Oh... c'mon there have been only 6 people who ever logged into this room.
Starting to think its going to be a waste keeping an IRC up and running.
Dude in the era of whatsapp, BBM and viber (including free text) i doubt if people will be interested in IRC. Kepp it open if it is not costing you anything. If it is, then rethink on it. Whatsapp and bbm what a waste. will let the room stay open. I will remove my bot out of it, can use my shell some place else. |
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Oh... c'mon there have been only 6 people who ever logged into this room.
Starting to think its going to be a waste keeping an IRC up and running.
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Which blade version are these. and if you dont mind me asking why are you selling it if you only used it for 3 months. makes more sense to use it for 6-9 months and then sell.
So you have been using this for 3 months and before that pinwheel had it. right.
So what are you willing to offer?
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Interesting. i might be interested but need to know how long it has been used for. and is this the one pinwheel first got ? over 6 months then we should negotiate .
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Guys please beware of scammers that are after your money. Bitcoin has a lot of luster that sometimes blinds you. People will play on a persons greed and then start scamming you.
Rules to follow:-
-If it sounds to good to be true, then its most probably a scam/ ponzi scheme.
-Never trust some one just because you had a few trades gone smoothly before, they will usually try to gain your trust and then hit you when you least expect it.
-Make sure all your trades are done in public as records can be verified.
-Separate your trading email from your personal emails.
-Dont click on any links sent to you on a trading email.
-Be very aware when dealing with people over the phone, there have been attempts to get personal details through social engineering.
-And always use an Escrow. Benson has been doing a great job with that so use him for your escrow.
DON'T INVEST MORE MONEY THAN YOU CAN AFFORD TO LOOSE.
I got a real strange call yesterday for bitcoin investment sounded shady.
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Looks like you are having a hard time getting some coins. do this
post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.
Thanks for the offer, that's very kind of you. I understand the process though. I managed to get my hands on 8 litecoins and converted those to BTC and transferred them to the wallet on my laptop. I own 0.1 BTC as of today (yay). I want to pick up a few more actually, between 4-6 BTC incrementally and can wait for the price to come down - given the volatile nature of the currency, I am hoping to pick them up for between $400 and $500 each at some time in the future. If it falls down more than that then its my good luck but I think 400 to 500 range should be possible near term. That's awesome! play around and get a feel of it more. try making a paper wallet and encrypt your wallet. you can also play around with the concept of getting devices on a air-gap. Best of luck |
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Looks like you are having a hard time getting some coins. do this
post your bitcoin address and i will forward you some coins you just play around with. It will be really low amt but some to get you started. and get the hang of thing.
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Interesting thread. Has anyone actually declared an income from their bitcoins in their IT filings. I will be most interested in knowing especially if I profit from this down the road.
I realize that a number of people don't need to pay taxes primarily because they don't trade or make significant enough profits to declare but for those that have filed, what ITR forms have you submitted.
I know that people having regular incomes and interests file ITR1 form. Those that also have rentals file ITR2. I also know that regular stock, intra day traders file ITR4 where they show profits and write off losses, deduct operation expenses etc. Bitcoins are still ill defined as far as Indian taxes are considered. Should it be filed as a short term capital gain. How does one off set expenses incurred in hardware and electricity in the tax returns? Or if he has purchased the Bitcoin, he should only be paying a capital gains tax on the profits.
Eventually I hope the authorities are going to make this clear once they see the volume of people using Bitcoins in India.
Well the current understanding would make the declaration as a Capital gain (depending on the time you held the BTC long term or short term.) . Income Tax Slabs Income Tax Rates Where Total Income does not exceed Rs. 2,00,000 NIL Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 2,00,000 Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000 Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000 I doubt if it is as simple as adding profits to your existing incomes and figure out which slab you fall under. It would not apply for Long Term CG Leaving aside the details of what type of capital it is (property or stock for instance) or if it should be eligible for indexation, long term CG has a flat tax rate of 20% regardless of what tax slab you will normally fall under. The significance of inquiring about the ITR Form meant for Traders is that it will allow many tax benefits for those who repeatedly buy and sell, including expenses and off setting losses. It occurred to me later that it will not be possible because these are unregulated trades and hence don't have STT charges. Long term CG applies to assets you hold for 36 months or more . then the fixed 20% is applied The Short term Capital gain is the is calculated with the slab above. Its the ITR 2 that you fill up for capital gain (Other source of income). unless specified. The problem here does not lie with Regulation or non regulation, but with the correct Tax definition. Till the time The income tax department does not specify any specification on income generated through the conversion of crypto currency it should be considered as other income and filled under the ITR2 . (Better safe then sorry). The tax calculation will not apply to the bitcoin but the INR that is converted. Edit :- Yes it is not as simple as adding profits to your existing income. i would suggest a consultation with a tax expert on the calculation methods. I will have my done this coming financial year and will post the details and processes ,. |
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I wonder if this will bring about changes like Jim had predicted.
