Will bitcoin be banned on Philippines? - page 7.

cryptojac17

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Quote from: supine on May 09, 2018, 07:47:26 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?

There are lots of negative news about bitcoin in the Philippines but it is really surprising to know that the said country is actually starting to adopt bitcoin as their currency. Actually, bitcoin is growing continually in the said country and is being used by most of Filipinos for their daily necessities. I believe that bitcoin would still go far in the Philippines.

I think this is the first time did happened in the Philippines using bitcoin as a medium of scamming activities, good thing is it was being stopped by authorities and on the way of finalizing the culprit, because it is a cryptocurrency it is traceable and the money trail is easily be traced and hopefully those money that being scammed might be recovered.

supine

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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 are lots of negative news about bitcoin in the Philippines but it is really surprising to know that the said country is actually starting to adopt bitcoin as their currency. Actually, bitcoin is growing continually in the said country and is being used by most of Filipinos for their daily necessities. I believe that bitcoin would still go far in the Philippines.

squog

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There is a huge possibility that crypto currency will be banned in that part of the world. Mainly because they might view it as a means to launder money. More than that, there are no taxation laws in the Philippines, as far as i know concerning crypto currencies. I just hope there won't be another country banning crypto currencies.

orarider

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I think the Philippine government does not want bitcoin to operate. They can forbid bitcoin. The Philippine government wants to develop their national currency. bitcoin can affect the national currency system, the Philippine economy will have difficulty. So bitcoin will be banned in this country.

Mystika

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I think it does not happen that bitcoin is being ban here in the Philippines especially and it's easy to use and more familiar with people. Bitcoin also makes the lives of people more comfortable with their lives because it's easier to have or get big interest once to invest in it

Anait

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Quote from: costanos02 on May 08, 2018, 03:36:07 AM

Philippines definitely not to banned bitcoin, and in present condition of bitcoin in the Philippines, the citizen slowly adopt the cryptocurrency, one good sign of it is Union bank, Union bank slowly adopt bitcoin.

Philippines is one among the country where you can find lots of cryptocurrency users. Lot of people from Philippines were making their livelihood with the cryptocurrency. This has been gaining popularity to bitcoin, till date government hasn't found it a threat to their economy. If some situations prevail, regulations might get effective and won't be banned.

costanos02

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Philippines definitely not to banned bitcoin, and in present condition of bitcoin in the Philippines, the citizen slowly adopt the cryptocurrency, one good sign of it is Union bank, Union bank slowly adopt bitcoin.

boksoon

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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 don't think it will be the reason to ban these bitcoins. There are a lot of scams happening in the net that are not related to cryptos and which has much bigger amount of fraud money.
I believe that the organization that is responsible to this, banko Central ng Pilipinas, also interested to these cryptos. However, they warned their countrymen regarding this.

b3j0

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Quote from: Findingnemo on May 06, 2018, 01:14:10 PM

Quote from: raybut37 on May 06, 2018, 08:07:41 AM

Quote from: Kadal Ijo on May 06, 2018, 07:32:18 AM

Of course this is sad news, bitcoin users in the philippines is one of the biggest in asia so if the Philippines government banned bitcoin it will make the price drop as happened when china or india banned bitcoin.

this is impossible considering that many filipino today are involved in crypto market and the government can't risk the investment of filipino once bitcoin is banned.

I think it is not possible now banning bitcoin in this situation many users had bitcoin around the world so we cannot make it a big problem it will solve in a short time and nothing will happen for crypto currencies now.

the government will never ban bitcoin, the government will only make strict rules about bitcoin.

Ryker1

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Quote from: Mpamaegbu on April 11, 2018, 11:30:50 PM

Honestly, if a bitcoin ban happens in the Philippines that would be a grave disaster to the Filipinos. The country is a financially wretched one with some of its citizens barely trying to survive of this new found oxygen - Bitcoin. A ban would even mean nitcointa losing some of the Filipinos here. Yes, I know some people believe their contributions on the forums aren't worthwhile but we still have some thriving posters from that country.

For the sake of these few posters, I want to wish that nightmare away.

