Filipinos warned vs bitcoins, cryptocurrencies

[pxo.011]

AP Explains-Bitcoin
In this April 3, 2013 photo, Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah. Bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties. AP Photo

Filipinos hoping to cash in on the bitcoin craze were warned by the chair of the House banks and financial intermediaries committee on Wednesday about the risks of investing in cryptocurrency, as the price of bitcoin surged to $10,000.

Eastern Samar Rep. Ben Evardone urged Filipino investors not to part with their hard-earned money by buying bitcoins in the hope of making quick profits.

At the hearing of the committee on banks and financial intermediaries Tuesday, officials from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission, and representatives from the banking sector, “were one in advising the public against investing in bitcoin or any other virtual currency,” he said.



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[NerdYale]

I think before saying anything, they should at least become a member of bitcointalk for a year and observe and understand how bitcoin and altcoins really works. Before I was a member here I was also skeptical to cryptocurrency, but the more I learned from this forum, the more I lost my fear from investing in bitcoin.

[mk4]

This is old news.

You know the people are stupid when the government needs to step in and warn them. After all the articles about people making huge stupid decisions like selling their homes to invest in bitcoin, etc basically gambling huge amounts of money in to crypto, I'm not surprised that the government is actually warning the people and I really don't blame them. They're simply warning people about the volatility due to most people thinking that investing in bitcoin is guaranteed profit.

[Slow death]

I'm sorry but that's the kind of thing that makes you laugh, these Filipino people are buying bitcoin with their hard-earned money and if they lose or make money by investing in bitcoins or investing in altcoin is their problem. why should someone tell them what to do with their hard-earned money? The government and the central bank must worry and do their part, find and punish the corrupt, prevent banks from cheating and stealing money from people and not manipulate their people.

many people get their hard-earned money and spend all their money on drinks and women and have never seen the government or central bank complain about it... so why is it wrong for someone to invest their money in bitcoin or altcoin? unless they say that bitcoin is illegal, if it is not illegal then let people do what they want with their money

[pxo.011]

I think before saying anything, they should at least become a member of bitcointalk for a year and observe and understand how bitcoin and altcoins really works. Before I was a member here I was also skeptical to cryptocurrency, but the more I learned from this forum, the more I lost my fear from investing in bitcoin.

if you were in the philippines of you were from the philippines inquirer is one of the top fake news source i am sharing this article to know how you or other audience react in this topic.

[Crystacool]

AP Explains-Bitcoin
In this April 3, 2013 photo, Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah. Bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties. AP Photo

Filipinos hoping to cash in on the bitcoin craze were warned by the chair of the House banks and financial intermediaries committee on Wednesday about the risks of investing in cryptocurrency, as the price of bitcoin surged to $10,000.

Eastern Samar Rep. Ben Evardone urged Filipino investors not to part with their hard-earned money by buying bitcoins in the hope of making quick profits.

At the hearing of the committee on banks and financial intermediaries Tuesday, officials from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission, and representatives from the banking sector, “were one in advising the public against investing in bitcoin or any other virtual currency,” he said.



Read more: http://business.inquirer.net/241672/filipinos-warned-vs-bitcoins-cryptocurrencies#ixzz59MeFwSyx
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

I don't think this is a bad news. Not long ago, the Philippines recognized the legitimacy of bitcoin. Their government is just reminding bitcoin investors to be wary of investing.

[dillpicklechips]

The important thing is to not let other people control, manipulate or dictate you. You should know yourself what is Bitcoin. They don't seem to understand this very well. You just need to be smart and understand very well the risks and the advantage that you can get. There are some fools also who are blindingly entering Bitcoin which maybe these guys are trying to warn to.

[HabBear]

Filipinos hoping to cash in on the bitcoin craze were warned by the chair of the House banks and financial intermediaries committee on Wednesday about the risks of investing in cryptocurrency, as the price of bitcoin surged to $10,000.

Eastern Samar Rep. Ben Evardone urged Filipino investors not to part with their hard-earned money by buying bitcoins in the hope of making quick profits.

At the hearing of the committee on banks and financial intermediaries Tuesday, officials from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission, and representatives from the banking sector, “were one in advising the public against investing in bitcoin or any other virtual currency,” he said.

All these warnings probably explains why so many Filipinos are engaged in signature campaigns on this forum

So, pxo.001, do you have an opinion on this topic? Or did you just start this thread to share the news? If so there is a news board where you can do such things. We'd love to discuss this with you but you haven't offered any opinion to discuss!

We're waiting!

