BTCXIndia Shutting Operation

[skang]

really sad to hear that..I am also an indian boy just I am of 17+ so I don't have documents to make a bank account but I have made my own ways to keep my life comfortable.I am a localbitcoin user so I always suggest to use it

This! Bitcoin was invented to eliminate such barriers and authorities, be it even tech-savvy authorities like the US or China, cannot regulate bitcoin. It is technically not possible.

But my brother, this thread is not about that. This thread is specifically about BTCXIndia.

[TigerMart]

really sad to hear that..I am also an indian boy just I am of 17+ so I don't have documents to make a bank account but I have made my own ways to keep my life comfortable.I am a localbitcoin user so I always suggest to use it

Nice to know that u r into bitcoin at such an early age. Direct trading exchanges like LocalBitcoins.com or www.100bit.co.in are immune to the banking problem as they do not need to handle FIAT directly. This type of exchanges will always stay and provide platform to bitcoin buyers & sellers.

[btcxindia]

Hi all, Kamesh here, CEO of BTCXIndia.

I hear lots of upset voices, but trust me, no one is more upset then we are. Our staff are losing their jobs, and we are losing what we spent lots of money and effort building during the last 18 months. We have the most to lose by closing down, so I can assure you we have explored all options.

We will not comment in more detail on this until we have unwound operations, instead we are focusing on paying out remaining balances to customers and ensuring they can liquidate their positions.

I've personally been involved in the Indian bitcoin space since 2013, and want nothing more than for it to thrive. If Unocoin and CoinSecure can continue operations that's great, and I wish you both the best of luck. And rest assure BTCXIndia will be back competing with you soon again!

[TigerMart]

Hi all, Kamesh here, CEO of BTCXIndia.

I hear lots of upset voices, but trust me, no one is more upset then we are. Our staff are losing their jobs, and we are losing what we spent lots of money and effort building during the last 18 months. We have the most to lose by closing down, so I can assure you we have explored all options.

We will not comment in more detail on this until we have unwound operations, instead we are focusing on paying out remaining balances to customers and ensuring they can liquidate their positions.

I've personally been involved in the Indian bitcoin space since 2013, and want nothing more than for it to thrive. If Unocoin and CoinSecure can continue operations that's great, and I wish you both the best of luck. And rest assure BTCXIndia will be back competing with you soon again!

I dont get a simple thing here. If a bank can give support to UnoCoin & Coinsecure, why wont they give support to BTCXindia ?

[skang]

Another ambiguous post by Kamesh.

On the one hand they dare other exchanges("CAN operate", "best of LUCK") to operate by "assuring" they "explored all options" and then take the opposite approach & "assures" they'll be back competing "soon again"??

Shall wait for their "comment in more detail" after they have "unwound operations".

[dashingriddler]

India is a land of million banks - the options on this front cannot get exhausted so soon. At least not just in a single day.

[TigerMart]

India is a land of million banks - the options on this front cannot get exhausted so soon. At least not just in a single day.

Not sure why u r saying India is a land of million banks, but it is for sure that more than 20 can not provide a secure online banking service.

[johnyj]

really sad to hear that..I am also an indian boy just I am of 17+ so I don't have documents to make a bank account but I have made my own ways to keep my life comfortable.I am a localbitcoin user so I always suggest to use it

Nice to know that u r into bitcoin at such an early age. Direct trading exchanges like LocalBitcoins.com or www.100bit.co.in are immune to the banking problem as they do not need to handle FIAT directly. This type of exchanges will always stay and provide platform to bitcoin buyers & sellers.

Not exactly safe heaven, on P2P exchanges, you still need to deal with someone, preferably a trusted pro trader with more than 500 feedback. But this kind of traders' bank account can all be taken down by a simple test purchase which will show their receiving bank account. And if you go after other low credit traders or setup your own advertisement, you will risk of being scammed

And localbitcoins are banned in Germany due to too many fraudulent activities on its platform, and that is a known problem for P2P exchanges overall: Even there are some legitimate and vigilant pro traders on the platform, there are just too many scams and man in the middle attack on the platform, the platform itself will become the scapegoat of those scammers

[dashingriddler]

India is a land of million banks - the options on this front cannot get exhausted so soon. At least not just in a single day.

