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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?
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OP, it is not clear how your wallet was stored. If you want help, you need to explain the problem clearly:
You used blockchain.info.. Right? It does not store wallet locally (except in the cache). The wallet is stored in a db at the server. So I don't see how a disk crash could cause this.
So all you need is the wallet identifier and password. The identifier is used to find which wallet to open.
Did you lose your identifier as well? If so, did you have an email attached with your wallet? If you don't have it, the you need to look at the browser cache to see if the wallet is there. Do not use the computer for anything, and post this in the "Technical support" forum. Someone there will be able to help you.
+1. Am still trying to figure out how disk crash would affect a blockchain.info wallet. You might loose the client side encryption if you were using browser extension. But i think you should still be able to access your wallet through web. Isn't it.? Yup recovery is possible i have recovered accounts from blockchain.info by simply getting the email attachment. But what i suspect is that he may have used a disposable email address and never bothered to back up the email. Now that the identifier is lost he cant retrieve any emails from a disposable email address and now it just impossible to get it back |
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@subvolatil: I don't know you are getting so hyper. Like I said, I do not support nor protest against them. Their source of funds is completely unknown to me and neither do I care. As I see it, this is just a form of asset protection/investment away from traditional modes. Although it is apparent from my posting that there is some illegal source of funds considering the hate we have for those types of people generally.
If mod thinks this is against the rules of the board, he may delete the thread.
Absinthe
All i am saying is that bitcoin does not need bad press right now. and being linked to money laundering is some thing the community does not need. there is no rule against talking about it . I am just voicing my opinion and requesting members to keep clear of such practices. This community is a small one but growing , we can't have something linking criminal Enterprise stopping any chance of a good Monetary system being accepted in India in a wider scale. You look at BTC as a asset protection and investment, which in its self points to illegal money laundering schema. and involve Builders and politicians, then that just becomes a giant red flag. You yourself just admitted on the above post that there are some illeagle sources of funds. If that's being true i would suggest you not to advertise it especially on a public forum and take your business dealings away from the public forum. And by the way i think you have not done your home work on how BTC works, do that first. like i said every thing is traceable and all transaction is public that includes the BTC amount on the address. |
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now just mark this off as a loss and move on.
there will be sunnier days ahead.
I have been banging my head on the wall for the amount of BTC spent/ converted over the past year. -.- Somebuddy shoulda warned me this was gonna crash upwards! I have been hitting my head over with a hammer sold off every thing at $298 and now i am regretting. at first i was like smart move you are rich and wait for it to go down, it never went down. :-( he he.. Am also in the same boat mate.! I Offloaded a few as soon as it hit 300.. Part of it was of my customers assets which i manage. The more painful thing is, if this price increase was over the period of 6 months, then it would have not bothered me. But instead it is over a period of 1 week. Infact i received the USD transfer from the sale just 2 days ago when it was 500. If i knew china would be investing so heavily i would not have sold, could have earned profit to have my self retired, but instead i was left with holding my D**k . Argggg....... And now there is a dam coin shortage . |
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Where are all the bitcoins..? Is btcchina making such a difference.? Coinbase is out of stock as well. They are not honoring any instant buys.!  Yup the Chinese are Hording the coins now. They are going after LTC now. I just hope the Chinese government makes uses of BTC more transparent . Looks like the Americans are warming up to the idea of bitcoins being a good thing for the economy. |
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A Word of WARNING!! @Absinthe as you have mentioned big politicians and builders i see criminal enterprise, and money laundering. this is not some thing that this community wants to associate its self with . If you have such intention please keep is far away from this forum. and by the way Bitcoin is not a investment instrument it is a value transaction system. Do also note that bitcoine is a open system with all transaction logged forever, and also that the bitcoins can be traced using various analysis technique. so dont think that bitcoin is a anonymous system where criminal activity can be kept secret. |
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now just mark this off as a loss and move on.
there will be sunnier days ahead.
I have been banging my head on the wall for the amount of BTC spent/ converted over the past year. -.- Somebuddy shoulda warned me this was gonna crash upwards! I have been hitting my head over with a hammer sold off every thing at $298 and now i am regretting. at first i was like smart move you are rich and wait for it to go down, it never went down. :-( |
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@americandesi: Thanks for the advice, will sure check that out. Considering China is #1/#2 in black money near about up there with India globally, I wouldn't be surprised if it crosses $1000 before Dec. They are some crazy f#cks    Check your PM btw, want to buy. @subvolatil: Are you saying this is a bubble. From what I've seen and read, this is just the start. Imagine what will happen when the next tsunami comes. It will make 2008 look like a small blip. BTC is the way forward. Revolution. Absinthe well like i said the chines are depleting the supply of btc, they are effetely hording it. now. if the chines hold btc to such a volume that it makes it impossible for btc to be used for trade ( buy goods and services.) that will bring about a change in businesses not accepting btc and using other alt coins. This may happen after one year or next month, the world of btc is highly volatile, have to tread carefully. if you end up investing about a Crore today and the price falls what answers are you going to give to your bosses. i guess those people will rather like to make people dissipear that listen to your reasoning that the prices will rise in time. All i am saying is be careful, i have seen alot of BTC bubbles burst. Note:-- The price of bit coin will rise and will keep rising. the only factor is you must not panic and read the over all environment BTC is at at this moment. The value of BTC is in the utility of the coin if it looses that utility the we are all fucked. |
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Well the chinese are holding their BTC and wont let go of it now.
Better look else where like LTC and FTC, as a long term solution. You will get burnt once BTC hits the price wall and drops like a brick, you will loose that money so be careful.
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Check your email try to see if you find the old identifier number in it . all you have to do is get that identifier number and login using your old password . And dont panic.
