Bitcoin Surges Back Above $2700 As India "Legalizes" Cryptocurrency

[Ares]

After crashing 30% last week, Bitcoin is now up over 33% in the last few days helped by a surge in demand from India exchanges after the India government ruled Bitcoin as legal in India...

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170620_india_0.jpg

Yet another big rebound... this time as India - the world's second most-populous nation rules in favor of regulating Bitcoin...

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170620_btc_0.jpg

As CoinTelegraph reports, over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.

The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.

On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.

In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin.
The legalization of Bitcoin in India

In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.

Kalra said:

“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it's all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”

On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.

Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/14/20170620_india1_0.jpg

http://www.zerohedge.com/news/2017-06-20/bitcoin-surges-back-above-2700-india-legalizes-cryptocurrency

[madfranks]

BTC is the only coin up today, the rest of the alts are down.

[Ares]

BTC is the only coin up today, the rest of the alts are down.

Probably piling back into BTC hoping the legalization of the worlds second largest populous country will start the moon shot process...

I ended up selling my LTC's and taking out a 1 year cloud mining contract for a decent amount of mh/s so I can get some Ether. Hoping it pays off before the hard fork to PoS algo(whenever that might happen).

[madfranks]

Probably piling back into BTC hoping the legalization of the worlds second largest populous country will start the moon shot process...

I ended up selling my LTC's and taking out a 1 year cloud mining contract for a decent amount of mh/s so I can get some Ether. Hoping it pays off before the hard fork to PoS algo(whenever that might happen).I think ETH has a huge crash coming, maybe all the way back down to single digits. Read this: https://bitcointalk.org/index.php?topic=1975973.0

[Ares]

I think ETH has a huge crash coming, maybe all the way back down to single digits. Read this: https://bitcointalk.org/index.php?topic=1975973.0

First the guy admits he isn't a developer yet see's the flaw in the code.... That goes over like a traveler who can't read a map and is sure the village is just over the mountain.... The other thing is, he then spends the next couple of posts bitching about not getting on some of the coins that went up in value then proceeds to say that "he isn't mad about it."

Bitcointalk has become mostly an echo chamber for old time bitcoiners.. I have nothing against them, and he very well could be right. The good thing about my contract is that it will mine the next closest profitable coin, which I will either sell for Litecoin or Bitcoin, ether way I honestly don't care. I never invest more than I am comfortable losing. I only spent my Litecoins to buy hashing power, for the last 3 years they did absolutely nothing but sit in my wallet. So I decided to re-invest and see where it might go. If Eth goes to zero, my cloud mining contract will mine another profitable coin and I still have my investment working for me.

Why I prefer mining than actually buying the coins.

[Neuro]

I think ETH has a huge crash coming, maybe all the way back down to single digits. Read this: https://bitcointalk.org/index.php?topic=1975973.0

As I understand it ETH has issues with its block chain identification, BTC-e and other exchanges doesn't at the moment allow transfers of ETH to and from the exchange, trading continues though, but of course it leads to a depression of its price it's gone from high $300's to low $300's in a couple of days, and I think the longer it has this issue the more it will go down. It's a bit like having a currency that isn't convertible, no one wants to hold it. I have some friends who went to Poland in the late 80's they were living like kings on next to nothing, because they had hard currency! A medical Dr may have earned $50/month at the black market rate of $.

However I wouldn't be surprised if the Ether problems may have been exaggerated, and soon altogether resolved, and then it may overtake bitcoin as the leading cryptocoin. It is now valued at around $30B vs BTC's $42B. Last big cryptocrash 3 years ago, all other cryptos lost more than BTC percentage wise. So BTC actually consolidated its position as the leading crypto! I even wouldn't be surprised if the current ETH problems (or perhaps just rumors of problems) originates from the BTC camp in an attempt to protect their leader position. It's worth $+40B's right now, that is just BTC, the entire cryptocoin market cap is now around $110B. In a few years it may be worth $1T, keeping the leadership now is essential!

[singular_me]

**Legalizes**

[Ares]

As I understand it ETH has issues with its block chain identification, BTC-e and other exchanges doesn't at the moment allow transfers of ETH to and from the exchange, trading continues though, but of course it leads to a depression of its price it's gone from high $300's to low $300's in a couple of days, and I think the longer it has this issue the more it will go down. It's a bit like having a currency that isn't convertible, no one wants to hold it. I have some friends who went to Poland in the late 80's they were living like kings on next to nothing, because they had hard currency! A medical Dr may have earned $50/month at the black market rate of $.

