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What makes the price go up or down? BTC  [/quote] buysellbitco. in sounded as if der is some "magic" trick up every experts' sleeve  I know abt supply and demand and confidence but fail to understand how an expert will be able to judge dese 2 factors correctly and use it to his advantage. [/quote] I am glad you took in the right spirit....your question not just for bitcoins but for any commodity or security which is traded will not yield any meaningful answer. If you ask Warren Buffet, he will have a very simple answer Greed and fear. An expert today is a fool tomorrow....John Paulson is the apt example for the present context. |
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You will get more sellers when BTC is going up trying to cash out profits and you will find more buyers when BTC is going down. Here is the basic issue lies. When BTC is going up you will not find a lot of traders who want to buy and when BTC is going down you will not find lot of sellers. But all of this is related to traders who knows what they are doing.
What makes the price go up or down? BTC |
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The volume on a per day basis is still below Rs 1 lakh. I am not using any cash channels, all the business is done through NEFT only.
Though I cannot say that it will be payment gateway in a full sense, merchants in India can now get their customers bitcoins sent to their specific address and the amount will be deposited in their bank accounts daily.
My experience so far is ...the volumes are low....test your ideas...if it not fully automated...make a semi automated setup...but the get service out. the true validator of your business are the customers not the regulatory agencies.
1) What is stopping you from setting up a payment gateway? 2) Would i be wrong to say that 50 coins change hand every day in India? 1) We will be announcing this service in less than a month. 2) at INRBTC the avg volume per day is 10 bitcoins that too because we only buy bitcoins for now. Buysellbitco.in can give a better picture. |
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+1
Though this is not the relevant thread...cannot help saying these few words... A few days after starting INRBTC, Benson took efforts to contact me, we had a detailed discussion, rather than a discussion , I would call it as a education received from Benson. Then Buysellbitco.in shared his experiences in running his service. I can say that just from talking to these individuals, I modified a few things on how I run INRBTC based on these discussions and rest came from the customers. I often see these two adding a lot of value and few other members also. I can now only share my experiences of running INRBTC and so far i can say that if you read eveything in this forum, you might not need more education to start a bitcoin service in India. |
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Something cool that I had noticed in most other local communities is that they are ruthless in starting up.
No regulations, etc even matter at this stage apart form money conversion and even that has got several workarounds based on limits, etc.
If our community can get a bit more ruthless and enable/ support/ help any legit business that comes up, I am sure that we can grow way faster in India.
I partly agree with you here Benson. But again, once you start getting the volumes, if your startup is dependent on the banking infrastructure, then yes you have to start thinking about it well in advance. If your startup can survive independent of the Indian authorities, then you don't even have to bother about the rules and regulations initially. For instance, taking btc exchange as an example, other countries have some internationally accepted modes of payments like Online Fund Transfer abroad, ACH, WU and MG by which the exchange can flawlessly operate initially until the paperwork is completed. (example : buying and selling through coinbase exchange) AFAIK, in India even paypal has to comply with RBI regulations and the payments received to that paypal account has to be withdrawn to the local bank at the end of everyday. That makes our situation a tad more diff than the start ups in other countries. Well, there is nothing out officially as yet mate.. We need to grow merchant acceptance before we can challenge anything. Without startups and places to link into/ spend money at, there will be no merchant acceptance or growth. Without that, there is no case to present to anyone. This stems the growth factor. buysellbitco.in, madovercoins.com, coinmonk.com, indiabitcoin.com, inrbtc.com, etc are really the pillars of our community in India. These are not enough cases to persuade a country/ bank/ company/ individual to adopt. Any thoughts? I would like to add a few words on the ruthless part. If you think you have an idea. Go ahead implement and execute it. The license and the registration part comes later. Test your idea, get the feedback...tweak your process. Any country and not just in India, any business attracts attention when you cross a limit. Even in India, unless you cross 40 - 50 lakhs turnover per year...you can run your business without interference from regulatory bodies. It Bitcoin services as a business picks up, one of us from here will get a welcome call from the regulatory body. We as a community can then come together get those things sorted out. We can pool our resources to hire a lawyer or anything which might be needed. We can freely share our experiences dealing with those agencies, as a group we will add to bitcoin community in India. The first call from any agency is a welcome call because then we know that bitcoin has attracted their attention. My experience from running INRBTC. So far I have not faced any problems with the Banks. The volume on a per day basis is still below Rs 1 lakh. I am not using any cash channels, all the business is done through NEFT only. Some customers who transact regularly have complained about filling the form regularly even though we already have their banking details. To overcome that we now have a facility where they can send their bitcoins to a designated address and amount will be deposited in their bank account by end of day. This facility is now being further tweaked. Though I cannot say that it will be payment gateway in a full sense, merchants in India can now get their customers bitcoins sent to their specific address and the amount will be deposited in their bank accounts daily. My experience so far is ...the volumes are low....test your ideas...if it not fully automated...make a semi automated setup...but the get service out. the true validator of your business are the customers not the regulatory agencies. |
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2000 btc sale wall on 89.98
Dude seriously..?? are you trying to sell a crore worth of BTC on the forum..? He is talking about a 2K sale wall on an exchange, I assume. right on mtgox Based on your experience of buying low and selling high, should be interpret it as a high for Bitcoin for a while. |
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Starting an exchange in India for Bitcoin is a trivial matter, it might happen someday or one of the numerous exchanges which are already in existence will add INR to their list and voila, the exchange in India does not matter.
