**IMPORTANT**URGENT** Support needed to defend the stance of bitcoin in India

[cyphos]

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

[dashingriddler]

Bitcoin is not illegal - agreed. There is no regulation for bitcoin - agreed.

The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong, jurisdictional controls can be violated and cannot be controlled.

Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

[shahadil]

So what next?

[cyphos]

Bitcoin is not illegal - agreed. There is no regulation for bitcoin - agreed.

The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong, jurisdictional controls can be violated and cannot be controlled.

Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

makes no sense to me, now i know why you are the ceo, because you can twist words to suit your purpose. sir, i am a common man and have invested in unocoin.com and none of my concerns raised above have been answered. pls answer in simple, easy to understand english. please 

[dashingriddler]

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

[cyphos]

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

[dashingriddler]

Bitcoin is not illegal - agreed. There is no regulation for bitcoin - agreed.

The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong, jurisdictional controls can be violated and cannot be controlled.

Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

makes no sense to me, now i know why you are the ceo, because you can twist words to suit your purpose. sir, i am a common man and have invested in unocoin.com and none of my concerns raised above have been answered. pls answer in simple, easy to understand english. please

I think my language confused you. Let me put it this way.

In the conversations about bitcoin, when i mention bitcoins are not illegal - i am not getting confronted.
when i say there are no regulation for bitcoin in india as of now - i am not getting confronted.

I mean to say, the officers are agreeing with me when i say these.

Few of their arguments are "The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong (which they need not do in case of regulated transactions), jurisdictional controls can be violated and cannot be controlled (as in sending bitcoins out of country and getting them into the country)."

so my argument is "Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control." - as in make us that point of control.

YES bitcoin platforms and exchanges can get regulated - see the news today http://www.dfs.ny.gov/about/press2015/pr1505071.htm

[cyphos]

Bitcoin is not illegal - agreed. There is no regulation for bitcoin - agreed.

The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong, jurisdictional controls can be violated and cannot be controlled.

Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

makes no sense to me, now i know why you are the ceo, because you can twist words to suit your purpose. sir, i am a common man and have invested in unocoin.com and none of my concerns raised above have been answered. pls answer in simple, easy to understand english. please

I think my language confused you. Let me put it this way.

In the conversations about bitcoin, when i mention bitcoins are not illegal - i am not getting confronted.
when i say there are no regulation for bitcoin in india as of now - i am not getting confronted.

I mean to say, the officers are agreeing with me when i say these.

Few of their arguments are "The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong (which they need not do in case of regulated transactions), jurisdictional controls can be violated and cannot be controlled (as in sending bitcoins out of country and getting them into the country)."

so my argument is "Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control." - as in make us that point of control.

YES bitcoin platforms and exchanges can get regulated - see the news today http://www.dfs.ny.gov/about/press2015/pr1505071.htm

again gibberish,

LEGAL or ILLEGAL??

when your lawyers Nishith Desai Associates came up with thick 46 page booklet, you guys were shouting from rooftops,
that Bitcoin is NOT ILLEGAL IN INDIA and then why all this drama and use of tongue twisting language.....?

[dashingriddler]

If you have done anything illegal - whether you have used or bought bitcoins or not - you could go to jail.
In other words - bitcoin is not illegal - but what you do with bitcoin could be illegal

Sending your KYC documents is not illegal. It is required as a part of our self regulation for you to trade bitcoins on Unocoin. I believe it is same with most of the trading platforms or exchanges in India and abroad.

Executives of any kind of business can get questions by authorities. This do not make your association with such business illegal.

Yes I am here to address your concern - i have not left this thread orphan inspite the reason for this thread creation was quite different.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

[shahadil]

I want to add my little input to this discussion. This ORGANISATION wants to know where the bitcoins are coming from. Greenpeace is being shut down by the government especially because they were receiving foreign funding. Funding which as per the government is meant to destabilise the coountry.

In the same stance, this probably means the government is really interested about every rupee that is flowing into the country, where it is coming from and what it is being used for. If that is the case, i think the government will end up banning bitcoins as well. It is a highly likely scenario which i have been thinking about since this topic came up. And like it was mentioned in this post before, this is something that cannot be controlled, regulated, etc. It is not possible. In which case, the only way to deal with it is to ban it.

