You can seek to block cryptocurrencies but you can't block decentralised protocols.
P.S: I'm someone important at LongShort.Finance
India seeks to block most cryptocurrencies in new bill, government says
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Re: India seeks to block most cryptocurrencies in new bill, government says
#12Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
>The only points that can be controlled are interfaces with banks.
That's... A big deal?
Re: India seeks to block most cryptocurrencies in new bill, government says
#13Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
Banks can block accounts of centralized exchanges (and have done so in the past when govt asked them to). And once conversion from and to fiat money is disabled, there's very little value left in cryptocurrency.
Unless you want to spend the money abroad.
Re: India seeks to block most cryptocurrencies in new bill, government says
#14Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
If it's illegal to exchange goods or official currency for cryptocurrency in the nation you are in, the usefulness of cryptocurrency is going to be considerably constrained. This depends on how thorough or draconian the state is but a lot of people just shy away from illegal activity without enforcement being that strong. After all, if buy a tangible good, I want legal title to it and having engaged in an illegal transaction to get the stuff makes that less certain.
Re: India seeks to block most cryptocurrencies in new bill, government says
#15Tokens like Bitcoin, Eth, NFTs etc are the only thing one can own in the digital space.
So if a country makes the possession of cryptocurrencies illegal, it makes their people digitally possessionless.
This would cut them off from the next version of the web. Similar to how North Korea cuts of their people from the current web.
So far it seems no country that cuts of their people from the internet has been able to flourish.
Re: India seeks to block most cryptocurrencies in new bill, government says
#16The article seems a little misguided. The news was "private cryptos", not all cryptos.
Re: India seeks to block most cryptocurrencies in new bill, government says
#17This is about the 12th time that India has "banned" cryptocurrencies. Don't believe it...
Re: India seeks to block most cryptocurrencies in new bill, government says
#18Tokens like Bitcoin, Eth, NFTs etc are the only thing one can own in the digital space. So if a country makes the possession of cryptocurrencies illegal, it makes their people digitally possessionless. This would cut them off from the next version of the web. Similar to how North Korea cuts of their people from the current web. So far it seems no country that cuts of their people from the internet has been able to fl…
Why is that a problem? I "possess" nothing in digital space but get much value from it and I posses various things in meat-space that I also get value from.
Moreover, I can spend my conventional money in digital space and get further use from. A "digital possess" seems a thing that doesn't improve the world in a good way.
Re: India seeks to block most cryptocurrencies in new bill, government says
#19Earlier quoted context omitted.
It's not as easy to participate in the informal economy as it used to be. Everything from one's bank to one's mobile number and govt id are linked. If you want to deposit funds in an exchange, you'll need some form of KYC--barring which your bank debit/credit card is linked anyway. The banks, even before the ban (which has yet to come), were keeping track of customers making payments to exchanges. In some cases, they…
Would turning cash into crypto outside of the banking system not be considered money laundering?
Only money acquired through illegal means can be considered laundered.
Re: India seeks to block most cryptocurrencies in new bill, government says
#20Well, they can try, but even with centralized exchanges, a VPN will do. And then there are decentralized protocols. Once you have some of your money in cryptocurrency there's no real way for anyone to stop you from moving your money around however you like. The only points that can be controlled are interfaces with banks.
>The only points that can be controlled are interfaces with banks. That's... A big deal?
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