Bitcoin Forum

I heard an awful lot of folks calling for BTC to fall further on China/India news and it's held it's own and done really well the past few days.  I'm getting ready to pull the trigger on some more BTC.

So you are one of those weak hands ready to bail out every time someone starts spreading bad news. Thanks to people like you we have panic sells you can be proud of yourself.

Fell like hell on China-news, only the regular day to day up-and-down on India-news. Weird.

India? They closed all the the exchanges there are frozen the 2$ in the accounts?

 I am doing the exact opposite of you are accusing me of.  I am selling nothing.  I actually want to buy.  If it looks like it's going to go down in price I try to time it so that I'll buy low.  If it looks like it is not going down in the short term, then I'll buy like  I just did 10 minutes ago.  The times I sell are usually when the price of BTC is more then what I paid for it so that I can enjoy a little bit of the profits.  I'm planning to keep buying and hold long term - mostly BTC and LTC.  I haven't had good luck with the lesser-known crypto currencies.

The China news had huge impact on the BTC prices. Because the volumes were huge. But the Indian news hardly had any impact, due to minuscule volumes. 

Yea, figured the China-market is bigger, but still. The Indian regulation was a little bit worse also as I understand it.

India had no presence in the Bitcoin community or market to begin with, it has nearly zero mining, and just recently opened the 1st exchange (which is now gone), so it had basically zero positive effect on Bitcoin, therefore the negative effects are zero as well.

different analogies but almost same meaning, i know what you mean mate and i am on the cusp of doing the same thing.

i just received my first physical 1BTC and waiting on a 5BTC to collect for the future and show the great grandkids.

i got BTC at single digits and i will be buying more in the new year. the way i see it, i paid a pittance in 2010 so anything i buy now depending on quantity i am still ahead.

i have also spent some of my digital BTC on hashing power instead of cold storage. what ever is made in a few months is traded for Craftcoin (dont get me started) that the kids can actually trade and use in-game.

as for the "other" coins, those that arent LTC/BTC i find some very painful to watch on market cap. my close contenders are WDC,NXT,PPC, i have some long shots like DVC and FRC.

what china and india do doesnt bother me in the least. good luck to them, i am in for the loooooooong haul.

Mining is not possible in India, because enormous red-tape must be cleared to import the ASICs from foreign nations and there is a 120% to 200% import duty.

While India had only one local exchange, a lot of trading was being done through the peer-to-peer global exchange Localbitcoins.com as well.

The IMMEDIATE negative effects are very little, but India has a billion people -- about 15% of the world's population, with China having a similar amount. So the effect definitely matters. Or at least WILL matter.

I really don't think it'll matter in long term. India and China can't simply afford to miss out on bitcoin. Once bitcoin becomes standard in Europe and USA, they will definitely jump in. 

you guys seem to be making things up as you go along. please re-read the banks articles especially the link that shows the banks advisory. do not just believe the media/forum users opinion of what has been wrote. actually read the advisory.
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247

1. its an advisory EG advice, not law.
2. if you read it properly you will see it talking about exchanges that have not seeked approval. meaning the basement dwelling teenagers who cant be arsed to buy a licence or meet regulatory standards will get shut down.
3. india has not been a big impact because of smaller volume and because its not a complete shut down, its just a warning such as what USA and europe was given.


meaning as of that advisory being released, no bitcoin business has bothered to get a licence or seek advice on how to meet regulatory standards.

looking deeper into the actual rules set by india's FEMA. it is noted that 'individuals' cannot simply exchange funds privately, when doing so they need to do it through a regulated exchange/bank within india which has policies such as reporting all transactions to FEMA. this means doing a wire transfer to a friend in england to swap funds is not allowed. but requesting a bank to do it with all of their regulatory paperwork can be done.

in simple terms localbitcoins wire transfer self service is not allowed without the india individual filling in the banking paperwork.
in simple terms if you want to be a proper exchange then GET A LICENCE, ensure you play with the FIAT side of the exchange to meet INDIA's criteria and there will be no problem.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=53

Numbers means nothing. So , they have 15% world population , and? What else?
Do they have the money European and American citizens afford to invest in bitcoins? They have less than 1% of those.
More than 50% can't afford a single satoshi let alone a bitcoin.

