Topic: Unocoin - Simple, Safe and Secure Way for Buying, Selling and Storing Bitcoins - page 3. (Read 13308 times)

All I can say is "wow" after reading the long debate in your(Unocoin) introductory thread. Guess, its good in a way. Cleared up a couple of things for me.

Anyways I just got verified recently, and look forward to doing business with you.

Glad to be here on the Forums.

Thanks for your wishes.

I wish you best of luck with your website

Thank you. I can see you are new to the forum and cannot really identify which of the Unocoin customers you are based on your username 'taaku'

Um, cannot really do that as of now. This is how the real time exchange works and has some regulation and licensing issues before this can be attempted. How ever i recommend you to check the Campaigns section of Unocoin https://www.unocoin.com/post.php?id=117

Will be adding litecoin some time down the line

Yeah optimization of workflow is helping us. Buying of bitcoins is getting executed in less than 2 working hours and selling of bitcoins with in 1 business day (unless it is the first sell order from that customer/bank-account)

Great work..I am using your services and satisfied .below are feature request.

1.Automatic trading(Set a pre-defined price.)currently i have to check the price frequently on the price i want to sell and buy.
2.Sell and buy other cryptocurrency .

+1 to time it takes to sell and buy.Its almost less then 1 day now.

A new feature on Unocoin added today

Campaigns: Verified customers who have a lot of bitcoins to buy or to sell can take advantage of this feature where Unocoin itself cannot honor such huge buy or sell. Campaigns usually run for 7 days. Customers who are willing to buy bitcoins need to consider a fixed price per bitcoin for duration of campaign and we list the campaign for them. We will fulfill the order as we continue getting the counter party. The price will also be fixed for the counter party who needs to buy/sell atleast minimum number of bitcoins and this includes the transaction fee and service tax - so the price seen on campaign is what gets paid at the end. Unless the cicumstances really mandate cancelling an ongoing campaign, we do not encourage the customer to cancel the campaign listing as there will be lot of counter parties who will be trying to arrange bitcoins of INR to participate in campaign which is supposed to run for 7 days. How ever also possible that the campaign gets closed as it achieved the goal before 7 days. Listing and participating in campaign is not possible over your account directly. There will be a conversation with customer and the counter-party customers over phone and then the orders will be executed on behalf of customers by Unocoin team. This is a new experiment we are trying to do, is subject to changes and we hope it will be successful.

The way we worded it for them was a bit different when we answered their question. We said it was about 30,000 people who know about bitcoins. On same day the hindu article said there are about 50,000 transaction in a month in bitcoins where we said it is about 50,000 transactions per day. We emailed them to correct when they put on website just after 5 mins, but they did not.

8% has nothing to do with typo.
Yo typos keep happening for every one. I even noticed when 30,000 was typed as 30,0000 in sub's post. Some typos can be understood while reading and some needs clarification. Yo will try to be cautious regarding typos from now on.

Alliance never said to run away from bitcoin. It said stay away from it as far as investments is concerned even though bitcoin is per se not illegal unless you really know what you are doing. It is inline with RBI circular on dec 24th. This was when common man was thinking bitcoin are illegal due to rbi circular and raids on mahin, nilam and us.

How on earth did ethnicity get into this?


It is not 30K members, but 30K downloads. Both are very different things.

The Bitcoins Alliance India, which has hired the services of the Desai firm, said there are 30,000 bitcoin holders in the country, currently in possession of 1 per cent of around 12 million bitcoins in circulation across the globe. - http://articles.economictimes.indiatimes.com/2014-01-05/news/45882605_1_bitcoin-virtual-currency-potential-money-laundering


These typos seem to be happening a lot, including when falsely informing numbers like 8%, etc.. What is your aim here? To paint a target on the Bitcoin community? On its users? And then expect acceptance?

Re-evaluate what you say the first time. Some mistakes are always encouraged and accepted, but this looks like a firing range of mistakes and typos. These BOLD assumptions that you make as a Bitcoin trader does not reflect many sentiments of the Global community.

You have formed a club and threatened to chase more people away by warning the public against venturing into Bitcoin rather than encouraging people to learn more about it rather than to run. These mistakes are not easily corrected and we not have to spend more time confirming the same to even more people.


Applied a MOD Edit.

