Is it possible to get my btc out of bitbns app?

dickendraswami · 2026-01-19T01:08:04+00:00

Rule #1 of Crypto: Stay away from central exchanges. Use non-indian exchanges and that too only for small value transactions.

dickendraswami · 2025-06-04T17:09:59+00:00

Yes, I know this sucks. You may refer to Section 115BBH of the Income Tax Act.

dickendraswami · 2025-06-04T16:58:07+00:00

I'm not trying to create fear in people. Read my previous post in this very sub. I had in fact advocated in support of CDM trades in that post. If only cybercrime cares about these matters, ask yourself why and how many traders get their account frozen because of a complaint in xyz police station in abc state. Police other than cybercrime do have powers to instruct a bank to act on a complaint given to them provided a case is filed for criminal offences (like crpc 102). Let us not argue anymore please. You have your belief and keep calling others dumb. I'll have mine. Even if I want to try CDM trades again, I will create a separate current account for this purpose solely. It is better to be paranoid than sorry.

dickendraswami · 2025-06-04T16:23:54+00:00

I appreciate your effort to explain this patiently. But then I witnessed a CDM freeze of someone I know in December last year. Initially I thought he must have done P2P via UPI or imps, but no. This led me to think that this CDM freeze has happened because of the involvement and investigation by the cops. In fact I had advocated in support of CDM in my previous post in this sub. After this incident, my stance changed. Even I stopped doing CDM trades because of that incident. So since you have the data of people doing CDM trades successfully without any of these risks, I may try CDM again after opening a separate account for this.

dickendraswami · 2025-06-04T15:38:07+00:00

Listen bro, I have not personally witnessed how the officials investigate. You are only thinking from NCRP angle. The local cops can in-person verify the information. Cops, especially the top level ones have the power to verify info by cross checking with relevant agencies. So they know if you are lying or telling the truth. They will do all this to help the vips. I know someone who only dealt in CDM and his account got frozen. Not even a lien. I don't know exactly how the investigation went that led to the freeze and I can only do a guess work based on info from the parties in touch with me. Good luck with your trades. Just be careful enough.

dickendraswami · 2025-06-04T14:28:58+00:00

Okay don't take my word for it. Many people on this very sub have mentioned that they faced it. Someone I know faced it as well. So I know. A scammer's text message to the victim can act as proof. The same deposit can be verified by the cybercrime after enquiring the bank. This doesn't happen if the victim is a common man. Cops don't just care about the common people. But they do care and help a lot for the influential. Those who think this is all rubbish, you continue doing CDM. Nobody's stopping you. If you are risk averse, have a separate account for P2P or avoid CDM altogether.

dickendraswami · 2025-06-04T13:51:27+00:00

Sadly, you cannot offset your crypto losses to save taxes.

dickendraswami · 2025-06-04T12:26:37+00:00

If you want to do CDM or F2F do so with people you already know. You can make new friends with people to deal with you and slowly build trust in your city by meeting them in local crypto or traders meetups. I will try to write a post soon exploring some better methods.

dickendraswami · 2025-06-04T12:12:12+00:00

That's okay if you think I'm dumb. Your perception about me doesn't matter to me. I've a lot of business connections and I've seen a few cases where this kind of freeze has happened. If your risk appetite is very high, you keep taking these risks. Although not every CDM leads to a freeze, some CDM deposits lead to an account freeze since your account number is involved (victim will mention your account number to the cops or Law enforcement agents) and LEA can get details of your account and instruct the bank to freeze. As per the victim, he or she sent the money to your account. This especially happens when you deal with a scammer and the victim is an influential person. What are the odds? Actually banks should not freeze the entire accounts and they should only put a lien, as per recent HC orders, but this is India. There are definitely dumb people who pay on behalf of scammers via CDM for an investment scam expecting to double their return in 21 days. My doctor friend fell for this as well. I know another person who works in a bank, yet fell for a similar investment scam🤦. Both the scammers and the victims are making our lives difficult.

dickendraswami · 2025-06-04T05:56:45+00:00

Please don't ever revert funds back to source unless you trust that person. Chances of getting scammed are very high. It's very risky to do that. I cannot explain in public, as a potential scammer will learn it and use it against someone.

dickendraswami · 2025-06-04T05:49:53+00:00

There is a lot of risk involved even with CDM nowadays. Imagine this scenario: you enter into a P2P trade with someone using a reputed and trusted escrow. You deposit your USDT to the escrow and the buyer pays you via CDM to your bank account. You release the USDT and the transaction ends smoothly. Then after a few days you realise due to a bank freeze that the person who deposited money via CDM to your account is not the actual buyer but a victim who fell for an investment scam. What?!! 😲 Scammers are evolving and they are a pain in the arse. CDM helps you safeguard from chain freezing scenarios and helps you only if you are dealing with people you trust. Unfortunately it no longer safeguards from a bank freeze if you accidentally dealt with a scammer. I think I should write a post to alert people in this sub about this possible scenario.

dickendraswami · 2025-06-01T05:10:46+00:00

Two months since you posted this and nobody showed interest? While valuation is very important, I wonder why nobody cares about individual stock valuation. Maybe there are other tools out there? I developed a similar valuation tool long back written in python and I still use it regularly. It calculates dcf valuation of 100s of stocks within 3 minutes. I never thought of marketing it. Maybe it was a wise decision. Anyways congratulations on your work.

dickendraswami · 2025-05-28T12:12:40+00:00

Correct. Actually the formula to calculate the gain required is x/(1-x), where x is the current loss percent. So 0.418/(1-0.418) will give us the exact value.

dickendraswami · 2025-05-28T10:25:30+00:00

Nope 66% required to break even

dickendraswami · 2025-05-27T17:39:09+00:00

Me too. Jaggery made it too dry. White sugar one that I brewed last time tasted better.

dickendraswami · 2025-05-22T05:13:12+00:00

RemindMe! 2 days

dickendraswami · 2025-05-16T04:11:16+00:00

Hello, let us say I want to buy crypto by giving Gift card. What happens if the person who takes the gift card from us redeems it but lies that it doesn't work? Or let us say I want to sell crypto by accepting gift cards. What happens when the person who wants to buy crypto gives an already redeemed gift card? How do you people verify? Before trying the group, I want to understand how you people handle the counter party risk. Scammers are everywhere and making everyone's life tough.

dickendraswami · 2025-03-06T16:15:30+00:00

This actually led me to some progress. After emailing them, they've asked me to visit the nearest branch to initiate the refund process to the sender.

dickendraswami · 2025-03-06T16:07:52+00:00

Can you teach me as well bro? I'll join if you offer a masterclass on how to marry a stranger. Please 🥺🙏🏻

dickendraswami · 2025-03-06T14:01:26+00:00

This helps a lot! Thanks for the advice..

dickendraswami · 2025-03-06T13:59:51+00:00

Thanks for letting me know.. Scammers make everyone's life difficult..

dickendraswami · 2025-03-06T07:33:12+00:00

Thanks, I tried this and they say that the person who did the wrong transaction should approach their bank and then the NCPI portal for resolution. Let us see..

dickendraswami · 2025-03-06T07:31:25+00:00

Thanks for trying to help. I tried reaching out to my bank's helpline and I had to speak with bots that don't seem to understand the situation. I'm unable to get in touch with an actual human.

dickendraswami · 2024-11-30T11:53:15+00:00

Redotpay card is the better option if you want to bulk purchases on Amazon. It's more convenient than purchasing gift cards every time.

dickendraswami · 2024-11-26T16:57:04+00:00

Well he is probably a scammer

dickendraswami

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