Author

Topic: 2013-12-13 WSJ - India Catches Bitcoin Fever (Read 1455 times)

legendary
Activity: 4130
Merit: 1307
December 14, 2013, 07:17:34 AM
#9

I can see another China madness , with no actual demand other than speculation backing it up.
What's next , Brazil?

While I agree that China and some other countries have non transactional demand for bitcoin, I think it is easy to underestimate the other uses.

Any country with currency controls can use bitcoin for non-speculative demand to avoid said controls. (And that is many countries.). Likewise any country with any non trivial rate of inflation can use bitcoin as protection from it. And this too is many countries. 

Protection of wealth either by removing it from the jurisdiction via bitcoin or by merely converting it is an important use case. :-)
legendary
Activity: 966
Merit: 1001
Energy is Wealth
December 14, 2013, 06:20:39 AM
#8
But there are no indian exchanges?
Yes there are:
https://buysellbitco.in/
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
December 13, 2013, 07:58:27 PM
#7

I can see another China madness , with no actual demand other than speculation backing it up.
What's next , Brazil?
legendary
Activity: 2114
Merit: 1031
December 13, 2013, 08:56:07 AM
#6

Yep. Read the article. Yet more people with no more intent than inflating the speculative bubble

I prefer reading articles about people actually using bitcoin or developing services. Masses of people looking to get rich from "investing" in bitcoin scares the willies out of me.

Agreed, lesss speculating, more doing!
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
December 13, 2013, 08:46:51 AM
#5
every bubble will bring bitcoin further. but its astonishing that india is far away from a leader in bitcoin-trading (like China is today).
legendary
Activity: 3752
Merit: 1217
December 13, 2013, 02:12:38 AM
#4
But there are no indian exchanges?

There are some. I think the largest ones are rbitco.in and inrbtc.com.

But most of the trade is still routed through localbitcoins.com
legendary
Activity: 3752
Merit: 1217
December 13, 2013, 12:43:07 AM
#3
Legal situation in India is very much vague right now. I have talked to some of the Indian Bitcoin sellers who are active in Localbitcoins. They told me that they are very much uncertain about the legal consequences of what they are doing. On the brighter side, no bank accounts have been frozen in India for indulging in Bitcoin trading.
hero member
Activity: 518
Merit: 500
December 12, 2013, 10:39:21 PM
#2

Yep. Read the article. Yet more people with no more intent than inflating the speculative bubble

I prefer reading articles about people actually using bitcoin or developing services. Masses of people looking to get rich from "investing" in bitcoin scares the willies out of me.
newbie
Activity: 54
Merit: 0
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