What to do if BitCoin Exchanges are forced to close down on April 20 - page 2.

btvGainer

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Quote from: newIndia on April 08, 2017, 09:20:45 AM

Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

Yes Global bitcoin price does not depend on India because India is a small bitcoin market but if India government declare it legal,I think a huge market will be opened up and a lot of new people will adopt bitcoin.This can push up btc price

newIndia

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Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

Sharma

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GATCOIN : The New Currency Of Digital Marketing

Quote from: legendster on April 04, 2017, 04:59:06 PM

The best way to tackle this would be renaming bitcoin into...

wait for it...

COWCOIN

-

space reserved for future rants

-

Ha ha ha for them cow dung is more precious than bitcoin

I am going to hold cow dung now

btvGainer

legendary

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Friends do not jump to false conclusions even before decision is made.There is a possibility that panel.
1.Leave it to RBI to decide.
2.Invite financial experts and IT experts advice before deciding on anything.
3.Ask general public for their views.
4.Set next date for further discussion.
And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

layoutph

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I feel sad for you indian folks, hope your government will understand how bitcoin can help your country. Hope someone will stand to enlighten them and removed the bad impression about Bitcoin. Understanding how the blockchain works is the key and stopping them from banning bitcoin.

Benson Samuel

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Landscaping Bitcoin for India!

Have not completely seen how this ban is possible, but this is India, so watching closely.
There are many micro questions that will be answered through this trial that we are looking at.

Most importantly, the showstopper is mining. Will a ban on Bitcoin, effectively ban mining?
How is this possible? Can a person be told not to use a certain algorithm? Has this ever been done?
What is the financial impact to Indians if mining is banned and Bitcoin solves scalability and reaches critical mass globally?

Am seeing cases of concern where freelancers have been rejecting Bitcoin payments as they are getting worried, so what happens to that facet of life?
I am aware of many clients who refuse to pay in fiat. How do we balance these things out?

Will academic and development activities around Bitcoin and Blockchain be banned as well?

This looks like the stage being set for a wider debate.
Am sure there will be an outcome, but not gonna bet on 20th April for anything. There is just toooo much content to cover.

krishnapramod

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Indian government so far has not proclaimed bitcoins as illegal neither banned it, but I think this April 20 discussion is going to be tricky. Guess that is why almost all major Indian exchanges created a petition to be submitted to FM, https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal

Source: https://dinardirham.com/blog/the-fantastic-flowering-field-of-fintech/

India have around 400 Fintech startups and many Indian banks have been testing Blockchain technology, in my opinion banning bitcoins in India is not going to affect Indian economy in any way, but yeah it would be the end of the road for Indian bitcoin enthusiasts. Like someone mentioned the government has issue with bitcoin not its technology.

deadley

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Quote from: newIndia on April 07, 2017, 07:35:47 AM

Quote from: deadley on April 07, 2017, 04:07:15 AM

One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

What kinda service u got from them that u dint get at any other exchange in India?

When I traded with them they were just call away even around 10-11 PM and even manage to transfer funds @night too.
Other exchange just make excuses when problem happened. In India transferring fund not take much time and Indian exchange still not that big that it will take 24-48 hours for transfer funds.

Was Very happy with them and had no issue with them at all.

S_D

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Quote from: newIndia on April 07, 2017, 07:35:47 AM

Contrary to popular belief, UI does NOT have much to do with security of a web application. In fact, better UI based on poorly written JS may add vulnerability to an application.

Yea but a poor buggy UI does talk about their budget, so it indeed holds some truth to it.

newIndia

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Quote from: deadley on April 07, 2017, 04:07:15 AM

One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

What kinda service u got from them that u dint get at any other exchange in India?

Quote from: S_D on April 07, 2017, 06:55:18 AM

They seem to be a low budget exchange looking at their UI.
This somehow makes me paranoid about their security and uncomfortable to keep any thing of worth on their site.

Contrary to popular belief, UI does NOT have much to do with security of a web application. In fact, better UI based on poorly written JS may add vulnerability to an application.

