Title: India likens cryptocurrencies to Ponzi schemes Post by: btcblockchain on December 29, 2017, 01:37:25 PM NEW DELHI: India warned Friday against investing in cryptocurrencies including bitcoin, likening them to “Ponzi schemes,” as it became the latest country to urge caution.Despite a boom in trade that has seen prices soar, cryptocurrencies “don’t have intrinsic value and are not backed by any kind of assets,” the Indian finance ministry said in a statement. “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash,” it said.Bitcoin prices plunged by almost 40 percent from its record high of $19,500 (SR73,125) this month as investors cashed out following the wildly volatile currency’s stratospheric rise.Analysts and governments have repeatedly warned about a bubble that could burst at any moment as investors, many inexperienced, piled into the currency.India’s government said consumers needed to be “extremely cautious as to avoid getting trapped in such Ponzi schemes.”.
Its warning came a day after South Korea, a hotbed for cryptocurrency trading, said it would ban anonymous trading of virtual currencies.On Tuesday Israel announced a move to ban trading in cryptocurrency-based companies on the Tel Aviv market until it can regulate transactions involving digital coins.The vice president of the European Central Bank has also expressed concern about the relentless rise in the value of bitcoin.US Federal Reserve boss Janet Yellen has said bitcoin is not money and called on banks to be certain their digital currency transactions adhere to anti-money laundering statutes.. http://www.arabnews.com/node/1216001/business-economy Title: Re: India likens cryptocurrencies to Ponzi schemes Post by: saurabh on December 30, 2017, 05:11:27 AM NEW DELHI: India warned Friday against investing in cryptocurrencies including bitcoin, likening them to “Ponzi schemes,” as it became the latest country to urge caution.Despite a boom in trade that has seen prices soar, cryptocurrencies “don’t have intrinsic value and are not backed by any kind of assets,” the Indian finance ministry said in a statement. “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash,” it said.Bitcoin prices plunged by almost 40 percent from its record high of $19,500 (SR73,125) this month as investors cashed out following the wildly volatile currency’s stratospheric rise.Analysts and governments have repeatedly warned about a bubble that could burst at any moment as investors, many inexperienced, piled into the currency.India’s government said consumers needed to be “extremely cautious as to avoid getting trapped in such Ponzi schemes.”. Its warning came a day after South Korea, a hotbed for cryptocurrency trading, said it would ban anonymous trading of virtual currencies.On Tuesday Israel announced a move to ban trading in cryptocurrency-based companies on the Tel Aviv market until it can regulate transactions involving digital coins.The vice president of the European Central Bank has also expressed concern about the relentless rise in the value of bitcoin.US Federal Reserve boss Janet Yellen has said bitcoin is not money and called on banks to be certain their digital currency transactions adhere to anti-money laundering statutes.. http://www.arabnews.com/node/1216001/business-economy Indian Government is worst they are scared now that if people use crypto then they will not have any control all politicians are corrupt including our PM on top of that banks do not have any back up if funds are taken out from banks the so called Indian economy will fall. Title: Re: India likens cryptocurrencies to Ponzi schemes Post by: tcsmate on December 30, 2017, 05:49:44 PM Read somewhere in the media, Indian Government is a Ponzhi Scheme.
Title: Re: India likens cryptocurrencies to Ponzi schemes Post by: mayankn on December 30, 2017, 06:22:59 PM Don't know who is running the government , They don't even understand the difference between Ponzi and Bitcoin. Time has came to get a decentralised govt. now
Title: Re: India likens cryptocurrencies to Ponzi schemes Post by: bitcoinveda on December 30, 2017, 07:06:36 PM India with large population and unemployment cant truely relay on volatility of cryptocurrencies they make such annoucements and warnings to terroise people nt to invest in bitcoins
Title: Re: India likens cryptocurrencies to Ponzi schemes Post by: brontosaurus on December 30, 2017, 07:14:10 PM NEW DELHI: India warned Friday against investing in cryptocurrencies including bitcoin, likening them to “Ponzi schemes,” as it became the latest country to urge caution.Despite a boom in trade that has seen prices soar, cryptocurrencies “don’t have intrinsic value and are not backed by any kind of assets,” the Indian finance ministry said in a statement. “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash,” it said.Bitcoin prices plunged by almost 40 percent from its record high of $19,500 (SR73,125) this month as investors cashed out following the wildly volatile currency’s stratospheric rise.Analysts and governments have repeatedly warned about a bubble that could burst at any moment as investors, many inexperienced, piled into the currency.India’s government said consumers needed to be “extremely cautious as to avoid getting trapped in such Ponzi schemes.”. Its warning came a day after South Korea, a hotbed for cryptocurrency trading, said it would ban anonymous trading of virtual currencies.On Tuesday Israel announced a move to ban trading in cryptocurrency-based companies on the Tel Aviv market until it can regulate transactions involving digital coins.The vice president of the European Central Bank has also expressed concern about the relentless rise in the value of bitcoin.US Federal Reserve boss Janet Yellen has said bitcoin is not money and called on banks to be certain their digital currency transactions adhere to anti-money laundering statutes.. http://www.arabnews.com/node/1216001/business-economy Indian Government is worst they are scared now that if people use crypto then they will not have any control all politicians are corrupt including our PM on top of that banks do not have any back up if funds are taken out from banks the so called Indian economy will fall. |