Infact, I am thinking that once the regulations and other related stuff get sorted out eventually, the entire world there might be only one or two exchanges related to Bitcoin and it will support most of the currencies, this is not a guess at the future, it is a reality which has happened all over the world across different business domains.
What we need to think about is, what kind of ventures does one have to start in India, which will eventually pave way to everybody accepting bitcoins as another medium of currency.
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@subvolatil dude. I've been meaning to ask for a long time. Does your keyboard have a problem with the space key?  noops its an irritating habit of hitting the space bar twice. old habits die hard. My Dad has this same problem. He says it comes from the days when the typewriter space bar would never work on the first attempt. Lol  Benson one shot two birds. |
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Sold by Escrow.
closing this topic.
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Hi,
We are currently not processing BTC Buy orders. We have a visitor who would like to buy 3 BTC, amount will be transferred immediately.
If you are interested, please PM me, I will give the email id of the visitor and you can send him your bank details.
You will have to send the bitcoins to INRBTC address. Once you confirm that the amount has been deposited in your bank account. We will transfer the bitocoins to his bitcoin address.
Please respond fast.
Escrow.ms, if you are interested, you will be given the first preference.
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Basically i am selling bitcoins but i am also looking for 60000 Rupees Loan for some days. I can provide 10 bitcoins as collateral to benson or John k. Sorry for posting this in wrong forum but i need this urgently due to some serious problems.  The above message from you cannot get a loan for the amount you are asking. This is only an advice to ensure that you get the loan faster As bitcoin is volatile, give a 100% or some high figure margin as collateral, i.e for 60k loan give 120k worth bitcoins. Indicate whether interest will be in BTC or INR. Indicate under what conditions can the collateral be passed on to the lender. The above things are not new, if you go for any gold loan , this will be a similar process. Rather than expecting the lender to ask these questions, if you give this beforehand. you will have a faster response. |
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Can I request for change in subject for this thread to Scam Accusation , rather than INRBTC Accusation thread. If that is not possible, then atleast club it with Reputation thread for INRBTC
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I still need to go through whole thread, but as far as sticky concerns, I believe private business should not be sticky, as it MAY give impression that business is legit. I can recall the stickies of lenders and offers in lending sub forum ( before Pirate vanished landing and securities subforum used be the most happening place ) did not do well to community and most of them are having Scammer tag now. My two satoshi  Cheers You have also had stickies mate! So has Pinwheel. How is this any different? Why is this being picked up now? I do not have sticky now, thanks and I never asked before. more, you sticked my thread even without asking me. This issue been discussed now, because you sticked/approved thread of guy who refuse escrow and nobody will doubt it is how all scammers will do their scams. More, he even now keeping that same stance and did not responded on my kind offer to continue our deal via escrow. Pinwheel accepting escrow or not is a business decision and it has some costs associated with it. It was a business decision not to accept escrow as it will add to our costs. Since escrow adds a extra safety layer to the other party, we have decided that anybody needs an extra safety layer can pay for the same. Others who would not need the escrow service should not share the burden of these extra costs. Hence , we have decided that anybody who requests an escrow service will be given one. The escrow request will add some cost to the requester. |
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If you have any suggestions as how we can improve our website or services, Please let us know. please consider to start using escrow. if it happens I can guaranty you will get minimum 200000 INR per month business from me. that is excellent idea and thank for starting it Thank you for your suggestion. INRBTC will now accept escrow service for all transactions irrespective of size. If escrow service is requested, the requester has to pay for escrow fees. The rates for the escrow transaction will be as per website and an additional 5% for time delay. |
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INRBTC, if you want the accusation part of this thread to be redirected to the Indian Scam Accusations sub forum, do let me know.
