Topic: BitIndia Exchange (Read 4770 times)

i got scammed, and they swapped to their stupid Exchange token... i lost 300$ there...
Fuck OFf You Mc Affee, never trust this guy, ever ever,

Hope he'll sty in hell later.
 

The old address of bitindia is not available anymore. You are getting redirected to https://blockonix.com/home
There is no trading volume.

Be very aware of an potential Scam here! It all seems very unserious.

I am extremely apprehensive about bitindia now that after the voting for crypto currencies to be listed they are asking for 5 BTC to be listed on an exchange that has not proven itself, starting to think it is a quick money grab, before the potential crypto currency ban for some businesses.

Be very cautious of this alleged exchange.

Potential scam here.

Hi guys, any news about these exchange? I've heard they will start on the end of April, can please confirm it or not?

 
We hope that the exchange will be opened as soon as possible to dispel everyone's worries and to speak in action

It's a scam. They have probably shut down operations and moved out.
Sorry for your loss.

Or any updates at all?

Any update on exchange and listing ?

Yeah exactly. They're turning their backs on all the hype and interest.

Man, i wish the devs would get on here and post and promote their product - we haven't heard any updates in awhile - they are just sitting with a bunch of my ether chilling like wtf
B

I don't think it is a scam either, but the BitIndia team really needs to do more ground work to build trust and understanding in the community. Their whitepaper helps, but any YouTube video they release seems to capture only half a thought. In fact, I learned more about BitIndia from listening to John Mcafee talk for five minutes than in any of BitIndia's own YouTube promotional videos. From the bits I know, it sounds like a very cool and empowering idea for rural India, but the team seems so ragtag...just makes it a difficult buy.

I as well have made contact with the team - very responsive and quick. These guys may be crappy at advertising but it doesn't matter. When they get boots on the ground in India they will have first mover advantage and we will all be sitting back laughing -
If nothing else it will give Indians a new way to purchase bitcoins and give access to many who didn't have it before. Think about Zimbabwe - If they had a platform like this there would be much less manipulation of the price of BTC - Thing is great for end users - the Indians, as well as being great for investors!
GLTA
B 

Hi,
  I don't think this is a scam. We can speculate the potential of this ICO, but definitely not the credibility.
1. John Mcafee is on the team.

His Tweet:
https://twitter.com/officialmcafee/status/929104577772838912

Mcafee talking about BitIndia
https://www.youtube.com/watch?v=qh7bTwCYwFs

Also, I have successfully connected to one of the founders on LinkedIn and he is decently responsive.

John Mcaffe is the partner in Bitnidia which makes bitindia a sure buy.

yup variety is the spice!

haha, zillions of haters and only one believer, don't you just love cryptocurrencies 

i'm invested and i can't wait till this thing rips-
you guys should stop being so stereotypical and look
if macaffe is in then so am i

Not sure if they are a scam or not but I've asked the following questions on the telegram channel but I GOT KICKED OUT for no reason. I didn't say anything offensive. I didn't insult anyone. All I wanted was answers to a few questions before I can make up my mind to invest. Here are the questions again. I urge people to *NOT* invest in bitindia until someone from their team answers the following questions:

1) Referring to following tweets by Vitalik -
https://twitter.com/VitalikButerin/status/922802902019608577
https://twitter.com/VitalikButerin/status/922809246508400645

A "completely" decentralized exchange cannot do fiat. Since bitindia boasts of a decentralized exchange that would connect to fiat, I really want to understand how would that happen. If what Vitalik is saying is true, bitindia is either *not* a completely decentralized exchange or they are not truthful about (or will change their mind later) connecting to fiat.

2) They are trying to hide how much money they have raised so far. They seem to change the contract every few hours to obfuscate the users but the whole point of this system is transparency. Can they publicly share all contract addresses so that folks can audit how much money they have raised so far? I would be more confident throwing in some money if I know others are chipping in too. Seems like a terrible strategy on they behalf to not reveal their number. Their marketing guy should be fired (in my opinion).

3) They are not clear on how much are they trying to actually raise. I've heard numbers as big as 100 million USD. Why are they not publishing their target USD/ETH number on their website? Also, to be honest, I don't understand why they need that kind of money. Considering they are based in a small town in India, their development costs should be very less. Including all other expenses as well, even a figure of 5 million seems like a lot to pull this project off.
s
4) Their team looks really unimpressive. None of the founders have any experience on working on any cryptography/cryptocurrency related tech projects before (let's discount the fact that McAfee himself is not gonna contribute jack shit). They just seem to have bitcoin trading/trading systems experience which is not impressive at all. Also, one of the founders seemed to have been a part of another failed ICO (Cove identity). Forget the project, I'm not even sure if they will be able to pull off this ICO (I hope people don't lose a lot of money here).

