India to ban Crypto ?

jetray

Senior member
Mar 15, 2018
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1,002
India
With that logic we should have banned internet.

Only someone who has no idea about crypto would act like this.
Technology on which crypto (blockchain) is based is really good it can be used in many fields. But crypto ecosystem as whole is not advantageous to India right now, there is no way we can control it.
 
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Milspec

सर्वदा शक्तिशाली; सर्वत्र विजय
Moderator
Dec 2, 2017
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United States
The government of India is one of the largest (inefficient) Banking operators. Crypto gaining strength will kill GoI and its minions who use PSU banks like their personal kitty will get affected. Not to mention GOI's holding in private banks will degrade in value.
 
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randomradio

Senior Member
Nov 30, 2017
12,046
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India
The government of India is one of the largest (inefficient) Banking operators. Crypto gaining strength will kill GoI and its minions who use PSU banks like their personal kitty will get affected. Not to mention GOI's holding in private banks will degrade in value.

Then the crypto industry will force the govt to work overtime to plug holes in the system. At the very least, this govt is open to productive reforms.
 

Ashwin

Agent_47
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Nov 30, 2017
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The government of India is one of the largest (inefficient) Banking operators. Crypto gaining strength will kill GoI and its minions who use PSU banks like their personal kitty will get affected. Not to mention GOI's holding in private banks will degrade in value.
This in fact exemplifies how we have a socialist government just like congress. They think somehow there is something called "private crypto". I have never seen anyone else use that term. RBI crypto makes me giggle.

They did the same thing with Data Protection Draft Bill. Government is fully exempt from it. This public/private binary mindset cannot be fixed on these boomer generations I guess.
 

Ashwin

Agent_47
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Nov 30, 2017
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Technology on which crypto (blockchain) is based is really good it can be used in many fields. But crypto ecosystem as whole is not advantageous to India right now, there is no way we can control it.
Now explain yourself. How exactly is "not advantageous to India right now" but ok for everyone else?

Its a total misconception that somehow crypto makes you anonymous thus its more susceptible to black money. Every single transaction of crypto can be tracked and traced. It makes transactions more transparent, unlike a regular bank. Every current indian exchange adheres to KYC and is linked to PAN. All addresses can be traced to an individual.

Cash is the most opaque and non-traceable transaction mechanism medium we use. Nothing comes close.

Banning crypto will slow down innovation and take out huge opportunities in the web3 era. It will make sure that India remains laggard in this new gen of tech innovations too like it was for all previous generations.
 
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jetray

Senior member
Mar 15, 2018
1,596
1,002
India
"not advantageous to India right now" but ok for everyone else?
"Every one" here represents western countries, they have the power to go after criminals in which ever country they are present. India cannot even extradite ppl or recover money from ppl who have fled from India and you are thinking this blockchain is your savior bcos this provides traceability? good luck with knowing who stole the money but cannot do any thing about it. Earlier what used to take days will now take mins.

Problem here is ppl and not the technology. I am sure hawala ppl will run the cryptocurrency more efficiently than the govt. US has FATCA what does India have?

Now govt can start a crypto currency and obviously most ppl wont use it simply bcos most want to keep their transactions & money away from the govt.

One of the biggest thing you have never considered is price manipulation , it will be like stock market you know the price is not correct but cannot do any thing about it.
 

Ashwin

Agent_47
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Administrator
Nov 30, 2017
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"Every one" here represents western countries, they have the power to go after criminals in which ever country they are present. India cannot even extradite ppl or recover money from ppl who have fled from India and you are thinking this blockchain is your savior bcos this provides traceability? good luck with knowing who stole the money but cannot do any thing about it. Earlier what used to take days will now take mins.
Crypto does not change anything here. Traceability and proving who did what with it will be transparent and easy to establish.

An example:

Vitalik buterin transferred close to billion-dollar to indian covid relief fund.


Here is the transaction:

Now you can track each and every penny. Where and how it spends.

