Will bitcoin be banned on Philippines? - page 21.

Finestream

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Quote from: kwarto on April 18, 2018, 11:49:31 PM

it will never be ban, look the issue is envolve only on the couple for allegedly making money, and promises to return in fold every 15days.. there is no direct participation of BTC in their scam.

you know i see it in different angle.. because of what happen many filipinos now are curious of btc and they more like to know the system of crypto.

Yes exactly.This might bring a negative impact to bitcoin since bitcoin is involved but not directly.I really believe this will be the start of getting the interest of people into bitcoin especially for those investor-type.So instead of banning of bitcoin in the Phillippines,Filipinos will have their own interest how to get a single btc for their own investments.

hongtham

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Bitcoins can not be banned in the Philippines just because of fraud.
Be alert, learn when you trade.
And I think bitcoin will not be banned in the philippines, but just harder to protect people from fraud.

kwarto

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it will never be ban, look the issue is envolve only on the couple for allegedly making money, and promises to return in fold every 15days.. there is no direct participation of BTC in their scam.

you know i see it in different angle.. because of what happen many filipinos now are curious of btc and they more like to know the system of crypto.

tanghere02

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I have seen this on the news and read a couple of topics about these scammers in the social media but I do not believe bitcoin will be banned in the Philippines just because these people scammed a couple of innocent victims. Some local news was not even able to deliver the correct details about the said topic. Bitcoin is not a scam for all they know and they should be educated on what bitcoin is.

nur rochid

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Quote from: coinfinger on April 18, 2018, 04:05:28 AM

Quote from: JerryJam on April 15, 2018, 06:15:21 AM

There are companies in the Philippines that have tried to sell their tokens on the basis of Ethereum network. These companies did not have an official license for such activities.The Department of protection of the rights of investors have suspended their activities.These firms can continue their work as soon as they are registered and have permission to sell securities.

This is an upsetting situation. It is not something illegal and must be encouraged to make things easy. The countries which ban the technology are actually depriving their people of the fruits and perks of the latest technology. The government intervention in this case is just due to the reason that it will pose a threat to their monetary policy tolls with the help of which a government control inflation and exchange rate etc.

here it is very visible that the government does not want to lose its role, because they can not control bitcoin, because btc can not be controlled, because based on demand and supply, maybe the government is still looking for ways to overcome this

Shamie1002

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Bitcoin is definitely not a scam. It is a digital money that is why greedy persons are very interested in making it successful in this industry. As a currency, bitcoin is just used as a tool to scam other people. Bitcoins are not to be blame instead those people who use it the wrong way should be punished.
Banning is not really necessary but people and Filipinos should be knowledgeable first because mostly here in the Philippines people do anything for money.

geopolisch

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Quote from: kimdomingo on April 15, 2018, 09:01:35 AM

I am from Philippines and I don't think bitcoin will be banned here in the country. The said scam was just from misuse of bitcoin and about trust issues. There is no good reason for the government to ban bitcoin in this country. Citizens should have to be careful when trusting their money to other people. I believe that bitcoin will really help the economy of the Philippines by letting unemployed citozens to still have an income enough for their living.

Different countries have different ideas about bitcoin. Some countries have legalized bitcoin while other have banned like my country. I don’t know why my government banned bitcoin although it is better for people to have their own business and they are out of the burden over the government. I also agree that Philippine will not ban bitcoin because it is not illegal. It is only decentralized.

coinfinger

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Quote from: JerryJam on April 15, 2018, 06:15:21 AM

There are companies in the Philippines that have tried to sell their tokens on the basis of Ethereum network. These companies did not have an official license for such activities.The Department of protection of the rights of investors have suspended their activities.These firms can continue their work as soon as they are registered and have permission to sell securities.

This is an upsetting situation. It is not something illegal and must be encouraged to make things easy. The countries which ban the technology are actually depriving their people of the fruits and perks of the latest technology. The government intervention in this case is just due to the reason that it will pose a threat to their monetary policy tolls with the help of which a government control inflation and exchange rate etc.

hkdfgkdf

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Nah think bitcoin will not be banned here in the Philippines as the central bank recognizes it continue to warn us Filipinos to know the risks if investing. And of course it's not the bitcoin's fault, it's a currency abused by scammers and those criminals must be in jail. I think govt must establish more laws to regulate digital currenciies.

Rrotess

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Quote from: Jonsnowstark on April 11, 2018, 11:28:25 PM

Well we can never say it will be. Crypto was used as an investment scam, many other things are used as investment scams in the Philippines. I guess a ban world be tragic, a regulation would be more fit. Most countries has already opted to regulate cryptocurrencies rather than ban it because for starters, the blockchain technology is beneficial.