5) Founders have reserved a 25% equity for themselves. Isn't that number huge? Satoshi Nakamoto kept 1 million of the 21 million BTC (<5%). Keeping 25% of the currency in the hands of a few individuals always raises my eyebrows because these whales, more often than not, try to monopolize the market using their control that they leverage on the currency. Might also hint on the fact that the team might be greedy.

6) The project seems to have terrible marketing. The concept of decentralization ends nation states / borders. Decentralized exchanges are meant to be used worldwide. What do they mean by "Decentralized exchange for the streets of India"? I don't get it. Can only people from India use this exchange? If yes, how are they decentralized then? If not, what's up with fake India based marketing?

Really looking for *genuine* answers to these questions before I put a single ether down.
 

SO MCAFEE IS ENDORSING A SCAM?? BASICLY....

The founders behind this team have a track record of opening companies like pop corns

look at their LinkedIn is enough.. Can't write their profile without spelling mistakes.. I'm not trusting my money with such idiots

Haha bitindia bitcointalk post is shit and doesnt have a proper telegram

While future regulations in India are uncertain (as with a lot of the world) most of the news I've seen suggests they wont be going for anything like an outright ban, but note that the company itself is registered in the UK which currently have pretty favourable crypto laws AFAIK.

Also that clause sounds like a pretty standard one that any exchange who knew what they were doing would have, TBH if it wasn't there it would raise flags for me not the other way round.

Crypto is risky and often when there is risk there is potential for good rewards, the same goes for many things outside of crypto too, everyone has to weigh up the risk:reward ratio for themselves but people on this forum too often seem to mistake risk for a scam.

Stop falling for this scam guys..

Are you sure bitcoin and cryptocurrencies are legal in India? They recently implemented a lot of rules and took some drastic demonetization steps.
I am pretty sure their so called legal team doesn't even exist and have checked with local laws..
and their liability section is laughable. here is one..

The field of digital cryptography is very new and for this reason there is a risk of unforeseen attacks
on several or all parts of the BitIndia system

'In no event shall Bitindia, members of Bitindia staff, contractors, or volunteers be liable for:
Any lost profits, lost savings or incidental, indirect, special or consequential damages, arising out of
your use or inability to use the services or products offered by Bitindia or the breach of any of these
Terms by any third party'

Wait till you recieve a confirmation email (within 24hrs);

https://twitter.com/bitindia_co/status/918327844043812864

He tweets/retweets about it on his twitter @officialmcafee and can be seen talking about it here;

https://www.youtube.com/watch?v=qh7bTwCYwFs

As a matter of Rep this project is backed by John Mcfee , If this news is true as per Bitindia website then they have got serious potential people but i would like to get this verified before investing a penny in this project.

hello! I'd like to participate to the public sale. I registered my public pre-sale KYC APPROVAL what should i do now ? can i already  purchase BITINDIA or have i to wait an answer that they have registered my info on their contract? if yes how and when will i be answered? thank you in advance

Then why the hell is Mcaffee lending his face to this?? Is he to lazy to check if this is legit, i dont get that.

I agree with the opinion of the majority and I will say that a dubious project. I've been following him for a long time and I've tried to communicate with developers many times, but this has brought little success.

I dont recommend this project to anyone, i smell the wrong doings here. Clearly the videos are crafted and the developers looks juvenile, If you want to invest then there are hell a lot of other legit oppurtunities.

The op just wrote 2 threads about bitindia and just disappeared. 100% it is a scam ICO. One doesn't need any evidence or proof to tell this as scam. Just look at the office snaps. There is not even a single file, papers or documents in any of the cubicle. If its a real office then there will be atleast one file on any of the cubicles or atleast one pen. I think they have arranged this office for the videoshoot.

The white paper is shallow and has many contradictory statements, shows either it was not reviewed properly or team that wrote, has limited understanding of the subject. Surprised that someone is trying to raise money through ICO for creating exchange and a wallet when there are already exchanges and wallets available to all with better features.

Be careful if you are looking at investing.