Not sure why u r saying India is a land of million banks, but it is for sure that more than 20 can not provide a secure online banking service.

I m from a small town called Tumkur where the population is less than a few Lakhs. Have more than 50 banks out of which about 15 are nationalised. Among the rest most are localised but provide NEFT services.

[cyphos]

Kamlesh (CEO BTCXIndia.com) can you a be a bit clear here?? In this information age, you JUST CANNOT HIDE ANYTHING.
sooner or later- things will come out themselves................

[vennali]

Shutting down due to banks since they are no longer serving bitcoin businesses is vague. From the article that I read http://www.coindesk.com/bitcoin-btxcindia-to-close/ , which I suppose is also a statement from the owners, it says that its because of losing their banking partner.

Have they actually tried other banks ? Or is it just an assumption ? . If I owned the company, I would just shift to the other bank , and not tell them about my previous bank closing my accounts, and not cooperating for the business.

[dashingriddler]

Shutting down due to banks since they are no longer serving bitcoin businesses is vague. From the article that I read http://www.coindesk.com/bitcoin-btxcindia-to-close/ , which I suppose is also a statement from the owners, it says that its because of losing their banking partner.

Have they actually tried other banks ? Or is it just an assumption ? . If I owned the company, I would just shift to the other bank , and not tell them about my previous bank closing my accounts, and not cooperating for the business.

In bitcoin business, we need to tell about change in bank account to customers as they need to stand sending INR to the new bank account. so it cannot just go under the radar.

[btcsnatcher]

That's sad... keeping in mind I just registered at BTCXIndia a couple of days ago...
Banks should try to show a little more interest and faith in this concept of digital currencies. It's not as if they are suffering severe losses in this field. Besides BTCXIndia should also state clearly why such thing happened in the first place. I think it can be safely assumed that banks can't just deny serving without informing in advance 

[johnyj]

Maybe you can learn from China. In China, at the end of 2013, the government prohibited banks from providing business for bitcoin exchanges, those exchanges since then have invented several ways to circumvent the regulation

1. Using some B2C business account which have very similar payment pattern as exchanges. A large online retailer could make the bitcoin customer deposit neglectable among thousands of other transactions.

2. Sell account recharging codes on online retailers through many private dealer. Those codes can be redeemed for certain amount of bitcoin/fiat at exchanges

3. Using employee's private account. Each employee and even his/her relatives open 10-20 private account at many different banks, each of the account is assigned to one customer support, and used to handle customer deposit/withdraw for one day in the week, shifting between them and constantly adding new accounts

This last form in principle is the best way to deal with banks in the long run. They managed to get hundreds of private account and use them occasionally, it is decentralized banking practice which chinese government had no way to stop (Has been quite effective since the ban of chinese banking service to bitcoin exchanges)

It is interesting, if you look at the family Rothschilds's origin from wiki, there are some text like this:
------------------------------------------------------------------------------------------------
unlike the court Jews of earlier centuries, who had financed and managed European noble houses, but often lost their wealth through violence or expropriation, the new kind of international bank created by the Rothschilds was impervious to local attacks. Their assets were held in financial instruments, circulating through the world as stocks, bonds and debts. Changes made by the Rothschilds allowed them to insulate their property from local violence: "Henceforth their real wealth was beyond the reach of the mob, almost beyond the reach of greedy monarchs."
-------------------------------------------------------------------------------------------------

[vennali]

3. Using employee's private account. Each employee and even his/her relatives open 10-20 private account at many different banks, each of the account is assigned to one customer support, and used to handle customer deposit/withdraw for one day in the week, shifting between them and constantly adding new accounts

This last form in principle is the best way to deal with banks in the long run. They managed to get hundreds of private account and use them occasionally, it is decentralized banking practice which chinese government had no way to stop (Has been quite effective since the ban of chinese banking service to bitcoin exchanges)

I think that might work. But isn't it illegal in anyway, or they can freeze your funds if they find out that you are involved in a bitcoin business ?

Something from this :

In bitcoin business, we need to tell about change in bank account to customers as they need to stand sending INR to the new bank account. so it cannot just go under the radar.

