Topic: The country with the highest demand for gold just outlawed gold. Shit got real. (Read 2885 times)

Really curious how India are only having such low volume of bitcoin while it could available easily if the exchangers just going to buy from anywhere around the world. it's not as hard as sending stuff through Fedex which could take few days. maybe the exchangers itself having a play on it to gain some additional profit out of this circumstance, who knows?

And Zebpay. And Localbitcoins. It's more about the money that they devalued but traditionally gold would have been the safe haven and with that under threat bitcoin will only continue to gain grounds. India's adoption is just beginning.

Unocoin is a new exchange , am I right? Getting premium prices usually happens when the volumes are fairly low. An example of this is the trading that is going on at Local Bitcoins. That is very understandable and it does not really say anything about the current situation of Bitcoin in India except that it is new and that market will become efficient sooner or later.

Yup.

Also - given the recent mess over the changing of the 500 and 100 rupee notes, these threats about gold will just make the Indian population throw the current govt out at the next election, to prevent their assets being seized.

The difference between places like China (where the govt can and does make threats to the population), and India, is that India is a democracy and they enjoy throwing politicians out, and the politicians know this and have a healthy fear of the voters.

India has a cultural and religious bias towards gold. They dont treat it as an investition, so I wouldnt expect for it to have some relation to bitcoin price. On the contrary, people tend to avoid risky investment on turmoiled situations. If the situation would affect anything is price of jewelery, and the amount  of fake gold in the market.

All exchanges in India. For example price right now on Unocoin is 57394 which is about $850 USD ($90 higher). It was over 20% premium just a couple of weeks ago.

At what exchange is it trading and at what volumes are we speaking about? If it is at Local Bitcoins, I would argue that all of the Bitcoins traded there are priced at a premium and that the volume there is not really that high compared to the exchanges like BTCe or Bitstamp. Chinese exchanges are also trading slightly higher than most because the Chinese traders are pumping the price. It does not necessarily mean that the ordinary people are buying Bitcoins with their savings.

Because bitcoin is trading at a huge premium in India.

Judging by the amounts that will be exempt from that new law, India is one hell of a rich country. Jokes aside, they are clearly going after tax evaders and corrupt officials and their family members.

Funny how the title said gold is outlawed / ban when the article said that they are allowing people to own some percentage.  Isn't the title even the description of the OP exaggerated.  I think gold is regulated but not banned.  That's it.

Tough luck implementing that policy in a country of over 1.2bn people.
How many cops will be needed to search people's home to know the amount of gold they have - assuming those people won't hide it fast?

These were just for the political power holding they issue statements. These were highly not possible to collect exact data of gold each person has. Among this small percentage of them use it for investment, so when it comes to effect this won't be working as planned.

I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities.

What is really going up in price now, is shovels 

Cuz indians need to bury their gold for awhile, just until the next election....then this guy is history 

See this is the difference; gold or BTC cannot be declared worthless 

This is such total bullsh*t. Just forcing the debt slaves - ei pretty much everyone, to continue having their wealth taken, so that the middle, lower and even parts of upper can work for the bloody financiers and incompetent "leaders".
Not being able to store welath in solver and gold, well if fiat wasn't worth toilet paper they wouldn't outlaw silver and gold.

Jeebus, you're off track.

Fact: India has *not* outlawed gold. Bullshit is bullshit.

I got my EE degree decades ago. I've been conversant with the work of Nyquist and Shannon for quite some time, thank you very much.

Yes, it is possible that gold may be outlawed in India tomorrow. But it is not today. And the Nyquist sampling theorem makes quite clear that one cannot extrapolate a future sample from the current. If you are using it at all, then you are misapplying the theory to which you claim to ascribe.

You are trying to tell me that my sampling frequency is not high enough to avoid aliasing? You've not even described what signal it is that you are sampling. What is the amplitude in your function supposed to denote? Is it periodic in the time domain? If not, you cannot convolve to the frequency domain.

Fact: India has *not* outlawed gold. Bullshit is bullshit.

I am looking for an altcoin that can turn the youth away from Socialism and towards being productive:

Bernie Sander's Millennials Socialism is Coming...

Surely they will feel better about themselves being productive and earning their own TAXABLE money, than stealing from others.

Please spread this message to the spoiled-brat Millennials

The intended effect is that it will be impractical to use gold as form of tax avoiding cash. You can bury gold in the ground and never use it, because that it no threat at all to the government's desire to tax everything that moves. Have fun eating your gold or watching it sit there useless in the ground while the economic opportunities move on without you.

The elite are moving the tangible economy to electronic currency that is tracked for taxes.

They will use the poor as a weapon against the middle class. The poor will avidly support increased taxation because the government will promise them free things. In India, the government is recently offering a basic level of free food and medical care system support to the indigent. This is a big deal because in the past 1/3 of Indians only ate once a day.

The poor see these increased taxation as ending corruption and funding the support for the poor. They don't realize it is the laying the seeds for tax slavery.

But we in the crypto-currency currency arena can offer the poor a better deal than what the government can give them. We can offer them a job in the virtual economy where they can become independently a middle class person. And then they will hate taxes.

I am working on this now. Steem(it) was the first (failed) example. We can onboard the billions into crypto-currency by giving them currency when they do work on a social network. We can change the economy of the world.

Tinfoil hats are doing nothing. They are stuck in an unimaginative old world fight over tangible resources. Iron used to be a precious metal. Everyone needs to understand we live in an age of surplus and we are moving to a Knowledge Age:

Facts don't exist in a time-locked vacuum.

Your use of the term "facts" is myopic aliasing error (study the Shannon-Nyquist Sampling Theorem). You refuse to sample the data we have on what always happens next.

You are the bullshitter. The unintentional wolf in sheepskin.