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741  Local / India / Re: Amit Bhardwaj/Kumar and a HashOcean clone called Gainbitcoin. on: January 14, 2017, 07:00:58 AM
What is bitcoin mining anyway??

Kindly check following thread:

https://bitcointalk.org/index.php?topic=420976.0


Bitcoin mining:
https://www.youtube.com/watch?v=jXerV3f5jN8

Without being disrespectful, following link is also helpful:

https://www.google.co.in/search?client=opera&q=bitcoin+mining&sourceid=opera&ie=UTF-8&oe=UTF-8

Somehow Your post is irrelevant to this post and it belongs to the beginner section of forum. 
742  Economy / Economics / Re: How many Bitcoin do you have saved? on: January 13, 2017, 03:00:49 PM
I've saved 5 bitcoins right now and I have put them away for a long term so I will also not sell them soon.
Yes it is a good option because if you sell now maybe you still not get profit. I think not need for long term, because no one guarantee the price Will always go up. If the price reach $1,200, I recommend to sell all. And now I only have 3 btc that I save ini blockchain and xapo wallet.

That is a good move for you pal. It is what I'm doing also but for the amount of bitcoins that I have saved. I didn't manage to have as much as 1 bitcoin. I only have some few but still I wanting to keep on saving. I can't save on a daily basis because there are times that I need to cash it out for some purposes that I really need money but still I will make myself force to save a lot.

I also force myself to save money to buy more Bitcoin. But I regret that I did not sell them when the Bitcoin was 1000+

Don't worry, sooner or later bitcoin will again cross the 1000+ mark. given the volatility of current market anything could happen. So it prices keep on dropping, one could buys steps by step(small amount at time).  And if prices go up depending on preference sell btc for better margin. or purchase few more btc.s
743  Economy / Services / Re: Get $0.15 for VERY easy sign up on website. Valid email required #3 on: January 13, 2017, 02:55:03 PM
Can I, If I am new? Sad

No, unfortunately newbies are not allowed to join this. This is clearly mentioned in the instructions part in first post itself. You could increase your activity though and increase your rank. check the services section as well. Read the forum and understand bitcoin more if you have doubts.

I hope this will help till rank is upgraded.

Those who got payments, congratulations.
744  Economy / Economics / Re: Tell me your predictions about Bitcoin on: January 13, 2017, 02:42:32 PM
Here are some who predicted or at least somehow  got the bitcoin price correct for 2015 and 2016. [1]

[1] https://www.youtube.com/watch?v=z9vrTaP3ga4


And at same time who are making claims using a formula and assumptions whatever suits them  https://www.youtube.com/watch?v=PXjisbTADe4


I think ~$2.5k to $3k might be possible.  However majority of action will happen in Chinese market. It would be interesting to see how chinese govt deals with bitcoins. Somehow chinese govts decision did not get appropriate impact because after currency devaluation from china, lot of chinese started to invest heavily in bitcoins. This did not go well with china. Unless there is some other bitcoin market which is as strong or compatible as chinese counterpart are there will chinese influence over bitcoin value.
745  Local / India / Re: Some agreements for the India forum on: January 13, 2017, 12:55:58 PM
There are many threads being created by members which are less than useful to anyone. Threads like  Bitcoin hitting 65k , bitcoin touching 70k, bitcoin surpassing 65k   so on and so on. These threads serves less or no purpose. A better thread would discuss recent fluctuations in bitcoin, why is it happening and predictions. Something meaningful and valuable should be discussed in thread. Sometimes threads are created just to increase the activity by posting some bitcoin sites or newspaper article. Such threads most of the time have 0 reply.
746  Local / India / Re: Bitcoin Hits $1080 in India on: January 13, 2017, 12:45:39 PM
Volume of bitcoins  handled in Indian market is miles n miles away from the volume of bitcoins handled in the Chinese market. 
Chinese bitcoin exchange Market has huge influence on the global bitcoin volume.  As far as Indian btc market is concerned yes, it was also affected. Prices from 79000 slumped to 62k ~ 64k.
Many times it has been observed that 10k premium present in indian btc market.


