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

Post by yashg » Wed, Nov 24, 2021, 5:39 AM UTC

cletus wrote: post #51

Crypto is increasingly looking like a Ponzi scheme to me. I know this is going to be an unpopular opinion on HN but it's no less true. The fact is that blockchain solves a problem for almost nobody. The primary use seems to be to avoid real or threatened government intervention. These uses are largely illegal, by definition (eg bypassing capital controls in China). Now you can argue the morality of such laws but that…

Post by dufferzafar » Wed, Nov 24, 2021, 5:50 AM UTC

kamaal wrote: post #213

dufferzafar wrote: post #211

Earlier quoted context omitted.

Hi, I live in Delhi. New Delhi is one of 11 districts in Delhi. Not sure if you meant "look at the roads in New Delhi" in a "derogatory" sense, but I'd just like to say that the roads in New Delhi are some of the best roads here.

>>Not sure if you meant "look at the roads in New Delhi" in a "derogatory" sense I live in Bangalore(Roads here are darn horrible) not Delhi, but instead of looking at this in an "derogatory sense", in all honesty what the person is actually right. In the overwhelming number of issues facing India- Literacy rates, hunger, infrastructure, social crises, is crypto the biggest issue facing India?

Post by lottin » Wed, Nov 24, 2021, 6:18 AM UTC

betwixthewires wrote: post #125

lottin wrote: post #97

Earlier quoted context omitted.

> You transfer crypto to my wallet then I, in return, donate my house to you. How would that work? Can't you just not donate the house, after they have given you their crypto?

Well obviously there's going to be a level of trust seeing as recourse is narrower, just like any black market transaction. Maybe even some possibility of extralegal recourse. But people can and therefore will do it.

Post by aeternum » Wed, Nov 24, 2021, 7:11 AM UTC

0xB31B1B wrote: post #151

csomar wrote: post #144

The discussions around crypto here kind of proves that you cannot use popular opinion in HN to predict the future. People were very negative (and still are) about crypto. Market cap kept proving them wrong year after year and we are here with around $2.6 Trillion and yet people here still think crypto is going to die. It's interesting because in startups, you learn from the first day that you should listen to custome…

marketcaps in crypto mean nothing. The universe is full of wash sales, there is not 2.6T of liquidity, a ton of volume is insanely leveraged and amplified through defi pools, and looking at a transaction volume adjusted view of the world, like 99.9% of transactions are valueless gambling OR money laundering. Lets see what happens after the run on tether happens, then we can talk about what the crypto world looks like…

Post by TheProbes » Wed, Nov 24, 2021, 7:53 AM UTC

Zamicol wrote: post #180

abduhl wrote: post #165

Earlier quoted context omitted.

You're missing the point. It doesn't matter what the technology can do. There is a system that currently exists, and that system will protect itself through regulation. Cryptocurrencies will come within the fold or they will be outlawed. It is irrelevant what is technologically feasible. Governments and state actors don't exist in stasis, any advance in technology will be met with an appropriate response even if that…

>Cryptocurrency fanatics I am a person with nuanced thoughts and opinions, unique and diverse from the rest of the world. >cryptocurrency Let's not confuse zk proofs with cryptocurrency. Powerful, non-cryptocurrency systems that use zk proofs are coming. Alone their power is something we must reconcile, even before combined with distributed, autonomous systems. And that's my point. ZK proofs are astoundingly powerful…