Topic: [2013-12-24] RBI warns India (Read 2226 times)

BTCIndia is not all India.  If he wants to create yet another alt coin then more power to him.  I expect once Bitcoin becomes more stable the people of India will start buying BTC.

Sounds like India has just doomed itself to being a Bitcoin backwater ... not surprising given the extent of deranged socialist statism rampant in that place.

Thanks for giving me confidence! Thanks a lot! I'm no developer though.  Sad

I think your last statement "we must create our own" pretty much sumarizes all of your points.  And, given this basic idea of creating your own "IndiaCoin", all of your other points make sense.

If you want to you can outline what differences you would like to see in an IndiaCoin, or do you think it would just be an exact copy of Bitcoin?

Best of luck to you!

Thanks! I always try to be logical. I'd like you to comment on logic's I gave while defending my signature- Resting Bitcoin for fools!
Look forward to your comment, sir.  

P.S: I'm resting Bitcoin in India, not world. I'm resisting Bitcoin not crypto-currencies in India.

What about logic's in other arguments? Are they without warrant? I was expecting some enlightenment from Bitcoin community for my pre-mature thoughts. 

LOL! I was myself amazed with that. Let's see what RBI has us for. Trading websites in India has already been shut down suo moto after warning.

There is a lot of logic and sense here.

Nice to see that they noticed Dogecoin already which isn't even a month old.

Expect them to treat btc as a commodity asset with the usual cap gains implications
The RBI warning is expected and not really a negative

The Indian government has recently undertaken a number of useless populist measures, which has almost completely drained the treasury. They have hiked the VAT and other taxes as much as they can. Right now it seems that there is nothing more to tax.  BTC might be their next target.

BTCindia was name I selected when peeled first layer of onion called Bitcoin. Right now, my condition is just like Goverment, which entertains "Don't smoke Campaign" but are dependeds on Revenue generated by cigarette for good of mass. For common people, personal greed comes first and nation second. For me, nation first and greed second. I'm nobody whom people will listen but I'm trying to fight Bitcoin with my reasons.  I'm not ashamed to accept that, I'm working to take advantage of Bitcoin as well if India succumbs to its philosophy. I'm confident about you people, you guys have tools to force Bitcoin in India. Here, I don't have tools to resist them. But, I'm a warrior. I'll keep on fighting. Don't I have right to fight for what I believe?

Segeln,

I'm glad you noticed my signature. Thanks for asking me such an important question of life. I'm no scholar but I've been trying to understand Bitcoin since last 8 months 20 days. I was injected into Bitcoin by only one article and passion growing since then. As Indian, I've my own reason to resist Bitcoin. Pardon me, I'm wrong.

1. 57.9% of Bitcoin(Branded Gold) are already mined by 'developed' countries which includes- USA, Canada, EU, China etc. My personal estimation says, currently Indian's at max holds not more than 20,000 Bitcoin (i.e not more than 1%). If today, Indian's dive themselves into mining full fledged then also we won't be able to get hold on more than 4-5% of total coins by 2140 due to very high completion and lack of sophisticated technology. Bitter fact is, I don't have right to accuse developed countries for mining Bitcoin. Problem is on our part, Bitcoin was open to everyone and it's our bad luck that we were ignorant.

2. Fact is mining initial coin is 'necessary evil' to initiate revolution and I don't mind accepting Bitcoin if 60-70% of 57.9% were in circulation. I've read some research paper which revealed the fact that, majority of the Bitcoin are in sink account. That makes me uneasy here. I seen something suspicious coming as those sink account are inactive since March, 2013. They accumulated coins and became inactive as they knew, what Bitcoin is and what future lies ahead. I have a stupid thought that Bitcoin has opened new front in countries interested in 'economic imperialism.'

3. Bitcoin is branded gold which anyone can create. Agree? Bitcoin like gold can be created by anyone. Considering myself as India, it doesn't makes any sense to me going crazy for Bitcoin. We've seen prize surge from 300-1200 due to Chinese interest. Now, resistance is at 650. If Indian's go crazy about Bitcoin, then its price will reach a new level and India have 50-60% parallel economy and loads of money in overseas account. Lets consider, Indian's goes crazy about Bitcoin, then also we won't be able to get hold on large number of Bitcoins due to capital control. Indians by creating demand can only increase its price to new high thereby injecting another push to Bitcoin.

4. Bitcoin price is $700. Consider, there are 1000 Bitcoin in total and India has maximum $8000 to spend on virtual currency. If Indian demand Bitcoin and pushes its price reaches 800. Then we can get 100 Bitcoin out of 1000 Bitcoin i.e. 10% of Bitcoin. Now we've another option, to create our own virtual-currency and somehow manage to force same on Indians. They'll buy Indian virtual currency(say Indiacoin) with those $8000  not Bitcoin then Bitcoin price will stay same at $700 dollar. Because every Indian has accepted their own virtual currency .. others interested in Indian economy will be forced to exchange Indiacoin for Bitcoin and in that way, we could get lot more than 10% Bitcoins in return.

5. Most important reason that makes me resist Bitcoin is ..ideological domination. Bitcoin is revolution of liberalization. A topic of academic debate as there is thin line between liberalization and anarchy. At one time in history people were domianted by physical force like those in slave era.. then with release of "Wealth of Nation by Adam Smith" money became a medium of domination. Now, we're living in Internet age and I think.. ideology is form of domination. We're living in age where we're sub-consciously dominated by thoughts and ideas without our knowledge. We're living in age of psywar.

We're going back to the age of Bank Notes where one bank note used to compete with another note. Welcome to age of branded currency and I think rather than accepting another brand we must create our own brand.

+ 1 million

Since when do people need the approval of governments to decide what has value and what does not? If someone wants to accept Bitcoin, or anything else for that matter, as payment for services or products why and how can that possibly require the approval of some government? Face it people, governments are scared because they see their little monopoly on printing money going away. Soon. Very, very soon.

That´s why I posted above

BCTIndia,

Your humor or sarcasm or trolling is over my head.  Your username is BTCIndia, you say two different things here.  Would you care to explain yourself to us?


Why is that?  You do not want to see the demand, use and price go up?

I don´t want to be too inquisitive and too personal, but may I ask why? I am always interested in rationales.
Your signature "Resisting Bitcoin for fools! " is for me cryptic as well.

I personally don't want Bitcoin to grow in India. I don't want Indians converting money into Bitcoin. Simple!

I think many goverments like India sooner later will not allow btc in govermental area in the beginning. But this can not stop btc grows...