Bitcoin

bpr

Well-Known Member
#11
The whole point is Bitcoin is actually a short on all world wide fiat currency. So if Bitcoin succeeds then we are looking at financial economic collapse in many countries in future.

Forget about investing in Bitcoin now I am thinking of buying it just for insurance.

Timeframe for this is next 30 years...By that verdict will be out if Bitcoin is hit or flop
 
#12
The whole point is Bitcoin is actually a short on all world wide fiat currency. So if Bitcoin succeeds then we are looking at financial economic collapse in many countries in future.

Forget about investing in Bitcoin now I am thinking of buying it just for insurance.

Timeframe for this is next 30 years...By that verdict will be out if Bitcoin is hit or flop
It came to prominence actually during the time of easy money printing of years 2008-13. The idea of its founder behind it was to counter the debasing of fiat currency so it is antithetical to them. It has already succeeded quite a bit. Many Wallstreet billionaires own bitcoins instead of gold. Our regressive step of demonetization also provided it a further push towards north. I will strongly suggest you to join this bitcoin forum. You will learn a lot from traders and members here https://bitcointalk.org/index.php?board=89.0
 

bpr

Well-Known Member
#13
It came to prominence actually during the time of easy money printing of years 2008-13. The idea of its founder behind it was to counter the debasing of fiat currency so it is antithetical to them. It has already succeeded quite a bit. Many Wallstreet billionaires own bitcoins instead of gold. Our regressive step of demonetization also provided it a further push towards north. I will strongly suggest you to join this bitcoin forum. You will learn a lot from traders and members here https://bitcointalk.org/index.php?board=89.0
thanks will check it out
 

bpr

Well-Known Member
#17
Bitcoin falls 10% as China plans to investigate exchanges

http://www.cnbc.com/2017/01/11/bitcoin-falls-5-as-china-plans-to-investigate-firms.html

Extremely Volatile Days for Bitcoins Trading. A lot of accounts would get blown up easily.

Thanks and regards
yes I was about to post. China crack down on bitcoin goes from 1100 to 800 woo. In future India might also do something like that.
I really feel bitcoin trading would be so awesome.
I am researching what are my best options.
Anybody actively trading bitcoin ..I am talking about margin trading not cash.
 

tradedatrend

Well-Known Member
#19
Most of us understand this fact that the money / notes / currencies is nothing but just a piece of paper deriving the power of exchange against some goods / resources / commodities by the virtue of "promise to the bearer" from their respective central banks run by their governments.

Thus when we accept some currency against exchange of some resources we are assured that we will be able to exchange the same currency against some resources.

And unless a government goes bankrupt, the main power and function of currency i.e. exchange against some goods remains assured.

Now, I have a query about Bitcoin which might be a byproduct of inadequate information about the Bitcoin that I would like to share and discuss with you fellow traders.

Who is the driving force behind Bitcoin? Let me simplify it.

Suppose I buy bitcoin worth Rs. 1 Lakh, then I go to my grocery store and tell him to give me the Grocery worth Rs. 1 Lakh in exchange of Bitcoin worth Rs. 1 Lakh.

What if he refuse to accept the bitcoin, since it is not supported / issued / accredited by any Government, can I compel someone to accept Bitcoin in exchange of some goods?

Many of you will say what at all I should give Bitcoin to my grocery store, I should simply sell the Bitcoin in exchange and take money that I give to my Grocery store. Fair enough.

What if I amass Bitcoin worth Rs. 100 Crores, and one not-so-fine morning I see a news that all Bitcoin exchanges have been shut down.

In case of such eventualities who shall be held responsible in absence of any accreditation from any Government/s?

Please enlighten.
 
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bpr

Well-Known Member
#20
Most of us understand this fact that the money / notes / currencies is nothing but just a piece of paper deriving the power of exchange against some goods / resources / commodities by the virtue of "promise to the bearer" from their respective central banks run by their governments.

Thus when we accept some currency against exchange of some resources we are assured that we will be able to exchange the same currency against some resources.

And unless a government goes bankrupt, the main power and function of currency i.e. exchange against some goods remains assured.

Now, I have a query about Bitcoin which might be a byproduct of inadequate information about the Bitcoin that I would like to share and discuss with you fellow traders.

Who is the driving force behind Bitcoin? Let me simplify it.

Suppose I buy bitcoin worth Rs. 1 Lakh, then I go to my grocery store and till him that he give me Grocery worth Rs. 1 Lakh in exchange of Bitcoin worth Rs. 1 Lakh.

What if he refuse to accept the bitcoin, since it is not supported / issued / accredited by any Government, can I compel someone to accept Bitcoin in exchange of some goods?

Many of you will say what at all I should give Bitcoin to my grocery store, I should simply sell the Bitcoin in exchange and take money that I give to my Grocery store. Fair enough.

What if I amass Bitcoin worth Rs. 100 Crores, and one not-so-fine morning I see a news that all Bitcoin exchanges have been shut down.

In case of such eventualities who shall be held responsible in absence of any accreditation from any Government/s?

Please enlighten.
what happens when you have 100 Cr in a traditional broker and it goes down under. Nothing you loose it all. SEBI/NSE will have max 10lakh/15 lakh insurance and that also u will have to wait a lot...rest all is gone ..they probably will try to auction broker asset to recover but not enough and you have stand in a long line along with all others.

MFGGlobal scandal remember happened in USA one of the most regulation/protection country USA.Even after 2 years some people reported they have recovered 67% of their account.

India NSEL scam happened Lets find out how many recovered their full money and after how many years

In India, bank deposit guarantee is only upto 1lac . if you have multiple account in single bank your guarantee is still 1 lac.

The protection is only illusion...if anything bitcoin will force all fiat system to improve else they are gonna loose ...it is a race against bitcoin ....

Either all fiat system will fail and we move over to bitcoin
or all fiat system will improve so much that nobody will need bitcoin

Either way bitcoin is blessing in disguise.

btw to your original question your money at broker is not safe as it is not under your control. if the exchange gets hacked it is gone.
So you are supposed to keep whatever is necessary and need to withdraw frequently all remaining funds to your personal wallet.
The security of the personal wallet is upto you. Nobody not even god can take money from your wallet without your permission.

Also goes without saying you have to do your due diligence in selecting broker/exchange as there are many shady echnage
 
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