[SmartCat]

Originally Posted by Abbas

Is it possible that the trade is never taking place?
Is it possible that the exchange is only showing the LTP & Charts (pulling data from another source and marking up 10 %) on their screens and doing just "Dabba" Trading?

That is unlikely. I'm pretty sure many traders withdraw cryptos from Indian exchange into their wallets. That wouldn't be possible if it was just 'dabba trading'. But yeah - since there is no regulatory oversight, exchanges can get away with outright fraud.

WazirX lists Shiba Inu coin in India at higher than actual price, blames it on misconfiguration
https://www.indiatoday.in/technology...429-2021-05-14

[Abbas]

Originally Posted by SmartCat

That is unlikely. I'm pretty sure many traders withdraw cryptos from Indian exchange into their wallets. [/url]

These wallets which are offline right? With a public and private key?

[Sahil]

Originally Posted by SmartCat

That 10% is making and wastage charges
.

Thanks for the explanation
So what’s the way for someone starting up now? Considering binance or wazirX or CoinDCX. In case of binance you have to deposit in dollars so you lose some transaction fee while in coindcx your price itself is 10% higher.

Also from legality stand point for Indians is there a difference or preference ?

[SmartCat]

Originally Posted by Sahil

So what’s the way for someone starting up now? Considering binance or wazirX or CoinDCX. In case of binance you have to deposit in dollars so you lose some transaction fee while in coindcx your price itself is 10% higher. Also from legality stand point for Indians is there a difference or preference ?

As mentioned in the previous post, your only option is to trade from Indian exchanges and accept the 10% premium. As long as the premium stays, it should not matter to you.

Yes, you can buy cryptos using credit card on Binance but it is against RBI/Banking regulations. If your bank finds out about this, your card will be blocked.

[Samurai]

Originally Posted by SmartCat

- Indian guy transfers the cryptos from his wallet to an Indian crypto exchange and sells it for $110,000.

How is this even allowed? How is the Indian resident going to explain the appearance of $100000 worth of crypto in his wallet?

[SmartCat]

Originally Posted by Samurai

How is this even allowed?

It is illegal (money laundering). It is not "allowed".

How is the Indian resident going to explain the appearance of $100000 worth of crypto in his wallet?

Explain to whom? Who is looking into this? Income tax dept? SEBI? Unless crypto-specific laws are formed, Govt agencies with investigative powers won't do much. RBI is not an investigating agency. However, ED probably has the powers to investigate because it is violation of FEMA/PMLA. It is likely that crypto "importers" transact in small amounts to fly under ED's radar. Lots of things happening in the background though:

Banks Are Already Cracking Down on Crypto, Indian Traders Say - Indian crypto traders are receiving account closure notes from banks and exchanges see issues with bank transfers
https://www.coindesk.com/indian-bank...tile-to-crypto

[Sahil]

Originally Posted by SmartCat

As mentioned in the previous post, your only option is to trade from Indian exchanges and accept the 10% premium. As long as the premium stays, it should not matter to you.
.

Tried to deposit funds into WazirX after doing the KYC but seems like they have some banking issue. Any work around this? Anyone been able to add funds in their wazirX account?
CoinDCX seems to have a tie up with mobikwik wallet so refilling deposit via that is the only option
Are there any other apps on could try

Bitcoin is crashing hard. Doge and Ether went up like crazy but minor correction happened there too. All this is thanks to the Harshad Mehta of Cryto- Elon Musk.
How does one decide what to bet on in such times?
Wish there was a good PMS company/person for crypto

[Samurai]

Originally Posted by Sahil

Bitcoin is crashing hard. Doge and Ether went up like crazy but minor correction happened there too.

Hmm, time to check the balance sheet and other fundamentals of these coins... wait! They don't have any.

Originally Posted by Sahil

All this is thanks to the Harshad Mehta of Cryto- Elon Musk.

Damn, if Musk was in India, our government would have taken swift action. Something like, arrest Musk and seize all his assets. Like they did to Harshad Mehta. In their little mind, that solves all problems.

[SmartCat]

Originally Posted by Sahil

Tried to deposit funds into WazirX after doing the KYC but seems like they have some banking issue. Any work around this? Anyone been able to add funds in their wazirX account? CoinDCX seems to have a tie up with mobikwik wallet so refilling deposit via that is the only option. Are there any other apps on could try

Check the link in previous post. Banks are trying to pull the plug. When that happens, crypto exchanges will run around and tie-up with another bank for payments. So it will take time. On a crypto Whatsapp group I'm part of, some (but not all) are able to transfer using UPI.

How does one decide what to bet on in such times? Wish there was a good PMS company/person for crypto

I'm just a keen watcher of crypto markets, not a participant. But people I know seem to be using sophisticated techniques like this to pick the right crypto:



However, since crypto markets have gone mainstream, lots of research reports are being put out by analysts. Google "cryptoname research report". Also, bookmark this link - seems to have many research reports:
https://www.coindesk.com/research

[Rehaan]

Originally Posted by Sahil

price itself is 10% higher.

Honestly these rates change depending on the amount of demand, and also between provider to provider, and day to day.

You can consider buying INR > BTC or INR > USDT > BTC
(or any coin the Indian exchange offers)

But remember to do the full math and see which makes the most sense. It's a pain.