However I wouldn't be surprised if the Ether problems may have been exaggerated, and soon altogether resolved, and then it may overtake bitcoin as the leading cryptocoin. It is now valued at around $30B vs BTC's $42B. Last big cryptocrash 3 years ago, all other cryptos lost more than BTC percentage wise. So BTC actually consolidated its position as the leading crypto! I even wouldn't be surprised if the current ETH problems (or perhaps just rumors of problems) originates from the BTC camp in an attempt to protect their leader position. It's worth $+40B's right now, that is just BTC, the entire cryptocoin market cap is now around $110B. In a few years it may be worth $1T, keeping the leadership now is essential!

Agreed, bitcointalk has trashed every altcoin whether warranted or not. Before I commit to either buying / hashing a coin I always dive into the underlying idea of why it was created. I absolutely refuse to have anything to do with Ripple, it just smells like a scam.
Ethereum has a great idea behind it. Whether they can pull it off that remains to be seen. Blockchain smart contracts are definitely the way forward to wean ourselves off of trusting "government" to be a 3rd party as they have proven time and again to be more than untrustworthy.

[crimethink]

"Legalization" = co-option. Rothschild Holdings India dba The Reserve Bank of India has "plans" for it.

[Ares]

"Legalization" = co-option. Rothschild Holdings India dba The Reserve Bank of India has "plans" for it.

Good luck, if they think they can co-op 4621627.094 Thash/s of processing power.

[crimethink]

Good luck, if they think they can co-op 4621627.094 Thash/s of processing power.

LOL, (((they))) have your confidence. Your complete and total faith.

Anything that is a real threat to the Babylon System is declared "illegal." Anything that is removed from the verboten list is no threat.

As I've noted before, we do not know who, or what, created Bitcoin.

[Ares]

LOL, (((they))) have your confidence. Your complete and total faith.

Anything that is a real threat to the Babylon System is declared "illegal." Anything that is removed from the verboten list is no threat.

As I've noted before, we do not know who, or what, created Bitcoin.

No we do not, but we also know by reading through the protocol that unless you can produce more than 51% of the hashing power you cannot control it. How are (((they))) in the United States going to stop someone in a nation that (((they))) do not have a foothold in (very few countries for that matter) prevent them from running a Bitcoin mine and using the currency?

I equate blockchain technology like the Gutenberg press, they tried to suppress the technology and failed.

How do you control a global technology and individuals using their own hardware, skills, talents to contribute to the project when each's goals and ambitions are different?

They can barely keep the European / American "royal families" working together. The years of interbreeding are starting to show. :)

[singular_me]

anything ((they)) can legalize, can be UNdone... the absolute trap.

I agree with CT

anybody believing in money should allow people to use the currency of their choice... the gov has NO say in it. that is what DEcentralization means.

thanks to the Gutenberg press, it also made brainwashing a lots easier... duality

[crimethink]

anything ((they)) can legalize, can be UNdone... the absolute trap.

I agree with CT

anybody believing in money should allow people to use the currency of their choice... the gov has NO say in it. that is what DEcentralization means.

I have no problem with people using Bitcoin, provided they understand it is no panacea to the problems of fake "money." It is a tool, a weapon, even, to fight those who use money for evil. But clearly it has serious limits. Anyone gambling their life and freedom on it is a fool.

[singular_me]

a boom because all of sudden a gov ((legalizes)) it is simply fishy, there must a back door ((they)) can use at any moment, and which we are not aware of.

what happens if a gov wants to DE-legalize it? Will it go down?


I have no problem with people using Bitcoin, provided they understand it is no panacea to the problems of fake "money." It is a tool, a weapon, even, to fight those who use money for evil. But clearly it has serious limits. Anyone gambling their life and freedom on it is a fool.

[Ares]

a boom because all of sudden a gov ((legalizes)) it is simply fishy, there must a back door ((they)) can use at any moment, and which we are not aware of.

:rolleyes:

Or unlike the Gutenberg press (((they))) can try to legalize it in hopes of being able to somewhat control it. Or to buy (((them))) time to try and figure out a way to control it. If you understood anything regarding logic and reading through the code you can read through it here. Hopefully you know some C languages: https://github.com/bitcoin/bitcoin you'll see there are no back doors, nor even the possibility of a back door unless you get everyone who mines bitcoin in the world to AGREE to allow for a backdoor. Good luck with that. Hell there are serious design limitations the network is running into currently (not enough space per block to allow all the transactions in a 10 minute window) which is causing problems and no body can agree on how to fix it. So like I said, good luck getting a back door..

Or you can read an actual engineer's take on his failure of attempting to hack Bitcoin and the Bitcoin network:

http://www.businessinsider.com/dan-kaminsky-highlights-flaws-bitcoin-2013-4

[crimethink]

Or unlike the Gutenberg press


Bitcoin is not the printing press.

