they will follow once the community is built and more people start using it.
Please feel free to go ahead. I will sticky the thread. Am waiting for few Child boards to be setup as well.
I can help tremendously with design, brainstorming and marketing. Am also pretty good at resource augmentation.
So, how do we start?
We lets first start with a new thread. i will put in an update on this post that the discussion about the Alt coin dev has moved.
Secondly , all conversation needs to be done on the new thread, for a open project to be successfully all conversation needs to be public. nothing to be discussed closed door.
Third a open publication/invitation for voluntaries :-
Category:- coders, Testers, project coordinator, artists, and designers. over all invite any one wiling to help in their own way.
Forth is to start the initial discussion on the deadline set for the release of the Alt coin, that way all the different people involved will be able to sync their work and start off with the promotion and public awareness.
Fifth , this is important, although we are planing this for the indian markets, and to work around the the problem of low bitcoin volumes, there will be and should not be any pre mining, and no one will discourage people from the globe from participating, a crypto currency is inherently a global currency and can never be a local currency. businesses and other exchanges should not be the priority as they will follow once the community is built and more people start using it.
Quote
Benson - I had emailed you a plan. That was more of a short term though specifically to buy and sell bitcoins.
Will reply in a bit, kinda swamped.
Once we start to publicize, I am sure that many more will join us before the launch.
Online services that accept only crypto need to be introduced.
We always have localbitcoins to fallback onto for the final processing if needed.
Quote
quick question though.! Even if we have desicoin, how will that overcome the issue of domestic money transfer / net banking issue that is plaguing the virtual currency trading in India.?
Online services that accept only crypto need to be introduced.
We always have localbitcoins to fallback onto for the final processing if needed.
Awesome. Keep me in the loop. Am looking into ways to start a marketplace so that people can trade the coins especially to overcome the problems revolving around trading in India most probably incorporate somewhere outside of India.!
Benson - I had emailed you a plan. That was more of a short term though specifically to buy and sell bitcoins.
Once we start to publicize, I am sure that many more will join us before the launch.
Online services that accept only crypto need to be introduced.
We always have localbitcoins to fallback onto for the final processing if needed.
Quote
quick question though.! Even if we have desicoin, how will that overcome the issue of domestic money transfer / net banking issue that is plaguing the virtual currency trading in India.?
Online services that accept only crypto need to be introduced.
We always have localbitcoins to fallback onto for the final processing if needed.
quick question though.! Even if we have desicoin, how will that overcome the issue of domestic money transfer / net banking issue that is plaguing the virtual currency trading in India.?
I too concern is about 51%. Any idea how latest Chinacoin survived the attack?
Chinese miners are extremely large in number,and have large mining farms, most probably support from local quarters helped them survive the first attack. Something i dont think a desi coin will have. I believe Pinwheel has the highest hashing power among the forum members .
The PPC NVC model seems better in resisting 51% attacks + central checkpointing till the network can fend off 51% attacks on its own, else its gonna get murdered on release, especially since the entire network speed from Indians or supporters can easily be overthrown by a single mining farm.
Hope you guys figure a selling point,something diff from all those clone'y copy coins,making it worth mining the coin, something fundamentally different.
Vorksholk coin(Project on hold): https://bitcointalksearch.org/topic/announce-6-week-alt-announcement-193948
Only ideas, no code there.
Hope you guys figure a selling point,something diff from all those clone'y copy coins,making it worth mining the coin, something fundamentally different.
Vorksholk coin(Project on hold): https://bitcointalksearch.org/topic/announce-6-week-alt-announcement-193948
Only ideas, no code there.
So, how do we start?
I'd rather see a coin with a market cap of 100 lakh crore coins than 1 crore coins. The larger the number of coins, the less decimal places are needed (I'd rather buy a game for 1000 coins than .0001 coins.)
Ok then, lets do it. Start a thread for technical and marketing strategies.
We can recruiter voluntaries , for coding, marketing, art design, webmaster and project coordinator, and testers.
lets discuss when to put in the deadline, and bench marking the project.
We can recruiter voluntaries , for coding, marketing, art design, webmaster and project coordinator, and testers.
lets discuss when to put in the deadline, and bench marking the project.
