|
Ridwan Fauzi
|
 |
May 03, 2019, 03:13:23 PM |
|
Maybe they judge bitcoin ponzi scam because they have a bad experience in making transactions, for example they make mistakes when making large amounts of transactions so that the funds they have are lost and not returned, or they see only from the negative side used by fraudsters to get money in the form of bitcoin. So they judge only from the mistakes they made themselves and the criminal actions of others without wanting to see many positive sides.
Did you know the concept of ponzi scheme? it is not about transaction but this is related to an investment. I would be fool if Indian government decide to ban bitcoin just because they assume some people there or government itself have a bad experience when make a transaction. You have to read about ponzi scheme in order to not give a bad statement and allude to other issues which is not related to it. Check this link to learn more about ponzi scheme. |
|
|
|
|
lolxxxx
Legendary
 Offline
Activity: 2184
Merit: 1032
|
|
May 03, 2019, 03:14:58 PM |
|
India can think anything especially when its come to media   |
|
|
|
|
lupinvn
Member
Offline
Activity: 167
Merit: 10
Vietnamese Translator - Bounty manager
|
|
May 03, 2019, 03:38:36 PM |
|
Lol, typically in many countries, don't worry. Actually, I think the govt also realise that crypto and blockchain are in trend and useful (in the legal way). BUT, Bitcoin hasn't been widely amitted because the govt afraid of the development of Cryptocurrency will destroy old banking method. Furthermore, Bitcoin is used as the payment method of many scam projects, so people usually heard about Bitcoin via those fraud cases.
|
|
|
|
|
ankit10
|
|
May 03, 2019, 03:39:38 PM |
|
India can think anything especially when its come to media Joke? Joke? Try something new which makes India Laugh on you.  |
|
|
|
|
lolxxxx
Legendary
Offline
Activity: 2184
Merit: 1032
|
|
May 03, 2019, 03:45:07 PM |
|
India can think anything especially when its come to media Joke? Joke? Try something new which makes India Laugh on you. You know its not a joke. |
|
|
|
|
andreibi
Legendary
Offline
Activity: 1647
Merit: 1012
Practising Hebrew before visiting Israel
|
|
May 03, 2019, 03:50:29 PM |
|
It goes like this: Any asset that increases in value and price can be labeled as a ponzi scheme even it's not. It is because somehow someone else buys at a higher price (The Greater Fool Theory).
Now, because they don't understand Bitcoin, they can easily assume it is a ponzi because the earlier investors already made profit.
|
|
|
|
DeadCoin
Sr. Member
Offline
Activity: 1246
Merit: 261
★ Investor | Trader | Promoter
|
|
May 03, 2019, 03:56:03 PM |
|
Its really so sad when thinking of Indian Government. Why they have not yet opened their eyes and be in line like other countries who have accepted bitcoin and crypto currencies. What should trigger them still to look upon its benefits. Indian politicians are much self oriented. Need to make them updated of whats going on around them. |
|
|
|
|
|
dificanovi
|
|
May 03, 2019, 04:40:21 PM |
|
in my opinion, India has difficulty in the process of banning crypto currencies in its country. I see users of crypto currencies in India very much, besides that there are many companies that support crypto currencies in India. in my opinion the rising economy of the Indian community is caused by crypto currencies, so I strongly agree that the crypto currency is accepted as a means of payment because it provides a very large profit.
|
|
|
|
olamidey
Full Member
Offline
Activity: 798
Merit: 104
Buy, sell and store real cryptocurrencies
|
|
May 03, 2019, 04:57:40 PM |
|
See, it's not only in Indian that governments want to banned Bitcoin, lots of others countries are all battling the same despite the fact that a good number of their young people are deeply in to Cryptocurrency trading and mining. It may be difficult for them to understand bitcoin that cant be controlled, regulated being a universal currency and the fact that it goes up and down. Really it's a night mare for bank transactions with bitcoin or crypto as it's narratives |
|
|
|
jjbanks994
Jr. Member
Offline
Activity: 255
Merit: 3
|
|
May 03, 2019, 11:06:34 PM |
|
I'm not surprised at all, they seems to be following China's sudden U-turn. However, bitcoin can't be stopped, people will still continue to trade underground OTC so I guess Indian's government hands are full if they wanted to chase those traders.
But just imagine if bitcoin takes out in the next 5-10 years, what will happen to those countries who opposed it? Are they going to be left out in the closet?
That was what I was thinking too, they are going to follow a rule of control from other countries like China. |
|
|
|
|
|
Gaff
|
|
May 03, 2019, 11:20:35 PM |
|
Every government have their own judgement toward crypto.
Like my government see crypto as high risk activity and able to cause inflation so that's why my government still not legalize crypto yet.
Right, many governments are still in the opposite spectrum of the discussions. Other nations are very friendly and would like to see crypto move in the next 5-10 years. While other nations doesn't like it at all and an imminent ban is likely to take place. For what I seen, crypto is not Ponzi because there is no 1 person or 1 company who own/control bitcoin but every people who trust and own crypto !
