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Re: [ANN] sCoin Next-Gen Trillions Coin | s is for scarfaceCoin
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Wow! Fantastic. Thank yoU!
For the love of god, get a lawyer that understands bitcoin and stop throwing random numbers out to the government.
Also, I'm curious - did they have a court issued warrant to obtain your customer data or did they intimidate you into giving it to them ?
This ^ And did they send a legal letter summoning? or was it just an obligation?Also, I'm curious - did they have a court issued warrant to obtain your customer data or did they intimidate you into giving it to them ?
Now I am going to be flamed for this but this thread is an epitome of why people involved in BTC in India are effed. 70% don't understand the law, are willing to take unnecessary risks because they feel obligated (or intimidated or even too smart) to give opinions which might later form legal basis of what IRS/ED laws would be formed upon. For god's sake, if you are in legal trouble hire a damn lawyer. Explain him your position and let him deal with ED/IRS.
Well said. 8% is ridiculous! Throwing out such numbers will open doors for strict regulation or checks. At the same time I assume the govt. officials may have talked to other bitcoin exchange owners, who will probably be very honest in their answers.
This will leave them confused, nonetheless.
i will be working on this once i am back from mumbai - i m visiting mumbai for two days from tomorrow for a press meet along with nishith desai associates to talk about the present situation of bitcoin in india and asking authorities to react to the present situation asap through media.
I hope they are sponsoring this trip!
Also, I hope the media understands the power of bitcoins!
One of person working on an upcoming "real-time" exchange, which will be tied to Buttercoin, recently told me that he is glad that ED raided the house and closed down these "butcher shops."
Within a week or two we will know what the officials think of bitcoin and bitcoin exchanges.
It amazes me how some people said the event turned out great, and now I read that it was all about money and trading. Reason I did not attend was because of the "unexpected" BTC crash days before the event!
Within a week or two we will know what the officials think of bitcoin and bitcoin exchanges.
It amazes me how some people said the event turned out great, and now I read that it was all about money and trading. Reason I did not attend was because of the "unexpected" BTC crash days before the event!
After posting this yesterday -- https://bitcointalk.org/index.php?topic=385566.0 -- and getting a handful number of response that everything will be alright, I ignored the rest of the news.
However, today on DNA I see that Enforcement Directorate raided the premises of Mahim Gupta in Bopal area of the city who provides trading platform through his website -‑ buysellbit.co.in.
The article further states: We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Guptas server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested, said a top ED official.
Link to the complete article: http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
What is going on?
However, today on DNA I see that Enforcement Directorate raided the premises of Mahim Gupta in Bopal area of the city who provides trading platform through his website -‑ buysellbit.co.in.
The article further states: We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Guptas server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested, said a top ED official.
Link to the complete article: http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
What is going on?
The RBI regulations were just another warning, I thought.
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
Hey,
I am looking to buy BTC-E USDs for trading purposes. I don't have Perfect Money or Web Money, and there is no way I can deposit existing INR to those accounts.
So I am looking for someone who can sell BTC-E USD code. In return you will get paid through Indian rupees (via bank transfer).
Alternatively, if you are providing Perfect Money at a reasonable price, please let me know.
For BTC-E code, I am willing to pay 3% extra. So, if you are providing me $100, you will get $103 (with the current exchange rate) to your bank account.
I am looking to buy BTC-E USDs for trading purposes. I don't have Perfect Money or Web Money, and there is no way I can deposit existing INR to those accounts.
So I am looking for someone who can sell BTC-E USD code. In return you will get paid through Indian rupees (via bank transfer).
Alternatively, if you are providing Perfect Money at a reasonable price, please let me know.
For BTC-E code, I am willing to pay 3% extra. So, if you are providing me $100, you will get $103 (with the current exchange rate) to your bank account.
Re: KROGYAN : The Bitcoin Exchange for INDIA (Better than Virwox)
Can you please convert the amount in INR, so we can pay through bank?