Unlike many regions, the Indian Bitcoin market has a robust Bitcoin infrastructure, with reputable and regulated Bitcoin exchanges including Zebpay, Coinsecure and Unocoin. The three venture capital-backed exchanges have provided the necessary infrastructure for local investors to trade Bitcoin with ease.    "

Source : https://cointelegraph.com/news/while-misleading-information-on-china-stalls-price-bitcoin-hits-1080-in-india

As per my understanding, Coinsecure is bitcoin exchange, zebpay is not. Zebpay is app based bitcoin wallet.
747  Economy / Economics / Re: Passive Income on: January 13, 2017, 12:25:55 PM

Get earning from YouTube is not a passive income because you have to make a video creative to be able to make people interested in watching your videos and it needs to be done on a regular basis with new ideas every time you want to make a video so obviously isn't passive income.
I still think its passive because when you're done creating a quality video you can leave it and see your earnings if you have plenty of subscribers . I dont think of any passive income that requires no action you have to work on it first then the passive income will come.

      To my point of view I don't agree that youtube is passive income in the sense that "passive" means do nothing but you always have a source of income. Assuming that someone is doing his first video and many people subscribe it and at first earns some money of it. Do you believe that next years of his life he continues to earn money? Of course not; because his subscribers will already have seen that video and if he is not talented to keep them, that is to make a new and better than previous one, they will leave, unsubscribe and views per day will go to zero that is zero earnings.

Youtube monetization can be a passive income. For example, you regularly post lectures online just to teach kids about a certain subject. You didn't intentionally uploaded those videos to make money. When you start monetizing your videos, that becomes a passive income since basically you're getting paid for something that you would always do but it's not like a job.

Not everyone that's posting on Youtube is doing it solely for the purpose of making money. Although the percentage of Youtubers doing that is starting to blow up.

It may be youtube, blog or vlog, social media like facebook or forums on various topics  would help in earning money without actually working actively on it.  The 'Passive income' tag would go away when person considers focusing on social media for primary income only. Many youtubers have made it their profession.  
Apart from youtube, there are people who have started groups on facebook or similar social media groups and they are earning based on membership of that group.  For example,  a person has started an 'eatout group' for specific city. This group initially focused on reviewing and getting honest reviews of people/members of group who visited those hotels/food-joints/places.  As membership of group slowly exploded  then admin of page/group started making money by selling coupons for some hotels. Admin then employed other subadmins to look after the page, so that other people do the work for him.

Another example is, a person started a business of security camera. Business is done from home, he would hire only needy freshers who are desperate for job experience. That is first preference is get experience certificate rather than earn money. This experience is to show at next better job interview.  One group of fresher would get new customers/orders while other fresher would do the work of camera installation and configuration. Also collect the payment from the customer.  There employees would use their own vehicles/cars to reach customer.   Owner had different business as his main line of earning altogether. This camera business was earning him very handsome (million per year) income.

One good example of passive income is lending car to commute/travel companies. If you purchase a car for that purpose only and strike a deal with companies like Uber or any local company (who work with Hotels/motels) then they will take care care for 2year/4year and will give specific amount monthly.
https://yourstory.com/2014/04/barber-rolls-royce-ramesh-babu/

Again it is not only the idea however ability execute that idea without your full time involvement.
748  Local / India / Re: Bitcoin touched ₹74000 on: January 13, 2017, 08:48:27 AM
Now the rates have been dropped significantly.

As per other threads which are discussing the bitcoin price fluctuation globally, it seems that prices of bitcoin are heavily influenced by chinese bitcoin market. Chinese bitcoin exchange markets are the biggest and most significant markets in the bitcoin world.   Thus any any impact like social, economical, political related to bitcoin in China affects global bitcoin prices. Recent decision from the Chinese govt to investigate the bitcoin exchanges in China resulted in slumped bitcoin prices

Check the huobi bitcoin exchange market.


