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Indian Bitcoin Exchanges Halted As Government Shifts Capital Control Attention Away From Gold

Tyler Durden's picture




 

Having failed miserably in the "control" of capital outflows from the Rupee (via Gold), the India government (following a Reserve Bank Of India advisory) has raided one Bitcoin seller and issued a warning cautioning citizens against acquiring and trading virtual currencies. As VentureBeat reports, the RBI did not outright ban the currencies, but it slammed them as risky and potentially illegal. On Thursday, the "Enforcement Division" raided the premises of Mahim Gupta who provides trading platform through his website - buysellbit.co.in - finding it in clear violation of Foreign Exchange Management Act (FEMA) rules. Whether smuggling gold or utilizing Bitcoin, it seems the government is fighting a losing battle...cue confiscation?

India practically "bans" Bitcoin (via VentureBeat)...

Several Bitcoin exchanges in India have suspended operations amid fears they could violate anti-money laundering and financial terrorism laws.

They’re reacting to a warning issued on Tuesday by the Reserve Bank of India, the country’s central bank, which cautions citizens against acquiring and trading virtual currencies. The RBI didn’t outright ban the currencies, but it slammed them as risky and potentially illegal:

It is reported that VCs, such as Bitcoins, are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of VCs on such platforms are exposed to legal as well as financial risks.

 

There have been several media reports of the usage of VCs, including Bitcoins, for illicit and illegal activities in several jurisdictions. The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws.

First Bitcoin exchange raid has occurred (via DNA India),

...

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 Gupta’s 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.

As per sources, a separate raid was also conducted in Satellite area of the city, however, the person the investigation agency was looking for could not be found. “When we reached his office, he was not there. We have sealed the premises,” the official added.

...

Sources also added that there are a handful of entities that provide trading in the virtual currency in India. “I think there are only five entities. Of these, we believe two are operating from Ahmedabad. We believe that they have channel of agents or people who promote the use of such currency but entities that provide online platform are few,” official said.

Perhaps it is time to confiscate all the gold, computers, and internet access for anyone not invested in stocks?

 

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Fri, 12/27/2013 - 12:14 | 4279140 Pladizow
Pladizow's picture

As the collapse hastens, gov's will act more and more like cornered rats!

Fri, 12/27/2013 - 12:23 | 4279172 Papasmurf
Papasmurf's picture

As the collapse hastens, governments act more and more to corner citizens like rats.

Fri, 12/27/2013 - 12:27 | 4279178 BaBaBouy
BaBaBouy's picture

Save Your MONEY While You Can From This BIT Shit ...

Fri, 12/27/2013 - 12:30 | 4279194 Pladizow
Pladizow's picture

How about for better or worse, we let the "free" markets decide?

Fri, 12/27/2013 - 12:40 | 4279205 fonestar
fonestar's picture

Nothing could make fonestar happier as we enter the new year to watch world governments fire the first shots of aggression against Bitcoin.  Bitcoin is stronger than all governments on Earth, stronger than all armies, air forces and navies on Earth, stronger than all politicians on Earth.

Let's remember who the aggressor was in this fight, as we the Satoshis will be the ones to end this war.

Fri, 12/27/2013 - 12:43 | 4279220 Pladizow
Pladizow's picture

Calm down Francis!

Fri, 12/27/2013 - 12:48 | 4279225 fonestar
fonestar's picture

People who junk this love the .gov.  Traitors and fake libertarians.

Fri, 12/27/2013 - 14:08 | 4279541 Tinky
Tinky's picture

It's remarkable that you can't see how similar your reaction is to those of the very same Government officials you claim to despise (e.g. "Either you are with us, or you are with the terrorists." - GWB, September 2001).

Fri, 12/27/2013 - 14:45 | 4279675 MeelionDollerBogus
MeelionDollerBogus's picture

I think you are a fake libertarian. leading suckers down the garden path to global digital currency, the wet dream of all the financial elites - a currency you can't ever physically disconnect from their web. Gives them supreme ultimate god-power of the entire Earth for eternity.

fucking fool.

Fri, 12/27/2013 - 14:54 | 4279701 outamyeffinway
outamyeffinway's picture

You're the fucking fool who doesn't see reality before his face!

 

You are already using digital currency, fucking fool! And you think in a DIGITAL AGE, digital currencies are going away???

 

Who is more the fool?

Fri, 12/27/2013 - 15:51 | 4279845 MeelionDollerBogus
MeelionDollerBogus's picture

obviously you.
You think the digital age will last. It will not.
The steam age did not.
The iron age did not.
The bronze age did not.
Before you know it, computing will be ubuquitious, biological, nanocomputers, living machines, and wires, CPU's and RAM chips will be obsolete and bitcoin will be too.
By that time we'll be able to manufacture many medicines within our own bodies.
And by that time the kinds of lethal bio-weapons that exist will make ebola look like pancakes with cherries on top.
The world coming is a scary place & your mind is not made for it.
Can you fix that?

Sat, 12/28/2013 - 11:20 | 4281570 margaris
margaris's picture

steam age didn't go away.... bronze age and iron age didn't too. We use all of that today still.

Those ages build on top of each other and complement each other.

 

Fri, 12/27/2013 - 15:01 | 4279713 One World Mafia
One World Mafia's picture

Bitcoin has three types of encryption one of which was designed by the NSA, SHA-256, another of which the NSA prefers for easy manipulation, eliptic curves systems, and the last which looks like it's already been cracked by hackers, RIPEMD160 so you know the NSA has no trouble using it as a backdoor.  No big data centers needed to mine.  The govt may already own the lion's share of the half that have already been mined.

http://en.wikipedia.org/wiki/Sha2

"Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can."
http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...

http://blog.skullsecurity.org/2012/everything-you-need-to-know-about-has...

