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How to Lose $3B of Bitcoin in India

bloomberg.com

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Re: How to Lose $3B of Bitcoin in India

#2

Post by onetimemanytime »

They can't even complain...like calling the cops because someone robbed your cocaine stash*

(* for those that didn't read the article: India banned large bills, say, their $100 bills. People had x months to turn it in to exchange with smaller bills. But you had to explain how you got that much money and why didn't declare it to the taxman. So quite a few turned to Bitcoin etc.)

Re: How to Lose $3B of Bitcoin in India

#4

Post by jarfil »

onetimemanytime wrote: post #2

They can't even complain...like calling the cops because someone robbed your cocaine stash* (* for those that didn't read the article: India banned large bills, say, their $100 bills. People had x months to turn it in to exchange with smaller bills. But you had to explain how you got that much money and why didn't declare it to the taxman. So quite a few turned to Bitcoin etc.)

You can't con a honest man, but a greedy man... that's easy.

Re: How to Lose $3B of Bitcoin in India

#10

Post by CamelCaseName »

From the article, it seems like I didn't really understand the implications of Modi's actions to invalidate so much hard currency.

Could someone familiar with the matter talk more about what the days/weeks following Modi's announcement looked like for the every day Indian?

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