BTC
Buy $1010.049 = INR 63117.96201
Sell $$879.84 = INR 54981.2016
LTC
Buy $45.614 = INR 2848.04424
Sell $40.012 = INR 2499.789012
Sent you a PM!
Thanks.
Only if your site WORKED! Always out of stock, or try again when the prices are low.
I have the same experience. This forces buyers to make purchases during a market high and not be in a position to take advantage of dips. That is neither a healthy nor ideal situation for business. I will hazard a guess and say that if you solve this problem you will increase your business manifolds.
I am only speculating here but it seems like when the prices drops the sellers naturally don't want to sell because the market tends to climb back up. Even if it drops below $600 it seems to go back up so why would anyone want to sell when it drops? If that is the problem then its not a very good business model and not fair to the buyers.
I totally understand and agree with the risks undertaken because buysellbitco.in is freezing the price for 4 hours - which in the BTC universe is a potentially big risk. Therefore the current rate and commission is something we have to live with until there is a much higher liquidity and adoption within the community.
Something has to change though. Maybe for a certain order size (above 0.5 or 1 BTC) even if the website is out of stock, it should be able to make a purchase from an exchange immediately after payment confirmation reaches its bank. That could be automated with the exposure of API by various exchanges. If that is too risky, maybe it can be done in a semi-automation or total manual mode. Its better than putting up an out of stock notice and drive the business elsewhere.
Very well put. Only a customer can understand the pain.
Slightly higher prices - Infact I think they are overcharging for the bitcoins at the moment. Their buy prices are more then then the Mtgox exchange prices too. 
. And when you see their sell prices its around 3k less then MtGox .
Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).
Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.
. And when you see their sell prices its around 3k less then MtGox .Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).
Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.
Hi
We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be higher than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank.
On top of it we offer locked in exchange rates in such volatile market where once you book order with us and send money in within locked in period we honor booked rate only. If you will see carefully the price difference between exchanges is very huge in volatile period, over 70 to 100 dollars a time which goes to around 4k to 6.5k INR which also makes our task a bit tough
As far as fees concerns we offer loyalty discount so after certain volumes your effective fees reduced to 1.5% only.
We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market.
Regards
Only if your site WORKED! Always out of stock, or try again when the prices are low.
Yes, we agree we do have stock issues at the moment. As soon as we restock it, we go out of stock almost immediately. We are working hard to resolve this.
Regards
This is what I am hearing from past two weeks, really! Not to be rude, but can you please lower your fees, because looks like you guys are charging way more than expected! You guys also show low price at night, but you wouldn't let us buy. What kind of trap is this? Also, right now, the price comes down to 56000 for one btc, and on BTC-e china it's 725 dollars (which is equal to 45k). Take GOX price and you are still overcharging your customer.
Other sites like INRBTC are charging 49000 at the moment! I have been waiting for, like, ever since to get my hands on a few BTCs but looks like no one is ready to sell when the market value is down.
I definitely understand you folks are here to make profit, but I'd absolutely love to see an Indian site offering "affordable" prices with btcs always in stock. The market is wide open to capture, and I hope you folks will come out with something interesting very soon.
sidjourn.
Let's check the facts :-
Price at Mt.Gox is USD 824 (Surprise !!!)
Price at Btc China is 867 ( Surprise Again !!!)
Except for BTC-e is 728 all the other exchanges are quoting above USD 800
I know because I checked immediately after you posted this.
You have every right to buy bitcoin at a low price, I will not contest to that but please...when you quote something the facts have to be right.
My life at INRBTC.com is a lot easier...I have to ensure that when a trade happens , buyers and seller fufill their part.
buy operating BuySellBitco.in is a lot tougher and much riskier...Let us appreciate the fact.
I know a lot of people on this forum appreciate what buysellbitco.in does but a few quotes should not tarnish that reputation especially when those quotes are based on wrong facts.
How can you even say "surprise" when I have clearly quoted that the site is overcharging even with comparison to GOX!