As with the dollar, the govt isn't satisfied merely in controling the issuance of currency, it wants to tax every transaction it can.

Fri, 12/27/2013 - 15:44 | 4279829 MeelionDollerBogus
MeelionDollerBogus's picture

big ASIC centers are needed to mine, exponentially bigger on a linear time-scale.
big STORAGE centers are needed to store the blockchain once it gets too big.
It's getting exponentially bigger vs linear time.
Eventually only cloud-storage will handle that and it will be government cloud storage, owned partly, completely, openly or secretly, by hostile enemies to personal financial freedom, even freedom to walk/bike / ride a horse to another safer place to live, or more affordable place to live.

"As with the dollar, the govt isn't satisfied merely in controling the issuance of currency, it wants to tax every transaction it can"
well of course - the purpose of the slave-collar (dollar) is to enslave (extract work-value / asset-value by force).

Ever see "In Time" (http://www.imdb.com/title/tt1637688/)? Think of something along those lines. Digital currency with the emerging biotech is the last, last possible thing we should ever want. Ever.

Fri, 12/27/2013 - 15:51 | 4279855 Grosvenor Pkwy
Grosvenor Pkwy's picture

How can they control 100's of variations of alt currencies?

Fri, 12/27/2013 - 16:09 | 4279916 One World Mafia
One World Mafia's picture

Of the three I looked at: Bitcoin, Litecoin, Zerocoin - NSA are in all three.  Maybe a few true ones will slip in but how will you know?  In these cases the NSA left a trail, but people still defend bitcoin.  Being open source isn't protecting it afterall.

 

Fri, 12/27/2013 - 16:57 | 4280070 MeelionDollerBogus
MeelionDollerBogus's picture

yes it is. Just replace any suspect parts with other parts.
And don't build the entire thing on a basis that one suspect part removed will stop the entire thing from working.
SHA256 is not the weakness, NSA is not in bitcoin.
FEDERAL RESERVE is in bitcoin - they can print money & buy any amount at any price, high or low.

Fri, 12/27/2013 - 19:49 | 4280337 One World Mafia
One World Mafia's picture

The bitcoin community has been very resistant to acknowledge the evidence and very protective of their investment.

The Federal Reserve still has a debt ceiling so if it prints to buy bitcoin it will find itself asking congress to move the ceiling higher again, but it doesn't have to when the NSA likely has stockpiled virtual currency and can mine with backdoors.  With backdoors they make tons of money.

Sat, 12/28/2013 - 01:37 | 4281149 MeelionDollerBogus
MeelionDollerBogus's picture

Understandable mistake on your part but I didn't -1 you.
The Federal Reserve has NO DEBT LIMIT.
The TREASURY has a debt limit so the Fed is within that for buying bonds.
It can't buy what's not for sale & what's over the debt limit is not for sale.
The Fed can print & lend any amount it wants with zero accountability to anyone.
This was highlighted by Grayson demanding straight answers from The Bernank only to get told "No".
Flat out, not telling you.

Fri, 12/27/2013 - 16:53 | 4280054 MeelionDollerBogus
MeelionDollerBogus's picture

Depends. For each one that is not offered on fiat exchanges some analysis is needed for the weaknesses. The primary weakness is the network itself, not the algorithms: just block all packets which are not identified as valid for another purpose. ALL.

For those which are offered on any fiat exchange PRINT MONEY and buy them all. Buy/sell/crash/repeat until people are scared shitless to touch any. then buy them all & declare them all government property / bank property. Forever.

Fri, 12/27/2013 - 20:12 | 4280523 One World Mafia
One World Mafia's picture

If one emerges they can't control - which is unlikely - they can do all that.

Sat, 12/28/2013 - 01:39 | 4281150 MeelionDollerBogus
MeelionDollerBogus's picture

well, they can't control gold in-person trades.

If you wanted to really secure the infrastructure you'd find a way to infiltrate SWIFT so it piggybacked bitcoin, litecoin, etc., and destruction of the physical infrastructure would kick themselves in the balls, transcoding the packets you need in with their packets and finding a way to make them LOOK like theirs until they figure out how to filter them (which they would).

For a while it would kick them in the balls but you'd need a way to insert packets & to read them while acknowledging SWIFT is a secure network with militaries on several ends.

Fri, 12/27/2013 - 15:51 | 4279838 Grosvenor Pkwy
Grosvenor Pkwy's picture

This is software. Nothing is fixed and unchangeable. If Bitcoin encryption is found to be unsecure, a new alt currency can be created in a very short time. If backdoors, trap doors, hack doors are found, they can be patched, updated, or new software can be written.

Fri, 12/27/2013 - 16:15 | 4279924 One World Mafia
One World Mafia's picture

Bitcoin developer Gregory Maxwell: “Problems with SHA-256 would be potentially more problematic as we cannot replace it in a backwards compatible way.”

http://motherboard.vice.com/blog/what-do-the-latest-nsa-leaks-mean-for-b...

NSA has been in it for years.

Fri, 12/27/2013 - 19:39 | 4280460 Exponere Mendaces
Exponere Mendaces's picture

I see @One World Tinfoil is back at it again. Man, at least VARY your text sometimes, you know? Or else people can tell you're just a cut-n-pasting barking seal troll.

Same old ignorance about SHA, Elliptic Curve Systems (Bitcoin doesn't use the NSA flavor) and more...

What's the encore, I wonder? But then again, he's probably a bot.

Fri, 12/27/2013 - 19:54 | 4280486 One World Mafia
One World Mafia's picture

You ignore but can't dispute the NSA controls it.

