There's nothing called proper licences in India lol , everything you do with virtual currencies is money laundering to them so I doubt there's so called Licences as such. As for them they only want people to work with fiat. Same as all the governments that oppose Bitcoins.
Topic: Indian Central Bank causes Largest Bitcoin Exchange Shutdown [Updated] (Read 4791 times)
December 30, 2013, 12:08:12 PM
December 29, 2013, 09:08:58 AM
Looks like another mindless post lacking any real insight. These exchanges were perhaps set up a bit prematurely, without getting the proper licenses, therefore not adhering to India's currency laws. So yes, they were raided, just like they would raid any business who didn't obtain the proper licensing. And obviously they are going to come down harder on businesses involving the transferring of money.
Now there is a clear opportunity for someone who knows what they are doing to set up a proper exchange with the appropriate licenses and Indians will finally be able to buy bitcoin in a serious way.
Now there is a clear opportunity for someone who knows what they are doing to set up a proper exchange with the appropriate licenses and Indians will finally be able to buy bitcoin in a serious way.
December 29, 2013, 08:23:44 AM
People all over the world are barely living paycheck to paycheck, living in tiny homes due to high housing cost even in western nations, food price increases have caused RECORD poverty in western nations. Its no more a case of Americans are rich, Indians and Chinese are poor. This fact is constantly ignored, everyone is having a hard time.
Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.
Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.
You obviously don't live where I live. Even during the height of the depression, Disneyland was absolutely FULL at $139 per person and almost $300 for an annual pass.
And on Black Friday, practically every shopping cart had a 40"+ TV in it.
Cost of living is a Global issue affecting everyone, the vast majority of working people live paycheck to paycheck (debt doesnt count). If food prices go up in Europe, people won't absorb the cost their standard of living will go down.
people going to Disney land and buying TVs is irrelevant, People in India and China are spending the same amount of time in Massive Malls and theme parks and buying electronics (iphone and androids one of the biggest markets in the world is China and India). Standard of living has gone up immensely in "developing" nations the past 2 decades a fact people don't seem to grasp. The point i'm trying to portray is Higher cost of living doesn't affect JUST developing nations like india and china anymore, western population are also strongly affected and standard of living is going down along with purchasing power.
I do not believe people in the United States or Europe can easily absorb higher food, fuel, housing costs, taxes without lowering their standard of living, that's just fantasy.
Yeah , 2x price increase in food and they will lower their standard , nothing more.
For the rest of the countries , they will starve.
"Deaths from malnutrition on a large scale have continued across India into modern times. In Maharashtra alone, for example, there were around 45,000 childhood deaths due to mild or severe malnutrition in 2009, according to the Times of India.[131] Another Times of India report in 2010 has stated that 50% of childhood deaths in India are attributable to malnutrition.[132]"
Is this happening in Europe?
December 29, 2013, 08:17:56 AM
It's not the amount of dollar. When I go to somewhere like Thailand or the Philippines my buying power is five times higher than back home. I mean that in the most literal sense, I can get five times as much stuff for my money in other countries than I can in my own. Those "poor" countries with "low" wages get the same percentage ROI on bitcoin as we do. It is exactly as good a deal for them as it is for us. So yes, those among them who have even a little cash to spare will buy bitcoin. And it will raise the price. How much is a different matter, but it is certain to go up over time.
Alright on the purchasing power when it comes to living expenses.
But can you buy a Mercedes five times cheaper in Thailand? Or can you buy a Bitcoin five times cheaper?
NO.
And it's far more likely than an American will buy a BTC right now at the current price than 5 Indians 1/5 of it.
The price of bitcoin doesn't matter for investment. Why is this difficult?
Thailand Mercedes sl500 14mils baht 309,803.56
Germany sl65 amg 237 000 euros.
It matters because even an average Romanian can save around 200 euros per month while in india most of them don't even get that much as their wage.
If somebody has 2000 euros /month wage and only can save 5% that is 100 euros.
A hindi with 200 /month has to save 50% to get the same amount.
That's why i don't expect indians to buy more than 0.1% of the bitcoins.
December 29, 2013, 07:46:34 AM
You know what gets me most ... greedy people hoping that poverty stricken countries will make them wealthy
That what riles me too. Nerds sitting behind their screens hoping people will hand over money and make them rich.
It was a good opportunity for them and had a good chance of succeeding. Until their government screwed them yet again... I have friends that live in India...
In the last thread, I couldn't bother replying as you were so out of touch with reality. I wrote you off as another know-it-all kid, but seeing as you have an Indian connection the ignorance is baffling.
The government didn't screw anything - go read up before commenting. RBI is actually doing a good job.
In fact, I am seriously considering going on a trip next fall on my own dime (hopefully funded by BTC) to reach out to women sold into prostitution in India and bring much needed funds for various other things to improve the quality of life.
