Will bitcoin be banned on Philippines? - page 24.

Wexnident

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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?

Well, practically speaking this things will possible to happen every where and any time because I believe that in whatever will happen to us as a individuals is really up to us or depend on us. I mean if there is no one that is fool therefore there is no one that be con-man because I know and believe that the smart people are not easily to goofy and doing foolish thing by other people so it really up to us. However, in regards to being banned of crypto in Philippine, there is no final decision that it will totally banned maybe we can have updated news about it in the next couple of weeks but for now crypto in the Philippine are still on going.

Direwolve735

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I do not think that the Filipinos will prohibit bitcoin. With risks of using crypto currency you can cope, otherwise - it's a regular instrument of the money market and the object of investment. The Government of the Philippines understands this. The prohibition of crypto currency will lead to more harmful consequences, rather than its functioning.

Noilee

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I think, it does not happen, because government are the one who really adopt bitcoin. So its impossible that bitcoin will be banned, because it can help a lot of people in the Philippines to earn easy money. Almost of people are invested, and its already legal. If this will happen, there are more people lose a source of extra income.

hitrawal91

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Well, there are many complaints coming from Philippines regarding the cryptocurrency scams from many scamster, and this has been already cautioned from the government that trading cryptocurrency and investing over there holds risk and you should be participating over there only after seeking help from the cryptocurrency expert.If you want to avoid getting into scams you better gain enough knowledge on bitcoins by which people cannot scam you by any means.

Bolivar_Tony

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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?

That is a bad sign for Bitcoin and other virtual currencies, I do not know if their country banned bitcoin, other virtual government bonds are banned or not but in my state they banned Bitcoin, and Other currencies are immediately prohibited, in which they made it clear that anyone involved in the investment was penalized.

blue_nexus15

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I do not expect that to happen. Unfortunately, the Philippines does not recognize the true value of bitcoins. It has many benefits and the ability to pay and convenient transactions. In today's development trend, bitcoin is seen as a tool to find profits through business and investment. And I hope bitcoin will grow in all countries (including the Philippines)

sampalokmix

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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?

The BSP in this country has been acxepted Bitcoin to be use by the society, I highly doubt that they will banned this forum because of the people who scam others. As far as I know the people who were the suspect, talk smoothly to their Victim to invest to them and they will say that they will be the one who will input the investment that they have give in his Platform, which was the thibg why Bitcoin was involved.

knight20

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No it wont, because of the facts that Philippines is one of the highest smartphones using country and it cant be done. BTC is highly known because of its accessibility and easiness to use and I know for sure that one day most people in the Philippines will rather use bitcoin than their silver coins. Besides, people using bitcoin are the one whose responsible for that scamming not the currency itself.

Jeepney_koh

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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?

Those prople who were scammers just used the name of bitcoin because of its ability to double your investment. They have used bitcoin in wrong way. Likewise, its not bitcoins fault, its the investors because they entrusted their money to someone. I believe it will not be banned in Philippines.

Babylon

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As far as I know is , as of now the government of philippines are now conducting a debate which they just tackling if ever they will approve on bitcoin or applied it on the country. But some recent news I've seen I think the government of the philippines are now seeing the good sides of bitcoin.

(This link is the news )

https://www.coindesk.com/philippines-just-released-new-rules-bitcoin-exchanges/

kimdomingo

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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.

Janation

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Quote from: ValentinBen on April 15, 2018, 06:50:41 AM

If it ever happens, people working in the crypto world may have to leave the country. Undecided

I guess people might be really careful about this but I don't think that our government will be banning Bitcoin just like that. Bitcoin is a digital currency without any third person on your transactions, it is a decentralized digital currency. The fact that a lot of people in our country say that Bitcoin is a scam is a proof that our countrymen do not know what really Bitcoin is and it is not a scam currency but it is just used in that certain purpose.

letua

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If bitcoin be banned in the next days with that kind of issue then it could be summarized with a simple thoughts of Philippine government. One big scammer versus thousands of Filipino bitcoiners who are thankful with this kind of crypto opportunity that are not included in that matter. But I know that the President of this country is not idiot but rather very elite person that can manage to maintain the benefits of more people than one or two person. He is also futuristic and willing to sacrifice his own life for country's sake. That is how he patronize.

ValentinBen

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If it ever happens, people working in the crypto world may have to leave the country. Undecided

Nylelyn

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Bitcoins is now highly controvertial because of the recent scam that ihappened. These people have given bitcoin a bad name and might have a bad affect to all bitcoin investors. Under our present government, knowing our leader, there is a possibility that it can be banned if people
involved will not do proper action and correction on this unpleasant situation and prevent this to happen again.

JerryJam

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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.

markdario112616

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This is just a similar issues to those scammed by some networking scheme. Here in Philippines, This issue is not new to us. A lot of complains are made each day just solely for this case. Will it be banned? Nope, the legitmacy of Bitcoin here in the Philippines was approved by the BSP. But, then again BSP warns people to a possible attack such as this one. Especially, That this industry is prone to a such actions like this. This issue would not be used as a probable cause to ban Bitcoin due to unsubtantial evidences, The action was made by the two parties and Bitcoin is just their mode of transaction. If Bitcoin is a person, then he/she could be a state witness against the suspects.

krauzzer02

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Quote from: RheaLity on April 12, 2018, 12:47:50 AM

Everything will possible to be happen in the world f CryptoCurrency, there's a possibility that bitcoin will banned on the Philippines because of many victims of scam by using name of bitcoin.

So how about some networking scams and other stuff which pertains to physical investments and opportunities that you need to place physical fiat? if your going to combine all those scams the numbers would be massive, as well as the victim's count, compare to this 900 million PHP, I'm not saying it is not a big issue cause they collected that much amount of crypto then the funds are all gone now but to be fair they need to ban and deal the investments schemes on the local first before dealing with bitcoin, it is just a fresh technology in the country, it must be the firms and the personalities who use it to scam people are to blame not the currency itself.

Angi

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In the Philippines its always happens to people who wan't money but the government don't have too much action for that because they did not break it and banning bitcoin in Philippines unlikely to happen because the economy is not high enough to do that.

PsylockReborn

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Merit: 24

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?

Crypto or not, if you'll join these kinds of schemes very much likely you'll get scammed in the long run. There's no such thing as easy money. I doubt crypto will be banned in the Philippines because lots of miners and Filipinos rely on cryptocurrency nowadays to earn a living for their family.

But there's a slight chance that this could happen if the Philippine overnment will see crypto as a bad thing for Filipinos. Let's just hope that this won't happen because lots of Filipinos that will be affected by it.

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