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Re: Coinsecure gets hacked after their bank account suspension
We still maintain our banking relationships and have never maintained a fractional system on coinsecure, so, all fiat funds were always safe and withdraw-able.
Are you sure that allowing for withdrawal of fiat funds is the right approach to be followed?
Sorry to bring up an extreme scenario - but what happens in the case of a liquidation? All creditors of Coinsecure (i.e. customers) should have equal access to the left over assets. It shouldn't matter whether customers have stored assets in the form of bitcoins or fiat, and what is the form of assets which have been stolen.
The above approach is what has been followed in the case of other hacks - including Bitfinex.
If Coinsecure is able to absorb the loss, then the approach followed really does not matter.
[2018-04-07] BS:Amit Bhardwaj: The mastermind behind Bitcoin Ponzi scheme
Amit Bhardwaj: The mastermind behind Bitcoin Ponzi scheme
http://www.business-standard.com/article/current-affairs/amit-bhardwaj-the-mastermind-behind-bitcoin-ponzi-scheme-118040700071_1.html
Amit Bhardwaj, the mastermind behind one of the largest Bitcoin Ponzi schemes in India, was arrested this week. The 35-year-old had been actively marketing his scheme since 2015, before it came to the notice of the authorities.
Several investors were lured to his Ponzi schemes, which promised handsome returns.
Zakhil Suresh, a finance student living in Kerala, was one of them. In a petition to the Delhi Commissioner of Police to arrest Bhardwaj, Suresh said that he and his friends met Bhardwaj in 2015 at Delhi where the latter explained his five-year business plan. Bhardwaj claimed his company had a mining pool in China and for every contract of one Bitcoin, his company promised to pay back 0.1 Bitcoin a month, for 18 months, translating to an effective monthly return of 10 per cent.
http://www.business-standard.com/article/current-affairs/amit-bhardwaj-the-mastermind-behind-bitcoin-ponzi-scheme-118040700071_1.html
Amit Bhardwaj, the mastermind behind one of the largest Bitcoin Ponzi schemes in India, was arrested this week. The 35-year-old had been actively marketing his scheme since 2015, before it came to the notice of the authorities.
Several investors were lured to his Ponzi schemes, which promised handsome returns.
Zakhil Suresh, a finance student living in Kerala, was one of them. In a petition to the Delhi Commissioner of Police to arrest Bhardwaj, Suresh said that he and his friends met Bhardwaj in 2015 at Delhi where the latter explained his five-year business plan. Bhardwaj claimed his company had a mining pool in China and for every contract of one Bitcoin, his company promised to pay back 0.1 Bitcoin a month, for 18 months, translating to an effective monthly return of 10 per cent.
[2018-03-17] IE: Bitcoin fraud: 6 including directors of a firm booked
Bitcoin fraud: 6 including directors of a firm booked
http://indianexpress.com/article/cities/pune/bitcoin-fraud-6-including-directors-of-a-firm-booked-5100680/
Six people have been booked for allegedly selling bitcoins worth Rs 1 crore without the knowledge and consent of their owner. According to police, Bhimsen Baburam Agarwal (65), a resident of Pradhikaran, Nigdi, was allegedly persuaded by two accused, Amit and Ajay Bharadwaj, to invest in Gain Bitcoin Company.
Since September 2016, Agarwal had invested up to Rs 1 crore in the company and purchased 93.5 bitcoins. But the accused allegedly sold the coins to a third party without Agarwals consent, who then filed an FIR at the Nigdi police station. Police have booked Amit and Ajay, both directors of Gain Bitcoin Company, Rupesh Singh, Hemant Chavan, Kaka Ravde and Hemant Suryawanshi.
http://indianexpress.com/article/cities/pune/bitcoin-fraud-6-including-directors-of-a-firm-booked-5100680/
Six people have been booked for allegedly selling bitcoins worth Rs 1 crore without the knowledge and consent of their owner. According to police, Bhimsen Baburam Agarwal (65), a resident of Pradhikaran, Nigdi, was allegedly persuaded by two accused, Amit and Ajay Bharadwaj, to invest in Gain Bitcoin Company.
