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Author Topic: Will bitcoin be banned on Philippines?  (Read 1731 times)
EzBreezy
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April 12, 2018, 02:39:02 AM
Merited by Daboy_Lyle (1)
 #1

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?


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April 12, 2018, 03:19:11 AM
 #2

There’s a chance because of that scam I hope it will not because many people rely their incomes in bitcoin.

nebuch
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April 12, 2018, 03:20:41 AM
 #3

This would not be the main reason if the Philippine government decides to banned cryptocurrency. Few victims of scammed versus thousands of bitcoin beneficiaries in this country. Maybe to make it fair those who wants to invest in bitcoin should seek more advice from professional cryptocurrency person. It would be better for them to have a deeper understanding toward this system of digital money. Sometimes they said they are scammed by the person but actually the person was scammed by the ICO. I think that what the majority of all stories.

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April 12, 2018, 03:24:25 AM
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Philippines does not banned bitcoin but they Due to recent developments, the Philippine Central Bank is reviewing the regulatory standards for Bitcoin, which will have specific standards and regulations to make bitcoin stable and safe. Protect the rights of their citizens to participate in bitcoin
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April 12, 2018, 03:28:25 AM
 #5

Well we can never say it will be. Crypto was used as an investment scam, many other things are used as investment scams in the Philippines. I guess a ban world be tragic, a regulation would be more fit. Most countries has already opted to regulate cryptocurrencies rather than ban it because for starters, the blockchain technology is beneficial.

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April 12, 2018, 03:30:42 AM
 #6

Quote from: Bitzamp
You can check guys above for the complete article.
A lot of ponzi schemes and HYIP happened already after cryptocurrency pop up in Philippines. A lot of Filipinos already fooled by scammers. Eventually, the BSP reminded that all crypto related things are risky. The potential to lose is at high percentage. But as far as I can see, the current news will ignite the banning or regulating of the government in cryptocurrency.
But for me, the people who fooled easily by these kind of scam are those who did not make a dip deeper research or study about their investment. Well, we might not blame them for their mistakes rather we should blame those people who made the scam investment.

I agree with you. They do not know what the bitcoin is , and they didnt research if this is scamming . They trust  because of the beautiful words spoken but they dont know its just scam . Yeah just blame the people who involve in this scam and try to help our fellow kababayan to understand what is investment and bitcoin different.

Mpamaegbu
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April 12, 2018, 03:30:50 AM
 #7

Honestly, if a bitcoin ban happens in the Philippines that would be a grave disaster to the Filipinos. The country is a financially wretched one with some of its citizens barely trying to survive of this new found oxygen - Bitcoin. A ban would even mean nitcointa losing some of the Filipinos here. Yes, I know some people believe their contributions on the forums aren't worthwhile but we still have some thriving posters from that country.

For the sake of these few posters, I want to wish that nightmare away.
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April 12, 2018, 03:36:51 AM
 #8

Well we can never say it will be. Crypto was used as an investment scam, many other things are used as investment scams in the Philippines. I guess a ban world be tragic, a regulation would be more fit. Most countries has already opted to regulate cryptocurrencies rather than ban it because for starters, the blockchain technology is beneficial.
right, rather than prohibit it, i think we better make rules in order to anticipate risk of using bitcoin such as money laundering or funds flow for terrorists. because the philipine country is a developing country and prone to terrorism

abas_ir
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April 12, 2018, 03:37:04 AM
 #9

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?
things like this that make bitcoin worse in the eyes of the government. fraudsters who use bitcoin to gain personal gain in an incorrect way. finally to protect their citizens the government issued a rule banning ico and bitcoin trading
boboking
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April 12, 2018, 03:44:55 AM
 #10

Government officials in the Philippines that it is not the fault of Bitcoin. The Philippine government already acknowledge Bitcoin as a legit currency and I do not think they will change their stand against Bitcoin because of these scumbags.

This should not be asked because what if they scammed FIAT ( Philippine Peso) will you ask if the Philippine peso will be banned because of these scammers. Scammers steal money and Bitcoin is money as simple as that.

Anyway good job for the Philippine police that they caught these kind of people, they should rot in jail.
Getcoinsite
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April 12, 2018, 03:50:11 AM
 #11

As checking some articles related to this issue,i have seen this case is about greediness i which the main reason how this victim get from the bait of the scammers,imagine how big the promise amount they can get just by putting theyre money in this pyramids..most of the time we are the main reason about being victimized because of being greed..i hate it when i say but this is reality,now if bitcoin will be banned in the Philippines will bring sadness to the bitcoiner but i guess it impossible to be,since that country has a good looks about crypto.

