BTC Going back to $100

[kafka]

A liquid Indian exchange is the need of the hour, I believe there is a market for it in India. What surprises me is no one has set one up yet.

Vanilla flavored buying and selling cannot be regulated, but in the event of customers matching their own orders, etc, Extensive regulatory permissions are needed in India.

Also, there is no 100% secure solution as yet. So, it will have to be an Enterprise effort, probably Buttercoin?

Do these regulations apply to bitcoin as well? India hasn't banned/regulated any kind of bitcoin transactions yet.
Buttercoin seems to be an interesting project, hope it reaches India.

[ajax3592]

*JUST to inform you guys, the coins are rising now. BTC at $700

I think this is just a bull trap, i.e the movement from 650-700

[buysellbitcoin]

A liquid Indian exchange is the need of the hour, I believe there is a market for it in India. What surprises me is no one has set one up yet.

Buysellbitco.in has all the potential to turn into one, maybe an external sponsor would be needed for that.

Well the issue is when you are making an exchange, if you are all serious, have you though about
1. Consumer protection. What will happen if one day you and other customers who have deposited Crores in our bank account to do trading and bank will close or block our accounts due to a regulation notice such as China one. What will happen to our customers money ? In current business model we take all the risks. We never store customer funds on our servers or bank accounts.
2. What will happen if one day we actually lose all your bitcoins ( Not INR ), how you will protect yourselves.
3. Read more about NSEL fiasco.

While I 100% agree and working hard on getting liquid trading exchange in India,it is not advisable to launch it without having consumer protection and Regulation framework cleared.

We need exchange but we do not need fraud case.

As Benosn suggested, Lobbying, educating decision makers, public acceptance is what we need. And trust us, we are all working hard on that.

Regards

[Benson Samuel]

A liquid Indian exchange is the need of the hour, I believe there is a market for it in India. What surprises me is no one has set one up yet.

Vanilla flavored buying and selling cannot be regulated, but in the event of customers matching their own orders, etc, Extensive regulatory permissions are needed in India.

Also, there is no 100% secure solution as yet. So, it will have to be an Enterprise effort, probably Buttercoin?

Do these regulations apply to bitcoin as well? India hasn't banned/regulated any kind of bitcoin transactions yet.
Buttercoin seems to be an interesting project, hope it reaches India.

Buttercoin has reached India. Their first focus is on India and Sunny Ray is their Director of BD.

[bitcoinisfurture]

Bad news THIS is BAD news. People know about the DONT panic mantra so WHY THIS ?? WHY panic now ?? why dump ur coins ? the more you dump the more it crashes..

Well even if many users want to buy they can't since the site is not allowing them to buy at this moment. So automatically when people reads that the leading site itself is fearful as they think it may crash further so dont want to sell at this point, users get more feared and want to sell their bitcoins at whatever rates they are getting. This is actually creating more fear among us.

It shouldn't create fear.

Anyone who has been around Bitcoin long enough has seen these crashes and climbs more times than you can imagine.

What China has done is to make Bitcoin even more valuable. By disconnecting banks, people will figure out new ways to trade Bitcoins and since there is no easy way of money transfer, this will directly impact the price of Bitcoin.

This of course, is a theory.

Well, see I am failing to understand the simple logic of why not site should be up.

If the site has coins, let users who want to trade since many have being waiting like me to purchase at some point since its only few extra if people have invests in this as their is chance to loose the money as well. And if again it goes back to 50000 INR + and site start operating it, people like me again will be back seated and will wait for the price to fall as we could not have that risk appetite which others may have.

Lets say you are a SITE.
You buy coins to curb your user's demands.
You invest your own money & profit money into increasing your stocks.
And suddenly this happens. NOW you run the risk of bankruptcy if you dont cash out soon enough. BUT if you do, you will add further to the crash.
So what would you do ?

