Will bitcoin be banned on Philippines? - page 17.

magmar

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Quote from: EzBreezy on April 11, 2018, 09:39:02 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 hope not but i think they cannot banned bitcoins without a valid reason right. And besides i have red some news that the bitcoins is legal here in the Philippines but only with the specific wallets tp be used because thats the rules and one of that wallets are coins.ph which i used. And the only thing that makes the government think that the bitcoins must be banned is because of those scammers that are using the bitcoins bame in orser to scammed and fool people. Ans Filipinos do not believe in that

Atits

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We cannot assume or guess Bitcoin will be banned in Philippines at this point of time since there are rumors roaming around about that but there's no official news.

burong1

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Quote from: darrly on April 11, 2018, 10:19:11 PM

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

as of now i think no it wont be banned here in Philippines but i guess there is a possibility that they will banned it because of the news that bitcoin is scam and because of the news bitcoin will affect so much of us and if they found out that its true they will banned it but i think it will not happen.

lienfaye

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Quote from: hispout on April 23, 2018, 12:19:13 AM

Quote from: lienfaye on April 19, 2018, 09:59:14 AM

I dont think they will ban bitcoin for such reason because btc itself is not a scam and the government officials are aware that some filipinos are earning through it by trading cryptos, its just that this couple used it to deceive people for promising high return of their investment. If you look further those victimized by the couple were also greed to believe its a way to earn easy money. They used btc as a tool and it can also happen to other currencies, pyramiding scheme is quite common strategies of scammer to lure their potential victim and if you are not knowledgeable you might be convince to their too good to be true sort of income.

Philippines should resolve its issue instead of making it more complicated for people. They should restrict their privacies and never leave threats towards their crypto as they are facing with is not a big problem at all but all they should do is their little struggles to make the market thief less and clean it up from scammers. These will really workout for them while banning Bitcoin is not the solution.

Well you're right, its not the solution and if they ban the use of bitcoin many filipinos are going to suffer because we all know bitcoin/cryptos is an opportunity to earn money whether as sideline or full time job. Instead of banning they should warned the citizens to stop being greedy and dont risk their money in investment that promising high return, honestly its investors fault why they end up in that situation.

yametekudasai

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We'll never know but the possibilities are still there. Let's just hope that the government won't ban BTC in the Philippines for some rely their income from bitcoin.

hispout

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Quote from: lienfaye on April 19, 2018, 09:59:14 AM

I dont think they will ban bitcoin for such reason because btc itself is not a scam and the government officials are aware that some filipinos are earning through it by trading cryptos, its just that this couple used it to deceive people for promising high return of their investment. If you look further those victimized by the couple were also greed to believe its a way to earn easy money. They used btc as a tool and it can also happen to other currencies, pyramiding scheme is quite common strategies of scammer to lure their potential victim and if you are not knowledgeable you might be convince to their too good to be true sort of income.

Philippines should resolve its issue instead of making it more complicated for people. They should restrict their privacies and never leave threats towards their crypto as they are facing with is not a big problem at all but all they should do is their little struggles to make the market thief less and clean it up from scammers. These will really workout for them while banning Bitcoin is not the solution.

Topaz72

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Quote from: thecoder2017 on April 19, 2018, 08:44:17 AM

There are news that bitcoin is a scam so people are aware of this bitcoin but i dont think the government of the Philippines will ban bitcoin because as a developing country bitcoin is a great help especially to those who have no permanent job to support their daily needs.

Different people are saying different things about bitcoin, so if they are saying that bitcoin is scamming they should try to use it instead of making wrong assumptions what else we can say to them, as you said Philippines is well developed country so they will never ban bitcoin, for me bitcoin is new currency which is gradually over taking the whole world and so I think it is just a fake news but Philippines is actually accepting bitcoin, fake news are being spread in the markets by the bitcoin haters so don’t listen to them,

FurDich

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Quote from: darrly on April 11, 2018, 10:19:11 PM

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

I hope it will not be banned because as you said, a lot of people are relying their income to bitcoin and by that they can sustain the needs and wants of their family. As I observed even senators in philippines used crypto. And there is a big chance that bitcoin will be legalized at the philippines.

carlisle1

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Quote from: money_amount on April 21, 2018, 09:23:00 AM

I do not know if this is the news that makes bitcoin go down today. But I feel something is suspicious. And we need to verify the news before we read and assume that it is true.

this happens week ago,so it's impossible that this is the reason why the growth stops suddenly and didnt hit the $9,000 mark..and besides whats this hacker got in philippine is only a peanut and wont even make the market moves..