Creating another fork of a alt coin is easy, but the usability , acceptance, and overall new users is hard to gain. if a desi coins is created, the first problem is the people using in india would be low. miners from outside the country would have a instant monopoly on the generation of the coins. hard for exchanges to accept the coin until a certain user numbers are reached. New alternative desi coin can only work once the user base of crypto currency increases. p.s - i'm not a ripple fan.
I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.
Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.
We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.
If it fails, would have atleast been a good project to try.
Lets discount the time taken , if you guys are serious , we can give it a shot. It does not harm any one to try, but we need to put in the characteristic that is required for the indian market. may be some thing like the number of coins that needs to be capped . how it is gona hash the transactions. , but before that how we are gona convince the miners in india, to mine for it in a larger pool, before foreigner miners come into the picture and limit the coin volume in India.
Strategy for success lies in the initial number of people involved in the project and the participation in the first phase. If we fail to get the numbers in india then the alt coin will fall. My only fear, is that marketing pulls in big time miners and the one especially owning bot nets , they will destroy the project before it can take off.
Am quite serious about giving this a shot.
Creating another fork of a alt coin is easy, but the usability , acceptance, and overall new users is hard to gain. if a desi coins is created, the first problem is the people using in india would be low. miners from outside the country would have a instant monopoly on the generation of the coins. hard for exchanges to accept the coin until a certain user numbers are reached. New alternative desi coin can only work once the user base of crypto currency increases. p.s - i'm not a ripple fan.
I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.
Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.
We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.
If it fails, would have atleast been a good project to try.
Lets discount the time taken , if you guys are serious , we can give it a shot. It does not harm any one to try, but we need to put in the characteristic that is required for the indian market. may be some thing like the number of coins that needs to be capped . how it is gona hash the transactions. , but before that how we are gona convince the miners in india, to mine for it in a larger pool, before foreigner miners come into the picture and limit the coin volume in India.
Strategy for success lies in the initial number of people involved in the project and the participation in the first phase. If we fail to get the numbers in india then the alt coin will fall. My only fear, is that marketing pulls in big time miners and the one especially owning bot nets , they will destroy the project before it can take off.
Creating another fork of a alt coin is easy, but the usability , acceptance, and overall new users is hard to gain. if a desi coins is created, the first problem is the people using in india would be low. miners from outside the country would have a instant monopoly on the generation of the coins. hard for exchanges to accept the coin until a certain user numbers are reached. New alternative desi coin can only work once the user base of crypto currency increases. p.s - i'm not a ripple fan.
I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.
Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.
We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.
If it fails, would have atleast been a good project to try.
Nice to see indians here, and yeah FTC is good dude
*Question out of topic, why is it that india being one of the largest software industry in the world, still manages to lag being China in terms community driven open source projects?*
China's current approach to communism may be why there is a culture where community driven projects has surpassed the rest of the world at least in cryptos.
Trust me CHC has the user base and there are already a good number of chinese exchange there, number of people, involved in bitcoin in china is verry high compared to india with just a few hundred (and yes i know some news report said 2000 but i dont think so) . banking system there are also not that ridgit.
Creating another fork of a alt coin is easy, but the usability , acceptance, and overall new users is hard to gain. if a desi coins is created, the first problem is the people using in india would be low. miners from outside the country would have a instant monopoly on the generation of the coins. hard for exchanges to accept the coin until a certain user numbers are reached. New alternative desi coin can only work once the user base of crypto currency increases. p.s - i'm not a ripple fan.
FTC has 4X the number of coins as Litecoin. making it fare more suitable for transactions on a daily basis.
And also I proposed this as a method to increase the volume of bitcoins in india. once the volume is there, over pricing from sellers would vanish. (oops i think i am making some enemies already).
FTC is new and Can be mined, without people investing in ASIC , or FPGA, mining can be kept with many people, not only the ASIC miners like in bitcoin.
