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hope evrything works out in a good way for you and all the bitcoiners in india.
All the Best.
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Don't know if it'll help or not. But it is a start.
The community should pull together and give back some explanations to the media and country, frequently.
We should demand some identity from the government.
They can't just give out some warnings and do some raids, and leave us hanging in confusions. There are people here who invested serious money.
Until the government comes out with regulations, i would suggest other bitcoin businesses in india should invest in strong CA & Advocates and carry on their work.
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WOW.. that is something new and proud to hear...  Its a shame that people live in less than a 100Rs a day. That shows, the living standards of people have dropped to such a level. its been always the same... crappy politicians make billions but the hardworking poor get less than rs.100 a day to live but atleast it is good to know one can live here with that low income.... there are still small shops here which provide a full lunch for rs.25 |
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Hello everyone ,I would like to know that is it possible to do arbitrage with Indian exchanges.And is there anyone who is profiting from bitcoin arbitrage?
Kinda spent some time thinking about this and i do think that it is possible. Both exchanges in India are well reputed and have transacted in high volume. But would need moving crypto to btc-e and back and first playing arb on the international exchanges. Have you tried to arbitrage at the International sites...Which one's are worth it and possible to withraw money.(As I have have heard it's quite impossible to withraw from gox currently) Haven't tried it yet. but i think there is a limit for transfering money to ur account from a foreign account. maybe somewhere between 50k-100k INR (actually that is why RBI is actually pissed with BTC  ) And also MTgox charges 2500yen(~25$) for each international wire transfers and also it takes a long time to recieve the funds (roughly 2weeks  ) |
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TOI authors wrote about Bitcoin but they dont even know
What Bitcoin Is?
How We Can Get It?
What Are The Uses Of Bitcoin?
Why Bitcoin Is So Popular?
Why In America, London, Canada EU and in a lot of Country Business Adopt Bitcoin?
Why Billions of $ Are Invested In Bitcoin Business?
they are just focused in there TRP nothing else so no need to think hard about it.
Damn you are right. Remember the "12 days of bitcoin" program by Bloomberg, how that guy struggled to get 1BTC initially, and got along with it easily doing and buying stuffs with BTC Media, Govt and the broader population will find it difficult to understand us initially. |
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Pv6zV84zuTxY59C4cQtUgPCT4DtTC3UrZy
Thanks
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WOW.. that is something new and proud to hear... |
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4) what is wrong it is wrong ,
also nobody explained yet why the hashrate is only 1/4 but the difficulty is 1/7
becuase the coins have different payouts, block rewards, and final total number of coins? do you not understand math with more than 1 variable? also, i'd like to point out you asked for proof, someone gave you proof, and now you claim the proof is wrong. nice troll. Are you insane? Do you know what difficulty means? What hashrate is? I expected the dogefans to not know too much about cryptos but.... Block rewards affecting the difficulty? What crap are you smoking doggie? I'm not a techie here, but i think u are rite about the block reward doesn't affecting the difficulty. But i do know that block timing has something to do with difficulty. the block time for doge is to be maintained at 60sec by the difficulty change with the increase or decrease in network hashrate. but in the case of litecoin the slock time is 180sec. And hence the difficulty is 1/7th when the hashrate is 1/3rd. So if you don't like DOGE i advise you to stop trolling here and read some crypto literature before shooting out at dogefans.  Even when a non-techie like me could understand this, i really do feel pity for you.... As for as the Reserve bank of India, i think we doges did really scare them with our success, when they(RBI) are seriously losing the fight aginst CurrentAccount Defecit & Inflation... LOL Damn they are really jealous of us....  |
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4) what is wrong it is wrong ,
also nobody explained yet why the hashrate is only 1/4 but the difficulty is 1/7
becuase the coins have different payouts, block rewards, and final total number of coins? do you not understand math with more than 1 variable? also, i'd like to point out you asked for proof, someone gave you proof, and now you claim the proof is wrong. nice troll. Are you insane? Do you know what difficulty means? What hashrate is? I expected the dogefans to not know too much about cryptos but.... Block rewards affecting the difficulty? What crap are you smoking doggie? I'm not a techie here, but i think u are rite about the block reward doesn't affecting the difficulty. But i do know that block timing has something to do with difficulty. the block time for doge is to be maintained at 60sec by the difficulty change with the increase or decrease in network hashrate. but in the case of litecoin the block time is 150sec. And hence the difficulty is 1/7th when the hashrate is 1/3rd. So if you don't like DOGE i advise you to stop trolling here and read some crypto literature before shooting out at dogefans. Even when a non-techie like me could understand this, i really do feel pity for you.... |
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If India wants to conquer the 3rd position(or anywherein the top 5) in that GDP table, it needs to stop whining and start reading some literature from the internet community. The first thing it can do is start accepting the idea of bitcoin and other cryptos, because it is going to be "the way of the future" |
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how much do you ask for it?
do they have molex connectors?
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With recent reports of the only fiat exchange being raided, the guys who were following BTC in news and were observing it to jump on it must already be disheartened.
Why is Indian government such an ass!
Bitcoin is simply out of their league for those corrupt, illiterate buddhe sitting in the parliament
Maybe it wasn't such a good idea to invite RBI officials in meeting.
I kinda like what I see happening now. Everyone is banding together and getting their act in place. Lot of work in all sidelines at the moment. +1 Bumps like these wakes us from the trance and help the community to filter out the trojans by putting some light on the evil hiding under our shadows. Hope everything works out in a goodway soon. |
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Rs 20-30 crore spread over 400 people! That's kind of extremely huge transactions. I hope he was not actually involved in money laundering. The average user's transaction comes down to Rs 750,000. I don't think transactions like these will get ignored by banks in India.
