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I would like to join this campaign. If accepts i will change the signature.
Name : lordquanta
Rank : Member
Current post count : 142
BTC Address: 1AeivF9LmphsczJqY3H9tpAQKSAD8qKn2A
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any sites other than Zebpay ??
Coinsecure is good option. Recently they have launched payment gateway [1] as well. you should check that option. Apart from these there is not much adaption of bitcoin in day to day life. People are purchasing bitcoins for investment purpose or some for trading. [1] https://bitcointalk.org/index.php?topic=1529470.0 |
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There is a long way to go for bitcoin adoption in India. A fraction of fraction from India are investing in bitcoin. Again bitcoin is still considered as investment. That buy n keep it. Banks have larger role in day to day life of people n business. As far as digital payments are concerned they will fall back and people will return to the cash oriented business. From 14 march 2017 onwards there will be no limitations on withdrawals.
The government will come up with a new strategy to crunch the cash flow and restrict people from using paper currency,basically for the digital payments to be implemented they have to upgrade the basic facilities as you wont get a proper speed for the internet connection compared to the rest of the world or a good mobile phone reception in most parts of the country and how they expect people to shift entirely to digital payment. Every attempt by Govt will fail unless they drop transaction charges levied on online payments like debit/credit card transactions. Consider this current hypothetical situation, if person has 1Lac cash with him then he could purchase goods worth 1Lac in reality. However if he purchase goods using debit card then he pays 2% charge, thus he is loosing effectively 2 thousand rupees. Nobody from India willingly pay 2% just for ease of transaction. If Govt pushes harder then in next election people will simply decimate ruling party. |
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Generally, for KYC verification at banks, either customer has to visit the bank branch or bank executive visit the customer for paperwork. But, Bitcoin exchanges in India are verifying customers online. I wonder HOW?
User's Photo, Aadhar No. (with scanned copy of Aadhar card), PAN No. (with scanned copy of PAN card), Mobile No. (verified with SMS/Call) and Bank A/C No. are taken. But, how is it verified that the given Photo, Aadhar No. & PAN No. correspond to the given Mobile No. & Bank A/C No.?
What I meant to say is can not identity theft be an issue to these exchanges?
Are you aware that while getting mobile connection from private mobile n/w company, opening demat account, internet connection and other also require KYC documents. Don't you think there is also possibility of identity Theft? When it comes Identity Theft what about Aadhar card, where your biometric information is stored on some private servers? |
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If it won't require me to invite friends into it and I know I'm early enough, I would if I have the money to spare.Drop in some cash, take it out along with interests, and the leave without looking back. The internet has made this a lot easier now, though I think it becomes harder to game them. A relative keep on insisting that I deposit some bits in btcriver.com, swearing he made money out of it. Just so he'd stop talking about it, I deposited a small amount and then just disregarded it. Now he's complaining that it won't let him withdraw again. I've been tracking the money I deposited there and I redeposit the profits. I'm waiting for all of the deposits to mature now. If their scammer system only tracks how many times money has been deposited to an address and it allows people to get bits at least once, I might still be able to get my money back.  Yes, there are some bitcoin mlm scheme/scams which do not require inviting other friends(person). You could create dummy accounts for you and invest via them as your referrals. This way you are putting all your money and not inviting other people. It is possible to get money back from MLM scam if : 1. you enter in early stage 2. You don't reinvest your returns from scam. This way it is possible get money out of MLM scams. When it comes to MLM, some people become very possessive about their legality and defend them as legit. |
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As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.
We should not trust bank. I think bank system could advers us. But to close an account, the bank must have its own considerations about the decisions they make. The consideration which involve many parties. If you do not understand how the bank works, definitely you will not trust it, the same with bitcoin. It is better if we know what banks can offer us before we say that we do not trust it, the fact that they can close or freeze a bank account, we must understand that they are doing it based on the law, otherwise they will be penalize. Banks in fact have the power to close bank accounts at any time, but the worst thing about it is that banks are heavily influenced by governments. I have seen cases of banks that have been restricted by governments so that such banks would not allow users to withdraw money for a long time That seems to be inevitable Previously, banks weren't regulated so heavily, in the times when there hadn't yet been a central bank sticking around (at least, as we know it today). Say, in the 19th century banks were basically creating their own money in the form of gold receipts, but many of them inexorably ended up by issuing too many receipts, i.e. above the amount of gold in their vaults, which eventually caused massive bank-runs. It is not surprising that the average life span of a bank in the US was less than 5 years back then. Now imagine what we would see today if banks weren't regulated by governments and were "on their own" Some thinks it is other way round when influence is considered. Big Banks influence the Govt. Fiat currency had been backed by 'full faith and credit' of the U.S. Government and not by gold, silver. [1] There are some scenario where even currency backed by debt has been observed. [1] http://buygoldandsilversafely.com/gold/what-really-backs-the-us-dollar/ |
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Those speakers that are attracting us to invest and join their MLM investments are well trained. Because I've been into many companies of MLM and it certainly attracting me the way they talk and about promising the return you can get. But in reality even you are one of those pioneers you will still have the vulnerability of being scammed.
