Will bitcoin be banned on Philippines? - page 27.

Ukaraki

member

Activity: 101

Merit: 10

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?

The Philippines will be banned bitcoin, but there are many other countries banned by the government from Bitcoin. I think that many people are investing in bitcoin but do not want to spend long term, in many nations banned Bitcoin. They have seen the risks of this money so very afraid of the dangers.

Jingjess

full member

Activity: 336

Merit: 100

The Pure Proof-of-Tansaction [POT]

They will never banned bitcoin in the philippines,in fact they are already start legalizing bitcoin in our country.And it's really good for us because atlast we are free to use or transact bitcoin anytime.

hase0278

hero member

Activity: 882

Merit: 544

Quote from: timerland on April 12, 2018, 05:32:56 AM

Philippines is definitely not that anti-bitcoin. There is a ton of good Filipino exchanges out there, and it'll be hard to see they will be shut down by the government any time soon, let alone a total bitcoin ban. Even China has not reached the stage of a total ban yet, so it'll be hard to see this happen in the Philippines, since it is a lot less hostile to bitcoin.

Also, in January, the SEC in Philippines actually said that they had plans to regulate crypto: https://www.coindesk.com/philippines-sec-plans-to-regulate-cryptocurrency-trading-icos/.

It would make no sense for them to ban when they are drawing up plans to regulate, don't you think? There will always be scammers out there in any field, it's not bitcoin's problem that scammers do what they do. Otherwise, fiat should be banned as well(think MMM, Bernie Madoff and the whole bunch of ponzi schemes that has been run with fiat).

In fact, they are already on the move to regate bitcoin transactions in virtual currency exchanges(btc to php exchangers). In a wallet called coins.ph(which I regularly use to convert btc to php), users are already required to submit personal information, IDs and legal documents that proves user's identity(KYC) which they say are required by BSP. For more information check the links below.
https://coingeek.com/philippines-sees-surge-cryptocurrency-exchange-applications/
https://coins.ph/aml-policy/

Flayme

newbie

Activity: 210

Merit: 0

That news in Philippines is very alarming... It is just an indicator that there a lots of scammer arose... Everyone of us should to act also... We are also hoping that it would not happen in Philippines... I think that there are a lots of people who get benifited from it... It is their source of income... If Philippines banned it it will become a problem... The government should not do it instead they need to find a solution to avoid this problem related in scam... And everyone of us also should need to be aware about it...

timerland

hero member

Activity: 1526

Merit: 596

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?

Philippines is definitely not that anti-bitcoin. There is a ton of good Filipino exchanges out there, and it'll be hard to see they will be shut down by the government any time soon, let alone a total bitcoin ban. Even China has not reached the stage of a total ban yet, so it'll be hard to see this happen in the Philippines, since it is a lot less hostile to bitcoin.

Also, in January, the SEC in Philippines actually said that they had plans to regulate crypto: https://www.coindesk.com/philippines-sec-plans-to-regulate-cryptocurrency-trading-icos/.

It would make no sense for them to ban when they are drawing up plans to regulate, don't you think? There will always be scammers out there in any field, it's not bitcoin's problem that scammers do what they do. Otherwise, fiat should be banned as well(think MMM, Bernie Madoff and the whole bunch of ponzi schemes that has been run with fiat).

Wise_man

newbie

Activity: 26

Merit: 0

Scammers love to do their ways because they knew that people always love to earn money in an easy way and they are taken for granted the good reputation of bitcoin.
As for bitcoin will be ban in the Philippines, let's wait after a month. Surely the answer will be given

Dingdongjl

member

Activity: 196

Merit: 10

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

Will bitcoin be banned because of that?

I think it will never happen to ban crypto currency in the Philippines there is a huge number of investment in crypto from the PH and many well-known people already invested on it for example: Manny Pacman-Paquiao many people in the PH will make a protest if this thing will happen.

RheaLity

newbie

Activity: 98

Merit: 0

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.

YuiAckerman

jr. member

Activity: 185

Merit: 2

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?

Maybe not, if there is like a legal permit those who wants to open a business that have connected in bitcoins or other projects that have a related in crypto-currency, This would be great and it will be using it in daily life, as you can see in other country as well, for now bitcoins will be popular now in Philippines and some other people who cannot understand about bitcoins will be think that crypto-currency is all scam, for much information government is giving an attention with this scam accusation and it will result again bad news in crypto-world.