*Question out of topic, why is it that india being one of the largest software industry in the world, still manages to lag being China in terms community driven open source projects?*
Creating another fork of a alt coin is easy, but the usability , acceptance, and overall new users is hard to gain. if a desi coins is created, the first problem is the people using in india would be low. miners from outside the country would have a instant monopoly on the generation of the coins. hard for exchanges to accept the coin until a certain user numbers are reached. New alternative desi coin can only work once the user base of crypto currency increases. p.s - i'm not a ripple fan.
FTC has 4X the number of coins as Litecoin. making it fare more suitable for transactions on a daily basis.
And also I proposed this as a method to increase the volume of bitcoins in india. once the volume is there, over pricing from sellers would vanish. (oops i think i am making some enemies already).
FTC is new and Can be mined, without people investing in ASIC , or FPGA, mining can be kept with many people, not only the ASIC miners like in bitcoin.
*Question out of topic, why is it that india being one of the largest software industry in the world, still manages to lag being China in terms community driven open source projects?*
Check out ChinaCoin/CHN which has almost instant transactions and is slightly better thought out than ftc.
Having a DesiCoin with instant transactions and maybe proof of stake could be what India needs. I've bartered with cryptos but I've yet to make a direct purchase.
Having a DesiCoin with instant transactions and maybe proof of stake could be what India needs. I've bartered with cryptos but I've yet to make a direct purchase.
Indian banks overloaded with bad loans, it is just question of time when it will crash.
Solution for low bitcoin volume in India (FeatherCoin FTC)
So for the past few months, i've been trying to find a way to increase the volume of bitcoins into india.
I looked at the volumes, an ASIC of a FPGA mining riggs could generate, but the investment and the shear amount of initiation money needed was huge. and also risking a monopoly in the supply chain. {i'm for open market.}
The other road blocks are the rigidity and boneheaded banking system we face.
The Four horseman is used to justify this clamp down on free flow of money for the common man.
1. Terrorism
2. Money laundering
3. Drugs
4. Child pornography
This has always been the best weapon used by big businesses in line with government to stop free market and progress. There are too many rules and regulations that prevent people to do any thing. Trust me people if these rules was to keep corruption and criminals down , then it has failed badly. there are criminals and corrupt people using the same banks for Terrorism, Money laundering, and drugs. And that is a fact. Crypro currency, is by far the most effective currency out there, better than Fiat currency, better than online digital currency, and far better than the old barter system.
The second option for the increase in the volume of Bitcoin is obviously trade, but that also gives verry little inflow unless services are provided in a massive scale.
for this what can be created is a point of contact that provides freelancing jobs to prople looking for these type of work and those who want to give work. payments from the freelancer to be made in INR and the receipt from the person seeking freelancers to be made in Bitcoin.
India has no shortage of skilled people, outsourcing is a dam well defined industry. I guess we just need people to get together. and form a loose net organizing group and start creating a list of freelancers, then go out and provide that service out.
The most effective solution Feather Coin :
But the far more effective method of getting volumes into India is to use an alternative crypto currency. Right now i seee Feather Coin FTC as a good option. relatively new , accepted in a good number of exchanges, they have reliable pools for mining , the exchange rate to BTC is also quite good. it is ASIC resistant, so cpu and gpu mining can take place , letting people with average budget to mine the coins.
If we can put out enough mining rigs out in the wild, the rate and volume of FTC increases. using the FTC to eventually get bitcoins, or just use FTC as Standard for india which ever is better.
Mining -> FTC -> BTC -> FTC -> INR
Or Mining -> FTC -> INR -> FTC
Feather coin like Lite coin is fast, faster then BTC, and small groups of miners can actually get together , start a mining pool and start hashing .
I know we have been talking about a creation of a new crypto currency, even i am for it , but looking closer to what the new currency would add is alot of PR time to have it accepted by other exchanges , and the problem of acceptability with other users from around the world.
I will start awarding FTC soon to indian users so as to increase the acceptability of it, and in the process also build the volume of btc in india. Which on a longer run translates into businesses accepting bitcoin . Who know's it may work it may not. but that is just an idea. What do you guys think.