Fri, 12/27/2013 - 21:28 | 4280664 TheHound73
TheHound73's picture

It is hard to prove a negative.  Fight bitcoin all you like and keep jibber-jabbering on the internets, making BTC cheaper for me to acquire.

Fri, 12/27/2013 - 15:56 | 4279871 Pseudonymous
Pseudonymous's picture

Maybe he is actually an anarchist at heart...

Fri, 12/27/2013 - 16:16 | 4279934 uranian
uranian's picture

I find this logic quite remarkable. Governments all over the place are trying to stop their citizens from using Bitcoin, therefore Bitcoin is a NWO currency.

 

One thing I'll say for the general degree of skepticism aimed at Bitcoin at a relatively free thinking group such as ZH; we must be nearer the beginning than the conclusion if even people as bright as ZHers generally are so against it. I find it really surprising that so many people lob around words like tulips in reference to Bitcoin; here's the first currency since gold and silver that involves no bank, is completely decentralised and involves a whole slew of competing currencies. What is not to like about a currency that involves no bank, ye sceptics of ZH?

Fri, 12/27/2013 - 18:45 | 4280355 One World Mafia
One World Mafia's picture

The Indian govt is not stopping it.  It is making sure it can tax every transaction it can.  Just what I would expect of a govt controlled digital currency.

Fri, 12/27/2013 - 20:33 | 4280567 jefferson32
jefferson32's picture

Everyone loves how the Internet is enabling the separation of money and state. Bitcoin is certainly a manifestation of that historical process. So I love it - but my savings are in gold.

Sat, 12/28/2013 - 14:51 | 4281948 MeelionDollerBogus
MeelionDollerBogus's picture

LOL. Trying to stop? There is no "trying".
They are PRETENDING.
If they wanted to actually stop it, it would be stopped already.
You keep falling for the puppet show thinking it's the real deal.

Raise your IQ a couple of notches, look at the situation again, see if you can figure it out.

Fri, 12/27/2013 - 12:50 | 4279229 Seasmoke
Seasmoke's picture

Im  rooting for you, I really am !!....But Im going to have to sit this one out

Fri, 12/27/2013 - 12:56 | 4279245 fonestar
fonestar's picture

Any act of faith in support of Bitcoin will receive 1,000 blessings from Satoshi.

Fri, 12/27/2013 - 13:06 | 4279284 Anglo Hondo
Anglo Hondo's picture

Hey, fonestar, a thousand blessings?  I was hoping for 75 virgins.

 

Fri, 12/27/2013 - 13:12 | 4279297 Harlequin001
Harlequin001's picture

and not a few enquiries from the Internal Revenuse Service it seems...

it appears that 1,000 satoshi blessings = fuck all squared now...

Fri, 12/27/2013 - 14:10 | 4279554 Kirk2NCC1701
Kirk2NCC1701's picture

Good luck in finding even 1, who's over 18. 

Fri, 12/27/2013 - 13:02 | 4279272 ElvisDog
ElvisDog's picture

Me too. Call me coward or statist if you want, but if bitcoin or other cryptocurrencies eventually "win" there will be a lot of collateral damage first - jail, asset confiscation, tax liens, etc. I'll let fonestar lead the charge and take the financial/legal bullets. I've got a wife and family to support. Can really do that from gitmo.

Fri, 12/27/2013 - 13:09 | 4279301 margaris
margaris's picture

There is an expression:

no one wants to be first.

EVERYONE wants to be second.

If you let the nazis kidnap your neighbour, and sit idly by, what makes you think that they will not come for you one day?

Who will stand up for you, when they come after you?

 

If millions of people would stand up, the government bureaucrats would have no chance!

Either we hang together or we hang separately.

 

Fri, 12/27/2013 - 13:12 | 4279309 Harlequin001
Harlequin001's picture

What's this 'we' paleface?

as Tonto said to the Lone Ranger..

Fri, 12/27/2013 - 13:17 | 4279321 margaris
margaris's picture

"we" is all freedom loving people.

Free by nature, turned into slaves by government.

Fri, 12/27/2013 - 16:25 | 4279948 misitu
misitu's picture

*grins*

Fri, 12/27/2013 - 13:29 | 4279377 ElvisDog
ElvisDog's picture

Yeah, yeah, everyone likes to play the "Nazi" card when they're feeling morally superior. You sound like Karl Denninger calling for his million man march on Washington.

Fri, 12/27/2013 - 15:54 | 4279866 margaris
margaris's picture

I use "nazi" as a codeword for "very aggressive statist".

Fri, 12/27/2013 - 13:13 | 4279316 margaris
margaris's picture

if bitcoin wins, then statists will lose control.

If they lose control they are less powerful.

 

Less powerful people tend to compensate their weakness by being extremely aggressive.

 

You shouldn't be afraid when your government gets aggressive.

Because they lose all legitimacy then, and you need to just hang on a little longer, ... in the end freedom will win.

IF YOU ARE NOT AFRAID.

 

Fri, 12/27/2013 - 15:51 | 4279843 Pseudonymous
Pseudonymous's picture

Leaving aside the fact that you are indeed being effectively a coward and a statist, which might or might not have unforeseen adverse effects for you, your wife or your family, I hope you do realize that there are ways to support cryptocurrencies without risking any backlash from other cowards or statists, if you so desired. You could start by using Tor, which is safe from NSA surveillance, to get bitcoins or other cryptocurrencies in one of several ways: selling a digital good or service online, mining, etc. You will find everything you need if you look for it.

Also you could acquire bitcoins in a non-anonymous way, save it securely (e.g. a "brain wallet" consists solely of a passphrase that you keep in your brain) and simply not give it away to other cowards or statists. What the hell?