Xanxus024

full member

Activity: 434

Merit: 104

Philippine government will not banned bitcoin here in this country beside they advice people to become smart in terms on picking on where to invest and I think to those people who used bitcoin for their scheme their the one who will face the law, the lesson here is better to know your client first before putting your money, make research if the company is legit and get a proof if they really pay the investors.

mahilchii

member

Activity: 560

Merit: 13

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 released by the government on this. I think the banning part is decided by the dominating country of philippines and this country cannot take its own decision due to the political system of the country.

leonair

sr. member

Activity: 1260

Merit: 390

If Bitcoin will be ban because of this issue then I don't think that their government really know what's Bitcoin all about, why in the world would they ban a thing that wasn't the real culprit.

The issue is all about a group of people that used and ride the fame of Bitcoin to their scheme that resulted of scamming multiple investors and got more than 900 million, Imagine worth $17,295,884 has been scammed and these people believed in this easy rich schemes without even realizing what's the real reason for their investments to grow so banning it with that reason is totally bullshit but I really don't think that Philippines would do that kind of thing because their president now is too wise.

niceone

member

Activity: 88

Merit: 11

From Philippines here, This recent news is really sad i don't really know how our government will act on this type of this situation cause it is those people who scammed a lot of people not bitcoin itself, there's still a lot of investor from the Philippines that is interested in bitcoin, these types of people is the one that is destroying the image of bitcoin, let's just be extra careful before investing a large amount of money in something we don't really understand, There is no such thing as easy money.

calya

sr. member

Activity: 784

Merit: 250

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.

DaddyMonsi

legendary

Activity: 1344

Merit: 1006

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?

So you think Bitcoin will be banned in the Philippines because it was used to scam people? If that's the case then Philippines will need to ban their own currency because its used and still being used to scam people through pyramiding, networking schemes, it's also used to buy illegal drugs. If those guys who are complaining that they were scammed by the Ordonios, they should have researched first if the scheme is possible. If its too good to be true then that's a red flag. I am not siding with the scammers (Ordonios) but scammers continue to multiply because there are people who so gullible on those get rich quick schemes.

dogz12

member

Activity: 210

Merit: 15

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 are still a lot of people who are attracted with to good to be true offers. There is nobody to be blamed here but themselves. I believe that the government will ban bitcoin in our country because of this issue because i think such case is isolated but let this be a lesson to the public.

mostcrack

member

Activity: 548

Merit: 12

It is really a real mistake by people who are totally irresponsible or can be called stupid fools lol, the 50 people they cheat will probably not consider that bitcoin as a crime and they still strongly believe in bitcoin very profitable if it organizes all the money with individually can anticipate crime, it can not be used as an excuse to forbid bitcoin and it is obviously real human-nature that stupid mistakes have misused bitcoin as a fraudulent object. definitely understand what i mean.

bettercrypto

sr. member

Activity: 1372

Merit: 269

★Bitvest.io★ Play Plinko or Invest!

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.

It is good to have regulations rather than to ban bitcoin in our country. Bitcoin helped some Filipinos already, I hope that the one mistake will not result to a crash of crypto industry in the Philippines. This news is makes a negative effect in bitcoin and I think many Filipinos will withdraw or avoid investing crypto because of these scammers.

Shinpako09

legendary

Activity: 2058

Merit: 1015

I don't think btc will get banned here in the Philippines just like that because of that incident. I don't know about these guys, why they have been fooled easily once a scammer promises a big ROI, by that time they should have learned in their self that it was just a scam. They only think of the ROI even they have lack of knowledge on where/what they are investing. This kind of doing making btc look like a bad investments.

Getcoinsite

sr. member

Activity: 714

Merit: 260

As checking some articles related to this issue,i have seen this case is about greediness i which the main reason how this victim get from the bait of the scammers,imagine how big the promise amount they can get just by putting theyre money in this pyramids..most of the time we are the main reason about being victimized because of being greed..i hate it when i say but this is reality,now if bitcoin will be banned in the Philippines will bring sadness to the bitcoiner but i guess it impossible to be,since that country has a good looks about crypto.

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