good thing, please ban it. It is just another new substitute for hawala.
With that logic we should have banned internet.good thing, please ban it. It is just another new substitute for hawala.
Politicians and Businesses are already using them to hide their black money.good thing, please ban it. It is just another new substitute for hawala.
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.With that logic we should have banned internet.
Only someone who has no idea about crypto would act like this.
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.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.
Now explain yourself. How exactly is "not advantageous to India right now" but ok for everyone else?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.
"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."not advantageous to India right now" but ok for everyone else?
Crypto does not change anything here. Traceability and proving who did what with it will be transparent and easy to establish."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.
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.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.
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.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:
Ethereum Transaction Hash (Txhash) Details | Etherscan
Ethereum (ETH) detailed transaction info for txhash 0xc871e9c010988be2c50475ecf080e6bc605b5d27766f9451fc556a650353456d. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.etherscan.io
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.
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.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:
Ethereum Transaction Hash (Txhash) Details | Etherscan
Ethereum (ETH) detailed transaction info for txhash 0xc871e9c010988be2c50475ecf080e6bc605b5d27766f9451fc556a650353456d. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.etherscan.io
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.
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.
195 out of 195 countries use Fiat, why do you think it just kills GoI?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.
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.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".
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.There's proof of stake to deal with that.
They all work on the same principle. Bitcoin, Ethereum, and the countless other copycats.You are confusing bitcoin with crypto.
Looks like preparation of Anarchists Universe.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.
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.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.
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.They all work on the same principle. Bitcoin, Ethereum, and the countless other copycats.