Bitcoin Forum

I know people are sick and tired of hearing about India, but it seems India won't be getting into Bitcoin anytime soon:
, since the RBI now says they refuse to regulate bitcoin and won't allow exchanges to operate or obtain license:

http://www.coindesk.com/the-reserve-bank-of-india-regulate-bitcoin/

So we might have to forget about pricing India in 2014 into bitcoin's value

Well that makes 1/3 of the world's pop out for now at least. Whoever is buying $800 btc right now is nuckin futs.

Anyone with any common sense already did that

anyone thought that India is a big player was just wrong really, why I am not surprised by that ? well the Indian government doesn't really have the infrastructure to regulate Bitcoin, last thing we want at this stage is Bitcoin associated with a terrorist act, than you really know what uncle Sam will think about that.


although I know that the regulation thing is a bit harsh, because people in India mostly need Bitcoin read here  http://www.siliconindia.com/finance/news/50-Percent-of-Indians-Dont-Have-a-Simple-Savings-Bank-Account--nid-149759.html (http://www.siliconindia.com/finance/news/50-Percent-of-Indians-Dont-Have-a-Simple-Savings-Bank-Account--nid-149759.html)


it doesn't make sense but there is allot of things needs to be figured out, at this point Bitcoin still have a long way to go...

LOL
The FUD is strong in this one

seriously ;)
http://en.wikipedia.org/wiki/Indian_black_money

About India I don't understand the problem.

Let's say I'm an indian and want into bitcoin.
What's stopping me from putting money into an exchange using an overseas money order or paypal or whatever?
What can the Indian government do to stop me?

I can understand that using bitcoin in everyday life won't be possible but as an investment it could be viable.

Just my 2 cents...

Ok let me make it simpler to you.... you are not an Indian and stop pretending being one ahahahahaha, I am just kidding ;) 

I guess it is the easiest way to discourage average people and limit public interest on this new devil technology. It's called "Prohibitionism" (http://en.wikipedia.org/wiki/Prohibitionism)
Rich will find a way to use it they really want, the rest will ignore it

India was Never in Bitcoin market, India is just a starter so there is nothing to discuss in Indias topic
There are a Lot of Indian they want to Mine and invest in Bitcoin thats fine they can either invest in Singapore, Japan, Hongkong, China and elsewhere
Bitcoiners no need to worry about investing the time is to worry is for Indian Government
Question is they want to get profit from Bitcoin or they just want to fuck themself?
Shit news of India and Indian Government is going to do Nothing in Bitcoin.
India is officialy out of Bitcoin (Lets Hope Temporal)

This reminds me of the desperate posts about how much BTC would have appreciated if Gaddafi had converted his Black Money to BTC
If this is what you want BTC to be, price fueled by ill-gotten gains, stolen from the people, good for you ... ride on their backs and wave the flag for them
I thought BTC was about more than that ...
Perhaps I was wrong  >:(

I see that people here have really hard times to understand that
third world its what  it  is with the reason
Be serious people what you expected endorsement ?

If there are 21 million rich people in this world and they all want just 1 Btc each, they won't be able to buy 1 Btc each. Once a "tipping point" is reached, btcs value will more likely than not skyrocket, IMHO.

According to Wikipedia there are around 10 million millionaires in the world.

just keep HOPLING

Name me one other payments system where I can transfer funds between borders without the "assistance" of banks.

Once they understand it, rich people will love bitcoins, don't worry about that.

Name me one way of getting fiat into BTC without paying the ferryman his dues ...

Localbitcoins.

What's your agenda anyway?

purchase btc face-to-face from your neighbor with cash money in one hand and a smartphone in the other.

Indeed ... though smartphone reception may be a problem
I am sure this is happening right across India as we speak ... ::)
Way to go Bitcoin, that's what I call progress !

Then you have the problem of exchanging your pocket stuffed full of smelly rupees (believe me, they smell) into something you want ...

I love the ignore button. Ferryman is still cheaper than banks, in my view. Plus, if I already have loads of fiat, I won't even bother converting back to fiat.

huh ?

This nonsense gets old. Anyone who thinks that Bitcoin needs the support of the Indian government in order to become a revolutionary technology just doesn't believe in the protocol and is simply here to trade and try to make a buck.

For those of us who actually have enough vision to understand this disruptive technology, we understand that some governments will initially allow, some will not. Big freaking deal. Just go ahead and sell all your bitcoins and leave you thin skinned whimpy whinny day traders.

India has only just begun entering into the CryptoCurrency markets, it's just only begun in India. Their society, their culture is many thousands of years old. To think that they are out of the newest game in the town we call Earth ... is ... insane.

Lol i remember this, good times  :D

Thank you. This means that Bitcoin will be a richpeople toy :D

In Venezuela the government severely restricts selling/purchasing foreign currency. This resulted in a huge black market there, where people buy/sell dollars for a premium price. Official exchange rate I believe is around  US$ 1 = 9 Venezuelan Bolivar. On the black market, US$ 1 = 65 Venezuelan Bolivar.

I think that's what can happen in these countries where BTC are restricted. Because it's hard to stop person to person trading.