When I think of it, maybe you are actually a very undaunted anarchist. Maybe you are willing to sacrifice yourself, your wife and your family supporting the state, just to prove how utterly bad it is. Go ahead. Do whatever you want.

Fri, 12/27/2013 - 13:49 | 4279487 TeMpTeK
TeMpTeK's picture

The exchange windows are all brick and mortar establishments with bank accounts who will be heavily regulated and molested into submission by the banking oligarchy....i love the BTC idea but....." this shit has not been authorized by your overlords"

If all the govts of the world make it a problem to cash out, how long before you run out of those willing cash in?

Fri, 12/27/2013 - 14:28 | 4279622 MeelionDollerBogus
MeelionDollerBogus's picture

when all the airwaves are jammed and all the routers are blocking bitcoin packets and all the wires are cut where that doesn't work, you'll be right-proper fucked.

Fri, 12/27/2013 - 15:04 | 4279734 One World Mafia
One World Mafia's picture

The gov would only do that to a virtual currency it didn't invent.

Fri, 12/27/2013 - 15:58 | 4279869 MeelionDollerBogus
MeelionDollerBogus's picture

it will do it with dollars too - they invented that.

Fri, 12/27/2013 - 13:05 | 4279276 savagegoose
savagegoose's picture

thats what worries the slave masters, their slaves are trying to run off with THEIR FIAT SAVINGS.   YOU SEE THE SLAVE MASTERS HAD PLAS FOR THAT MONEY WHEN THEY STEAL IT, AND BITCOIN IS FUCKING UP THOSE PLANS.

Fri, 12/27/2013 - 13:15 | 4279319 Race Car Driver
Race Car Driver's picture

The easiest way to get folks to do what you want is to tell them they cannot engage in that activity (see: WOD).

BTC - or something a lot like it - is the new virtual global currency. Once everything is in place - and it looks close - you will get pennies on the worthless d0llar as long as you exchange them for BTC. Otherwise, nothing.

Fri, 12/27/2013 - 14:23 | 4279592 MeelionDollerBogus
MeelionDollerBogus's picture

no, the role of gold & silver is money post-fiat - btc won't even be there, none of the digital currencies will be.

Fri, 12/27/2013 - 13:05 | 4279278 NickVegas
NickVegas's picture

As the collapse hastens, governments act more and more to convince citizens to fight like rats in a death cage.

Fri, 12/27/2013 - 14:43 | 4279664 Kirk2NCC1701
Kirk2NCC1701's picture

True Liberty, true Democracy is a "Bottom Up" process of slowly jostling toward increased Enlightenment, and not a "Top Down" process of Tyranny* that falsely promises us "instant solutions".

* Tyranny, as I might define it, is: A process and system of where a ruling few use Bewilderment, Confusion, Ignorance, Infantilism and physical and financial Oppression of the masses.  It is a way for them to attain and maintain their worldview, their creature comforts and their lifestyle, by doing so at the expense of others. 

The "divine right of kings" is based on Fraud & Tyranny, and we seem to be creeping ever closer to its revival, in the guise of a Neo-Feudal world order acting out through compromised and hijacked Governments.

Fri, 12/27/2013 - 14:57 | 4279719 Crash Overide
Crash Overide's picture

"As the collapse hastens, governments act more and more to corner citizens like rats."

 

Until they can't...

Fri, 12/27/2013 - 13:00 | 4279263 ElvisDog
ElvisDog's picture

Well, governments under stress usually look for an external enemy to blame. I guess bitcoin is the external financial enemy. It seems like it's too small-fry to qualify though.

Fri, 12/27/2013 - 13:19 | 4279325 Race Car Driver
Race Car Driver's picture

Goog and FB didn't start out as behemoths, either. Spookware takes a little bit of time.

Fri, 12/27/2013 - 12:18 | 4279142 One And Only
One And Only's picture

Other things you can't get in inda: place for your daughter/wife to walk where they won't get mob raped, places that don't smell like dirty diapers and burnt hair, and standard of living better than the homeless in San Francisco

Fri, 12/27/2013 - 12:25 | 4279176 Popo
Popo's picture

You left out toilet paper and clean left-hands.

Fri, 12/27/2013 - 12:51 | 4279234 fonestar
fonestar's picture

Wrong.  This action will have zero effect on Indians being able to buy BTC.

Fri, 12/27/2013 - 13:09 | 4279286 Harlequin001
Harlequin001's picture

because the 400 who bought bitcoin in India will say fuck the government and buy it anyway. Even if they can't sell it.

Wake the fuck up man.

Fri, 12/27/2013 - 13:18 | 4279334 Race Car Driver
Race Car Driver's picture

> Wake the fuck up man.

He's a spook. Spooks don't sleep.

Fri, 12/27/2013 - 19:42 | 4280463 Exponere Mendaces
Exponere Mendaces's picture

Funny how the barking seal trolls cheer Indian people buying gold and smuggling it back on the plane from Dubai, but god forbid they buy any Bitcoin....

Love the double standard there.

Fri, 12/27/2013 - 13:59 | 4279519 Oldrepublic
Oldrepublic's picture

From the Telegraph

India 'the world's largest open air toilet'

India is the world's largest open air lavatory with three fifths of the world's people forced to do their ablutions outside, the country's rural development minister said.

http://www.telegraph.co.uk/news/worldnews/asia/india/9354258/India-the-w...

Fri, 12/27/2013 - 12:18 | 4279144 666
666's picture

Gotta protect the fiat at all costs!

Fri, 12/27/2013 - 14:17 | 4279573 Kirk2NCC1701
Kirk2NCC1701's picture

That's why I'd like to see a "Gold for BTC exchange".  THAT would really put the cat among the rodents.

I.e., Gold as the store of value, and BTC as the Currency for daily exchange of goods and services. 