[dashingriddler]

Maybe you can learn from China. In China, at the end of 2013, the government prohibited banks from providing business for bitcoin exchanges, those exchanges since then have invented several ways to circumvent the regulation

1. Using some B2C business account which have very similar payment pattern as exchanges. A large online retailer could make the bitcoin customer deposit neglectable among thousands of other transactions.

2. Sell account recharging codes on online retailers through many private dealer. Those codes can be redeemed for certain amount of bitcoin/fiat at exchanges

3. Using employee's private account. Each employee and even his/her relatives open 10-20 private account at many different banks, each of the account is assigned to one customer support, and used to handle customer deposit/withdraw for one day in the week, shifting between them and constantly adding new accounts

This last form in principle is the best way to deal with banks in the long run. They managed to get hundreds of private account and use them occasionally, it is decentralized banking practice which chinese government had no way to stop (Has been quite effective since the ban of chinese banking service to bitcoin exchanges)

It is interesting, if you look at the family Rothschilds's origin from wiki, there are some text like this:
------------------------------------------------------------------------------------------------
unlike the court Jews of earlier centuries, who had financed and managed European noble houses, but often lost their wealth through violence or expropriation, the new kind of international bank created by the Rothschilds was impervious to local attacks. Their assets were held in financial instruments, circulating through the world as stocks, bonds and debts. Changes made by the Rothschilds allowed them to insulate their property from local violence: "Henceforth their real wealth was beyond the reach of the mob, almost beyond the reach of greedy monarchs."
-------------------------------------------------------------------------------------------------

No no no no.. That's like shooting in your own foot. No matter what you need bank who knows what you are doing and still support you. Need not really be a nationalised bank per say. Else you cannot run the business.

[johnyj]

3. Using employee's private account. Each employee and even his/her relatives open 10-20 private account at many different banks, each of the account is assigned to one customer support, and used to handle customer deposit/withdraw for one day in the week, shifting between them and constantly adding new accounts

This last form in principle is the best way to deal with banks in the long run. They managed to get hundreds of private account and use them occasionally, it is decentralized banking practice which chinese government had no way to stop (Has been quite effective since the ban of chinese banking service to bitcoin exchanges)

I think that might work. But isn't it illegal in anyway, or they can freeze your funds if they find out that you are involved in a bitcoin business ?

Something from this :

In bitcoin business, we need to tell about change in bank account to customers as they need to stand sending INR to the new bank account. so it cannot just go under the radar.

It does not really matter, since there are new accounts added everyday. It can even be randomly selected from a large account pool. Banks must establish a special task force to deal with it, but the effect would still be minimal since those accounts are not in the same bank. In China, bitcoin is legalized as commodity, so you can't shut down private person's account due to commodity trading

Currently no one can say bitcoin is illegal since that will require a law to be written and passed by legislation. But banks mostly reject bitcoin business due to its high rate of fraud and money laundering, they just get mad when they receive police calls every day for certain transactions, all pointing to bitcoin exchange's account

In fact banks are facing such difficulty since the invention of internet, there are more and more fraud and money laundering on internet every day and bitcoin is definitely an attractive medium suitable to carry out such activities. But the thought of closing down bitcoin exchange's account will reduce the criminal activity is naive

[johnyj]

No no no no.. That's like shooting in your own foot. No matter what you need bank who knows what you are doing and still support you. Need not really be a nationalised bank per say. Else you cannot run the business.

Obviously it is bank who does not support you if they refuse to open an account for you without any reason. Unless the legislation say that bitcoin is illegal, banks discriminating bitcoin companies is a known fact

[cyphos]

Kamlesh (CEO BTCXIndia.com) any clarifications you want to share........we are all ears

[cyphos]

Hello Sathvik (CEO Unocoin.com),

the discussion at https://bitcointalk.org/index.php?topic=1047669.msg11330568#msg11330568 is NOT OVER

why has that thread CLOSED?? 

well if you want to be afraid, the least you can do is get the hell out of Bitcoin business. you can't crush open debate

and why has it been moved to Press section from the main INDIA section?? why are you trying to convey here....................??

Benson can you please look into this......................................?

Regards,