I should say some of the chronological order is not right.
Yes, because of the conference limelight start shedding on bitcoin in India. While the team has been seeing other countries conducting conferences, the idea did strike across. I can say significant people in India today know about bitcoin is because we conducted conference and the events took after that. It did not matter bitcoin did exist 5 years before this, most people just did not know it. While the aim of coinmonk ventures has been to bring bitcoin awareness to common public, coinmonk took it to do it under its umbrella.

The ticket charge was 150 and 180 usd for one and two days. We knew about half of the conference will be free pass holders as in speakers, media, cbi, it and irs, rbi, sebi, auditors etc. Among the rest, many of them had used coupons to get 20 to 40 percent disc. These were planned and based on these the prices were decided. I am not sure how much you know about expenses for conference. If we had 3 more paying people less, organizers had to put their own money which we had decided to put on the day we decided to do a conference. Presently we still have the offer from people in mumbai, hyderabad and chennai to organize conference there. We started Unocoin on trial basis on the same day of conference.

Yeah bitcoin is the next big IT thing. Are you trying to say you do not agree with that statement?

I remember hearing 30,000 members in india is in public domain and is based on qt wallet download from india. Remember not every bitcoin user downloads the qt wallet. Now if you think 30,000 as well is over bloated, nothing much can be done - you just dont even have the public domain numbers right. Regarding number of bitcoins in India, every one has their own opinion said or unsaid and i do not want to comment on it now.
Your RBI analysis looks interesting even though there are multiple ways they can interpret the numbers and money laundering. So i neither contradict or fully agree with you analysis.

Something I can say here is, if you are thinking India could have dodged the issues we are facing with rbi and regulations if the conference was not made, you were wrong. It would have just taken some time which would have bought some time for bitcoin to have stronger roots in India.

Suril Desai who is son of Nishith Desai was at the conference and that is how we happened to know about them and their contribution in writing regulations for e-commerce. Just after conference, we left to Mumbai with one of the reasons is to meet ND. They said they are happy to help us out to lobby with RBI and they will need to do a detailed analysis of present laws and regulations and hence can do a presentation to RBI and to provide some suggestions to them. Good news is, they also accepted to accept bitcoins as the fee not only from us but from future customers also (so add these guys to your list as well). At this time, BAI did not even exist.

Then there was a notice from rbi. This notice did not say anything new that is not known to us. There was no reason for businesses to suspend the operations. Just coz mahin and nilam and vishnu did it, some of my team members decided to do the same to Unocoin as well even though I personally did not want to as we had not violated any present laws and regulations.

When Mahin faced the ED and NilamDoc house was ceased as well even our team wondered what to do.

Then the immediate issue is, due to rbi notice and businesses shut down, comman man have started thinking bitcoin is illegal and a bad thing to india (based on the some of the phone conv i had with many people during this time). So there was a need for a better clarity. We know RBI dont really react that quick for these situations.

So ND came up with the idea of press conference which is backed up by the techno-legal analysis they are already doing. So the idea for them was to complete their initial analysis and then help the situation by giving better clarity of the situation through a press conference. Also to face the situation we thought of putting together an association to fight against the situation as we did not have one to whom we can approach to help us in this situation. So that gave arise to BAI involving our own team members and some of the other businesses operatiors whom we could get quick access to and are willing to join. The press conference is decided to be held on 4th of Jan. When we met on 3rd jan to finalize the press note draft, we got to know even NilamDoc had called Nishith expressing his interest to join the association and be a part of press conference through conference call on phone. We happened to talk to Nilam on 3rd and 4th and got to know more details about his raid situation and his future plans. He also expressed his willingness to contribute some donations to BAI to help in the efforts that is being put. Mahin was not reachable to any of us at this time. You know the details of press conf through public domain and i am sure you agree with me that it helped to restore some reputation of bitcoin among common people. Now i wanted to make sure all interested people willing to join BAI should join and hence there was an announcement on our whatsapp group as well. Just panicing in a situation do not help but joining as a team and fighting will and this is what we attempted to do through BAI.

Only after this we started the unocoin operations again on 8th of jan.

Yes after i got the clarification that we can attempt to collect some donations for BAI with in the legal limits, it was our efforts to collect 0.5% from customers and match the same from Unocoin profits and hence donate 1% to BAI. Nothing is new about it, info regarding the same is given to customers already. We even had lot of appreciation calls that they are happy to donate to BAI. Then there were a few those were not willing, so then we created an option to opt out of it as soon as we heard about it. Again Unocoin was never the only service at any point of time. There was always localbitcoins and soon we had bitquick.in as well. I dont see our attempt to be any kind of monopoly here.

