Earlier quoted context omitted.
Not really, nobody buys a house in the black market.
In India the vast majority of property transfers are off book.
I thought so. Some commentators here are a bit dislocated from regional realities.
India seeks to block most cryptocurrencies in new bill, government says
241–244 of 244 posts
Re: India seeks to block most cryptocurrencies in new bill, government says
#242Earlier quoted context omitted.
>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 o…
Forgive me for being skeptical, but I’ve never seen Bitcoin used as a medium of exchange. You could argue it’s a store of value, but that’s also contentious. In the last year, it’s back to its original price. So much for being an inflation hedge.
>In the last year, it’s back to its original price.
Ignoring the 6,000,000x return over the last 12 years to make a point about it being flat in the short term? Not a great counter attempt.
Re: India seeks to block most cryptocurrencies in new bill, government says
#243Earlier quoted context omitted.
If you follow the Ethereum core developers on Twitter you can track the progress. Current status is (1) people have locked ~$30-40B worth of Ethereum into the proof of stake chain, money which can't be retrieved until the merge (2) the Ethereum team has a merged testnet running on which all the different client developer teams are participating. They're just hunting for edge case bugs now, too much money at stake to…
This is a part of crypto I do not fully grasp. How much power do the developers vs the miners have over the direction of the project? What happens if the devs go crazy and decide to eg. Ban transactions smaller than $1M worth of coins in code. Someone made the point the other day that miners might not fancy this PoS change because they’re heavily invested in equipment.
Miners have some power in PoW chains. If a chain wants to move to PoS, miners have zero power. Ethereum's "The Merge" plan is a great example. EIP-1559 was meant to reduce miners' profits, and miners was not happy about the prospect. They've attempted to organize to demonstrate that they also have something to say in the discussion. Buterin has come out with a blogpost detailing how the chain can move to PoS way sooner than initially planned. Plan involves ways of making sure that miners can't do nothing to prevent the transition.
Re: India seeks to block most cryptocurrencies in new bill, government says
#244Earlier quoted context omitted.
You don't need to launder money through GBTC to get exposure to the assets that money launderers use (BTC) to launder money and reap the upside of a growth market in cryptocurrency based moneylaundering. its a smart play tbh, but the 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers.
> 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers You still need to prove that though.
No, you need to prove the off chain economic use cases. The well known use cases are all illicit.