Topic: x - page 7. (Read 1121 times)
Its definitely not a ponzi because no one is taking money from new members to pay old ones. You could say that most people buy hoping that someone else will pay a higher price. There is no doubting that bitcoin has risen more from speculation rather than pure adoption. It would be near impossible for them to enforce a bitcoin ban, its like trying to ban music piracy.
Your thread title is misleading
Quote
Indian Govt thinks Bitcoin is a ponzi scheme
Neither of the links you provide has any evidence of that. The only reference to Ponzi that I saw from a quick scan was
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A ministry spokesperson told the media that cryptocurrencies were being issued and sold as tremendous investment opportunities which more often than not involved frauds and Ponzi schemes to “defraud gullible investors.”
Which is true.
Exactly! I hate how people are mixing altcoins and Bitcoin together under the term cryptocurrency.
You get a statement from someone saying there are ICO frauds and they want to ban them, the title must say "bitcoin is going to be banned".
This comes from lack of education on cryptocurrencies. Most people don't even know the difference between bitcoins, altcoins and shitcoin ICOs, not to mention that a ponzi scheme needs to have a leader, or a group of leaders. I dare the Indian government to point them out.
There will always be those who are dead wrong about bitcoin and for sentiments chose to see the amazing gift bitcoin offers to the world of money- a money system that is both technologically advanced and economically sound (if Governments are sincere). The real ponzis are government pension schemes, central banking system, insurance schemes... and not bitcoin.
Your thread title is misleading
Quote
Indian Govt thinks Bitcoin is a ponzi scheme
Neither of the links you provide has any evidence of that. The only reference to Ponzi that I saw from a quick scan was
Quote
A ministry spokesperson told the media that cryptocurrencies were being issued and sold as tremendous investment opportunities which more often than not involved frauds and Ponzi schemes to “defraud gullible investors.”
Which is true.
Probably people start investing in cryptocurrencies instead of banks and banks don't like when "their" money goes elsewhere. This only proves that Earth is shitty place run and controlled by banks.
On side note, how is this going https://cointelegraph.com/news/india-media-reports-central-bank-has-postponed-crypto-rupee-plans
Last time I checked, it wasn't actually possible to ban numbers, so I wish them the best of luck in trying.
They can forbid stores to accept bitcoin but other than this they can't really do anything. People will always find a way, exchange hand-to-hand, buy from stores which are in other countries - maybe India need to build big wall around country and ban all services which are outside country On side note, how is this going https://cointelegraph.com/news/india-media-reports-central-bank-has-postponed-crypto-rupee-plans
Let me guess, these Indian lawmakers are probably too old to even understand how a smartphone works? Seriously. Some governments need people who actually know what they're talking about especially in the technology aspect.
From the article:
At the same time, the quote is about cryptocurrencies leading to ponzi scams, and in a way this is true. If India is so worried about scam, they should simply ban or impose strict regulations on ICOs and other initial offerings. This is the most risky thing on the crypto market, and it deserves restrictions. The call to ban cryptos altogether is a wrong call. Bit because it's not cryptos' fault, but because this way India risks causing a development of underground economics and experience an outflow of smart people and businesses. Fortunately, it is just a project law at this point, so it doesn't mean much. From the article:
Quote
The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities.
They pretty much just went the easy route and simply ban crypto overall. Heavily unfortunate.
Many people consider India as a shithole country. Maybe shithole countries have shitty governments? There is nothing surprising that politicians, that are not able to evaluate the risks of cryptocurrencies blindly deciding to ban it.
By the way, many ponzi scams, fake ICOs and just shady services were related to some countries like India, Pakistan and Bangladesh. Maybe this ban is a blessing for crypto community.
By the way, many ponzi scams, fake ICOs and just shady services were related to some countries like India, Pakistan and Bangladesh. Maybe this ban is a blessing for crypto community.
once you cannot cash out any e-currency, it becomes useless.
I don’t think so as long as you have the access with it you can use it in other country and if there’s no way to cash-out the money then you should not cash in at the first place. It maybe useless in your country but its more useful in other places, so don’t lose hope easily and wait for the good news to happen again. 
Okay, let me tell you something. I am from India myself. TBH I am kinda pissed off from the government too but it has become a usual thing now.
The whole point of the argument made in the article is to create a pressure on the Indian government to make a statement on the crypto lawsuits.
The Supreme court of India has been pushing the deadlines since 2018 and it's really been a long time now. They do have to make a statement.
The ultimate goal is to regulate crypto in India. I don't know why they have said to directly ban crypto, may be some strategy to pressurize the government.
Finally, even if crypto is banned here, there are P2P exchanges that would still function the same way. Further more, there are other options to cash out as well.
So the trading will not stop in India but it might become a little more difficult.