Yes there is a type of fee called transaction fee that gets charged. Then 12.36% service tax on top of that transaction fee that is paid to govt.

We never had to explain the situation to NDA. They are tracking every move already. They only said what they wanted to say based on their analysis. The 10L is not just for the press conference - it was to do an analysis and present to rbi and to lobby. This press conference came "on the way" and NilamDoc said he is willing to help with financials for this unexpected press conference and its included in that 10L already.

Mmm the typo - happens while typing especially when you are using the same words again and again in the post. You can read your long reply above again and you can see your own typos - happens and we know it.

Bitcoin in May 2013 was a stablizied time. It was around 10th of april when there was a spike and sudden crash. I am into bitcoins because i trusted in technology after 2 long weeks of knowing about bitcoins day and night.

We stopped accepting shares for mining but have continued with present mining equip and have continued issuing weekly dividends to our present share holders. Overall results is, people who invested thinking it as an INR investment got twice back through btc but people who invested it as btc are yet to recover full of it. So we are recommending people to invest in bitcoins directly than mining equipments even though we ourselves are manufacturing mining equipments based on BFL chips - we are only one doing this in India as well.

So does that through some light on your contradictions regarding ethnicity?

Yes i know there are lot of businesses that did not succeed in bitcoin especially in last year. Again i am not taking any decision either with coinmonk or unocoin or bai myself and am consulting my team members and most of the decisions and new ideas comes during meetings. Every individual/team has their own idea of how to handle every situation and it need not be in line with other individuals/team. That is the reason i do not comment on others attempt to handle the situation as they will have their own reasons to do it.

Regarding the money at BAI, we will be showing all the accounting details as a section on website. We already have an auditor for the same and will be taken care of the way it needs to. We do not have any intention of hiding anything.

When you ask why the reasons for some of our decision making is not there on this forum - i was an active member of this forum for more than a couple of months but on the global side of it and not on the indian sub forum. No much involvement was shown by other members there. I ofcourse visited Indian sub forums many times but I could only see less than 10 people really involved in discussion which did not interest me much. So i kind of did not bother to get back here often. But now i know can see even though the number of active members on Indian forum has not really increased, they have needed knowledge to give suggestions and contradict decisions and make it into a discussion, i am happy to stay around and contribute as well.

We have been saying our main goal of BAI has been to lobby with RBI. This statement was published by news papers as well. According to us, this can hep bitcoin to prosper in India. I can get you the newspaper links if you have missed it. We have made sure we have answered people who have questioned us. May i know where we did not?

I just dont see it nice on your part and again ethical that you are recommending competing services on this thread. This was a thread that is being created as you wanted me to create it to announce Unocoin services. I am not sure if you can do such cross posting here - you have to check it yourself.

I am taking these long contradictions as a way for me to catch up what i have missed informing you people. Let me know if you have any more contradictions, let me know. It would help us correct ourselves if we were wrong or provides an opportunity to explain why we had to do it.

thank you

All the best dashingriddler 

I am not too sure if i can just share it because it was given to them on their order and not that i am presenting it myself. When there was an IRS visit to CoinMonk Ventures office, i shared all the info on this forum, and that IRS guy did not like the way it was shared and he expressed this during subsequent phone call. So this time i have sent him an email if i am allowed to share it.
I can say the questions that are answered include how bitcoin works, how transaction works, how to mine bitcoins and what happens technically in bitcoin mining, to what extent bitcoins are traceable and what role an authorized exchange can play, how bitcoin can be misused and if it can be mitigated in some way, what is the view of bitcoin from various other countries, and my opinion on how bitcoin can be taxed for speculators and miners.
In this paper i never gave out any numbers but only gave generic answers for them which we all know as they were pretty much generic questions.

Can you put up the pdf here for every one to see ? I'd like to see what questions were answered and how they were answered. (considering the fact last time someone came up with that ridiculous figure of 8% .. hope it wasnt you lol in which case change ridiculous to inaccurate haha)

Cheers.

Well i never said i am the vanguard. We are just trying to get a chance to lobby with RBI. To us this looks to be the right path. If this appears wrong to you, i cannot do much.
To start with, bitcoin itself cannot have an association in any country because it is decentralized in nature. But we need an association to connect the centralized regulators with decentralized currency. If you have a better way, i have my ears open.

