Bitcoin Forum

Very ambitious. And nice colors.

"will be launching the largest cryptocurrency exchange in the world"  let's see about that. The thing about some Indians is they love to exaggerate, often to extreme levels. This is another example:

"daily bank transactions of nearly $50 Billion has the highest amount of daily banking charges of around $5 Billion" Are you saying banks in India earn 10% ($5 billion) of transacted funds ($50 billion) daily? Assuming a relaxed estimate of 260 banking days per year (after weekends and public holidays) that would equate to fees of 1.3 to the power of 12. My laptop's calculator can't even give me the full amount.

Exaggeration affects one's credibility. Just keep that in mind.

And you're advertising here to attract ICO investments?

You have not posted your site, and you have not even talked about who is responsible for this project. It is unbelievable that you come and present your site in this forum but you do not include this forum on your site

https://bitindia.co

Is it not important to you? This forum will not give you customers?

Do you have a whitepaper?

How are tokens distributed? (% founders, bounties, public)

How will funds raised be used?

Thanks

Also please provide profiles (inc linkedin/ other social media account) for team members.

***SCAM ALERT*** LOOK  AT THESE PEOPLE IN THE TEAM OMG LOL...AND THE FOUNDER IS DAY TRADER FOR LAST TWO YEARS @BITCOIN  ALL THE MEMBERS IN THE TEAM ARE LESS THAN UNDER QUALIFIED AND ONE OF THE TEAM MEMBER IS STILL LOOKING FOR JOB ACTIVELY.

Seems like they fabricated an "office" Also that guy that walks just as the camera rolls is setup. Also the holding of the mug. Looks like an abandoned OR (probably) a classroom in summer vacation. 

To me, this is going to be a sure shot scam. Look at the kind of money they are trying to collect..
150 ether min??

Indian Blockchain Revolution Backed by John McAfee


https://cointelegraph.com/news/indian-blockchain-revolution-backed-by-john-mcafee

SOLD!  ;D

 ;D  le site
https://bitindia.co/

This is intradesting:

All token holders will receive 10% of the net fees

Guys,

Be careful in applying for this ICO.
I am from India and was initially very interested to invest in it. However, it looks a scam to be.

They don't have a proper office. Neither in the city of Hyderabad not in Chandigarh. Also the team looks fishy. I am following them almost for 2 months and most of the team members were added just few days back.

The are charging way too much for just a whitepaper without any product in place. Even github is kind of empty. Every Tom/Dick/Harry is a software Engineer in India and to create a website to scam people will be very easy.

Also there are already couple of good exchanges in India (UnoCoin, ZebPay etc.), so they also don't have that 1st mover advantage.

So please be careful.

I am in a group where one of the advisors are in, Fabian is CEO of the project DIMCOIN which already made a successful ICO, he confirmed us that they are part of the project, so i can safely say they are not a scam.

I don't want to contest your thought as I can't refute or confirm your claim. The points I mentioned is based on my analysis.
I was initially interested in the project but after a bit of investigation realized it to be more of a gimmick to get quick bucks than serious project.

hi everybody,

this is the official BitIndia Telegram Group:

https://t.me/joinchat/E1huKQ0ncJpqNbllHsQRbQ

feel free to join

...here you get alle informations, updates and news... at this time is the privat pre sale with min. 150ETH. the regular ico begins at 11th oct. with min. 50$

you are welcome

great, all best for whole project
team,good luck
only up

I am def participating in this one !! after the hard fork of eth that is.

Do you know which is the official announcement thread for bitindia, this or the one at https://bitcointalk.org/index.php?topic=2225375.0
I have no reason to distrust you, but it is important that Bitindia will share the telegram invite link in one of their official resources such as website or twitter account. There is always a risk that scammers will create "official" groups. Thanks!

The white paper is shallow and has many contradictory statements, shows either it was not reviewed properly or team that wrote, has limited understanding of the subject. Surprised that someone is trying to raise money through ICO for creating exchange and a wallet when there are already exchanges and wallets available to all with better features.

Be careful if you are looking at investing.