More info on Feather Coin :-
Official FeatherCoin Site - http://feathercoin.com/
Bitcointalk Forum : - https://bitcointalksearch.org/topic/ftc-the-feathercoin-information-thread-181807
Official FeatherCoin Forum - http://forum.feathercoin.com/
FTC Exchange
BTC-e - https://btc-e.com/exchange/ftc_btc
Miners (mining software)
cgminer - https://bitcointalksearch.org/topic/official-cgminer-mining-software-thread-for-linuxwinosxmipsarmr-pi-4110-28402
Mining pool
http://feathercoin.is-a-geek.com/
Mining Info
http://dustcoin.com/mining
FeatherCoin Blockchain Statistics - http://benhohner.com/feathercoin/statistics.php
How to Mine Feathercoin on Windows Guide - http://bitcoinboard.net/how-to-mine-feathercoin-on-windows
.
So for the past few months, i've been trying to find a way to increase the volume of bitcoins into india.
I looked at the volumes, an ASIC of a FPGA mining riggs could generate, but the investment and the shear amount of initiation money needed was huge. and also risking a monopoly in the supply chain. {i'm for open market.}
The other road blocks are the rigidity and boneheaded banking system we face.
The Four horseman is used to justify this clamp down on free flow of money for the common man.
1. Terrorism
2. Money laundering
3. Drugs
4. Child pornography
This has always been the best weapon used by big businesses in line with government to stop free market and progress. There are too many rules and regulations that prevent people to do any thing. Trust me people if these rules was to keep corruption and criminals down , then it has failed badly. there are criminals and corrupt people using the same banks for Terrorism, Money laundering, and drugs. And that is a fact. Crypro currency, is by far the most effective currency out there, better than Fiat currency, better than online digital currency, and far better than the old barter system.
The second option for the increase in the volume of Bitcoin is obviously trade, but that also gives verry little inflow unless services are provided in a massive scale.
for this what can be created is a point of contact that provides freelancing jobs to prople looking for these type of work and those who want to give work. payments from the freelancer to be made in INR and the receipt from the person seeking freelancers to be made in Bitcoin.
India has no shortage of skilled people, outsourcing is a dam well defined industry. I guess we just need people to get together. and form a loose net organizing group and start creating a list of freelancers, then go out and provide that service out.
The most effective solution Feather Coin :
But the far more effective method of getting volumes into India is to use an alternative crypto currency. Right now i seee Feather Coin FTC as a good option. relatively new , accepted in a good number of exchanges, they have reliable pools for mining , the exchange rate to BTC is also quite good. it is ASIC resistant, so cpu and gpu mining can take place , letting people with average budget to mine the coins.
If we can put out enough mining rigs out in the wild, the rate and volume of FTC increases. using the FTC to eventually get bitcoins, or just use FTC as Standard for india which ever is better.
Mining -> FTC -> BTC -> FTC -> INR
Or Mining -> FTC -> INR -> FTC
Feather coin like Lite coin is fast, faster then BTC, and small groups of miners can actually get together , start a mining pool and start hashing .
I know we have been talking about a creation of a new crypto currency, even i am for it , but looking closer to what the new currency would add is alot of PR time to have it accepted by other exchanges , and the problem of acceptability with other users from around the world.
I will start awarding FTC soon to indian users so as to increase the acceptability of it, and in the process also build the volume of btc in india. Which on a longer run translates into businesses accepting bitcoin . Who know's it may work it may not. but that is just an idea. What do you guys think.
More info on Feather Coin :-
Official FeatherCoin Site - http://feathercoin.com/
Bitcointalk Forum : - https://bitcointalksearch.org/topic/ftc-the-feathercoin-information-thread-181807
Official FeatherCoin Forum - http://forum.feathercoin.com/
FTC Exchange
BTC-e - https://btc-e.com/exchange/ftc_btc
Miners (mining software)
cgminer - https://bitcointalksearch.org/topic/official-cgminer-mining-software-thread-for-linuxwinosxmipsarmr-pi-4110-28402
Mining pool
http://feathercoin.is-a-geek.com/
Mining Info
http://dustcoin.com/mining
FeatherCoin Blockchain Statistics - http://benhohner.com/feathercoin/statistics.php
How to Mine Feathercoin on Windows Guide - http://bitcoinboard.net/how-to-mine-feathercoin-on-windows
.
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