Topic: The country with the highest demand for gold just outlawed gold. Shit got real. (Read 2954 times)

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.

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.

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.

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.

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.

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.

The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.

http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms

Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.

Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin.

India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world.

The country with the highest demand in the world for gold, just outlawed gold. Shit just got real.

"Your gold is safe. 500 grams per married woman will not be seized..."

http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html

"During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said.

The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.

Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent."

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.

Ah yes I was thinking it was 500 ounces.
500 grams is much less, but I still doubt the average person owns $20,000 worth of gold.
This will still only have an effect on the very wealthy. Some might buy some Bitcoin, but I assume most are going to hide money in offshore accounts and companies outside their country.

I will be the first to admit I needed a week to fully absorb the following works of AnonyMint.

The Rise of Knowledge <--- READ THIS
Understand Everything Fundamentally

Together these are quite simply the most insightful piece of economic theory I have ever read.

If the author is right and I think he is we are all in the midst of a tragedy of epic proportions.  It is sad unstoppable and will devastate the lives of much of humanity.

...

My quoted logic had nothing to do with the "state".


I think microtransactions are the big enchilada. And not just monetary microtransactions.

Anonymity is so incredibly unrealistic and it is fighting against the socialism. Please see my prior post which was a refutation of the tinfoil hats. I have more debate with them at the following thread:

https://bitcointalksearch.org/topic/precious-metals-are-not-useful-in-a-collapse-scenario-1665943

Although I originally was a tinfoil hat and originally touted the importance of anonymity, I am now coming to the realization that we don't win by hiding from society. We win by changing the economy of society.

But posting bullshit as fact is merely posting bullshit as fact.

So when has the Communist government ever stopped at its original limited action?

This is only the first step.

You cant ban bitcoin. Russia already tried and failed. It doesnt work like that.

They can search your house all day but they wont find your bitcoins.

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

Until they bribe your neighbors to turn you in.

Perhaps you haven't been to the 3rd world and noticed that you don't have much privacy. I live in the Philippines which less densely populated than India, and I promise you I can't even urinate behind a tree without someone seeing me.

The government's ban has been very popular in India. The majority support the "fight against black money".

You have more than 500 grams of gold, then your neighbor is jealous because you have more than your fair share.

Haven't you realized that we live in socialism now.

Large quantities of gold are going to be an albatross around your neck.


You don't seem to be in touch with the reality that the world is now "99% versus the 1%", which means everything that is yours is your neighbors.


You little chickenshit (and not very smart either). I have been living in the 3rd world since I was 26 years old in 1991. I already challenged you to bring your brave Eastern European asshole to me face, so we can see who is better equipped to kick some ass.

I am not pure white. I have enough Cherokee indian blood to make me fucking crazy enough to rip your head off if you piss me off. I have been through enough shit here in the 3rd world to entirely remove the American civility from my attitude when provoked. Try me.



And it seem both of you imbeciles forgot that the main point of this thread is not whether you can bury your gold in the ground (I never denied that), but whether you can spend your gold for anything in a collapse scenario. Who the fuck is going to accept your gold in India when the government makes it illegal and is bribing your neighbor to rat on anyone who is "getting more than their fair share by trading in gold".

Imbeciles just please back up your pickup trucks and stack more gold. As much as possible, because I am going to be laughing at you when you realize you fucked up big time.



Perhaps Eastern Europeans with their failed socialist economies admire the Latinos in California:

The only wealth that will be confiscated by the gov is the one that has been stolen from the country that is black-money.

How come they dont murder the shit out of this government? I dont own any money in banks just because of the bankrupcy nightmare and yet in India, the gov dogs can search your house and steal your wealth. What a shit country. I would either kill the dogs or kill myself in that situation. Are those people cows? Show some reaction dudes, blow up some stores, hurt some people.

Show some reaction dudes, blow up some stores, hurt some people.

India kind of has a history of just rolling over for invaders.  I don't know a lot about India, but they've either mastered the art of peace or cowardice.

How come they dont murder the shit out of this government? I dont own any money in banks just because of the bankrupcy nightmare and yet in India, the gov dogs can search your house and steal your wealth. What a shit country. I would either kill the dogs or kill myself in that situation. Are those people cows? Show some reaction dudes, blow up some stores, hurt some people.

The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.

I think you have to keep in mind its saying that 500grams is ok for a married woman. 500g is worth like, what, ~20k$? I doubt too many indian people have that much to put in gold since they're pretty poor usually...

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.

http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms

Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

You cant ban bitcoin. Russia already tried and failed. It doesnt work like that.

They can search your house all day but they wont find your bitcoins.

I agree that if what you are saying is true, then that would be a very big deal, and probably have a considerable impact on bitcoin.  I remain a bit unclear, at the moment, regarding whether you are communicating accurately about the situation.

This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason).

Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind...

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road.

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

INDIA JUST BANNED GOLD...

Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why.

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

INDIA JUST BANNED GOLD...

Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.

Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin.

India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world.

The country with the highest demand in the world for gold, just outlawed gold. Shit just got real.

"Your gold is safe. 500 grams per married woman will not be seized..."

http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html

"During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said.

The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.

Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent."