India overtakes Japan as world's No 3 crude importer

[kbd-raaf]

Bitcoin bank "you" were about to float? You are a banker?

I have my fingers in many pies.

I'd got a consortium of investors together to buy massive amounts of bitcoin mining hardware. Close to $150k worth. However our supplier delayed the delivery by two months, pretty much ensuring return on investment on investment will be minimal.

The long term plan was to float a bitcoin bank.

 

[Rajaraja Chola]

I have my fingers in many pies.

I'd got a consortium of investors together to buy massive amounts of bitcoin mining hardware. Close to $150k worth. However our supplier delayed the delivery by two months, pretty much ensuring return on investment on investment will be minimal.

The long term plan was to float a bitcoin bank.

I personally want to know about it. What is it? No country recognises it. Its equivalent to dollar rate.? How to transform to real money? Which bank started it? lotta questions Recently RBI cautioned against its use. All I know is, its virtual currency.

 

[kbd-raaf]

I personally want to know about it. What is it? No country recognises it. Its equivalent to dollar rate.? How to transform to real money? Which bank started it? lotta questions Recently RBI cautioned against its use. All I know is, its virtual currency.

Country's don't need to recognise it. I mean think about it, what are the national currencies of each country backed by? The government promising to pay you equivalent of however much that note/coin/etc is worth. Bitcoins are backed by the people (aam admi zindabad ) i.e the scarcity of the coins is what drives it's value.

RBI, Chinese Banks etc have all tried to limit its use because there is no way to regulate it. It can be used for money laundering etc.

There are numerous bitcoin banks that exist to convert bitcoins -> USD.

 

[Rajaraja Chola]

Country's don't need to recognise it. I mean think about it, what are the national currencies of each country backed by? The government promising to pay you equivalent of however much that note/coin/etc is worth. Bitcoins are backed by the people (aam admi zindabad ) i.e the scarcity of the coins is what drives it's value.

RBI, Chinese Banks etc have all tried to limit its use because there is no way to regulate it. It can be used for money laundering etc.

There are numerous bitcoin banks that exist to convert bitcoins -> USD.

So if I am to buy a bitcoin, what is its value in INR?

 

[kbd-raaf]

So if I am to buy a bitcoin, what is its value in INR?

At the moment, 1 BTC = $942= INR ~55000

 

[Indischer]

At the moment, 1 BTC = $942= INR ~55000

Wasn't it close to $1300 just a month back? I have stopped keeping tabs on it's progress as I feel it's expansion will pose a serious threat to 'US National Security'.

 

[kbd-raaf]

Wasn't it close to $1300 just a month back? I have stopped keeping tabs on it's progress as I feel it's expansion will pose a serious threat to 'US National Security'.

Not a month ago. The Chinese Central Bank banned conversions of the bitcoin which made it's value drop massively in a few hours.

But it's approaching that value again.

 

[Indischer]

Not a month ago. The Chinese Central Bank banned conversions of the bitcoin which made it's value drop massively in a few hours.

But it's approaching that value again.

I chickened out from investing in mining hardware recently. Still not sure how it will sustain in case US and Western European Governments take steps against it.

How confident are you that it won't be touched by US Governmental concerns?

 

[kbd-raaf]

I chickened out from investing in mining hardware recently. Still not sure how it will sustain in case US and Western European Governments take steps against it.

How confident are you that it won't be touched by US Governmental concerns?

It will cause bitcoin prices to drop immensely, making mining not worthwhile (the difficulty will remain the same).

Convertibility will be affected as only a few countries will allow bitcoins to be converted to real currency.

I doubt many governments will ban it's use as:

a) Its impossible to regulate
b) Banning its use in western countries will do nothing to stop the misuse of it. (launderers etc won't be going through banks in Western countries anyway)

 

[Sunny009]

i dont think we have explored indian ocean enough!

Yes, we definitely need to explore every possible avenue to cut down on our import bill but that's a long term goal. I answered it in regards to our short term needs.

India will need to feel the pain of reduced subsidies for a few years in order to really take itself forward.

Would the Indian voter forgive a NaMo government that drastically reduces subsidies?

Namo should do away with subsidies in his first year, in my opinion..People tend to forget things especially when the fruits of such measure comes to bear right before the re elections..For that to happen there shouldn't a weak coalition.

 

[Sunny009]

self delete

 

[bloo]

cong bjp aap.............
We over zealous Indians need to realize that things won't change overnight with just a regime change, right policies and proper implementation of assets(which is independent of any political party) is the only way we will go anywhere.
We prematurely evaluate on the basis of bias and/or looks to support a cause, a cause whose leaders don't give a fukc of what its supporters want.
Stop being such sheep people.

 

[Rajaraja Chola]

At the moment, 1 BTC = $942= INR ~55000

Whoa..! Thats too high...! Anyway interested to know its future

 

[kbd-raaf]

Whoa..! Thats too high...! Anyway interested to know its future

Yeah it's prohibitively expensive at the moment.

There were those who bought in when it was 1BTC=$10 and everybody scoffed at the thought of it hitting $100.