Will bitcoin be banned on Philippines? - page 15.

jetjet

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Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

Over 900 Million pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

it will never be banned... in opposite it open bitcoin portal to the people of the philippines to know bitcoin and cryptocurrency as a whole... more and more people were talking the crypto market. they are interested to know more about this system

CookieGums

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i hope not because if this happens. there is a huge possibility that this will affect the crypto world.

there must be a action in the government but because bitcoin is not legal in philippines, there is no such a thing like action.

i am one also be affected because where do i will use my bitcoin. there is no way that i can exchange my bitcoin for fiat if they banned bitcoin.

boblets243

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Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

Over 900 Million pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

I think it will not be the basis of banning Bitcoin in Philippines. It is clear that these people use Bitcoin to collect money. This is the reason the Philippine government are doing the review to impose necessary regulations to reduce such incidents like this. Moreover, this is to ensure that Bitcoin will not be used for illegal transaction. It is also the responsibility of the investors to be keen with the details before making an investment. So this incident will serve as lesson to all of us.

Magiklair

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This is unlikely to happen. The Philippine Central Bank is considering the regulatory standards for Bitcoin with the aim to protect the rights of people
As for me bitcoin will not be banned in Philippines

soenaderecho10

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“OPEN GAMING PLATFORM”

Quote from: 7Dyoknga5 on April 24, 2018, 08:59:34 AM

Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

Over 900 Million pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

if Philippines won't educate their citizens, most of them would fall as a victim and surely bitcoin will be banned for the purposec of protecting majority of the people.

I just think individuals who used bitcoin for personal gain should be penalize instead of banning bitcoin.

I think theres a big chance banned bitcoin in the philipines because bitcoin is a new currency and the government did not legalize the bitcoin in the philipines but if the bitcoin give a tax on government theres a chance bitcoin will not banned on philipines.i think the reason if the bitcoin will banned in the philipines because of tax of bitcoin.

jmigdlc99

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There is absolutely no way you can ban bitcoin unless you shutdown the entire internet. If you read more news online you will find that the 900M PHP scam in the philippies is nothing compared to what other hackers/scammers have done in other countries.

If you are living in the Philippines and are a bitcoin investor i wouldn't be worried at all. Buy more while you can get it cheap!

7Dyoknga5

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Activity: 210

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dApps Development Automation Platform

Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

Over 900 Million pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

if Philippines won't educate their citizens, most of them would fall as a victim and surely bitcoin will be banned for the purposec of protecting majority of the people.

I just think individuals who used bitcoin for personal gain should be penalize instead of banning bitcoin.

Muzika

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Merit: 261

Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

Over 900 Million pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

As of now here in Philippines bitcoin is not totally legal nor illegal the central bank also in neutral position when it talks to cryptocurrencies, and i dont think if having that issue will make the crypto banned. Bsp doesnt give lack of information to the public when it comes to crytocurrency investment.

bakkang

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There would be a big chance that Philippines will banned bitcoin because it has used by criminals on corrupting just like what happened. So I'm hoping that everyone of us is being aware with this different cryptos to avoid this kind of crime and of course people need to be careful especially when investing in cryptos.

Theo222

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Quote from: darrly on April 11, 2018, 11:19:11 PM

There’s a chance because of that scam I hope it will not because many people rely their incomes in bitcoin.

yeah that scam make people very dissappointed to bitcoin or cryptocurrency. almost 1billion pesos was scam by newg investment corporation that mr arnel is the owner or the one who create that scam. now bitcoin has bad history in the philippines and there will be chance for banning it.

King Koy

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Quote from: darrly on April 11, 2018, 11:19:11 PM

There’s a chance because of that scam I hope it will not because many people rely their incomes in bitcoin.

I think the chanceis 0% because bitcoin is already accepted in many transactions in the Philippines, business men, companies, and many others are using it.So the two person who misused bitcoin is not enough reason to ban it. The community who are experiencing the good service of bitcoin is reasonable enough to let btc circulate in the Philippines.

PRC_May

member

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Phillipines, i heard that, they would reinforce btc with might circulations over the coubtry what happened now? That was FUD or this one?