Do you know which is the official announcement thread for bitindia, this or the one at https://bitcointalksearch.org/topic/annpre-saleico-bitindia-freedom-is-better-exchange-wallet-2225375
I have no reason to distrust you, but it is important that Bitindia will share the telegram invite link in one of their official resources such as website or twitter account. There is always a risk that scammers will create "official" groups. Thanks!

I am def participating in this one !! after the hard fork of eth that is.

great, all best for whole project
team,good luck
only up

hi everybody,

this is the official BitIndia Telegram Group:

https://t.me/joinchat/E1huKQ0ncJpqNbllHsQRbQ

feel free to join

...here you get alle informations, updates and news... at this time is the privat pre sale with min. 150ETH. the regular ico begins at 11th oct. with min. 50$

you are welcome

I don't want to contest your thought as I can't refute or confirm your claim. The points I mentioned is based on my analysis.
I was initially interested in the project but after a bit of investigation realized it to be more of a gimmick to get quick bucks than serious project.

I am in a group where one of the advisors are in, Fabian is CEO of the project DIMCOIN which already made a successful ICO, he confirmed us that they are part of the project, so i can safely say they are not a scam.

Guys,

Be careful in applying for this ICO.
I am from India and was initially very interested to invest in it. However, it looks a scam to be.

They don't have a proper office. Neither in the city of Hyderabad not in Chandigarh. Also the team looks fishy. I am following them almost for 2 months and most of the team members were added just few days back.

The are charging way too much for just a whitepaper without any product in place. Even github is kind of empty. Every Tom/Dick/Harry is a software Engineer in India and to create a website to scam people will be very easy.

Also there are already couple of good exchanges in India (UnoCoin, ZebPay etc.), so they also don't have that 1st mover advantage.

So please be careful.

This is intradesting:

All token holders will receive 10% of the net fees

   le site
https://bitindia.co/

SOLD! 

Indian Blockchain Revolution Backed by John McAfee


https://cointelegraph.com/news/indian-blockchain-revolution-backed-by-john-mcafee

To me, this is going to be a sure shot scam. Look at the kind of money they are trying to collect..
150 ether min??

Seems like they fabricated an "office" Also that guy that walks just as the camera rolls is setup. Also the holding of the mug. Looks like an abandoned OR (probably) a classroom in summer vacation. 

***SCAM ALERT*** LOOK  AT THESE PEOPLE IN THE TEAM OMG LOL...AND THE FOUNDER IS DAY TRADER FOR LAST TWO YEARS @BITCOIN  ALL THE MEMBERS IN THE TEAM ARE LESS THAN UNDER QUALIFIED AND ONE OF THE TEAM MEMBER IS STILL LOOKING FOR JOB ACTIVELY.

Also please provide profiles (inc linkedin/ other social media account) for team members.

Do you have a whitepaper?

How are tokens distributed? (% founders, bounties, public)

How will funds raised be used?

Thanks

You have not posted your site, and you have not even talked about who is responsible for this project. It is unbelievable that you come and present your site in this forum but you do not include this forum on your site

https://bitindia.co

Is it not important to you? This forum will not give you customers?

BitIndia: A wallet and a crypto exchange for the streets of India. BitIndia is the most convienent and secure way to buy,sell and secure cryptocurrencies in India.As Bitcoin and other cryptocurrencies are expanding throught the world, India is the next largest crypto market. The country with a population of over 1.3 billion people, a Gross Domestic Product of more than $10 trillion, daily bank transactions of nearly $50 Billion has the highest amount of daily banking charges of around $5 Billion. Due to the high banking rates prevailing in the country, people are moving towards digital currencies such as bitcoin,ethereum and ripple which are purely decentralised and do not involve any third party institutions saving nearly $4 Billion a day.
BitIndia would add huge diversity to the existing banking system prevailing in the country.

The BitIndia Wallet helps the users to buy and sell Bitcoin, Ethereum and Ripple with the help of the local currency. The Bitindia Exchange would help the users to easily trade cryptocurrencies in the most secure and fastest platform ever designed. BitIndia has a team of the most experienced blockchain developers that are currently availble in the country and has the potential to develop the biggest cryptocurrency exchange in the world. BitIndia has completed its development for the BitIndia wallet and will be launching the largest cryptocurrency exchange in the world: BitIndia by the end of 2017.  BitIndia Tokens will be traded against bitcoin and other cryptocurrencies as well as fiat currencies in BitIndia and other exchanges throughout the world.

The BitIndia Pre Ico is launching on 1st September 2017.