The op just wrote 2 threads about bitindia and just disappeared. 100% it is a scam ICO. One doesn't need any evidence or proof to tell this as scam. Just look at the office snaps. There is not even a single file, papers or documents in any of the cubicle. If its a real office then there will be atleast one file on any of the cubicles or atleast one pen. I think they have arranged this office for the videoshoot.

I dont recommend this project to anyone, i smell the wrong doings here. Clearly the videos are crafted and the developers looks juvenile, If you want to invest then there are hell a lot of other legit oppurtunities.

I agree with the opinion of the majority and I will say that a dubious project. I've been following him for a long time and I've tried to communicate with developers many times, but this has brought little success.

Then why the hell is Mcaffee lending his face to this?? Is he to lazy to check if this is legit, i dont get that.

hello! I'd like to participate to the public sale. I registered my public pre-sale KYC APPROVAL what should i do now ? can i already  purchase BITINDIA or have i to wait an answer that they have registered my info on their contract? if yes how and when will i be answered? thank you in advance

As a matter of Rep this project is backed by John Mcfee , If this news is true as per Bitindia website then they have got serious potential people but i would like to get this verified before investing a penny in this project.

He tweets/retweets about it on his twitter @officialmcafee and can be seen talking about it here;

https://www.youtube.com/watch?v=qh7bTwCYwFs

Wait till you recieve a confirmation email (within 24hrs);

https://twitter.com/bitindia_co/status/918327844043812864

Stop falling for this scam guys..

Are you sure bitcoin and cryptocurrencies are legal in India? They recently implemented a lot of rules and took some drastic demonetization steps.
I am pretty sure their so called legal team doesn't even exist and have checked with local laws..
and their liability section is laughable. here is one..

The field of digital cryptography is very new and for this reason there is a risk of unforeseen attacks
on several or all parts of the BitIndia system

'In no event shall Bitindia, members of Bitindia staff, contractors, or volunteers be liable for:
Any lost profits, lost savings or incidental, indirect, special or consequential damages, arising out of
your use or inability to use the services or products offered by Bitindia or the breach of any of these
Terms by any third party'

While future regulations in India are uncertain (as with a lot of the world) most of the news I've seen suggests they wont be going for anything like an outright ban, but note that the company itself is registered in the UK which currently have pretty favourable crypto laws AFAIK.

Also that clause sounds like a pretty standard one that any exchange who knew what they were doing would have, TBH if it wasn't there it would raise flags for me not the other way round.

Crypto is risky and often when there is risk there is potential for good rewards, the same goes for many things outside of crypto too, everyone has to weigh up the risk:reward ratio for themselves but people on this forum too often seem to mistake risk for a scam.

Haha bitindia bitcointalk post is shit and doesnt have a proper telegram

The founders behind this team have a track record of opening companies like pop corns

look at their LinkedIn is enough.. Can't write their profile without spelling mistakes.. I'm not trusting my money with such idiots

SO MCAFEE IS ENDORSING A SCAM?? BASICLY....

Not sure if they are a scam or not but I've asked the following questions on the telegram channel but I GOT KICKED OUT for no reason. I didn't say anything offensive. I didn't insult anyone. All I wanted was answers to a few questions before I can make up my mind to invest. Here are the questions again. I urge people to *NOT* invest in bitindia until someone from their team answers the following questions:

1) Referring to following tweets by Vitalik -
https://twitter.com/VitalikButerin/status/922802902019608577
https://twitter.com/VitalikButerin/status/922809246508400645

A "completely" decentralized exchange cannot do fiat. Since bitindia boasts of a decentralized exchange that would connect to fiat, I really want to understand how would that happen. If what Vitalik is saying is true, bitindia is either *not* a completely decentralized exchange or they are not truthful about (or will change their mind later) connecting to fiat.

2) They are trying to hide how much money they have raised so far. They seem to change the contract every few hours to obfuscate the users but the whole point of this system is transparency. Can they publicly share all contract addresses so that folks can audit how much money they have raised so far? I would be more confident throwing in some money if I know others are chipping in too. Seems like a terrible strategy on they behalf to not reveal their number. Their marketing guy should be fired (in my opinion).

