Topic: Warning of the Philippine Government against cloud mining operations.. (Read 147 times)

I agree with what you're saying especially those online paluwagan (Ponzi schemes) that are still rampant on Facebook. Bitcoin was just used as a transaction method yet it's being blamed everytime a scam happens. This is the reason why most Filipino I talk to have this negative perception on cryptocurrencies and when I ask them why it's considered a scam, most of them just say that they saw it in the news. When I ask a followup question about it, they really don't know why except that they heard it in the news.

Some companies actually declare that they do cloud mining, yet they do not have any details as to how they do it. Most investors get scammed due to the massive returns that they see from investing, not knowing how they really make money off it.

I agree. I hope that they were able to differentiate the difference between bitcoin investment and networking investment using bitcoin. Its creating a stigma about bitcoin being a scam. Its not doing any good to anyone.  I am also thinking that the media is also responsible for the news, they are not doing anything to differentiate bitcoin and networking. A lot of people who doesn't understand this just believed on what they saw on tv or the internet.

As long as your are not a fraud person, why will you fear with those laws? Cryptocurrency spread in our country due to the fact that it is a scam. Many people are getting lose their interest to buy or try the crypto because of this articles. We are always fooled by scammers because we have lack of knowledge in cryptocurrency.
I don't know how this cloud mining works without any legality about the government. But in my opinion, this fraudulent acts should stop by our government. Those people who are involve in scamming other people should be paid in accordance to the law.

I'm honestly done with bitcoin being in the news every week. They are saying that "bitcoin" is a scam when in fact bitcoin was the only currency that was used in scamming people. There's tons of online paluwagan (ponzi scheme) on facebook and what they do when they are going to get out of the scenario (once they have accumulated enough amount of money), they edit a screenshot of their coins.ph account and makes it look like the account that's holding all of the funds got frozen by coinsph. In the news, it was clearly an online paluwagan and that bitcoin was the only currency that was used in scamming the people. Now, this question arises, how does that differ from people scamming other people using fiat money? There's none. They are just trying to make bitcoin look bad in the media so people would frown upon it. On the other hand, there are still shows that are educating people about bitcoin, about what it actually is.

And of course the Philippines keeps on posting stuffs like "Bitcoin scam" so they can make bitcoin look bad. I would not wonder, though, because there's tons of cryptomillionaires in the Philippines and they can't collect tax from them except from VAT.

Me everytime I watch the news and they are talking about BITCOIN (itself) scamming people: "Oh wow, same shit."

It is still too early for the government and cryptocurrency to have rules that both will agree upon. But i'm still positive that day will come where we are free anywhere in the world. Now, we'll just have to go with the flow and alway be vigilant with frauds.

This really saddens me. People would go to a high length just to protect themselves, not being sensitive to others. With bitcoin being transparent as it is, there is no possible way they could ever shut it down. Sure there are rumors and other bad stuff about bitcoin scamming people, but if you really read and understand it, you would be able to identify the scammers from the legitimate people. I hope those frauds get caught and be taken care of.

The Philippine government wants to protect its citizens, I think we can understand this. I just hope it does not affect the value of krypto currency investment in the Philippines.

To be fair, that seem to be a straight up Ponzi. There were not much details in the news but it seems they were sold btc for a high price and that there were recruitment involved.

Any transaction if it maybe fraudulent should be stopped by the law. But if a person percieve it as fraudulent even though it is not, then could be a problem. Much like anything (esp. Mining) it may bear risks. You could lose money and you could actually make money out of it. I just hope that the cloud mining companies are actually fraudulent and it may not put the other cloud companies of repute under the microscope because of this.

Yes its kinda disturbing from what had happened recently here in PH were couples got arrested of bitcoin scam.The government are fully aware now and might implement restriction of cloud mining or any transactions of bitcoin and may affect us.I hope its not gonna happened.

 Philippine government warns the public to stop investing in these kinds of unregistered investment activity and to take the necessary precautions in dealing with these cloud mining companies. And the operators and agents of these cloud mining company has a criminal case and anyone who violates this law can face up to 21 years in prison.
Hopefully this rules can only affect those fraudulent people and those bitcoiners who are just participating in different campaigns just to earn money are not affected or not covered of this law.