How much % of the coins you buy form others? As majority of the coins which users sell to the site, the site sells to the others users who want to buy form you. In return you are already charging the fees and transaction fees from both buyer and seller of the users. Also, as new users enters you will have more users who will purchase from you and at a point will be selling to you. So again you have the fees from them too. But if it crosses at certain point few may restrict them to enter in this market, which in turn means you lost few users (buy/sell transaction from them)

Agreed.
BUT what if you were to - in your own safeguard - convert all the coins your got from sellers in your site into CASH ? JUST to avoid this kind of crash and volatility of the market ?
Again, The coins that the SITE acquires from the users are paid by the site upfront at the current rate NOW if the crash swing is over $500 in one night then how do you think will the site be able to support itself. Face it, its not a donation camp but a business and a Business aint a Business if there aint no profit.
Besides, ask the owners of ANY EXCHANGE even in their best days the Coins they get from buying from the customer are never enough to cover the order demand.


*JUST to inform you guys, the coins are rising now. BTC at $700

Yes agreed to you on few points, but I doubt a bitcoin optimist like buysellbitco.in would be cashing at this point when they know it has much better potential then 1000$ or so. Also if few users sell at this point, there are other users who are ready to buy as well. So again you have the demand too so aint you losing on one side itself as users are not selling only, few others are buying too. Had it being one side case like every one is just selling and no one is buying tends to put your point absolutely. correct

[jinson]

I think most users are confusing buysellbitco.in with other large exchanges like, Gox, Coinbase, BTCe etc. BSB operate sort of like a single party who buy/sell bitcoin from the community. They have a variable transaction limit and their business greatly depends on the market stability. There are other individuals who do the same business here, but they do without a store front. None of them will sell BTC during a crash, because they have gained their share of experience surviving these. So it is understandable why BSB pull down the curtains during a crash.

Even I wish to put some money on BTC during this crash, but for that I should go to an international exchange where I can make instant buy/sell decisions.

[legendster]

Bad news THIS is BAD news. People know about the DONT panic mantra so WHY THIS ?? WHY panic now ?? why dump ur coins ? the more you dump the more it crashes..

Well even if many users want to buy they can't since the site is not allowing them to buy at this moment. So automatically when people reads that the leading site itself is fearful as they think it may crash further so dont want to sell at this point, users get more feared and want to sell their bitcoins at whatever rates they are getting. This is actually creating more fear among us.

It shouldn't create fear.

Anyone who has been around Bitcoin long enough has seen these crashes and climbs more times than you can imagine.

What China has done is to make Bitcoin even more valuable. By disconnecting banks, people will figure out new ways to trade Bitcoins and since there is no easy way of money transfer, this will directly impact the price of Bitcoin.

This of course, is a theory.

Well, see I am failing to understand the simple logic of why not site should be up.

If the site has coins, let users who want to trade since many have being waiting like me to purchase at some point since its only few extra if people have invests in this as their is chance to loose the money as well. And if again it goes back to 50000 INR + and site start operating it, people like me again will be back seated and will wait for the price to fall as we could not have that risk appetite which others may have.

Lets say you are a SITE.
You buy coins to curb your user's demands.
You invest your own money & profit money into increasing your stocks.
And suddenly this happens. NOW you run the risk of bankruptcy if you dont cash out soon enough. BUT if you do, you will add further to the crash.
So what would you do ?

How much % of the coins you buy form others? As majority of the coins which users sell to the site, the site sells to the others users who want to buy form you. In return you are already charging the fees and transaction fees from both buyer and seller of the users. Also, as new users enters you will have more users who will purchase from you and at a point will be selling to you. So again you have the fees from them too. But if it crosses at certain point few may restrict them to enter in this market, which in turn means you lost few users (buy/sell transaction from them)

Agreed.
BUT what if you were to - in your own safeguard - convert all the coins your got from sellers in your site into CASH ? JUST to avoid this kind of crash and volatility of the market ?
Again, The coins that the SITE acquires from the users are paid by the site upfront at the current rate NOW if the crash swing is over $500 in one night then how do you think will the site be able to support itself. Face it, its not a donation camp but a business and a Business aint a Business if there aint no profit.
Besides, ask the owners of ANY EXCHANGE even in their best days the Coins they get from buying from the customer are never enough to cover the order demand.