I think bitcoin will never be banned by philippines because I 've heard many Filipino people got riched because of joining crypto currency that help them to survive financially.

1C6fV5DtakfKANLJ8GUV7hCaA

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Crypto Marketer For Whales

No. Bitcoin wasn't the one that scammed the people. It was the couple. People should be more careful when giving out money investing on stuff. That's what happens when greed takes over. Bitcoin won't be banned as the government has no power over it.

jostorres

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Quote from: crzy on April 16, 2018, 12:51:46 AM

Quote from: AniviaBtc on April 16, 2018, 12:47:49 AM

I wish it can't happen. If it is, our life become incomplete. All us know that 30% of our income is from Bitcoin. But I've never heard that Bitcoin will be ban in the Philippines, so I hope it will not happen.

Its possible but it will not happen because I know Philippine government will just regulate this thing on time so no more people will be a victim of a investment scheme. Let's support bitcoin because this is a great source of income for those who don't have a regular job.

Let’s just consider the worse scenario because it is essential to face the fears in order to conquer them. Let’s just say Philippines bans bitcoin all of a sudden, then what? Is it going to kill bitcoin? Why don’t people look at more developed countries like Japan that truly values bitcoin?All those countries that go against bitcoin actually ae desperate to control this digital asset.

webdevmastery

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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?

There is a huge chance for bitcoins to be banned on the philippines since there are illegal activities regarding on the pyramid scam and the suspects are already caught but i hope that they will not ban cryptocurrency so everyone can enjoy the wealth that is being distributed in our society.

batang_bitcoin

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

Will bitcoin be banned because of that?

No. Philippine peso should also be banned as it's being used by criminals and scammers. Think of it, that currency is well regulated by the central bank while bitcoin isn't.

Quote from: Btcnaivie on April 17, 2018, 09:34:34 AM

But government didn't encourage to used bitcoin since it still under study.

They are giving warnings that it's not for investors who are lack of knowledge about bitcoin. They are emphasizing the volatility and they know how the market plays and they really know that it's profitable.

Gumpfire

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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 believe no. Since bitcoin was shown in the television in the show of "Ted Failon" many of us think bitcoin will be banned in Philippines or will be put a tax because as it shows it said many people was scammed because of bitcoin, but the reason is they were scam because they have lack of knowledge about bitcoin, they were entering scam sites. The truth is many people in the Philippines was helped by bitcoin to earn money and to be successful, so there are low chances that it will be banned.

Etoasiatsxxx

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The Future Of Work

I think that's right for them, if they have no confidence in bitcoin
But before they banned the bitcoin they had enough reason for it because they might be able to help them because bitcoin is trustworthy and not like other websites that you are scammer. But it's in them

Tapyaks72

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Quote from: raidarksword on April 17, 2018, 10:17:00 AM

If we based on the incident happened recently i see no ground that our government will ban bitcoin just because of that. Bitcoin was just the victim here, they used bitcoin as their alibi to build a scheme to their personal motives to scam people who are not really knew the true natures of bitcoin. Banning is never the solution to prevent scam like what happened, all we need is education about bitcoin technology and spread the good benefits of having involved in bitcoin cryptocurrency.

Even in fiat currency this scam activities always happens, Yeah bitcoin is just the of the victim ot these scam, the used bitcoin as the medium their scamming activities, if Filipinos are well informed how to use bitcoins this criminal activity surely not be successful.

raidarksword

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If we based on the incident happened recently i see no ground that our government will ban bitcoin just because of that. Bitcoin was just the victim here, they used bitcoin as their alibi to build a scheme to their personal motives to scam people who are not really knew the true natures of bitcoin. Banning is never the solution to prevent scam like what happened, all we need is education about bitcoin technology and spread the good benefits of having involved in bitcoin cryptocurrency.

i_iz_vins

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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 is not bitcoin's fault so there is no reason to ban it here in the Philippines. First of all, it is the human that is doing the scams not the bitcoin itself so bitcoin has no responsibility of such acts. I think our government knows what bitcoin really is and they even warned us about the harm of it. Bitcoin is just a currency so no reason to ban it, it is like you are saying that we should ban dollars because it is used in scams.Remember it is the people that use bitcoin irresponsibly so bitcoin should not be blamed for such actions.

liivii

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The government only warned their people in investing in bitcoin, they've said invest only the amount you afford to lose and that's all. So I think government will not ban bitcoin instead they are just worried about the people who want to invest on it. On the other hand government never advertise bitcoin in their news and not focusing on it very much because of only one incident. But expect the unexpected because bitcoin is getting more popular these days and lot of money are involved here also there are influential people who can control the movement of it.

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