What i think they did was look at his btc address saw the total transaction and then calculated it with the highest point btc was at. he did have over 1000 btc when he started 1.5 years back But if it is not just a speculation and he had been doing some ML under the hood, then there is serious prob for indian bitcoiners. Even though it would not affect the long term future of BTC in india, we'll face difficult hurdles for the near term. |
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anyone can help me solve this on my centOS? [root@server cpuminer-2.3.2]# ./minerd --url=http://ypool.net:8083 --userpass=user:pass
[2013-12-19 08:02:47] 8 miner threads started, using 'scrypt' algorithm.
[2013-12-19 08:02:47] Binding thread 2 to cpu 2
[2013-12-19 08:02:47] Binding thread 3 to cpu 3
[2013-12-19 08:02:47] Binding thread 0 to cpu 0
[2013-12-19 08:02:47] Binding thread 1 to cpu 1
[2013-12-19 08:02:47] Binding thread 4 to cpu 4
[2013-12-19 08:02:47] Binding thread 5 to cpu 5
[2013-12-19 08:02:47] Binding thread 6 to cpu 6
[2013-12-19 08:02:47] Binding thread 7 to cpu 7
[2013-12-19 08:02:48] HTTP request failed: Empty reply from server
[2013-12-19 08:02:48] json_rpc_call failed, retry after 30 seconds [root@server cpuminer-2.3.2]# ./minerd --url=stratum+tcp://ypool.net:8083 --userpass=user:pass
[2013-12-19 08:04:52] 8 miner threads started, using 'scrypt' algorithm.
[2013-12-19 08:04:52] Binding thread 3 to cpu 3
[2013-12-19 08:04:52] Binding thread 2 to cpu 2
[2013-12-19 08:04:52] Binding thread 4 to cpu 4
[2013-12-19 08:04:52] Binding thread 1 to cpu 1
[2013-12-19 08:04:52] Binding thread 5 to cpu 5
[2013-12-19 08:04:52] Binding thread 6 to cpu 6
[2013-12-19 08:04:52] Binding thread 7 to cpu 7
[2013-12-19 08:04:52] Binding thread 0 to cpu 0
[2013-12-19 08:04:52] Starting Stratum on stratum+tcp://ypool.net:8083
[2013-12-19 08:04:52] stratum_recv_line failed
[2013-12-19 08:04:52] ...retry after 30 seconds
ypool uses xpt proxy, which is not supported by cpuminer directly. you can download the xptproxy application from ypool's "how dig coin" menu and follow the steps given there |
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Ya BTC just goin to change the way of life in some ways. If you want something to change the world, try DOGEcoin. I heard it is taking us to the moon or maybe it is trying to make us retarded or both. Either way it is going to change the world. WOW. Much Doge. Change the header to "Is Doge going to change the moon???" WOW WOW WOW WOW  (sorry i maybe retarded or you got retarded or we are all on the moon) JUST USE DOGE COIN |
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Wow! funny.
RBI puts out a press release, few indian exchanges close their shutters. Bitcoin's overall network dont give a shit about it.
Sad to know India cant even make a mark in new technology, and the regulatory authority is acting like it the next big thing in money laundering weapon. and Permission is required. Meh......
It was Christmas so, Bah Humbug!!
satisfied much.
Care to share the charts ?  the charts keep going up. The press release does not say it has banned the use of BTC(which cannot be done practically) just cautions the users to be aware of the use of crypto-currencies and the fraudulent ways we can be drawn into. It has also shoot out a warning to all those trying to use it for illegal trades and money laundering, that the govt keep a close eye and is tracking all indian transactions. Though BTC usage cannot be controlled, there are ways to track down large transactions from indian ip addresses. So any suspecious transaction could draw in interest from the Govt. So i think the press release was a warning for the jackals and an alarm for innocent who get cheated by cons and thieves |
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"A Bitcoin can at best be described as a private currency, rather than a security or a commodity. If the seller is a regular trader the income would be business income, else it would be in the nature of capital gains," says Nishith Desai, international tax expert. Authorities in Canada have issued a similar guideline. Capital gain is the difference between the sale proceeds minus the cost of acquisition. Courts have held that if the cost of acquisition cannot be determined no capital gains arise.
"The Income Tax Act has carved out exceptions, holding that the cost of acquisition will be nil in cases of certain assets like goodwill or trademarks. In such cases, the entire sale proceeds attract capital gains tax levy. This exception doesn't cover Bitcoins," adds Desai. Thus in some instances, the investor could enjoy tax-free income. But for those who have mined Bitcoins, even if the cost cannot be easily determined, it is likely that income on sale will be treated by the authorities as taxable business income. http://articles.timesofindia.indiatimes.com/2013-12-15/internet/45215410_1_mtgox-bitcoin-transactions-currencythough capital gains tax can be imposed for the sale of BTC in India, i don't think it covers for the sale abroad or at exchanges in other countries. For example if u sell your BTC in MTGox and transfer those funds into your Indian bank account it can either be considered as 1) income from a forex trade(if the Indian Govt consider it as a currency or commodity) or just a simple trade done on a overseas market OR 2) income from a software export, because BTC has not been recognized as a legit currency by any Govt In both the cases the Indian Income Tax Department does have provided Tax Benefits. But the forex conversion charges would be imposed for these by the banks. So I think the govt should come up with regulations specifically for BTC and other crypto currencies(each coins should be named, with new ones to be added with periodical updates) or just enjoy the foreign funds coming in and make use of it for large current account defecit we have... lols |
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 WOW SUCH PROFIT MUCH CHIRTMAS |
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