[2016-11-18] India is Paying $900+ for Bitcoin Amid Cash Crisis

Karartma1

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Quote from: tyz on November 19, 2016, 05:17:50 PM

I believe that only a very small part of the Indian people can use Bitcoin or cryptocoins to escape this injustice. It will presumably be the rich educated ones that will buy Bitcoins as security.

That's it man. India is full of highly educated individuals, not to mention that the majority of the outsorced software development and engineering happens there. It would be really unlikely they would not take advantage of bitcoin.
This is pure and simple financial protection as I like to call it.

1Referee

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Quote from: tyz on November 19, 2016, 05:17:50 PM

I believe that only a very small part of the Indian people can use Bitcoin or cryptocoins to escape this injustice.

It's too difficult for them to get involved into buying Bitcoin and also other crypto currencies. That is clearly visible in the huge premiums that people are paying just to own a small percentage of a whole Bitcoin. If wealthy traders haven't been able to arbitrage the sh!t out of that premium already, then as the demand levels go up further, we might see the premium get even greater where people will end up paying 25% over the normal market rate.

Quote from: tyz on November 19, 2016, 05:17:50 PM

It will presumably be the rich educated ones that will buy Bitcoins as security. Even a ban on gold now seems to be no longer an impossibility in India.

Those with the most at risk, will look for ways to get a part of their wealth out of the country. There are several ways since it's not only Bitcoin and other crypto currencies that offer this feature, but crypto is definitely the easiest and most hassle free way to achieve that.

tyz

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I've followed the price developments on Unocoin for the past days. Other exchanges hang behind the Indian Bitcoin prices.

I believe that only a very small part of the Indian people can use Bitcoin or cryptocoins to escape this injustice. It will presumably be the rich educated ones that will buy Bitcoins as security. Even a ban on gold now seems to be no longer an impossibility in India.

Gahs

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Minter

I do not see how a country strengthens its control on its citizens by making them poorer, it's not as if the citizens were planning a revolt. Huh

TraderTimm

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Quote from: European Central Bank on November 18, 2016, 03:49:05 PM

the crisis is gonna get solved. in the meantime they're paying a huge premium for something that no one else will buy at that price and no normal indian will accept. i hope they enjoy their pump. they're setting their money on fire.

You seem to have a fundamental misunderstanding of the entire Indian situation.

The removal of popular banknotes is nothing less than a continued war on cash by the centralized banks of the world. Its cloaked in noble language, that it will prevent crime and money laundering activities, but the real issue here is simply control.

By removing large swaths of currency -- and enforcing rules that make it nearly impossible for those that are poor to comply -- India has effectively "bailed in" every single cash holder in the country. Naturally, the rich had access to money-exchanging facilities ahead of the announcement, as well as the ability to hedge using physical gold. The poor, who usually don't have an ID card much less a bank account, are now sitting on wads of bills they can no longer use.

To say that this situation will "go away" or be "fixed" tells me you don't understand the struggle for control that the sovereign states are trying to enact over their citizens. This isn't going away, in fact, it will be another landmark event like the Cyprus depositor bail-in. It only serves as an example for other governments to follow suit.

Perhaps you won't be so sanguine when it finally hits your shores and your bank account.

aso118

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★Nitrogensports.eu★

Quote from: European Central Bank on November 18, 2016, 03:49:05 PM

the crisis is gonna get solved. in the meantime they're paying a huge premium for something that no one else will buy at that price and no normal indian will accept. i hope they enjoy their pump. they're setting their money on fire.

It usually takes time for the dust to settle. Some wise guys might have found a way to arbitrage the difference.
If you have enough money, you can travel outside India to buy bitcoins. It still might be profitable.

European Central Bank

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the crisis is gonna get solved. in the meantime they're paying a huge premium for something that no one else will buy at that price and no normal indian will accept. i hope they enjoy their pump. they're setting their money on fire.

Kprawn

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Well if Australia is going to do the same soon, we will see a massive increase in the Bitcoin price. I would like to hear what Purse.io was

doing in turnover during this period, because their timing to target the India market was spot on. Even if you buy at a higher price than the

norm, you still get nice discounts through Purse when you buy on Amazon, so this will cancel that gap. Grin

drnash85

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Imagine what will happen all over the world.

Gembul

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NEWS BITCOIN - India is Paying $900+ for Bitcoin Amid Cash Crisis

A week ago, the Indian government suddenly withdrew the country’s 500 and 1000 rupee bills from circulation. Now, bitcoin is experiencing a knee-jerk reaction among citizens concerned about their financial integrity.

Interest in bitcoin and also purchases of it have spiked in India, with buyers quoted huge mark-ups on sites such as Localbitcoins to convert their rupees.

Entrepreneur Tuur Demeester noted earlier this week how such ‘premiums’ are topping 13% compared to average market rates per bitcoin. While they were present before, sources say, the cash debacle has served to intensify the situation.

READ MORE >>> https://news.bitcoin.com/india-paying-900-bitcoin-cash-crisis/

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