More than optimizing on the rate, you'll probably get the most benefit from having your funds ready in INR on the Indian exchange, and then timing your buy (either for a good BTC rate, or a good USDT rate if BTC is still at the top of a wave).

Originally Posted by Sahil

Are there any other apps on could try

- WazirX
- UnoCoin
- Zebpay

You'll have to wait for 24 hours for your bank to add the beneficiary (as is normally the case), so suggest you get that process started while waiting for your KYC to be completed.

Use IMPS to transfer (rather than NEFT), at least on UnoCoin that queue seems to be processed faster from what I can tell. Note they also have different account numbers for NEFT & IMPS!

Originally Posted by Sahil

All this is thanks to the Harshad Mehta of Cryto- Elon Musk.

Originally Posted by Sahil

How does one decide what to bet on in such times?

Many schools of thought. You could pick the coin that dropped the most, hoping that it will recover to the same level.

Or you could pick the coin that shows the most strength... but then again no guarantee it will pump after BTC stabilizes.

Ideally just pick something with good fundamentals & use cases, and it might not be the "in thing" at the moment, but its time will come. (eg. MATIC right now)

If you're going into ALTs, it's better to spread your 'investment' over multiple coins.


You're certainly right that if you're a believer that this bull run isn't over, now is a great time to buy.

[Samurai]

$32 Million Stolen As Crypto Project DeFi100 Pulls The Rug

Hours ago, a not-so-classy message greeted visitors to the DeFi100.org website telling investors they’d been fooled and “you can’t do [the slightest thing] about it.”

https://finance.yahoo.com/news/peopl...231952405.html

[vamsi.kona]

Paul Krugman, an economist who is a recipient of Nobel price, recently wrote a small article about the ongoing Crypto Currencies. The gist is he doesn't see what Crypto currencies are trying to solve, but at the same time believes, one or two currencies may remain in trade for longer periods. This is specifically in relation to blockchain used as a currency.

Paul Krugman on Crypto Currencies
--------------------------------------------------------------------------------
Excerpts:

"But I’ve been in numerous meetings with enthusiasts for cryptocurrency and/or blockchain, the concept that underlies it. In such meetings I and others always ask, as politely as we can: “What problem does this technology solve? What does it do that other, much cheaper and easier-to-use technologies can’t do just as well or better?” I still haven’t heard a clear answer."

"Given all this, are cryptocurrencies headed for a crash sometime soon? Not necessarily. One fact that gives even crypto skeptics like me pause is the durability of gold as a highly valued asset. Gold, after all, suffers from pretty much the same problems as Bitcoin. People may think of it as money, but it lacks any attributes of a useful currency: You can’t actually use it to make transactions — try buying a new car with gold ingots — and its purchasing power has been extremely unstable."

--------------------------------------------------------------------------------

One thing I slightly differ with him is with relation to gold. Gold, while obviously not a currency, has a vibrant market where you can readily exchange it for a Fiat Currency and it is a physical asset with limited supply.

To be clear, I do think Blockchain technology has its uses in other fields such as Land and Property dealings etc, just not as a currency.

[SmartCat]

Originally Posted by vamsi.kona

One thing I slightly differ with him is with relation to gold. Gold, while obviously not a currency, has a vibrant market where you can readily exchange it for a Fiat Currency and it is a physical asset with limited supply.To be clear, I do think Blockchain technology has its uses in other fields such as Land and Property dealings etc, just not as a currency.

Paul Krugman is still regurgitating the 5 year old argument that cryptocurrencies are not being used as a currency. And he is also regurgitating the 50 year old argument that "gold has no value" because it is a terrible currency.

But things have moved on.

Gold is recognized as an ASSET by everybody. Even in the United States, you can walk into a pawn shop and get USD for your Gold. And now, cryptocurrencies are being recognized as an ASSET by the Wall Street/ financial media. There simply isn't a need for either gold or cryptocurrencies to be used for "purchasing" something directly.

As with any asset (including gold, land or stocks), the value is derived from supply and demand. For eg: A piece of land in middle of Thar desert has not much value, because there is no demand for it. A food delivery startup that loses Rs. 1,000 cr a year is extremely valuable, simply because there is demand for such a stock. Ditto with cryptocurrencies now. It does nothing, sure. But it has value simply because there are some people who believe that it is valuable. As long as there is demand for it, the value will hold. Else, it can go to zero. And cryptocurrencies cannot be compared to "Dutch Tulip Bulb" bubble because cryptocurrencies have certain qualities that no asset has:

- Has qualities of both currency and stock.
- Can be used to transfer wealth from one country to another. You can't do that with land or stocks. Gold can do it, but it is bulky and there are regulations.

Sure, banking channels can be used to transfer wealth (after selling assets) from one country to another - but many countries have restrictions. Now, its OK if nobody is using cryptocurrencies to transfer wealth. As long as it has such a capability, it will have a certain value.

[AZT]

This is a great article from Jan - one of the most detailed articles I've read on the subject

https://crypto-anonymous-2021.medium...e-f8dcf78a64d3

[speedfreak01]

Is WazirX a safe platform to trade crypto ? Just got my KYC and bank account verified today. Reviews are very mixed online, just wondering whether I should go ahead with the transaction