Ninjastic
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Board Bitcoin Discussion
Re: Indian Govt thinks Bitcoin is a ponzi scheme
by
pushups44
on 29/04/2019, 10:02:10 UTC
Quote from: Yakamoto on April 29, 2019, 04:19:05 AM
Quote from: Siren on April 29, 2019, 03:29:43 AM
Quote from: SwayStar123 on April 28, 2019, 11:05:57 AM
Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing


edit: Im Indian
Do your government not getting tired of issuing bitcoin?after that Rural Bank of India(RBI) issue then here again another stupid propaganda?
Arent your government contented on what they are suing this great currency?

I guess the better way to stop this is not giving attention to their stupidity and just do what is available ON your country
Keep in mind that India still has a caste system, there is a legitimate concern that there are people at the top of their government which are interested in keeping people from moving between the different strata. Bitcoin can be seen as a means of people moving up from their caste, especially considering the insane jumps in value that can occur. All that can be done is hoping that their government doesn't ban Bitcoin, but at the end of the day you can't do anything about it. Let them do their thing, hopefully, the Indian people know what they're doing and don't listen to the trash spread by their central banks.

I believe the main concern of the Indian government is not upsetting the caste system but rather protecting the value of the rupee. If Indians start to trade their rupees for bitcoin, it will cause the value of the rupee to collapse, leaving the powers that be vulnerable. Of course, a move to bitcoin would be great for the peasants, just as is their hoarding of gold and silver. It's simply a desperate gambit to preserve power, and it will ultimately fail.