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India seeks to block most cryptocurrencies in new bill, government says

reuters.com

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Re: India seeks to block most cryptocurrencies in new bill, government says

#191

Post by mgh2 »

whb07 wrote: post #187
scottcodie wrote: post #164

Earlier quoted context omitted.

Inflation isn't bad. Most of the world doesn't suffer from hyper-inflation. Decentralized finance doesn't provide a tremendous benefit over a trusted third party. High volatility and high transaction cost makes it a poor choice for a currency. Most of the worlds economy already runs on digital transactions without the need for crypto. There are plenty of reasons why crypto doesn't make sense and it is perfectly ratio…

Tell that to the retiree living on a fixed sum for life. Of course inflation is bad you should see what $100 over 10 years at 2% inflation is. Now try it for 6%+. It’s the reverse compounding for savings people should strive for. Who did you learn your basic economics from?

Why should someone not producing receive income, unless their money is producing value for them?

Re: India seeks to block most cryptocurrencies in new bill, government says

#192

Post by ashwagary »

mise_en_place wrote: post #62
ashwagary wrote: post #47

Earlier quoted context omitted.

Gift cards and p2p exchange for fiat using a dex or another service. As long as there is money to be made, the Indian crypto black market will thrive and grow.

Who exactly will be making money? Bitcoin is already extremely illiquid, regulation like this will make it even more illiquid. What a ludicrous take.

>Who exactly will be making money?

The holders obviously.

Bitcoin allows any Indian with a cellphone to easily exploit global arbitrage opportunities (BTC/INR and */INR to /) , bypass capital controls, and save money in a medium that the Indian government cannot debase. At least a few million people (especially the international traveler class) will find these characteristics extremely valuable whatever the status of local regulation.

Re: India seeks to block most cryptocurrencies in new bill, government says

#193

Post by techdragon »

sofixa wrote: post #172
tastyfreeze wrote: post #166

Earlier quoted context omitted.

Not hyperbolic at all. CBDCs are a permissioned private ledger controlled by the central bank. The central bank controls what addresses are allowed to transact and have access to every transaction. If they dont like what you are spending your money on you are no longer allowed to transact. If they think you have too much money they can just take it. https://youtu.be/UW9LbfuCTP0

How is that in any way different than today's bank accounts, besides removing a largely useless intermediary ( a retail bank)?

Because the majority of people looking at the topic correlate the introduction of any sort of central bank digital currency with the introduction of efforts to curb the use of physical cash. India in particular had a recent change in their legal tender ( https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis... ) which has made some people concerned about these sorts of moves. If you’re willing to suddenly (from the perspective of those aggrieved by the changes ) declare a significant percentage, over 75%, of the banknotes in circulation as soon to be defunct and basically “turn over” your entire currency over like a compost pile in under a year, people get understandably concerned you might just declare cash illegal entirely as the government has established itself as willing to do dramatic things.

Re: India seeks to block most cryptocurrencies in new bill, government says

#194

Post by m-p-3 »

rfd4sgmk8u wrote: post #188
scottcodie wrote: post #164

Earlier quoted context omitted.

Inflation isn't bad. Most of the world doesn't suffer from hyper-inflation. Decentralized finance doesn't provide a tremendous benefit over a trusted third party. High volatility and high transaction cost makes it a poor choice for a currency. Most of the worlds economy already runs on digital transactions without the need for crypto. There are plenty of reasons why crypto doesn't make sense and it is perfectly ratio…

Inflation is bad. Hyperinflation is worse. Reported CPI does not reflect actual inflation. One just needs to look at asset prices, stock prices, etc to see what is happening. You and everyone else is being robbed, every day, and it gets worse... I strongly suggest you look into why people would want "censorship resistant, decentralized, non-state, peer to peer currencies". The existing financial system doesn't make s…

Actually a low and predictable rate of inflation is good for the economy.

https://www.bankofcanada.ca/2020/08/understanding-inflation/

Re: India seeks to block most cryptocurrencies in new bill, government says

#195

Post by jazzyjackson »

betwixthewires wrote: post #121
LegitShady wrote: post #58

Earlier quoted context omitted.

>buy international prepaid cards for legal dervices (bitrefill) within the country, you'd be committing a crime acquiring stuff using crypto. The cards are international but you're committing the act locally. >use p2p local crypto exchanges: localcrypto, localmonero (in some countries this can be 100% anonymous by using the "withdraw from atm with 1 time code" bank services) Will all be banned and illegal services. I…

Your point boils down to "but it will be illegal." The point you're responding to that you missed was "it doesn't matter if it is illegal, people will do it." All of those are just examples of ways to avoid getting caught. They're not solutions to it being illegal, they're solutions to getting caught.

