You can seek to block cryptocurrencies but you can't block decentralised protocols. P.S: I'm someone important at LongShort.Finance
I'm important, but my importance is fully decentralised. It means almost nothing :)
India seeks to block most cryptocurrencies in new bill, government says
71–80 of 244 posts
Re: India seeks to block most cryptocurrencies in new bill, government says
#72Earlier quoted context omitted.
its not a door. It's a number on a blockchain. It has no inherent value and no inherent function. It's just a number on a blockchain. Everything else is tulipmania.
If digital assets have no value, then you are probably fine with having your hn handle, your bank account and your phone number deleted? The value of digital property is widely accepted for decades now. What crypto adds is that you can hold the key to your property yourself. So others can not move or delete it against your will.
I don't care about hackernews handle at all. Bank account is not a blockchain number, nor is my phone number..
>The value of digital property is widely accepted for decades now.
You're conflating all digital 'property' with blockchain bullshit, and also pretending my bank account is a digital property.
>What crypto adds is that you can hold the key to your property yourself. So others can not move or delete it against your will.
Society need not support your want for crypto, especially where it harms society and reduces its ability to control financial regulation.
Re: India seeks to block most cryptocurrencies in new bill, government says
#73Earlier 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?
Re: India seeks to block most cryptocurrencies in new bill, government says
#74Earlier quoted context omitted.
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).
Just checking possibilities here. Let's say you want to buy my house and I want to sell it to you. We are in India. You transfer crypto to my wallet then I, in return, donate my house to you. Would this donation work on the legal papers today? I suspect that in Brazil, where I live today, it would.
Re: India seeks to block most cryptocurrencies in new bill, government says
#75You 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
So I opened the site and it pretty much only asks me to connect to the wallet. No explanation of what it does, what it’s for etc. which are even standard in scam websites. They sure appears extremely scammy even though it might not be.
Re: India seeks to block most cryptocurrencies in new bill, government says
#76Re: India seeks to block most cryptocurrencies in new bill, government says
#77Earlier 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…
This is an important point - I think a lot of us tech people like to think "no it only exists on the internet the govt can't touch it! It's like international waters!", but then you have countries that can completely restrict or shut down the internet. As long as the infrastructure exists in the real world and is controlled by a govt, then the "imaginary online stuff" is still ultimately under their control. Even in…
Eventually efficient systems will implement zero knowledge proofs. Not necessarily because of "privacy", but because of the efficiency gains of such a system. Privacy is just a bi-product of this information theory reality.
Re: India seeks to block most cryptocurrencies in new bill, government says
#78Crypto 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…
This is really a popular opinion on HN. It is kind of self evident too.
Defi, NFT, Crypto all have Ponzi features. The people who win are early investors and the ones who lose are those who are late to the game. So, we invent "new" schemes like NFT, Defi etc.
There is no product. Nobody uses Defi to "borrow". 99.999% of the people want to put their crypto in and magically get some crazy XY.ABC% APR on their crypto. Everything runs on greater fool theory.
When the bear market hits there will be a lot of bag holders wondering why the hell they paid $10k on a monkey pic with sunglasses and a cigar.
During the euphoria phase people act like they are misunderstood geniuses and people who rightly call this a ponzi scam are those who don't get "it"!
Re: India seeks to block most cryptocurrencies in new bill, government says
#79I'm glad. Bitcoin hasn't done anything good, except become an outlet for criminals, Ponzi schemes, gambling, and poor financial decisions.
Sounds exactly like fiat money...
Re: India seeks to block most cryptocurrencies in new bill, government says
#80Well, 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.
Enforcement doesn't have to be perfect to curtail major usage.