Topic: Effects of China and India News on BTC Price (Read 3208 times)
2 words re India ... GO THERE
India has a pretty high gini index, that's what I mean. But the wealth distribution is flatter at the top, leaving you with a similar situation to China.
If you leave away the lower 50% of China/India you almost have a western industrial nation, not quite but it's getting there - fast.
If you leave away the lower 50% of China/India you almost have a western industrial nation, not quite but it's getting there - fast.
LOL at the clueless idiots thinking India is a poverty stricken 3rd world country. It has more top universities than any central European country and a quite healthy middle class. It is similar to China in that respect, it just has different politics. Yes the rural population is fucked, but that's no different than in China.
Compare the GDP of China and India ...
Any way China and India compose about half of the world population, if you don't think that is a dramatic longterm development what is?
having more then 1 B people is not such important if there are only few thousands people are capable and few 100s people are holding billions of money. India is not till compareable to China not even Population i can see your post about university can you tell me the Education % states rather then few 5-6? Your population even dont Understand and Speak your National Language and as well as English and you say you have top University?
LOL at the clueless idiots thinking India is a poverty stricken 3rd world country. It has more top universities than any central European country and a quite healthy middle class. It is similar to China in that respect, it just has different politics. Yes the rural population is fucked, but that's no different than in China.
Which Econimic are you talking about?Just come out from Chennai, Hydrabad, Banglore and Delhi you will see what the poverty is. Staying in this 4 big city you will never see poverty. You cant never compare with china. India is one country where 1 person can Feed whole india for few months and in the same place atleast 100's people are diying every Minute because of Lack of food.
LOL at the clueless idiots thinking India is a poverty stricken 3rd world country. It has more top universities than any central European country and a quite healthy middle class. It is similar to China in that respect, it just has different politics. Yes the rural population is fucked, but that's no different than in China.
Compare the GDP of China and India ...
Any way China and India compose about half of the world population, if you don't think that is a dramatic longterm development what is?
LOL at the clueless idiots thinking India is a poverty stricken 3rd world country. It has more top universities than any central European country and a quite healthy middle class. It is similar to China in that respect, it just has different politics. Yes the rural population is fucked, but that's no different than in China.
Compare the GDP of China and India ...
Anyway, India has just tried to arrest everyone using bitcoins. Its not a country that will be relevant to bitcoin for a good while.
No they didn't. They raided exchanges for not having the proper licenses.
LOL at the clueless idiots thinking India is a poverty stricken 3rd world country. It has more top universities than any central European country and a quite healthy middle class. It is similar to China in that respect, it just has different politics. Yes the rural population is fucked, but that's no different than in China.
Compare the GDP of China and India ...
Anyway, India has just tried to arrest everyone using bitcoins. Its not a country that will be relevant to bitcoin for a good while.
LOL at the clueless idiots thinking India is a poverty stricken 3rd world country. It has more top universities than any central European country and a quite healthy middle class. It is similar to China in that respect, it just has different politics. Yes the rural population is fucked, but that's no different than in China.
More than 50% can't afford a single satoshi let alone a bitcoin.
I don't understand what you mean!
1 Satoshi is equal to $750 / 100,000,000 = $ 0.0000075
Are you sure that people can't afford it?
If you ever go to India, you will know what abject poverty means. I am sure more than 50% of people in India can't afford to pay for 1 Satoshi currently.
Well, whatever "cash" they have, they certainly won't be putting into a cryptocoin. Goes straight to feed the family and medicine. That's it!
More than 50% can't afford a single satoshi let alone a bitcoin.
I don't understand what you mean!
1 Satoshi is equal to $750 / 100,000,000 = $ 0.0000075
Are you sure that people can't afford it?
If you ever go to India, you will know what abject poverty means. I am sure more than 50% of people in India can't afford to pay for 1 Satoshi currently.
More than 50% can't afford a single satoshi let alone a bitcoin.
I don't understand what you mean!
1 Satoshi is equal to $750 / 100,000,000 = $ 0.0000075
Are you sure that people can't afford it?
I heard an awful lot of folks calling for BTC to fall further on China/India news and it's held it's own and done really well the past few days. I'm getting ready to pull the trigger on some more BTC.
As a late late comer to Bitcoin investment, I am being very hesitant with trading/investing and ultra cautious whenever their is a change in the wind (I liquidate everything). If we are in for another shit-storm in Bitcoin, it will be a shit-storm down the ways, not up.
I feel it in my gut, you feel it in your gut, everyone feels it in their gut, and for good reason. Doesn't mean its gonna happen but there sure is tremendous potential for it. I have the feeling that this whole überinflated market is not being held up by market forces, but by the whim of a relative few individuals, which causes me to find all the self-congratulatory splurge of Bitcoin hitting 1K again by Jan 2014, China being irrelevant, and then Bitcoin 2 da moon, all the more disgusting.
If however I was sitting on a big stash of Bitcoin bought at sub $100:
So you are one of those weak hands ready to bail out every time someone starts spreading bad news. Thanks to people like you we have panic sells you can be proud of yourself.
I would say...FK U Traitor and your limp wristed weak hands. It is people like you that are preventing me from being a millionaire for doing jack shit.
Buy in at any price and HOLD!
Fell like hell on China-news, only the regular day to day up-and-down on India-news. Weird.
China had most bitcoins being traded in the world were in China at the time of the clamp-down
India: a "start-up" market, putting it kindly.