About the OPs question,scammers are everywhere so it's not a ground from a government that just banned crypto when they know how many people are making money here,and because of that scammer they will lost this profiteerings.not this will never happen i guess

money_amount

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I do not know if this is the news that makes bitcoin go down today. But I feel something is suspicious. And we need to verify the news before we read and assume that it is true.

ymirymir

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Quote from: EzBreezy on April 11, 2018, 09:39:02 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?

There are actually scammers anywhere and everywhere and they find bitcoin as another way for them to scam since it involves money.I think the Philippines would still find better ways to investigate and will still figure out that bitcoin has been just a mode of payment being used by those people. Those scammers should be punish for their crime would affect a lot of bitcoin users in the said country.

crwth

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That's eye-opening news, with this, Bitcoin will be more alert on suspicious activities like these. As for the ban, I don't think BTC will be banned in the Philippines. Seeing as there is a large amount of users, Bitcoin would lose its market and/or users in the Philippines. I think what they'll do is, accurately double check every process for verification of its authenticity. And if ever they will ban BTC, I think some Filipinos will still find a way or ways to be connected to BTC again. Just my two cents though.

PETES

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If the government will just see bitcoin or crypto currency in a deeper way they'll be able to understand that bitcoin isn't scam but rather the people are using its fame to scam people. But seeing the action of our government and how media deliver the news, for now it's too far too happen and when the resolution have pass in the senate there will be more regulations will come up.

tayogpanganiban

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Quote from: EzBreezy on April 11, 2018, 09:39:02 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?

No,philippinines don't banned bitcoin though there is scam incident happened in the philippines,they only warned us not to trust people who are scammers.

supergorg27

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I hope it would never be happened and the government should try to look for the way to avoid this scandal scam because many users in the Phils. will be affected because I know many Filipinos changed their life while doing bitcoin, it just happened that some others would try to destroy the image of bitcoin.

nicpaig

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Quote from: calya on April 11, 2018, 11:34:40 PM

many investors do not understand bitcoin and are eventually fooled into investing on behalf of bitcoin. whereas the investment is a ponzi scheme that could harm their participants. so it's also our duty to tell many people what bitcoin and blockchain are.

Yeah you have a point.Because of lacking their idea many inveators are commiting scammed by abuser people and now it is trending in news that they got scammed in bitcoin but the truth is they scammed themselves.

acener

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Quote from: EzBreezy on April 11, 2018, 09:39:02 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 for me, I think that it wouldn't be that easy for the government of the republic of the Philippines to ban bitcoin because it has just started accepting and adopting bitcoin here in the Philippines. I have heard of the same news that there are scammers using bitcoin as a mode of payment in the Philippines but I still believe that they won't make that a reason to ban it.

Elai101

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Quote from: Alpinat on April 21, 2018, 01:33:30 AM

Even there will be a thousand angry people to bitcoin they can't banned it because the government are getting such many investors because of bitcoin and also in the future for sure it will be worth it for not banning the cryptocurrencies in philippines.

Bitcoin in the philippines is not prone to banned because even the government can get hard to intervine as the first place the bitcoin is a decentralized system and many of filipino benefited out of it, like me I can also say that bitcoin is a big help to solve financial problems, the government should not ban this nor they will find way to tight its security for the people.

Alpinat

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Even there will be a thousand angry people to bitcoin they can't banned it because the government are getting such many investors because of bitcoin and also in the future for sure it will be worth it for not banning the cryptocurrencies in philippines.

Lilianaser

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Quote from: alizalela7 on April 11, 2018, 10:24:25 PM

The Philippines does not ban bitcoin but they Due to recent developments, the Philippine Central Bank is reviewing the regulatory standards for Bitcoin, which will have specific standards and regulations to make bitcoin stable and safe. Protect the rights of their citizens to participate in bitcoin

The actions of the Philippine Government are very good. The Central Bank of the Philippines wants to protect its citizens who want to participate in Bitcoin. So the people will feel more secure to join in Bitcoin. It should be imitated by other countries. The Philippine state really wants to make its citizens have a prosperous life. Would love to live in this country. Hopefully, my country can also follow the example of the Philippines.

Topic: Will bitcoin be banned on Philippines? - page 17. (Read 2061 times)