Bitcoin Forum

Today, Indian Finance Minister has issued a statement:

There is no statement about banning cryptocurrency in INDIA at all.
Read over that again...

'financing illegitimate activities' - This may include drugs/prostitution/terrorism/etc


On the contrary, the statement was continued as

Thus, illustrating that the Indian government does indeed see the value behind cryptocurrency, if not as legal tender.

So, a shout out to all new comers specially from south asia, stop panicking and get matured over FUD.



PS: Leave a merit if my post helped you in any way.  ;)

It's the way the market is right now, any news is being twisted and manipulated in favour of a bearish movement in the market. Every time some authority talks about crypto should in many ways be viewed as a big thing, it means it is not just a flash in the pan and they are having to consider how to regulate it and control it so as to protect their interested and the interests of the people they represent. People need to learn to read news before they make decisions about their investments but I don't think that crypto is ready for that just yet, there are still too many 'get rich quick' guys and they'll always panic at the first signs of negativity.

This India government ban of cryptocurrency has been all over the internet just to cause panic in the crypto world. This FUD has lured weak hands to sell at loss. The FUD has no grand and it was just meant to buy tokens very cheap from weak hands.

It was happened in most Asian Country. Why? because right now, Asian market more interested in crypto. Poor and Government corruption make they move to cryptocurrencies. Unfortunately, most of them (Asian New Comers) very easy to believe that fake news. Many weak hands + FUD news, can bring the market crash.

Uncertainty, doubt and panic, specially regarding government policies, is an integral part of the crypto world, doing exactly what they fear - affecting the markets excessively.

If the government of state of India did not ban or considering to ban Bitcoin then let the government come up with a statement to clarify the situation just like the South Korean government did. This news is the major reason we had today dip in bitcoin and all the other altcoins.

All i can add to this thread, is there's money in confusion. Bitcoin and etc are being sold, and the late-commers are taking note and will be making exceptional profits when the next big-wave of adopters settle in, namely wallstreet's legitimate entry into the markets.

This is what crypto has always been, and many new-commers have been hemorrhaging money, and those who've invested their life-savings at the height of the markets will be in misery atm.

We've dealt with several of these types of negative news towards Bitcoin, none have made an impactful dent on Bitcoin's future.

Despite all this, next week will be a big one for Bitcoin, since there is a hearing in the U.S. regarding digital currencies, involving the SEC and etc.




Edit: I personally enjoy when the markets are in panic, i'm sure there are others who feel the same way, for the same reasons of accumulation.

Yes there is nothing like India is banning crypto just today but isn't this what FUD means itself? People and government both themselves aren't clear about how they will use bitcoin and how can they curb it and remove it from the system. Its undoubtedly true that its certainly impossible to throw it out of the system completely all you can do is just curtail its exchanging on platforms under govt. control which I think in itself is useless. The FUD might be fake but the market has reacted quite valiantly to it.

i slepy for 1 hour only to wake up and see massive dumping on some coins

If one truly search for the source of the news,there will be no problem.The problem is,many of crypto holder are susceptible to the bad rumor that going around,because they are too afraid to lose fund and not gain profit from their investment.The fear has impact on the market because many of them sell their coin right away after they heard the rumor.

I'm sick of this FUD: China, Korea, India... When Japan?

India is a more chaotic country government wise than China is so it will be much harder to implement strict rules or a blanket ban on Bitcoin and altcoins but now because the markets are really so flat and down, the media is taking advantage of this and colluding with the powers that be to make Bitcoin be a dirty word in mainstream populations. They don't want crypto to be mass adopted by normal peeps because they see everyone gaining their freedom and they will lose control.

I'm not even suprised. Most of the bad news nowadays are nothing but fake. Whales manipulate the price using such news, and newbies follow the panic and sell everything, letting big players to buy cheeper. And it repeats from time to time. I don't even react on such FUD.

It's only downhill from here, because you had a flood of new-commers last year, and most have probably lost a lot of money. Don't be suprised if you start hearing news how lives were ruined by investing in digital currencies, all because of due-diligence.

Bitcoin and digital currencies were not ready for this type of mass adoption, that's my honest opinion about all this. I was much happier when the markets were half/quarter/eighth of the size, and less in the public eye.

FUD and price manipulation at best, people are scared and not well informed: they are selling instead of buying

Well they succeed whoever spreading the false information or mislead interpretation because the marketcap drops to $450B but it is the best time to acquire more coins on it's cheap price  ;)

Bitcoin will not be recognised as legal tender. Has it ever?

Media interpretation and FUD mongers = Bitcoin is ILLEGAL!!!!!!!

Not the same.

This really comes to show how many immature and unexperienced people are invlolved in the crypto market. The smallest rumors could make the whole market dump massively. I'm really sick of it at this point , FUD after FUD after FUD . what's next ? Zimbabwe announces a bitcoin ban and the market crashes ? how does that affect the whole international market in any shape or form !

