How to Lose $3B of Bitcoin in India

And then after all of this - we gave out massive loan waivers to farmers yet again.

So back to square one I suppose?

What change has happened in the Real estate market? The big builders are continuing to sell their inventories as they were doing before with cheques and RTGS transactions.

People still continue pay bribes to registration offices.

In fact plots around vicinity of Bangalore are still going like hot cakes.

If you are fed up about property rates, then there is going to be no relief there. People are coming to cities for jobs through flood gates, and demand is far higher than supply. Every year one crore babies are born in India, and all of them need homes to stay 20 years from now, this is year after year, every single year.

When the demand is this high, how do you expect prices to not go up?

>>Even if it dents the black economy for 5 years

It didn't anything even for 5 minutes.

Only thing it achieved is slowed economic growth.

>>We'll take more such actions when needed.

Again, who is this 'we'.

>>vast majority of middle class in india earns less than $4 per day.

That's the poor, and they were worse effected. The unorganized sector where these people are largely employed suffered and many jobs were lost.

>>Yup, they were forced to move it from there in 2016. Some moved it to bitcoin, as described in TFA.

Not even fools keep their money in cash, even in the past. People invest money.

Indian economy didn't exactly come magically into existence in 2016. So please...

>>Bullshit. Electrification and economic reforms can happen simultaneously in the world's seventh largest economy.

You call these 'economic reforms' :)

Great, carry on.

The Delhi-based lobbyist told me a story he had heard from a minister. On 8 November 2016, as Modi prepared to announce his surprise decision to annul all high-denomination bank notes, he gathered his top ministers. After handing each a piece of blank paper, he asked for their opinions on whether he should withdraw all Rs 1,000 notes, all Rs 500 notes, or both. “Jaitley, being the finance minister, said, ‘We can demonetise 1,000-rupee notes but not 500-rupee notes. It will be a big jolt.’ To which Modi, not in jest but sarcasm, said, ‘Are you saying this because lawyers mostly store their money in 500s?’ Rajnath said, ‘Pehle hi kar dena chahiye tha, I am fully supportive of it.’” Venkaiah Naidu, also a cabinet minister, supported the move as well. Then it was Gadkari’s turn. “He said, ‘This problem of black money should be finished once and for all. Demonetise everything from 1,000 to 100. Nobody keeps bundles of 50-rupee notes.’ Modi was taken aback.” When a colleague later asked Gadkari about this, “he said, ‘He had already made up his mind, he was just doing a paper exercise to corner us. So I tried to go one up on him.’

In short it was the Prime ministers personal pet project, done to drain out the cache of money held by opposition parties.

Gone horribly wrong.

Unless satoshi has somehow hidden a large chunk of coins that has never been released somehow (which, would be weird, since as soon as they release it, it would invalidate the current chain!)