SORRY FOR THE TYPO: NDA also wants to help RBI to write the regulations for virtual currencies in India.
It should have been RBI and not BAI lol. So now this should make some sense to you i guess. Regulation can never be made to benefit of someone unless it benefits and safeguards

There is no one who can really speak about bitcoin on behalf of entire bitcoin community in india. It is not our attempt to do it as well.

BAI being newly formed, the only thing it has done till now is to gather a press meet which had NDA to declare bitcoin is per se not illegal based on their techno legal analysis team. The meet also gave more info about bitcoin and business and trading with bitcoin where a common man was in the illusion that bitcoin is illegal based on ED and IRS raids to bitcoin business. His statements got published in 18+ news papers and a couple of TV channels which we believe helped to get credibility of bitcoin back a little bit. If I or you call a press meet and say that just because we already know it is not per se illegal, it wont become the news. We needed a credible law and auditing firm to declare after they did the needed analysis.
We have plans to perform more through BAI in near future but again waiting for the registration to complete.

That typo should answer your next 3 statements. We believe that, safeguarding an economy is only possible when there are businesses around out. Safe guarding business in turn safe guards its customers and hence the economy sustains. Tomorrow if India as well declares bitcoin as illegal, you need an association to fight with - i am not sure if you get this part. That is the reason i am saying, i would be happy to join an association if some one is willing to put one together if they do not like they way we are trying to head BAI.

It is a pity where apart from founding members putting their own money towards association, the association also needs to convince that it is not doing it for its own benefit or just for the benefit of its founding members haha.

Before Unocoin started accepting donations to BAI, Unocoin did consult our law and auditing firm to know if it can do it. Only after we have heard we can do it and we can even use those funds to pay to the registration of non profit organization, Unocoin have started it. There may be a specific time frame with in which Unocoin needs to pay it to BAI that i do not remember on top of my head. After understanding how fragile bitcoin business is in India, we are consulting law firm for every step we are taking and even consulting as many people as possible who we think have some idea of legal implications regarding the step we are taking. How ever the expenses for registration is already paid for from the founding member's pockets and is in progress. Just after registration, BAI have a bill of 10+ Lakhs INR ahead to pay to NDA. I should say NDA team working their ass out looking into countless law books before they say any little word out and presenting the press meet and now presenting to RBI is not an easy job. BAI just wanted to be best so that there is no repenting in future. How ever as we understood not every customer (2 so far) is interested to donate to BAI, we have made the donations optional.

Obviously BAI wont be able to collect so much donations no matter what. All those monies are coming from the pockets of founding members in varying proportions depending upon their ability to donate to BAI. We had to ask new membership and business membership to hold on as BAI do not have the bank accounts to take membership fee as per the advice given to us. If we were just money minded we would not really be donating 0.5% of every trade value on Unocoin to BAI irrespective of customer preference to donate to BAI, then spending our own monies to lobby with RBI on behalf of so many past and present bitcoin businesses in India. ED had called Nishith to answer some of the questions last week and Nishith said the meeting did go well but he had declined to answer the press questions outside. From CoinMonk end, the questions asked from IRS has been answered in a PDF and been emailed to them who have said they will take it up with the financial ministry in subsequent meetings. With present plans, BAI should be able to present to RBI in third or forth week of feb. So this is the update from BAI and CoinMonk end.
I am sure all of our aim has been to hear something from RBI or financial ministry regarding bitcoin which will ease up bitcoin businesses in India and BAI is fighting for the same. If there was an organization doing this already, i would have been very happy to join and help them instead of looking at starting a new organization.
If the presentation to RBI goes successful, NDA also wants to help BAI to write the regulations for virtual currencies in India. NDA are the people who played a major role in writing regulation for e-commerce when it was new to India. We dont know what will be the NDA bill for the same.

If you are willing to join your hands as well, we would be happy to welcome you as a individual member or business member once we start accepting memberships.

From the second payment onwards, it will usually take a day or two. We are working with bank to get the tools needed to speed up this process as well.

If i am correct your BAI is not yet registered.  In fact i am wondering how you could Announce this without any registration. To take donation in its name, is what's wrong.  If i am correct, you are taking this amount before registration, then this really shows how unethical you run your business and money focused it is.  Tell me i am wrong .

+1 for https://www.unocoin.com