Yes it was fake, but it happens every week and every time it's followed by a price movement. When will people get it?

Wait for two days it will be clear judgement when bill is passed and also all the particulars will be open to view

There is a lot of news today which created FUD in the market. But it is important to read between the lines.

- India banning Bitcoin (Fake news)

- Facebook banning ads for Bitcoin and ICOs (to stop ICO scams)

- Bithumb investigation by the Korean government (Bithumb is no longer the number one exchange in South Korea based on volume. Upbit is number one. Also, there will not be a trading halt as the purpose of the investigation is only to find out the cause of the privacy breach that happened last year)

- US Senate Crypto hearing (tether issue has already been explained before and its impact should be negligble in the long term as more exchanges will begin to support USD instead of USDT)

Indian fud is baseless. True. No reason to panic. Not so true. Let me explain. Indian fud didn't have any concrete developments, nothing that hasn't already been said from Indian government. Recently fraud accounts with exchanges were seized but that was solved soon enough. But the frameworks for BTC regulation and taxation is in works. And given the recent developments Indian government are bent on seizing money from general public that framework will be very stringent, taxation very high. So every reason to panic for Indian investor.

Actually, there wasn't anything new in the statement. Finance Minister is repeating the same statement for a while now that it isn't a legal tender. Bitcoin isn't a legal tender anywhere except Japan. But media is creating unnecessary FUD. That committee which was setup to look into the matter hasn't yet come up with anything. So for the time, there isn't anything new. Everything is same as before. But that FUD did bring a very good buying opportunity.  ;D

Are you sure it’s a fake news almost all Indian news papers are reporting that India ban cryptos.    

Blockchain technology has come to stay nothing can stop it as internet can't be stopped have you ever asked your self who is dev behind the creation of first crypto. Who did the govt want to stop the anonymous dev or the internet service. I am not moved by any kind of fud.

Thank you OP for trying to bring some sense to all these fudders. Nothing wrong with what the Indian government has said, in fact all governments should be cutting illegal activities to encourage more investors to join in the crypto world. More development in real projects like NEO, is there an Indian version of ethereum?

Per my understanding. eventually if there are small regulations, it will bring more trust to general public and new comers. There is nothing bad with the statement and its been called upon in the same way since last 6 months.
Media is just manipulating the statement and people are falling for it.

Investors must become mature and start doing research instead of relying on paid media.

Thanks you for spreading the word. People need to look further than just the local media, since it is trying to spread a lot of FUD recently

I will refer them as paid media rather than just the local media.
These guys get paid to oppose any statements released by the government, manipulate it in such a way that shows that the government is against the commoners, etc.

Did read about this alleged banning situation in India and thought to my self that this is raely  bad news if it is true because of the huge population of India.
Nevertheless Your post contains quotes as
 who are you quoting?
Source would be appreciated.

I hope that's true. Many people are quick to panic with things like that, fake news is the fastest way to drop the price.

Read this dude. https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech It may help you a lot.
People are feeling panic caused by so many FUD in these days. I remember yesterday bittrex released a statement to change all of USDT pair into the real dollar pair. Until the audit for tether will have done in the future and bittrex may stay in real dollar pair.

This is clear. All mainstream coverage of cryptocurrencies lately seems to have had the only reason to create this FUD and push for the dump of the prices. Indian fake news are just the latest infoscam.

Indeed. The indian government is only against using bitcoin in illegal activities, not cryptocurrency itself. It is stated in this update http://fortune.com/2018/02/01/bitcoin-price-india/  that one of the bitcoin wallet generator stood up amid the announcement of the president and made clear what the president really meant. I hope people will look at the whole context of the announcement and not jitter and sell at one glance.

Source comes from the Finance Minister Speech itself, the wordings are as follows:

Government regulations were known to happen from the first holders of Bitcoin. Government regulations will continue. The truth is, governments can't close Pandora's box. If they can Bitcoin, criminals will continue to use Bitcoin or something else. If the government bans crypto they might as well ban the internet.

Its not a FAKE NEWS, but the MEDIA is mis-reporting the real speech and bringing the FUD.
Finance Minister has made his statement against usage of crypto in illegal activities and stating it as "Not a Legal Tender" << This doesn't mean that he banned bitcoin which mostly paid media is using to gain attention.

In fact, not only India, but also China, the United States, all of these countries are encouraging the development of the blockchain. However, they are unwilling to see the chaos in the cryptocurrency market, especially ico, so they did ban ico.

This is how the whales are playing,most of the big players and financial institutions are doing this a lot.Because you can pay a website with a little amount so they can start spreading FUDs like this.Most of the people will surely panic when the FUD is within their premises,so keep holding and do not let these FUDs fool you.

These bad news are just an excuse for triggering sales orders, chasing away panic investors with the market crashes, and for big investors to buy tokens and coins for ridiculous prices and arn high profits with a future appreciation

There are so many rumors that I need someone like you to destroy rumors. I was surprised and skeptical about the ban on bitcoin in India, but many people have believed such rumors.