*JUST to inform you guys, the coins are rising now. BTC at $700

Yes agreed to you on few points, but I doubt a bitcoin optimist like buysellbitco.in would be cashing at this point when they know it has much better potential then 1000$ or so. Also if few users sell at this point, there are other users who are ready to buy as well. So again you have the demand too so aint you losing on one side itself as users are not selling only, few others are buying too. Had it being one side case like every one is just selling and no one is buying tends to put your point absolutely. correct

You look very enthusiastic, are you looking to buy or just advocating for the users that are looking to buy ?

[bitcoinisfurture]

I think most users are confusing buysellbitco.in with other large exchanges like, Gox, Coinbase, BTCe etc. BSB operate sort of like a single party who buy/sell bitcoin from the community. They have a variable transaction limit and their business greatly depends on the market stability. There are other individuals who do the same business here, but they do without a store front. None of them will sell BTC during a crash, because they have gained their share of experience surviving these. So it is understandable why BSB pull down the curtains during a crash.

Even I wish to put some money on BTC during this crash, but for that I should go to an international exchange where I can make instant buy/sell decisions.

Hey Jinson, well then how would you then help new users understand this when the prices are low everyone would like to buy. But as you said no body would like to sell during crash, so what will new users think that only when the price reaches at certain level they will be selling and at that time we will not be able to buy. So what should be the solution as every time during the crash it will not be willing to sell as per the previous experience. So should all time at high rates only it should be purchased. just trying to understand this.

Also, say tomorrow it goes down to 300-400 and for 2 weeks it stays at that level then in that case what will be scenario?

[bitcoinisfurture]

Bad news THIS is BAD news. People know about the DONT panic mantra so WHY THIS ?? WHY panic now ?? why dump ur coins ? the more you dump the more it crashes..

Well even if many users want to buy they can't since the site is not allowing them to buy at this moment. So automatically when people reads that the leading site itself is fearful as they think it may crash further so dont want to sell at this point, users get more feared and want to sell their bitcoins at whatever rates they are getting. This is actually creating more fear among us.

It shouldn't create fear.

Anyone who has been around Bitcoin long enough has seen these crashes and climbs more times than you can imagine.

What China has done is to make Bitcoin even more valuable. By disconnecting banks, people will figure out new ways to trade Bitcoins and since there is no easy way of money transfer, this will directly impact the price of Bitcoin.

This of course, is a theory.

Well, see I am failing to understand the simple logic of why not site should be up.

If the site has coins, let users who want to trade since many have being waiting like me to purchase at some point since its only few extra if people have invests in this as their is chance to loose the money as well. And if again it goes back to 50000 INR + and site start operating it, people like me again will be back seated and will wait for the price to fall as we could not have that risk appetite which others may have.

Lets say you are a SITE.
You buy coins to curb your user's demands.
You invest your own money & profit money into increasing your stocks.
And suddenly this happens. NOW you run the risk of bankruptcy if you dont cash out soon enough. BUT if you do, you will add further to the crash.
So what would you do ?

How much % of the coins you buy form others? As majority of the coins which users sell to the site, the site sells to the others users who want to buy form you. In return you are already charging the fees and transaction fees from both buyer and seller of the users. Also, as new users enters you will have more users who will purchase from you and at a point will be selling to you. So again you have the fees from them too. But if it crosses at certain point few may restrict them to enter in this market, which in turn means you lost few users (buy/sell transaction from them)

Agreed.
BUT what if you were to - in your own safeguard - convert all the coins your got from sellers in your site into CASH ? JUST to avoid this kind of crash and volatility of the market ?
Again, The coins that the SITE acquires from the users are paid by the site upfront at the current rate NOW if the crash swing is over $500 in one night then how do you think will the site be able to support itself. Face it, its not a donation camp but a business and a Business aint a Business if there aint no profit.
Besides, ask the owners of ANY EXCHANGE even in their best days the Coins they get from buying from the customer are never enough to cover the order demand.


*JUST to inform you guys, the coins are rising now. BTC at $700

Yes agreed to you on few points, but I doubt a bitcoin optimist like buysellbitco.in would be cashing at this point when they know it has much better potential then 1000$ or so. Also if few users sell at this point, there are other users who are ready to buy as well. So again you have the demand too so aint you losing on one side itself as users are not selling only, few others are buying too. Had it being one side case like every one is just selling and no one is buying tends to put your point absolutely. correct

You look very enthusiastic, are you looking to buy or just advocating for the users that are looking to buy ?

