India to ban Crypto ?

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jetray said:
Most cryptos are a pump & dump scheme in which you will have no control unless you are the one doing it.
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Which one do you mean here? Different cryptocurrencies or different crypto exchanges? My understanding is that crypto exchanges are mere a medium/platform for these currencies to trade at current fair market price, not mining of these currencies and niether they have the final say in where these currencies invest. Am I correct or wrong in this understanding?
 
RISING SUN said:
Which one do you mean here? Different cryptocurrencies or different crypto exchanges? My understanding is that crypto exchanges are mere a medium/platform for these currencies to trade at current fair market price, not mining of these currencies and niether they have the final say in where these currencies invest. Am I correct or wrong in this understanding?
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disregard all those complex stuff abt mining, distributed, .....etc.
Every commodity or tradeable items price is based on supply & demand. Now all that a bad actor needs to do is show that item is in demand. So they will initially buy in large quantities and then encourage others to do so by creating FOMO ( fear of missing out). Then rest of the ppl join and start buying it thereby pushing up price artificially. Once the bad actor sees price has gone high enuf they will dump and exit, rest of the ppl will be stuck with low price as selling will crash the price.

Crypto exchanges are not accountable to any one nor they are monitored by any govt or board for fair practices. They can hoard & dump any time. Only directly transferring to end user wallet is a better thing but obviously you need to pay network fees.
 
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jetray said:
disregard all those complex stuff abt mining, distributed, .....etc.
Every commodity or tradeable items price is based on supply & demand. Now all that a bad actor needs to do is show that item is in demand. So they will initially buy in large quantities and then encourage others to do so by creating FOMO ( fear of missing out). Then rest of the ppl join and start buying it thereby pushing up price artificially. Once the bad actor sees price has gone high enuf they will dump and exit, rest of the ppl will be stuck with low price as selling will crash the price.

Crypto exchanges are not accountable to any one nor they are monitored by any govt or board for fair practices. They can hoard & dump any time. Only directly transferring to end user wallet is a better thing but obviously you need to pay network fees.
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What I meant was that unlike share market buying, where we can see company performance tracking before buying its shares, we can't see where these crypto currencies invest. Further I asked if do crypto exchanges know where each crypto currencies are using the investors money.
 
RISING SUN said:
What I meant was that unlike share market buying, where we can see company performance tracking before buying its shares, we can't see where these crypto currencies invest.
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Ideally yes practically no. There are lot of players in stock or financial market, brokers, market makers , hedge funds/banks/other financial institutions ...etc ( which is similar to miners, crypto exchanges, large scale investors in crypto, speculators, ppl who trade based on arbitrage, influencers (elon musk) ...etc).

Now among all the above mentioned market players , company is just one of them. A smaller company has literally no say in its stock price. It can be pumped by speculators or dumped by hedge funds even if the company performance is good. Rumors can crash a company or push up a company. As such stock market is not actually a fair market place. It is one of those places where big money rules. There is a good reason why ppl say newcomers should stick to known big companies as they are less susceptible to such pressures.
RISING SUN said:
Further I asked if do crypto exchanges know where each crypto currencies are using the investors money.
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crypto exchange is just a meeting point for buyers & sellers where price discovery happens. Beyond that they will have no idea where money comes or goes. Except where transactions are public its not possible to track to the last end user. More ever most of the shady entities tend to deep nest into multiple wallets and ip addresses across countries it is simply not possible to get hold of who the beneficiary was.
Most of the time money is convert from crypto to cash and then traces vanishes, accounts which encash them are quiet often bogus ones just like offshore accounts in tax havens.
 
jetray said:
@Ashwin, yeah we are seriously missing some fun.
fortune.com

Coinbase admits users may lose crypto if exchange goes bankrupt

If the exchange goes down, it's taking investors with it.
fortune.com fortune.com
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Creating positive regulatory environment has nothing to do with above news (if it is one for you). Coinbase and value creation related to decentralised ecosystem exist because of the environment.

Anyone who know basics of crypto knows storing it in a centralised exchange is bad idea. It exist just for convenience. You can always take it out and put it in your pendrive.
 
Ashwin said:
Creating positive regulatory environment has nothing to do with above news (if it is one for you). Coinbase and value creation related to decentralised ecosystem exist because of the environment.

Anyone who know basics of crypto knows storing it in a centralised exchange is bad idea. It exist just for convenience. You can always take it out and put it in your pendrive.
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theoretically yes but practically it does not work out. when India cannot even enforce law properly it makes no sense to bring in crypto from outside. Laws & rules will only be on paper. Forget crypto , India doesnt even have guts to properly enforce rule in its banking sector.
 
jetray said:
@Ashwin, hows the ride?

www.youtube.com

Crypto Portfolio in 2022 😭📉💰

This is your Crypto portfolio in 2022 - Crypto 2022 - Cryptocurrency 2022 - Crypto Crash - Bitcoin 2022 - Bitcoin Crash - Crypto News Today------------------...
www.youtube.com www.youtube.com
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Why are you tagging me? how is it relevant? Do you do this when your stock portfolio goes down too?

If you have some FOMO and need justifications for yourself then make a twitter account and do your shenanigans there. This is not the place.
 
jetray said:
theoretically yes but practically it does not work out. when India cannot even enforce law properly it makes no sense to bring in crypto from outside. Laws & rules will only be on paper. Forget crypto , India doesnt even have guts to properly enforce rule in its banking sector.
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Oh sure, Indian roads are unsafe because we can't enforce traffic rules, and ban all vehicles. Li-ion batteries are not safe so ban EV vehicles.Black money exists so ban currency. Oh, wait we already did that!.

No shortage of retarded ideas in this country.
 
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Ashwin said:
Why are you tagging me? how is it relevant? Do you do this when your stock portfolio goes down too?

If you have some FOMO and need justifications for yourself then make a twitter account and do your shenanigans there. This is not the place.
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I am certainly missing out on the ride, stocks go down when economy goes down. But why does crypto crater?
 
Ashwin said:
Oh sure, Indian roads are unsafe because we can't enforce traffic rules, and ban all vehicles. Li-ion batteries are not safe so ban EV vehicles.Black money exists so ban currency. Oh, wait we already did that!.

No shortage of retarded ideas in this country.
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you sound too salty :ROFLMAO: . but as expected no solutions, you should contest next elections.

retarded ideas ? talk to el salvador they will tell you whats happening.
slate.com

Can El Salvador Save Its Risky Bitcoin Gamble?

Anna-Cat Brigida on the risks behind El Salvador’s Bitcoin law.
slate.com slate.com
A Person said:
It's ban galore!
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correction bengaluru, some bans are good. It wont take much time for a morally bankrupt country to become financially bankrupt with such impractical ideas.
 
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