S_D

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Quote from: deadley on April 07, 2017, 04:07:15 AM

Quote from: Blackshadow007 on April 06, 2017, 09:39:10 PM

Quote from: legendster on April 06, 2017, 10:01:32 AM

Quote from: S_D on April 06, 2017, 01:56:43 AM

Quote from: Blackshadow007 on April 06, 2017, 12:43:25 AM

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

i also never did trade there , just have registered account so got the message yesterday . I am always happy with CS and benson

They were not fishy when I traded with them and don't think they are now fishy they just take extra precaution for their safety.
One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

They seem to be a low budget exchange looking at their UI.
This somehow makes me paranoid about their security and uncomfortable to keep any thing of worth on their site.

If Bitfinex, a company that pumps millions in security isn't safe I sure ain't comfortable about any Indian exchanges. Never ever keep your worth on any BTC exchange ;(

deadley

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Quote from: Blackshadow007 on April 06, 2017, 09:39:10 PM

Quote from: legendster on April 06, 2017, 10:01:32 AM

Quote from: S_D on April 06, 2017, 01:56:43 AM

Quote from: Blackshadow007 on April 06, 2017, 12:43:25 AM

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

i also never did trade there , just have registered account so got the message yesterday . I am always happy with CS and benson

They were not fishy when I traded with them and don't think they are now fishy they just take extra precaution for their safety.
One thing I want to share, they offered best service and know how to deal with customer. Never got service like them in any other exchange in India.

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Quote from: legendster on April 06, 2017, 10:01:32 AM

Quote from: S_D on April 06, 2017, 01:56:43 AM

Quote from: Blackshadow007 on April 06, 2017, 12:43:25 AM

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

i also never did trade there , just have registered account so got the message yesterday . I am always happy with CS and benson

WINBC

member

Activity: 63

Merit: 10

Like Gandhi Said : "First they ignore you, then they laugh at you, then they fight you, then you win"

Guess we are at the fighting stage now.

legendster

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www.V.systems

Quote from: S_D on April 06, 2017, 01:56:43 AM

Quote from: Blackshadow007 on April 06, 2017, 12:43:25 AM

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

S_D

full member

Activity: 198

Merit: 112

Quote from: Blackshadow007 on April 06, 2017, 12:43:25 AM

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

polynesia

legendary

Activity: 1358

Merit: 1000

Quote from: legendster on April 04, 2017, 04:59:06 PM

The best way to tackle this would be renaming bitcoin into...

wait for it...

COWCOIN

-

space reserved for future rants

-

Ha ha ha. You should name it 'gau' coin. Even if a BJP MP wants to ban it, the other Sangh organizations would come into support.
Having said that, I hope there is a healthy debate on Bitcoin before a decision is taken. We have to thank the MP for at least bringing up the topic of Bitcoin in Parliament, albeit in an unfavourable way.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

The best way to tackle this would be renaming bitcoin into...

wait for it...

COWCOIN

-

space reserved for future rants

-

S_D

full member

Activity: 198

Merit: 112

Quote from: RohitTripathy on April 01, 2017, 04:17:12 PM

You don't see anything unethical in government trying to take away people's right to participate in biggest financisl innovation of hundred years ??

Quote from: S_D on March 31, 2017, 09:56:41 PM

Quote from: RohitTripathy on March 31, 2017, 02:13:39 PM

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?

Shocked

Quote from: S_D on March 31, 2017, 03:22:19 AM

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room. Sad

This is completely different, he broke law to protest against something that was unethical.
I see nothing unethical if the govt. bans crypto currencies.

PS: If I decide to become batman today and start hunting down criminals I would still be a criminal Grin

This is interesting 'coz indeed govt. is taking away some right from general public however it cannot be denied that Bitcoin can prove as a curse to country who is trying to reduce its trade deficit. I would say the govt. is just too lazy to work in concord with Indian Bitcoin community, if it hits a ban hammer on it.
I will still stick to idea of adhering laws and poking to make a change.

Topic: What to do if BitCoin Exchanges are forced to close down on April 20 - page 2. (Read 7184 times)