Fri, 12/27/2013 - 21:04 | 4280625 Urban Roman
Urban Roman's picture

http://www.coinabul.com/

Disclaimer: I have not used them, and have no idea whether they are reliable.

Fri, 12/27/2013 - 12:18 | 4279147 PaperBear
PaperBear's picture

Let's have a decentralised exchange, somebody, anybody ?

Fri, 12/27/2013 - 13:24 | 4279356 seek
seek's picture

That's pretty much what localbitcoin is.

Fri, 12/27/2013 - 12:19 | 4279149 fiftybagger
fiftybagger's picture

Search me for my brain wallet bitchez

The Bitcoin Channel

Fri, 12/27/2013 - 12:19 | 4279157 indio007
indio007's picture

Stop converting to fiat. Problem solved.

 

Fri, 12/27/2013 - 14:30 | 4279630 Kirk2NCC1701
Kirk2NCC1701's picture

IOW... Barter, Silver, Gold, and Cyber-Currencies (CCs).

Earn and keep just enough of that other parallel currency they call FRNs to pay taxes.  It's a state of mind:  A currency is exactly what the masses think it it, even if 'forced' for w while to think of a fraudulent currency as money.

Fri, 12/27/2013 - 14:34 | 4279639 malikai
malikai's picture

Nice to see you're starting to make some sense.

Keep up the good work.

Fri, 12/27/2013 - 17:49 | 4280215 Kirk2NCC1701
Kirk2NCC1701's picture

It would make more sense if I'd proof-read it first.  Allow me to re-print the corrected version:

Earn and keep just enough of that other parallel currency they call FRNs to pay taxes.  It's a state of mind:  A currency is exactly what the masses think it is, even if 'forced' for a while to think of a fraudulent currency as money.

Fri, 12/27/2013 - 12:23 | 4279163 starman
starman's picture

un fucking beleivable!!! fucking inconceivable! all the worlds CB's are trying to fight bitcoin manipulating PM prices for what!? are they going to print money untill there are jobs? 

Fri, 12/27/2013 - 12:43 | 4279215 Mad Mohel
Mad Mohel's picture

LOL jobs! It's the taxes son. They don't want one single dollar or in this case rupee to hide, ANYWHERE!!!!!

Fri, 12/27/2013 - 12:21 | 4279168 jcaz
jcaz's picture

And.... It's gone.....

Fri, 12/27/2013 - 12:26 | 4279173 Canadian Dirtlump
Canadian Dirtlump's picture

No worries, just use litecoin, quarkcoin, guntcoin, dwaynecoin instead.

Fri, 12/27/2013 - 12:27 | 4279177 Dr. Engali
Dr. Engali's picture

I despise these pig fucker control freaks. The  internet is shining  a light on who these people really are, and they are fighting tooth and nail to defeat the decentralizing power of the web.

Fri, 12/27/2013 - 13:30 | 4279388 Meat Hammer
Meat Hammer's picture

+1000, Doc.  Great point.  The harder they squeeze the more they reveal their true identities, causing people to reject them even more. It's a race to the finish line. 

Fri, 12/27/2013 - 12:28 | 4279182 ChaosEquilibrium
ChaosEquilibrium's picture

Why is CAC40 up 1.3%?

 

that is all!

Fri, 12/27/2013 - 12:39 | 4279204 walküre
walküre's picture

utter bullshit.

all indexes flying sky high on a Friday between Christmas and New Years when bankers and policy makers are at home or skiing. So no real news except for a statement from Buba's Weidman about the low interest rate policies and the threat to economic activity in general. Sure, Weidman gets interviewed on 27/12 and makes such an important statement and suggesting interest rates can't stay low forever. Of course not, Jens but what are you going to do about it? Right, nothing.

I doubt the statement was made today. It's all just shelved news to put in front of the people when they're wondering (like yourself) why markets are going up.

As if meaningful investors are giving the BTFATH orders on a day like today.

Complete fabrication of a mirage market.

Fri, 12/27/2013 - 12:30 | 4279195 Anglo Hondo
Anglo Hondo's picture

In other news:

The U.S. Government bans $20 bills, fearing they may have been used in illegal activities, such as buying and snorting cocaine.

WTF?

 

Fri, 12/27/2013 - 14:23 | 4279601 malikai
malikai's picture

Only a bus-rider would use a $20 for their toot.

Fri, 12/27/2013 - 14:40 | 4279658 new game
new game's picture

lol

Fri, 12/27/2013 - 12:33 | 4279202 q99x2
q99x2's picture

YeeeeeeHaaaaaaa.

It is on as billions recognize Central Banks as the enemies of the world.

10-4 we have reached solidarity with our Indian brothers and sisters.

Fri, 12/27/2013 - 12:53 | 4279238 fonestar
fonestar's picture

+1. 

 

They made their final mistake in taking on the Satoshis.

Fri, 12/27/2013 - 14:47 | 4279684 New World Chaos
New World Chaos's picture

First they ignore you, then they laugh at you, then they fight you, then you win.

Fri, 12/27/2013 - 12:43 | 4279216 NIHILIST CIPHER
NIHILIST CIPHER's picture

Question for fonestar:        What do you do when your country bans the mighty bitcoin?  Can you say useless as tits on a bull?  

Fri, 12/27/2013 - 12:52 | 4279242 fonestar
fonestar's picture

Fucking moron.  I WANT them to ban Bitcoin.

I have no respect for them.  I have no respect for "laws".

Fri, 12/27/2013 - 13:13 | 4279295 NIHILIST CIPHER
NIHILIST CIPHER's picture

fonestar        I have no respect for them either, I'm a seasoned CB hater, but I try to live in the real world. In the real world it's their football and their game. THEY make the rules and it will always be their system. An electronic illusion like bitcoin will ONLY be allowed to exist if THEY deem it possible.      edit: BITCOIN will only exist if it benefits the .01% !! You're a dreamer and a FOOL.

