Because Economist dont understand cryptography. |
|
|
|
Edit:
Auction for this board has started in the Marketplace(India).https://bitcointalk.org/index.php?topic=464779.0I am getting a delivery of 3 ASRock H81 Pro BTC motherboard in a few weeks time, I may be willing to sell of one of them. so before i do that i would like to gauge the demand and if that product is something people here would like to have. If the response is good i will do a bulk order in the future too. Edit : also including 5 pcie x1 risers too.  
|
|
|
|
Doesn't the USD held in a BTC-e account come under that ? Isn't that fixed value. Also can you point me to where it does say that its fixed value because look below.
Also what does this line mean then in this context ? No because BTC-e is not a Indian company. the laws apply to India only. PS: Do we have a legality thread for BTC ? I mean besides the 2 interpretations of Vijayshanker and CIS ... if not then maybe we should have one and all of us can be devil's advocate and try to find faults in such situation from a legal perspective. Maybe it will just be a good excercise in giving clarity. Or maybe I just don't understand law Cheesy This has been extensively discussed in the early days of the Indian subforum, |
|
|
|
We've just launched our e-commerce store in India - HighKart.com.
Built to help Bitcoiners in India shop online with Bitcoins!
You can purchase home appliances to computer accessories to Fashion to Sports and Fitness and the list just goes on!
And what’s more? We guarantee you the lowest prices ever!
Wanna spend some Bitcoins and haven’t had the opportunity to? Well, what are you waiting for?
Register with us and start adding our items onto your wish list and have them shipped across to you anywhere within India!
Need help with anything during your shopping experience? – Chat with us between 10 am and 5 pm IST, and our team would be available to help!
Good to see you starting a proper Online store. i hope you become a great part of this community and flourish. |
|
|
|
How much you want to transfer? I can buy your USD codes and give you INR in any bank account.
+1 |
|
|
|
From the guideline : 2.2 Holder: Individuals/Organizations who acquire prepaid payment instruments for purchase of goods and services. So its not just businesses. That's the thing with btc and the like .. its quite murky to interpret it legally until there are clarifications from the RBI itself. All the interpretations that have been put forth till now have not been tested in a court of law. That's why I am a bit hesitant about the whole thing. The thing is that BTC is not prepaid. |
|
|
|
Who is the owner of http://highkart.com/Any one know about the origins. the domain seems to be registered in Australia, No office in Delhi, and no company name, to indicate if it is a proprietorship or a .ltd or a partnership. Co-founder is from Delhi. Will connect you'll. Sure cool. |
|
|
|
Yes, forgot the way using laptop to mining in this difficulty, if you mining with laptop 2 years ago, you can mining lots of bitcoins, but now, with lattop mining for 1 year, you may only get less than 0.1BTC, so just forget it.
Use CPU like I7, the hashrate is about 0.04M, now our product is 200-200G hashrate, for about 0.06 BTC this day.
You can caculate how many you can mining with computer cpu now.
Try a real bitcoin miner if you want into bitcoin mining, or just learn more before going into this risk market.
+1 Looks like you are selling miners. |
|
|
|
Who is the owner of http://highkart.com/Any one know about the origins. the domain seems to be registered in Australia, No office in Delhi, and no company name, to indicate if it is a proprietorship or a .ltd or a partnership. |
|
|
|
Can I use international bank wire, what is SWIFT/ABA?
Contact you bank to get that detail. Isn't there a big chance he might get into trouble with FEMA/regulation stuff ? I don't think its a good idea to contact the bank .. instead why not convert it to btc and sell them off locally. That seems much safer. He is only asking for the details. FEMA/regulation stuff would be applied if he is actually laundering money, as long as he is able to show how he got the BTC and how is is receiving the Fiat there is nothing illegal in that. money laundering is mostly used to hide earnings and wealth from the authorities. If a person has money to hide and does not want to pay tax on that money he will use elaborate measures to clean that money. At this moment In India Bitcoins are impossible to be used as money laundering system because of the low volumes. (Volumes in india was always low, some where to about a few thousand BTC). Even at high Volume market, money laundering is impossible because of the volatility of the bitcoin. I don't think so , reason being one is not allowed to have an account like paypal unless one has linked their bank account to it. So in this case when one is selling it is selling for USD and I'm not sure if its legal to already have cash in there without having taken permission from the bank/authorities. Right now the bank might view it as an unauthorised channel/account where his funds are held. Correct me if I am wrong. TLDR : Only authorized entities are able to issue foriegn exchange under 4.2 here http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=1902 . Also there is a clause which says these institutions have to have an AML/KYC policy in place. BTC-e does not fall into either category. The rules you are quoting applies to businesses that are running in india. Paypal is also in india and wants to run its business. so they have to follow what ever rules the RBI sets by them. However for a exchange like btc-e it is governed by the rules of the country it is registered in. When some one sends money via wire transfer there is an electronic trail from the sender to the receiver. so getting money from btc-e can be proven from the money transfer. now on the BTC side, if the government wants to know where he got the btc from the BTC blockchain provides the transfer details. Remember KYC is some thing companies need to follow. if a Indian company does not follow KYC rules in india they are liable to it, not the customer. If the customer is doing thing all legal he then cannot be charged for doing some thing legal. If the customer engages in illegal activities, the investigating authorities need to investigate it first and collect evidence before charging anyone of a crime. Corpus delicti applies like any other crime. |
|
|
|
|
Lol,
Dont you know those departments only want to target those who are weak. 50+ cr they will pocket about 10+cr to line the pocket and then let the ponzi scheme run.
i have given up on the system.
|
|
|
|
Can I use international bank wire, what is SWIFT/ABA?