It was in TOI as well. If only the reporters had read Jim's actual whitepaper. they make it look like its an actual market, but its not. Its more like a gambling website (maybe not) but you get my point. |
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Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?
According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.
The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.
I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.
Thanks again
lonsharim
If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India. When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments. And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her. Somebody correct me if am wrong. Yeh you are correct on that. and there is also a few conditions , if i remember it correctly . you can send money out on these following condition. 1. money to relative. 2. Education. 3. medical. and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal. there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution) Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.? I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD. But are there any restrictions / does it cause red flags.? No ! it does not . the only red flag on credit card is if you try to use credit card for money laundering by overpaying the card and then using that amount in another place. Could you explain this out a bit? Isn't the source of the over-payment known? Yeh ! the source is known, this was a problem a few years back people were overpaying the cards usually payments were from other accounts (not belonging from the same person). took the banks some time to notice this so now days all banks have their own policies on tackling with over payments. usually its put on a watch list or reported to the RBI. Person A has a credit card. Person B makes a payment through check to the person A's cc, the amount gets overpaid on the cc. person A calls up the bank and tells them he made a mistake and overpaid it and requests the bank to pay him back. usualy back then banks used to send the a check to person A . poof instant money laundering. RBI made good progress in making sure credit card companies complied with the law and curb this problem, i dont think now days it happens much. But, i so much wish the RBI would ease up on money transfer for the conman man, and concentrate more on the rich who launder money. Because the RBI want to stop money laundering they end up making rules that make it impossible for the legitimate and normal man to do any thing. |
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Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?
According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.
The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.
I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.
Thanks again
lonsharim
If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India. When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments. And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her. Somebody correct me if am wrong. Yeh you are correct on that. and there is also a few conditions , if i remember it correctly . you can send money out on these following condition. 1. money to relative. 2. Education. 3. medical. and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal. there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution) Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol Does anyone know what are the conditions to use a Indian VISA debit card in a foreign ATM.? I know that they charge a hefty (125 INR) i guess as fee and the ATM that am using also charges 3 - 5 USD. But are there any restrictions / does it cause red flags.? No ! it does not . the only red flag on credit card is if you try to use credit card for money laundering by overpaying the card and then using that amount in another place. |
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Just thinking aloud. Has anyone done a wire transfer to btc-e.com and then purchased BTC from India?
According to their website they take a minimum transfer of $500 - minimum $20 commission, 3-7 days for transfer, verification of ID and Utility bill etc.
The demand to buy through local websites it seems is very high. Every time the price has gone down to a level I am comfortable to purchase, BTC are not available for sale (sold out or the individual does not want to sell anymore). Those that are ready to sell have a large spread over current Mt Gox price, over 10%.
I was thinking, at least with an exchange like BTC-e I can
a) buy on demand once the funds are in.
b) buy at exchange rate with minimum spread/commission.
Thanks again
lonsharim
If you send the wire, they will be more than happy to accept it. But the problem lies in sending it out from India. When you try to do a international wire-transfer, you need to provide a Purpose code to the bank as per RBI. This is to track down hawala payments. And you come under scanner from all different departments based on your purpose code. You can send it as educational purpose or something on those lines, but you need to have someone in that country studying to prove that and your relationship with him/her. Somebody correct me if am wrong. Yeh you are correct on that. and there is also a few conditions , if i remember it correctly . you can send money out on these following condition. 1. money to relative. 2. Education. 3. medical. and these have a cap of about 50,000/-, and you need to have proof for it all. if you say its bitcoin they will usually not understand what you are talking about and when you explain to them what it is they will usually treat you a a criminal. there is also another way is if you are buying or purchasing goods, but for that you need to provide alot of garbage paperwork (causes more headache than solution) Funny thing is that i can use a credit card on a foreign website and do a transaction of over 50k. lol |
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Interesting thread. Has anyone actually declared an income from their bitcoins in their IT filings. I will be most interested in knowing especially if I profit from this down the road.
I realize that a number of people don't need to pay taxes primarily because they don't trade or make significant enough profits to declare but for those that have filed, what ITR forms have you submitted.
I know that people having regular incomes and interests file ITR1 form. Those that also have rentals file ITR2. I also know that regular stock, intra day traders file ITR4 where they show profits and write off losses, deduct operation expenses etc. Bitcoins are still ill defined as far as Indian taxes are considered. Should it be filed as a short term capital gain. How does one off set expenses incurred in hardware and electricity in the tax returns? Or if he has purchased the Bitcoin, he should only be paying a capital gains tax on the profits.
Eventually I hope the authorities are going to make this clear once they see the volume of people using Bitcoins in India.
