India Bans Its Largest Fiat Currency Notes

[romero121]

I heard that there was a redemption period before the publically announced one, where wealthier individuals were allowed to exchange black notes for fresh notes, ahead of the lines. Has anyone else heard this/ is this true?

Yeah, various sources describes that a small percentage of the wealthier network is governing the entire nation. They were reported regarding this earlier, so that they won't get affected by the new regulations upon the currency change.

[MONKEYJUNK]

How much is 500 and 1000 rupias?

I saw it yesterday, don't remember where and far I remember, isn't a big value...

Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...

[veleten]

How much is 500 and 1000 rupias?

I saw it yesterday, don't remember where and far I remember, isn't a big value...

Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...

well,according to http://www.xe.com/currencyconverter/convert/?From=USD&To=INR
a 500 note is worth 7.38 USD, 1000 rhupee note- 14.75$
it is not about the value of the notes in question or fighting crime or anything else
it is all good and dandy
BUT the population of India was given only THREE days to be able to exchange their old notes
consider all who could not exchange and the sum would be huge
and not the bankers nor corporations paid for it but simple people of India
who are not exactly the wealthiest on earth
p.s. there are about 1 billion of indian people on earth and they are the second largest nation after chinese

[classicsucks]

Sometimes make me think that with bitcoin we are playing right into the hands of the movement to restrict our funds.
Crypto is perfect for governments if they control it and can take it away in one click or divvy up the funds between the elite.
Its funny how those attracted to bitcoin initially wanted less government and now it is starting to look like government is going at it the same for total polar opposite reasons.
There is also a trend of eliminating the lower coins and bills in some Countries to eliminate costs and weighing people down with change.
This always looked to me as a reason to over charge the customer due to not having the smaller change and rounding up.

A US federal prosecutor stated that you can't shut down bitcoin. http://motherboard.vice.com/en_ca/read/us-federal-prosecutor-you-cant-shut-down-bitcoin-kathryn-haun

I don't know how they would "divvy up the funds between the elite" with one click?

We are not talking bitcoin specifically when we are talking about crypto currency being a wet dream for government.
If a bank or government creates a crypto that is controlled by them,meaning they have written into the code a way to grab all funds or automatically charge interest,then you are one click away from that happening. It is a very clear point and issue,I do not mention bitcoin anywhere in my response.

To address the Federal prosecutor link I will just say the Elect President has gone on record about scraping laws and agreements he deems unfit. So with that same reasoning he could change the outcome and make the "you cant shut down bitcoin" a out of date statement. We have to remember that super powers wane and so does societies norms,you can not presume things are always going to be the way they currently are. To state it another way... Would you rather be prepared for that day or unprepared?

I agree that a govenrment-controlled or backdoored system could be used to track and shut down certain transactions. People would be foolish to use such a system. Zcash is a good example of such a crypto. Bitcoin is highly unlikely to be government controlled or backdoored - it's open source, and furthermore it seems to be a thorn in the side of government and monetary authorities around the world.

The federal prosecutor would love nothing better than to shut down bitcoin! She meant that you can't shut it down for technical reasons! Remember 10 years ago when they tried to shut down bittorrent? A brief arms race which pitted ISP filtering and love letters/lawsuits from Hollywood lawyers against port randomization and protocol encryption ensued - guess who won? The Hollywood mafia tries to cover up the fact that they completely lost the fight... Given that bitcoin had a very similar peer-to-peer architecture which supports billions of dollars of wealth, something tells me that the bitcoin network won't go down without an analogous fight.

So don't worry...

[the_poet]

Not sure if it has already been shared. IMO this is what's driving current price rise.

http://www.cnbc.com/2016/11/15/india-rupee-restriction-boost-bitcoin-digital-currency.html

[Vaskiy]

Notes are so unsafe and not cheap to government print just like the coins...

And that's why cryptocurrencies are the future, we started trading goods, after metals, paper and now bytes.

So it means that In India and in other countries, Bitcoin can have a really good future. Paper currencies notes if cancelled become zero in value, while on the other hand No Govt. can make the value of bitcoin to zero , as it is not in the hands of the Govt.

That might happen because every country focus towards making things digital. Now this might help get the attention of people from India towards bitcoin. Decentralization won't make any hesitation because the increased price stands first in such situation.

[Techie5879]

Notes are so unsafe and not cheap to government print just like the coins...

And that's why cryptocurrencies are the future, we started trading goods, after metals, paper and now bytes.

