Subra and bitcoin
Happens regularly at meets where I am addressing doctors…..
Doc: Subra what do you think of Bitcoins?
S: It is illegal.
Doc: ya it might be illegal but can I buy a little bit.
S: It is illegal.
Doc: when you say it is illegal what does it mean?
S: Exactly that. It is illegal.
Doc: Can you please explain?
S: There is no regulator, no supervision, no clue how it operates, no nothing. It is illegal.
Doc: what is the risk?
S: It is illegal. If you lose money, it is gone, kaput.
Doc: Is the risk too much?
S: In a country where you can lose money in REGULATED markets what can happen in unregulated/ illegal markets?
Doc: how much can I lose if I were to invest say Rs. 60,00,000?
S: It is illegal so I will not answer the question.
Doc: You have not answered my question!
S: It is illegal, what more do you want to know?
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kalyan
Is it illegal or is it just that there are no laws in India governing bitcoins. I guess closest approximation for bitcoins in the physical world are commodities like Gold and silver and so those laws may be applied. Personally I am not sure that bitcoins (or any digital mines) can be sustainable commodity and so will not invest.
Also if my assumption of it being commodity is correct, then whenever you purchase some thing assuming it becomes freely accepted at merchants, you still need to compute gains and pay taxes. Very inconvenient currency to deal with.
shrikant
https://www.theverge.com/2017/9/11/16288898/china-shutdown-rumored-bitcoin-exchanges-crackdown
MRHDK2012
Please see what JPMC CEO Jami Dimon says about Bitcoin.
https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html
Barun Chowdhury
It’s price increased 5 times in last 6 months and have seen few people have poured money on it. As I know this non-existence currency is used mainly by terrorists, hackers and other persons/organizations doing something illegal. I am foreseeing most of the people(who assumes this is a great investment) will loose money in next couple of years.
Krish
Some people behavior amazes me. Advise them not to go for timeshares, they go for presentation and buy it and later cry.
Also informal chits, they get into it and weeps when organizer goes bankrupt. Some of the docs have got big ego and just hit the right zone, it is easy to trap them. Can’t imagine, wow some one is ready to plunge with 60L. Looks like plenty of them don’t mind loss in gambling.
Chintan Chheda
I loved the conversation. Quite Interesting.
I think this will be a classic example of a Bubble.
My question to you is since the majority of the Bitcoin buyers are using unaccounted money worldwide a crash in bitcoin will it have an impact on the world economies and markets. I mean Bitcoin is speculative can it have Collateral Damage.
For now, I am just going to tweet this right away after commenting.
Abhijit Buchake
Its recent sudden rise and lack of fundamentals are themselves self explanatory!
Abhijit Buchake
May it be legal or illegal!
Marshal
As Jamie says its fraud, because he has a fear sooner or later decentralized and peer to peer technologies will out throw banking industry.
Same with china, who likes to control what goes for print will definitely hate bitcoin and other related technologies.
On the other side see Japan, where country has officially accepted bitcoin and one can buy airline tickets.
India is confused ! :).
In USA, IRS has issued guidelines in 2013 that bitcoin will be treated as asset and taxation will follow same.