Topic: Looks like they are not getting Bitcoin - page 2. (Read 5563 times)

these are some points that have been racking my brains..
Try to reflect on these and you will notice that banks and governments are not that 'Powerful' any more!

LOOK, you got money by cash deposit in bank, from person you dont know, you sent btc to someone you dont know, somewhere you dont have idea about. It is illegal remittance by all means of the law. bitcoins is unregulated territory they can turn it in any way they want. Imagine amount of shit Indian cop covering up. And here is such opportunity they not gonna miss it, I'm telling ya. If you have a friend lawyer ask if my interpretation correct or not. Bitcoins will mature in India, but it is hard to say how many years it will take, depend on the judge. I heard that female judges give more then males, but we dont have female judges in India, do we?

Indian Teleportation Device

https://i.imgur.com/WHfzr9n.jpg

No one will go to jail for dealing with BTC. Maybe some fines or cautions, but that is it.

If someone uses BTC for unlawful purposes, then there may be problems.

How do you identify the user of BTC? I pity the traders who need to make that judgement.

I appreciate the cautiousness being taken with Bitcoin, but my gut instinct tells me that this time it is going to be different.

Let me throw some points as to why:

1. The internet has become a cornerstone of National Security and defense, this cannot be taken down easily.
2. If anyone makes a move against Bitcoin, especially a country, expect a fight.
3. We are not in the same timelines as the 90's. Things have changed. Social media has made governments respect their citizens a wee bit more.
4. What will the Anons do if a government decides to go against the 'open currency of their internet'?
5. How will the intellectual public/ born anarchists react when they learn more about bitcoin?
6. There are steps that CIS will undertake to ensure that this does not happen.
7. Recent History:

The drug war did not eradicate drugs, instead they spread like wildfire because people started learning more about them. People started questioning their governments and regulators and when no answer was attained, the war had to be called off.

The war on t3rr0r was even worse. If we notice, now most of those people labelled as 't3rrorists' are now freedom fighters. In fact it was such a huge failure, that most people on the planet can be classified into atleast 3-5 buckets of t3rr0r characteristics. Hence it failed and has been called to halt.

Hypothetically, if governments did not learn from the 2 case studies mentioned above; we are in for a long period of time where Bitcoin will remain hunted, but will eventually win under the weight of the oppressors.

Alternatively, the governments could give up on banks (which may never happen) and decide that handling financial problems is not within their scope of rule.

This is my vision of things to come.

Absolutely no failure can be granted until there is an attempt. Imagine what needs to be done for a victory.

lol.

Expecting almost whole Indian Bitcoin community having party there with me

On a serious note, I do share your concerns on this topic but I believe as long as you have proper records of your transactions, and you pay tax, you will get chance to explain yourself. If they want to close down business, I will simply close it without any argument as long as they have proper legal tender and authority to ask me that.

Bitcoin needs still at least 3 years in India to get mature.

Hahahhaha, so true.

or coinlab suite happens because of that in first place. it really not so important what happens first. they found weak point and pressing on it. Bitcoins draining their sick finance system which is already dead 3 times at least.

No, they went after mtgoxs dwolla account because of the case coinlab filed against them, the US govt can only stop what's on their justriction, hence the reason they seized their dwolla account. This had nothing to do with bitcoin, all this happened because of the lawsuit which was filed by coinlab

it is matter of keeping face. why they went after Mtgox Dwolla account? Money leaving the system, a lot of money 600k btc transactions per day on mtgox, Government need money work for economy, so they can milk taxes later, they dont want money to disappear in cyberspace.

Luckily bitcoins as a network from scratch designed to be resilient against attacks, so they went after money. It surprised me to see how network module in Bitcoin-Qt discover another nodes. If nothing works it goes to IRC channels. Old hacker's method used to control botnets. These guys know their staff. So, going after bitcoins as network would be real hard and costly.

What they can do is to cut bitcoins from banks.  And it is what they doing in UK and USA. India will follow no doubts.

Note that they have done far worse during the drug war despite which there are more drugs on the planet than ever before.

I would assume that this would be the same outcome on a Bitcoin ban.

Anything decentralized like P2P or Growing plants cannot really be controlled within reasonable cost and effort despite maximum punishment.

Few people may take a fall on the way to getting the system to work. But it will not be a mass effect.

Not  giving a  reason to the government is the best  solution. Paying  and filing  proper returns. increase using  bitcoins for  purchases of  goods and services within the country. and adding  more  people  into this would help in convincing the government  the benefits  of the masses using bitcoins.

and yeah what Pinwheel said is true, they'll hit the people where it hurts the most, their bank accounts, freezing bank accounts would be the best course of action for them I guess

EDIT : I think we should not give the govt. more ideas now by discussing more ways they can control bitcoin lol

You  raised a good  issue  here, pinwheel. the  government going ahead and baning  bitcoins, is the most the government  can  do, but  before that, they will do every  thing to stop the conversion of bitcoin to INR and vise-versa.

The initial concentration will be through the money laundering act. to hit out on  individual and businesses. Which was the reason i posted in  the main section about paying taxis properly. [Benson you should  pin that so that every one reads it and  does start paying taxis on INR part of the bitcoin transactions].

When that wont  work  they will go  after the banks that are  working   with bitcoin based  companies.  mainly freezing  accounts.

then they will go out  for the ultimate kicker. world  governments  coming  together  and getting  global agreement on curtailing the use of  bitcoins.  or regulating it. The global regulation is the one  i'm scared of,  it bassically would let you  use  bitcoins but the  rules may require people to  register your  addresses before use. making  unregistered addresses illegal. But that is some thing  which  wont  happen for the next 10- 20 years.

yeah, I know they cannot control it, its peer2peer like torrents, like I said in my previous reply,


Hence the reason I feel they'll do what they usually do, find 1 person and make a example out of that person :/

Remittance one area where they can demonize Bitcoin.

But they can't do much if it is sold as a commodity or a product. Every regulation tells us this.

Hawala is not entirely illegal BTW. https://secure.interpol.int/Public/FinancialCrime/MoneyLaundering/hawala/default.asp

The remittance laws dictate how Hawala can be used.

try to understand, they cannot control bitcoins, so they will prohibit it, declare it illegal, it is very simple. It is what they do always. Any remittance out of courtly is strictly regulated, they will not let this to continue. for example if you want to buy house abroad you can remit 200K usd, not more then that, and it is after subtitling all required documents. Do you think they wil tolerate remittance system which will allow to anyone to remit millions of dollars out of the country  without them knowing it. No way!!!

there is no way to regulate bitcoins or control it for them, prohibition is easy. Accounts frozen money seized perfect and correct, government cracked down illicit remittance system.

they will use any pretend, and act, like war on_ter_ror and prohibit it. they will put put it in same basket with hawala.

No, what I mean is they'll catch one person, make him spill a few beans about a few more people he has traded with or knows has bitcoins, soon one by one the list will grow.

or they will catch 1 person and make a good example which will make others fear the same

U saying they may go after every single person with a satoshi?

That is impossible, it would be like trying to regulate marijuana.. and we know how well those regulations work.

Hmm, this had to happen sooner or later, huge amounts flowing from everyones (bitcoin) wallets everyday, government has to find a way to stop/regulate it, which will be difficult to block it on the network level, people can use VPN, TOR etc, so they'll start a crack down, one by one, each person caught will reveal more, expose more people involved, few addresses and mobile numbers will reveal a lot :/