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April 12, 2018, 04:10:10 AM
 #12

I don't think btc will get banned here in the Philippines just like that because of that incident. I don't know about these guys, why they have been fooled easily once a scammer promises a big ROI, by that time they should have learned in their self that it was just a scam. They only think of the ROI even they have lack of knowledge on where/what they are investing. This kind of doing making btc look like a bad investments.
bettercrypto
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April 12, 2018, 04:15:25 AM
 #13

Well we can never say it will be. Crypto was used as an investment scam, many other things are used as investment scams in the Philippines. I guess a ban world be tragic, a regulation would be more fit. Most countries has already opted to regulate cryptocurrencies rather than ban it because for starters, the blockchain technology is beneficial.
It is good to have regulations rather than to ban bitcoin in our country. Bitcoin helped some Filipinos already, I hope that the one mistake will not result to a crash of crypto industry in the Philippines. This news is makes a negative effect in bitcoin and I think many Filipinos will withdraw or avoid investing crypto because of these scammers.


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mostcrack
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April 12, 2018, 04:18:11 AM
 #14

It is really a real mistake by people who are totally irresponsible or can be called stupid fools lol, the 50 people they cheat will probably not consider that bitcoin as a crime and they still strongly believe in bitcoin very profitable if it organizes all the money with individually can anticipate crime, it can not be used as an excuse to forbid bitcoin and it is obviously real human-nature that stupid mistakes have misused bitcoin as a fraudulent object. definitely understand what i mean.

dogz12
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April 12, 2018, 04:28:05 AM
 #15

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?
There are still a lot of people who are attracted with to good to be true offers. There is nobody to be blamed here but themselves. I believe that the government will ban bitcoin in our country because of this issue because i think such case is isolated but let this be a lesson to the public.
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April 12, 2018, 04:29:33 AM
 #16

Over 900 Million  pesos worth of bitcoins been scammed.

Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.

The scam, Obusan said, is structured like a pyramid scheme but with electronic money.

The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.

Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.

The complaints started piling in when investors lost contact with the Ordonios.
Whats happened  next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.

Will bitcoin be banned because of that?
So you think Bitcoin will be banned in the Philippines because it was used to scam people? If that's the case then Philippines will need to ban their own currency because its used and still being used to scam people through pyramiding, networking schemes, it's also used to buy illegal drugs. If those guys who are complaining that they were scammed by the Ordonios, they should have researched first if the scheme is possible. If its too good to be true then that's a red flag. I am not siding with the scammers (Ordonios) but scammers continue to multiply because there are people who so gullible on those get rich quick schemes.
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April 12, 2018, 04:34:40 AM
 #17

many investors do not understand bitcoin and are eventually fooled into investing on behalf of bitcoin. whereas the investment is a ponzi scheme that could harm their participants. so it's also our duty to tell many people what bitcoin and blockchain are.



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April 12, 2018, 04:37:13 AM
 #18

From Philippines here, This recent news is really sad i don't really know how our government will act on this type of this situation cause it is those people who scammed a lot of people not bitcoin itself, there's still a lot of investor from the Philippines that is interested in bitcoin, these types of people is the one that is destroying the image of bitcoin, let's just be extra careful before investing a large amount of money in something we don't really understand, There is no such thing as easy money.

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April 12, 2018, 04:46:36 AM
 #19

If Bitcoin will be ban because of this issue then I don't think that their government really know what's Bitcoin all about, why in the world would they ban a thing that wasn't the real culprit.

The issue is all about a group of people that used and ride the fame of Bitcoin to their scheme that resulted of scamming multiple investors and got more than 900 million, Imagine worth $17,295,884 has been scammed and these people believed in this easy rich schemes without even realizing what's the real reason for their investments to grow so banning it with that reason is totally bullshit but I really don't think that Philippines would do that kind of thing because their president now is too wise.
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April 12, 2018, 04:48:23 AM
 #20

We cannot assume or guess Bitcoin will be banned in Philippines at this point of time since there are rumors roaming around about that but there's no official news released by the government on this. I think the banning part is decided by the dominating country of philippines and this country cannot take its own decision due to the political system of the country.

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