Some how threads discussing bitcoin reaching specific value holds less significance than thread discussing reasons behind price changes.
749  Local / India / Re: Price gone up by 100$ above market rate again... on: January 13, 2017, 08:00:09 AM
As per official statements from Zebpay, reason for differences in market price and their prices :

Following quote is from their site's article[1]:
<snip>
Bitcoin price fluctuations on the bitcoin exchanges are driven by many factors. Below you will find the answers to the questions related to bitcoin price that is most often asked by our users:

What factors determine bitcoin prices?

Bitcoin prices depend on a lot of factors like international prices, market volatility, overall demand and supply in India and Zebpay’s internal stock position.

Why is there a difference in Indian price and international price?

At times, the Indian prices, both buy and sell prices, are 5-10 % higher than international market. This happens when there is high demand for bitcoins in India and sellers are not ready to sell cheap. Similarly, there are days when Indian prices, again both buy and sell prices, are lower than the international market.

It is important to note that, even in the international market at times, there is 5% gap between China and USA price and there are price gaps even within USA exchanges.

How do we get assured that Zebpay provides a fair price?

Zebpay works hard to ensure our users get best rates in India compared to other exchanges and trading platforms. We try to keep thin spreads and have implemented smart price algorithms which control and determine best prices based on both external and internal factors.

We understand the anxiety in the mind of a user when he finds bitcoin prices on Zebpay exchange different from international prices, but please be rest assured we do everything possible to keep prices as close to international markets as possible.
</snip>


[1]  http://support.zebpay.com/hc/en-us/articles/208927629-Why-there-is-a-difference-in-Indian-price-and-international-price-



For unocoin their faq covers this point to some extent: [2]
<snip>
How do you determine bitcoin price in INR? And why are Unocoin prices occasionally different to other international exchanges?
At Unocoin, the price is calculated based on the bitcoin to USD exchange rate taken from various credible exchanges and its own orders. The main factors that influence its value are: The current USD to INR exchange, market fluctuations and most importantly the demand/supply of bitcoin. Every trading platform offers a buyer's price and a seller's price in order to meet (may not be the same across exchanges). In India we have seen this meeting price to be more than the international exchanges as the supply of bitcoin in India is comparatively limited. In a way every exchange is independent of each other and when there is a vast difference in prices between them there will always be speculators looking to make an arbitrage which consequently brings the rates more or less in sync with other exchanges. On some trading websites like Unocoin that is specific to a country (India), making a global arbitrage almost impossible. Hence it takes longer for its prices to sync with other international exchanges when there is a sudden spike or drop in bitcoin prices.
</snip>


[2] https://www.unocoin.com/faq
750  Local / India / Re: Amit Bhardwaj/Kumar and a HashOcean clone called Gainbitcoin. on: January 13, 2017, 07:52:14 AM
Those who want to invest in gainbtc are free to do so. Nobody from this forum is stopping anyone to do so.  Some people are missing the one of main point of this thread, that is how profit making model of gainbtc is fraudulent. If anyone could prove their plans are in fact earning profit through bitcoin mining then we'll be happy to lean those new points.


Sorry but nobody has proved either side so far, all calculations are based on assumptions, not on facts. While they can be correct, we don't really know how much bitcoin this website mines, how much its obligations are and what the real business model is. One can just assume and I wouldn't call anyone's activity ' fraudulent' just because it seems so to me.

They have members, members get paid, no complaints - these are facts. But I agree, this may mean anything.

If Some people have read/followed this thread carefully from beginning(since first post) would not have concluded that neither side has proved their point.  If and only if someone properly reads and comprehends what is explained on the first page(and  later part ) of this thread then only would understand that tmfp has proved his point by using data from gainbtc site (NOT any assumption) and calculated that data using coinwarz (a profit calculator widely used in "real" bitcoin-mining world).  Only assumption in that calculation was cost of electricity (lowest possible rates taken into account) and miners being used(S7 was considered).  Results do not match profit claims by gainbtc.