So it means that In India and in other countries, Bitcoin can have a really good future. Paper currencies notes if cancelled become zero in value, while on the other hand No Govt. can make the value of bitcoin to zero , as it is not in the hands of the Govt.

That might happen because every country focus towards making things digital. Now this might help get the attention of people from India towards bitcoin. Decentralization won't make any hesitation because the increased price stands first in such situation.

I don't think anything like that will happen anytime soon. People are afraid about trusting any currency and more over, Bitcoin is a decentralised currency, which won't uplift the trust rate of Indians in Bitcoins.

[Mastsetad]

How much is 500 and 1000 rupias?

I saw it yesterday, don't remember where and far I remember, isn't a big value...

Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...

well,according to http://www.xe.com/currencyconverter/convert/?From=USD&To=INR
a 500 note is worth 7.38 USD, 1000 rhupee note- 14.75$
it is not about the value of the notes in question or fighting crime or anything else
it is all good and dandy
BUT the population of India was given only THREE days to be able to exchange their old notes
consider all who could not exchange and the sum would be huge
and not the bankers nor corporations paid for it but simple people of India
who are not exactly the wealthiest on earth
p.s. there are about 1 billion of indian people on earth and they are the second largest nation after chinese

It actually makes me feel bad for them when i think about the ones who may could not exchange their money because of some reason and later on they became worthless, because they are all innocent people who had nothing to do with black markets and etc so they were supposed to be given some chance to convert them anyhow.

[Techie5879]

How much is 500 and 1000 rupias?

I saw it yesterday, don't remember where and far I remember, isn't a big value...

Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...

well,according to http://www.xe.com/currencyconverter/convert/?From=USD&To=INR
a 500 note is worth 7.38 USD, 1000 rhupee note- 14.75$
it is not about the value of the notes in question or fighting crime or anything else
it is all good and dandy
BUT the population of India was given only THREE days to be able to exchange their old notes
consider all who could not exchange and the sum would be huge
and not the bankers nor corporations paid for it but simple people of India
who are not exactly the wealthiest on earth
p.s. there are about 1 billion of indian people on earth and they are the second largest nation after chinese

It actually makes me feel bad for them when i think about the ones who may could not exchange their money because of some reason and later on they became worthless, because they are all innocent people who had nothing to do with black markets and etc so they were supposed to be given some chance to convert them anyhow.

They weren't given three days... lol...the money exchange is still going on here...it will go on till about the end of December. The circulation won't finish finally before the middle of the January of 2k17.

[sportis]

     This happens in India a country which in 2022 will have greater population than China (currently has 1.31 billion inhabitants) is an example of the means the financial systems use in order to persuade Indian citizens to create bank accounts. It is characteristic that the notes will stay in circulation (10, 20, 30 Rs) are very low value when the banknotes of  Rs 1000 is only 14.6 US dollars.

[Wapinter]

I think this is a good move to ban but it should be announced in advance to prevent all the problems poor and middle class people have to go through because of this ban.I think it will also encourage online transactions and sooner or later Indian Banks will also adopt blockchain

[Dudeperfect]

How much is 500 and 1000 rupias?

I saw it yesterday, don't remember where and far I remember, isn't a big value...

Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...

BUT the population of India was given only THREE days to be able to exchange their old notes

You are misinformed, Indian have 50 days to exchange their old currnecy notes. And Even if someone could not change their currnecy in that period. still they have 3 months of period with additional formalities and they can seek help from central bank (reserve bank) of India.

[zef316]

Well this is a big step to save from corruption. I appreciate this but unfortunately the system is not playing fair thats why this produce corrupt person. we need to change the system first...

[OROBTC]

...

The below links to a very negative article on India's ban of R500 and R1000 notes.  Briefly, it states that Modi is incompetent and dictatorial, and that India never gets complex things done right.  The chaos will get worse.

http://www.zerohedge.com/news/2016-11-16/stunning-scenes-panic-gold-price-skyrockets-india-after-currency-ban

We were in India in Nov. 2015, and saw (and heard) NOTHING among those we spoke with about Bitcoin, even in Mumbai.  So my *guess* would be that India is probably not responsible for today's BTC price spike.

[Techie5879]

...

The below links to a very negative article on India's ban of R500 and R1000 notes.  Briefly, it states that Modi is incompetent and dictatorial, and that India never gets complex things done right.  The chaos will get worse.

http://www.zerohedge.com/news/2016-11-16/stunning-scenes-panic-gold-price-skyrockets-india-after-currency-ban

We were in India in Nov. 2015, and saw (and heard) NOTHING among those we spoke with about Bitcoin, even in Mumbai.  So my *guess* would be that India is probably not responsible for today's BTC price spike.