Contact you bank to get that detail. Isn't there a big chance he might get into trouble with FEMA/regulation stuff ? I don't think its a good idea to contact the bank .. instead why not convert it to btc and sell them off locally. That seems much safer. He is only asking for the details. FEMA/regulation stuff would be applied if he is actually laundering money, as long as he is able to show how he got the BTC and how is is receiving the Fiat there is nothing illegal in that. money laundering is mostly used to hide earnings and wealth from the authorities. If a person has money to hide and does not want to pay tax on that money he will use elaborate measures to clean that money. At this moment In India Bitcoins are impossible to be used as money laundering system because of the low volumes. (Volumes in india was always low, some where to about a few thousand BTC). Even at high Volume market, money laundering is impossible because of the volatility of the bitcoin. |
|
|
|
Not sure is scrypt ASICs can make that much difference, the hashing requirement is limited by memory. I think the cost of these ASICs + the memory chips would be somewhat equal to most GPU's in the market. Yes that will be the case, scrypt asics even IF they arrive, won't be as big a game changer as the BTC asics were. Thats just the way scrypt works. Plus given the choice of going with GPUs vs ASICs : I would prefer GPUs since they can be used for other tasks as well. As far as ASICs are concerned they will just do one funtion only,i.e, the function for which they are built. So resale value/price guarantee is much more with a GPU vs an scrypt ASIC. Main advantages are: 1. Lots of power saving. Best suites for the countries where the cost per watt is high. 2. Initial ASIC scrypt mining hardware is just a stepping stone. Based on these, future ASICs will be re-designed in cost effective manner. More china manufactures will enter the market that will reduce the cost significantly. 3. Ease of use. 4. Occupies less space. Well the power difference will not be that much as compared to a GPU of the same hash rate. the ASIC may consuming a bit less if using 28nm chips. but the main problem is the memory requirement for scrypt to function properly. the ASIC needs to be integrated with a memory chip most probably a inbuilt RAM . The ram problem is solved by GPU's, as it comes with inbuilt ram. The only way scrypt ASIC would be cost effective is by introducing something like a 16nm (currently developed by IBM) or an experimental 8nm carbon nano-tube based ASIC. This will significantly reduce power consumption and increase hashing power. Till then ASIC's and GPU might be going on head to head. But development will happen and ASICS will become far more efficient and faster. on the long run ASICs for scrypt is the way to go. Will connect you to a Hyd chappie who has access and knowledge of FPGA. He was talking to me about a scrypt FPGA. Sounds like an interesting project. |
|
|
|
Can I use international bank wire, what is SWIFT/ABA?
Contact you bank to get that detail. |
|
|
|
Not sure is scrypt ASICs can make that much difference, the hashing requirement is limited by memory. I think the cost of these ASICs + the memory chips would be somewhat equal to most GPU's in the market. Yes that will be the case, scrypt asics even IF they arrive, won't be as big a game changer as the BTC asics were. Thats just the way scrypt works. Plus given the choice of going with GPUs vs ASICs : I would prefer GPUs since they can be used for other tasks as well. As far as ASICs are concerned they will just do one funtion only,i.e, the function for which they are built. So resale value/price guarantee is much more with a GPU vs an scrypt ASIC. Main advantages are: 1. Lots of power saving. Best suites for the countries where the cost per watt is high. 2. Initial ASIC scrypt mining hardware is just a stepping stone. Based on these, future ASICs will be re-designed in cost effective manner. More china manufactures will enter the market that will reduce the cost significantly. 3. Ease of use. 4. Occupies less space. Well the power difference will not be that much as compared to a GPU of the same hash rate. the ASIC may consuming a bit less if using 28nm chips. but the main problem is the memory requirement for scrypt to function properly. the ASIC needs to be integrated with a memory chip most probably a inbuilt RAM . The ram problem is solved by GPU's, as it comes with inbuilt ram. The only way scrypt ASIC would be cost effective is by introducing something like a 16nm (currently developed by IBM) or an experimental 8nm carbon nano-tube based ASIC. This will significantly reduce power consumption and increase hashing power. Till then ASIC's and GPU might be going on head to head. But development will happen and ASICS will become far more efficient and faster. on the long run ASICs for scrypt is the way to go. |
|
|
|
Not sure is scrypt ASICs can make that much difference, the hashing requirement is limited by memory. I think the cost of these ASICs + the memory chips would be somewhat equal to most GPU's in the market. Yes that will be the case, scrypt asics even IF they arrive, won't be as big a game changer as the BTC asics were. Thats just the way scrypt works. Plus given the choice of going with GPUs vs ASICs : I would prefer GPUs since they can be used for other tasks as well. As far as ASICs are concerned they will just do one funtion only,i.e, the function for which they are built. So resale value/price guarantee is much more with a GPU vs an scrypt ASIC. I agree , the resale value of a scrypt ASIC would not be there at all. a GPU would be a better option. |
|
|
|
|
so who do we ask to make this change??
|
|
|
|
I'd suggest given the history of ASICs being delivered on time , it is better to wait. Also most of these companies have/are been called scam. So its better to wait and watch. BTC ASICs are more trustworthy for the time being. Not sure if scrypt ASICs can make that much difference, the hashing requirement is limited by memory. I think the cost of these ASICs + the memory chips would be somewhat equal to most GPU's in the market. |
|
|
|
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. |
|
|
|
Could anyone advise me as to where I can purchase ASIC mining chips in India?
I dont think you will get you own ASIC chip for litecoin, ckz all the ASICS in production right now is for Sha-256, you can design a new ASIC for scrypt but, you will need to take into account the large memory load or find a solution to the problem of large memory requirement. i may be wrong, there were some news that ASICS for Litecoin was developed but that is just hearsay for now. |
|
|
|
|
Show Posts