It really means that Indian government failed to realised what bitcoin. Calling it ponzi scheme is not true and we all know that. Their government has no proper education on how bitcoin works on the lives of the people, who've been linked to Bitcoin's financial system. I guess it was too hard for them to adopt this kind of system in digital currency, as it will prove transparency on every transactions done. Corruption will no longer exist, that's why government politicians accused bitcoin for a ponzi scheme and they tried to take down bitcoin for that reason in order to prevent full implementation of digital currency in India. Greediness still exist, so authorities use their power to make things worst for bitcoin. |
|
|
|
|
|
akamit
|
|
May 03, 2019, 11:44:28 PM |
|
From the article: The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities. If the government is indicating cryptocurrency as ponzi then I might say they do not understand what cryptocurrency is. or if they referring to traditional ponzi scams then I want to say, will it stop ponzi scams if they ban cryptocurrency? I guess no, fiat will take over but ponzi will never stop. I think Indian Lawmakers need to spend some more time on the internet to educate themselves about cryptocurrency. And one thing more, does Indian Rupees totally pure from money laundering? |
|
|
|
|
Sirait
Full Member
Offline
Activity: 1890
Merit: 101
1xBit 🏆 │ NotYourKeys.org
|
|
May 03, 2019, 11:54:38 PM |
|
not only the Indian government but in almost many countries such as Russia, America, China and some others say Bitcoin is a fraud using the Ponzi scheme. but their statement is useless, the proof is that more Bitcoin players, people who love Bitcoin are emerging, ICO/ITO/IEO programs are growing and the price of Bitcoin is crawling up every month.
|
|
|
|
michael woo
Newbie
Offline
Activity: 7
Merit: 0
|
|
May 04, 2019, 01:30:27 AM |
|
There is always sad news and good news for BTC. The government always treat BTC bad and the enterprise treats BTC openly.
Like in China, there is a policy that will ban mining in the near future. But we know the Chinese government is using blockchain tech internally for the B2B finance in the limited area. The government don't want to deploy cryptocurrency in B2C too fast so they may lose control for the financial system. Some government like US or Japan may set up the policy to control strictly on BTC which I think will be a better way for the blockchain industries development.
|
|
|
|
|
Johnzky
Member
Offline
Activity: 616
Merit: 30
|
|
May 04, 2019, 01:53:03 AM |
|
Indian government is always making noise about their stands towards cryptocurrency but nothing turns accurate. I guess what your government wants is tl make money or take a piece of cake from our crypto community But i doubt that they have the capacity to ban.bitcoin or the cryptocurrency as well because they know how the Indian people profiting from this and will not make them down just by issuing some laws |
|
|
|
|
|
gabbie2010
|
|
May 04, 2019, 08:22:05 AM |
|
From the article: The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities. If the government is indicating cryptocurrency as ponzi then I might say they do not understand what cryptocurrency is. or if they referring to traditional ponzi scams then I want to say, will it stop ponzi scams if they ban cryptocurrency? I guess no, fiat will take over but ponzi will never stop. I think Indian Lawmakers need to spend some more time on the internet to educate themselves about cryptocurrency. And one thing more, does Indian Rupees totally pure from money laundering? Honestly those lawmakers hasn't got the idea of cryptocurrencies and lack depth knowledge of what cryptos is all about, however I am absolutely sure before their next hearing a further consideration on the ban will be looked into because of the vast population of Indians cryptos enthusiast and users I believe their actions would not stand test of time. |
|
|
|
|
fiulpro
|
|
May 04, 2019, 08:54:58 AM |
|
Hello
As far as I know India is the hub for the new inventions and in places like IITs something is happening everyday , also it is also famous for Ponzi schemes itself , even a simple call centre could turn out to be famous for doing things that is termed as as PONZI.
Therefore , it is important for you guys to show the government that cryptocurrency is not something that they should declare as a Ponzi scheme , unfortunately the government is 90% old political leaders who understand nothing trust me when it comes to things like that , but the other way around is , India is democratic and thus you have a say over everything, therefore right a letter to the administration , have some rallies gather people around because as you know in India there are many people who use cryptocurrencies, I am sure that will work somehow.
Best of luck .
|
|
|
|
|
Cosbycoin
|
|
May 04, 2019, 10:17:41 AM |
|
I read something similar from the official sources of news from India but what I think is that the government over there has not yet banned the use of cryptocurrencies. Most of the governments from various countries are going opposite to the use of cryptocurrencies because use of cryptocurrencies is minimizing the use of fiat currencies which is also minimizing the collection of taxes. Governments are always greedy and try to collect maximum amount of taxes from the peoples but the cryptocurrency markets are anonymous which does not give the right to anyone to keep track on the transactions which also makes it impossible to government to impact taxes onto it so they are always running opposite to them. |
|
|
|
|
|
guoyu78
|
|
May 04, 2019, 10:34:57 AM |
|
See, it's not only in Indian that governments want to banned Bitcoin, lots of others countries are all battling the same despite the fact that a good number of their young people are deeply in to Cryptocurrency trading and mining. It may be difficult for them to understand bitcoin that cant be controlled, regulated being a universal currency and the fact that it goes up and down. Really it's a night mare for bank transactions with bitcoin or crypto as it's narratives Considering most of the surveys and forms, we came to an conclusion that majority of the young peoples are getting into the cryptocurrency markets to earn a living and start their own business into. Youngsters are the future of country and if the youngsters themselves are getting involved into the decentralized transactions that means that the future for that country may start rising in the decentralized field which won't be tolerated by the governments of most of the popular countries and hence they are here stopping the growth of the decentralized markets. But for us, we at least know that the cryptocurrency markets is going to have a blast in the coming future so that we can strongly stay with the decentralized markets. |
|
|
|
|
|
Bagaji
|
|
May 04, 2019, 10:47:32 AM |
|
not only the Indian government but in almost many countries such as Russia, America, China and some others say Bitcoin is a fraud using the Ponzi scheme. but their statement is useless, the proof is that more Bitcoin players, people who love Bitcoin are emerging, ICO/ITO/IEO programs are growing and the price of Bitcoin is crawling up every month.
Indeed, most of this medias; are good at posting things that has potentials of interrupting the price of Bitcoin for them to buy more from the feeble Bitcoin holders to enrich themselves. Indian government will not ban Bitcoin even though the news said so. Indian government are more wiser to ban Bitcoin in their country, also like other countries. |
|
|
|
|
|