Now the question a lot of people will have is, but it is not banned anywhere else in the world, how will it be banned in India. India will generally follow the precedence, not set it. But in my experience, especially when it comes to national security and protecting the country, India has set the precedence for a lot of things, which other countries realise and acknowledge much later, and implement it later on. So it is quite possible that the precedent gets set here.

This is my worst case scenario opinion.

Best case scenario:
It is given the seal of approval by authorities and rules formed and everyone is happy.

[cyphos]

If you have done anything illegal - whether you have used or bought bitcoins or not - you could go to jail.
In other words - bitcoin is not illegal - but what you do with bitcoin could be illegal

Sending your KYC documents is not illegal. It is required as a part of our self regulation for you to trade bitcoins on Unocoin. I believe it is same with most of the trading platforms or exchanges in India and abroad.

Executives of any kind of business can get questions by authorities. This do not make your association with such business illegal.

Yes I am here to address your concern - i have not left this thread orphan inspite the reason for this thread creation was quite different.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it is like saying, selling car is not illegal, but if you kill some person with the car it is illegal.
does car dealership, receive questioning from authorities??

please don't take us for a ride here, i already had pretty bad experiences due to unprofessional
attitude of executives at unocoin. now it is a serious matter involving legalities.

and pls preserve the natural quote procedure of bitcointalk.org, as you write above the quote, confusing everybody.

[Rotten Egg]

Sathwik, as u r online right now I'd like to ask u 2 quick Qs...

i. Did you show them the video where RBI governer is speaking positively about bitcoin ? If yes, what is their response to that ?

ii. Is the 'incident' u mentioned, for which all these processes are taking place, involved with high volume trading or specifically related to something illegal ?

[dashingriddler]

If you have done anything illegal - whether you have used or bought bitcoins or not - you could go to jail.
In other words - bitcoin is not illegal - but what you do with bitcoin could be illegal

Sending your KYC documents is not illegal. It is required as a part of our self regulation for you to trade bitcoins on Unocoin. I believe it is same with most of the trading platforms or exchanges in India and abroad.

Executives of any kind of business can get questions by authorities. This do not make your association with such business illegal.

Yes I am here to address your concern - i have not left this thread orphan inspite the reason for this thread creation was quite different.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it is like saying, selling car is not illegal, but if you kill some person with the car it is illegal.
does car dealership, receive questioning from authorities??

please don't take us for a ride here, i already had pretty bad experiences due to unprofessional
attitude of executives at unocoin. now it is a serious matter involving legalities.

and pls preserve the natural quote procedure of bitcointalk.org, as you write above the quote, confusing everybody.

Yes when those authorities need to know how exactly the car works and what can be done to avoid the owner of the car to kill some one with the car. For example say they put speed regulator - and for this to happen, they need to know how the car and its engine works first.

If you have any unpleasant experience with Unocoin, please write to us at support@unocoin.com - i take care of tickets personally and i can address it.

If you have assumed that the govt officials will never get involved with bitcoin for ever - then you would have been only correct if bitcoin never tried to grow big and illegal activities is not even possible with bitcoin.

[cyphos]

If you have done anything illegal - whether you have used or bought bitcoins or not - you could go to jail.
In other words - bitcoin is not illegal - but what you do with bitcoin could be illegal

Sending your KYC documents is not illegal. It is required as a part of our self regulation for you to trade bitcoins on Unocoin. I believe it is same with most of the trading platforms or exchanges in India and abroad.

Executives of any kind of business can get questions by authorities. This do not make your association with such business illegal.

Yes I am here to address your concern - i have not left this thread orphan inspite the reason for this thread creation was quite different.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it is like saying, selling car is not illegal, but if you kill some person with the car it is illegal.
does car dealership, receive questioning from authorities??

please don't take us for a ride here, i already had pretty bad experiences due to unprofessional
attitude of executives at unocoin. now it is a serious matter involving legalities.

and pls preserve the natural quote procedure of bitcointalk.org, as you write above the quote, confusing everybody.

Yes when those authorities need to know how exactly the car works and what can be done to avoid the owner of the car to kill some one with the car. For example say they put speed regulator - and for this to happen, they need to know how the car and its engine works first.

If you have any unpleasant experience with Unocoin, please write to us at support@unocoin.com - i take care of tickets personally and i can address it.

If you have assumed that the govt officials will never get involved with bitcoin for ever - then you would have been only correct if bitcoin never tried to grow big and illegal activities is not even possible with bitcoin.

something is really not right.

time will ultimately clarify, it is better if you be open with the community regarding questioning, or you might have to  face embarrassment later on.....

[dashingriddler]

Sathwik, as u r online right now I'd like to ask u 2 quick Qs...

i. Did you show them the video where RBI governer is speaking positively about bitcoin ? If yes, what is their response to that ?

ii. Is the 'incident' u mentioned, for which all these processes are taking place, involved with high volume trading or specifically related to something illegal ?

Yes - it was discarded saying it is more of the personal opinion.

It is NOT related to high volume trading. It is related to a set of specific set of transactions by a specific customer.

[cyphos]

Sathwik, as u r online right now I'd like to ask u 2 quick Qs...

i. Did you show them the video where RBI governer is speaking positively about bitcoin ? If yes, what is their response to that ?

ii. Is the 'incident' u mentioned, for which all these processes are taking place, involved with high volume trading or specifically related to something illegal ?

Yes - it was discarded saying it is more of the personal opinion.

It is NOT related to high volume trading. It is related to a set of specific set of transactions by a specific customer.

1. it is very surprising, they discard the thoughts of Raghuram Rajan, Governor of Reserve Bank of India!!!

I remember Christine Lagarde, International Monetary Fund Chief saying, we all listen very carefully to what Raghuram Rajan says,
not only in India, but the world listens to him. and that clip was aired on national television and it was not "personal opinion"
were they really government officials??

2. did they already had the name of that customer?? or they picked him up after you gave the list of customers??

[Amitabh S]

Hi Sathvik,

Please update us about the second meeting when it happens. Few points:
1. Who is this authority? why not make their name public?
2. It doesn't seem like a big deal, in case they only wanted info; which every LEA is authorized to do (with proper warrants of course). Apart from that whats the issue?

[dashingriddler]

If you have done anything illegal - whether you have used or bought bitcoins or not - you could go to jail.
In other words - bitcoin is not illegal - but what you do with bitcoin could be illegal

Sending your KYC documents is not illegal. It is required as a part of our self regulation for you to trade bitcoins on Unocoin. I believe it is same with most of the trading platforms or exchanges in India and abroad.

Executives of any kind of business can get questions by authorities. This do not make your association with such business illegal.

Yes I am here to address your concern - i have not left this thread orphan inspite the reason for this thread creation was quite different.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it is like saying, selling car is not illegal, but if you kill some person with the car it is illegal.
does car dealership, receive questioning from authorities??

please don't take us for a ride here, i already had pretty bad experiences due to unprofessional
attitude of executives at unocoin. now it is a serious matter involving legalities.

and pls preserve the natural quote procedure of bitcointalk.org, as you write above the quote, confusing everybody.

Yes when those authorities need to know how exactly the car works and what can be done to avoid the owner of the car to kill some one with the car. For example say they put speed regulator - and for this to happen, they need to know how the car and its engine works first.

If you have any unpleasant experience with Unocoin, please write to us at support@unocoin.com - i take care of tickets personally and i can address it.

If you have assumed that the govt officials will never get involved with bitcoin for ever - then you would have been only correct if bitcoin never tried to grow big and illegal activities is not even possible with bitcoin.

something is really not right.

time will ultimately clarify, it is better if you be open with the community regarding questioning, or you might have to  face embarrassment later on.....

Everything I can open up with the community, I have. I ofcourse am happy to let you know the questions but it is you who commented asking why am I here when unocoin is a venture funded exchange and have nishith desai associates backing. I am here only to let u know what is happening with the questioning.