Since September 2016, Agarwal had invested up to Rs 1 crore in the company and purchased 93.5 bitcoins. But the accused allegedly sold the coins to a third party without Agarwals consent, who then filed an FIR at the Nigdi police station. Police have booked Amit and Ajay, both directors of Gain Bitcoin Company, Rupesh Singh, Hemant Chavan, Kaka Ravde and Hemant Suryawanshi.
Re: We translated the site in Hindi, is it important or do we waste money?
Dear colleagues, your opinion is very necessary. Tell me please in India, many who invest in ico? Is it possible to find investors? We made the project and the site was translated into Hindi, as many people from India are interested in the project, but in reality we can not understand what they want and can they invest or not. Our project https://povcoin.io
A significant portion of the Indian tech-savvy population would be comfortable with English. If you look at the portion of the people investing in ICO, the portion would be even higher. You really don't need to translate your site into Hindi, if your objective is to attract investors.
Fearing cryptocurrencies
http://www.thehindu.com/opinion/op-ed/fearing-cryptocurrencies/article22661656.ece
The hope that private cryptocurrencies would become mainstream money suffered a setback last week. In his Budget speech, Finance Minister Arun Jaitley for the first time explicitly said that cryptocurrencies such as bitcoin are not legal forms of money in India and that the government would take steps to eliminate their use. Mr. Jaitley is not the only politician worldwide to consider cryptocurrencies a danger to the status quo. Under the guise of protecting investors, governments in China and South Korea recently took steps to suppress the use of cryptocurrencies, thus adding to the extreme volatility of their price moves. Why are governments so keen to destroy private cryptocurrencies?
The reason is that these currencies pose a significant threat to the massive economic power that national currencies, such as the rupee and dollar, provide their governments. Today every countrys government has a legal monopoly over the issuance of the currency that its people use. This means that no entity other than the government may create and sell currencies. The very point of legal tender laws is to ban anything other than the currency issued by the government from being used as a medium of exchange.
http://www.thehindu.com/opinion/op-ed/fearing-cryptocurrencies/article22661656.ece
The hope that private cryptocurrencies would become mainstream money suffered a setback last week. In his Budget speech, Finance Minister Arun Jaitley for the first time explicitly said that cryptocurrencies such as bitcoin are not legal forms of money in India and that the government would take steps to eliminate their use. Mr. Jaitley is not the only politician worldwide to consider cryptocurrencies a danger to the status quo. Under the guise of protecting investors, governments in China and South Korea recently took steps to suppress the use of cryptocurrencies, thus adding to the extreme volatility of their price moves. Why are governments so keen to destroy private cryptocurrencies?
The reason is that these currencies pose a significant threat to the massive economic power that national currencies, such as the rupee and dollar, provide their governments. Today every countrys government has a legal monopoly over the issuance of the currency that its people use. This means that no entity other than the government may create and sell currencies. The very point of legal tender laws is to ban anything other than the currency issued by the government from being used as a medium of exchange.
[2018-02-05] ET: How the government is planning to nip Bitcoin in the bud
Read to know how the government is planning to nip Bitcoin in the bud
https://economictimes.indiatimes.com/news/economy/policy/read-to-know-how-the-government-is-planning-to-nip-bitcoin-in-the-bud/articleshow/62788727.cms
Bitcoin, the crypto currency that hit the news for its promise of easy money, touched shocking highs and lows in a short span of past few months. Yet it spawned a worldwide craze among speculators as well as common investors.
Though there is still no consensus among governments and central bankers on the status of crypto currencies, Finance Minister Arun Jaitley clarified in his Budget speech that crypto currencies were illegal and the government would not recognise them.
However, there's more to the issue than Jaitley's clarification.
https://economictimes.indiatimes.com/news/economy/policy/read-to-know-how-the-government-is-planning-to-nip-bitcoin-in-the-bud/articleshow/62788727.cms
Bitcoin, the crypto currency that hit the news for its promise of easy money, touched shocking highs and lows in a short span of past few months. Yet it spawned a worldwide craze among speculators as well as common investors.