Got your point but not sure if single satoshi is that expensive (just yet)  ;D

There is no any Impact of India News coz Bitcoin specially dont have anything big in India but China is something in Bitcoin market because the most volume traded in the market is by BTCChina so there will always be Impact of china and now China is also clearing all the way to open fluent Trading so lets hope its good starting again in China, Anout India untill india has a Good stratagic exchanges like BTCChina, Mtgox or Bitstamp then they could have some impact recently its just the impact for Indian Market in India but not globally.

Good Luck

Apart from the trouble sending 1 satoshi to an address and paying a fee ,  they should also have a computer , a smartphone etc.
Which , in a country where there are regions with 4$/day average wage seems a bit too much.

Please , read again what you have just posted and if you don't get dizzy by that , try to tell us what the hell you were trying to say.

+1
I accept you 1000% if we separate some Tata, Birla and Ambani's (Some time focused in News as Richest Person in India and as well as in Asia) some cricketers and some Bollywood actors remaining India actually cant support 1 Mbtc also.
We can Never compare India with China in Bitcoin Business, its only compareable in population.

China had most bitcoins being traded in the world were in China at the time of the clamp-down

India: a "start-up" market, putting it kindly.

As a late late comer to Bitcoin investment, I am being very hesitant with trading/investing and ultra cautious whenever their is a change in the wind (I liquidate everything). If we are in for another shit-storm in Bitcoin, it will be a shit-storm down the ways, not up.

I feel it in my gut, you feel it in your gut, everyone feels it in their gut, and for good reason. Doesn't mean its gonna happen but there sure is tremendous potential for it. I have the feeling that this whole überinflated market is not being held up by market forces, but by the whim of a relative few individuals, which causes me to find all the self-congratulatory splurge of Bitcoin hitting 1K again by Jan 2014, China being irrelevant, and then Bitcoin 2 da moon, all the more disgusting.


If however I was sitting on a big stash of Bitcoin bought at sub $100:


I would say...FK U Traitor and your limp wristed weak hands. It is people like you that are preventing me from being a millionaire for doing jack shit.

Buy in at any price and HOLD!

I don't understand what you mean!

1 Satoshi is equal to $750 / 100,000,000  = $ 0.0000075

Are you sure that people can't afford it?

If you ever go to India, you will know what abject poverty means. I am sure more than 50% of people in India can't afford to pay for 1 Satoshi currently.

Well, whatever "cash" they have, they certainly won't be putting into a cryptocoin. Goes straight to feed the family and medicine. That's it!

LOL at the clueless idiots thinking India is a poverty stricken 3rd world country. It has more top universities than any central European country and a quite healthy middle class. It is similar to China in that respect, it just has different politics. Yes the rural population is fucked, but that's no different than in China.

Compare the GDP of China and India ...

Anyway, India has just tried to arrest everyone using bitcoins. Its not a country that will be relevant to bitcoin for a good while.

No they didn't.  They raided exchanges for not having the proper licenses. 

GDP is not a measure of personal income, in the case of China it includes all those export businesses of which profits go to offshore firms.

Any way China and India compose about half of the world population, if you don't think that is a dramatic longterm development what is?

Only feed Family that is also Hardly forget about Medicine. If someone is sick either he-she dies in his-her home or in some municipal hospital

Which Econimic are you talking about?
Just come out from Chennai, Hydrabad, Banglore and Delhi you will see what the poverty is. Staying in this 4 big city you will never see poverty. You cant never compare with china. India is one country where 1 person can Feed whole india for few months and in the same place atleast 100's people are diying every Minute because of Lack of food.

Just holding population is nothing
having more then 1 B people is not such important if there are only few thousands people are capable and few 100s people are holding billions of money. India is not till compareable to China not even Population i can see your post about university can you tell me the Education % states rather then few 5-6? Your population even dont Understand and Speak your National Language and as well as English and you say you have top University?

India has a pretty high gini index, that's what I mean. But the wealth distribution is flatter at the top, leaving you with a similar situation to China.

If you leave away the lower 50% of China/India you almost have a western industrial nation, not quite but it's getting there - fast.

2 words re India ... GO THERE