Fri, 12/27/2013 - 18:31 | 4280329 gorles
gorles's picture

I imiagine similar arguments were made against the patriots who wanted to declare independence from England.

 

One can look at the reaction to bitcoin in China and now India and conclude bit coin is screwed or one can conclude that some pretty big government sare scared of this shit so maybe there is something to this.  I'm hedging on the latter and watching and buying some bitcoin here and there.   Has anyone mentioned the price in this thread, was in the 800 range much of the day curretly at 782.  What of all the crashes that made headlines recently?  Seems they had little staying power. 

I don't plan to spend bitcoins for along time but I've decided the first thing I will buy is a nice tulip plant. lol

Fri, 12/27/2013 - 21:43 | 4280692 TheHound73
TheHound73's picture

Just a hunch but I believe the whales are manipulating the price up to close the year at $1,000 for the positive news stories that will generate.  

I believe the unregulated exchanges are very manipulated by those who have large amounts of fiat and/or BTC.  This is perfectly acceptable to me.

Fri, 12/27/2013 - 13:09 | 4279299 superflex
superflex's picture

Red pill for the Fucking moron response.

He asked a legit question and your petty little ass gets all chapped.

Me thinks you need to switch from thongs to boxers.

Fri, 12/27/2013 - 13:17 | 4279328 NIHILIST CIPHER
NIHILIST CIPHER's picture

superflex          fonestar has never answered my questions, I'm used to it. Who's the FUCKING MORON here?

Fri, 12/27/2013 - 21:38 | 4280676 TeMpTeK
TeMpTeK's picture

"I WANT them to ban Bitcoin.

I have no respect for them.  I have no respect for "laws".

 

They wont ban it,, theyll wait for you at the btc to cash exchange window and have their way with you... Last one to cash out is a rotten egg.

Fri, 12/27/2013 - 15:10 | 4279758 One World Mafia
One World Mafia's picture

They are interested in taxing their invention.  That's why they will take the anonymity away from it but may still leave a few "anonymous" exchanges that charge exhorbitant fees (taxes).

Fri, 12/27/2013 - 19:47 | 4280472 Exponere Mendaces
Exponere Mendaces's picture

I'll get this one - the USA will ban bitcoin when they realize that people are flocking to it more than the printed pieces of paper they float. Especially if businesses that rely on fleecing other people - the financial industry at large, stock brokers, fund managers, investment bankers, HFT Firms, etc.. start complaining that something "has to be done" about their dwindling revenue.

Like anything in the US, its all about the money, and when Bitcoin is large enough to displace the leeches, then the big guns will come out.

 

Fri, 12/27/2013 - 12:52 | 4279240 Sufiy
Sufiy's picture

Saga continues: China and now India ban Bitcoin from financial institutions, US Treasury warns on money loundering, but FED does not see a problem so far? Is the idea to suck in as many as possible before bringing it down finally?


Central Banks Launching Worldwide Coordinated Attack On Bitcoin

"Transactions in virtual currencies are public, but the owners and recipients of these transactions are not. Transactions are largely untraceable, and provide virtual currency consumers with a high degree of anonymity. It is therefore possible that the virtual currency network will be used for transactions associated with criminal activities, including money laundering. This misuse could affect you, as law enforcement agencies may decide to close exchange platforms and prevent you from accessing or using any funds that the platforms may be holding for you."

 

http://sufiy.blogspot.co.uk/2013/12/european-banking-authority-warns.htm...

Fri, 12/27/2013 - 12:54 | 4279250 thefirstabomb
thefirstabomb's picture

for more info on the subject
http://dhnnews.com/bitcoin-exchanges-in-india-shut-down-after-regulator-warning-2/

It's a shame that governments and central banks feel threatened by bitcoin (as they should).  Although it will only be a matter of time until the batch file is too big to download and upload by each transactor which will lead to centralization of it eventually and then everyone who uses it to launder money will be out of luck anyway.

Fri, 12/27/2013 - 12:58 | 4279259 FieldingMellish
FieldingMellish's picture

"cautioning citizens against acquiring and trading virtual currencies."

...or any wealth whatsoever, unless you are connected to the 0.001%.

Fri, 12/27/2013 - 13:00 | 4279269 Al Capowned
Al Capowned's picture

Every attempted Ban is just another badge of honour on the bitcoin sleeve

Fri, 12/27/2013 - 13:06 | 4279275 CoonT
CoonT's picture

Hmmm?

gold maples and pandas- check

silver maples and bars- check

healthy store of the REAL PM's (ie brass+lead)- check

BTC- check

WDC membership- check

water supply- check

Little chunk of producing farmland- check

don't forget a little stack O' dem red fiddies- check

front row seat for watching 2014 CB clusterfuck prolapse- check

 

SMILE, BITCHEZ!       the show's free :)

Fri, 12/27/2013 - 13:11 | 4279298 fiftybagger
fiftybagger's picture

Don't forget the popcorn :-)

 

Silver For The People

The Bitcoin Channel

Fri, 12/27/2013 - 14:36 | 4279647 Kirk2NCC1701
Kirk2NCC1701's picture

+1.  For... DIVERSIFICATION! 

Now that's an 'actionable' plan.  A soul after my own heart.

Fri, 12/27/2013 - 13:06 | 4279279 AgShaman
AgShaman's picture

India will not have problems with their soylents going forward, regarding gold, bitcoin, food, or water....or anything really

They went with the PCMD model when they succumbed to the biometric ID system (that ensures their safety)

Fri, 12/27/2013 - 13:04 | 4279280 Al Capowned
Al Capowned's picture

I am sure that all the citizens in the countries that are banning bitcoin will not be upset at all with there governments for stopping them from using and benefiting from the greatest technological advance since the internet.

