Bitcoin operators shut shop in India amid RBI warning

nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
NEW DELHI: A number of bitcoin operators in india have begun suspending their business following Reserve Bank Of India's warning against use of such virtual currencies due to potential money laundering and cyber security risks.

Within days of this advisory issued on December 24, a number of entities offering bitcoin services have suspended their operations, temporarily or indefinitely, while websites of a few others have gone down.

source: The Economic Times

http://articles.economictimes.india...l-currencies-potential-money-laundering-risks
 
XXPXXP

XXPXXP

Legend
Silver Level
Joined
Sep 7, 2012
Total posts
5,511
Awards
2
Chips
0
Bitcoin is more than a trap, it is not a currency.
cos, for currency it usually need from a central government bank equal to the treasure value a country owns = sometime the gold value a country owns.
basically currency is a symbol of that treasure.

Bitcoin is not.
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Bitcoin is more than a trap, it is not a currency.
cos, for currency it usually need from a central government bank equal to the treasure value a country owns = sometime the gold value a country owns.
basically currency is a symbol of that treasure.

Bitcoin is not.

ya different countries have different laws for bitcoin. There was some news from china as well recently about bitcoins. Lets see how it pans out.
 
kidkvno1

kidkvno1

Sarah's Pet
Bronze Level
Joined
Aug 20, 2008
Total posts
16,281
Awards
4
Chips
50
NEW DELHI: A number of bitcoin operators in India have begun suspending their business following Reserve Bank Of India's warning against use of such virtual currencies due to potential money laundering and cyber security risks.

Within days of this advisory issued on December 24, a number of entities offering bitcoin services have suspended their operations, temporarily or indefinitely, while websites of a few others have gone down.

source: The Economic Times

http://articles.economictimes.india...l-currencies-potential-money-laundering-risks
Bitcoins are done with! There was a web site, dealing drugs online using bitcoins
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Bitcoins are done with! There was a web site, dealing drugs online using bitcoins

Any new financial innovation has its challenges in the beginning. Really cant say how the future pans out for bitcoins, depends on regulators and governments around the world.
 
kidkvno1

kidkvno1

Sarah's Pet
Bronze Level
Joined
Aug 20, 2008
Total posts
16,281
Awards
4
Chips
50
Any new financial innovation has its challenges in the beginning. Really cant say how the future pans out for bitcoins, depends on regulators and governments around the world.
This was no small hit on them, it was a big hit.
https://www.cardschat.com/forum/community-hangout-4/internet-drug-dealer-arrested-fascinating-story-232277/

From one of the links in that post
In case you need some teasers, this story involves billions of dollars worth of drug transactions, an enormous illegal fortune made entirely out of Bitcoins, fake passports and even a couple of hitmen.
 
binokula

binokula

Rising Star
Bronze Level
Joined
Apr 9, 2008
Total posts
14
Chips
0
my 2 fractions of a bitcoin ;)

Honestly, I don't know a whole lot about bitcoin. It is an extremely interesting topic that is getting alot of underground buzz here in the states. I was given an oppritunty to invest a few years back,and it was pretty obvious of its potential for rapid growth and short term gain. Luckily, like any real poker player, you go with your gut, and anything too good to be true usually is(especially when it seems suspicious) Definitely am not a finance guy, just felt like sharing a little life lesson. I'm still very new at this, so hopefully I'm not breaking any cardinal rules. Would love to hear more about the subject, everyone knows we get a watered down version of the story here.

Binokula
(Intuition into fruition)
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Honestly, I don't know a whole lot about bitcoin. It is an extremely interesting topic that is getting alot of underground buzz here in the states. I was given an oppritunty to invest a few years back,and it was pretty obvious of its potential for rapid growth and short term gain. Luckily, like any real poker player, you go with your gut, and anything too good to be true usually is(especially when it seems suspicious) Definitely am not a finance guy, just felt like sharing a little life lesson. I'm still very new at this, so hopefully I'm not breaking any cardinal rules. Would love to hear more about the subject, everyone knows we get a watered down version of the story here.

Binokula
(Intuition into fruition)

Hey binokula thanks for sharing your thoughts. The price of bitcoins has appreciated a lot over time. I havent tracked it closely but read about it on and off.
 
horizon12

horizon12

Legend
Silver Level
Joined
Nov 2, 2013
Total posts
4,126
Chips
0
In recent years, central banks of several countries have begun to raise regulatory issues Bitcoin. Thus, the decision of the Chinese Central Bank to prohibit payment operators serve online Bitcoin exchange trade has brought down the price of this crypt currency by 38%.

This tells me one thing, the two largest countries have gone the right way. I think the rest of the country will not long to wait.
 
dd_decker

dd_decker

Rock Star
Silver Level
Joined
Feb 24, 2009
Total posts
454
Chips
0
The idea of actually buying one/some is kind of scary. When the Chinese Central Bank refused to recognize them as a currency, the price dropped from $1,200.00 to $800 in one day....I guess they make transactions very fast and easy without any fees and that's what makes them attractive. I saw that Overstock.com (O.com) will become the first major U.S. retailer to accept them. :shakehand
 
E

Evildrum

Rising Star
Silver Level
Joined
Dec 8, 2013
Total posts
17
Chips
0
Few things to think about when it comes to Bitcoin:

1.)JP Morgan has been filing patents on their version of Bitcoin for quite some time.

2.) Todays world is becoming more and more like the NWO wetdream,meaning one world currency they can control. Just picture what they can do once your money is no longer physical.

3.) Hacking is becoming a major issue with Bitcoin.

I skim read multiple poker and gambling sites and they all think Bitcoin is the answer when its actually looking like a arm of the N*S*A. So if this is true,you can kiss your dreams goodbye of getting funds on the low.
 
Top