Topic: Bitcoins cannot be legal in India. - page 4. (Read 4727 times)

Bitcoin will not be made legal because India has very strict money laundering rules.
Is it possible to wire money to foreign trade exchanges? The answer is NO or extremely difficult - that's why the rate is so much higher in India because you cannot arbitrate with foreign exchanges. So why will the govt allow users to buy BTC with Indian Rupees and move it to other countries without restrictions? This is one main reason BTC cannot be made legal. How to stop people who are doing it (moving BTC out of the country) is another question.

Second reason is that Indian exchanges are amateur operations. See how many times the Indian exchanges go down or face problems with withdrawals and deposits. They are dealing with crores of rupees and BTC - it's a joke. Users face so many problems with these exchanges that it is inevitable that govt steps in to do something.

Third reason is that India is still backward in technology awareness and investing compared to other countries. (Compared to other countries, very few people invest in the Stock Market in India). A simple sms is enough to scam users even in investing in the stock market. How will you stop users from getting duped in BTC scams which will be much more complicated for the common investor to understand? These scams will undoubtedly force the govt. to do something - and it probably won't be good for BTC in India.
*Just look at this thread and the replies. It's like kids fighting with nothing to add. If this is the state of Indians in Bitcointalk, wonder about the common investors/people.

Fourth is in the forex market in India, only Rupee pairs are allowed. Why will the govt. allow BTC/Dollars or Dollars/Crypto when Rupee can easily be converted to BTC and so it can be indirectly traded with other currencies/cryptos?

But the problem for the govt is, how will they stop BTC trading? It's decentralized and and almost impossible to stop it. The govt. is in a big problem and the only thing it can do is wait and watch what happens or ban BTC/cryptos.

It's stupid to ask the govt. to come and regulate BTCs or make it legal like the exchanges in India are doing because the hands of the govt. are tied by it's own rules and regulations. What the exchanges should do is just wait and watch and buy more time. As other countries come up with regulations for BTC, it will make it easier for India to decide what to do too. Right now, the easiest solution for the govt. out of this mess is to ban BTC which would actually be bad for the country.

Posting 2015 article regarding Ransomware. Even last month they attacked very big in so many countries. If that was busted in 2015 how they are
still attacking and getting BTC for unlocking PC.

Regarding drug dealer, 1 guy arrested, there is 1000's or or 10000's dealer there. If they really cracked everything why we are not getting daily news about arresting of those dealer.

About big data I heard about that too and know guys who work on them. It's not magic wands that it will just decrypt everything about btc.

P.S. This is last post about this topic. You did not provide anything solid that BTC is not annoynmous. Some cases there because of user stupidity but if user want it can easily hide.

 I believe you have never heard of big data and big data analysis before right? There are few things,

1. Regarding ransom ware here is one link for you https://www.cryptocoinsnews.com/bitcoin-seeking-ransomware-scam-busted/
2. Regarding dug dealers here is a link for you, https://darkwebnews.com/bitcoin/denmark-bitcoin-traced-drug-dealer-arrests/
3. if you are going to ask why others are not arrested, there are many things at play here(country that doesn't care, state sponsored, etc,etc), this thread is not the place for those discussions.

You say you will sell them easily, how? if you are thinking about skins, game codes, etc, those are still trails. There is no such thing as above regulation, its all well and good till law enforcement takes interest in it.

So I am to believe that people use only anonymous currency for all their illegal activity? if you are so naive to believe that then who am i to say otherwise?

This discussion is now going in circles, just saying mixer, tumbler wont cut it, as there are methods that can defeat those with timing/location/usage pattern/link analysis, search the Internet for BTC blockchain analysis and you will get it. Now either you make a strong case to prove BTC is anonymous disproving all the points that I have said or else this discussion is going nowhere.

Regards,
BLife

lol do you know there is mixer, gambling site who don't take any ID I just send them and they will send back to me in diff wallet address. After that I can sell those easily. And those site not comes into any regulation. Mostly from unknown places and unknown face. No one know real owner.