Problem here is ppl and not the technology. I am sure hawala ppl will run the cryptocurrency more efficiently than the govt. US has FATCA what does India have?

Now govt can start a crypto currency and obviously most ppl wont use it simply bcos most want to keep their transactions & money away from the govt.

One of the biggest thing you have never considered is price manipulation , it will be like stock market you know the price is not correct but cannot do any thing about it.
Clearly, you do not know much about this subject. It's not possible to buy crypto now without KYC. On the stock market, Please do not search for "DeFi" you will get nightmares. :LOL:

The point is, innovation will happen with or without India. This field has created already generated more value than the entire GDP of India. A blanket ban will only take the capital, talent, and opportunities out. It will be too late before the inevitable reversal.
 

Arpit

Vox Populi
Nov 30, 2017
295
258
Delhi
Crypto does not change anything here. Traceability and proving who did what with it will be transparent and easy to establish.

An example:

Vitalik buterin transferred close to billion-dollar to indian covid relief fund.


Here is the transaction:

Now you can track each and every penny. Where and how it spends.


Clearly, you do not know much about this subject. It's not possible to buy crypto now without KYC. On the stock market, Please do not search for "DeFi" you will get nightmares. :LOL:

The point is, innovation will happen with or without India. This field has created already generated more value than the entire GDP of India. A blanket ban will only take the capital, talent, and opportunities out. It will be too late before the inevitable reversal.
Fiat currency circulation is around $40 trillion USD, and several times more in reserve. Yeah, just give your monetary control from USD to private currencies.

What a great idea this is.

People in the US are talking about this, and here we talking about such a matter. Hum Indians alag level ke ch hai.

Crypto does not change anything here. Traceability and proving who did what with it will be transparent and easy to establish.

An example:

Vitalik buterin transferred close to billion-dollar to indian covid relief fund.


Here is the transaction:

Now you can track each and every penny. Where and how it spends.


Clearly, you do not know much about this subject. It's not possible to buy crypto now without KYC. On the stock market, Please do not search for "DeFi" you will get nightmares. :LOL:

The point is, innovation will happen with or without India. This field has created already generated more value than the entire GDP of India. A blanket ban will only take the capital, talent, and opportunities out. It will be too late before the inevitable reversal.
And please use a good crypto mixer, if someone doesn't want authorities to track your transactions.
 

Arpit

Vox Populi
Nov 30, 2017
295
258
Delhi
The government of India is one of the largest (inefficient) Banking operators. Crypto gaining strength will kill GoI and its minions who use PSU banks like their personal kitty will get affected. Not to mention GOI's holding in private banks will degrade in value.
195 out of 195 countries use Fiat, why do you think it just kills GoI?
 

A Person

Well-Known member
Dec 1, 2017
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The whole point of crypto is that it costs several billion times more processing powers than normal online banking, which is why there are now gigantic bitcoin mining farms in various poor countries where power is cheap (especially China). And while it's hard to really measure how much electricity crypto mining consumes exactly, it's estimated that it's on par with the power consumption of a small developed country. This is only going to grow and grow as more and more people embrace crypto, and the chains get longer and longer. To get the entire population of the Earth to use crypto banking, you'd need to start by building a Dyson sphere around the sun so as to collect enough power to fuel it.

Pretty funny to see people arguing that crypto, something that is by design deliberately inefficient, will kill off "inefficient banking operators".
 
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randomradio

Senior Member
Nov 30, 2017
12,046
9,179
India
The whole point of crypto is that it costs several billion times more processing powers than normal online banking, which is why there are now gigantic bitcoin mining farms in various poor countries where power is cheap (especially China). And while it's hard to really measure how much electricity crypto mining consumes exactly, it's estimated that it's on par with the power consumption of a small developed country. This is only going to grow and grow as more and more people embrace crypto, and the chains get longer and longer. To get the entire population of the Earth to use crypto banking, you'd need to start by building a Dyson sphere around the sun so as to collect enough power to fuel it.

Pretty funny to see people arguing that crypto, something that is by design deliberately inefficient, will kill off "inefficient banking operators".