Well the current understanding would make the declaration as a Capital gain (depending on the time you held the BTC long term or short term.) . Income Tax Slabs Income Tax Rates Where Total Income does not exceed Rs. 2,00,000 NIL Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 2,00,000 Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000 Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000 |
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I wonder if this will bring about changes like Jim had predicted.
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Well the Chinese pushed the BTC to such level. What i am trying to understand is that can this effect the entire ecosystem of bitcoins around the world.
Besides the growth in value of BTC i see these as a bad side effect .
1. hoarding the Bitcoins creates a supply problem.
2. artificial growth of the Coins
3. Loss of basic utility of Bitcoin being used as a currency
There is another problem i am trying to wrap my head around.
For some reason i see bitcoin's rapid growth as its own downfall. i say this looking at the economics relating to it.
If a price of a currency increases at such volatile rate, can it be effectively used as a mode of currency, because of the coin changing its value it becomes next to impossible for people to have any certainty on its true value during purchase. I guess i just repeated point 3. *aww well*
I like that Bitcoin is increasing in value day by day, but what i would have liked to see was a steady growth in value alowing people to stabilize transaction of goods and services. but what happens in reality is it jumps and falls rapidly.
What do you think should be the ideal growth rate and coin supply, so that it is easy for vendors to do business?
1. Hoarding is most logical thing a person can do with Bitcoin. How dare you expect them to spend Bitcoin?  Comminity has already seen people crying due to past experiences of lofty Bitcoin spending. And this crazy price ride is sure to refrain them from spending. Other unwanted consequences of this price surge in small Bitcoin economy i.e India is- halt in trade. 2. Artificial growth of coin? Can you please elaborate more on this. I thought, fate of coin generation is sealed in maths. 3. No matter.. how much people shout it to be currency. What I think is Bitcoin is math asset with super portability. Although, it can be used as currency but never a currency as prime. Yeah! One day it will become currency when, it market cap will reach large enough so that players won't be able to play with it price but injecting or drawing money out of Bitcoin economy. Beware! $ 500000.. something something dollar raised by Chinese exchange is being used for insider trading. Enough vomited!  Artificial Growth, was in relation to the hoarding effect. (I should have mentioned it), Well when hording occurs the inflation of growth is artifical induced by people wanting to pump up the prices to such a level that it can be dropped later on. the basic economics of supply and demand becomes influenced by individual forces not market forces. 3. No matter.. how much people shout it to be currency. What I think is Bitcoin is math asset with super portability. Although, it can be used as currency but never a currency as prime. Yeah! One day it will become currency when, it market cap will reach large enough so that players won't be able to play with it price but injecting or drawing money out of Bitcoin economy. The statement you made is a woring trend, as an object will only hold value if that object has utility, if bitcoin loses its basic utility of being a instrument for purchase and sale then it also looses its asset value. the two is intertwined like lovers. |
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- Extremely hard to start a Incorporated Company (ltd). usually taking any thing from a month to 6 months to get all the paperwork finished. Subvolatil, I doubt your claim. Today, they sanctioned CoinMonk's license-B87631354 after a long internal discussion and will sure sanction future application in shorter time compared to his. [/quote] I have no idea what you are talking about as i am not Familiar with CoinMonk, But i am Familiar with is starting a few business and the bureaucracy i have faced in doing this. May you are one of those privileged ones who use the Red tap and nepotism to expedite the process. |
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Just give it some time, that transaction was sent . maybe there might be some problem on the way . just pm buysellbitco.in and he should be able to get you the details asap.
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Barrier:
1. Ignorance
2. Lack of courage to take part in new experiment.
3. Indians do what other do. So, Indians will start when Indian start. (Paradox)
4. Neither we like virtual currencies nor we've experience with virtual currencies.
5. Transaction are pain in ass in India.
6. Majority of people don't have credit/debit card.
7. They don't understand Bitcoin not have "spirit of inquiry."
8. RBI would never take Bitcoin seriously.
A very interesting list. I would add - India does not have a good open source software culture. (most indians look down on opensource software, that includes a vast majority of people in the IT industry) - Trust problem. What i mean by that is that there is an inherent issue when trying to collaborate in projects for the love of it . only driven by the motive to earn money. - The British Raj mentality. i.e - will wait until authority will tell them it is ok to do it. hence give rise to License Raj - Corrupt government departments. - which create a fear in people starting businesses that corrupt governmental official would raid them on false pretex and create problems. - Extremely hard to start a Incorporated Company (ltd). usually taking any thing from a month to 6 months to get all the paperwork finished. |
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@buysellbitco.in, Yesterday night i try to buy from your site, but it said buying for today is over.
I tried again & it said business hours is 8 am to 5 pm.
make business hours 24/7 if you can watch market 24/7
I guess coins are rapidly running out . I wonder if buysellbitco.in can tell us what volumes have been traded this week for him. just to get an idea of the current market. |
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