I agree completely. Banning bitcoin will be a disaster for Filipinos. A lot of Filipinos depends on bitcoin, a lot of them lived and payed expenses using bitcoin. In Philippines, there's only a few job opportunities for them, banning bitcoin for them is too much. Bitcoin cause the poverty to be less in the Philippines. I think it would be not too wise to ban it because a lot of Filipinos expect from it and it is the only source of their income especially to those who are unemployed.

Bitexpert2017

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I just hope that it will not be banned in the Philippines. A lot of people here in the Philippines depends in Bitcoin financially. Not only that this is perfect for Filipino when it comes to remittances.

molenracing

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I hope not, because in the Philippines there are so many people who participate in Bitcoin. indeed there has been a crime by deceiving Bitcoin, but what is the relationship of deception With the ban on Bitcoin in the country. are not they a husband and wife have also been arrested by the police. I think if the Philippines forbids Bitcoin for this reason, then that makes no sense at all.

bitgolden

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Quote from: Edraket31 on May 03, 2018, 12:06:48 PM

Quote from: cherryfer on May 03, 2018, 10:38:07 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) operativeso – 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 already knew about the news last month about many Filipino people was a victim of the said crypto currency scam using the name of bitcoin, that's why almost all Filipino are hate Bitcoin and it was suddenly predict that Bitcoin is a scam. Anyway I hereby certify that Bitcoin is not scam. Bitcoin was build for all people it's either you rich or poor people all have accessible to use Bitcoin that's why some other organization taking advantage to use Bitcoin victimized too many people in behalf of Bitcoin.

Still thankful that after that those people involved in it now finally facing the jail, so far I am proud of our Police that did everything for them to pay for the damage that they have done, so for all people it should be a lesson learned.

If people are nice and place is beautiful that really doesn’t mean they will be behaving so decently with bitcoins. This is totally different domain and has its own pros and cons. But for the bitcoins to be banned is concerned, I consider bitcoins to be prevailed and legalized in the world nor to be banned with no possible verdict. These government should know the best potential of bitcoins.

Black Angel

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All people especially Filipinos certainly hope that the government is not banned bitcoin, there is much evidence that the influence of bitcoin is very large in the Philippines and if the government is banned then this is a bad thing that has a big impact and can increase unemployment.

DonFacundo

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No it will not ban bitcoin in the Philippines, I remember the big crypto exchange in japan "the mt.gox" which turned to scam that was 2014 and look at it now japan legalize bitcoin they did not ban it.

Mancung

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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?

No surprise, but i dont think bitcoin will be banned in philippines.. Maybe just the transactions using bitcoin will be banned, not the bitcoin itself..

dado7

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Quote from: Elai101 on May 06, 2018, 02:51:28 AM

Quote from: dado7 on May 06, 2018, 02:37:57 AM

EzBreezy, do you know any country where Bitcoin was actually banned?
Do you know any country where a property or means of payment were banned because they were easy to steal?
That is the answer to your question.

I think they should not do that because in the first place it helps those individuals who strive to earn from crypto, in fact there are many people here in the Philippines that are benefited from bitcoin, those unemployed or low rated salary from corporate job is now seeking the good opportunity for crypto investment that bitcoin can give.

Exactly. Look at the South Korean example. And look what was hidden under that famous word BAN there: https://www.ccn.com/south-korea-has-no-choice-but-to-legalize-icos-and-it-may-happen-soon/.

syamster

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Quote from: jetjet on April 24, 2018, 09:55:18 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?

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

You are absolutely right it is not possible for bitcoin to be ban in Philippines as we recently get good news about Philippines accepting bitcoin, bitcoin is new for them so they are investigating about bitcoin from other countries who are already using bitcoin as currency for legal, in market such fakes news come and go every time we should not trust or listen to them. Philippines is well developed country that is highly supporting bitcoin these days.

Tomborneque_1102

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It depends on how the Government will respond on this matter. but it's not Bitcoin's fault at all. it's the people behind it who used bitcoin to their evil schemes. there's no such thing as pyramiding in Bitcoin. it will be a lesson learned to all the Filipinos, that before they invest in something. they need to study and know more about the company and the credibility of it. if it's legit or not.

stephanirain

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Freshdice.com

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?

No. Bitcoin will not be banned in the Philippines even a lot of people experienced scammed because it helps a lot of pilipino's to earn money, so they could feed and provide the needs of their family. The government in the Philippines also sees that bitcoin is really a good help in the economy, so there are less chances that it will be banned.

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