[dashingriddler]

Sathwik, as u r online right now I'd like to ask u 2 quick Qs...

i. Did you show them the video where RBI governer is speaking positively about bitcoin ? If yes, what is their response to that ?

ii. Is the 'incident' u mentioned, for which all these processes are taking place, involved with high volume trading or specifically related to something illegal ?

Yes - it was discarded saying it is more of the personal opinion.

It is NOT related to high volume trading. It is related to a set of specific set of transactions by a specific customer.

1. it is very surprising, they discard the thoughts of Raghuram Rajan, Governor of Reserve Bank of India!!!

I remember Christine Lagarde, International Monetary Fund Chief saying, we all listen very carefully to what Raghuram Rajan says,
not only in India, but the world listens to him. and that clip was aired on national television and it was not "personal opinion"
were they really government officials??

2. did they already had the name of that customer?? or they picked him up after you gave the list of customers??

Yes i thought his comments would mean something to them as well.

yes they had the name of the customer. unocoin never gave the list of customers to any one.

[cyphos]

If you have done anything illegal - whether you have used or bought bitcoins or not - you could go to jail.
In other words - bitcoin is not illegal - but what you do with bitcoin could be illegal

Sending your KYC documents is not illegal. It is required as a part of our self regulation for you to trade bitcoins on Unocoin. I believe it is same with most of the trading platforms or exchanges in India and abroad.

Executives of any kind of business can get questions by authorities. This do not make your association with such business illegal.

Yes I am here to address your concern - i have not left this thread orphan inspite the reason for this thread creation was quite different.

if I remember correctly- Nisihth Desai & Associates are your lawyers. Don't understand, why you being a VENTURE CAPITAL FUNDED BUSINESS
are "requesting for help", when Nishith Desai & Associates have already taken out the white paper & concluded
BTC are not illegal in India

are we all being taken for a ride by Unocoin?? are we all missing something??

if it is not illegal, tell them clearly "BITCOIN IS NOT ILLEGAL" and if it is illegal by any means- just go and get arrested. It is that simple.

what are you afraid of..........?

Regards,

Yes NDA are our lawyers - we have not engaged them in this matter.
I am requesting for help from the bitcoin community for which i am a part of. I am keeping this thread posted, just to let the bitcoin community in india know what kind of questions exist in the minds of officers who may be contributing to regulating of bitcoin in india if it ever happens.

Bitcoin is legal or illegal is not the basic question. it is about on what basis we are self regulating it.

you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it's sad that you think social embarrassment and loss of money is popcorn stuff.......

my concerns raised above are still not answered. at least unocoin.com should come out with an official white paper release on there website on what happened and should there customers approach lawyers for advice........

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

it is like saying, selling car is not illegal, but if you kill some person with the car it is illegal.
does car dealership, receive questioning from authorities??

please don't take us for a ride here, i already had pretty bad experiences due to unprofessional
attitude of executives at unocoin. now it is a serious matter involving legalities.

and pls preserve the natural quote procedure of bitcointalk.org, as you write above the quote, confusing everybody.

Yes when those authorities need to know how exactly the car works and what can be done to avoid the owner of the car to kill some one with the car. For example say they put speed regulator - and for this to happen, they need to know how the car and its engine works first.

If you have any unpleasant experience with Unocoin, please write to us at support@unocoin.com - i take care of tickets personally and i can address it.

If you have assumed that the govt officials will never get involved with bitcoin for ever - then you would have been only correct if bitcoin never tried to grow big and illegal activities is not even possible with bitcoin.

something is really not right.

time will ultimately clarify, it is better if you be open with the community regarding questioning, or you might have to  face embarrassment later on.....

Everything I can open up with the community, I have. I ofcourse am happy to let you know the questions but it is you who commented asking why am I here when unocoin is a venture funded exchange and have nishith desai associates backing. I am here only to let u know what is happening with the questioning.

Sathvik please calm down. Don't panic. You are the CEO and it is natural for people who invested there savings into bitcoin via unocoin.com to ask some questions, when the authorities have come knocking.