If you have known of their scheme, no matter how good they are at explaining or talking, you will never fall for their trick.
I will not invest in a scam MLM company even if I will be the 01, or pioneer of the scam company. Besides we cannot get profit if we do not involve and recruit our friends and relatives in that company since they will be paying us with the entrance our reffered member paid. Nowadays It is possible to get profit without recruiting other people. Instead of recruiting other people you could create dummy account and invest. In a way you are not involving other people in scam, you are putting all your money. Trick played from mlm promoter is they convince people in reinvesting all money received from MLM system. This way people keep on putting money back in system. One could earn money from MLM if you early and don't reinvest. |
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Here is a interesting, hypothetical situation. What will you do if there is a MLM scam going on and it is in early stage. It is assuring 10% monthly return in bitcoins (of course it has that referral bonus part as well but it is optional, you don't need referral as you are getting 10% on your investment.). B'cause of it's early stage, people are investing happily and getting returns monthly. In short equation of incoming source money > outgoing money. By looking at situation, let's say this scam/scheme will go on two more year. There are some people who rip benefits from these kind of scams/schemes as they invest very early and in large chunk.
Will you invest in such scheme well before it vanishes with bitcoins/money?
It's a scam and I don't normally mix scam with investment because they are not meant to be together but if you will push me to the wall I will just try to determine the stage of the NLM; is it at the beginning, middle or end stage? It's very difficult to find out the stage but if it's at the beginning then the risk will be less so I can invest else forget you won't get me to invest. You don't mix scam with investment but naive n greedy people do. When person is desperate, naive and greedy that person enters into the denial mode. If he/she enters in MLM scheme early stage they will vehemently defend the scam/scheme. As they are getting returns regularly. They will always advertise based on regular payments. There is lot of illiteracy about bitcoin in many countries. many People from IT world are also ignorant about it. These mlm promoters take advantage of this situation to promote. |
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Effects of demonetization are fading away and life is getting back to normal for average people. From Feb there will no limit on cash withdrawal from Current account (good for business).
There are no more long queues outside ATM anymore.
After a stupid move by the government i do not know whether they profit anything from it.Now i heard they are planning to implement tax for withdrawing big amount of money from bank.I do not know where things will be moving with these sort of stupid rules and regulations to milk the people. This is not a stupid move, this is tyrannical move. First create cash crunch then force people to online/digital payment mode. On this digital transactions levy the charge. Honest tax payers are openly abused by banking systems with help of Govt. The problem with these sort of tyrannical move is that people find a better way to invest their money rather than putting them in the bank and if you look at the interest for bitcoin in India has increased after the demonetization,the government plans on forcing people to use digital payment but it has to come gradually and never push people to do something,it might back fire because what if people stop depositing in bank and find alternative sources. There is a long way to go for bitcoin adoption in India. A fraction of fraction from India are investing in bitcoin. Again bitcoin is still considered as investment. That buy n keep it. Banks have larger role in day to day life of people n business. As far as digital payments are concerned they will fall back and people will return to the cash oriented business. From 14 march 2017 onwards there will be no limitations on withdrawals. |
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Here is a interesting, hypothetical situation. What will you do if there is a MLM scam going on and it is in early stage. It is assuring 10% monthly return in bitcoins (of course it has that referral bonus part as well but it is optional, you don't need referral as you are getting 10% on your investment.). B'cause of it's early stage, people are investing happily and getting returns monthly. In short equation of incoming source money > outgoing money. By looking at situation, let's say this scam/scheme will go on two more year. There are some people who rip benefits from these kind of scams/schemes as they invest very early and in large chunk.
Will you invest in such scheme well before it vanishes with bitcoins/money?
your question doesn't make any sense, you are saying it yourself "it is a scam" then you say would you invest in a scam. if you didn't know it is a scam then it was a different story. and this is what will happen no matter if you go in early or late. you go in and invest some amount, they they start paying you some profit and before you reach ROI they run away and if you request withdrawal before they run away and you reach ROI they deny your request. simple as that you lose both ways. if you go in early you lose small amount, if you in late you lose more. in both cases it ends with loss. Incorrect, if you join MLM in early stage, you'll get your investment back with profit. Because these kind of schemes/scams last at least for 1year/2year and with 10% per month, your investment is returned at 10th month and next two or more months is all profit. Thus time to join MLM is very very important. If you join MLM at later stage, loss is inevitable. The reason I said it is a scam, because I've figured out that scheme as scam. People who are investing or have invested tried to convince me had false information about bitcoin mining. They are believing in any cock and bull story told by senior leaders/promoters. |
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I'm really happy to see people are reacting positively with their conscience at right place. The MLM scam/scheme i was talking about was bitcoin cloud mining where ~10% monthly return on investment was guaranteed. It is open secret now that bitcoin mining is NOT profitable anymore to handover 10% profit per month. Thus for me it was obvious that these profits or 10% return must be coming from somewhere else that is fresh investments from users who are reinvesting. It would run till fresh income is greater than outgoing expense. Those who are still investing in cloud mining MLM scheme (for them it is a get rich fast scheme and not scam) its golden opportunity which will last for two/three years.