Haha, nice one  . Well nowdays hardly anyone advocates on behalf of others, as no one have time since priorities have changed. Want to buy certainly but if it crosses at a certain level again I am back to square one. So again just have to wait and watch itself. Nothing else.

[bitcoinisfurture]

Read couple of times this about international exchanges in previous posts.

Can somebody explain how to use such services, and provide the guidance  regarding the formalities and legalities involved in it.

[legendster]

Bad news THIS is BAD news. People know about the DONT panic mantra so WHY THIS ?? WHY panic now ?? why dump ur coins ? the more you dump the more it crashes..

Well even if many users want to buy they can't since the site is not allowing them to buy at this moment. So automatically when people reads that the leading site itself is fearful as they think it may crash further so dont want to sell at this point, users get more feared and want to sell their bitcoins at whatever rates they are getting. This is actually creating more fear among us.

It shouldn't create fear.

Anyone who has been around Bitcoin long enough has seen these crashes and climbs more times than you can imagine.

What China has done is to make Bitcoin even more valuable. By disconnecting banks, people will figure out new ways to trade Bitcoins and since there is no easy way of money transfer, this will directly impact the price of Bitcoin.

This of course, is a theory.

Well, see I am failing to understand the simple logic of why not site should be up.

If the site has coins, let users who want to trade since many have being waiting like me to purchase at some point since its only few extra if people have invests in this as their is chance to loose the money as well. And if again it goes back to 50000 INR + and site start operating it, people like me again will be back seated and will wait for the price to fall as we could not have that risk appetite which others may have.

Lets say you are a SITE.
You buy coins to curb your user's demands.
You invest your own money & profit money into increasing your stocks.
And suddenly this happens. NOW you run the risk of bankruptcy if you dont cash out soon enough. BUT if you do, you will add further to the crash.
So what would you do ?

How much % of the coins you buy form others? As majority of the coins which users sell to the site, the site sells to the others users who want to buy form you. In return you are already charging the fees and transaction fees from both buyer and seller of the users. Also, as new users enters you will have more users who will purchase from you and at a point will be selling to you. So again you have the fees from them too. But if it crosses at certain point few may restrict them to enter in this market, which in turn means you lost few users (buy/sell transaction from them)

Agreed.
BUT what if you were to - in your own safeguard - convert all the coins your got from sellers in your site into CASH ? JUST to avoid this kind of crash and volatility of the market ?
Again, The coins that the SITE acquires from the users are paid by the site upfront at the current rate NOW if the crash swing is over $500 in one night then how do you think will the site be able to support itself. Face it, its not a donation camp but a business and a Business aint a Business if there aint no profit.
Besides, ask the owners of ANY EXCHANGE even in their best days the Coins they get from buying from the customer are never enough to cover the order demand.


*JUST to inform you guys, the coins are rising now. BTC at $700

Yes agreed to you on few points, but I doubt a bitcoin optimist like buysellbitco.in would be cashing at this point when they know it has much better potential then 1000$ or so. Also if few users sell at this point, there are other users who are ready to buy as well. So again you have the demand too so aint you losing on one side itself as users are not selling only, few others are buying too. Had it being one side case like every one is just selling and no one is buying tends to put your point absolutely. correct

You look very enthusiastic, are you looking to buy or just advocating for the users that are looking to buy ?

Haha, nice one  . Well nowdays hardly anyone advocates on behalf of others, as no one have time since priorities have changed. Want to buy certainly but if it crosses at a certain level again I am back to square one. So again just have to wait and watch itself. Nothing else.

See ? Everyone who wants to cash in, wants BTC to hit the lowest FLOOR it can during the crash and hence this.

[bitcoinisfurture]

Bad news THIS is BAD news. People know about the DONT panic mantra so WHY THIS ?? WHY panic now ?? why dump ur coins ? the more you dump the more it crashes..

Well even if many users want to buy they can't since the site is not allowing them to buy at this moment. So automatically when people reads that the leading site itself is fearful as they think it may crash further so dont want to sell at this point, users get more feared and want to sell their bitcoins at whatever rates they are getting. This is actually creating more fear among us.

