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pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: Jating on April 28, 2019, 07:57:21 AM

I'm not surprised at all, they seems to be following China's sudden U-turn.

China has never made any turns to be U or not Cheesy

just like India and most other countries they have been doing the same thing, they have not regulated bitcoin fully so at the same time they do and don't accept bitcoin's existence. the only thing happening is the news sites publishing weird articles every now and then exaggerating some statements. for instance the recent nonsense about banning mining was a completed bullshit.

libert19

hero member

Activity: 2520

Merit: 952

Regarding, 'their plans to ban' — it's just a speculation, until law has been passed for the same, don't bother about it.

pushups44

sr. member

Activity: 854

Merit: 281

People who refer to bitcoin as a Ponzi scheme have no idea what they are talking about. By definition, a Ponzi scheme must have a controlling person or group using the proceeds from new investors to enrich themselves and give older investors the appearance of legitimate returns. This money is then misappropriated by the controlling person or group. Bitcoin, on the other hand, has no centralized party controlling it. It is merely a speculative digital asset with built-in scarcity.

calandra78

copper member

Activity: 840

Merit: 114

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 very sad to hear that news. no one can handle bitcoin price crash or down immediatelly. your goverment must have research first before baning or take action about crypto . because they have alot of indian people work and hold bitcoin. it can be some people very dificult to get job and work to get money

Thermytee

jr. member

Activity: 159

Merit: 1

The anonymity of bitcoin mkaes it confusing to most government as they don't understand why a transaction should be this way. Some countries have labelled it outright scam or completely illegal and I keep wondering when they will catch up. Even bank transactions with crypto in its narratives get cancelled, account banned and owner arrested. This too complicated the process.

TimeTeller

hero member

Activity: 2744

Merit: 588

Quote from: Bonsaiav on April 28, 2019, 05:55:13 PM

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

Actually financial authorities in various worlds have the same concerns, and they generally refer to it as a high-risk and speculative investment. But they're able to compensate very well so that the case isn't as severe as what happened in India. In my opinion, their minds are very narrow, frozen and selfish, so they cannot take the positive benefits brought by bitcoin. By the way, in previous years the Indian government has tried to do this kind of prohibition, have their efforts been delayed or in vain? Honestly, I don't know the progress of their regulations.

Those officials should first educate themselves what bitcoin, altcoin, cryptocurrency, blockchain are.
If they understand the full nature of bitcoin alone, they won't ban this cryptocurrency.
Many individuals are influenced by the people around them, not knowing the basic technology surrounding it.
If they will truly ban the usage of bitcoin, they will be left behind.

Bonsaiav

full member

Activity: 602

Merit: 118

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

Actually financial authorities in various worlds have the same concerns, and they generally refer to it as a high-risk and speculative investment. But they're able to compensate very well so that the case isn't as severe as what happened in India. In my opinion, their minds are very narrow, frozen and selfish, so they cannot take the positive benefits brought by bitcoin. By the way, in previous years the Indian government has tried to do this kind of prohibition, have their efforts been delayed or in vain? Honestly, I don't know the progress of their regulations.

Astvile

sr. member

Activity: 1484

Merit: 276

Well then the people in the government is the one who is wrong,old people who cant even use computers that saying bitcoin is a fraud.Indian government needs a new government officials who are not that old and not that young that have the mind to understand this kinds of stuff

Marine8

member

Activity: 195

Merit: 10

Sometimes the hatred for something makes you turn a deaf ear to the good aspect of the whole thing. It looks like people are just refusing to embrace technology that will make life more easier for them. instead, they feel okay to stay with what they have at the moment. Some old lawmakers just refusing to advance in terms of technology and decide to conclude that anything about bitcoin is a scam.

magneto

hero member

Activity: 1666

Merit: 753

Does it really come as a surprise to anyone though? Not really.

The Indian government has esentially been trying to ban bitcoin for the last 1-2 years without stop. Even though there were calls to review the regulations around bitcoin they were all postponed or dropped to the best of my knowledge.