Its not your guess, its completely true. Indians dont know about bitcoins and the handful that do do not trust it due to its peer-to-peer structure. And the few people that do know, also dont trust it as they dont know the actual facts about bitcoin and only know the negative and criminal rumours of bitcoin.

[Yutikas_11920]

...

The below links to a very negative article on India's ban of R500 and R1000 notes.  Briefly, it states that Modi is incompetent and dictatorial, and that India never gets complex things done right.  The chaos will get worse.

http://www.zerohedge.com/news/2016-11-16/stunning-scenes-panic-gold-price-skyrockets-india-after-currency-ban

We were in India in Nov. 2015, and saw (and heard) NOTHING among those we spoke with about Bitcoin, even in Mumbai.  So my *guess* would be that India is probably not responsible for today's BTC price spike.

Its not your guess, its completely true. Indians dont know about bitcoins and the handful that do do not trust it due to its peer-to-peer structure. And the few people that do know, also dont trust it as they dont know the actual facts about bitcoin and only know the negative and criminal rumours of bitcoin.

Yeah it does something right. Many of them and also Governments around the world are wrong about the system bitcoin, so they assume that bitcoin is a poor means of payment and can give a negative impact to them if it can not control or use it. This would not be a bad thing if we want to give the right information. Just trying to give the best information it will give us something good things or good impact for bitcoin

[Techie5879]

...

The below links to a very negative article on India's ban of R500 and R1000 notes.  Briefly, it states that Modi is incompetent and dictatorial, and that India never gets complex things done right.  The chaos will get worse.

http://www.zerohedge.com/news/2016-11-16/stunning-scenes-panic-gold-price-skyrockets-india-after-currency-ban

We were in India in Nov. 2015, and saw (and heard) NOTHING among those we spoke with about Bitcoin, even in Mumbai.  So my *guess* would be that India is probably not responsible for today's BTC price spike.

Its not your guess, its completely true. Indians dont know about bitcoins and the handful that do do not trust it due to its peer-to-peer structure. And the few people that do know, also dont trust it as they dont know the actual facts about bitcoin and only know the negative and criminal rumours of bitcoin.

Yeah it does something right. Many of them and also Governments around the world are wrong about the system bitcoin, so they assume that bitcoin is a poor means of payment and can give a negative impact to them if it can not control or use it. This would not be a bad thing if we want to give the right information. Just trying to give the best information it will give us something good things or good impact for bitcoin

I have tried promoting bitcoins in my locality without little success. Most people here don't even have a decent internet connections and they dont know about the millions of viruses infecting their PCs. And most people dont even care to listen to me, they just dont give a damn to bitcoins

[Bitiner]

why he does this?

[Roboabhishek]

How much is 500 and 1000 rupias?

I saw it yesterday, don't remember where and far I remember, isn't a big value...

Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...

BUT the population of India was given only THREE days to be able to exchange their old notes

You are misinformed, Indian have 50 days to exchange their old currnecy notes. And Even if someone could not change their currnecy in that period. still they have 3 months of period with additional formalities and they can seek help from central bank (reserve bank) of India.

It's most likely a great step taken by the gov but some people don't understand it and they are opposing this step..
They are most likely black money holders ..
But who want the country to be saved from corruption they are in favor of this step.

[Techie5879]

How much is 500 and 1000 rupias?

I saw it yesterday, don't remember where and far I remember, isn't a big value...

Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...

BUT the population of India was given only THREE days to be able to exchange their old notes

You are misinformed, Indian have 50 days to exchange their old currnecy notes. And Even if someone could not change their currnecy in that period. still they have 3 months of period with additional formalities and they can seek help from central bank (reserve bank) of India.

It's most likely a great step taken by the gov but some people don't understand it and they are opposing this step..
They are most likely black money holders ..
But who want the country to be saved from corruption they are in favor of this step.

No, have you even seen the massive queues in front of ATMs and other exchanges? The ones are in favour of this have a lot of money, they just are making their employees withdraw/exchange money in behalf of the holder. But the common masses who havent done anything have to sleep and cook on the pavements near banks so that they can get into the queue right when the bank opens so as to exchange money. And many times the banks dont even have money and the withdrawal limit is not enough to support families. So, its actually a rip off. I live in India buddy, I know.