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From the article, it seems like I didn't really understand the implications of Modi's actions to invalidate so much hard currency. Could someone familiar with the matter talk more about what the days/weeks following Modi's announcement looked like for the every day Indian?
They can't even complain...like calling the cops because someone robbed your cocaine stash* (* for those that didn't read the article: India banned large bills, say, their $100 bills. People had x months to turn it in to exchange with smaller bills. But you had to explain how you got that much money and why didn't declare it to the taxman. So quite a few turned to Bitcoin etc.)
Everyone should watch the bitconnect crazy guy high on pyramid scheme premises: https://www.youtube.com/watch?v=21kGmCsJ5ZM
From the article, it seems like I didn't really understand the implications of Modi's actions to invalidate so much hard currency. Could someone familiar with the matter talk more about what the days/weeks following Modi's announcement looked like for the every day Indian?
It was utter chaos when this happened. People literally queued up at ATMs for hours and most ATMs would be out of cash. PayTM, now an household name in India for online wallet, turned out to be the biggest beneficiary from the whole fiasco. Black money however lives on.
Everyone should watch the bitconnect crazy guy high on pyramid scheme premises: https://www.youtube.com/watch?v=21kGmCsJ5ZM
Earlier quoted context omitted.
Yes, as a Westerner I hadn't even heard of this massive invalidation of 86% of India's cash currency. Pretty dramatic, certainly could have helped the massive crypto price run-up in late 2017. Also helps to demonstrate the value of a currency that can't be manipulated by state actors.
The issue is that non-state actors were hiding money to avoid taxes. I wouldn't label prevention of theft as manipulation.
Taxation is theft.
Earlier quoted context omitted.
Invalidation is manipulation. The goodness of the reasons does not matter. Some people prefer a currency that can not be invalidated (shrunk) or debased (grown)
Wouldn't creation be manipulation too? As in the creation of the genesis block with Bitcoin?
Earlier quoted context omitted.
Yes, as a Westerner I hadn't even heard of this massive invalidation of 86% of India's cash currency. Pretty dramatic, certainly could have helped the massive crypto price run-up in late 2017. Also helps to demonstrate the value of a currency that can't be manipulated by state actors.
> Yes, as a Westerner I hadn't even heard of this massive invalidation of 86% of India's cash currency. Happened on 8th Nov 2016 - the western news cycle was laser focussed around a certain historic election. This wouldn't have hit front page on the 9th, for sure.
Everyone should watch the bitconnect crazy guy high on pyramid scheme premises: https://www.youtube.com/watch?v=21kGmCsJ5ZM
Earlier quoted context omitted.
The issue is that non-state actors were hiding money to avoid taxes. I wouldn't label prevention of theft as manipulation.
> prevention of theft Taxation is theft.
And I'm not sure that your comment adds anything to the discussion here, I would consider elaborating on why you think you should not have to pay taxes after being able to generate wealth using public infrastructure as a foundation.