What they think bitcoin is is quite irrelevant, because it's clear what their intentions are with bitcoin policy at the moment, and obviously they are going to go with something that is negative. Ponzi scheme has been one of the most widespread accusations that bitcoin has faced, and it has been debunked time and time again. It's just a way for them to justify their actions, I'd say.

kotajikikox

full member

Activity: 2548

Merit: 217

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

Sorry for bitcoin ethusiasm in indian country this is another lonely news, some people didn't know the important of new digital money thet accuse a fonzi schem because their volality.

I think the government official of india isn't understand well of bitcoin how its run as new form of money give opportunity for those people jobless.

pixie85

hero member

Activity: 2184

Merit: 531

Indian government should read and understand a definition of a ponzi scheme.
It should rather be called a pyramid scheme because ponzi is only used in the US. The rest of the world doesn't use the example of Charles Ponzi and have their own name for it like MLM scheme or pyramid scheme. Bitcoin is far from it.

Ibizugbe1

member

Activity: 272

Merit: 10

I think the financial authorities and the politicians are misleading the Indian government. Let they themselves have a fair independent researchers that won't be bias take a study on the bitcoin and independently submit their report to the government for a better understanding.

avikz

legendary

Activity: 3080

Merit: 1500

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

It's not something new! Indian policy makers are just too outdated to understand a technology behind bitcoin and it's real life usage! That's the reason why India is still counted as a third world country. However, a court case is still ongoing in Indian Supreme court but the hearing date is continuously getting extended since last few months. I don't think anything good will come out of that but it's just a ray of hope for us! Otherwise bitcoin will be straight away banned by the Reserve Bank of India!

senin

full member

Activity: 938

Merit: 137

As I understand it, the decision to ban the circulation of cryptocurrency in India has not yet been made. Then it simply should be recognized as unverified rumors. While there is nothing to discuss, because nothing has happened yet. The Supreme Court of this state is still considering the issue of the legality of restrictions on cryptocurrency, which introduced the Reserve Bank of India. During the consideration of this issue, the court ordered the government to provide its vision on the regulation of cryptocurrency. Perhaps it was in connection with this that there was talk about the prohibition of cryptocurrency.

stfN2128

member

Activity: 882

Merit: 14

Quite funny, do they already making plans to ban stocks and commodities? It's almost the same, the whole market is based on a ponzi scheme. Roll Eyes

Sometimes it's really interesting how govs try to argument Huh

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: thesmallgod on April 28, 2019, 09:57:14 AM

Most people that think bitcoin is a ponzi scheme do not even understand the basic concept on how bitcoin works. This is very sad especially for large country like India with great prospect for bitcoin and other crypto. We all hope the government doesn't consider banning the bitcoin and probably support the use of the digital currency

And that could be the case for most Indian law makers I presumed, I remember in 2017 wherein it was a hot topic on their parliamentary wherein they hire someone to investigate and look at crypto. However, it seems that the people they hire didn't really understand what bitcoin is all about in the first place that's why there are having this sort of hard line stance against it. And they are very old and traditional, they wanted to stick to their fiat as well.

Reid

hero member

Activity: 3052

Merit: 651

It happens.

India is one of the countries in the world with a lot of traditional belief. (mostly it is in Asia)
With that, lawmakers of this countries are still old and dont want to swallow new things and would rather stay with their tradition. (fiat currencies)
One more thing is they have been used to it and also might give a hard time adopting.

There is a large need for a younger guy in this law firms and inside the government. Someone who did read what crypto currency really is and not just being dragged by all the drama because it is the currency used for a scam.

thesmallgod

full member

Activity: 1498

Merit: 129

Most people that think bitcoin is a ponzi scheme do not even understand the basic concept on how bitcoin works. This is very sad especially for large country like India with great prospect for bitcoin and other crypto. We all hope the government doesn't consider banning the bitcoin and probably support the use of the digital currency

felicita

legendary

Activity: 1582

Merit: 1031

i guess india is one of the corruptest country's world wide.
I visited this country once .... and sure the government dont want bitcoin at all Cheesy

regards

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