Topic: INDIAN FUD is FAKE - There was no reason to panic - page 3. (Read 544 times)
Actually, there wasn't anything new in the statement. Finance Minister is repeating the same statement for a while now that it isn't a legal tender. Bitcoin isn't a legal tender anywhere except Japan. But media is creating unnecessary FUD. That committee which was setup to look into the matter hasn't yet come up with anything. So for the time, there isn't anything new. Everything is same as before. But that FUD did bring a very good buying opportunity.
Indian fud is baseless. True. No reason to panic. Not so true. Let me explain. Indian fud didn't have any concrete developments, nothing that hasn't already been said from Indian government. Recently fraud accounts with exchanges were seized but that was solved soon enough. But the frameworks for BTC regulation and taxation is in works. And given the recent developments Indian government are bent on seizing money from general public that framework will be very stringent, taxation very high. So every reason to panic for Indian investor.
There is a lot of news today which created FUD in the market. But it is important to read between the lines.
- India banning Bitcoin (Fake news)
- Facebook banning ads for Bitcoin and ICOs (to stop ICO scams)
- Bithumb investigation by the Korean government (Bithumb is no longer the number one exchange in South Korea based on volume. Upbit is number one. Also, there will not be a trading halt as the purpose of the investigation is only to find out the cause of the privacy breach that happened last year)
- US Senate Crypto hearing (tether issue has already been explained before and its impact should be negligble in the long term as more exchanges will begin to support USD instead of USDT)
- India banning Bitcoin (Fake news)
- Facebook banning ads for Bitcoin and ICOs (to stop ICO scams)
- Bithumb investigation by the Korean government (Bithumb is no longer the number one exchange in South Korea based on volume. Upbit is number one. Also, there will not be a trading halt as the purpose of the investigation is only to find out the cause of the privacy breach that happened last year)
- US Senate Crypto hearing (tether issue has already been explained before and its impact should be negligble in the long term as more exchanges will begin to support USD instead of USDT)
Wait for two days it will be clear judgement when bill is passed and also all the particulars will be open to view
Yes it was fake, but it happens every week and every time it's followed by a price movement. When will people get it?
This really comes to show how many immature and unexperienced people are invlolved in the crypto market. The smallest rumors could make the whole market dump massively. I'm really sick of it at this point , FUD after FUD after FUD . what's next ? Zimbabwe announces a bitcoin ban and the market crashes ? how does that affect the whole international market in any shape or form !
Bitcoin will not be recognised as legal tender. Has it ever?
Media interpretation and FUD mongers = Bitcoin is ILLEGAL!!!!!!!
Not the same.
Media interpretation and FUD mongers = Bitcoin is ILLEGAL!!!!!!!
Not the same.
Well they succeed whoever spreading the false information or mislead interpretation because the marketcap drops to $450B but it is the best time to acquire more coins on it's cheap price 
FUD and price manipulation at best, people are scared and not well informed: they are selling instead of buying
India is a more chaotic country government wise than China is so it will be much harder o implement strict rules or a blanket ban on Bitcoin and altcoins but now because the markets are really so flat and down, the media is taking advantage of this and colluding with the powers that be to make Bitcoin be a dirty word in mainstream populations. They don't want crypto to be mass adopted by normal peeps because they see everyone gaining their freedom and they will lose control.
It's only downhill from here, because you had a flood of new-commers last year, and most have probably lost a lot of money. Don't be suprised if you start hearing news how lives were ruined by investing in digital currencies, all because of due-diligence.
Bitcoin and digital currencies were not ready for this type of mass adoption, that's my honest opinion about all this. I was much happier when the markets were half/quarter/eighth of the size, and less in the public eye.
I'm not even suprised. Most of the bad news nowadays are nothing but fake. Whales manipulate the price using such news, and newbies follow the panic and sell everything, letting big players to buy cheeper. And it repeats from time to time. I don't even react on such FUD.
India is a more chaotic country government wise than China is so it will be much harder to implement strict rules or a blanket ban on Bitcoin and altcoins but now because the markets are really so flat and down, the media is taking advantage of this and colluding with the powers that be to make Bitcoin be a dirty word in mainstream populations. They don't want crypto to be mass adopted by normal peeps because they see everyone gaining their freedom and they will lose control.
I'm sick of this FUD: China, Korea, India... When Japan?