Thats very heart warming - congrats and good luck, especially the issue you raised is a very sad one.
Why are we called "greedy" for wanting Indians to have the opportunity to have BTC? It seems like a great opportunity for them, just as it is and has been for us too?
Thats your opinion, biased by your own holdings. You (and us all here) have a stake in BTC and so our opinions get coloured.
And while you may genuinely believe in a constant BTC rise and wish that poorer people also benefit from it, most on here shouting India is the next step have much more selfish motives. You may remember how threads coming up saying India will push Bitcoin now which coincidentally happened when the Chinese dream seemed to be over.
Btc usage by people as a payments mechanism makes Btc useful regardless of valuation.
If poor people held onto btcs and these appreciate in value, I dont see that as a bad thing, unless of course they are putting their life savings into it.
More likely, the rich in India will use btcs as a store of value... Eventually.
As long as btcs become more widely adopted as a payments mechanism, wherever this happens around the world, Btc values will rise due to max cap on btcs.
Therefore, I see no issues with early investors becoming wealthier at the same time as poor Indians gaining utility from btcs.
Let's assume hoarding goes too far, and someone dumps Btcs in the future. Well investors would get hurt in that scenario, whereas poor Indians could still derive value from btcs as a payments mechanism.
Even in that scenario it is unlikely that btcs will go to zero as long as it is used as a payments system somewhere in the world.
December 29, 2013, 07:41:24 AM
It's not the amount of dollar. When I go to somewhere like Thailand or the Philippines my buying power is five times higher than back home. I mean that in the most literal sense, I can get five times as much stuff for my money in other countries than I can in my own. Those "poor" countries with "low" wages get the same percentage ROI on bitcoin as we do. It is exactly as good a deal for them as it is for us. So yes, those among them who have even a little cash to spare will buy bitcoin. And it will raise the price. How much is a different matter, but it is certain to go up over time.
Alright on the purchasing power when it comes to living expenses.
But can you buy a Mercedes five times cheaper in Thailand? Or can you buy a Bitcoin five times cheaper?
NO.
And it's far more likely than an American will buy a BTC right now at the current price than 5 Indians 1/5 of it.
The price of bitcoin doesn't matter for investment. Why is this difficult?
+1
Exactly.
December 29, 2013, 07:38:29 AM
People all over the world are barely living paycheck to paycheck, living in tiny homes due to high housing cost even in western nations, food price increases have caused RECORD poverty in western nations. Its no more a case of Americans are rich, Indians and Chinese are poor. This fact is constantly ignored, everyone is having a hard time.
Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.
Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.
You obviously don't live where I live. Even during the height of the depression, Disneyland was absolutely FULL at $139 per person and almost $300 for an annual pass.
And on Black Friday, practically every shopping cart had a 40"+ TV in it.
Cost of living is a Global issue affecting everyone, the vast majority of working people live paycheck to paycheck (debt doesnt count). If food prices go up in Europe, people won't absorb the cost their standard of living will go down.
people going to Disney land and buying TVs is irrelevant, People in India and China are spending the same amount of time in Massive Malls and theme parks and buying electronics (iphone and androids one of the biggest markets in the world is China and India). Standard of living has gone up immensely in "developing" nations the past 2 decades a fact people don't seem to grasp. The point i'm trying to portray is Higher cost of living doesn't affect JUST developing nations like india and china anymore, western population are also strongly affected and standard of living is going down along with purchasing power.
I do not believe people in the United States or Europe can easily absorb higher food, fuel, housing costs, taxes without lowering their standard of living, that's just fantasy.
December 29, 2013, 07:24:31 AM
The price of bitcoin doesn't matter for investment. Why is this difficult?
+1,
There's enough satoshi's for everyone, it's all about the appriciation Percentages.
December 29, 2013, 07:05:38 AM
It's not the amount of dollar. When I go to somewhere like Thailand or the Philippines my buying power is five times higher than back home. I mean that in the most literal sense, I can get five times as much stuff for my money in other countries than I can in my own. Those "poor" countries with "low" wages get the same percentage ROI on bitcoin as we do. It is exactly as good a deal for them as it is for us. So yes, those among them who have even a little cash to spare will buy bitcoin. And it will raise the price. How much is a different matter, but it is certain to go up over time.
Alright on the purchasing power when it comes to living expenses.
But can you buy a Mercedes five times cheaper in Thailand? Or can you buy a Bitcoin five times cheaper?
NO.
And it's far more likely than an American will buy a BTC right now at the current price than 5 Indians 1/5 of it.
The price of bitcoin doesn't matter for investment. Why is this difficult?
December 29, 2013, 05:51:50 AM
Greed and corruption is the root of most of the problems (along with a lack of compassion), not the system itself, which is merely a reflection of the participants.
