Bitcoin

godfather

Well-Known Member
#21
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travi

Well-Known Member
#22
The American Govt. would be running for cover like black money hoarders if the USD was ever straightened out.
For decades they had (or have) run the paper money fraud, maybe the largest in history.
 

bpr

Well-Known Member
#23

tradedatrend

Well-Known Member
#25
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
Lets talk the facts not rhetoric.

This is absolutely inappropriate comparison.

Stocks are issued by corporations not governments, stocks have never been considered as an alternative of currencies, as well stocks are NOT meant to be exchanged against commodities, neither government says " "promise to the bearer"" to stock holders, people invest in stocks knowing the risk factors involved with that particular company.

No comparision between stocks and currencies, whatsoever.



In India, bank deposit guarantee is only upto 1lac . if you have multiple account in single bank your guarantee is still 1 lac.
First thing, banks are not going to vanish overnight, there is entire regulatory process by government and central bank is involved.

Second thing, if one is afraid of the bank then he can keep any number of amount in cash provided with adequate legal income proof of ownership and taxes etc, NO LAW in india prohibits a citizen to hold cash of whatever amount.

Unless a country completely collapses economically their banks are not going to be bankrupt overnight.

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
This is plain rhetoric not even worthy of any comment.



btw to your original question your money at broker is not safe as it is not under your control.
This is another inappropriate comments. My friend, Brokers are regulated by exchanges who are in turn regulated by regulatory bodies under the government, they are not beyond law.


My main questions are still unanswered

- IS THERE ANY REGULATORY BODY BY ANY GOVERNMENT WHO REGULATES THE BITCOIN AND THEIR EXCHANGES?

- Or any tom, dick and harry can open a bitcoin exchange and one day vanish with hard earned money of people and no one can even trace them?

- Can we by the force of law compel someone to accept the payment in Bitcoin for exchange of something?
 
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travi

Well-Known Member
#26
Cryptocurrencies came about bcos of the shortcomings of currency esp. due to the paper part.

All that the Govt(s) need to do is digitize their currency and alternate currencies will disappear :D:D

Its just as hard getting everyone using Bitcoin as it is to have a cashless world.
So till then, I'd eat popcorn n watch the show.
 

bpr

Well-Known Member
#28
Lets talk the facts not rhetoric.

This is absolutely inappropriate comparison.

Stocks are issued by corporations not governments, stocks have never been considered as an alternative of currencies, as well stocks are NOT meant to be exchanged against commodities, neither government says " "promise to the bearer"" to stock holders, people invest in stocks knowing the risk factors involved with that particular company.

No comparison between stocks and currencies, whatsoever.


Your original post did not mention about stocks ? I assumed you are talking about parking cash in broker.
My answer compare bitcoin with fiat currency.
When did I say stock is currency?
You are trying compare stock with bitcoin which is pointless.
Please remember Stock is priced in currency. A devalued currency will affect all your your stock holding.

As per your statement can I say "people invest in bitcoin knowing the risk factor involved"




First thing, banks are not going to vanish overnight, there is entire regulatory process by government and central bank is involved.

tell that to ST where he lost 6 lakh deposit to some cooperative bank collapse

Second thing, if one is afraid of the bank then he can keep any number of amount in cash provided with adequate legal income proof of ownership and taxes etc, NO LAW in india prohibits a citizen to hold cash of whatever amount.

what ? I think recent laws prohibit hoarding of cash beyond 3lakhs if not already implemented it will be very soon. The whole demonetization was to discourage hoarding of pysical cash.And storing huge amount of physical money is huge risk and not suitable as it is not portable.

Unless a country completely collapses economically their banks are not going to be bankrupt overnight.

This is incorrect.


This is plain rhetoric not even worthy of any comment.


ok


This is another inappropriate comments. My friend, Brokers are regulated by exchanges who are in turn regulated by regulatory bodies under the government, they are not beyond law.

Here I was actually talking about bitcoin exchange. But still to your comment I will say this ... tell that to millions of NSEL scammed customers.


My main questions are still unanswered

- IS THERE ANY REGULATORY BODY BY ANY GOVERNMENT WHO REGULATES THE BITCOIN AND THEIR EXCHANGES?

this is actually one of the advantage of bitcoin. The exchange can chose to get regulated locally based on where they are located and registered.


- Or any tom, dick and harry can open a bitcoin exchange and one day vanish with hard earned money of people and no one can even trace them?

true

- Can we by the force of law compel someone to accept the payment in Bitcoin for exchange of something?

No. But anybody can refuse to service unless you pay by certain currency.

If I go to a vegetable market , try to say I will pay by credit card what will be his answer ..."go to hell cash or no sell" (Ofcourse now it might change in the wake of demonitazation effect )

Imagine hypothetical scenario somebody refusing to service unless you pay by bitcoin.

.............................
 
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tradedatrend

Well-Known Member
#29
As per your statement can I say "people invest in bitcoin knowing the risk factor involved"
If you want to say people want to "gamble" in bitcoin knowing the risk factors, fair enough, then can do so, there are plenty of instruments to gamble in the markets, one more, nothing else

But without any government backing I dont see any reason for it to replace a currency in any country.


lost 6 lakh deposit to some cooperative bank collapse
There are plenty of PSU banks, why would one go to a cooperative bank. Deposit my money with SBI and sleep peacefully. I know its not going to bankrupt overnight unless my country and economy collapses completely in case of some war etc.


I think recent laws prohibit hoarding of cash beyond 3lakhs if not already implemented it will be very soon. The whole demonetization was to discourage hoarding of pysical cash
Please show me a single law which states so as of today.

Demonetization was purposed to extract unaccounted, untaxed, illegal income.

As I previously said can keep any number of amount in cash provided with adequate legal income proof of ownership and taxes etc, NO LAW in india prohibits a citizen to hold cash of whatever amount.

Unless a country completely collapses economically their banks are not going to be bankrupt overnight.

This is incorrect.
Please elaborate how do you think unless a country collapses economically in case of war etc why would a state run bank go bankrupt overnight.


There are court of laws for same irrespective of longer judicial process where you can sue the defaulters.

In case Bitcoin do we even know the name of incorporation / person whom we gonna sue?



The exchange can chose to get regulated locally based on where they are located and registered.
But regulated by whom, government body or who?



anybody can refuse to service unless you pay by certain currency.
You can not refuse to provide goods/service for exchange of Legal Currency issued the Govt in the country in context.



somebody refusing to service unless you pay by bitcoin.
Without government backing it would be impossible. One will be always forced to accept legal tender issued by the government.
 
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