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Author Topic: 2013-09-29 MumbaiMirror.com - Bitcoin Billionaires  (Read 3017 times)
Stephen Gornick
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September 29, 2013, 03:58:00 AM
 #1

Bitcoin Billionaires
by Ankit Ajmera

Quote
The Reserve Bank of India, for instance, has not yet formulated regulations to govern trading or profits generated from Bitcoins.
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An RBI spokesperson told Mirror over email that the RBI doesn't consider Bitcoin legal tender and, therefore "trading in Bitcoin is not legal. Obviously, there cannot be regulations from RBI for an illegal activity. People who use it, do so at their own risk and responsibility.
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The only time Bitcoins will come under the purview of law is if a case of fraud is reported, following which cops can then initiate action against the fraudulent party.
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There have been an estimated 29,400 downloads of Bitcoin wallets from Indian IP addresses. There's the possibility that one person has downloaded more than one wallet.

 - http://www.mumbaimirror.com/others/sunday-read/Bitcoin-billionaires/articleshow/23236886.cms

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Stephen Gornick
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September 29, 2013, 04:14:18 AM
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therefore "trading in Bitcoin is not legal. Obviously, there cannot be regulations from RBI for an illegal activity. People who use it, do so at their own risk and responsibility.

That almost looks like a misinterpretation of what the term "legal tender" means.

For instance, the Nepalese rupee and Bhutanese ngultrum are not legal tender in India. But both are pegged to the Indian Rupee and are used interchangeably in some parts of India.  According to travel websites, there are currency exchanges on both sides of the border converting to and from the neighboring country currencies.   (There are certain limits and certain large bills not allowed, but that's a different argument).

 - http://en.wikipedia.org/wiki/Legal_tender#India

So hopefully that statement reported can be clarified.

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WishIStartedSooner
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September 30, 2013, 12:04:26 AM
 #3

The article had nothing to do with bitcoin billionaires.

In fact, with a market cap of 1.5 billion, does such a thing even exist yet?
WishIStartedSooner
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September 30, 2013, 12:27:38 AM
 #4

The article had nothing to do with bitcoin billionaires.

In fact, with a market cap of 1.5 billion, does such a thing even exist yet?

If you have 10 bitcoins, you have 1 billion satoshis, in which case you could probably call yourself a "bitcoin billionaire". Wink

yay! I'm a bitcoin billionaire! I'm more than likely a feathercoin trillionaire!
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September 30, 2013, 11:53:38 AM
 #5

Someone was planning on writing a book called "Bitcoin Billionaire" with the idea of speculating on who would be the first.

I agree that this term is relative, but we'll see who is the first to own $1B USD in Bitcoin!

(Probably not gonna be me)

Perhaps Charlie, or Erik, or Winklevoss twins?

Coinbase for selling BTCs or Vircurex for trading alt cryptocurrencies like DOGEs
CoinNinja for exploring the blockchain.
PM me with any questions on these sites!  Happy to help!
malevolent
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September 30, 2013, 12:16:14 PM
 #6

The article had nothing to do with bitcoin billionaires.

In fact, with a market cap of 1.5 billion, does such a thing even exist yet?

Maybe what they meant was...

1 billion INR = 16 million USD
linuxnewbie
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September 30, 2013, 12:39:31 PM
 #7

The article had nothing to do with bitcoin billionaires.

In fact, with a market cap of 1.5 billion, does such a thing even exist yet?

If you have 10 bitcoins, you have 1 billion satoshis, in which case you could probably call yourself a "bitcoin billionaire". Wink

"satoshi billionaire" - ftfy
kjlimo
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September 30, 2013, 12:42:17 PM
 #8

The article had nothing to do with bitcoin billionaires.

In fact, with a market cap of 1.5 billion, does such a thing even exist yet?

Maybe what they meant was...

1 billion INR = 16 million USD

exactly, keep in mind all currencies are relative...

Coinbase for selling BTCs or Vircurex for trading alt cryptocurrencies like DOGEs
CoinNinja for exploring the blockchain.
PM me with any questions on these sites!  Happy to help!
NewLiberty
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September 30, 2013, 11:21:07 PM
 #9

The article had nothing to do with bitcoin billionaires.

In fact, with a market cap of 1.5 billion, does such a thing even exist yet?

If you have 10 bitcoins, you have 1 billion satoshis, in which case you could probably call yourself a "bitcoin billionaire". Wink

"satoshi billionaire" - ftfy
+1 for uplifting edit.

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