No i haven't used my email even that time.that was just the beginning for me to start using the bitcoins Well in that case all i can say is better back up your wallets and stop using the hosted wallet service. have it on your computer encrypt it or print it out. now just mark this off as a loss and move on. there will be sunnier days ahead. |
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Check your email try to see if you find the old identifier number in it . all you have to do is get that identifier number and login using your old password . And dont panic.
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I live in the states. and it's the midwest, south crowd that have negative sterotypes for indians
Aware me on this?
That's ckz you are living in the midwest, redneck nation, its normal there. Its worst in Texas. |
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Well regulations are good. Regulations are there mostly to get consumer protection. Think once if IRDA is not there what will happen in insurance sector. If TRAI is not there what will happen in telemarketing sector. There might be difference in opinion in their execution or effectiveness, but they are needed for sure.
Regards
Regulation as a general principle is required when a significant portion of people/businesses are using a new kind of service/product. Regulation is promulgated to ensure that the interested entities act in a fair and transparent manner. Most of the Govt Organisations all across the world act on a similar basis. Given that bitcoin has not touched even 0.1% of Indian population, I am pretty sure RBI is acting rightly when they say "watching and learning". Let us hope that bitcoin crosses the minimum threshold and regulation is introduced. By that time some of entities who are already dealing with Bitcoins will be asked to follow the regulations and at the same time will be given enough time to adhere to them. Well i have always been anti regulation. it is only made to profit the richest companies and individual and does not take into consideration the population. IRDA and TRAI makes it impossible for a one man enterprise to enter that sector and innovate and provide proper growth. It usually stagnates growth and progress of a particular sector. Government regulation in full transparency of public review and implementation is the only way a regulation will work, in India that will never happen , its to corrupt. |
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I did not get the point. Who decides the base price for charging the commission? Say I buy a coin for Rs.1000 and want to sell it at Rs.1200. Either i directly quote Rs.1200 as the price or say the price is 1150 and the 'fee' is Rs.50 .
"It gives you better competitiveness in price display." is the prominent factor if u ask me. ppl will visit thinking the rates are cheaper, ofcourse can later decide on it. devansh1991 what you said is an ideal form of trading which can only be possible if there is a trading market, in India. right now the price determination is done by exchanges that are in other countries and it does not paint a proper picture of what the market force in India is like. I have always said that we can create a market force determination in India without a conventional trading market setup (Exhange), i.e to use this forum's Market section as a barometer, enforce a rule that makes the sellers and buyers to display the amt they are willing to buy and sell for . the mid point will be a current market price. |
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^^^ - this is the absolute truth. Don't believe it? Go read the inputs.io and coinlenders threads.
Its unexpected what happened to inputs.io BTW, is Blockchain.info safe ? Nothing is safe on the cloud. get your own wallet and encrypt it . security of your bitcoin is totally on you. i prefer to print out my wallet and keep it off the grid. |
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I wanna see Darjiling.......
Love that town lived there of a couple of years, if you are going there hit me up will refer you a few good places. |
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Hey !!!! why is every one reserving.  A well i guess i should too . (I think i should announce a strip club that only accepts bitcoins.) Reserved. |
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Sorry about that, looks like people dont want to use IRC. i still have a channel bot running on that and do login during the night. but so fat no one come over. looks like the volume of people interested in Bitcoin is fat lower that we thought in India.
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Hi, I have reviewed almost all the indian exchanges, inrbtc.com, buysellbitco.in to name a few. - Most of these sites requires around 8 step for me to even do something, I might as well make my own exchange in 8 steps
- The time period from most faq looks like from 1 - 4 days,
- Whatever happened to showing volumes and taking buy/sell orders ?
- No good indian exchange is showing up its graph in bitcoincharts.com , we have 12 US exchanges and 3 chinese ones. How does anybody know the volume of indian currency being traded in bitcoins ?
To see what I am talking about see fybsg.com, or any other good international exchange . Here are the basic stuff needed : - Show and keep a local balance of rupees in the user account, no need for user to continuously transfer funds to buy/sell new coins
- Show volumes and integrate with bitcoincharts.com
- Allow user to specify buy/sell orders instead of giving them bitcoins at fixed price
- 2FA, not necessary to would be good
- Automated trading api
I am unsure of what are the legal aspects of an exchange in India. I am willing to help technically to make a better bitcoin exchange. Lets have a discussion on what are logistics in getting this done. Lets not be stuck in mediocrity btc_enigma , you are correct. the problem is that india does not have a proper bitcoin exchange market. the companies that do exists in India are only a currency exchange companies. (p.s - BuysellBitco.in you are a exchange company , you are not a Exchange market ) The main problem starting up a exchange market is that a company cannot take in money deposit from individuals, if they do they would need a lot of licence requirements from the RBI. Technically for the RBI if you accept deposits you are considered a banking and financial institution. and in india the Licence Raj is still in existence. The government makes it very hard to operate such a business. There are too many regulation and hoops you need to jump through to even operate a business in India. Creating an exchange that does what all the major international bitcoin exchange does is not a huge hurdle, it is the Business regulation and government interference that breaks a common mans back. Edit : Regarding Volumes. there is no actual volumes in india, there are very few people that uses bitcoin, There is barely any bitcoin meetups that happen in india. The one i have been to in Banglore is more structured to be call an investment group . Rather than a meetup. Bitcoin India IRC Channel is empty with no users even loging in . which means no one is ready to participate in contribution to bitcoin. Most of the users here are only here to make money. (Nothing wrong with that) I have not see a passionate member who believes in the decentralized power of bitcoin, and want to make it successful and not bring profits ahead of contribution. Grassroots initiatives are verry rare. The most Biggest problem in my opinion is that bitcoin is to expensive for people to really be involved in, espically in india. |
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