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1  Local / India / [2018-04-07] BS:Amit Bhardwaj: The mastermind behind Bitcoin Ponzi scheme on: April 07, 2018, 07:49:26 PM
Amit Bhardwaj: The mastermind behind Bitcoin Ponzi scheme

http://www.business-standard.com/article/current-affairs/amit-bhardwaj-the-mastermind-behind-bitcoin-ponzi-scheme-118040700071_1.html

Amit Bhardwaj, the mastermind behind one of the largest Bitcoin Ponzi schemes in India, was arrested this week. The 35-year-old had been actively marketing his scheme since 2015, before it came to the notice of the authorities.

Several investors were lured to his Ponzi schemes, which promised handsome returns.

Zakhil Suresh, a finance student living in Kerala, was one of them. In a petition to the Delhi Commissioner of Police to arrest Bhardwaj, Suresh said that he and his friends met Bhardwaj in 2015 at Delhi where the latter explained his five-year business plan. Bhardwaj claimed his company had a mining pool in China and for every contract of one Bitcoin, his company promised to pay back 0.1 Bitcoin a month, for 18 months, translating to an effective monthly return of 10 per cent.
2  Local / India / [2018-03-17] IE: Bitcoin fraud: 6 including directors of a firm booked on: March 19, 2018, 12:38:49 PM
Bitcoin fraud: 6 including directors of a firm booked

http://indianexpress.com/article/cities/pune/bitcoin-fraud-6-including-directors-of-a-firm-booked-5100680/

Six people have been booked for allegedly selling bitcoins worth Rs 1 crore without the knowledge and consent of their owner. According to police, Bhimsen Baburam Agarwal (65), a resident of Pradhikaran, Nigdi, was allegedly persuaded by two accused, Amit and Ajay Bharadwaj, to invest in Gain Bitcoin Company.

Since September 2016, Agarwal had invested up to Rs 1 crore in the company and purchased 93.5 bitcoins. But the accused allegedly sold the coins to a third party without Agarwal’s consent, who then filed an FIR at the Nigdi police station. Police have booked Amit and Ajay, both directors of Gain Bitcoin Company, Rupesh Singh, Hemant Chavan, Kaka Ravde and Hemant Suryawanshi.
3  Local / Press & News from India / [2018-02-06] Hindu: Fearing cryptocurrencies on: February 06, 2018, 06:44:50 AM
Fearing cryptocurrencies

http://www.thehindu.com/opinion/op-ed/fearing-cryptocurrencies/article22661656.ece

The hope that private cryptocurrencies would become mainstream money suffered a setback last week. In his Budget speech, Finance Minister Arun Jaitley for the first time explicitly said that cryptocurrencies such as bitcoin are not legal forms of money in India and that the government would take steps to eliminate their use. Mr. Jaitley is not the only politician worldwide to consider cryptocurrencies a danger to the status quo. Under the guise of protecting investors, governments in China and South Korea recently took steps to suppress the use of cryptocurrencies, thus adding to the extreme volatility of their price moves. Why are governments so keen to destroy private cryptocurrencies?

The reason is that these currencies pose a significant threat to the massive economic power that national currencies, such as the rupee and dollar, provide their governments. Today every country’s government has a legal monopoly over the issuance of the currency that its people use. This means that no entity other than the government may create and sell currencies. The very point of legal tender laws is to ban anything other than the currency issued by the government from being used as a medium of exchange.
4  Local / Press & News from India / [2018-02-05] ET: How the government is planning to nip Bitcoin in the bud on: February 06, 2018, 06:42:59 AM
Read to know how the government is planning to nip Bitcoin in the bud

https://economictimes.indiatimes.com/news/economy/policy/read-to-know-how-the-government-is-planning-to-nip-bitcoin-in-the-bud/articleshow/62788727.cms

Bitcoin, the crypto currency that hit the news for its promise of easy money, touched shocking highs and lows in a short span of past few months. Yet it spawned a worldwide craze among speculators as well as common investors.

Though there is still no consensus among governments and central bankers on the status of crypto currencies, Finance Minister Arun Jaitley clarified in his Budget speech that crypto currencies were illegal and the government would not recognise them.