It is straight forward calculation. Those who have "faith" in gainbtc have not been able to negate "any" points raised against it. Every time raising point about "their payouts  are regular"  is only proving that their incoming cash/bitcoin flow is currently higher than outgoing bitcoin flow.

It would be great to understand how gainbtc is making huge legitimate profit which is not there in first place.  Nobody is stopping anyone from investing in gainbtc, as it is every individuals personal decision to make.

Nothing in this world could change the mind which has gone into denial mode.


On the side note of proving a point:

Ok I have done a huge research and now I'm sure about the business.
I have had meeting with one guy who met Amit personally (I have photo with him and Amit Bhardwaj on a yacht in Dubai). He is also one of the guy on the recordings in GainBitcoin mining pools in China, on Youtube.

- As conclusion of your huge research was positive towards legitimacy of gainbtc business, it means research must have found the answer to the grave mathematical inconsistencies in their hashrate plan (this has been explained in detail initial part of this thread). Kindly explain how gainbtc is able to share amount of profit which is not possible through mining bitcoin pool in the first place.
- Members who have doubts about gainbtc will be very happy if details of that "huge" research is shared here instead of half line conclusion?  It will be very helpful to know what kind of data/information helped in reaching to that conclusion. Other members who are finding loopholes in the business model of gainbitcoin, will get answers on legitimacy of gainbtc.

We are still waiting for details of that "huge research".
751  Economy / Economics / Re: Why do you buy Bitcoins? on: January 12, 2017, 10:08:37 AM
I didn't ever buy bitcoin. But with the current price for bitcoin I really regret that I didn't buy bitcoin on last August-September when the price dropped. I doubt we will ever see such price for bitcoin ever again.

Don't regret with you can just simply buy again as the price of bitcoin is falling nowadays, it is still not too late for buying. If you doubt that bitcoin will rise again, I know that bitcoin is going to increase and will reach again that price before the end of the year. But as of now, I will still wait for more movement and will decide if I will buy.

Correct, monitoring the  btc market huobi underlines this recent trend in bitcoin price fall.  As chinese market is the biggest bitcoin market/exchange  changes observed their are sured to be felt by rest of the bitcoin market as well.  Now a days Chinese govt is taking more n more interest in bitcoin exchanges[1]], there could be more uncertainty in coming days.

http://www.coindesk.com/chinas-central-bank-conduct-ongoing-bitcoin-exchange-visits/

It would be interesting to see how Chinese govt action affect the bitcoin market in coming future.
752  Local / India / Re: best and worst bitcoin exchanges around india on: January 12, 2017, 09:12:11 AM
KYC completion duration:

Zebpay : 2 days maximum
coinsecure: 5 to 6 days minimum, maximum (no guarantee unless one keeps


Support:
Both zebpay and coinsecure are really quick to respond on email.  Especially coinsecure response are faster.
Zebpay has way better interface when it comes to the support related issues. You know what is current status of ticket.

customer Interface:
coinsecure:  clicking on "Chat with us" window opens email contact and NOT a chat program.  document upload section has serious issue in doing it's intended task.

bitcoin price premium:
coinsecure has better price options than zebpay: zebpay has it's own reason for higher buy rate though. For end user low buy rate is the end goal.

