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LogitechMouse

legendary

Activity: 2576

Merit: 1043

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Well, we can't do anything about it since Bitcoin is decentralized and unregulated.

These ignorant lawmakers will regret if the price of Bitcoin will rise in the next years and will reverse their decision and let Bitcoin be use in India. Since you are an Indian OP, I think you will know what to do now. I know you are a Bitcoiner and you are a believer

. Just do what you are doing.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: Apes on May 08, 2019, 09:21:52 PM

that is the government right to limit cryptocurrency circulation, to safeguard national assets and protect its people from cybercrime, although there is no strong evidence ponzi scheme issue, the relevant ministries must have thought about the impact that will have on the national and global economy against this banning step, whatever the government reason also does not have to give a clear reason to ban cryptocurrency because that the government right of that has been decided.

What a load of BS.

Yes. The government has every right to safeguard the national assets. But that doesn't mean that it can dictate the right of the citizens to invest in a particular asset. And I think that you are confused about the linkage between cybercrime and cryptocurrency. I am 100% sure that the latest move by the Indian government has nothing to do with "protecting its people from cybercrime". It has more to do with keeping the citizens under constant surveillance and forcing them to use the worthless national currency.

That said, I have some advice for you:

1. In case you support a ban on BTC, then please don't join any signature campaigns here.
2. Improve your grammar, if you don't want to get reported for spamming.

Apes

sr. member

Activity: 1316

Merit: 257

that is the government right to limit cryptocurrency circulation, to safeguard national assets and protect its people from cybercrime, although there is no strong evidence ponzi scheme issue, the relevant ministries must have thought about the impact that will have on the national and global economy against this banning step, whatever the government reason also does not have to give a clear reason to ban cryptocurrency because that the government right of that has been decided.

BennyK

member

Activity: 672

Merit: 14

Quote from: normanz on May 05, 2019, 12:06:27 PM

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

I don't know how authentic this is, I read an article which claimed the Central Bank of India has authorized cryptocurrency. If this is true, how come the governments of the same country pick one cryptocurrency (Bitcoin) and relate it to a ponzi scheme. Is it because the governments are afraid of the potentials of decentralized financial transactions which Bitcoin takes a lead?
Most of the young generation now are developing the interest in utilizing cryptocurrency after knowing its benefits. This generation is the future and this means the future of crypto and Bitcoin is bright irrespective of the governmental decisions now.

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

Quote from: Duzter on May 05, 2019, 06:37:37 PM

Quote from: TheCoinGrabber on May 05, 2019, 05:08:27 PM

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? Angry

To my knowledge the restrictions were made in such a way that bitcoin cannot be used for products or in exchange for services. This way it hasn't limited the exchange for fiat. Long back itself the government have come up with a team to research whether bitcoin needs to be regulated or need to be banned. It might have warned people don't fall to ponzi in the name of bitcoin.

Oh, so they still can use exchanges then. I'm going to assume it's possible to pay for goods/service in bitcoins if handled through that exchange.

I think its just not in India where there are people using the name of bitcoins for scams. They tend to target who only have a vague recall of the name and sell them shitcoins or outright fleece them.

LUCKMCFLY

legendary

Activity: 2590

Merit: 1882

Leading Crypto Sports Betting & Casino Platform

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

Well this is something that we must always face in day to day, the FUD that is done from a government, is something normal as they attack the Bitcoin, they are already saying that it is a Ponzi scheme? Well, I think they should read at least the Whitepaper and everything Blockchain technology has with it.

It can also be a strategy for people in India to sell their bitcoin and the government or specialized people buy them, so they can accumulate much more money.

This type of strategy should not be ruled out that they can use it, because many are realizing that bitcoin can continue to increase almost $ 50k in the near future. Although I wonder, how can you get an idea like that? will it be that they are not clear about what a Ponzi system is? or that they are just small enthusiasts who do not know how to manage technology and who are learning in that way? good everything is possible, in the crypto world everything, absolutely everything can happen, nothing is exempt that does not happen. Crypto is like life itself.

DreamStage

sr. member

Activity: 625

Merit: 258

You all do realize Bitcoin is in fact a pronzi Roll Eyes

We all get profits from the difference between buy and sell prices when others buy bitcoin. Which technically is a pronzi Wink

https://en.wikipedia.org/wiki/Ponzi_scheme:
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

7788bitcoin

legendary

Activity: 2282

Merit: 1023

Quote from: TheCoinGrabber on May 05, 2019, 05:08:27 PM

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? Angry

I am not sure whether there is any regulation regarding bitcoin in India and hence it is not illegal but there was a circulation from the central bank or their reserve bank to the banking sector to stop dealing with crypto currency based companies and now majority of the exchanges have shut down or moved away from their traditional system and a few have adopted P2P trading.
Having a cash limit at home is nothing new, you will find that in majority of the nations but i am not sure about the limits.

Alpinat

sr. member

Activity: 840

Merit: 252

There are some things on the world that the indian government doesn't really understand including how bitcoin and cryptocurrency works. There are a lot of reason why they are not trusting bitcoin but for sure they will regret again if they did not choose the correct path.