However, there's more to the issue than Jaitley's clarification.
5  Local / Press & News from India / [2018-01-01] MInt: Bitcoin exchanges set to face increased scrutiny on: December 31, 2017, 08:49:14 PM
Bitcoin exchanges set to face increased scrutiny

http://www.livemint.com/Money/ZIcNvkvBVchruocL9t2kkL/Bitcoin-exchanges-set-to-face-increased-scrutiny.html

Bitcoin exchanges are set to come under investigative agencies’ scanner after the government warned people of the risk of investing in cryptocurrencies, which are not backed by government fiat, and likened them to Ponzi schemes.

Enforcement agencies could act against bitcoin platforms and exchanges for illegal money pooling, an official at an enforcement agency said on condition of anonymity.

The capital markets regulator, the Securities and Exchange Board of India (Sebi), too will take action against these exchanges if they are serving as collective investment schemes, a senior Sebi official said on condition of anonymity.
6  Local / Press & News from India / [2017-12-26] ET: Bitcoin is ready to lose more weight, reveals Cboe data on: December 26, 2017, 10:38:34 AM
Bitcoin is ready to lose more weight, reveals Cboe data

https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-is-ready-to-lose-more-weight-reveals-cboe-data/articleshow/62247536.cms

 Indian investors in bitcoin, beware. Early trends on Cboe Futures Exchange (CFE) show that the crypto currency could be in for further correction since hitting a new high last Monday. CFE, home to volatility futures Cboe Vix, launched trading in bitcoin futures on December 10.

The near month contract expiring on January 17, 2018, witnessed a steady rise in open interest (OI) accompanied by a price correction of almost 27 per cent to $13960 a contract (1 contract equals one bitcoin) last week. A rise in OI along with steep price correction is indicative of traders mounting huge bearish bets on a traded contract.

Though refraining to comment on the bitcoin itself, Rajesh Palviya, derivatives head at Axis Securities, said, "The signs (jump in OI and price fall) point to a corrective trend."
7  Local / Press & News from India / [2017-12-26] ET: This one factor could tell how far bitcoin will plunge on: December 26, 2017, 10:33:38 AM
This one factor could tell how far bitcoin will plunge

https://economictimes.indiatimes.com/markets/stocks/news/this-one-factor-could-tell-how-far-bitcoin-will-plunge/articleshow/62248797.cms

While the sharp drop in bitcoin - 25 per cent, or nearly $4,000, overnight (and 33 per cent from the beginning of the week) -- has some predicting the bubble is starting to burst, it may also provide evidence of the cryptocurrency's longevity.

The critical issue is transactions. And if you are looking for where the bottom could be to bitcoin's plunge, that's a pretty good place to start. Tom Lee, one of Wall Street's biggest bitcoin bulls and head of research at Fundstrat, said on Bloomberg TV on Friday morning that anyone who says bitcoin is based on nothing hasn't "done their homework." The increase in bitcoin this year has followed an uptick in the value of transactions. At the start of the year, there were $275 million in daily transactions in bitcoin. Earlier this week, that had grown to more than $5 billion. That's a 1,700 per cent increase, which is more than the rise in bitcoin this year, even before its current tumble.
8  Local / Press & News from India / [2017-12-26] ET: Bitcoin welcomes Christmas with heads down on: December 26, 2017, 10:31:41 AM
Bitcoin welcomes Christmas with heads down

https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-welcomes-christmas-with-heads-down/articleshow/62248888.cms

The price of bitcoin was trending downward on Christmas morning as the cryptocurrency reeled in the aftermath of its most volatile period ever..

As of 11.30 am Christmas morning (GMT), bitcoin was valued at $13,975 according to data from Markets Insider.

The cryptocurrency had lost almost 2 per cent of its value in the past 24 hours.
9  Local / Press & News from India / [2017-12-26] ET: Bitcoin rises 10%, recovers from last week's brutal selloff on: December 26, 2017, 10:30:05 AM
Bitcoin rises 10%, recovers from last week's brutal selloff

https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-rises-10-recovers-from-last-weeks-brutal-selloff/articleshow/62250036.cms

Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 per cent to be up more than a third from last week's lows of below $12,000.

Bitcoin, the world's biggest and best-known cryptocurrency, fell nearly 30 per cent at one stage on Friday to $11,159.93 and, despite a late recovery, had its worst week since 2013. At 0445 GMT on Tuesday, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange.
10  Local / Press & News from India / [2017-12-25] ET: Blockchain may upset commodity markets globally on: December 25, 2017, 07:04:28 PM
Blockchain may upset commodity markets globally

https://economictimes.indiatimes.com/markets/stocks/news/blockchain-may-upset-commodity-markets-globally/articleshow/62237412.cms

Blockchain technology, which has already been adopted by gold traders, is starting to show the potential to transform other sectors of the global physical commodities markets.

While it wouldn’t necessarily boost commodity prices, the innovation could offer a secure means of exchange of raw materials, open up channels of trade among buyers and sellers that had until now have been perceived as credit risks, and provide more transparency and liquidity to a market that has slowly lost favour among financial institutions.
11  Local / Press & News from India / [2017-12-24] ET: Bitcoin and friends offer 1,000 ways to lose your money on: December 25, 2017, 07:03:03 PM
Bitcoin and friends offer 1,000 ways to lose your money

https://economictimes.indiatimes.com/markets/stocks/news/view-bitcoin-and-friends-offer-1000-ways-to-lose-your-money/articleshow/62230484.cms

There are 1,036 virtual currencies out there, from Bitcoin to -- no joke -- BigBoobsCoin. The price of almost every single one was down Friday morning. Bitcoin, the one that kicked off the whole shebang with its rigid algorithm to cap supply, hit its lowest point in two weeks before climbing back to about $14,000.

Is this the epic bursting of the bubble the bears have been waiting for? Not yet. The selloff certainly looks like a reversal of the herd buy-in that hit fever pitch this year. But, in absolute price terms, cryptocurrencies are only looking very marginally less insane.

Even after sinking 35 per cent from a record high, Bitcoin is still 1,200 per cent higher than where it was at the end of 2016. And corrections are common in this market. Bitcoin dropped 13 per cent in one day just three months ago, and 22 per cent in one day back in 2015.
12  Local / Press & News from India / [2017-12-24] ET: Bitcoin champion Michael Novogratz halts hedge fund plans on: December 25, 2017, 06:57:17 PM
Bitcoin champion Michael Novogratz halts hedge fund plans, says the cryptocurrency may drop to $8K

https://economictimes.indiatimes.com/markets/stocks/news/michael-novogratz-one-of-the-biggest-champions-of-bitcoin-halts-hedge-fund-plans-says-it-may-drop-to-8k/articleshow/62228687.cms

Michael Novogratz, the former macro manager who's turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000.

"We didn't like market conditions and we wanted to re-evaluate what we're doing," Novogratz said Friday in a phone interview. "I look pretty smart pressing the pause button right now."
13  Local / Press & News from India / [2017-12-24] Mint: The year of bitcoin on: December 25, 2017, 06:55:42 PM
The year of bitcoin

http://www.livemint.com/Opinion/b2qvKYsBeGmkzDGGxwDQzI/The-year-of-bitcoin.html

A quick look at Google Trends shows the number of searches for “bitcoin” has increased 20-fold since Christmas 2016. The normalized data shows that there were some months in 2013 and 2014 when the number of people searching for information on the digital currency picked up, but that interest did not hold for long. The game changed in 2017. Google searches for “bitcoin” showed gradual improvement, and then took off vertically after November. The interest was no doubt correlated to the sharp rise in bitcoin prices this year.

Meanwhile, a new survey of European economists undertaken by the Centre for Macroeconomics and the Centre for Economic Policy Research tells us two things. Most of the surveyed economists do not believe bitcoin is a threat to financial stability because of its limited usage in economic transactions, but they said the use of the cryptocurrency for tax evasion means that greater regulatory oversight is needed. Expect more on the latter front in the coming year—not just in other parts of the world but in India as well.
14  Local / Press & News from India / [2017-12-23] Zee: Bitcoin falls 30%, posts worst week since 2013 on: December 25, 2017, 06:53:56 PM
Bitcoin falls 30%, posts worst week since 2013

http://zeenews.india.com/international-business/bitcoin-falls-30-posts-worst-week-since-2013-2069054.html

Bitcoin plunged by 30 percent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to a peak close to $20,000 prompted warnings by experts of a bubble.

After falling to as low as $11,159, it recouped some losses to trade above $14,000 on the Bitstamp platform, down 9 percent on the day. It is down around 25 percent this week, its largest weekly loss since April 2013.

It capped a brutal week that had been touted as a new era of mainstream trading for the digital currency when bitcoin futures debuted on CME Group Inc, the world`s largest derivatives market on Sunday.
15  Local / India / [2017-11-21] BS: The promise of blockchain on: November 22, 2017, 06:58:08 AM
The promise of blockchain

http://www.business-standard.com/article/opinion/the-promise-of-blockchain-117112101316_1.html

State Bank of India (SBI) is all set to roll out two applications that adopt the revolutionary blockchain technology for banking. The use of blockchain could considerably reduce the costs of certain transactions while raising the bar for security.

