Bitcoin Exchange goes offline

In a huge blow to the Bitcon community, MtGox, the biggest Bitcoin exchange has gone offline following what is believed to be a hacker’s attack leading to loss of critical information which may affect the transactions of its customers.

More details available here

It is expected that the closure is temporary and the exchange may start functioning again shortly. However the exchange value of Bitcoin took a heavy beating and came down to around $437 creating concerns amongst the investors.


What is Naavi’s “Value Adjusted Performance Evaluation System” for IPL 2014?

This is in continuation of my previous post   where I had indicated a scheme of extension of the old concept of “Naavi’s Cricket Rating” (NCR) to IPL.

NCR was developed in the context of the World Cup 1999 and also tried out in World Cup 2003. The objective of NCR was to integrate the performances over Batting, Bowling and Fielding performances of the players and evaluate it in the context of how the performance measures in the context of the team goals. When it was first introduced in 1999, it was a unique system and no other rating system adopted similar thoughts. In the last decade some of the other ratings have imbibed some of the thoughts inherent in the NCR system though a couple of parameters used in NCR still remain novel. Hence NCR-2014 with any minor modifications that may be required in the current context can still be a good evaluation tool for measuring the performance of players. This can be used for determining the Man of the Match and Man of the Tournament based on field performances.

What is presently being proposed is to add one more important parameter for evaluating the value of the player to a team. Since in IPL, the team owner incurs and expenditure on each of the players, it is reasonable to expect that the players perform to the potential reflected in their valuation. This may not be very critical for the public but will be so for the team owners.

In this system of “Naavi’s Value Adjusted Performance Evaluation System” (NVAPES), the NCR is adjusted with a value parameter based on the cost of the player.

It is obvious that in this system, the players who have earned more price in the auctions /retention will get lower score for a given performance when compared to cheaper players. Hence a 100 scored by Yuvraj Singh (Value Rs 1400 lakhs) will be far less in value than a similar 100 scored by say Manish Pandey(Rs 170 lakhs).

The main reason why the undersigned considers this system of valuation as a better means of evaluating the “IPL King-2014” is that it will give greater opportunity for lesser fortunate players who failed to get a fair price for their capabilities in the auction to show case their performance for future use. May be in the coming days BCCI may do away with differential pricing for “Capped” and “Uncapped players” which is a serious lacuna in the current system and instead rank the players for future auctions based on their value adjusted performance in the previous IPL tournaments.

This system may also help in evaluating the players during inter team transfers if permitted.

Additionally the system can be extended to a program for monetizing the player investments made by the team owners on the players. This scheme needs to be explored further since it cannot be introduced except as a program of the BCCI, while the NVAPES can be introduced as a promotional game with or without the involvement of BCCI. I leave discussion of this “Monetization Scheme” to a future article.

In the meantime, I invite suggestions from readers on the implementation of the system during the forthcoming IPL. If there is a good business partner, the system can be commercially harnessed.



IPL Auction Expenditure by teams and True Value of players

Naavi had during 1999 cricket world cup promoted a concept of “Naavi’s Cricket Rating” which was designed with many innovations not otherwise available at that time. This was originally developed to assist advertising cients with a  tool to promote their brand around a public promotion scheme involving a scientific identification of the “Player of the Tournament”.  A revised version was also used during the 2007 world cup successfully.

Since the creation of IPL, the undersigned has been thinking about how to create a system of true valuation of a player based on performance as against the prices paid by different teams for different players.

Now with the completion of the recent auction for IPL 2014, the undersigned is trying to develop a new system where the performance based rating would be used along with the price of each player at the time of action to develop a “Value Index” for the players.

Apart from developing the value index for the sake of following the cost linked performance of the players, it is also envisaged that a collateral system where by the teams can develop a system of monetizing the player cost into a derivative instrument and raise finance either for  a temporary period as working capital or for a longer period.

This scheme would provide a different dimension to the player valuation in which public will provide their own perception of the value of the player. This may help teams when they need to trade the player between teams or when their contracts are to be renewed in future. Additionally, funds raised may help in optimizing the resources so that the team can reap a benefit on their investments.

The grand scheme drawn up requires complete cooperation from BCCI since there could be legal issues involved in the successful running of the scheme. However limited use of the rating system for evaluating the investments made on the players and using the information as part of the brand promotion and marketing activities of a large corporate entity would be feasible outside the BCCI regulations.

The scheme would require running of a software application and ability to invest in marketing and also harness the benefits.

The undersigned would be happy to discuss possibilities with interested companies who may contact the undersigned at


E Registration of Rent agreement

It is reported that IG Maharashtra has introduced a system of E-Registration of Rent and Lease agreements.

See Report here

“It is necessary for the people to provide their Aadhaar card. The people have to pay and stamp and registration duty through net banking. The duly fulfilled forms will be later sent to the sub-registrar and after his verification, the digitally signed leave and license agreement would be delivered to the inbox of the applicants “

It is unclear how this new procedure is viewed under ITA 2008 according to which “Any contract for the sale or conveyance of immovable property or any interest in such property” is excluded from the provisions of the Act including the legal validity under Section 4 and 5 of ITA 2008.

If “Leave and License Agreement” has the effect of transfer of interest in an immovable property and “Registration” is  mandatory for the transaction to be valid, then rendering any of these documents in electronic form may not have legal validity.

The detailed process needs to he reviewed to understand how this process works.


Bitcoin Development in India..

During the last one month the Bitcoin community is waiting to see how the regulatory uncertainties in India are shaping up.

RBI has come up with it’s advisory with a rider that it may  revise its view on Bitcoins any time in the future. Given the tendency in India to come up with retrospective legislations, Bitcoin community cannot make any further insvestments in India until the air is cleared.

In this connection a demand for clarification has been made with RBI and response is awaited. (See report in coindesk)


Also Read: FM’s comments

Why ECI is hesitant to allow E Voting for NRIs?

Way back in 2010, voting rights were granted to NRIs in India. However it is required for NRIs to physically be present in India to cast their votes. This is practically impossible and hence the so called voting rights to NRIs is a myth.

Presently e-voting has been resorted to under Company’s act and ITACT2000/8 has provided a legal base for e-voting long time back. In fact the EVMs itself is a kind of e-voting mechanism where the voter’s choice is captured in the form of an electronic document, retained and processed as electronic documents, all under the provisions of ITA 2000/8.

It is therefore not logical for ECI to refuse digital signature based voting for  NRIs. Unless ECI is facing opposition from the ruling Congress party for such a move under the fear that it may benefit the BJP, there is no reason why this system should not be introduced in the next Loksabha elections.

Probably ECI can set up a centralized digitally signed e-voting system and make it available to all voters whether in India or abroad to cast their votes through a valid digital signature issued by an Indian licensed Certifying authority.

In the least, this facility can be offered to the NRIs who have no other option.