[pxo.011]

Filipinos hoping to cash in on the bitcoin craze were warned by the chair of the House banks and financial intermediaries committee on Wednesday about the risks of investing in cryptocurrency, as the price of bitcoin surged to $10,000.

Eastern Samar Rep. Ben Evardone urged Filipino investors not to part with their hard-earned money by buying bitcoins in the hope of making quick profits.

At the hearing of the committee on banks and financial intermediaries Tuesday, officials from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission, and representatives from the banking sector, “were one in advising the public against investing in bitcoin or any other virtual currency,” he said.

All these warnings probably explains why so many Filipinos are engaged in signature campaigns on this forum

So, pxo.001, do you have an opinion on this topic? Or did you just start this thread to share the news? If so there is a news board where you can do such things. We'd love to discuss this with you but you haven't offered any opinion to discuss!

We're waiting!

i might looking for answer too although i know that the inquirer is a hoax news spreader and i am observing about the audience reaction

[Mpamaegbu]

Like Filipinos like Nigerians. Two eloquent poor countries bedeviled by bad economies.

A similar thread to this exists here: https://bitcointalk.org/index.php?topic=3048012.msg31987932#msg31987932

Nigerians too were warned by the country's central bank a few days ago to steer clear off Bitcoin.

SMH. This is truly a precarious time for the Bitcoin.

[R21]

Cryptocurrency investment is risky it's true I think, but I think long-term investors can will gaining profit from bitcoin investment. because bitcoin price volatile but it's can rising anytime for it's public demand.

[Pancheng]

They don't know yet how Bitcoin can help people when they learn the right procedure on how to do or what to do with their money in order to increase it and use their saving for investment in Bitcoin, I hope they change their mind and become a member here.

[mk4]

The important thing is to not let other people control, manipulate or dictate you. You should know yourself what is Bitcoin. They don't seem to understand this very well. You just need to be smart and understand very well the risks and the advantage that you can get. There are some fools also who are blindingly entering Bitcoin which maybe these guys are trying to warn to.

Exactly. People in the Philippines just look at bitcoin as a way of making money. People who actually know what bitcoin is and what it's trying to achieve is a very small minority. Everything else is just moon, lambos and shit. I've known a few people that invested like 80% of their earned wages on XRP when it was at the $2-$3 pricepoint. So yea, just proving my point on why the Philippine government is saying this.

[hase0278]

why should someone tell them what to do with their hard-earned money? The government and the central bank must worry and do their part, find and punish the corrupt, prevent banks from cheating and stealing money from people and not manipulate their people.

That's just how corrupt government of Philippines is. They warned citizens like that in the hopes that they can keep Filipinos who want to invest at bay, but instead what happened is the reverse. As far as I know there are many Filipinos who use bitcoin.

many people get their hard-earned money and spend all their money on drinks and women and have never seen the government or central bank complain about it... so why is it wrong for someone to invest their money in bitcoin or altcoin?

The government of Philippines doesn't said anything about it being wrong, but they said it is risky(that's a well known fact) and advices their citizens to stay away from investing into it.

[ityandsyn]

They don't know yet how Bitcoin can help people when they learn the right procedure on how to do or what to do with their money in order to increase it and use their saving for investment in Bitcoin, I hope they change their mind and become a member here.

    Yes I agree with you because Representative Ben Evardone have no knowledge about bitcoin or any cryptocurrency they just simply saying the Filipinos of not to invest,without further explanation.
    That's an essence of ignorance.

[spuyf3]

This is only a common method used by the government. Many people do not dare to join the cryptocurrency by means of intimidation. Investment is an individual matter and it is at your own risk. However, cryptocurrencies have been the industry for the past two years. Many people have made a lot of money here. This has made many people tempted, but those who want to join need to understand clearly when they join.

[pooya87]

you seriously need to research the things you post. this is at least 5 months old and the thing you wrote is all over the place! for example you start it off with someone holding 25BTC in a shop in Utah and then follow it up with what the Philippines bank is warning about investing in bitcoin because of its volatility!
there is literary no connection!

[ArwenUndomiel]

Philippine government has always been behind in many industries and technologies. Remember how the votet database got hacked? It is also typical of politicians to speak out against what they have yet to study. And they based the warning on reports of scams that were really not coins but schemes.

[Ozero]

Representatives of major banks will always oppose the introduction of a crypto currency as far as they are allowed by such a situation and opportunity. After all, the Crypto-currency takes away their clients and their eternal profit. Only when they see the futility of resistance to the crypto currency, they will adapt and accept it, participating in converting the crypto currency into fiat and vice versa. Therefore, one should not pay attention to such warnings. The main thing is that the Philippine government legalized the crypto currency.