753  Economy / Economics / Re: Passive Income on: January 12, 2017, 08:59:11 AM
Earning from online advertising such as youtube and other video streaming sites, blogs are kind of passive income source, where you do work once and it keeps earning income via advertising (of course quality of content matters).
754  Local / India / Re: Number of BitCoins users in India on: January 12, 2017, 07:05:58 AM
Yes, from beginner level bitcoin user point of view,  mobile app based wallets seems the most attractive and handy way to bitcoin interaction.
Those who intensively trades bitcoin might find App-based wallets less useful.
755  Economy / Economics / Re: Why do you buy Bitcoins? on: January 11, 2017, 11:58:06 AM
My two cents. 
I started buying first bitcoin bitc to invest in a bitcoin scheme. After some research (bitcointalk.org threads helped a lot ) on that scheme, realized that it could a scam in progress. Till then I had bought some satoshi and now I'm keeping them. When market becomes more n more bitcoin-friendly I'll be happy to use bitcoin for actual trading. It is better to a currency as currency, problem starts when currency becomes asset.
756  Local / India / Re: Amit Bhardwaj/Kumar and a HashOcean clone called Gainbitcoin. on: January 11, 2017, 06:56:51 AM
Those who want to invest in gainbtc are free to do so. Nobody from this forum is stopping anyone to do so.  Some people are missing the one of main point of this thread, that is how profit making model of gainbtc is fraudulent. If anyone could prove their plans are in fact earning profit through bitcoin mining then we'll be happy to lean those new points.

Anyone trying to prove gainbtc with "so far received steady income" type claims are undoubtedly spamming this thread. Because that point has already been discussed and negated as well.

If someone wants to prove authenticity of those plans make sure to come with mathematical proof (which can be verified on coinwarz or any other trusted calculator)

757  Local / India / Re: Mining - India group on: January 10, 2017, 06:16:26 AM
You may want to check Mining board which is a child board in India section for appropriate response and guidance.

https://bitcointalk.org/index.php?board=121.0
758  Local / India / Re: Amit Bhardwaj/Kumar and a HashOcean clone called Gainbitcoin. on: January 05, 2017, 02:55:50 PM
ALERT

The request refund section has stopped working on their website. One user got the following message when he asked for refund :

It is understandable if one of feature from a website stops working. It happens with most of websites at certain point.


Dear Users,
 
Due to high influx in refund request because of speeding price hike of bitcoin we are unable to process your request right now unless price comes to a stable value.
 
Sorry for the inconvenience!
 
Regards,
Team GainBitcoin

However giving crappy reason for not able to process a request does not make any sense. Now who knows how long will it take for price to a stable value?
what if price remains unstable high  and it is also end of first month before user could request for refund?

To solve customer tickets/issues this gainbtc *might* heavily relies on "contact your leader/team lead and so on" model.  Because people in upper level of pyramid mentions that contact your TL and if issue remains then they will look into it and contact their senior. In turn these people will contact directly Mr. Amit to solve the issue.  One thing for sure, if one contact TL or higher leader they have capacity to issue resolved quickly. It does not indicate a dedicate team working on solving issues.
Same working model is observed in many online schemes/scams/revshares programs which rely on facebook group to resolve the issue instead of having a working and dedicated ticketing system. Even if they have ticket system, responses are less frequent.

759  Local / India / Re: Are gainbitcoin.com and gbminers.com related to each other? on: January 04, 2017, 09:19:34 AM
Indeed Mr. Sahil and Mr. Amit know each other.  Apparently recent article from Mr. Amit got first reply from Mr. Sahil.  [1] .  And it might be true that gbminers is  join venture of Darwin labs and Mr. Amit. 

[1] https://www.linkedin.com/pulse/hello-india-my-vision-2017-bitcoin-blockchain-amit-bhardwaj

Interestingly, Mr. Sanjay   who answers most of queries/questions related to the gbminers has also replied to above article.

That clears the doubt to the great extent.
760  Local / India / Re: BitCoin Adventure Travel on: January 04, 2017, 07:57:32 AM

On 31st December, 2016 flew to Delhi from Ranchi following a lead that some guys in Delhi are selling mining contract from Gbminers/Gainbitcoin. Met them. However we could not agree on a deal because I felt that the returns offered were too high compared to general economics in a competitive business. I do not have any further leads in India.


You got it right. For gainbitcoin, there is a ongoing thread[1] which is discussing about their business model problem.  Hope this would help you in clearing your doubts.

[1]https://bitcointalk.org/index.php?topic=1440600.0
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