Ok, now this is becoming clear. It is not a question about is it fake or not but question of interpretation.
 https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech

Media is fast to grab any peace of information regarding bans of crypto because it gets so much traffic. Unfortunately it could have a quite a impact on market , especially when the makes is so fragile.

this is happening every single time. remember the chinese FUD? Later venezuella.

Investors need to become mature and come over these fake scammy news. Instead of trusting the Media they must do their research before panic selling.

Indian authorities and mass media had to provide more clear information about these things. They could foresee that the panic could start and who knows how many guys got a great depression? Anyhow, good that it was not a ban.

In my own understanding India just wont recognize the digital currencies but they did not ban it meaning it will be an opportunity of people in India to join Bitcoin and enjoy the benefits of earning without tax therefore they should not wasting time specially now that altcoins and Bitcoin are cheaper to purchase for an investments.

Indeed, India's FUD is fake, but the market has not stopped falling.
Investors across the market are starting to panic, and I think the bear market in cryptocurrency markets has come.

Well, rightly he said that as long as we forbid simply calculates them, and then they will already forbid withdrawal of money with a crypto-currency and tax will be charged. So all in due course, not immediately so hack from the shoulder.

This FUD has started the previous bloodsheds,people and most of the big investors panicked too,thats why most of the investment in bitcoin's market came out in just a day,people are scared of losing a lot of money thats why their weak hands triggered them to sell in panic whoch worsen the whole situation of the market,lets hope the market will recover few weeks from now.

No need to panic at all. It is only about news sensitization that is affecting the crypto market. What India is trying to do is prevent cryprocurrency trading from engaging in illegal activities and money laundering, but it is not trying to ban it at all. Regulation will make the crypto market even stronger. 

Remember the situations with China, when they banned ICO  :D
BTC price also dropped down.
All these news are not significant, whales use it for market`s manipulation.

With this I wonder the reason behind if it is absolutely truth.
What if the news is intentionally made just to create panic by those who have great to invest to take advantage the response of the weak hand. Is it possible? I think yes.

Authorities in India never mentioned that they're going to ban every blockchain related things in their country but they just announced that they're going to close watch the flow of cryptocurrencies that which nobody will ever use it for illegal purposes or any terror funding. That's how supposedly countries should be addressed to their citizens because it was notably reported before that ISIS and other terrorist groups are being funded by Bitcoin.

There is no doubt most of these FUDs came from the big players and i am not talking about some group of whales but the financial institutions like CME and Wallstreet which are allegedly trying to put their money slowly in our market by making some panic and buying more cheap coins from the panic sellers.

true, they are just trying to manipulate the price of bitcoin, chinese government did it once, so why would people dont figure it out that those FUD are just for manipulation of bitcoin’s price.

So many party was make FUD to manipulate the price of Bitcoin and other cryptocurrency, they only want get cheap price of crypto. I hope in the future cryptocurrency community will be bigger so the volume increasing and the price will be more stabil.

the media is total bullshit,they dont know what they are talking.
india never banned bitcoin or any other crypto,arun jaitley just told it is still not considered as a legal tender.because blockchain technology is new and there is complete reason for him to say so.
media people misunderstood and released news as india is banning bitcoin which inturn caused FUD and panic sells..lrts hodl the bitcoin.it make no sense to sell it now. :o :o :o

They're definitely noobs in the market that's why they can't filter what's fud or not and they easily swayed by all of these and in return they panic sell worrying about their investment especially when they bought in peak price.
And it seems fuds are beginning to calm down and we should expect a big bounce in the market, sooner not later.

Such are the times when money moves from weak hands to strong hands and make them even stronger.
The immaturity of investors is their fall, they are new, they rely on paid media, they invest more then there limits and panic sell, they fall in losses..
The market is getting matured slowly and the investors too, its not far that such news and media will have 0 impact over market.

India is not the main market of cryptoes. So I don't think the market will be affected too much by the FUD.
I will show you some merits ,it's very hard to change the rank now.

Unfortunately many just see the news above and let themselves be carried away by any distorted news, and can not to the source or worry about. Investigate, and taking into account the volatility of the market happens what happened, what we should do is to claim these media misinformation and take the networks to denounce them today we have much more voice than before, when we desentralize the economy we will have more, we fight every day by let this work

I was trying to explain community all over my posts .  The same sentence Now market crash happened by major medias spreading FUD these peoples are backed by big bankers and investors . Medias working for Bankers where they want to stop the flow of money into crypto currency.

India, China they like to raise a panic, in mass media, and after it appears that this false information, probably were bought on bottoms.

Not being country specific, but yes, this happens through out the world. People in power, they use paid Media and everything thats possible in their hand, they use it, bring the dips and buy the bottom, reverse there thoughts, use the same paid media to pump it on a later date.  ::)