The whole point of the argument made in the article is to create a pressure on the Indian government to make a statement on the crypto lawsuits.
The Supreme court of India has been pushing the deadlines since 2018 and it's really been a long time now. They do have to make a statement.
The ultimate goal is to regulate crypto in India. I don't know why they have said to directly ban crypto, may be some strategy to pressurize the government.
Finally, even if crypto is banned here, there are P2P exchanges that would still function the same way. Further more, there are other options to cash out as well.
So the trading will not stop in India but it might become a little more difficult.
If someone mark bitcoin as a ponzi scheme then he don't have proper knowledge about it. Bitcoin doesn't promise any return. So how it would consider as a ponzi scheme? If India decide to ban bitcoin then it would draw negative impacts. People's will use it illegally, so government would lose taxes. Bitcoin like a thing that you can store without any third party. For example if you buy gold $50 per grams and store it. Then after few days gold price raise up to $100 per grams and you want to sell it then will it consider ponzi scheme? I don't think so. So though of Indian government is wrong in my opinion.
More than half of the population does not understand Blockchain technology, How will they understand Cryptocurrency?. They think Bitcoin is a PONZI schemes because of the Media and MLM scammers. That is the truth. Government of India will loose a lot if they Ban Cryptocurrency, that is for sure. But, who cares there are other Big problem than few Crypto traders/investor. This is very Sad.
P.S - How will they even implement this Ban, when you cannot Ban the Internet
P.S - How will they even implement this Ban, when you cannot Ban the Internet
I'm not surprised at all, they seems to be following China's sudden U-turn. However, bitcoin can't be stopped, people will still continue to trade underground OTC so I guess Indian's government hands are full if they wanted to chase those traders.
But just imagine if bitcoin takes out in the next 5-10 years, what will happen to those countries who opposed it? Are they going to be left out in the closet?
But just imagine if bitcoin takes out in the next 5-10 years, what will happen to those countries who opposed it? Are they going to be left out in the closet?
- Stop trusting news from unknown sites.
- Stop worrying about what is coming from such sites especially India and cryptocurrencies.
Even if India ban BTC, it does not mean anything "you can cash-out it using any other payment system or outside of India."
Since China banned Bitcoin trading, such news has become used to spread FUD.
- Stop worrying about what is coming from such sites especially India and cryptocurrencies.
Even if India ban BTC, it does not mean anything "you can cash-out it using any other payment system or outside of India."
Since China banned Bitcoin trading, such news has become used to spread FUD.
Im from india so im worried and there are multiple credible news sources saying the same thing
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing
Ya it is very true that Indian Government have issued notice that as soon as the new government is formed the first thing they are going to do is ban the crypto currency immediately and then they will think of regulating or not.
Not only is the government of India, but the government of many more countries thinks Bitcoin as a Ponzi scheme. But I still do not understand the reason. I think Bitcoin is very good cryptocurrency. But sadly, Bitcoin is not acceptable in many countries. But Bitcoin is the best among all cryptocurrency. Bitcoin should be taken positively in all countries.
Thank you
Thank you
It is not really new that most countries are thinking that way, Well if it is unknown for them they will treat it as a scam, A Ponzi scheme, Fraud, and a deception, Well this seems normal for people that don't have any knowledge with cryptocurrency Well I really think that many countries are thinking the same but there are a few that treated bitcoin as a convenience for them a future money and has a potential with the future for countries that have poverty to surely end extreme poverty.
It is true most of the people who doesn't know a thing about crypto thinks that it is a scam.This has been around since I started earning in crypto most of the people around me thinks the same thing.
It is not really new that most countries are thinking that way, Well if it is unknown for them they will treat it as a scam, A Ponzi scheme, Fraud, and a deception, Well this seems normal for people that don't have any knowledge with cryptocurrency Well I really think that many countries are thinking the same but there are a few that treated bitcoin as a convenience for them a future money and has a potential with the future for countries that have poverty to surely end extreme poverty.
If this happens on India then their lawmakers are going to take the worst decision ever. There is a big community in that country and they are eagerly waiting for a legal announcement about the use of bitcoin from their government. I don't know how much trusted this news source is but hope to see best development of bitcoin in India.
i wouldn't really take this seriously since it is a clickbait website and it is calling it "Indian lawmakers" to be as vague as possible. probably some dude that doesn't even have any government ties made some statement and these sites are reporting it as an official statement.
in any case things in India has been strange as it is. half the time they are negative about bitcoin while the other half they seem undecided and sometimes even positive. and all the while the people are still buying bitcoin.
in any case things in India has been strange as it is. half the time they are negative about bitcoin while the other half they seem undecided and sometimes even positive. and all the while the people are still buying bitcoin.
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 
https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
India has no influence on bitcoin. And markets are pyramid schemes, new money pays old money.https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
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