The blockchain is an open electronic ledger system invented to provide a platform for bitcoin, a cryptocurrency. It was conceptualised by bitcoin inventor, “Satoshi Nakamoto”, as a method for verifying, while guaranteeing anonymity, transactions involving a digital currency that was not issued by any central authority.
16  Local / India / [2017-11-21] ET: Bitcoin falls on $31 million hack of cryptocurrency peer Tether on: November 22, 2017, 06:57:01 AM
Bitcoin falls on $31 million hack of cryptocurrency peer Tether

https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-falls-on-31-million-hack-of-cryptocurrency-peer-tether/articleshow/61737183.cms

Bitcoin fell the most in a week after the company behind cryptocurrency tether reported a $31 million theft.

The amount was taken from the Tether Treasury wallet on Nov. 19 and sent to an unauthorized bitcoin address, according to an announcement on the company’s website posted on Tuesday. The stolen tokens will not be redeemed, and the company is trying to prevent them from entering the ecosystem, it added. Bitcoin dropped as much as 5.4 per cent, the most since Nov. 13. It was last trading 1.6 per cent weaker at $8,117.
17  Local / India / [2017-11-21] BS: Bitcoin has unusual relationship with volatility on: November 22, 2017, 06:55:36 AM
Bitcoin has unusual relationship with volatility

http://www.business-standard.com/article/international/bitcoin-has-unusual-relationship-with-volatility-117112101346_1.html

Cryptoassets are showing the signs of a bubble. Market capitalisation is $222 billion, 16 times as much as a year ago, with no significant change in tangible economic value. The virtual currencies elicit investment excitement and breathless news coverage; sober analysis treating both technical issues and economic fundamentals is rarer.
 
There is incessant cheerleading by people who own cryptoassets, manufacture them or sell associated services. A prominent example is the Amazon best-seller Cryptoassets, which is filled with classic financial hype and bubble logic. The book offers no clear evidence that investors will realise value from buying these assets today. There is no discussion of exit strategy, no speculation about who will pay to deliver profits to current investors.
18  Local / Press & News from India / [2017-11-02] ET: War on bitcoin? Govt panel seeks crackdown on crypto dealers on: November 03, 2017, 12:07:54 AM
War on bitcoin? Govt panel seeks crackdown on cryptocurrency dealers in India

https://economictimes.indiatimes.com/markets/stocks/news/war-on-bitcoin-govt-panel-seeks-crackdown-on-crypto-currency-dealers-in-india/articleshow/61450361.cms

To curb the use of cryptocurrencies in India, a government panel is said to have advised closing cryptocurrency dealers in India, ETNow reported on Thursday quoting agencies.

The decision has come at a time when cryptocurrency bitcoin has gained more currency, with US-based derivatives marketplace operator CME Group planning to offer bitcoin futures later this year. Market watchers called it a notable announcement that can open new doors for the world's yield-hungry institutional investors.

19  Local / Press & News from India / [2017-11-02] IE: Wall Street regulator warns celebrities, individuals touting di on: November 03, 2017, 12:06:17 AM
Wall Street regulator warns celebrities, individuals touting digital coins

http://indianexpress.com/article/business/business-others/wall-street-regulator-warns-celebrities-individuals-touting-digital-coins-4918805/

Wall Street’s main regulator warned on Wednesday that celebrities or other individuals may be breaking U.S. securities law when promoting investments in initial coin offerings (ICOs), a means for companies to raise funds online.

ICOs have become an increasingly popular fundraising mechanism for young technology companies, enabling them to quickly raise millions of dollars by creating and selling digital coins online such as bitcoin with little regulatory oversight.
20  Local / Press & News from India / [2017-11-01] ET: Bitcoin dips a toe into the mainstream on: November 03, 2017, 12:05:00 AM
Bitcoin dips a toe into the mainstream

https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-dips-a-toe-into-the-mainstream/articleshow/61385724.cms

The status of bitcoin as a legitimate financial asset may be rising even faster than its price.

Just last month, Jamie Dimon, the CEO of the nation's big bank, JPMorgan Chase, said that bitcoin was A) a fraud and B) something his bank would never touch. Dimon said he would personally fire anyone who deigned to trade it. CME Group President Bryan Durkin, also in September, told Bloomberg Television that he didn't "see us going forward with a futures contract in the very near future.”
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