Greed is part of human nature. If we consider greed a problem we are stuck trying to find a solution anywhere near as easy and effective as extinction.
If we are interested in sustainability and quality of life then we best view any system that enables corruption as faulty and take steps to improve the system itself.
This is the philosophy behind Bitcoin at least, which does not attempt to address our problems by attacking/conditioning/educating the corrupt bankers and politicians, but by attacking fiat itself, by providing an alternative that is highly resistant to corruption.
December 29, 2013, 04:28:48 AM
It's not the amount of dollar. When I go to somewhere like Thailand or the Philippines my buying power is five times higher than back home. I mean that in the most literal sense, I can get five times as much stuff for my money in other countries than I can in my own. Those "poor" countries with "low" wages get the same percentage ROI on bitcoin as we do. It is exactly as good a deal for them as it is for us. So yes, those among them who have even a little cash to spare will buy bitcoin. And it will raise the price. How much is a different matter, but it is certain to go up over time.
Alright on the purchasing power when it comes to living expenses.
But can you buy a Mercedes five times cheaper in Thailand? Or can you buy a Bitcoin five times cheaper?
NO.
And it's far more likely than an American will buy a BTC right now at the current price than 5 Indians 1/5 of it.
December 28, 2013, 11:50:02 PM
You know what gets me most ... greedy people hoping that poverty stricken countries will make them wealthy
That what riles me too. Nerds sitting behind their screens hoping people will hand over money and make them rich.
It was a good opportunity for them and had a good chance of succeeding. Until their government screwed them yet again... I have friends that live in India...
In the last thread, I couldn't bother replying as you were so out of touch with reality. I wrote you off as another know-it-all kid, but seeing as you have an Indian connection the ignorance is baffling.
The government didn't screw anything - go read up before commenting. RBI is actually doing a good job.
In fact, I am seriously considering going on a trip next fall on my own dime (hopefully funded by BTC) to reach out to women sold into prostitution in India and bring much needed funds for various other things to improve the quality of life.
Thats very heart warming - congrats and good luck, especially the issue you raised is a very sad one.
Why are we called "greedy" for wanting Indians to have the opportunity to have BTC? It seems like a great opportunity for them, just as it is and has been for us too?
Thats your opinion, biased by your own holdings. You (and us all here) have a stake in BTC and so our opinions get coloured.
And while you may genuinely believe in a constant BTC rise and wish that poorer people also benefit from it, most on here shouting India is the next step have much more selfish motives. You may remember how threads coming up saying India will push Bitcoin now which coincidentally happened when the Chinese dream seemed to be over.
December 28, 2013, 08:39:11 PM
Other countries adopting btc makes the people in those countries richer
Really ? Remains to be seen ...
Quote
Also fiat governance and socialism is the reason for most of the worlds current problems, so fighting the gov is a worthy goal all its own.
Greed and corruption is the root of most of the problems (along with a lack of compassion), not the system itself, which is merely a reflection of the participants. They are individual, human flaws. Far too easy to blame it on fiat and govs and thereby absolve oneself from any responsibility. It's much deeper than that ....
The facts are this: BTC is rising and seems to continue to do so (don't care to debate this point so please don't). Exchanging fiat to btc means you make money once you cash out at a higher rate. Everyone gets the same percentage ROI. Therefore, no matter how poor, investing money you don't immediately need in BTC, no matter how little, will make you richer. The increased wealth comes from everyone else who buys, in effect transfering money from other people to you.
It's the same with nations. The sooner they buy in, the more they stand to gain once slower nations join in. And everyone except holders of fiat benefit. Therefore, wanting "poor" nations to buy BTC is altruistic. And also greedy at the same time. One does not exclude the other in this case.
December 28, 2013, 08:34:02 PM
Haha, then they fight you! 
December 28, 2013, 08:10:41 PM
Other countries adopting btc makes the people in those countries richer
Really ? Remains to be seen ...
Quote
Also fiat governance and socialism is the reason for most of the worlds current problems, so fighting the gov is a worthy goal all its own.
Greed and corruption is the root of most of the problems (along with a lack of compassion), not the system itself, which is merely a reflection of the participants. They are individual, human flaws. Far too easy to blame it on fiat and govs and thereby absolve oneself from any responsibility. It's much deeper than that ....
December 28, 2013, 07:48:08 PM
Other countries adopting btc makes the people in those countries richer. At the expense of the rest of the world, especially the bigger stakeholders (that would be the west and china). What's so bad about that?
Also fiat governance and socialism is the reason for most of the worlds current problems, so fighting the gov is a worthy goal all its own.
Also fiat governance and socialism is the reason for most of the worlds current problems, so fighting the gov is a worthy goal all its own.
December 28, 2013, 07:26:37 PM
Make your money in BTC and then go start charities in India. That would be awesome. Start now ...