3) They are not clear on how much are they trying to actually raise. I've heard numbers as big as 100 million USD. Why are they not publishing their target USD/ETH number on their website? Also, to be honest, I don't understand why they need that kind of money. Considering they are based in a small town in India, their development costs should be very less. Including all other expenses as well, even a figure of 5 million seems like a lot to pull this project off.
s
4) Their team looks really unimpressive. None of the founders have any experience on working on any cryptography/cryptocurrency related tech projects before (let's discount the fact that McAfee himself is not gonna contribute jack shit). They just seem to have bitcoin trading/trading systems experience which is not impressive at all. Also, one of the founders seemed to have been a part of another failed ICO (Cove identity). Forget the project, I'm not even sure if they will be able to pull off this ICO (I hope people don't lose a lot of money here).

5) Founders have reserved a 25% equity for themselves. Isn't that number huge? Satoshi Nakamoto kept 1 million of the 21 million BTC (<5%). Keeping 25% of the currency in the hands of a few individuals always raises my eyebrows because these whales, more often than not, try to monopolize the market using their control that they leverage on the currency. Might also hint on the fact that the team might be greedy.

6) The project seems to have terrible marketing. The concept of decentralization ends nation states / borders. Decentralized exchanges are meant to be used worldwide. What do they mean by "Decentralized exchange for the streets of India"? I don't get it. Can only people from India use this exchange? If yes, how are they decentralized then? If not, what's up with fake India based marketing?

Really looking for *genuine* answers to these questions before I put a single ether down.
 

i'm invested and i can't wait till this thing rips-
you guys should stop being so stereotypical and look
if macaffe is in then so am i

haha, zillions of haters and only one believer, don't you just love cryptocurrencies  ;D

yup variety is the spice!

John Mcaffe is the partner in Bitnidia which makes bitindia a sure buy.

Hi,
  I don't think this is a scam. We can speculate the potential of this ICO, but definitely not the credibility.
1. John Mcafee is on the team.

His Tweet:
https://twitter.com/officialmcafee/status/929104577772838912

Mcafee talking about BitIndia
https://www.youtube.com/watch?v=qh7bTwCYwFs

Also, I have successfully connected to one of the founders on LinkedIn and he is decently responsive.

I as well have made contact with the team - very responsive and quick. These guys may be crappy at advertising but it doesn't matter. When they get boots on the ground in India they will have first mover advantage and we will all be sitting back laughing -
If nothing else it will give Indians a new way to purchase bitcoins and give access to many who didn't have it before. Think about Zimbabwe - If they had a platform like this there would be much less manipulation of the price of BTC - Thing is great for end users - the Indians, as well as being great for investors!
GLTA
B 

I don't think it is a scam either, but the BitIndia team really needs to do more ground work to build trust and understanding in the community. Their whitepaper helps, but any YouTube video they release seems to capture only half a thought. In fact, I learned more about BitIndia from listening to John Mcafee talk for five minutes than in any of BitIndia's own YouTube promotional videos. From the bits I know, it sounds like a very cool and empowering idea for rural India, but the team seems so ragtag...just makes it a difficult buy.

Man, i wish the devs would get on here and post and promote their product - we haven't heard any updates in awhile - they are just sitting with a bunch of my ether chilling like wtf
B

Yeah exactly. They're turning their backs on all the hype and interest.

Any update on exchange and listing ?

Or any updates at all?

It's a scam. They have probably shut down operations and moved out.
Sorry for your loss.

 ;D ;D
We hope that the exchange will be opened as soon as possible to dispel everyone's worries and to speak in action

Hi guys, any news about these exchange? I've heard they will start on the end of April, can please confirm it or not? ???

I am extremely apprehensive about bitindia now that after the voting for crypto currencies to be listed they are asking for 5 BTC to be listed on an exchange that has not proven itself, starting to think it is a quick money grab, before the potential crypto currency ban for some businesses.

Be very cautious of this alleged exchange.

Potential scam here.

The old address of bitindia is not available anymore. You are getting redirected to https://blockonix.com/home
There is no trading volume.

Be very aware of an potential Scam here! It all seems very unserious.

i got scammed, and they swapped to their stupid Exchange token... i lost 300$ there...
Fuck OFf You Mc Affee, never trust this guy, ever ever,

Hope he'll sty in hell later.
 ::)