It shouldn't create fear.

Anyone who has been around Bitcoin long enough has seen these crashes and climbs more times than you can imagine.

What China has done is to make Bitcoin even more valuable. By disconnecting banks, people will figure out new ways to trade Bitcoins and since there is no easy way of money transfer, this will directly impact the price of Bitcoin.

This of course, is a theory.

Well, see I am failing to understand the simple logic of why not site should be up.

If the site has coins, let users who want to trade since many have being waiting like me to purchase at some point since its only few extra if people have invests in this as their is chance to loose the money as well. And if again it goes back to 50000 INR + and site start operating it, people like me again will be back seated and will wait for the price to fall as we could not have that risk appetite which others may have.

Lets say you are a SITE.
You buy coins to curb your user's demands.
You invest your own money & profit money into increasing your stocks.
And suddenly this happens. NOW you run the risk of bankruptcy if you dont cash out soon enough. BUT if you do, you will add further to the crash.
So what would you do ?

How much % of the coins you buy form others? As majority of the coins which users sell to the site, the site sells to the others users who want to buy form you. In return you are already charging the fees and transaction fees from both buyer and seller of the users. Also, as new users enters you will have more users who will purchase from you and at a point will be selling to you. So again you have the fees from them too. But if it crosses at certain point few may restrict them to enter in this market, which in turn means you lost few users (buy/sell transaction from them)

Agreed.
BUT what if you were to - in your own safeguard - convert all the coins your got from sellers in your site into CASH ? JUST to avoid this kind of crash and volatility of the market ?
Again, The coins that the SITE acquires from the users are paid by the site upfront at the current rate NOW if the crash swing is over $500 in one night then how do you think will the site be able to support itself. Face it, its not a donation camp but a business and a Business aint a Business if there aint no profit.
Besides, ask the owners of ANY EXCHANGE even in their best days the Coins they get from buying from the customer are never enough to cover the order demand.


*JUST to inform you guys, the coins are rising now. BTC at $700

Yes agreed to you on few points, but I doubt a bitcoin optimist like buysellbitco.in would be cashing at this point when they know it has much better potential then 1000$ or so. Also if few users sell at this point, there are other users who are ready to buy as well. So again you have the demand too so aint you losing on one side itself as users are not selling only, few others are buying too. Had it being one side case like every one is just selling and no one is buying tends to put your point absolutely. correct

You look very enthusiastic, are you looking to buy or just advocating for the users that are looking to buy ?

Haha, nice one  . Well nowdays hardly anyone advocates on behalf of others, as no one have time since priorities have changed. Want to buy certainly but if it crosses at a certain level again I am back to square one. So again just have to wait and watch itself. Nothing else.

See ? Everyone who wants to cash in, wants BTC to hit the lowest FLOOR it can during the crash and hence this.

This should be told to users who hold multiples BTC and have sold in bulk. For users who hardly have in fractions does not apply to them.

[Benson Samuel]

legendster, stop leaving nested quotes throughout the thread.

[ajax3592]

See ? Everyone who wants to cash in, wants BTC to hit the lowest FLOOR it can during the crash and hence this.

Personally, I want it to crash as low as possible to get into it since I've seen it go from 230 to 1200 in a month. BUT BTC for me is more than just another means to cash on, I believe in its ideology of decentralization and one world currency and not to forget the instant global transactions.
It is politically correct to me, the idea of bitcoin.

Edit: let's not forget to celebrate the fact more and more Indians are wanting BTC (no matter if they want to cash in or just for the feel of it) which in long run is going to shoot the price.

[jinson]

I think most users are confusing buysellbitco.in with other large exchanges like, Gox, Coinbase, BTCe etc. BSB operate sort of like a single party who buy/sell bitcoin from the community. They have a variable transaction limit and their business greatly depends on the market stability. There are other individuals who do the same business here, but they do without a store front. None of them will sell BTC during a crash, because they have gained their share of experience surviving these. So it is understandable why BSB pull down the curtains during a crash.

Even I wish to put some money on BTC during this crash, but for that I should go to an international exchange where I can make instant buy/sell decisions.