God only knows the downtrodden over there need the help. I have spent quite a while there (about 2 years), and though that by no means makes me an expert, it certainly left some deep impressions.
My comment about greed was not directly aimed at you (BitChick) or your husband. It directed at those who are looking at the next country to 'adopt' BTC in order to inflate the value of their own holdings (and buy Lambo's), not to do anything good with the fiat gains, which, at the end of the day are what people need right now to buy their food, or buy their way out of prostitution as you so rightly say.
Looking for the next crisis as a way to get rich and ignoring the suffering that comes on the other side of it ...
My general impression is that the majority of people on this sub-forum do not care so much for the welfare of others but for sticking one over on governments and getting rich quick.
If that is not you, my comment does not apply
God only knows the downtrodden over there need the help. I have spent quite a while there (about 2 years), and though that by no means makes me an expert, it certainly left some deep impressions.
My comment about greed was not directly aimed at you (BitChick) or your husband. It directed at those who are looking at the next country to 'adopt' BTC in order to inflate the value of their own holdings (and buy Lambo's), not to do anything good with the fiat gains, which, at the end of the day are what people need right now to buy their food, or buy their way out of prostitution as you so rightly say.
Looking for the next crisis as a way to get rich and ignoring the suffering that comes on the other side of it ...
My general impression is that the majority of people on this sub-forum do not care so much for the welfare of others but for sticking one over on governments and getting rich quick.
If that is not you, my comment does not apply
December 28, 2013, 06:58:07 PM
ITT: We learn why poor, crappy countries remain poor and crappy. It's not an accident.
Wow, the hurt is strong in this one.This is the same guy who had in a separate India thread was enthusiastic about India fuelling BTC rise based on 3-4 points, none of which was based on reality.
+1
I remember that
Well, he has obviously never been to India
Anyone that has would know they are soooo far from widespread BTC adoption its ridiculous
You know what gets me most ... greedy people hoping that poverty stricken countries will make them wealthy
No, I'm hoping that my friends that work in India can have a way to invest their money now that they can't invest in gold anymore. I haven't been to India, but I know dozens of Indians that do live there. At my last company we had Indians come over to work for 3 months in the US so they could understand the Title business better since they don't have that there. I took many of them to Disneyland on my own dime. They shared their wedding photos with me and pictures of their offices and we talked about the rising middle class in India, which they were excited about.
From the sounds of this thread, I seem to know more about India than a lot of people on here.
And I wanted them to have early access to bitcoin to maybe have a way of escaping the swirling cesspool of corruption that defines India. But no such luck, their government prefers power and control over the well-being of their citizens.
Hubby, you forgot to mention that two of our uncles are Indian. I would like to think we are not discriminatory since we are related to some Indians!
In fact, I am seriously considering going on a trip next fall on my own dime (hopefully funded by BTC) to reach out to women sold into prostitution in India and bring much needed funds for various other things to improve the quality of life.
Why are we called "greedy" for wanting Indians to have the opportunity to have BTC? It seems like a great opportunity for them, just as it is and has been for us too?
December 28, 2013, 06:43:17 PM
ITT: We learn why poor, crappy countries remain poor and crappy. It's not an accident.
Wow, the hurt is strong in this one.This is the same guy who had in a separate India thread was enthusiastic about India fuelling BTC rise based on 3-4 points, none of which was based on reality.
+1
I remember that
Well, he has obviously never been to India
Anyone that has would know they are soooo far from widespread BTC adoption its ridiculous
You know what gets me most ... greedy people hoping that poverty stricken countries will make them wealthy
No, I'm hoping that my friends that work in India can have a way to invest their money now that they can't invest in gold anymore. I haven't been to India, but I know dozens of Indians that do live there. At my last company we had Indians come over to work for 3 months in the US so they could understand the Title business better since they don't have that there. I took many of them to Disneyland on my own dime. They shared their wedding photos with me and pictures of their offices and we talked about the rising middle class in India, which they were excited about.
From the sounds of this thread, I seem to know more about India than a lot of people on here.
And I wanted them to have early access to bitcoin to maybe have a way of escaping the swirling cesspool of corruption that defines India. But no such luck, their government prefers power and control over the well-being of their citizens.
December 28, 2013, 06:38:08 PM
People all over the world are barely living paycheck to paycheck, living in tiny homes due to high housing cost even in western nations, food price increases have caused RECORD poverty in western nations. Its no more a case of Americans are rich, Indians and Chinese are poor. This fact is constantly ignored, everyone is having a hard time.
Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.
Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.
You obviously don't live where I live. Even during the height of the depression, Disneyland was absolutely FULL at $139 per person and almost $300 for an annual pass.
And on Black Friday, practically every shopping cart had a 40"+ TV in it.
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