If tracking bitcoin easy then dark world don't use bitcoin. Ransomware attacker still free even he is attacking since so many months even attacked many govt. offices in world. Why Authority still not able to track them.

Ok here are few questions then,

1.Where is this previous address(one or many?) you are sending resides?
2.What was the previous address used for?
3.What transaction was made from the previous address?
4.How you got the coins into the previous address in the first place?
5.What are the transaction that you are doing with your new address?
6.Is there any repetition transaction that matches with your old address?
7.Does the area of operation of new and old address matches? (IP wise?)
8.Was there any conversion done with the previous address?(btc to real world cash?) If so where and to whom?

I could go on and but I hope this gives you an idea. Anonymity of bitcoin was not lost it never had any to begin with. Buying new laptop/mobile/hardware wallet doesn't add anything to anonymity unless your old ones are bugged, and if thats the case law enforcement has already have very clear idea, this new gadgets wont make any difference. 

Regards,
BLife

It is identified in many cases because many user gave identity to exchanges where you can identify them if they use their service.

Just tell me if I buy new laptop/Mobile/Hardware wallet use public wifi service download new wallet and send BTC to that wallet how you will track me. It's not Bitcoin who lost anonymous nature it's user who did not care or don't want to be anonymous.

 If it can be identified even in "many  cases" how can bitcoin be anonymous? If the user is adding external technology like VPN/TOR/Shell Accounts/etc then these provide the critical link in gaining anonomity not the bitcoin, so saying bitcoin is anonymous is not correct.

 Said that I have read the article and don't understand what you are saying, care to explain?

Regards,
BLife
 

In many cases it can be identified not in all cases. Noob who don't know how to hide can be trace.

Same kind of reasons gave in your other article. Don't have time to quote all points what say it can be annoymous and so you must read carefully to understand what writer trying to saying.

 Sorry to say but bitcoin is not anonymous and if you please read the the following two links it would do a better job of explaining why its not anonymous and how tracing is done over the blockchain.

http://anonymity-in-bitcoin.blogspot.in/2011/07/bitcoin-is-not-anonymous.html

https://bitcoinmagazine.com/articles/is-bitcoin-anonymous-a-complete-beginner-s-guide-1447875283/

Hope this helps.

Regards,
BLife

I Think Very Soon Bitcoins can be legal in India. I don't Have Any Facts. But It's my Prediction. It May Takes Few Months. But I am Not With This Statement ''Bitcoins cannot be legal in India.''

It's anonymous because you can track wallet and transaction but how you will relate to someone with that wallet.

idk.. partly because it is anonymous.

 Don't take it the wrong way but how on earth a transparent blockchain like BTC can be used to hide black money? why do people still think bitcoin is anonymous?

Simple is that bitcoin is not authorized by government nor there is any news of banning it.bitcoin can be taken as virtual asset that now many indians are taking interest in investing their money in it so they can get profit.some of government members are against it because it is anonymous and before demonatisation black holders while hiding their money in it.

PayPal is illegal? since when LOL!

PayPal is not recognized by other countries like Pak but RBI does recognize it while they don't allow PayPal to hold the funds of Indian citizens. That doesn't mean that it is illegal.

Empty vessels make the most noise. Classic example.

Look kid, do your research & don't run your mouth about things that you don't know about.

At least don't call GayPal illegal lol . That is the only Proper Legal Payment Processor in the world .

I dont think that Bitcoin is illegal in India ya but it is not clear that what status to be given in India, i have shown as short profit from Bitcoin and till now i am not having any problem.

INDIA makes me ignorant more day by day

Paypal and Bitcoin are completely different in properties. You cannot estimate reaction of govt. from it's treatment to Paypal. More over it was Paypal's decision to not agree to term hence they provide limited service here.

So Indian exchanges are providing and dealing with something that's illegal is it? Please educate yourself.

Oh enlighten us wise one.

Whats your point here?

This does not mean we stop implementing.

You seem to be more ignorant and disputing than curious and inquisitive. I choose to not reply further and leave you at your sitch.