Bitcoin is not even the semiconductor.

Bitcoin is akin to PGP, which is, despite total faith in it, even to this day, compromised.



If you understood anything regarding logic and reading through the code you can read through it here.


Obviously, if we knew how to compromise Bitcoin, we'd be rich. But absence of evidence is not evidence of absence. The "problem"(s) will appear.




Or you can read an actual engineer's take on his failure of attempting to hack Bitcoin and the Bitcoin network

The circumstantial evidence must not be dismissed. Complete faith in "mathematics" - in this case specifically, statistics - is something that is a fool's faith. It's "unbreakable" until it's not. There are "no compromises" until there are. Discovered, that is. Jews are in the forefront in mathematics, including statistics, and there is clearly no fear of Bitcoin from those entities, like the Reserve Bank of India, which they control.

[Ares]

Bitcoin is not the printing press.

Bitcoin is not even the semiconductor.

Bitcoin is akin to PGP, which is, despite total faith in it, even to this day, compromised.

Wrong, Bitcoin is an individual unit of a blockchain. Like the Gutenberg press, it is revolutionizing the way humans trust their information. Like Gutenberg revolutionized the way humans RECEIVED information.



Obviously, if we knew how to compromise Bitcoin, we'd be rich. But absence of evidence is not evidence of absence. The "problem"(s) will appear.

People more knowledgeable than you or I have been trying for years. The closest they can get is hacking an Exchange. If you bootup to a Live CD (Linux, Windows etc doesn't matter) on a computer that isn't even connected to the internet, generate an address and export the public / private key it is totally 100% secure at that point. I'd recommend doing that to anyone who wants to be totally secure and confident. However the risk is if you lose those keys, you're shit out of luck.


The circumstantial evidence must not be dismissed. Complete faith in "mathematics" - in this case specifically, statistics - is something that is a fool's faith. It's "unbreakable" until it's not. There are "no compromises" until there are. Discovered, that is. Jews are in the forefront in mathematics, including statistics, and there is clearly no fear of Bitcoin from those entities, like the Reserve Bank of India, which they control.

All I'm saying is that use it for what it is. A tool, one at the moment they do not 100% control like everything else. Use it to your advantage and use it as a backup in case shit hits the fan and you need to move money in and out of the country. Connect to an out of country VPN, then open Tor, then open a Bitcoin wallet to move funds around.

[monty]

Daboo77 say hackers are infecting Windows computers mining malware


http://youtu.be/ia6MmzEUqyY

https://youtu.be/ia6MmzEUqyY

[Horn]

Looks like its goin the way of gold, what a shame.

[singular_me]

The Global Monetary System Has Devalued 47% Over The Last 10 Years (may 2016, zerohedge)'

so what is the REAL value of bitcoin?

[singular_me]

there is no room for monetarism once AI becomes smart enough, and we are approaching this point.


Daboo77 say hackers are infecting Windows computers mining malware


http://youtu.be/ia6MmzEUqyY

https://youtu.be/ia6MmzEUqyY

[Ares]

The Global Monetary System Has Devalued 47% Over The Last 10 Years (may 2016, zerohedge)'

so what is the REAL value of bitcoin?

as with anything in a free market, whatever people are willing to say it's worth.

Price is only worth what 2 people decide to sell and or buy an asset. Or trade for labor.

[Horn]

as with anything in a free market, whatever people are willing to say it's worth.

Price is only worth what 2 people decide to sell and or buy an asset. Or trade for labor.

And dont try to purchase anything but porn airtime with yur Bitcoin.

Prices vary according to jerky time.

Regardless of any value placed and why a silver quarter is worth more than zinc, it'll be around longer. You aint gotta voice, only a jerky hand.

Father time will sease and not assist with your jerkyness.

[EE_]

https://www.youtube.com/watch?v=eZRPDrlUggY

[singular_me]

as with anything in a free market, whatever people are willing to say it's worth.

... whatever ;D

it is precisely *whatever value* that is at the origin of the boom and bust cycles... jusat like a rubber band, cannot be stretched indefinitely, and when people follow the money that is what they do because nobody want his investment to lose value...

[Ares]

... whatever ;D

it is precisely *whatever value* that is at the origin of the boom and bust cycles... jusat like a rubber band, cannot be stretched indefinitely, and when people follow the money that is what they do because nobody want his investment to lose value...

Yes, I know you have a problem with logic. But in a free society people trade goods and services usually using a medium of exchange. I know that's a completely foreign concept to the bullshit you keep feeding yourself. But here in the real world that is how mankind has conducted business since the dawn of civilization and will continue to do so for millennia to come. The medium of exchange has changed, but the concept has not. Trade value for value, and value is subjective.