What to do if BitCoin Exchanges are forced to close down on April 20 - page 3.

RohitTripathy

newbie

Activity: 28

Merit: 0

I think its criminal for government to ban this. To take away the jobs in BitCoin exchanges without any sound reason. Its abuse of power. And the BitCoin community will fight back if it happens.

Quote from: eaLiTy on April 01, 2017, 04:16:34 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 ?

If you break a law it is criminal activity and what Gandhi did was civil disobedience and if found by the law that you are doing it you will face the consequence, apart from that Japan legalized bitcoin recently and hope the government in India will learn about bitcoin rather than taking a decision without any major thought.

RohitTripathy

newbie

Activity: 28

Merit: 0

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

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

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 ?

If you break a law it is criminal activity and what Gandhi did was civil disobedience and if found by the law that you are doing it you will face the consequence, apart from that Japan legalized bitcoin recently and hope the government in India will learn about bitcoin rather than taking a decision without any major thought.

S_D

full member

Activity: 198

Merit: 112

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

deadley

legendary

Activity: 2562

Merit: 1064

Quote from: cryptoheadd on March 31, 2017, 05:14:58 AM

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

I agree.
This would have a very bad impact on Bitcoin and Blockchain.
It would be better to stay and fight while following the system.

It won't effect Blockchain technology, banks and IT company working on Blockchain technology and govt don't have any problem with Blockchain. Govt have problem with Bitcoiin/Altcoin.

newIndia

legendary

Activity: 2226

Merit: 1052

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

Absolutely agree. There is no point in being involved into illegal activity in India, while bitcoin is legally operating in so many parts of the world, especially in nations like US, Japan, China and many parts of Europe. I believe, if bitcoin is declared illegal in India, we may still send INR to offshore exchanges, trade over there in BTC-USD pair and convert the booked profit from USD to INR to get it back in our Indian bank account. As long as we are operating within remittance limit, I dont think it would break any law of the land.

What do u think?

lordquanta

sr. member

Activity: 770

Merit: 268

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 ?

* If govt decides and passes a bill for that then sadly bitcoin in India may become illegal.
* When Mr. Gandhi broke the salt law, it was criminal act as per then Govt.

Many are trying their best to create awareness about bitcoin/cryptocurrency which would help in clearing all doubts. Political leaders like Mr. Somaya have shown paramount ignorance towards cryptocurrency by depicting bitcoin as ponzi. Unfortunately these kind of ignorant souls are in position to take decision about things which they don't understand.

RohitTripathy

newbie

Activity: 28

Merit: 0

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

btvGainer

legendary

Activity: 854

Merit: 1000

Quote from: RohitTripathy on March 30, 2017, 06:57:39 PM

On April 20, a government panel is meeting to decide whether BitCoins are illegal.

www.moneycontrol.com/news/business/markets-business/exclusive-should-bitcoin-be-allowed-in-india-govt-panel-to-meet-apr-20-to-discuss-2249407.html

If they decide that BitCoins are illegal then centralized BitCoin exchanges will have to shut shop.

There are the few ideas how can these exchanges re-emerge:

1 . Convert from centralized exchange to a decentralized platform like Localbitcoin and Paxful.

2. Opening a page in dark web and offering the same service. Users can access it using Tor browser.

3. Collaborating to create a torrent like technology as a response to Napster closing down. We can use BitCointalk to design and collaborate to create a platform to achieve the same.

Remember, governments can only attack centralized systems. BitCoins are a transformative tool that can potentially eliminate poverty. We have to protect it from temporary ignorance of few regulators and politicians.

Good question and I would like to hear these exchanges official stand on this.
Although I am hoping nothing such thing happen but we can not completely rule out the possibility.
We can move our coins to cold wallet or some offshore online wallet as a last resort.

cryptoheadd

hero member

Activity: 1036

Merit: 501

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

I agree.
This would have a very bad impact on Bitcoin and Blockchain.
It would be better to stay and fight while following the system.

rsarkar

jr. member

Activity: 102

Merit: 5

Can somebody list the names of the ministers who would be likely in the panel?

S_D

full member

Activity: 198

Merit: 112

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

RohitTripathy

newbie

Activity: 28

Merit: 0

On April 20, a government panel is meeting to decide whether BitCoins are illegal.

www.moneycontrol.com/news/business/markets-business/exclusive-should-bitcoin-be-allowed-in-india-govt-panel-to-meet-apr-20-to-discuss-2249407.html

If they decide that BitCoins are illegal then centralized BitCoin exchanges will have to shut shop.

There are the few ideas how can these exchanges re-emerge:

1 . Convert from centralized exchange to a decentralized platform like Localbitcoin and Paxful.

2. Opening a page in dark web and offering the same service. Users can access it using Tor browser.

3. Collaborating to create a torrent like technology as a response to Napster closing down. We can use BitCointalk to design and collaborate to create a platform to achieve the same.

Remember, governments can only attack centralized systems. BitCoins are a transformative tool that can potentially eliminate poverty. We have to protect it from temporary ignorance of few regulators and politicians.

Topic: What to do if BitCoin Exchanges are forced to close down on April 20 - page 3. (Read 7184 times)