Hirameki

member

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Merit: 10

No. As of now, there are still no sign or a big issue that will make the government of the Philippines to banned bitcoin in the country, there are no reasons for the government to do it, as long as we the users of it just be responsible enough to earn bitcoin and money just like most people do, its just that we dont need to scam somebody just to earn some. I hope that this scamming issue will not get bigger in the PH. So that the government wont see any holes for banning it.

Bitcoinjheta

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As of the moment, no report from the Philippine government that bitcoin will be banned. Many were victimized by scammers due to the fact that they directly give their trust to somebody they don't personally know and not because of bitcoin itself so I don't think bitcoin is liable to it. To avoid scammers, we should have enough product knowledge prior engaging into any business transactions especially if it involve bigger amount of money.

FIREBALL24

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Xircus

Quote from: nebuch on April 11, 2018, 11:20:41 PM

This would not be the main reason if the Philippine government decides to banned cryptocurrency. Few victims of scammed versus thousands of bitcoin beneficiaries in this country. Maybe to make it fair those who wants to invest in bitcoin should seek more advice from professional cryptocurrency person. It would be better for them to have a deeper understanding toward this system of digital money. Sometimes they said they are scammed by the person but actually the person was scammed by the ICO. I think that what the majority of all stories.

I agree with this. Maybe some got scammed because they don't have a deeper insights about the system. If we will just have a spare time to understand or maybe just to think and realize what the situation is, then illegal actions will not be tolerated. Therefore, banning will be out of our way.

Cinemo

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Activity: 350

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Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

Over 900 Million pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

It will never be banned if we continue give some positive comments about it . Some people are tend to say negatively issue or give their opinions about it because they really dont know the world of cryptocurrency.And we are are here being thankful to bitcoin.

Betheng10

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dApps Development Automation Platform

Quote from: EzBreezy on April 11, 2018, 10:39:02 PM

Over 900 Million pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?

Bitcoin is used by individual persons to scam, if the government is not shallow minded they would think that individuals who used bitcoin are the ones to be punsihed not bitcoin.

There's a big possibility that bitcoin will be banned if people continues to use it unlawfully.

dobladi

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Activity: 345

Merit: 100

Quote from: nebuch on April 11, 2018, 11:20:41 PM

This would not be the main reason if the Philippine government decides to banned cryptocurrency. Few victims of scammed versus thousands of bitcoin beneficiaries in this country. Maybe to make it fair those who wants to invest in bitcoin should seek more advice from professional cryptocurrency person. It would be better for them to have a deeper understanding toward this system of digital money. Sometimes they said they are scammed by the person but actually the person was scammed by the ICO. I think that what the majority of all stories.

I agree with the statement. For a single case about bitcoin scam in the Philippines, it is not worthy enough for the government to ban bitcoin in the country. Yes, bad things happen, but in this case it would not be the sole reason why our government would ban bitcoin.

On the other hand, banning bitcoin in the philippines may happen, but hopefully the government would not. Many citizens are already familiar with the bitcoin and have received benefits from it, and it would be disappointing if the local government would ban bitcoin.

Bagani

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I wish to not been reach that point. Goverment just need for attention from that kind of digital investment. Add some requirement to a company that make sure that is a real project for the economy. More fipino will be affected if crypto banned in the philippines. I guess some people their dont have any profeasional work to get income so pray to not that thing happen

hermae

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Quote from: Ryanpogi on April 24, 2018, 01:29:03 AM

It does not matter, just because the ₱ 900M scam is banned immediately. many will be affected if bitcoin is banned in Philippines .. but it will not happen. because bitcoin is very strong in philippines ..

The news of that 900 million being scammed brought a lot of twists and turns for bitcoiners. Yes this is a big amount, but I dont think this would be the biggest reason that the Philippine government will ban bitcoin. This news can be the reason that the Philippine government will think of better ideas on how to protect the bitcoiners from transacting to bitcoin scammers. The Philippine government knows that no matter what they do, they could not restrict Filipinos from using or joining bitcoin, this country practices democracy. So instead of banning bitcoin, they may make laws or regulations to protect bitcoiners.

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