Posted on 12/27/2013 8:26:46 AM PST by Errant
Just three days after the Reserve Bank of India (RBI) issued a public advisory which warned against the use and trade of digital currencies, authorities have carried out the first bitcoin raid in the country.
The Enforcement Directorate (ED) raided the premises of Mahim Gupta, the man behind buysellbitco.in, in Ahmedabad. A separate raid was carried out in another part of the city, although the authorities do not appear to have found the second suspect in the office.
(Excerpt) Read more at coindesk.com ...
The raid indicates that the RBI warning is more than a simple advisory. For all intents and purposes, exchanging bitcoins for rupees in India is illegal, as it is impossible to get regulatory approval."
I do not understand ‘bitcoin’ at all..................
Btw, the Indian government is also arresting people for bringing gold into the country. India's official fiat currency is in mucho trouble.
Governments do not like competition. This will happen in the USA soon.
And the closer to the cliff their official currency is, the less they like it. It has become an indicator of the status of a county's economy of late.
http://fiatleak.com - watch the world currencies flow into BTC in realtime
"Each trade results in a Bitcoin being sent from the currency counter in red to the country on the map. The value in BTC is listed in green and plotted across the map. The last exchange rate for each currency is listed in purple and updated for each trade."
Yep, this is all about “preserving” the value of government fiat currency...
which means, not allowing people to escape it.
If the us dollar is backed only by the full faith and credit of the us government, then how much different is it than BTC ?
We will end up soon with another currency in the US. It may be BTC or it may be beans,flour,or seeds.
I can sympathize with that. I've had nothing but trouble out of Fiats...............
"Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part."
Video at link:
Lol, never owned one but had a friend who had two - one was for parts. ;)
I had a 75 Fiat X1/9. Beautiful car. But I spent more time UNDER it than I did IN it!.................
Bitcoin for Big Dummies: Why The Digital Currency Is Spiking & Why It's Not A Bubble
Video at link also.
I think of ‘bitcoin’ kind of like a collector of things, such as I do. I have a ‘hobby’ of sorts where I got to flea markets, Goodwill, second hand stores and yard sales looking for my trinkets that I collect. I trade my dollars for these items and take them home, clean them up and store them or display them on shelves. At some point I will probably sell them for a small profit, but in order to do that I must find someone willing to give me more dollars than I gave the person I obtained them from. ...............
Litecoin is still profitable to mine with GPU (graphics cards) miners.
There are auction sites, like ebay, where you can trade something you have for Bitcoin.
I don’t get this ‘mining’ business....................
Forget mining Bitcoins now, unless you have ASIC equipment. Litecoin mining works the same except you can do it using GPU miners. But even its difficulty level is starting to rise considerably.
This isn’t exactly it, but imagine it this way -
have you tried to find the next prime number after any given number?
That’s what the “mining” is like, except the “hit” is based on calculations that result in a “hash” that has a certain number of starting 0’s or some such.
They get increasingly hard to find even with huge computers, so they are inherently limited.
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