If one truly search for the source of the news,there will be no problem.The problem is,many of crypto holder are susceptible to the bad rumor that going around,because they are too afraid to lose fund and not gain profit from their investment.The fear has impact on the market because many of them sell their coin right away after they heard the rumor.
i slepy for 1 hour only to wake up and see massive dumping on some coins
Yes there is nothing like India is banning crypto just today but isn't this what FUD means itself? People and government both themselves aren't clear about how they will use bitcoin and how can they curb it and remove it from the system. Its undoubtedly true that its certainly impossible to throw it out of the system completely all you can do is just curtail its exchanging on platforms under govt. control which I think in itself is useless. The FUD might be fake but the market has reacted quite valiantly to it.
All i can add to this thread, is there's money in confusion. Bitcoin and etc are being sold, and the late-commers are taking note and will be making exceptional profits when the next big-wave of adopters settle in, namely wallstreet's legitimate entry into the markets.
This is what crypto has always been, and many new-commers have been hemorrhaging money, and those who've invested their life-savings at the height of the markets will be in misery atm.
We've dealt with several of these types of negative news towards Bitcoin, none have made an impactful dent on Bitcoin's future.
Despite all this, next week will be a big one for Bitcoin, since there is a hearing in the U.S. regarding digital currencies, involving the SEC and etc.
Edit: I personally enjoy when the markets are in panic, i'm sure there are others who feel the same way, for the same reasons of accumulation.
This is what crypto has always been, and many new-commers have been hemorrhaging money, and those who've invested their life-savings at the height of the markets will be in misery atm.
We've dealt with several of these types of negative news towards Bitcoin, none have made an impactful dent on Bitcoin's future.
Despite all this, next week will be a big one for Bitcoin, since there is a hearing in the U.S. regarding digital currencies, involving the SEC and etc.
Edit: I personally enjoy when the markets are in panic, i'm sure there are others who feel the same way, for the same reasons of accumulation.
Today, Indian Finance Minister has issued a statement:
There is no statement about banning cryptocurrency in INDIA at all.
Read over that again...
'financing illegitimate activities' - This may include drugs/prostitution/terrorism/etc
On the contrary, the statement was continued as
Thus, illustrating that the Indian government does indeed see the value behind cryptocurrency, if not as legal tender.
So, a shout out to all new comers specially from south asia, stop panicking and get matured over FUD.
Quote
The government does not consider cryptocurrencies legal tender or coin, and will take all measures to curb the use of these crypto-assets in financing illegitimate activities or any part of payment systems.
There is no statement about banning cryptocurrency in INDIA at all.
Read over that again...
'financing illegitimate activities' - This may include drugs/prostitution/terrorism/etc
On the contrary, the statement was continued as
Quote
the government will instead encourage blockchain technology in traditional payment systems
Thus, illustrating that the Indian government does indeed see the value behind cryptocurrency, if not as legal tender.
So, a shout out to all new comers specially from south asia, stop panicking and get matured over FUD.
If the government of state of India did not ban or considering to ban Bitcoin then let the government come up with a statement to clarify the situation just like the South Korean government did. This news is the major reason we had today dip in bitcoin and all the other altcoins.
Uncertainty, doubt and panic, specially regarding government policies, is an integral part of the crypto world, doing exactly what they fear - affecting the markets excessively.
Today, Indian Finance Minister has issued a statement:
There is no statement about banning cryptocurrency in INDIA at all.
Read over that again...
'financing illegitimate activities' - This may include drugs/prostitution/terrorism/etc
On the contrary, the statement was continued as
Thus, illustrating that the Indian government does indeed see the value behind cryptocurrency, if not as legal tender.
So, a shout out to all new comers specially from south asia, stop panicking and get matured over FUD.
Quote
The government does not consider cryptocurrencies legal tender or coin, and will take all measures to curb the use of these crypto-assets in financing illegitimate activities or any part of payment systems.
There is no statement about banning cryptocurrency in INDIA at all.
Read over that again...
'financing illegitimate activities' - This may include drugs/prostitution/terrorism/etc
On the contrary, the statement was continued as
Quote
the government will instead encourage blockchain technology in traditional payment systems
Thus, illustrating that the Indian government does indeed see the value behind cryptocurrency, if not as legal tender.
So, a shout out to all new comers specially from south asia, stop panicking and get matured over FUD.
It was happened in most Asian Country. Why? because right now, Asian market more interested in crypto. Poor and Government corruption make they move to cryptocurrencies. Unfortunately, most of them (Asian New Comers) very easy to believe that fake news. Many weak hands + FUD news, can bring the market crash.
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