I think there’s a distinction between “people will do it even tho its illegal” and “illegality prevents mass adoption” - the government still achieves its goals if the only opportunities to transact with crypto are mired in legal risk.

Re: India seeks to block most cryptocurrencies in new bill, government says

#196

Post by jazzyjackson »

rfd4sgmk8u wrote: post #188
scottcodie wrote: post #164

Earlier quoted context omitted.

Inflation isn't bad. Most of the world doesn't suffer from hyper-inflation. Decentralized finance doesn't provide a tremendous benefit over a trusted third party. High volatility and high transaction cost makes it a poor choice for a currency. Most of the worlds economy already runs on digital transactions without the need for crypto. There are plenty of reasons why crypto doesn't make sense and it is perfectly ratio…

Inflation is bad. Hyperinflation is worse. Reported CPI does not reflect actual inflation. One just needs to look at asset prices, stock prices, etc to see what is happening. You and everyone else is being robbed, every day, and it gets worse... I strongly suggest you look into why people would want "censorship resistant, decentralized, non-state, peer to peer currencies". The existing financial system doesn't make s…

Inflation is a pressure to spend, people with something to sell enjoy this benefit, everything in moderation.

Re: India seeks to block most cryptocurrencies in new bill, government says

#197

Post by [deleted] »

whb07 wrote: post #187
scottcodie wrote: post #164

Earlier quoted context omitted.

Inflation isn't bad. Most of the world doesn't suffer from hyper-inflation. Decentralized finance doesn't provide a tremendous benefit over a trusted third party. High volatility and high transaction cost makes it a poor choice for a currency. Most of the worlds economy already runs on digital transactions without the need for crypto. There are plenty of reasons why crypto doesn't make sense and it is perfectly ratio…

Tell that to the retiree living on a fixed sum for life. Of course inflation is bad you should see what $100 over 10 years at 2% inflation is. Now try it for 6%+. It’s the reverse compounding for savings people should strive for. Who did you learn your basic economics from?

[deleted]

Re: India seeks to block most cryptocurrencies in new bill, government says

#198

Post by scottcodie »

whb07 wrote: post #187
scottcodie wrote: post #164

Earlier quoted context omitted.

Inflation isn't bad. Most of the world doesn't suffer from hyper-inflation. Decentralized finance doesn't provide a tremendous benefit over a trusted third party. High volatility and high transaction cost makes it a poor choice for a currency. Most of the worlds economy already runs on digital transactions without the need for crypto. There are plenty of reasons why crypto doesn't make sense and it is perfectly ratio…

Tell that to the retiree living on a fixed sum for life. Of course inflation is bad you should see what $100 over 10 years at 2% inflation is. Now try it for 6%+. It’s the reverse compounding for savings people should strive for. Who did you learn your basic economics from?

To your example, imagine what would happen if every retiree hoarded their money under their mattress instead of allowing capital to be reinvested. Inflation is an incentive to keep money moving. Generally, we can't keep prices at a perfect equilibrium with economic growth & deflation is much more dangerous than inflation (think about holding debt and expectation of capital returns). Also, social security in the US adjusts for inflation so a retiree will see more money as time goes on.

Re: India seeks to block most cryptocurrencies in new bill, government says

#199

Post by MonkeyClub »

spiralx wrote: post #190
rip_netrunner wrote: post #176

Earlier quoted context omitted.

A cursory google search on your part would have easily turned up web pages like these from the central bank of Canada: https://www.bankofcanada.ca/2020/02/contingency-planning-cen... https://www.bankofcanada.ca/research/digital-currencies-and-...

Yes, I'm aware that they're an area of research in many countries, I was talking about actual projects that represent the "endgame of tyranny" as described above. The paper you've linked to talks about privacy and universal accessibility as core goals and I'm not sure whereabouts in this overview the tyranny is outlined - I'm sure you've read it and can point it out?

The issue is with accessibility, and raised by people who inherently mistrust the state, as the state can sort of cancel your participation in society if they so wish by revoking whatever authentication (digital ID) it has issued you to enable accessibility in the first place.

Now, why the state would do that, or why anyone would inherently mistrust the state, are open to discussion.

Re: India seeks to block most cryptocurrencies in new bill, government says

#200

Post by MonkeyClub »

spiralx wrote: post #170
csomar wrote: post #150

Earlier quoted context omitted.

You can't ban someone from owning or using cash. But you can do so with a CBDC.

As far as I'm aware CBDCs are a largely theoretical concept right now, do you have any links to an implementation such as you're describing?

https://www.ecb.europa.eu/paym/digital_euro/html/index.en.ht...
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