Hey Jinson, well then how would you then help new users understand this when the prices are low everyone would like to buy. But as you said no body would like to sell during crash, so what will new users think that only when the price reaches at certain level they will be selling and at that time we will not be able to buy. So what should be the solution as every time during the crash it will not be willing to sell as per the previous experience. So should all time at high rates only it should be purchased. just trying to understand this.

Also, say tomorrow it goes down to 300-400 and for 2 weeks it stays at that level then in that case what will be scenario?

Hi Buddy,
This is clearly a matter of individual choice. As we speak the market very volatile. It can go up or down $100 or more within minutes. People who bought the coins for higher price might panic and sell to cut their losses. Such intense volatility does not happen often. But when it settles, no matter if it settles at $400 or $1500, normal trade resume. This has happened before. But I believe this crash will be a short lived one.

[buysellbitcoin]

I think most users are confusing buysellbitco.in with other large exchanges like, Gox, Coinbase, BTCe etc. BSB operate sort of like a single party who buy/sell bitcoin from the community. They have a variable transaction limit and their business greatly depends on the market stability. There are other individuals who do the same business here, but they do without a store front. None of them will sell BTC during a crash, because they have gained their share of experience surviving these. So it is understandable why BSB pull down the curtains during a crash.

Even I wish to put some money on BTC during this crash, but for that I should go to an international exchange where I can make instant buy/sell decisions.

Hey Jinson, well then how would you then help new users understand this when the prices are low everyone would like to buy. But as you said no body would like to sell during crash, so what will new users think that only when the price reaches at certain level they will be selling and at that time we will not be able to buy. So what should be the solution as every time during the crash it will not be willing to sell as per the previous experience. So should all time at high rates only it should be purchased. just trying to understand this.

Also, say tomorrow it goes down to 300-400 and for 2 weeks it stays at that level then in that case what will be scenario?

Let me try to explain :

The issue is wild volatility. There is no way for us to setup a base price when market is showing such fluctuations. We will open up again once market is stable. What will happen if we buy from seller at 40k and next minute it is 35k. We give you locked in rates. You booked order and you have chance to decide if you want to honor the order or not for 1 hour. We do not get this chance. You sent the money and we will send you bitcoins at quoted rate, simple. Yep, we know we have created this rules and we are supposed to follow them and we are following them.

But you know why we give locked in rates, we want more and more users to buy bitcoins. With locked in rates they get confidence to invest in.  We even put buying limits for users when there is huge demand of bitcoins. We can simply sell it to one whale and cash in our fees and profits. But we want more and more users to get bitcoins and thats why those limits we apply.

On top of it we also answer calls and mails from users very politely when they almost slang us saying what is these ridiculous limits that I can buy only 20k worth of coins. Well, because of these limits only you are able to buy even 20k else some whale would have bought all of this.

We know such exponential growth can not be sustained and market will crash. We also know that the day when there is blood bath our business model can not sustain it. But we know, once this will pass we will see greens again and it will settle down

We do not say that we will open up again when prices are 70k. All we need is stable market where our algorithm can setup a fair base price.

Regards

[legendster]

legendster, stop leaving nested quotes throughout the thread.

Just helps keep track thats all, too many people talking here.

[jinson]

If RBI releases an antagonistic circular similar to Chinese Bank, what would be its impact or would there be any impact at all in the Indian BTC scenario? What do the Bitcoin veterans think about that?

[legendster]

Personally, I want it to crash as low as possible to get into it since I've seen it go from 230 to 1200 in a month. BUT BTC for me is more than just another means to cash on, I believe in its ideology of decentralization and one world currency and not to forget the instant global transactions.
It is politically correct to me, the idea of bitcoin.

Edit: let's not forget to celebrate the fact more and more Indians are wanting BTC (no matter if they want to cash in or just for the feel of it) which in long run is going to shoot the price.

I ve seen it come from the $39 days. Only got ion when it crossed $150

[Coin.Karma]

What China has said is good for us. They do not see BTC as a currency and see it as a commodity, that is actually awesome, buying and selling goods for BTC is OK with them, but exchanging it for normal currencies requires money transmitter licences.....that is actually good...will help BTC in achieving its actual dream...

check this out...
http://www.btcglobe.com/tool/calculate-future

have fun with the sliders