India is Paying $900+ for Bitcoin Amid Cash Crisis - page 6.

richardsNY

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Quote from: QuestionAuthority on November 19, 2016, 11:05:40 AM

Quote from: clickerz on November 19, 2016, 11:00:45 AM

Quote from: Wind_FURY on November 18, 2016, 10:54:01 PM

Quote from: XCoinCall on November 18, 2016, 08:36:22 AM

India is Paying $900+ for Bitcoin Amid Cash Crisis

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

What do you think about this?

I have 2 questions for this. How and where are they buying the $900 per Bitcoin from? Who is scamming them into buying Bitcoin for that high of a price?

I believe some people over at India are taking advantage of the people's desperate situation and their ignorance. This is not good news to me because it really does not bring anything to Bitcoin except for another case of people scamming other people story.

I think you were right and this issue should be cleared. I mean, i find this news sort of a speculation unless we can see exchanges having that price. It it happen in personal transaction, then @Wind_FURY, you are correct sir, another case of people scamming other people.

That's not a very entrepreneurial perspective. What we need to do is figure out how to arbitrage the shit out of this situation before it dries up.

There is just one wealthy individual needed to get the price there to come back to much more realistic levels. If a whole bunch of people knew how to do this, then the price there wouldn't be anywhere near the current levels. But if the exchange in question spots a huge load of incoming coins, won't they use that bit of insider information in their advantage you think? Wink

They surely will.

Blackshadow007

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Currency Xchanger™

Quote from: XCoinCall on November 18, 2016, 08:36:22 AM

India is Paying $900+ for Bitcoin Amid Cash Crisis

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

What do you think about this?

I guess this price for India will be there until December 30 , Cause of current Cash crisis . People can't do Legally CASH PURCHASE of bitcoin now due to this Note restrictions .

zeedollar

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Quote from: XCoinCall on November 18, 2016, 08:36:22 AM

India is Paying $900+ for Bitcoin Amid Cash Crisis

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

What do you think about this?

Everybody is trying to hold their bitcoin like its their last cookie in the box. Even with the cash crisis its obvious why it going for that price, not that it is good for bit coin in the end though.

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: clickerz on November 19, 2016, 11:00:45 AM

Quote from: Wind_FURY on November 18, 2016, 10:54:01 PM

Quote from: XCoinCall on November 18, 2016, 08:36:22 AM

India is Paying $900+ for Bitcoin Amid Cash Crisis

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

What do you think about this?

I have 2 questions for this. How and where are they buying the $900 per Bitcoin from? Who is scamming them into buying Bitcoin for that high of a price?

I believe some people over at India are taking advantage of the people's desperate situation and their ignorance. This is not good news to me because it really does not bring anything to Bitcoin except for another case of people scamming other people story.

I think you were right and this issue should be cleared. I mean, i find this news sort of a speculation unless we can see exchanges having that price. It it happen in personal transaction, then @Wind_FURY, you are correct sir, another case of people scamming other people.

That's not a very entrepreneurial perspective. What we need to do is figure out how to arbitrage the shit out of this situation before it dries up.

clickerz

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Backed.Finance

Quote from: Wind_FURY on November 18, 2016, 10:54:01 PM

Quote from: XCoinCall on November 18, 2016, 08:36:22 AM

India is Paying $900+ for Bitcoin Amid Cash Crisis

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

What do you think about this?

I have 2 questions for this. How and where are they buying the $900 per Bitcoin from? Who is scamming them into buying Bitcoin for that high of a price?

I believe some people over at India are taking advantage of the people's desperate situation and their ignorance. This is not good news to me because it really does not bring anything to Bitcoin except for another case of people scamming other people story.

I think you were right and this issue should be cleared. I mean, i find this news sort of a speculation unless we can see exchanges having that price. It it happen in personal transaction, then @Wind_FURY, you are correct sir, another case of people scamming other people.

prabowo96

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it's showtime

Bitcoin will be a headhache for all governments in the future.

Everytime that they make something for the economy that people don't like, they will run to bitcoin, hope it can increase the acceptance of bitcoin in the market, not just exchanges.

densuj

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The Indian government's demonetization drive resulting in chaos and a rush of money, the Indians turn to God to overcome the crisis.
Places of worship invited to transfer receive money

The characterization of India as a spiritual place by most tourists is not bad, given that it is the cradle of several religions, including Hinduism, Buddhism and Sikhism. Religious institutions play an important role in everyday life and get a lot of money - including small bills - in the form of donations. The Ministry of Finance has asked religious institutions to deposit their money in the donor banks, which can then redistribute these small notes into the economy.

In the southern state of Kerala, the Porres Martin De Church opens its collection box to help the needy. The church opens its box of gifts normally once every six months.
Efforts to launder money

iram3130

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ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀

Quote from: springgers on November 19, 2016, 10:38:13 AM

There's an internacional exchange where we can sell Bitcoin to this guys? Tongue

Nice hour to make some money, still don't know why this rush, paying 15%+? Seriously? Why they don't wait a little time?

Everyone is selling at that price mate.
How much will anyone wait.?
This is the rate from more than 15 days now and it will definitely take another 15-30 days. Undecided

springgers

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There's an internacional exchange where we can sell Bitcoin to this guys? Tongue

Nice hour to make some money, still don't know why this rush, paying 15%+? Seriously? Why they don't wait a little time?

20kevin20

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Quote from: BitcoinHodler on November 19, 2016, 10:27:26 AM

i never thought i live to see the day that people of a country actually start buying bitcoin this massively and this expensive just because there is a financial crisis going on in their country.

we have already heard some news about it in Greece and two other places before but they were mostly talk and no action. this time they are actually buying bitcoin!