Duzter

sr. member

Activity: 1092

Merit: 256

Leading Crypto Sports Betting & Casino Platform

Quote from: TheCoinGrabber on May 05, 2019, 05:08:27 PM

Quote from: Vishnu.Reang on May 05, 2019, 06:16:31 AM

Quote from: TheCoinGrabber on May 04, 2019, 11:58:13 AM

Quote from: Vishnu.Reang on May 04, 2019, 07:55:59 AM

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

All the Indian exchanges are closed. A few of the users have registered on exchanges such as Bitfinex and Bitstamp, but most of them are using P2P trading sites such as localbitcoins. But the government is cracking down on the P2P sites as well, by tracing the bank transactions. The risk is always there, in case you want to convert your coins to cash.

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? Angry

To my knowledge the restrictions were made in such a way that bitcoin cannot be used for products or in exchange for services. This way it hasn't limited the exchange for fiat. Long back itself the government have come up with a team to research whether bitcoin needs to be regulated or need to be banned. It might have warned people don't fall to ponzi in the name of bitcoin.

franciscoDC

member

Activity: 357

Merit: 10

Quote from: normanz on May 05, 2019, 12:06:27 PM

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

I dont know why they do it? They treat bitcoin as a ponzi scheme without and enough research or knowledge about it,they didnt know what could be bring bitcoin for us.

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

Quote from: Vishnu.Reang on May 05, 2019, 06:16:31 AM

Quote from: TheCoinGrabber on May 04, 2019, 11:58:13 AM

Quote from: Vishnu.Reang on May 04, 2019, 07:55:59 AM

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

All the Indian exchanges are closed. A few of the users have registered on exchanges such as Bitfinex and Bitstamp, but most of them are using P2P trading sites such as localbitcoins. But the government is cracking down on the P2P sites as well, by tracing the bank transactions. The risk is always there, in case you want to convert your coins to cash.

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? Angry

veleten

legendary

Activity: 2016

Merit: 1107

Quote from: Vishnu.Reang on May 04, 2019, 07:55:59 AM

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

they received the notices and on what grounds does the government want them to pay taxes ?
if the crypto currencies are not regulated , they cannot be treated as assets or money or anything taxable , only if converted and sold to fiat
and even then the legal area is as grey as it can be
as for the cryptoexchanges , yes they can be shut down or created such an environment that it would be impossible to operate in India
but I lived in India ,I would simply ignore any Tax department notices unless there is a certain law saying you must pay taxes on your bitcoin operations (which there are none yet as far as I know)

thirdlight

sr. member

Activity: 445

Merit: 250

Quote from: normanz on May 05, 2019, 12:06:27 PM

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

I agree. I also think that they are simply afraid of such a powerful mechanism and technology. This may affect the overall economy.

normanz

copper member

Activity: 327

Merit: 0

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

misterj

full member

Activity: 434

Merit: 100

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

These types of governments lack knowledge about technology and just makes negative assumption. Anyway, this is not the first time that I've heard that bitcoin will be banned in one country because it already happened multiple times. A Ponzi scheme is just a scheme created by a group of people in which you can apply it to any type of currency even fiat money.

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

Quote from: TheCoinGrabber on May 04, 2019, 11:58:13 AM

Quote from: Vishnu.Reang on May 04, 2019, 07:55:59 AM

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

All the Indian exchanges are closed. A few of the users have registered on exchanges such as Bitfinex and Bitstamp, but most of them are using P2P trading sites such as localbitcoins. But the government is cracking down on the P2P sites as well, by tracing the bank transactions. The risk is always there, in case you want to convert your coins to cash.

7788bitcoin

legendary

Activity: 2282

Merit: 1023

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

I am not sure how can a government term something as a ponzi scheme simply because there was a market crash, every financial market will have a crash once in a while during their circle and how does the Indian government analyze the stock market crash of 2007, India does have a booming IT industry and i am not sure why they are not taking a progressive approach to a new technology rather than shutting it down because the lawmakers does not understand how to deal with it, seems strange and make sure you vote for a good government when it comes to the next election Tongue

.

waynechong1995

full member

Activity: 644

Merit: 117

swing!

The fact that cryptucurrency is one of the tools scammers uses to confuse victims, unfortunately tokenization closely related to crypto and scammers twisted alot of words around it, like value incentives and such. Even they really banned it, still unawared people will still fall for it nonetheless. Look how Bernie Madoff had done its big scam over span of decades and even big companies were still unaware. The term ponzi scheme for crypto is so damn wrong when you could arguably compare crypto with stocks which devote more investors unnoticed

Noilee

full member

Activity: 532

Merit: 101

Quote from: rijaljun on April 28, 2019, 06:55:10 AM

I think India govt just didn't understand the vision of Bitcoin and its blockchain yet. Well, it's a normal thought for everyone who are already comfortable with the current bank system and the govt just want to prevent their citizens frombeing scammed. I do believe later in the future, the whole world will accept Bitcoin as the new technology for future life.

I think thats the reason, maybe because of the price of the bitcoin now. For that reason, their has no enough knowledge and they not know some of benefits in bitcoin. In my idea some other countries also think about it, but coming soon we believe they can really understand and think that bitcoin is the best cryptocurrency.

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