There's proof of stake to deal with that.
 

Ashwin

Agent_47
Staff member
Administrator
Nov 30, 2017
4,894
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Bangalore
The whole point of crypto is that it costs several billion times more processing powers than normal online banking, which is why there are now gigantic bitcoin mining farms in various poor countries where power is cheap (especially China). And while it's hard to really measure how much electricity crypto mining consumes exactly, it's estimated that it's on par with the power consumption of a small developed country. This is only going to grow and grow as more and more people embrace crypto, and the chains get longer and longer. To get the entire population of the Earth to use crypto banking, you'd need to start by building a Dyson sphere around the sun so as to collect enough power to fuel it.

Pretty funny to see people arguing that crypto, something that is by design deliberately inefficient, will kill off "inefficient banking operators".
You are confusing bitcoin with crypto.
 

A Person

Well-Known member
Dec 1, 2017
829
819
A Place
There's proof of stake to deal with that.
Well yes, that is the problem. For a transaction backed by a traditional banking service like Visa or MasterCard, trust is invested in these companies and the SWIFT architecture. So they can make it as efficient as possible while remaining secure. With cryptocurrencies, there's no trust invested directly in companies, so to prevent anyone from being able to easily falsify transactions by rewriting the block's history, there's the whole "proof of work" thing which requires absurd amounts of computations. So in order to falsify history, you need not just to have a lot of processing power, you need to have more processing power than the rest of the users of this cryptocurrency. That's what makes it supposedly secure.

In the abstract, the idea is clever, but it's sill a tremendous waste of resources in any case.

You are confusing bitcoin with crypto.
They all work on the same principle. Bitcoin, Ethereum, and the countless other copycats.
 

AbRaj

Senior member
Dec 6, 2017
2,060
1,525
Republic of Wadiya
Well yes, that is the problem. For a transaction backed by a traditional banking service like Visa or MasterCard, trust is invested in these companies and the SWIFT architecture. So they can make it as efficient as possible while remaining secure. With cryptocurrencies, there's no trust invested directly in companies, so to prevent anyone from being able to easily falsify transactions by rewriting the block's history, there's the whole "proof of work" thing which requires absurd amounts of computations. So in order to falsify history, you need not just to have a lot of processing power, you need to have more processing power than the rest of the users of this cryptocurrency. That's what makes it supposedly secure.

In the abstract, the idea is clever, but it's sill a tremendous waste of resources in any case.


They all work on the same principle. Bitcoin, Ethereum, and the countless other copycats.
Looks like preparation of Anarchists Universe.
Libbs and Wokes would love to experiment with it. They hate Law and Order.
 
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Ashwin

Agent_47
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Nov 30, 2017
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Well yes, that is the problem. For a transaction backed by a traditional banking service like Visa or MasterCard, trust is invested in these companies and the SWIFT architecture. So they can make it as efficient as possible while remaining secure. With cryptocurrencies, there's no trust invested directly in companies, so to prevent anyone from being able to easily falsify transactions by rewriting the block's history, there's the whole "proof of work" thing which requires absurd amounts of computations. So in order to falsify history, you need not just to have a lot of processing power, you need to have more processing power than the rest of the users of this cryptocurrency. That's what makes it supposedly secure.
This entire para is totally false. Blockchains are immutable and every change in a block is recorded in the ledger. It validates with all the other blocks thus it takes time. These are basic cryptographic concepts from computer science.

Here the trust is on the blockchain algorithm not to any company. Financial institutions fail but the chain cannot be destroyed or fudged secretly. On BTC, Multiple trillions worth of transactions happened without a hack. And it is verifiable by everyone on the chain. Can show me one instance of BTC or ETH's "falsify history" case ?

They all work on the same principle. Bitcoin, Ethereum, and the countless other copycats.
No, it's not. Only the underlying principle is used by all not code or design. For example, BTC is just a currency. While Ether (ETH) is one of the applications of the ethereum chain. The concept of a car has four-wheel does not mean every car is the same.
 
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