500 and 1000 Re Notes Demonetized

[21BTC]

Now the game starts. Now bitcoin rate will go crazy in india, now people find alternate ways.

Guys, this step will be a game changing thing in india. Now rich becomes obviously poor.

Well certainly may not be the case. Assume you hold 10 btc and the buyer is ready to give you rate + some % premium and will give you 500 and 1000 notes which basically is black money. So then why will you like to land in the trap for yourselves when you know IT will be watching and coming back to you for this transaction. So you will avoid such cases.

What about the black money generated in the future? People will be hesitant to store them in the form of currency notes.
That is where alternative assets like Bitcoin can step in.  

Exactly and it will be postive thing for bitcoin price  

To buy btc you will have to make payment which will happen via bank unless you make cash payment with 100 Rs note. So anyways your 500 & 1000 is out of scope. So overall you would anyways be left without  much. BTC may not be a life savior much.

You are totally out of your mind and did not understood what we have been talking here. We are talking about future when new notes will be in circulation then people who keeps black money in cash might have learnt their lesson by then and will move to things like bitcoin to be on safer side which will be good thing for bitcoin overall.

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[polynesia]

How will Bitcoin be impacted?

http://www.firstpost.com/business/rs-500-rs-1000-note-ban-industry-terms-it-watershed-moment-in-fight-against-black-money-3095596.html

Sathvik Vishwanath, CEO and Co-Founder, Unocoin: "The intentions are good but very difficult to achieve. If going cashless is the only way forward, certainly the bitcoin which is borderless trustless and transparent currency makes more sense".

[nizamcc]

How will Bitcoin be impacted?

http://www.firstpost.com/business/rs-500-rs-1000-note-ban-industry-terms-it-watershed-moment-in-fight-against-black-money-3095596.html

Sathvik Vishwanath, CEO and Co-Founder, Unocoin: "The intentions are good but very difficult to achieve. If going cashless is the only way forward, certainly the bitcoin which is borderless trustless and transparent currency makes more sense".

पर बिटकॉइन किससे खरीदोगे? आखिर में तो कैश का ही इस्तेमाल करोगे ना? बेचने वाला क्यों अपने सिर मुसीबत लेगा ५०० और १००० के नोट लेकर?

[21BTC]

How will Bitcoin be impacted?

http://www.firstpost.com/business/rs-500-rs-1000-note-ban-industry-terms-it-watershed-moment-in-fight-against-black-money-3095596.html

Sathvik Vishwanath, CEO and Co-Founder, Unocoin: "The intentions are good but very difficult to achieve. If going cashless is the only way forward, certainly the bitcoin which is borderless trustless and transparent currency makes more sense".

पर बिटकॉइन किससे खरीदोगे? आखिर में तो कैश का ही इस्तेमाल करोगे ना? बेचने वाला क्यों अपने सिर मुसीबत लेगा ५०० और १००० के नोट लेकर?

It's about what will happen in future not now.

[philiveyjr]

How will Bitcoin be impacted?

http://www.firstpost.com/business/rs-500-rs-1000-note-ban-industry-terms-it-watershed-moment-in-fight-against-black-money-3095596.html

Sathvik Vishwanath, CEO and Co-Founder, Unocoin: "The intentions are good but very difficult to achieve. If going cashless is the only way forward, certainly the bitcoin which is borderless trustless and transparent currency makes more sense".

I don't think government will consider bitcoin one bit. While it is a borderless transparent currency they have no control over it, and can't regulate it. As long as the government can manage their digital funds through bank accounts well, the population would be happy.

[bitcoinisbest]

How will Bitcoin be impacted?

http://www.firstpost.com/business/rs-500-rs-1000-note-ban-industry-terms-it-watershed-moment-in-fight-against-black-money-3095596.html

Sathvik Vishwanath, CEO and Co-Founder, Unocoin: "The intentions are good but very difficult to achieve. If going cashless is the only way forward, certainly the bitcoin which is borderless trustless and transparent currency makes more sense".

I don't think government will consider bitcoin one bit. While it is a borderless transparent currency they have no control over it, and can't regulate it. As long as the government can manage their digital funds through bank accounts well, the population would be happy.

Yes seems so that govt next plan would be for bitcoin where they may think how can they monitored this and if they cant we know what the results would be . So let us wait and watch if it will sustain or will it close down. All the efforts are being done by exchanges to let them know about the technology but we know the government.   

[DomainMagnate]

What a initiative taken by government. This is something out of the box for the government to do it.  Many of the politicians itself have the money and taking this bold step is really appreciated. Now let us see how much it will be organized.

I agree that this is a bold decision by government and our prime minister deserves accolades for this but corruption has a deeper roots and is not going to wipe out easily

[jay8291]

What a initiative taken by government. This is something out of the box for the government to do it.  Many of the politicians itself have the money and taking this bold step is really appreciated. Now let us see how much it will be organized.

I agree that this is a bold decision by government and our prime minister deserves accolades for this but corruption has a deeper roots and is not going to wipe out easily

Agreed. Corruptions has Very deep roots.

Many People have their money in Swissbanks and Foreign Properties.

But peoples who will be affected will be the ones who have sacks full of CASH stored. Also As media is saying that Pakistan who was duplicating notes will be greatly affected by this move.

For Common people it is a Small Problem.

But for many who have more than 2.5 lakhs at home but are legit will also get trouble bcoz of this.

[jay8291]

How will Bitcoin be impacted?

http://www.firstpost.com/business/rs-500-rs-1000-note-ban-industry-terms-it-watershed-moment-in-fight-against-black-money-3095596.html

Sathvik Vishwanath, CEO and Co-Founder, Unocoin: "The intentions are good but very difficult to achieve. If going cashless is the only way forward, certainly the bitcoin which is borderless trustless and transparent currency makes more sense".