Though there is still no consensus among governments and central bankers on the status of crypto currencies, Finance Minister Arun Jaitley clarified in his Budget speech that crypto currencies were illegal and the government would not recognise them.
However, there's more to the issue than Jaitley's clarification.
Re: Income tax for the amount available in zebpay/unocoin??
Hi
I want to know the status about INR balance keeping in zebpay/unocoin wallet by selling Bitcoin . If i am selling bitcoin which i earned by giving services and selling in zebpay and keeping INR amount in zebpay wallet not transfered to bank acount until april this financial year 2017/18 IT calculation . Do i need to pay tax for the amount available in wallet ??
Note: Please dont spam here ?? Genuine answers appreciated
I want to know the status about INR balance keeping in zebpay/unocoin wallet by selling Bitcoin . If i am selling bitcoin which i earned by giving services and selling in zebpay and keeping INR amount in zebpay wallet not transfered to bank acount until april this financial year 2017/18 IT calculation . Do i need to pay tax for the amount available in wallet ??
Note: Please dont spam here ?? Genuine answers appreciated
Yes, you need to pay tax on the amount of capital gains as per the slab (short term or long term).
Taxable event (selling to fiat) happened in the current financial year so you have to pay for this year. It doesn't matter if its bank account or Zebpay account.
Disclaimer - I am not a tax consultant.
Hi,
No Bitcoin is not yet taxable in india , no short term or long term gain, Only income tax if you r in profit then only, you can keep money in wallet after selling and withdraw after march.
We are investing in bitcoin in our risk gov is not helping so they cant ask us for tax until they make law.
Please : All user understand that apart from income tax no tax need to be given , this is not a share and no law for it ,
Note : I am financial advisor
This is a ridiculous answer. Stop misleading people.
Governments do not have to make specific laws to tax gains. Gains are taxable by default unless specific exemptions apply. So yes, Bitcoin gains are definitely taxable.
Have you been living under a rock? Don't you know that the Income Tax Department has sent out thousands of notices to people on Bitcoin gains?
Dont become modi and take uturn you referred coinbase.
Now kindly let us know which tax we need to pay then income tax or like someone said Long term/ short term tax ?
Now kindly let us know which tax we need to pay then income tax or like someone said Long term/ short term tax ?
You are so deluded. I used "probably" when I said US taxes amount held in Coinbase, so India would too. I clearly said I was not too sure about this one.
Okay, I'll kindly let you know which tax you need to pay because you cannot Google it yourself.
If you trade regularly, then you treat it as a business income and pay Income tax.
If you do not trade regularly, treat it as Capital gain and pay Short term tax (30%) if held less than 3 years, and long term tax (20%) if held more than 3 years.
I am not here to debate Government policies, I am here to state the facts. And the fact is that you have to pay tax.
Hi
Now you are in correct track my friend
Why you say long term to be 20% ?
https://cleartax.in/s/capital-gains-income
Now friend if you get any notice ask them under which section you need to pay , I am treating Bitcoin as equity so no tax after 1 Yr .
So problem is here that every one see the ball different and play it like that , Government itself don't know under which category bitcoin falls
and people who fear to get notice from IT try to pay the most tax to get rid of any future trouble, but this is not a solution
i see Bitcoin as equity due to its volatility and no tax need to be given after 1 yr or only 15% (no matter in which income slab i m in) if i sell with 365 days.
Try telling the Income Tax department that you treat Bitcoin as equity and let us know the response. I am sure they will be humoured.
The 0% rate on long term capital gains for equity held for over 1 year, is only applicable to shares traded on a registered Stock Exchange, on which Securities Transaction Tax has been paid. I assume you haven't been trading bitcoins on the NSE and paying STT on your trades.
The government may not have legislated on Bitcoin yet, but that doesn't mean you can get away with not paying taxes. Try not to be too smart and pay your taxes which are due. If you indeed are a financial advisor, advise your clients to do the same.
