Bitcoin Forum

Good news.Just got this  http://www.coindesk.com/indian-bitcoin-exchange-unocoin-back-online-shutdown/

Well still  would not  use that service. Those  guys  just  dont know  what business  ethics are.

and  by the  way stop  using  sock puppet  accounts  i can  see  you have been  flooding  the  forums  with your  crap . even  on reddit  is the  same words. 

Either  be a  part of the community or   stay the  hell out . this  type of unethical  crap  wont  work.

Thanks very much for posting officially in Bitcoin discussion forum, https://bitcointalk.org/index.php?topic=401742.0 instead of Indian sub forum.
Also, the people buying in this site is going to be from outside India?

Forgot to mention what these guys  did  earlier ;

I think some misunderstanding here,I am in no way connected to Unocooin.Just got excited by the news and decided to share it here.

Is there any investigation on the people who had sent in their KYC previously?
Is this a honeypot for officials?

Would be good to protect customers as well with some of these doubts cleared before reopening.

This exchange  can  do a better job.   www.bitquick.in

My guess is he offered to provide information on the end customers. And he did make this point in his thread. To quote:
I cant say if this will act as a honeypot or not but if btc is made illegal in the future, people dealing here will be in hot water.

That is very poor.

Thanks for pointing it out. I will definitely stay out of it.

What will happen If  i trade Bitcoin On Unocoin ?
Did they send ED to My House ?  :o

Lol, doubt if small transactions will interest the ED.

I asked the same question to official, and they verbally said as the total volume is very low - they wont go in dept investigations. But as of now they just know more people who are interested in bitcoins i would say.

All customers were informed that the KYC docs were collected by IRS in an email.

So, it is a honeypot of sorts.

Can't you go hostile and encrypt/ salt data and refuse to divulge? :D

You are crazy or what? haha
I suggested the IRS guys to look into an option of collecting info about amount of bitcoins and other crypto coins the tax payers are holding - similar to how people declare their assets and securities. i said this would help them to get some stats atleast to take subsequent steps.

Sigh, so I have to declare my 400 Satoshi fortune eh??

Well none of the public gay figures have been prosecuted after the gay sex ban !!

Thats because they have not had gay sex in public after the ban. :)

(I apologies to anyone whose sentiments might hurt with the below post)
Lets see:
 
1. Gays have much wider support than btc (400 reported users on buysellbtc to millions of gays)
2. Gays have nothing to do with money, laundering schemes and hawala. This is a much graver offence than "gays", specially when you can't fund terrorism with gayness.
3. You don't have an agency dedicated to single minded motivation of protecting sex laws (read ED)
4. Gays don't call an international conferences and boast about having 10-20 partners each attracting unwanted and wrong kind of attention.

Lol dont know where this thread will end up

So this implies that as the volume gets high, they will get into investigation?

LMFAO

The point that I am trying to make is that you cannot be held guilty for an act committed in the past when it was legal but has now been declared a punishable offence.

There was a recent case where a bank was fined and held guilty for laws that were not in place when they mucked up. Not sure which one. If someone does, please do postit.

But I agree. You cannot really be held that easily with an act committed in the past. The problem lies when there is no regulation/ definition and various other laws may get breached in between. And no clarity has yet been provided as to what those laws may be,

Ya that looks OK. But very little sell orders with very little BTC.
Very safe for buyers (don't need to deposit INR to the website and no need to provide your personal details). but selllers will have to provide their bank details.

If their US website is really theirs then i totally trust them. Till i know that, i will have to wait for some real trade traffic to trust them.

Yup the US website is theirs, you can find the Indian website link on their US website.

Then that is perfect. Maybe i'll sell some soon for a start.

cool let me know what their service is like.

The word you are looking for is retroactive. And I while got your point earlier too I fail to see the reason for putting it such a crude way. Just goes to show that you are just misinformed with low respect for other communities, in this case gay, who neither understands english nor can do google search.

Now read this example:
http://articles.economictimes.indiatimes.com/2012-04-13/news/31337558_1_tax-sale-tax-avoidance-retroactive-legislation

There was a retrospective law being applied to tax Vodafone.
Now for the word "in hot waters".
http://idioms.thefreedictionary.com/in+hot+water

"in a difficult situation in which you are likely to be punished" (and not punished as you interpreted).

Now seeing that, unocoins has taken the position of reporting on its customers activities. If there is a law applied later by RBI/Central government, retroactive or not, people will be put in difficult situation and their finances analysed in detail.

Well this should be a interesting muck ED has put in.


http://translate.google.co.in/translate?hl=en&sl=gu&u=http://www.gujaratsamachar.com/index.php/articles/display_article/indian-share-market-company-bit-coins&prev=/search%3Fq%3Dindian%2Bshare%2Bmarket%2Bcompany%2Bbit%2Bcoins%2Bgujaratsamachar.com%26espv%3D210%26es_sm%3D93 (http://translate.google.co.in/translate?hl=en&sl=gu&u=http://www.gujaratsamachar.com/index.php/articles/display_article/indian-share-market-company-bit-coins&prev=/search%3Fq%3Dindian%2Bshare%2Bmarket%2Bcompany%2Bbit%2Bcoins%2Bgujaratsamachar.com%26espv%3D210%26es_sm%3D93)

The article saying Bitcoin illegal in India?
I dont understand the conversion from Gujarati to English correctly

If they come back to us asking for our transaction volume and individual customer volume data we will be obliged to provide them.
As far as i know, if your bank account and bitcoins are clean, you should not be bothered.

so i registered with unocoin today. what is this BAI donation?
already the fee is high, and with this donation added it's 4%.
If it is a donation, it must be voluntary not mandatory.

BAI = Bitcoin Alliance of India

I do not think they represent the BTC community as a whole though , most certainly not from my perspective. In fact I found their first statement to be quite annoying.

And yeah , donations **MUST NOT** be mandatory.

This is  what i have been saying  for a  very  long time, they are not a part of the community they never  took part  in the community, and they have never looked to benefit the community. they are  a Business coalition they will only answer to profit margins.

Any one can register a non-profit and give it a  name, does not mean they do  good.

Maybe we should listen to you. I'll stick to localbitcoins till bitquick.in picks some volume.

Even the forum market place is a good option, and there is another marketplace on the IRC  called  #bitcoin-otc it  does  have  good  volumes there. uses the gribble bot.

'll sure check it. thanks

Scam

Why do you think it is a scam?

Care to elaborate. People put their real time, efforts in building reputation in this business and it should not be tarnished with such vague statements.  In fact, just saying scam to a reputed business will not get you friends here, mate.

Regards

Looks like a troll post.

A really bad troll. atleast give out reasons why, Efelts01 said such a thing????

Looking at his post history, it seems that he posts only in alt coin section. Suddenly changed his posting style for a change with no real reason. An obvious troll. No analysis required. :)