Good luck with that ,

Fri, 12/27/2013 - 13:10 | 4279305 Kaiser Sousa
Kaiser Sousa's picture

wheres my Silver - oh, there it is....

Fri, 12/27/2013 - 13:10 | 4279308 savagegoose
savagegoose's picture

 I see bit coin as a great  boat accident waiting to happen, infact i SOLD ALL MY METALS AND BOUGHT BITCOIN. I just dont know what ill do when  the coin becomes worthless... ;)

Fri, 12/27/2013 - 13:47 | 4279465 Freewheelin Franklin
Freewheelin Franklin's picture

i SOLD ALL MY METALS AND BOUGHT BITCOIN. 

 

Why would you do that? I support bitcoin and I wouldn't do that. If you do that, then you really don't understand BTC. And you probably don't understand currency or investing. 

 

And if you are using FRNs if/when you could use bitcoins for a purchase, then you MUST supoport ther Fed and banksters. I really see no other reason to choose FRNs over BTC. Do you work for the Bernank? 

 

The choice is not BTC or PM. The choice is BTC or FRNs. Please tell me if you would rather continue to use FRNs or BTC? Because all your comments do is discourage people using BTC and indirectly encourrage the use of FRNs, since nobody accepts gold or silver anywhere that I know of, expecially online, where I do most of my shopping. 


Fri, 12/27/2013 - 14:32 | 4279629 indygo55
indygo55's picture

Bought a bunch of Bitcoin in April 2013 and started selling them in November for 1200% profit, took cash and bought PM. Still have some Bitcoins because I believe in the technology and anything the CB doesn't like. 

Fri, 12/27/2013 - 16:15 | 4279922 MeelionDollerBogus
MeelionDollerBogus's picture

no, the choice is BTC or anything of real actual value because BTC isn't.
Won't ever be.
The joke, you didn't get, is btc=boating accident
I would never use btc for anything ever no matter what period. Ever.

Fri, 12/27/2013 - 22:45 | 4280843 TheHound73
TheHound73's picture

I won't be to conducting trade with folks like you?  This is bullish for BTC.

Sat, 12/28/2013 - 01:37 | 4281153 MeelionDollerBogus
MeelionDollerBogus's picture

no it's not.
People like me are the only ones to be doing trades in the future, period.
Your btc will be garbage: you will have nothing to trade.

Fri, 12/27/2013 - 13:15 | 4279311 logicalman
logicalman's picture

Personally I like the idea of BitCoin, but the devil is in the details.

No one can predict the future - even with unlimited charts and diagrams.

If the web gets taken down, then what? I wouldn't put it part TPTB to do that as a last desperate resort.

Sure it would hurt a lot of businesses and Joe Public, but when did that stop the .001% doing anything they want to. The well connected would be in their prepared bunkers long before anyone could do anything about it. Desperate people do desperate things.

Carrying around a hash tag in your note book will hardly do you any good in SHTF scenario.

If BitCoin can bring down the Banksters, I'm all in favour, but they are devious evil bastards and hard to erradicate.

Fri, 12/27/2013 - 13:21 | 4279336 Gordon_Gekko
Gordon_Gekko's picture

People who bought gold with cash are simply laughing at all the foolish bitcoin wannabes.

If they can see what you have - AND THEY CAN SEE EVERYTHING ON THE INTERNET - they WILL LOOT IT.

Fri, 12/27/2013 - 13:39 | 4279427 Freewheelin Franklin
Freewheelin Franklin's picture

 financial terrorism 

 

Isn't that what the central banks do? 


Fri, 12/27/2013 - 13:48 | 4279463 Quinvarius
Quinvarius's picture

Weimar 1923:

  1. "On September 8 a Commissioner for the Control of Foreign Exchange was appointed, with the widest powers to seize foreign currency wherever he could find it, and to oblige holders of bills of exchange or of gold securities to deliver them against gold loan scrip. The appointment required the suspension of various portions of the constitution with regard particularly to postal secrecy, domestic inviolability and the expropriation of goods or property generally; and within ten days the new Devisenkommissar had assumed the right also to seize gold, silver, platinum and alloys, whether in coin or raw metal. This move was in part occasioned by the realisation that as 200 million gold marks had been set aside to guarantee the Reich dollar Treasury bills, Germany's gold reserves were effectively down to the equivalent of less than £14 million, too little now with which to establish a new currency in which people could believe.

    Thus under the commission's auspices the Wucherpolizei on September 20 raided the cafes and restaurants of Unter den Linden and the Kurfürstendamm in Berlin, forced every customer to produce his wallet or purse, and extracted all foreign money therein. The yield of the day's raids, for which receipts were duly given, consisted of 3,120 dollars, £36 sterling, 373 Dutch guilders, 475 Swiss francs, 200 French francs, 42,523 Austrian kronen, 37 Danish kroner, 30 Swedish kronor, 1,402 Czech koruna, 800 Hungarian korona, 143 Serbian dinars, 18,000 Bulgarian lewa, 30 Estonian marks, 5,100 Polish marks and 500 Soviet roubles. "

http://www.nowandfutures.com/us_weimar.html

This is how you know you are living in the end of currency.  Once the seizures start, they can never end.  It is time to exit paper in India.

Fri, 12/27/2013 - 13:51 | 4279488 MeelionDollerBogus
MeelionDollerBogus's picture

buh buh buh teh b1tco1nz has teh innervulnerablesaty to cap1t@l controlz!!