I would like the accusation part to be moved to the Indian Scam Accusations sub forum. |
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As per Pinwheel's suggestion about the company details and company registrar's. My name search in goggle will bring my company name where I am the director right on the first page. The company name will be disclosed when we think it is the right time. Not because you are asking for it. I know this. You did not think that I would trust you without doing my homework. Did ya?  My mistake, this was directed at Pinwheel not you. I realized this after seeing your statement, forgot that I was addressing you and not Pinwheel. |
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Dear Moderator, INRBTC is willing to transfer 1 BTC to you for safekeeping. If in the next two months if anybody can prove to you that INRBTC has scammed, you can then transfer the same to them. Each of the order at INRBTC will have an order number. If you get a scam notice for any specific order number, you can ask us for the proof of delivery and if INRBTC is unable to provide you the details within 2 days, then you can declare a scam and distribute the BTC. Let me know your views. As per Pinwheel's suggestion about the company details and company registrar's. My name search in goggle will bring my company name where I am the director right on the first page. The company name will be disclosed when we think it is the right time. Not because you are asking for it. The moderator know's my details and at any point of time, if the moderator feels that people have been subject to scam from INRBTC, then he can disclose my name and my company's name. This is going to be my last post about Pinwheel's baseless allegations. My next action will be send 1 BTC to a public address , if the moderator agrees to my proposal. Regards, INRBTC Admin |
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fucking scammer  , agreed on price, I offered pay fee for escrow he refused escrow. another addition to collection of clowns here in Indian section. Everybody has the freedom to express their opinion, the same way the esteemed member Pinwheel has expressed just above. At the same time others also have their right to say, like me, representative of INRBTCPersonal messages are not be disclosed as they are personal, but as in the present case, since Pinwheel has made an accusation based on personal message, I have NO option but to disclose the personal messages based on which an negative observation has been made on us. We take our business seriously. You can be the judge based on the PM exchanged between me and Pinwheel. I think Pinwheel can vouch for the accuracy of these messages. hello
I want to sale 20btc 6200 rate. let me know if you interested to buy. Escrow by John K, I will not send bitcoins direct to without escrow.
PW
Thank you.
An offer from a established member in this forum is indeed an honor.
Regarding price, there is nothing much I can do, it is what is on our website during order time. it is price for holding risk and volatility. We did a few trades yesterday at 6200 though. you can check our historical prices when you click on Sell. The transactions can be seen on our bitcoin address. The address is in my signature.
Regarding escrow, if you are worried about getting scammed, try selling a few bitcoins at a time. If you hold an ICICI Bank, the transfer is instant else NEFT is once an hour. Sell the next BTC after you receive amount for the first. I am sure if you start selling 3 BTC per hour, by end of the day we can complete all 20 BTC transactions. I can assure you the same price for all 20 BTC provided we disclose the same on this forum about the total deal.
Escrow does not work for both of us, time delay and cost.
Let me know your views.
for your information on this forum in english part, not Indian, if person in such deal refuse escrow, he at once considered as a scammer, at once. I pay escrow fee, best rate I can give 6100. Escrow with JohnK. I want to buy from snapdeal 4 SMTP Corsair here is link http://www.snapdeal.com/product/corsair-vs-650-smps/509794?pos=0;2rate 6000, only escrow deal. I send btc to escrow you ship, I receive item I will release escrow. one more thing you will not use dealing with me for your advertisement, no info must appears in public forums,unless I want to leave feedback myself. thanks PW [/quote]
Rs 6026 for buying from Snapdeal. You will get your order number from snapdeal within 15 mins of transferring bitcoins. Someone from the site will be available on live chat, until you receive your order tracker. Still no to Escrow
In my opinion escrow is between individuals, I am representing an organisation here and not dealing as an Individual.
I am not trying to prove a point nor trying to offend you. No offense intended.
Thanks again.
so you here just to smam people, what kind of organization you represent? is it registered partnership or firm, or limited company what is the name. I can check it with company registrar. You are just kid who think he can come here and bullshit people like that. Sure you can bulshit Benson but not me. |
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We are glad to announce that we are now able to deposit to any bank in India which supports NEFT Transactions.
From a limited 3 Banks previously, now we are able to support 89 Banks.
If you have any suggestions as how we can improve our website or services, Please let us know.
We will try to incorporate the same.
Regards,
INRBTC Team
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