Re: Bank account suspended for majority of Indian Bitcoin Exchanges
This might be due to the pressure put by Indian government. It may be due to following reasons:
1) Government tried to prevent tax evasion by sending notices to Bitcoin investors. But a lot of people might be using KYC of other people like their servants.
2) It is hard to shut down the exchanges til proper laws are made regarding this. At such, suspending their bank accounts is only way to stop these exchanges.
1) Government tried to prevent tax evasion by sending notices to Bitcoin investors. But a lot of people might be using KYC of other people like their servants.
2) It is hard to shut down the exchanges til proper laws are made regarding this. At such, suspending their bank accounts is only way to stop these exchanges.
If you use the KYC documents of your servants, it is a case of downright fraud. There is a paper trail and if your servant gets a IT notice, you know where the trail will lead to. There are strict laws against Benami transactions.
If the government decides to shut down exchanges, they can do so easily through a notification. They would not want to be hasty in passing laws, especially in a complex area like cryptocurrencies, but they still have the ability to shut down exchanges.
A few years back, raids from the ED resulted in exchanges being shut down.
https://www.theverge.com/2013/12/27/5248942/indian-feds-raid-bitcoin-exchange-as-other-traders-suspend-service
http://www.thehindu.com/business/Industry/bitcoin-exchanges-shut-shop-in-india/article5504407.ece
This bit of news is significant and as many have stated before me, I would expect Benson and representatives of other exchanges to comment on it. There is nothing on the Coinsecure blog as well...
[2018-01-01] MInt: Bitcoin exchanges set to face increased scrutiny
Bitcoin exchanges set to face increased scrutiny
http://www.livemint.com/Money/ZIcNvkvBVchruocL9t2kkL/Bitcoin-exchanges-set-to-face-increased-scrutiny.html
Bitcoin exchanges are set to come under investigative agencies scanner after the government warned people of the risk of investing in cryptocurrencies, which are not backed by government fiat, and likened them to Ponzi schemes.
Enforcement agencies could act against bitcoin platforms and exchanges for illegal money pooling, an official at an enforcement agency said on condition of anonymity.
The capital markets regulator, the Securities and Exchange Board of India (Sebi), too will take action against these exchanges if they are serving as collective investment schemes, a senior Sebi official said on condition of anonymity.
http://www.livemint.com/Money/ZIcNvkvBVchruocL9t2kkL/Bitcoin-exchanges-set-to-face-increased-scrutiny.html
Bitcoin exchanges are set to come under investigative agencies scanner after the government warned people of the risk of investing in cryptocurrencies, which are not backed by government fiat, and likened them to Ponzi schemes.
Enforcement agencies could act against bitcoin platforms and exchanges for illegal money pooling, an official at an enforcement agency said on condition of anonymity.
The capital markets regulator, the Securities and Exchange Board of India (Sebi), too will take action against these exchanges if they are serving as collective investment schemes, a senior Sebi official said on condition of anonymity.
[2017-12-26] ET: Bitcoin is ready to lose more weight, reveals Cboe data
Bitcoin is ready to lose more weight, reveals Cboe data
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-is-ready-to-lose-more-weight-reveals-cboe-data/articleshow/62247536.cms
Indian investors in bitcoin, beware. Early trends on Cboe Futures Exchange (CFE) show that the crypto currency could be in for further correction since hitting a new high last Monday. CFE, home to volatility futures Cboe Vix, launched trading in bitcoin futures on December 10.
The near month contract expiring on January 17, 2018, witnessed a steady rise in open interest (OI) accompanied by a price correction of almost 27 per cent to $13960 a contract (1 contract equals one bitcoin) last week. A rise in OI along with steep price correction is indicative of traders mounting huge bearish bets on a traded contract.
Though refraining to comment on the bitcoin itself, Rajesh Palviya, derivatives head at Axis Securities, said, "The signs (jump in OI and price fall) point to a corrective trend."
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-is-ready-to-lose-more-weight-reveals-cboe-data/articleshow/62247536.cms
Indian investors in bitcoin, beware. Early trends on Cboe Futures Exchange (CFE) show that the crypto currency could be in for further correction since hitting a new high last Monday. CFE, home to volatility futures Cboe Vix, launched trading in bitcoin futures on December 10.
The near month contract expiring on January 17, 2018, witnessed a steady rise in open interest (OI) accompanied by a price correction of almost 27 per cent to $13960 a contract (1 contract equals one bitcoin) last week. A rise in OI along with steep price correction is indicative of traders mounting huge bearish bets on a traded contract.
Though refraining to comment on the bitcoin itself, Rajesh Palviya, derivatives head at Axis Securities, said, "The signs (jump in OI and price fall) point to a corrective trend."
[2017-12-26] ET: This one factor could tell how far bitcoin will plunge
This one factor could tell how far bitcoin will plunge
https://economictimes.indiatimes.com/markets/stocks/news/this-one-factor-could-tell-how-far-bitcoin-will-plunge/articleshow/62248797.cms
While the sharp drop in bitcoin - 25 per cent, or nearly $4,000, overnight (and 33 per cent from the beginning of the week) -- has some predicting the bubble is starting to burst, it may also provide evidence of the cryptocurrency's longevity.
The critical issue is transactions. And if you are looking for where the bottom could be to bitcoin's plunge, that's a pretty good place to start. Tom Lee, one of Wall Street's biggest bitcoin bulls and head of research at Fundstrat, said on Bloomberg TV on Friday morning that anyone who says bitcoin is based on nothing hasn't "done their homework." The increase in bitcoin this year has followed an uptick in the value of transactions. At the start of the year, there were $275 million in daily transactions in bitcoin. Earlier this week, that had grown to more than $5 billion. That's a 1,700 per cent increase, which is more than the rise in bitcoin this year, even before its current tumble.
https://economictimes.indiatimes.com/markets/stocks/news/this-one-factor-could-tell-how-far-bitcoin-will-plunge/articleshow/62248797.cms
While the sharp drop in bitcoin - 25 per cent, or nearly $4,000, overnight (and 33 per cent from the beginning of the week) -- has some predicting the bubble is starting to burst, it may also provide evidence of the cryptocurrency's longevity.
The critical issue is transactions. And if you are looking for where the bottom could be to bitcoin's plunge, that's a pretty good place to start. Tom Lee, one of Wall Street's biggest bitcoin bulls and head of research at Fundstrat, said on Bloomberg TV on Friday morning that anyone who says bitcoin is based on nothing hasn't "done their homework." The increase in bitcoin this year has followed an uptick in the value of transactions. At the start of the year, there were $275 million in daily transactions in bitcoin. Earlier this week, that had grown to more than $5 billion. That's a 1,700 per cent increase, which is more than the rise in bitcoin this year, even before its current tumble.
[2017-12-26] ET: Bitcoin welcomes Christmas with heads down
Bitcoin welcomes Christmas with heads down
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-welcomes-christmas-with-heads-down/articleshow/62248888.cms
The price of bitcoin was trending downward on Christmas morning as the cryptocurrency reeled in the aftermath of its most volatile period ever..
As of 11.30 am Christmas morning (GMT), bitcoin was valued at $13,975 according to data from Markets Insider.
The cryptocurrency had lost almost 2 per cent of its value in the past 24 hours.
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-welcomes-christmas-with-heads-down/articleshow/62248888.cms
The price of bitcoin was trending downward on Christmas morning as the cryptocurrency reeled in the aftermath of its most volatile period ever..
As of 11.30 am Christmas morning (GMT), bitcoin was valued at $13,975 according to data from Markets Insider.
The cryptocurrency had lost almost 2 per cent of its value in the past 24 hours.
[2017-12-26] ET: Bitcoin rises 10%, recovers from last week's brutal selloff
Bitcoin rises 10%, recovers from last week's brutal selloff
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-rises-10-recovers-from-last-weeks-brutal-selloff/articleshow/62250036.cms
Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 per cent to be up more than a third from last week's lows of below $12,000.
Bitcoin, the world's biggest and best-known cryptocurrency, fell nearly 30 per cent at one stage on Friday to $11,159.93 and, despite a late recovery, had its worst week since 2013. At 0445 GMT on Tuesday, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange.
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-rises-10-recovers-from-last-weeks-brutal-selloff/articleshow/62250036.cms
Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 per cent to be up more than a third from last week's lows of below $12,000.
Bitcoin, the world's biggest and best-known cryptocurrency, fell nearly 30 per cent at one stage on Friday to $11,159.93 and, despite a late recovery, had its worst week since 2013. At 0445 GMT on Tuesday, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange.
[2017-12-25] ET: Blockchain may upset commodity markets globally
Blockchain may upset commodity markets globally
https://economictimes.indiatimes.com/markets/stocks/news/blockchain-may-upset-commodity-markets-globally/articleshow/62237412.cms
Blockchain technology, which has already been adopted by gold traders, is starting to show the potential to transform other sectors of the global physical commodities markets.
While it wouldnt necessarily boost commodity prices, the innovation could offer a secure means of exchange of raw materials, open up channels of trade among buyers and sellers that had until now have been perceived as credit risks, and provide more transparency and liquidity to a market that has slowly lost favour among financial institutions.
https://economictimes.indiatimes.com/markets/stocks/news/blockchain-may-upset-commodity-markets-globally/articleshow/62237412.cms
Blockchain technology, which has already been adopted by gold traders, is starting to show the potential to transform other sectors of the global physical commodities markets.
While it wouldnt necessarily boost commodity prices, the innovation could offer a secure means of exchange of raw materials, open up channels of trade among buyers and sellers that had until now have been perceived as credit risks, and provide more transparency and liquidity to a market that has slowly lost favour among financial institutions.
[2017-12-24] ET: Bitcoin and friends offer 1,000 ways to lose your money
Bitcoin and friends offer 1,000 ways to lose your money
https://economictimes.indiatimes.com/markets/stocks/news/view-bitcoin-and-friends-offer-1000-ways-to-lose-your-money/articleshow/62230484.cms
There are 1,036 virtual currencies out there, from Bitcoin to -- no joke -- BigBoobsCoin. The price of almost every single one was down Friday morning. Bitcoin, the one that kicked off the whole shebang with its rigid algorithm to cap supply, hit its lowest point in two weeks before climbing back to about $14,000.
Is this the epic bursting of the bubble the bears have been waiting for? Not yet. The selloff certainly looks like a reversal of the herd buy-in that hit fever pitch this year. But, in absolute price terms, cryptocurrencies are only looking very marginally less insane.
Even after sinking 35 per cent from a record high, Bitcoin is still 1,200 per cent higher than where it was at the end of 2016. And corrections are common in this market. Bitcoin dropped 13 per cent in one day just three months ago, and 22 per cent in one day back in 2015.
https://economictimes.indiatimes.com/markets/stocks/news/view-bitcoin-and-friends-offer-1000-ways-to-lose-your-money/articleshow/62230484.cms
There are 1,036 virtual currencies out there, from Bitcoin to -- no joke -- BigBoobsCoin. The price of almost every single one was down Friday morning. Bitcoin, the one that kicked off the whole shebang with its rigid algorithm to cap supply, hit its lowest point in two weeks before climbing back to about $14,000.
Is this the epic bursting of the bubble the bears have been waiting for? Not yet. The selloff certainly looks like a reversal of the herd buy-in that hit fever pitch this year. But, in absolute price terms, cryptocurrencies are only looking very marginally less insane.
Even after sinking 35 per cent from a record high, Bitcoin is still 1,200 per cent higher than where it was at the end of 2016. And corrections are common in this market. Bitcoin dropped 13 per cent in one day just three months ago, and 22 per cent in one day back in 2015.
[2017-12-24] ET: Bitcoin champion Michael Novogratz halts hedge fund plans
Bitcoin champion Michael Novogratz halts hedge fund plans, says the cryptocurrency may drop to $8K
https://economictimes.indiatimes.com/markets/stocks/news/michael-novogratz-one-of-the-biggest-champions-of-bitcoin-halts-hedge-fund-plans-says-it-may-drop-to-8k/articleshow/62228687.cms
Michael Novogratz, the former macro manager who's turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000.
"We didn't like market conditions and we wanted to re-evaluate what we're doing," Novogratz said Friday in a phone interview. "I look pretty smart pressing the pause button right now."
https://economictimes.indiatimes.com/markets/stocks/news/michael-novogratz-one-of-the-biggest-champions-of-bitcoin-halts-hedge-fund-plans-says-it-may-drop-to-8k/articleshow/62228687.cms
Michael Novogratz, the former macro manager who's turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000.
"We didn't like market conditions and we wanted to re-evaluate what we're doing," Novogratz said Friday in a phone interview. "I look pretty smart pressing the pause button right now."
The year of bitcoin
http://www.livemint.com/Opinion/b2qvKYsBeGmkzDGGxwDQzI/The-year-of-bitcoin.html
A quick look at Google Trends shows the number of searches for bitcoin has increased 20-fold since Christmas 2016. The normalized data shows that there were some months in 2013 and 2014 when the number of people searching for information on the digital currency picked up, but that interest did not hold for long. The game changed in 2017. Google searches for bitcoin showed gradual improvement, and then took off vertically after November. The interest was no doubt correlated to the sharp rise in bitcoin prices this year.
Meanwhile, a new survey of European economists undertaken by the Centre for Macroeconomics and the Centre for Economic Policy Research tells us two things. Most of the surveyed economists do not believe bitcoin is a threat to financial stability because of its limited usage in economic transactions, but they said the use of the cryptocurrency for tax evasion means that greater regulatory oversight is needed. Expect more on the latter front in the coming yearnot just in other parts of the world but in India as well.
http://www.livemint.com/Opinion/b2qvKYsBeGmkzDGGxwDQzI/The-year-of-bitcoin.html
A quick look at Google Trends shows the number of searches for bitcoin has increased 20-fold since Christmas 2016. The normalized data shows that there were some months in 2013 and 2014 when the number of people searching for information on the digital currency picked up, but that interest did not hold for long. The game changed in 2017. Google searches for bitcoin showed gradual improvement, and then took off vertically after November. The interest was no doubt correlated to the sharp rise in bitcoin prices this year.
Meanwhile, a new survey of European economists undertaken by the Centre for Macroeconomics and the Centre for Economic Policy Research tells us two things. Most of the surveyed economists do not believe bitcoin is a threat to financial stability because of its limited usage in economic transactions, but they said the use of the cryptocurrency for tax evasion means that greater regulatory oversight is needed. Expect more on the latter front in the coming yearnot just in other parts of the world but in India as well.
[2017-12-23] Zee: Bitcoin falls 30%, posts worst week since 2013
Bitcoin falls 30%, posts worst week since 2013
http://zeenews.india.com/international-business/bitcoin-falls-30-posts-worst-week-since-2013-2069054.html
Bitcoin plunged by 30 percent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to a peak close to $20,000 prompted warnings by experts of a bubble.
After falling to as low as $11,159, it recouped some losses to trade above $14,000 on the Bitstamp platform, down 9 percent on the day. It is down around 25 percent this week, its largest weekly loss since April 2013.
It capped a brutal week that had been touted as a new era of mainstream trading for the digital currency when bitcoin futures debuted on CME Group Inc, the world`s largest derivatives market on Sunday.
http://zeenews.india.com/international-business/bitcoin-falls-30-posts-worst-week-since-2013-2069054.html
Bitcoin plunged by 30 percent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to a peak close to $20,000 prompted warnings by experts of a bubble.
After falling to as low as $11,159, it recouped some losses to trade above $14,000 on the Bitstamp platform, down 9 percent on the day. It is down around 25 percent this week, its largest weekly loss since April 2013.