824 translates to 50k (or whatever), while they are charging 56k! However, why go with GOX price, as BTC-e prices are almost $100 less.
You are clearly trying to support buysellbitco.in. Do so, it's your way! But how can you even say those quotes are based on wrong facts? You have just lost a customer. And please stop spamming this place with your website link.
Hoping buysellbitco.in at least appreciates my opinion.
Slightly higher prices - Infact I think they are overcharging for the bitcoins at the moment. Their buy prices are more then then the Mtgox exchange prices too. . And when you see their sell prices its around 3k less then MtGox .
Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).
Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.
. And when you see their sell prices its around 3k less then MtGox .Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).
Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.
Hi
We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be higher than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank.
On top of it we offer locked in exchange rates in such volatile market where once you book order with us and send money in within locked in period we honor booked rate only. If you will see carefully the price difference between exchanges is very huge in volatile period, over 70 to 100 dollars a time which goes to around 4k to 6.5k INR which also makes our task a bit tough
As far as fees concerns we offer loyalty discount so after certain volumes your effective fees reduced to 1.5% only.
We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market.
Regards
Only if your site WORKED! Always out of stock, or try again when the prices are low.
Yes, we agree we do have stock issues at the moment. As soon as we restock it, we go out of stock almost immediately. We are working hard to resolve this.
Regards
This is what I am hearing from past two weeks, really! Not to be rude, but can you please lower your fees, because looks like you guys are charging way more than expected! You guys also show low price at night, but you wouldn't let us buy. What kind of trap is this? Also, right now, the price comes down to 56000 for one btc, and on BTC-e china it's 725 dollars (which is equal to 45k). Take GOX price and you are still overcharging your customer.
Other sites like INRBTC are charging 49000 at the moment! I have been waiting for, like, ever since to get my hands on a few BTCs but looks like no one is ready to sell when the market value is down.
I definitely understand you folks are here to make profit, but I'd absolutely love to see an Indian site offering "affordable" prices with btcs always in stock. The market is wide open to capture, and I hope you folks will come out with something interesting very soon.
Slightly higher prices - Infact I think they are overcharging for the bitcoins at the moment. Their buy prices are more then then the Mtgox exchange prices too. . And when you see their sell prices its around 3k less then MtGox .
Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).
Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.
. And when you see their sell prices its around 3k less then MtGox .Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).
Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.
Hi
We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be higher than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank.
On top of it we offer locked in exchange rates in such volatile market where once you book order with us and send money in within locked in period we honor booked rate only. If you will see carefully the price difference between exchanges is very huge in volatile period, over 70 to 100 dollars a time which goes to around 4k to 6.5k INR which also makes our task a bit tough
As far as fees concerns we offer loyalty discount so after certain volumes your effective fees reduced to 1.5% only.
We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market.
Regards
Only if your site WORKED! Always out of stock, or try again when the prices are low.
How are you going to pay him btw.. i guess western union.? 
By cash, probably. Haven't decided because he called me, and I told him I want BTC. He said he doesn't have em but he will get them for 7000 bucks. He also said we can have a face-to-face exchange, but then he will have to come down to my place.
Hey guys,
So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.
This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.
And so my exploration begun!
I tried finding such guys, and found one.
Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?
He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.
So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?
Appreciate your reply.
So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.
This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.
And so my exploration begun!
I tried finding such guys, and found one.
Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?
He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.
So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?
Appreciate your reply.
Scammed!!
On the flip side, we are in India. Why can't we have people in grey market, who are not used to online and Internet, sell BTC at such price. I mean, 7000 rupees is something for them for sure. He told me he doesn't have BTC at the moment, but he will get them soon and ring me up.
Said we could meet face to face as well, but then he has to travel to my place, and he would only if I confirm that I am going to buy.
Hey guys,
So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.
This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.
And so my exploration begun!
I tried finding such guys, and found one.
Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?
He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.
So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?
Appreciate your reply.
So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.
This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.
And so my exploration begun!
I tried finding such guys, and found one.
Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?
He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.
So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?
Appreciate your reply.