Bitcoin crash incoming ?

[qwertywarrior]

http://economictimes.indiatimes.com/news/economy/policy/bitcoin-operators-shut-shop-in-india-amid-rbi-warning/articleshow/27975528.cms

 

RBI Cracks Down On Indian Bitcoin Exchanges

Bitcoin operators shut shop in India amid RBI warning
 

The Reserve Bank of India (RBI) today issued a warning that the use of cryptocurrency "could" violate several laws related to financing terrorism and money laundering. In response to the same, several key Bitcoin exchanges in India put their services on hold for an unspecified period of time. INRBTC.com and Buysellbitco.in are both offline, and will remain so until they "can outline a clearer framework with which to work."

Meanwhile, Mahim Gupta, owner of Buysellbitco.in might be in trouble as the police are working round the clock to link him with money laundering so as to be able to arrest and charge him for the same. RBI's statement comes barely a week after the Chinese government banned depositing official currency into Bitcoin exchanges, which resulted in a massive crash of the Bitcoin economy.

 

[Poofu]

Quick everyone move to DOGECOINs!!!

[qwertywarrior]

Quick everyone move to DOGECOINs!!!

[TopWargamer]

Hm...I may want to bail out on my LTC before the crash, because it seems like there will be one, but how big was Bitcoin over there in the first place?

[DoubleY]

No. No. No. No. Please. Oh God no. No. Oh God. I've already been hurt bad enough in the past week or so with the prices so low. DON'T GO LOWER.

[helping]

this is what happens when we try to have freedom

[TopWargamer]

No. No. No. No. Please. Oh God no. No. Oh God. I've already been hurt bad enough in the past week or so with the prices so low. DON'T GO LOWER.

The prices SHOULD go back up once Gox brings LTC to its exchange.

[upliftsleet1974]

No. No. No. No. Please. Oh God no. No. Oh God. I've already been hurt bad enough in the past week or so with the prices so low. DON'T GO LOWER.

I am going to watch you burn lol

[DoubleY]

I am going to watch you burn lol

Noooo. My wallet won't like all of my money burning. 

[Alex780]

It may go down but it will surely recover quickly after

[Guest GRRigger]

more like:

wont bitcoin bring all other currencies down? or am i wrong? it says "cryptocurrency" and not "bitcoin" but still bitcoin is the reason they want to take all crypto down.

[TopWargamer]

wont bitcoin bring all other currencies down? or am i wrong? it says "cryptocurrency" and not "bitcoin" but still bitcoin is the reason they want to take all crypto down.

Yes. Whenever BTC goes down, everything else goes down as well.

[JaeDee884]

Can we make it against forum CoC to state there will be a cryptocurrency crash in the news section? It's not legitimate news, it crashes pretty much every day and goes back up.

[R4STABAN]

Bitcoin is a joke and miners are selfish people

U guis need a burn heal?

[IvIast3r]

its an un-backed currency, with no one to enforce it...what to expect?

[bcredeur97]

um guys I hate  to share this with you but:

 

 

We are supposedly in the return to normal stage based off of my and a few other people I know calculations.

[Ertman]

Maybe this will lead to normal/better gpu prices.

[dizmo]

Maybe this will lead to normal/better gpu prices.

 

One can only hope. I was going to get my dad a 280x for Christmas, but it was both hard to find, and when I did they were way overpriced.

 

Cryptocurrency is an interesting thing, but I don't see it lasting.

I can't wait until people in Canada start getting audited and have to pay the tax associated with its payments.

[ZetZet]

Can't wait till it dies, I want to buy R9 290 for a reasonable price.

[Mooshi]

I wouldn't move on to Dogecoin from this. The whole hype thing behind that coin already died for me and you'd have to be some kind of special to actually believe those would live in the long run. Meme of the year for /2013/ means just that. They were fun at first, but come on. You need something a lot more serious with less numbers than 100,000,000,000 to survive long term. (Not to mention the massive pre-mine from the dev)

 

I would take Catcoin a lot more serious for the sheer fact the number is considerably lower at 21,000,000 max coins, it's basically Bitcoin with scrypt instead of SHA256 and when you break it down, CAT = Cryptographic Anonymous Transactions. I have more faith in that coin to take off in 2014. 

.

[Grave]

Hm...I may want to bail out on my LTC before the crash, because it seems like there will be one, but how big was Bitcoin over there in the first place?

As far as I know, it only recently became a thing in India. I think it's more a precautionary thing until this is confirmed to be stable.

I really wouldn't worry about a crash unless you have tons of skeptics thinking about selling, in which case I'd probably sell the instant it drops by a slightly significant amount.

I liked Tek Syndicate's take on BTC, how they said it's reminiscent of the stock market. Sell high, buy low type of deal.