Yea, figured the China-market is bigger, but still. The Indian regulation was a little bit worse also as I understand it.
India had no presence in the Bitcoin community or market to begin with, it has nearly zero mining, and just recently opened the 1st exchange (which is now gone), so it had basically zero positive effect on Bitcoin, therefore the negative effects are zero as well.
The IMMEDIATE negative effects are very little, but India has a billion people -- about 15% of the world's population, with China having a similar amount. So the effect definitely matters. Or at least WILL matter.
Numbers means nothing. So , they have 15% world population , and? What else?
Do they have the money European and American citizens afford to invest in bitcoins? They have less than 1% of those.
More than 50% can't afford a single satoshi let alone a bitcoin.
I accept you 1000% if we separate some Tata, Birla and Ambani's (Some time focused in News as Richest Person in India and as well as in Asia) some cricketers and some Bollywood actors remaining India actually cant support 1 Mbtc also.
We can Never compare India with China in Bitcoin Business, its only compareable in population.
There is no any Impact of India News coz Bitcoin specially dont have anything big in India but China is something in Bitcoin market because the most volume traded in the market is by BTCChina so there will always be Impact of china and now China is also clearing all the way to open fluent Trading so lets hope its good starting again in China, Anout India untill india has a Good stratagic exchanges like BTCChina, Mtgox or Bitstamp then they could have some impact recently its just the impact for Indian Market in India but not globally.
Good Luck
Good Luck
Please , read again what you have just posted and if you don't get dizzy by that , try to tell us what the hell you were trying to say.
Quote
More than 50% can't afford a single satoshi let alone a bitcoin.
Got your point but not sure if single satoshi is that expensive (just yet)
Apart from the trouble sending 1 satoshi to an address and paying a fee , they should also have a computer , a smartphone etc.
Which , in a country where there are regions with 4$/day average wage seems a bit too much.
There is no any Impact of India News coz Bitcoin specially dont have anything big in India but China is something in Bitcoin market because the most volume traded in the market is by BTCChina so there will always be Impact of china and now China is also clearing all the way to open fluent Trading so lets hope its good starting again in China, Anout India untill india has a Good stratagic exchanges like BTCChina, Mtgox or Bitstamp then they could have some impact recently its just the impact for Indian Market in India but not globally.
Good Luck
Good Luck
Quote
More than 50% can't afford a single satoshi let alone a bitcoin.
Got your point but not sure if single satoshi is that expensive (just yet)
Yea, figured the China-market is bigger, but still. The Indian regulation was a little bit worse also as I understand it.
India had no presence in the Bitcoin community or market to begin with, it has nearly zero mining, and just recently opened the 1st exchange (which is now gone), so it had basically zero positive effect on Bitcoin, therefore the negative effects are zero as well.
The IMMEDIATE negative effects are very little, but India has a billion people -- about 15% of the world's population, with China having a similar amount. So the effect definitely matters. Or at least WILL matter.
Numbers means nothing. So , they have 15% world population , and? What else?
Do they have the money European and American citizens afford to invest in bitcoins? They have less than 1% of those.
More than 50% can't afford a single satoshi let alone a bitcoin.
you guys seem to be making things up as you go along. please re-read the banks articles especially the link that shows the banks advisory. do not just believe the media/forum users opinion of what has been wrote. actually read the advisory.
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
1. its an advisory EG advice, not law.
2. if you read it properly you will see it talking about exchanges that have not seeked approval. meaning the basement dwelling teenagers who cant be arsed to buy a licence or meet regulatory standards will get shut down.
3. india has not been a big impact because of smaller volume and because its not a complete shut down, its just a warning such as what USA and europe was given.
meaning as of that advisory being released, no bitcoin business has bothered to get a licence or seek advice on how to meet regulatory standards.
looking deeper into the actual rules set by india's FEMA. it is noted that 'individuals' cannot simply exchange funds privately, when doing so they need to do it through a regulated exchange/bank within india which has policies such as reporting all transactions to FEMA. this means doing a wire transfer to a friend in england to swap funds is not allowed. but requesting a bank to do it with all of their regulatory paperwork can be done.
in simple terms localbitcoins wire transfer self service is not allowed without the india individual filling in the banking paperwork.
in simple terms if you want to be a proper exchange then GET A LICENCE, ensure you play with the FIAT side of the exchange to meet INDIA's criteria and there will be no problem.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=53
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
1. its an advisory EG advice, not law.
2. if you read it properly you will see it talking about exchanges that have not seeked approval. meaning the basement dwelling teenagers who cant be arsed to buy a licence or meet regulatory standards will get shut down.
3. india has not been a big impact because of smaller volume and because its not a complete shut down, its just a warning such as what USA and europe was given.
Quote
No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities.
meaning as of that advisory being released, no bitcoin business has bothered to get a licence or seek advice on how to meet regulatory standards.
looking deeper into the actual rules set by india's FEMA. it is noted that 'individuals' cannot simply exchange funds privately, when doing so they need to do it through a regulated exchange/bank within india which has policies such as reporting all transactions to FEMA. this means doing a wire transfer to a friend in england to swap funds is not allowed. but requesting a bank to do it with all of their regulatory paperwork can be done.
in simple terms localbitcoins wire transfer self service is not allowed without the india individual filling in the banking paperwork.
in simple terms if you want to be a proper exchange then GET A LICENCE, ensure you play with the FIAT side of the exchange to meet INDIA's criteria and there will be no problem.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=53
Jump to: