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Title: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: lerredit on December 04, 2016, 12:12:41 AM The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.
http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated. Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin. India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world. The country with the highest demand in the world for gold, just outlawed gold. Shit just got real. "Your gold is safe. 500 grams per married woman will not be seized..." http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html "During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said. The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders. Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent." Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Milkduds on December 04, 2016, 12:24:45 AM How are they going to achieve this and 500 grams would be a lot for most rural Indians I woul presume.
The interesting part for me, is Indias push in the financial dynamics. Its a big issue to rope in, if they do its going to really change India. Title: Re: China Curbs Gold Imports Post by: maku on December 04, 2016, 12:33:53 AM INDIA JUST BANNED GOLD... Seriously this news about China and India curbing export/trading of gold is amazing for bitcoin. It will raise bitcoin demand like crazy.Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated. Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin. India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world. The country with the highest demand in the world for gold, just outlawed gold. Shit just got real. "Your gold is safe. 500 grams per married woman will not be seized..." http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html "During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said. The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders. Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent." Soon we will see market shock so high that new ATH might be possible. https://cointelegraph.com/news/india-to-ban-gold-importation-bitcoin-price-rally-market-shock-imminent (https://cointelegraph.com/news/india-to-ban-gold-importation-bitcoin-price-rally-market-shock-imminent) Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: talks_cheep on December 04, 2016, 12:51:27 AM If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?
Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: lerredit on December 04, 2016, 01:11:00 AM If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned? You cant ban bitcoin. Russia already tried and failed. It doesnt work like that. They can search your house all day but they wont find your bitcoins. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: jbreher on December 04, 2016, 01:11:35 AM Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.
The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly. But it has not made gold illegal. Title: Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion Post by: JayJuanGee on December 04, 2016, 01:16:14 AM INDIA JUST BANNED GOLD... Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why. I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road. Title: Re: China Curbs Gold Imports Post by: jbreher on December 04, 2016, 01:25:48 AM INDIA JUST BANNED GOLD... No. India did not ban gold. Quit spamming this nonsense. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: lerredit on December 04, 2016, 01:36:28 AM Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money. The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly. But it has not made gold illegal. This sounds like Civil forfeiture in the USA, but on a much larger scale. Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind... Title: Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion Post by: lerredit on December 04, 2016, 01:49:58 AM INDIA JUST BANNED GOLD... Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why. I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road. This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason). Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind... Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: coolcoinz on December 04, 2016, 01:50:58 AM Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money. If it happened in Europe we'd have panic and people digging holes in their yards to hide wealth. If Indians are normal people, which I don't doubt, they'll look for alternatives like platinum, gems and electronic goods, bitcoin included.The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly. But it has not made gold illegal. Title: Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion Post by: JayJuanGee on December 04, 2016, 02:12:21 AM INDIA JUST BANNED GOLD... Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why. I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road. This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason). Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind... I agree that if what you are saying is true, then that would be a very big deal, and probably have a considerable impact on bitcoin. I remain a bit unclear, at the moment, regarding whether you are communicating accurately about the situation. Title: Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion Post by: lerredit on December 04, 2016, 02:17:31 AM INDIA JUST BANNED GOLD... Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why. I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road. This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason). Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind... I agree that if what you are saying is true, then that would be a very big deal, and probably have a considerable impact on bitcoin. I remain a bit unclear, at the moment, regarding whether you are communicating accurately about the situation. Just read the news: http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html Title: Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion Post by: isov on December 04, 2016, 02:22:55 AM I think you have to keep in mind its saying that 500grams is ok for a married woman. 500g is worth like, what, ~20k$? I doubt too many indian people have that much to put in gold since they're pretty poor usually...
Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: talks_cheep on December 04, 2016, 02:55:43 AM If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned? You cant ban bitcoin. Russia already tried and failed. It doesnt work like that. They can search your house all day but they wont find your bitcoins. And yes, they can find bitcoin you stashed away in your computer, paper wallet, cloud, or exchanges. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: ~Bitcoin~ on December 04, 2016, 02:59:00 AM If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned? Bigger question will be how they gonna ban bitcoin? Shut down local bitcoin trading platform or limit the number of bitcoin that can be exchanged per person yearly or monthly?Both of the above will just force indians to send those bitcoin out of the country and exchange them out of their country. They will be happy to hold USD in foreign banks rather than holding INR in local banks. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: MingLee on December 04, 2016, 03:29:08 AM That's a surprising move, definitely not something that I would expect from India.
This does set an interesting president, though. It looks like India might be learning from the Chinese and they're going to be looking at getting their own piles of gold while the rest of the world ignores the seemingly coming fiat financial crisis. When did it get to the point where China and India were more focused on their economy for the future than the western world? Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: The Sceptical Chymist on December 04, 2016, 04:22:57 AM Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money. I can't even read the damn article, because I have an ad blocker which precludes me from doing so. I am unwilling to disable it just for this site. And yeah, I doubt there's much that's going to become of this. The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly. But it has not made gold illegal. If India were to pull some shit like this, then yes bitcoin might benefit. Don't know how many Indians actually use bitcoin--does anyone know? Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: amacar2 on December 04, 2016, 07:57:42 AM The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated. Actually where indians spend those big amount of Gold ? = Marriage and as gift on several occassions and also most of the black money are stored in gold.http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated. As price of bitcoin was already surging due to high demand triggered by banned of bigger notes earlier this month and now this can push the price of bitcoin in indian local trading platform further. Good for indian bitcoin holders atleast... Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: freshman777 on December 04, 2016, 08:28:17 AM If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned? They can ban gold, but they will not be able to enforce this ban. Doesn't mean they won't try. They can ban and enforce ban on Bitcoin in its current form, because in its current form it has a critically centralized mining design. If Bitcoin doesn't change its design, it is not dangerous to them. This means they probably won't ban it, also means it won't get much adoption due to its limitations. A cryptocurrency that they can't enforce a ban on should operate in a more stealthy mode, not mined in gigantic datacenters with a target on their back like this: https://cointelegraph.com/news/worlds-third-most-powerful-data-center-to-be-used-for-bitcoin-mining It must be a) either an asic resistant proof of work preventing industrial concentration of mining b) or some kind of proof of stake. Whatever design, it should prevent formation of gigantic datacenters and factories producing asic gear. If Bitcoin were to survive the race, it should adopt something like what Theymos proposed here: https://bitcointalk.org/index.php?topic=1654457 Title: Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion Post by: piloder on December 04, 2016, 08:39:31 AM I think you have to keep in mind its saying that 500grams is ok for a married woman. 500g is worth like, what, ~20k$? I doubt too many indian people have that much to put in gold since they're pretty poor usually... Actually there are lots of politician and businessman who try to hide their illegal money in golds so most of them have more than 500 gram gold for sure and in a single marriage indian used to spend more than kilos to make jwellery items for bride. However this limitation may make more indians to move towards bitcoin as best and safe alternative. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: butcherboss on December 04, 2016, 09:11:01 AM The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated. Totally wrong. "just outlawed gold" no they did not, its just that gold purchased with black-money or with amounts that have not been disclosed by a particular citizen will be taxed and 85% of that will be taken away. This in no way will affect the honest people and was a step that needed to be taken long time ago. So yes the people who want to hide their "non-disclosed money" will invest in bitcoins. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: mindrust on December 04, 2016, 09:36:31 AM How come they dont murder the shit out of this government? I dont own any money in banks just because of the bankrupcy nightmare and yet in India, the gov dogs can search your house and steal your wealth. What a shit country. I would either kill the dogs or kill myself in that situation. Are those people cows? Show some reaction dudes, blow up some stores, hurt some people.
Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: r0ach on December 04, 2016, 09:47:24 AM How come they dont murder the shit out of this government? I dont own any money in banks just because of the bankrupcy nightmare and yet in India, the gov dogs can search your house and steal your wealth. What a shit country. I would either kill the dogs or kill myself in that situation. Are those people cows? Show some reaction dudes, blow up some stores, hurt some people. India kind of has a history of just rolling over for invaders. I don't know a lot about India, but they've either mastered the art of peace or cowardice. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: mindrust on December 04, 2016, 10:08:05 AM How come they dont murder the shit out of this government? I dont own any money in banks just because of the bankrupcy nightmare and yet in India, the gov dogs can search your house and steal your wealth. What a shit country. I would either kill the dogs or kill myself in that situation. Are those people cows? Show some reaction dudes, blow up some stores, hurt some people. India kind of has a history of just rolling over for invaders. I don't know a lot about India, but they've either mastered the art of peace or cowardice. I never thought where the coward word came from. (or the opposite) It is the coow! wohooo, thanks for enlightening me. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: butcherboss on December 04, 2016, 02:01:06 PM How come they dont murder the shit out of this government? I dont own any money in banks just because of the bankrupcy nightmare and yet in India, the gov dogs can search your house and steal your wealth. What a shit country. I would either kill the dogs or kill myself in that situation. Are those people cows? Show some reaction dudes, blow up some stores, hurt some people. You should learn about the situation before talking. The only wealth that will be confiscated by the gov is the one that has been stolen from the country that is black-money. Money of honest people will not be touched. This is being done to help those honest people of India and therefore there is no reaction. I get that reading what @lerredit has written will bring up such thoughts but whatever he has written is totally wrong and therefore you should read about what is happening. Show some reaction dudes, blow up some stores, hurt some people. And even if there were some problem this is totally not the way to show some reaction. Killing some innocent people just to show your disapproval? Remember someday it might be your loved one that may be harmed if everyone has this sort of thinking. Instead doing something to those responsible will be more valid. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: iamnotback on December 04, 2016, 05:47:54 PM The only wealth that will be confiscated by the gov is the one that has been stolen from the country that is black-money. That is what the Communists always say. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: iamnotback on December 04, 2016, 05:49:23 PM India has not banned gold, there are rumours at this point and nothing more. Quote Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated. What they are going door to door looking for gold in a population of 1.3 billion people after giving advance notice they are coming, good luck with that ;D ;D ;D ;D Until they bribe your neighbors to turn you in. Perhaps you haven't been to the 3rd world and noticed that you don't have much privacy. I live in the Philippines which less densely populated than India, and I promise you I can't even urinate behind a tree without someone seeing me. The government's ban has been very popular in India. The majority support the "fight against black money". You have more than 500 grams of gold, then your neighbor is jealous because you have more than your fair share. Haven't you realized that we live in socialism now. Large quantities of gold are going to be an albatross around your neck. People in the rest of the world aren't as trustful of their governments and are not inclined to abide by such laws. You don't seem to be in touch with the reality that the world is now "99% versus the 1%", which means everything that is yours is your neighbors. You're a white American boy, you are trained to respect authority You little chickenshit (and not very smart either). I have been living in the 3rd world since I was 26 years old in 1991. I already challenged you to bring your brave Eastern European asshole to me face, so we can see who is better equipped to kick some ass. I am not pure white. I have enough Cherokee indian blood to make me fucking crazy enough to rip your head off if you piss me off. I have been through enough shit here in the 3rd world to entirely remove the American civility from my attitude when provoked. Try me. And it seem both of you imbeciles forgot that the main point of this thread is not whether you can bury your gold in the ground (I never denied that), but whether you can spend your gold for anything in a collapse scenario. Who the fuck is going to accept your gold in India when the government makes it illegal and is bribing your neighbor to rat on anyone who is "getting more than their fair share by trading in gold". Imbeciles just please back up your pickup trucks and stack more gold. As much as possible, because I am going to be laughing at you when you realize you fucked up big time. (latinos and blacks in US are better equipped naturally to withstand this bullshit) Perhaps Eastern Europeans with their failed socialist economies admire the Latinos in California: Every Household in California Owes $93,000 to Pay for State Pensions https://i.imgur.com/4ERsOOJ.jpg Stanford University has been tracking the cost of pensions in California. So while there is a movement starting to separate from the United States especially since they wanted Hillary, California will soon fall on its face and then will be begging Washington for a handout. The real amount owed by every household in California to cover state pensions jumped to $93,000 in 2015 up from $77,700 per household in 2014. California may be the most socialistic state in the union, so expect them to also be among the first to collapse despite being the fifth largest economy in the world if looked at as their own nation. Go ahead – leave; but take your pensions with you please! There are two categories of fools: (1) are those who believe what isn’t true; and (2) those who refuse to believe what is true. Socialists seem to come in both varieties. Millions of Socialists, have murdered and killed those who disagree with them. The opponents of Marxism have been burnt, tortured, fined, and imprisoned; yet we have not advanced one inch towards this mythical land of perfect harmony and utopia. The net result has only been war and conflict and to prove that one half the world is composed of fools and hypocrites who just want to be taken care-of, yet willing to surrender their independence while pretending to be independent. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: iamnotback on December 04, 2016, 05:53:50 PM Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money. The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly. But it has not made gold illegal. So when has the Communist government ever stopped at its original limited action? This is only the first step. The leader of India was put there by Goldman Sachs. He is there to move India to electronic currency. Watch and observe how it is done by turning the poor against all forms of cash. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Hyena on December 04, 2016, 09:44:56 PM If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned? You cant ban bitcoin. Russia already tried and failed. It doesnt work like that. They can search your house all day but they wont find your bitcoins. lol ;D maybe if they search your house really really hard they might find your BTC Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Shiroslullaby on December 04, 2016, 10:33:47 PM Ah yes I was thinking it was 500 ounces.
500 grams is much less, but I still doubt the average person owns $20,000 worth of gold. This will still only have an effect on the very wealthy. Some might buy some Bitcoin, but I assume most are going to hide money in offshore accounts and companies outside their country. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: jbreher on December 05, 2016, 12:23:39 AM Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money. So when has the Communist government ever stopped at its original limited action?The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly. But it has not made gold illegal. This is only the first step. Prognostication about what may or may not come to pass is one thing. But posting bullshit as fact is merely posting bullshit as fact. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: iamnotback on December 05, 2016, 01:25:55 AM But posting bullshit as fact is merely posting bullshit as fact. Facts don't exist in a time-locked vacuum. Your use of the term "facts" is myopic aliasing error (study the Shannon-Nyquist Sampling Theorem). You refuse to sample the data we have on what always happens next. You are the bullshitter. The unintentional wolf in sheepskin. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: iamnotback on December 05, 2016, 01:26:58 AM This "refutation" is based upon the concept that if a virtual currency focuses on something other than micro-transactions it will be shut down by the the "state". My quoted logic had nothing to do with the "state". Edit: Monero is not even suitable for micro transactions by design, with minimum transaction fees likely to remain around or above 0.01 USD over time in real terms. This is not to say that micro transactions are not a viable market in its own right, but rather than there are likely much better suited solutions for this market. The opportunity for Monero in the micro transactions market may actually be in the on and possible off ramps for these solutions. So for a virtual currency focused on micro transactions Monero is not even a competitor. I think microtransactions are the big enchilada. And not just monetary microtransactions. Anonymity is so incredibly unrealistic and it is fighting against the socialism. Please see my prior post which was a refutation of the tinfoil hats. I have more debate with them at the following thread: https://bitcointalk.org/index.php?topic=1665943.0 Although I originally was a tinfoil hat and originally touted the importance of anonymity, I am now coming to the realization that we don't win by hiding from society. We win by changing the economy of society. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: iamnotback on December 05, 2016, 01:41:02 AM Ah yes I was thinking it was 500 ounces. 500 grams is much less, but I still doubt the average person owns $20,000 worth of gold. This will still only have an effect on the very wealthy. Some might buy some Bitcoin, but I assume most are going to hide money in offshore accounts and companies outside their country. The intended effect is that it will be impractical to use gold as form of tax avoiding cash. You can bury gold in the ground and never use it, because that it no threat at all to the government's desire to tax everything that moves. Have fun eating your gold or watching it sit there useless in the ground while the economic opportunities move on without you. The elite are moving the tangible economy to electronic currency that is tracked for taxes. They will use the poor as a weapon against the middle class. The poor will avidly support increased taxation because the government will promise them free things. In India, the government is recently offering a basic level of free food and medical care system support to the indigent. This is a big deal because in the past 1/3 of Indians only ate once a day. The poor see these increased taxation as ending corruption and funding the support for the poor. They don't realize it is the laying the seeds for tax slavery. But we in the crypto-currency currency arena can offer the poor a better deal than what the government can give them. We can offer them a job in the virtual economy where they can become independently a middle class person. And then they will hate taxes. I am working on this now. Steem(it) was the first (failed) example. We can onboard the billions into crypto-currency by giving them currency when they do work on a social network. We can change the economy of the world. Tinfoil hats are doing nothing. They are stuck in an unimaginative old world fight over tangible resources. Iron used to be a precious metal. Everyone needs to understand we live in an age of surplus and we are moving to a Knowledge Age: You will probably need a week or two of studying the thread slowly. I will be the first to admit I needed a week to fully absorb the following works of AnonyMint. The Rise of Knowledge (http://www.coolpage.com/commentary/economic/shelby/Demise%20of%20Finance,%20Rise%20of%20Knowledge.html) <--- READ THIS Understand Everything Fundamentally (http://www.coolpage.com/commentary/economic/shelby/Understand%20Everything%20Fundamentally.html) Together these are quite simply the most insightful piece of economic theory I have ever read. If the author is right and I think he is we are all in the midst of a tragedy of epic proportions. It is sad unstoppable and will devastate the lives of much of humanity. ... Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: iamnotback on December 05, 2016, 02:25:49 AM I am looking for an altcoin that can turn the youth away from Socialism and towards being productive:
Bernie Sander's Millennials Socialism is Coming... (https://youtu.be/zlmuKtyhDKg?t=261) Surely they will feel better about themselves being productive and earning their own TAXABLE money, than stealing from others. Please spread this message to the spoiled-brat Millennials (https://bitcointalk.org/index.php?topic=1703293.0) Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: jbreher on December 05, 2016, 04:33:30 AM But posting bullshit as fact is merely posting bullshit as fact. Facts don't exist in a time-locked vacuum. Your use of the term "facts" is myopic aliasing error (study the Shannon-Nyquist Sampling Theorem). You refuse to sample the data we have on what always happens next. You are the bullshitter. The unintentional wolf in sheepskin. Jeebus, you're off track. Fact: India has *not* outlawed gold. Bullshit is bullshit. I got my EE degree decades ago. I've been conversant with the work of Nyquist and Shannon for quite some time, thank you very much. Yes, it is possible that gold may be outlawed in India tomorrow. But it is not today. And the Nyquist sampling theorem makes quite clear that one cannot extrapolate a future sample from the current. If you are using it at all, then you are misapplying the theory to which you claim to ascribe. You are trying to tell me that my sampling frequency is not high enough to avoid aliasing? You've not even described what signal it is that you are sampling. What is the amplitude in your function supposed to denote? Is it periodic in the time domain? If not, you cannot convolve to the frequency domain. Fact: India has *not* outlawed gold. Bullshit is bullshit. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Ahab_Hunter_of_BearWhale on December 05, 2016, 08:23:37 AM This is such total bullsh*t. Just forcing the debt slaves - ei pretty much everyone, to continue having their wealth taken, so that the middle, lower and even parts of upper can work for the bloody financiers and incompetent "leaders".
Not being able to store welath in solver and gold, well if fiat wasn't worth toilet paper they wouldn't outlaw silver and gold. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: leopard2 on December 05, 2016, 05:37:49 PM What is really going up in price now, is shovels 8)
Cuz indians need to bury their gold for awhile, just until the next election....then this guy is history :D See this is the difference; gold or BTC cannot be declared worthless ;D Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Wind_FURY on December 07, 2016, 02:20:29 AM I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities.
Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: n0ne on December 07, 2016, 07:05:50 AM These were just for the political power holding they issue statements. These were highly not possible to collect exact data of gold each person has. Among this small percentage of them use it for investment, so when it comes to effect this won't be working as planned.
Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Dahhi on December 07, 2016, 07:27:27 AM Tough luck implementing that policy in a country of over 1.2bn people.
How many cops will be needed to search people's home to know the amount of gold they have - assuming those people won't hide it fast? ::) Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: serjent05 on December 07, 2016, 10:06:50 AM Funny how the title said gold is outlawed / ban when the article said that they are allowing people to own some percentage. Isn't the title even the description of the OP exaggerated. I think gold is regulated but not banned. That's it.
Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: jondeen707 on December 07, 2016, 06:28:53 PM The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated. http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated. Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin. India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world. The country with the highest demand in the world for gold, just outlawed gold. Shit just got real. "Your gold is safe. 500 grams per married woman will not be seized..." http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html "During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said. The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders. Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent." Judging by the amounts that will be exempt from that new law, India is one hell of a rich country. Jokes aside, they are clearly going after tax evaders and corrupt officials and their family members. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: geofflosophy on December 07, 2016, 11:33:23 PM I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities. Because bitcoin is trading at a huge premium in India. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Wind_FURY on December 08, 2016, 02:56:34 AM I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities. Because bitcoin is trading at a huge premium in India. At what exchange is it trading and at what volumes are we speaking about? If it is at Local Bitcoins, I would argue that all of the Bitcoins traded there are priced at a premium and that the volume there is not really that high compared to the exchanges like BTCe or Bitstamp. Chinese exchanges are also trading slightly higher than most because the Chinese traders are pumping the price. It does not necessarily mean that the ordinary people are buying Bitcoins with their savings. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: geofflosophy on December 08, 2016, 03:05:51 AM I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities. Because bitcoin is trading at a huge premium in India. At what exchange is it trading and at what volumes are we speaking about? If it is at Local Bitcoins, I would argue that all of the Bitcoins traded there are priced at a premium and that the volume there is not really that high compared to the exchanges like BTCe or Bitstamp. Chinese exchanges are also trading slightly higher than most because the Chinese traders are pumping the price. It does not necessarily mean that the ordinary people are buying Bitcoins with their savings. All exchanges in India. For example price right now on Unocoin is 57394 which is about $850 USD ($90 higher). It was over 20% premium just a couple of weeks ago. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Przemax on December 08, 2016, 08:45:15 AM India has a cultural and religious bias towards gold. They dont treat it as an investition, so I wouldnt expect for it to have some relation to bitcoin price. On the contrary, people tend to avoid risky investment on turmoiled situations. If the situation would affect anything is price of jewelery, and the amount of fake gold in the market.
Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: alyssa85 on December 08, 2016, 11:57:54 AM India has a cultural and religious bias towards gold. They dont treat it as an investition, so I wouldnt expect for it to have some relation to bitcoin price. On the contrary, people tend to avoid risky investment on turmoiled situations. If the situation would affect anything is price of jewelery, and the amount of fake gold in the market. Yup. Also - given the recent mess over the changing of the 500 and 100 rupee notes, these threats about gold will just make the Indian population throw the current govt out at the next election, to prevent their assets being seized. The difference between places like China (where the govt can and does make threats to the population), and India, is that India is a democracy and they enjoy throwing politicians out, and the politicians know this and have a healthy fear of the voters. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: Wind_FURY on December 09, 2016, 03:03:14 AM I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities. Because bitcoin is trading at a huge premium in India. At what exchange is it trading and at what volumes are we speaking about? If it is at Local Bitcoins, I would argue that all of the Bitcoins traded there are priced at a premium and that the volume there is not really that high compared to the exchanges like BTCe or Bitstamp. Chinese exchanges are also trading slightly higher than most because the Chinese traders are pumping the price. It does not necessarily mean that the ordinary people are buying Bitcoins with their savings. All exchanges in India. For example price right now on Unocoin is 57394 which is about $850 USD ($90 higher). It was over 20% premium just a couple of weeks ago. Unocoin is a new exchange , am I right? Getting premium prices usually happens when the volumes are fairly low. An example of this is the trading that is going on at Local Bitcoins. That is very understandable and it does not really say anything about the current situation of Bitcoin in India except that it is new and that market will become efficient sooner or later. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: geofflosophy on December 09, 2016, 03:24:14 AM I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities. Because bitcoin is trading at a huge premium in India. At what exchange is it trading and at what volumes are we speaking about? If it is at Local Bitcoins, I would argue that all of the Bitcoins traded there are priced at a premium and that the volume there is not really that high compared to the exchanges like BTCe or Bitstamp. Chinese exchanges are also trading slightly higher than most because the Chinese traders are pumping the price. It does not necessarily mean that the ordinary people are buying Bitcoins with their savings. All exchanges in India. For example price right now on Unocoin is 57394 which is about $850 USD ($90 higher). It was over 20% premium just a couple of weeks ago. Unocoin is a new exchange , am I right? Getting premium prices usually happens when the volumes are fairly low. An example of this is the trading that is going on at Local Bitcoins. That is very understandable and it does not really say anything about the current situation of Bitcoin in India except that it is new and that market will become efficient sooner or later. And Zebpay. And Localbitcoins. It's more about the money that they devalued but traditionally gold would have been the safe haven and with that under threat bitcoin will only continue to gain grounds. India's adoption is just beginning. Title: Re: The country with the highest demand for gold just outlawed gold. Shit got real. Post by: TastyChillySauce00 on December 09, 2016, 07:49:31 AM I do not get why most of you think that Bitcoin will sky rocket because of the situation in India. There are some hurdles to overcome over there before they can buy Bitcoins. Do not forget that it is a third world country where most are not connected to the internet nor do they have access. Also most of the people there are poor and if they have savings, Bitcoin would be the last in their priorities. Because bitcoin is trading at a huge premium in India. At what exchange is it trading and at what volumes are we speaking about? If it is at Local Bitcoins, I would argue that all of the Bitcoins traded there are priced at a premium and that the volume there is not really that high compared to the exchanges like BTCe or Bitstamp. Chinese exchanges are also trading slightly higher than most because the Chinese traders are pumping the price. It does not necessarily mean that the ordinary people are buying Bitcoins with their savings. All exchanges in India. For example price right now on Unocoin is 57394 which is about $850 USD ($90 higher). It was over 20% premium just a couple of weeks ago. Unocoin is a new exchange , am I right? Getting premium prices usually happens when the volumes are fairly low. An example of this is the trading that is going on at Local Bitcoins. That is very understandable and it does not really say anything about the current situation of Bitcoin in India except that it is new and that market will become efficient sooner or later. |