I agree with you
I got some reference on that also
Government cant stop anyone, recently we are hearing Indian Investment in Singapore, Hongkong and other several country and few people in Black market are doing money carring business (In India only 500$ could be ligally Exchanged) few blackmarket news are recently exposed people are using Chennai and Kolkatta Airport to carry 10K to 15K in Dollars to singapore and Hongkong. Hongkong is open port for Indians so they dont need visa and Singapore also is easier country to get Visa, Now people are paying money trafficars few % to launder money from India to abroad and investing in Bitcoin. If India will not think about ligalising of Bitcoins with some specially VC rules then indian black markjet will be more worst then ever. People feel more safe in Bitcoin not in Fiat.

Even Indians are investing in Bitstamp and other foreign Exchanges directly from India, i got one thread about oosing 1500 of one Indian guy there i was informed that in reddit also few Indian posted that they are able to send money to foreign platform from Indian Bank so who could Stop?
https://bitcointalk.org/index.php?topic=391881.msg4231693#msg4231693

All these crackdowns are only going to encourage more people to learn how to use bitcoin in ways that can't be stopped (and if anyone is well placed to learn the ways, it's Indians, they're a computer literate nation). With so many countries creating a neutral/friendly environment for using bitcoin, it's only going to drive that trend more. People all over the world will begin to want to get into bitcoin in 2014 more than ever before. The adoption will drive the price, that will drive the desire to get in, and people will do what they have to do to get in.

"officially" out of Bitcoin yes.

Unofficially? It will be business as usual very soon. Indians are very resourceful, they bend the rules on a daily basis, it's a part of the very fabric of their society.

This isn't the last we will hear about India and Bitcoin.

1/3rd of the world population maybe but not nearly 1/3rd of the worlds money supply

it's worse for the poor people in india, who will stay poor because they can't join the bitcoin bandwagon.

although if they really want they will find other ways to obtain bitcoin.

As per new RBI guidance they don't plan to regulate bitcoin or to do any thing with bitcoin , RBI only concern is related to money laundering issues which can be addressed with AML e.t.c so India is both officially & UN-officially not out of bitcoin , peace.

[joke]
You could not possible run the indian economy in bitcoins, as there are not enough crores available. Imagine India running on only two crores! Impossible.

In fact, there is not a single lakh crore bitcoins available.
[/joke]

Do you really believe everyone can get rich?
It's a zero sum game with trading fees. Every profit you cash out, somebody had to pay for it.

It is just redistribution of wealth and the biggest chunk goes to the early adopters in 2009-2011. The others can still profit, but it's impossible to turn 10$ into 1 Million $ with just holding like before.

Not everyone. Just everyone who gets in now. And even when most are in (years from now), as long as we are below saturation anyone can at least make a little extra. The "bag holders" that people love to talk about are the ones who stubbornly stick with fiat.

Indeed, it's a positive thing.  It's healthy to have some countries crack down on Bitcoin as others embrace it.  If Bitcoin continues to survive and evolve, the following decades will give us data as to whether or not the use of Bitcoin is a net positive for society.

I am an Indian and I still think RBI not regulating Bitcoin does not ever stop me from getting Bitcoin.
I am buying Bitcoin by wiring money from my bank to an overseas exchange and can buy/sell Bitcoins. I can transfer the dollars back into my bank. My Indianbank does not have to deal with Bitcoins directly during the entire process. How can this not work?

Everyone can be rich in money, but they can not at any time spend in total more than what is produced globally (someone should tell Bernanke).

The reason is that money has only exchange value. If everybody should decide to spend their reserves at the same time, prices would rise and hence the value would disappear from the money.

Everybody could have lots of reserve value in the form of money, and buy and consume when they decide to. Just not everybody could consume all their riches at the same time.

In fact, even when everybody is underwater, they could consume in total what is produced in total. That is maybe the situation now, with all the debt.

That is not entirely true. First world countries (expect the usa) have 0 to 1.5% inflation. They won't be bagholders for the next 50 years. But with bitcoin there will be a lot of people losing large amounts of money.

May be you are forgeting that Bitcoin is such currency where everyone could earn. Who is loosing money can you show some example, May be some people loose 100-200$ but that is not the fault of Bitcoin its fault of those who panic sell. No One Loss/Lost In Bitcoin

Of course somebody hase to lose...
If I can buy low and sell high, someone hast to sell low and buy high. Simple as that.

We are not in an utopic dreamland. Bitcoin is not generating wealth from thin air. It takes it from the weak gamblers and transfer it to the strong hands.
Just don't forget to cash out (partially) -> there is not enough cash for everyone to become a millionaire

It will be the same like every bankrun -> the first ones get their money, the last ones will lose everything they seemed to have gained.

Poker is a zero sum game.  The net amount won must equal the net amount lost.  

Bitcoin--like investments in productive new technologies--is not like this: its widespread adoption can increase the World's Wealth.  Think of all the man-hours we can eliminate when we don't need a bank with 30 employees on every corner.  Think of all the resources that we will not misallocate when money-printing by central banks is curtailed.  Think of all the new opportunities that could present themselves when the power or this global decentralized tamper-proof ledger known as the blockchain is understood.

Yeah... forgot the massive power consumption of the network. The transaction fees. The exchanges that will be necessairy a long time.
It's not all shiny. The idea is great, but it's heavily corrupted by greed.
There are still no good and reliable solutions for non-tech consumers. Noone invested in this fields -> the risks are too great -> better speculate on another price increase


What's wrong with bitcoin?
ASIC domination -> decentralization will be lost sometimes in the future
Early adopters with more than 90% of all coins mined till today