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Here is a interesting, hypothetical situation. What will you do if there is a MLM scam going on and it is in early stage. It is assuring 10% monthly return in bitcoins (of course it has that referral bonus part as well but it is optional, you don't need referral as you are getting 10% on your investment.). B'cause of it's early stage, people are investing happily and getting returns monthly. In short equation of incoming source money > outgoing money. By looking at situation, let's say this scam/scheme will go on two more year. There are some people who rip benefits from these kind of scams/schemes as they invest very early and in large chunk.
Will you invest in such scheme well before it vanishes with bitcoins/money?
The scheme you indicating is not consider MLM. It is a type of HYIP or Ponzi. MLM refers to Multi-level marketing and consider legit by some people. It has all to do with referrals. Now coming to HYIPs, yeah! there has been a significant rise in their number over last year. Main reason is people's greed to get more and more. Mahatma Gandhi had better said- "There is enough to satisfy human needs but not greed." These HYIPs' owners, I would better say Web Serial Scammers took advantage of this human aspect and make big money. Another aspect is unawareness among people. They think such opportunities are legit to increase their Bitcoin! However, if someone ask me, I completely reject investing them regardless of time. Nope, it is not pure HYIP product. It is borderline HYIP but certainly not ponzi. Because in ponzi there is no product involved, investor invest only money and get high returns. That is why many scammers turned to cloud mining. By the way any MLM scheme (pyramid) where you need to get two or more people to earn more is nothing but scam. It is consider as legit who are part of MLM only. |
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imo if you knowingly take part in a scam that dupes others from their money they have put in then you are no better than the person who started the scam. Its still scamming others and worse since you know your doing it. Chances are even if you know its a scam you arent going to get out very easily with a profit anyways but i for one wouldn't entertain it at all.
There are people who participate in these kind of scams or "programs" in very early stage. They invest to the full limits of scam/scheme in early stage as result their returns are high. Now use these returns as proof of validity of scam/scheme being genuine. These people create videos on youtube about their income and how system is clean. Lure naive people to join under them. Once desperate and naive people join under them these buggers Earn more n more. Sooner or later these scheme concludes. If you join the scam/scheme in early stage and invest your money, you are also on the verge of loosing money. It's a gamble. |
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Here is a interesting, hypothetical situation. What will you do if there is a MLM scam going on and it is in early stage. It is assuring 10% monthly return in bitcoins (of course it has that referral bonus part as well but it is optional, you don't need referral as you are getting 10% on your investment.). B'cause of it's early stage, people are investing happily and getting returns monthly. In short equation of incoming source money > outgoing money. By looking at situation, let's say this scam/scheme will go on two more year. There are some people who rip benefits from these kind of scams/schemes as they invest very early and in large chunk.
Will you invest in such scheme well before it vanishes with bitcoins/money?
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As mentioned they are under much work load. I suggest to contact their support over telephone to understand current situation. That will help you properly.
Edit: CS should have sent email after one week if there is delay. Nonetheless it is best exchange with lower fees.
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Sometimes it seems like bubble from Real-estate. Where builders increased prices so get bigger share, and customer kept on buying because prices will keep rising. More purchase more price rise, vicious cycle ran for quite some time and then bubble bursted.
Unless there is better option of buying bitcoins from international market, locals will keep on pushing for more profit.
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What do i do if i lose my BTC in Gainbitcoin scam.
Not too sure if I really did, but I have come across quite a few people who did not get their refund even after weeks.
What do you mean by lose your money/btc in gainbtc? If you are not sure then asking for refund is option and they might have support system in place. So you may raise a ticket. AFAIK it is MLM structured trap, thus if you want to get out within first 30 days request refund and check with your sponsor. Anyway dont fall prey for quick bucks without any efforts. |
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In bitcoin context,a lot of bitcoin users and enthusiast believe that demonetization pushed up bitcoin price and it seems somewhat true as we saw a lot of bitcoin buying in those early demonetization days.
Government wanted to curb the menace of black money with this move but as per RBI,it didnt help in this direction.
This traction towards bitcoin earned bad reputation only from indian paid news media. They are showing bitcoin is being used to launder black money. During that time People started investing in bitcoin just because someone told you could hide your cash. Anyway people are investing in bitcoin, they are not using it. |
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Effects of demonetization are fading away and life is getting back to normal for average people. From Feb there will no limit on cash withdrawal from Current account (good for business).
There are no more long queues outside ATM anymore.
After a stupid move by the government i do not know whether they profit anything from it.Now i heard they are planning to implement tax for withdrawing big amount of money from bank.I do not know where things will be moving with these sort of stupid rules and regulations to milk the people. This is not a stupid move, this is tyrannical move. First create cash crunch then force people to online/digital payment mode. On this digital transactions levy the charge. Honest tax payers are openly abused by banking systems with help of Govt. |
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