What to do if BitCoin Exchanges are forced to close down on April 20

[RohitTripathy]

On April 20, a government panel is meeting to decide whether BitCoins are illegal.

www.moneycontrol.com/news/business/markets-business/exclusive-should-bitcoin-be-allowed-in-india-govt-panel-to-meet-apr-20-to-discuss-2249407.html

If they decide that BitCoins are illegal then centralized BitCoin exchanges will have to shut shop.

There are the few ideas how can these exchanges re-emerge:

1 . Convert from centralized exchange to a decentralized platform like Localbitcoin and Paxful.

2. Opening a page in dark web and offering the same service. Users can access it using Tor browser.

3. Collaborating to create a torrent like technology as a response to Napster closing down. We can use BitCointalk to design and collaborate to create a platform to achieve the same.

Remember, governments can only attack centralized systems. BitCoins are a transformative tool that can potentially eliminate poverty. We have to protect it from temporary ignorance of few regulators and politicians.

[S_D]

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

[rsarkar]

Can somebody list the names of the ministers who would be likely in the panel?

[cryptoheadd]

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

I agree.
This would have a very bad impact on Bitcoin and Blockchain.
It would be better to stay and fight while following the system.

[btvGainer]

On April 20, a government panel is meeting to decide whether BitCoins are illegal.

www.moneycontrol.com/news/business/markets-business/exclusive-should-bitcoin-be-allowed-in-india-govt-panel-to-meet-apr-20-to-discuss-2249407.html

If they decide that BitCoins are illegal then centralized BitCoin exchanges will have to shut shop.

There are the few ideas how can these exchanges re-emerge:

1 . Convert from centralized exchange to a decentralized platform like Localbitcoin and Paxful.

2. Opening a page in dark web and offering the same service. Users can access it using Tor browser.

3. Collaborating to create a torrent like technology as a response to Napster closing down. We can use BitCointalk to design and collaborate to create a platform to achieve the same.

Remember, governments can only attack centralized systems. BitCoins are a transformative tool that can potentially eliminate poverty. We have to protect it from temporary ignorance of few regulators and politicians.

Good question and I would like to hear these exchanges official stand on this.
Although I am hoping nothing such thing happen but we can not completely rule out the possibility.
We can move our coins to cold wallet or some offshore online wallet as a last resort.

[RohitTripathy]

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?


 

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

[lordquanta]

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?

* If govt decides and passes a bill for that then sadly bitcoin in India may become illegal.
* When Mr. Gandhi broke the salt law, it was criminal act as per then Govt.

Many are trying their best to create awareness about bitcoin/cryptocurrency which would help in clearing all doubts. Political leaders like Mr. Somaya have shown paramount ignorance towards cryptocurrency by depicting bitcoin as ponzi. Unfortunately these kind of ignorant souls are in position to take decision about things which they don't understand.

[newIndia]

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

Absolutely agree. There is no point in being involved into illegal activity in India, while bitcoin is legally operating in so many parts of the world, especially in nations like US, Japan, China and many parts of Europe. I believe, if bitcoin is declared illegal in India, we may still send INR to offshore exchanges, trade over there in BTC-USD pair and convert the booked profit from USD to INR to get it back in our Indian bank account. As long as we are operating within remittance limit, I dont think it would break any law of the land.

What do u think?

[deadley]

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

I agree.
This would have a very bad impact on Bitcoin and Blockchain.
It would be better to stay and fight while following the system.

It won't effect Blockchain technology, banks and IT company working on Blockchain technology and govt don't have any problem with Blockchain. Govt have problem with Bitcoiin/Altcoin.

[S_D]

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?

 

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

This is completely different, he broke law to protest against something that was unethical.
I see nothing unethical if the govt. bans crypto currencies.

PS: If I decide to become batman today and start hunting down criminals I would still be a criminal

[eaLiTy]

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?

If you break a law it is criminal activity and what Gandhi did was civil disobedience and if found by the law that you are doing it you will face the consequence, apart from that Japan legalized bitcoin recently and hope the government in India will learn about bitcoin rather than taking a decision without any major thought. 

[RohitTripathy]

You don't see anything unethical in government trying to take away people's right to participate in biggest financisl innovation of hundred years ??

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?

 

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

This is completely different, he broke law to protest against something that was unethical.
I see nothing unethical if the govt. bans crypto currencies.

PS: If I decide to become batman today and start hunting down criminals I would still be a criminal

[RohitTripathy]

I think its criminal for government to ban this. To take away the jobs in BitCoin exchanges without any sound reason. Its abuse of power. And the BitCoin community will fight back if it happens.

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?

If you break a law it is criminal activity and what Gandhi did was civil disobedience and if found by the law that you are doing it you will face the consequence, apart from that Japan legalized bitcoin recently and hope the government in India will learn about bitcoin rather than taking a decision without any major thought. 

[S_D]

You don't see anything unethical in government trying to take away people's right to participate in biggest financisl innovation of hundred years ??

Its definitely not criminal .. Its scare of a new technology ..
Mahatma Gandhi broke salt laws. Was that criminal ?

 

Doing this would still result in being a criminal, won't it?
If crypto currencies are banned, I would rather stay and fight via system than running a criminal activity from my room.

This is completely different, he broke law to protest against something that was unethical.
I see nothing unethical if the govt. bans crypto currencies.

PS: If I decide to become batman today and start hunting down criminals I would still be a criminal

This is interesting 'coz indeed govt. is taking away some right from general public however it cannot be denied that Bitcoin can prove as a curse to country who is trying to reduce its trade deficit. I would say the govt. is just too lazy to work in concord with Indian Bitcoin community, if it hits a ban hammer on it.
I will still stick to idea of adhering laws and poking to make a change.

[legendster]

The best way to tackle this would be renaming bitcoin into...


wait for it...



           COWCOIN




-

space reserved for future rants


-

[polynesia]

The best way to tackle this would be renaming bitcoin into...


wait for it...



           COWCOIN




-

space reserved for future rants


-

Ha ha ha. You should name it 'gau' coin. Even if a BJP MP wants to ban it, the other Sangh organizations would come into support.
Having said that, I hope there is a healthy debate on Bitcoin before a decision is taken. We have to thank the MP for at least bringing up the topic of Bitcoin in Parliament, albeit in an unfavourable way.

[Blackshadow007]

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

[S_D]

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

[legendster]

Well i just saw a mobile message from BTCXINDIA , they mentioned NO MORE DEPOSIT FROM 6TH APRIL . Message was like this

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

--- So does this mean BTCXIndia stopping the BTC exchange from now due to Govt. movement about it ? what will happen to other exchanges ? :/

Woah! Anyone else got this?
P.S. They are probably suspending till further notice from the govt. or there's something they know and we don't!

Yes and I never use their service anyway. Despite being registered there. They are one of the most 'fishy' trading websites from India. And they scare easy.

[WINBC]

Like Gandhi Said : "First they ignore you, then they laugh at you, then they fight you, then you win"

Guess we are at the fighting stage now.