I don't think government will consider bitcoin one bit. While it is a borderless transparent currency they have no control over it, and can't regulate it. As long as the government can manage their digital funds through bank accounts well, the population would be happy.

Bitcoin Implementation will only give rise to more corruption as black money holders will find an easy way to store their Black Money.

By the way its not gonna happen until gov comes with the best idea to be able to Monitor it.

[apoorvlathey]

Initially the idea seemed to be good, but it is not well implemented. All the people are struggling to get their old notes get exchanged. Banks and atms are still falling short of new notes even after 5 days.
There has been a biggest mistake done, they didn't do their homework. The dimensions of new 2000rs note is different and so all the atm machines must be reconfigured thereby causing further delay of 2-3 weeks.

[saikumar011]

We are going step forward in development. Due to this most of them are affected with financial crisis.

[pvaspecialist]

I think this decision will not help to catch corrupt people who have illegal money because big whale already transfer their black money to Swiss bank.First need to catch them who have money on  Swiss bank later taking this decision would be better.I think now only few people have black money but Common people will fall in big trouble.lets see how govt. can handle this situation

[erikalui]

I think this decision will not help to catch corrupt people who have illegal money because big whale already transfer their black money to Swiss bank.First need to catch them who have money on  Swiss bank later taking this decision would be better.I think now only few people have black money but Common people will fall in big trouble.lets see how govt. can handle this situation

The Government is going to take more serious actions against those black marketers. The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days. I fear that bitcoins too can be affected as it's considered as black money.

[bitcoinisbest]

I think this decision will not help to catch corrupt people who have illegal money because big whale already transfer their black money to Swiss bank.First need to catch them who have money on  Swiss bank later taking this decision would be better.I think now only few people have black money but Common people will fall in big trouble.lets see how govt. can handle this situation

The Government is going to take more serious actions against those black marketers. The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days. I fear that bitcoins too can be affected as it's considered as black money.

Absolutely bitcoin may come under the purview and since there is no direct control of the government and untraceable to the extent might result in closure of the same. Just thinking  how will exchanges survive since they got funding and need to pay back if the closure comes. How will they be able to pay?

[philiveyjr]

I think this decision will not help to catch corrupt people who have illegal money because big whale already transfer their black money to Swiss bank.First need to catch them who have money on  Swiss bank later taking this decision would be better.I think now only few people have black money but Common people will fall in big trouble.lets see how govt. can handle this situation

The Government is going to take more serious actions against those black marketers. The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days. I fear that bitcoins too can be affected as it's considered as black money.

Any source for that ? How can the government even figure out who owns how much gold without doing a raid at this moment.And if the government does organize such kind of a raid, it will be public news and all the gold with go hiding either way.

[nizamcc]

I think this decision will not help to catch corrupt people who have illegal money because big whale already transfer their black money to Swiss bank.First need to catch them who have money on  Swiss bank later taking this decision would be better.I think now only few people have black money but Common people will fall in big trouble.lets see how govt. can handle this situation

The Government is going to take more serious actions against those black marketers. The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days. I fear that bitcoins too can be affected as it's considered as black money.

Yes, and even the real estate sector has caught the heat by having all the property rates slashed by nearly 30% their actual rates.
Now, the builders are going to suffer hard because people will be getting a chance to buy homes at slashed rates at prices which are on-paper.

[pvaspecialist]

I think this decision will not help to catch corrupt people who have illegal money because big whale already transfer their black money to Swiss bank.First need to catch them who have money on  Swiss bank later taking this decision would be better.I think now only few people have black money but Common people will fall in big trouble.lets see how govt. can handle this situation

The Government is going to take more serious actions against those black marketers. The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days. I fear that bitcoins too can be affected as it's considered as black money.

erikalui I dont have more than 1 lakh rupee am safe.haha...

"The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days."
gold own above 3 lakhs this would be nice action but I dont think properties action will work because corrupt people know they will be caught they don't register properties their own name.most of the big corrupt people buy properties abroad even their business also outside of country so Govt. never been catch them.

[nizamcc]

I think this decision will not help to catch corrupt people who have illegal money because big whale already transfer their black money to Swiss bank.First need to catch them who have money on  Swiss bank later taking this decision would be better.I think now only few people have black money but Common people will fall in big trouble.lets see how govt. can handle this situation

The Government is going to take more serious actions against those black marketers. The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days. I fear that bitcoins too can be affected as it's considered as black money.

erikalui I dont have more than 1 lakh rupee am safe.haha...

"The gold they own above 3 lakhs will be taxed and those who own over 2 properties too will be dealt with in coming days."
gold own above 3 lakhs this would be nice action but I dont think properties action will work because corrupt people know they will be caught they don't register properties their own name.most of the big corrupt people buy properties abroad even their business also outside of country so Govt. never been catch them.

But that's why GST is going to get implemented, where all the "BENAMI" transactions are going to get seized by the government giving a final warning to surrender themselves, or strict actions are going to be taken in the future. I wanted an "INDIA" like this, and I can see it coming.

[philiveyjr]

gold own above 3 lakhs this would be nice action but I dont think properties action will work because corrupt people know they will be caught they don't register properties their own name.most of the big corrupt people buy properties abroad even their business also outside of country so Govt. never been catch them.

Well, thats what they were planning to clamp down on. If a servant owns a property, then they will look into it. If someone who doesn't own earn enough to own a property and still owns it, then they will investigate his source of income for that purchase.

[jjjack]

it was good the value of bitcoin will  increase now people will invest in bitcoin boz india n gov is dum