The safest currencies are the only ones that have the possibility to live during a crisis in this world. In our case, it should be Gold and Bitcoin. Bitcoin as the second because it's virtual and without Internet or electricity we can do NOTHING with it. Gold requires a small space for 1kg (it's as small as a phone), and Gold was always the best one during the World Wars. This is why the traders are relying on Gold too.

BitcoinHodler

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HODLing is an art, not just a word...

i never thought i live to see the day that people of a country actually start buying bitcoin this massively and this expensive just because there is a financial crisis going on in their country.

we have already heard some news about it in Greece and two other places before but they were mostly talk and no action. this time they are actually buying bitcoin!

rajasumi3

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Well i think its just because of demonetosation .it is making it difficult for them to get black money out in the market .thats y .and bitcoins are in high demand because of this .and i think its the best for everyone ..kudoos

raven7886

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Quote from: The Sceptical Chymist on November 18, 2016, 09:31:28 PM

Quote from: requester on November 18, 2016, 01:16:34 PM

What's this all about I have many friends who deals 24 hours with bitcoin but none of them had heard about this. Well anyone explain me who is paying and why they are paying $900. Is there any logical game behind this .

Yeah, this all seems kinda strange to me too. I don't know why anyone would need or want to pay more than market rate for bitcoin except for purposes of staying extremely anonymous or something. Don't know if that even would make sense. If this is true, those arbitrage opportunities aren't going to last long. Smart traders will plug up all the holes--they always do.

Actually they have black money which they neither can deposit to bank and neither they can use it since its banned so they are buying bitcoins with their cash because bitcoins can be sold later once the issue in India settles.
I guess still people should not pay 900$ though lol being the market value 750$

pooya87

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how is this even possible?
i mean i can see a small price different like $800-820 but $900 is still pretty high it is $160 difference, and my surprise is because this creates a huge arbitrage opportunity and how come nobody has taken this opportunity to make a lot of money yet?

Quote from: ebliever on November 18, 2016, 09:53:06 AM

When this happened with China a few months back it pulled the price of bitcoin up in the rest of the global market because of the obvious arbitrage opportunities. Looks like the same thing will happen with India. I would expect the effect to be more modest because India is presumably a smaller player in the bitcoin ecosystem, but if the underlying cause is more dramatic and sustained that could be wrong.

I recall hearing once that India is disproportionately a buyer/hoarder of gold, all things considered. I wonder how this could play into their cash crisis and the spillover to bitcoin?

but was Chinese price this high?
i remember it being higher but not with this much difference.

OROBTC

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Quote from: franky1 on November 18, 2016, 01:05:11 PM

ARBITRAGE

convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee

profit

convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee

profit

rinse and repeat

India has very strange laws on foreign exchange that may explain part of the very high price premium for BTC vs. the world price.

It is cumbersome to exchange rupees for dollars. Gold is expensive there (I know, I bought 10 grams there once). Were I a merchant in India I would prefer to have BTC rather than rupees. For me to give up my Bitcoin, they would have to pay me ($150 over "spot" (so, $900) seems about right). I saw NO obvious opportunities for arbitraging gold or BTC when there (a year ago), and I was looking...

India and China do not have all that much in common as one would think. China has a modern & "go-get-'em" mentality, India is still stuck in ignorance and superstition outside of their cities. Modi has provided a good example of incompetence in India...

romero121

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Enterapp Pre-Sale Live

Now as the cash deposit has got lots of restrictions in banking with limitations, people might have planned to convert their fiat and make it secure in the form of digital assets. On this base I believe the pricing might have crossed $900+, which looks to have 30%+ profit margin.

Wind_FURY

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Quote from: XCoinCall on November 18, 2016, 08:36:22 AM

India is Paying $900+ for Bitcoin Amid Cash Crisis

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

What do you think about this?

I have 2 questions for this. How and where are they buying the $900 per Bitcoin from? Who is scamming them into buying Bitcoin for that high of a price?

I believe some people over at India are taking advantage of the people's desperate situation and their ignorance. This is not good news to me because it really does not bring anything to Bitcoin except for another case of people scamming other people story.

The_Dark_Knight

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Quote from: Juggy777 on November 18, 2016, 12:47:48 PM

I really don't understand it what's the point of buying it at a high price. As soon things starts getting better price will crash. Secondly don't you need documents to buy it that will be linked with income tax, so what's sense of buying it or they are buying without the documents? This is a blind move and it shall not be good. People stay away at such prices

I think they may be buying in order to protect the value of their savings so even if they are paying a premium and even if the price was going to get lower they are willing to pay that high price so they can get out of their currency.

lottery248

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beware of your keys.

Quote from: franky1 on November 18, 2016, 01:05:11 PM

ARBITRAGE

convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee

profit

convert rupee to USD via conventional methods.
but bitcoin with USD, sell it to rupee

profit

rinse and repeat

if the cycle fails, no profits to anyone at all.

i guess the demolished 500 and 1000s could be still avaliable in India as collectible currency. to bitcoin, it is surely because they don't need to worry about the period of when their banknote will be demonetized once again. Roll Eyes

tax heaven to them.

MingLee

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Quote from: XCoinCall on November 18, 2016, 08:36:22 AM

India is Paying $900+ for Bitcoin Amid Cash Crisis

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

What do you think about this?

It's weird to be honest, surprising to think that they're just freaking out over some banknotes being discontinued.

I can see it being an issue if even banks are no longer accepting the banknotes that are going to be going out of circulation, but I would expect better from the government and I believe that they would maintain their value until the bill takes affect.

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