LOL

Fri, 12/27/2013 - 13:54 | 4279502 Hongcha
Hongcha's picture

Has it occurred to no one here that governments have killswitches with which to halt www traffic or halt the www traffic they do not want.

BTC needs www flow like a fish needs water.

This is why I would be very cautious with BTC.

I will freely admit BTC is way past me technically and that I am a Luddite with no faith in tech.  I carry a 7-year old Samsung clamshell that won't even accept graphics w/ text messages.

Fri, 12/27/2013 - 15:59 | 4279881 MeelionDollerBogus
MeelionDollerBogus's picture

actually the Internet itself has no such killswitch BUT the ability to install enough to knock out 90% of traffic is easy.
It's not even as simple as entering every major facility with new equipment.
It's as easy as charging every corporation owning those switches, routers, servers, to do so under penalty of assisting terrorism.
They'll pay for their OWN replacement to government specs just to stay out of prison & bankruptcy.
See how easy that was?

Fri, 12/27/2013 - 19:31 | 4280443 pipes
pipes's picture

Easy? If you say so.

 

Must be nice, though, to live in a world where you can posit actions taken by gov't. as though they would occur in a vacuum...with no other collateral considerations.

 

Because of course, shutting down the Internet would really only affect Bitcoin.

 

Idiots.

Sat, 12/28/2013 - 01:40 | 4281160 MeelionDollerBogus
MeelionDollerBogus's picture

You are a fucking moron.
Bitcoin packets DON'T LOOK like emails, web traffic, torrent downloads or about like ANYTHING ELSE.
It's possible to confuse them with SSH, SSL, or other encrypted streams say for online banking.
GUESS WHAT, ASSHOLE?
A quick look at who's using tor routing and who's using ameritrade.com as their destination will sort that quick & your packet is NUKED while the others get through.
A router can easily process this at top speed for all its connections and YOU'RE DONE. BTC is gone.

You seem to forget that packets indicate destinations and the contents can be inspected.

IF NECESSARY any packet determined to be encrypted (this is overkill) could be nuked. It is overkill because e-commerce with dollers uses encryption but it's unlikely because normal financial institutions using this have clearly known IP address destinations & DNS names so any filtering script or firmware would have a list to consult of "white list" destinations NOT to be nuked.

Sun, 12/29/2013 - 22:41 | 4284344 pipes
pipes's picture

And clearly you are a very knowledgeable moron.

 

My comment stands.

 

Just because something is technically possible, does not mean that it is FEASABLE, and without pushback and fallout.

 

As I said...thinking in a vacuum...but thats a common problem of educated morons...they know what they know, and nothing else matters.

 

What a douchebag.

Mon, 12/30/2013 - 23:21 | 4287323 MeelionDollerBogus
MeelionDollerBogus's picture

You're a fucking moron and there's no such thing as a "knowledgeable moron".
I have proven you wrong without any difficulty.
The technology I speak of is in use right now.
It directs your packets RIGHT NOW and is already in every firewall-able router. RIGHT NOW, minus the part just for bitcoins.
Considering CISCO's interest that will change shortly.

It takes in the right language but ONE line of code to check back on the network for a bitcoin wallet address, and finding one, delete the packet containing it. I'm sure in machine code it wouldn't take more than 500 to 5000 instructions given how much else is already on-chip on a router.

It may be harder in complexity (but can be kept very quick) to determine if a packet matching nothing recognized can also be determined to be encrypted or not with an unknown algorithm. Once that's in that packet also can be deleted.

It's that simple. Various packets as normal get sent out to their appropriate destinations. Yours doesn't. That's that. No matter how many times you try that router WON'T co-operate. Period.

Considering there's already tons of software (not rouers but it can be put INTO a router) hunting for malware & viruses, and doing what I just described, it's not very hard to add in treating bitcoin as malware & doing the same things to it. It's just very slow to have the computer itself do the work instead of the router.

Fri, 12/27/2013 - 16:00 | 4279885 MeelionDollerBogus
MeelionDollerBogus's picture

Also I'm a computer scientist, very able to understand what this bitcoin & internet stuff is about.

Know what?

I have the same phone you do :-)

Fri, 12/27/2013 - 14:10 | 4279551 CryptoCoinUser
CryptoCoinUser's picture

Desperate gov'ts raiding brick-and-mortar Bitcoin exchanges will hasten the rise of de-centralized Bitcoin exchanges. There will be ups and downs in this battle, but my money is on Bitcoin. 

Fri, 12/27/2013 - 14:22 | 4279597 pipes
pipes's picture

I love it.

 

Bitcoin is the proverbial "Death by a thousand cuts" to these desperately flailing central banks and puppet states.

Fri, 12/27/2013 - 20:03 | 4280505 One World Mafia
One World Mafia's picture

Its hashing algoritms have backdoors to the NSA that allow them to mine and control bitcoin and other virtual currencies.  They have even made at least one of them inseparable from Bitcoin.

http://en.wikipedia.org/wiki/Sha2

"Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can."
http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...

Bitcoin also use RIPEMD160
http://blog.skullsecurity.org/2012/everything-you-need-to-know-about-has...

 

Fri, 12/27/2013 - 15:27 | 4279796 Martel
Martel's picture

...have suspended operations amid fears they could violate anti-money laundering and financial terrorism laws

The terms "Money laundering" and "Financial terrorism" are just a way to say, We don't let you out of our rigged game.

Fri, 12/27/2013 - 15:30 | 4279803 deerhunter
deerhunter's picture

They have shutdown the last ore to lead smelting operation due to EPA demands to spend 100 million dollar upgrade on air sweeping equipment ? Do electric vehicles use lead batteries? Got bullets??? Happy New year EPA. Em Powered Assholes. Wow look at those first three letters !!

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