It capped a brutal week that had been touted as a new era of mainstream trading for the digital currency when bitcoin futures debuted on CME Group Inc, the world`s largest derivatives market on Sunday.
Re: Have authorities requested data on users from Indian exchanges?
Nothing like this from coinsecure..
We do get enquiries, but always for a single or group of users, where something has really gone bad, Our lawyer verifies and drafts responses and sends us data dump requests. We have never divulged blanket information, however, under duress and court stress, we are aware that blanket requests are possible.
The source does look like a guess or word of mouth or bad rumour or something. I would disregard it unless there was a legitimate alarm about the same.
We do get enquiries, but always for a single or group of users, where something has really gone bad, Our lawyer verifies and drafts responses and sends us data dump requests. We have never divulged blanket information, however, under duress and court stress, we are aware that blanket requests are possible.
The source does look like a guess or word of mouth or bad rumour or something. I would disregard it unless there was a legitimate alarm about the same.
In case of a blanket request, would users also be informed of what data has exactly been requested/ submitted?
Will clarify with legal and revert.
If am not wrong, during mass investigations, authorities do request non disclosure in some cases.
Will be good to know your strategy.
If there is a blanket request, governments may ask for non-disclosure to users as well. However, if you approach a court against this request, the details requested will become public knowledge as well.
Quote
Hey Benson,
You can tell them that we only respond to requests from authorities when such requests are issued under law in an authorized manner. Such requests as per current Indian laws are generally issued only for specific individuals and are not blanket requests. However, since most of these specific requests are part of ongoing investigations we do not disclose the same to the individual as that may entail a risk of jeopardising the request. However since most of these requests are issued after a criminal case has been registered therefore the client usually is aware that such data may be requested and we are mandated under law to provide it.
Warm Regards
You can tell them that we only respond to requests from authorities when such requests are issued under law in an authorized manner. Such requests as per current Indian laws are generally issued only for specific individuals and are not blanket requests. However, since most of these specific requests are part of ongoing investigations we do not disclose the same to the individual as that may entail a risk of jeopardising the request. However since most of these requests are issued after a criminal case has been registered therefore the client usually is aware that such data may be requested and we are mandated under law to provide it.
Warm Regards
Hope this answers Coinsecure's stance..
We are very different compared to others.. Realtime, large number of concurrent users is technologically damn touch to achieve, but safer from a legal perspective. Hence we went in that direction.
The authorities seem to have harvested a list of users from the various exchanges.
The exchanges seem to have caved in and handed over user data on a platter to the authorities.
https://timesofindia.indiatimes.com/business/india-business/it-notices-to-4-5-lakh-individuals-trading-in-bitcoins-across-the-country/articleshow/62121048.cms
I thought Coinsecure had a legal stance against such a disclosure?
At least Coinbase took the fight to the courts before being forced to hand over user data.....
The promise of blockchain
http://www.business-standard.com/article/opinion/the-promise-of-blockchain-117112101316_1.html
State Bank of India (SBI) is all set to roll out two applications that adopt the revolutionary blockchain technology for banking. The use of blockchain could considerably reduce the costs of certain transactions while raising the bar for security.
The blockchain is an open electronic ledger system invented to provide a platform for bitcoin, a cryptocurrency. It was conceptualised by bitcoin inventor, Satoshi Nakamoto, as a method for verifying, while guaranteeing anonymity, transactions involving a digital currency that was not issued by any central authority.
http://www.business-standard.com/article/opinion/the-promise-of-blockchain-117112101316_1.html
State Bank of India (SBI) is all set to roll out two applications that adopt the revolutionary blockchain technology for banking. The use of blockchain could considerably reduce the costs of certain transactions while raising the bar for security.
The blockchain is an open electronic ledger system invented to provide a platform for bitcoin, a cryptocurrency. It was conceptualised by bitcoin inventor, Satoshi Nakamoto, as a method for verifying, while guaranteeing anonymity, transactions involving a digital currency that was not issued by any central authority.