More of a reason for Polygon to go succeed with their zk plans.
India seeks to block most cryptocurrencies in new bill, government says
31–40 of 244 posts
Re: India seeks to block most cryptocurrencies in new bill, government says
#32This is about the 12th time that India has "banned" cryptocurrencies. Don't believe it...
Crypto industry must not be contributing enough to politicians, like they seem to do in the US.
Re: India seeks to block most cryptocurrencies in new bill, government says
#33Well, 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.
> Once you have some of your money in cryptocurrency
That is a pretty big condition. Most of the people who buy crypto wants to buy from some trustworthy site, and if that is stopped there will be effectively zero new crypto being brought inside the country. Also no one knows how much hassle will it be to convert it into money in bank, this is likely to stop almost all trades.
Re: India seeks to block most cryptocurrencies in new bill, government says
#34You can seek to block cryptocurrencies but you can't block decentralised protocols. P.S: I'm someone important at LongShort.Finance
> P.S: I'm someone important at LongShort.Finance
What a peculiar addition to your comment.
Re: India seeks to block most cryptocurrencies in new bill, government says
#35You can seek to block cryptocurrencies but you can't block decentralised protocols. P.S: I'm someone important at LongShort.Finance
> someone important
Everyone here is important.
Re: India seeks to block most cryptocurrencies in new bill, government says
#36Earlier quoted context omitted.
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 tra…
That is why drugs and other illegal things are so cheap, right?
I think they're expensive exactly for that reason - people have to factor in the risk that someone would be totally legally justified to come and take all their stuff tomorrow. Those are also actual products with a true value to people - not a currency
Re: India seeks to block most cryptocurrencies in new bill, government says
#37Tokens 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…
Bitcoin is not a token.
Re: India seeks to block most cryptocurrencies in new bill, government says
#38Tokens 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…
All ownership (digital or not) is nothing but a social contract. The cryptocurrency (or normal currency) exists because enough people agree to recognise it. You can buy and own a domain name. If trust in DNS is violated, we'll have much bigger problems.
Owning a token means you can perform certain actions on a distributed system. No social contract needed. You own the token by owning a secret key which gives you the power to move it.
It's like owning a key to a door. It gives you the power to lock and unlock the door. No social contract needed.
You can not own a domain. You can only pay a registrar to have them talk to a registry. You then are at the mercy of both. Use the HN search tool to read an endless amount of horror stories of people who lost domains and sometimes decades of work because of this.
Re: India seeks to block most cryptocurrencies in new bill, government says
#39People are pretty arrogant around here, but we're reaching the next phase of crypto: Government Competition. The current crypto ecosystem is probably allowed so the tech can flesh out organically, then the best bits and bobbles will be plucked for inclusion in official government-approved currency. What State wants to be the guinia pig for any of this stuff - your whole country could collapse. Let people figure it out and give them all the risk, the State can take over later.
Other coins will be considered exclusive pathways for money laundering and will be nerfed like bearer-bonds or precious metals are in the US.
There's no actual resource - violent or material - that backs any crypto. The only backing is it's novelty. Once the novelty is copied by the State, it will be rubbed out IMHO.
Re: India seeks to block most cryptocurrencies in new bill, government says
#40Earlier quoted context omitted.
How are you supposed to turn the coins into FIAT where it's actually usable? At that point, you cannot move your money around however you like, you can only move the tokens around on the blockchain.
Worst case is to buy some physical goods and sell it. A bit cumbersome, but not impossible.
In this case, no legitimate seller would be allowed to sell you physical goods for cryptocurrencies - you'd have to buy some physical goods abroad and then import them or the money (India does not have free movement of capital across the border).