[Fuldagap]

Originally Posted by IamNikhil

Government is going all guns blazing against Crypto.

With all due respect to anyone concerned, ani or the fm just blabber out whatever makes news. The question ought to be about cryptos in totality not just Bitcoin. Nobody in the country or the govt is contemplating Bitcoin or other cryptos to be legal tender. This piece of headline is there to just make news and waste time of public along with innocent people who will lose money based on this headline.
People in the govt don't understand cryptos like it is the case with most people.
The technology, exchanges, wallets, means to trade/invest, pricing, volatility, actual use case etc is not a cup of tea for everyone, especially the fm.

If they don't ban it, there is no way they can stop cryptos being used as indirect legal tender. Then it doesn't matter whether they recognise cryptos as legal tender or not.

[rajesh1868]

https://twitter.com/CNBCTV18News/sta...56156964605955

#Omicron cryptocurrency surges 900% after a new #COVID variant emerges with same name.

[Electromotive]

EU's draft proposal on crypto regulation. Link

[Samurai]

Originally Posted by rajesh1868

https://twitter.com/CNBCTV18News/sta...56156964605955

Perfectly logical in the upside down world of cryptocurrency.

MLM companies like Amway, Herbalife, Avon, etc., must be really scratching their head about why they didn't come up with this concept. They were in the ponzi scam business many decades earlier, yet they were making and selling real products. But with crypto, no product is required. Just sell ownership to bunch of numbers and get rich very very fast.

[alpha1]

Originally Posted by Gansan

Not yet. I too am looking for pointers.

Meanwhile, a few days ago my two wheeler mechanic came to see me saying one friend has started a "business" in which he got the oppurtunity to "invest", and wanted me to join as his downline! He said the friend will call on me but I declined. Then he sent me a link of the "business" by Whatsapp and it was the Youtube link of a crypto called Valubit coin, which seems to operate on a MLM concept! Each one who joins has to recruit five people!

That is how far the craze has spread!

"Taxi drivers told you what to buy. The shoeshine boy could give you a summary of the day's financial news as he worked with rag and polish. An old beggar who regularly patrolled the street in front of my office now gave me tips and, I suppose, spent the money I and others gave him in the market. My cook had a brokerage account and followed the ticker closely. Her paper profits were quickly blown away in the gale of 1929."

The above was with respect to an established market (NYSE) transacting in established products and instruments (shares/stocks) - where the valuation can be grounded with respect to potential earnings.

However, the only reason why Crypto currency value is going up is because more and more people are joining in. There is no other reason.
In agreement with Electromotive, that should not stop us trying to "time the market" and make money. However, the risks are very great and very real. The crypto market may suddenly drop as I am typing this - are you (as a speculator) game for it?

[SilentEngine]

Originally Posted by Fuldagap

Sandbox have started Sandbox Alpha yesterday. Interesting event to checkout the Sandbox game.
For the uninitiated it is a metaverse in itself, yet to see full life. One can go and play in Sandbox, which has virtual land and opportunities for creators to build anything they want. All this while you monetise your stuff and earn in the currency called Mana which can, like other cryptos, be converted to fiats.
Many top notch IT giants are already land owners in Sandbox. The event, Sandbox Alpha, has sent prices of Mana soaring.

Interesting! Monetizing in-game currency to real money isn't exactly a new concept. SecondLife had it (from 2000's) and probably others too. If unrelated games start using a common token for interoperability, it makes an interesting use-case.

[girishv]

Just to give the glimpses of dangers lurking behind crypto currency

Telangana 36 year old dies by suicide after losing rs 70 lakh in cryptocurrency

[Fuldagap]

Originally Posted by girishv

Just to give the glimpses of dangers lurking behind crypto currency

Telangana 36 year old dies by suicide after losing rs 70 lakh in cryptocurrency

The incident is tragic to say the least.

Suicides happen in agriculture sector, traders commit suicide after going bankrupt. People take loans being greedy or needy and then don't find courage when it's time to face the music. In rural areas it is still common being stuck with illegitimate money lenders and then suicides happen. Some are trapped by their circumstances, others by greed.
Suicides also happen a lot all the time in the banking sector, in the army and the para militaries owing to various reasons. The numbers are also not to be easily ignored either. Point being, media makes a suicide see mainstream light when it is in their interest, other suicides just go unnoticed.

Some smart kids took small loans from their own parents and setup cryptos in their own homes, earned so handsomely in the last 1 or 2 years that not only they repayed their loans but also pocketed a lot while learning what it is all about along the way. The same kids along with the said parents could end up like the Telangana man if sanity doesn't prevail.

Cryptos or not, loan sharks can make life hell for anybody like they did in this particular case, confiscating his car, making him sign cheques and we don't know what sort of mental pressure.

[Jaguar]

Originally Posted by girishv

Just to give the glimpses of dangers lurking behind crypto currency

Telangana 36 year old dies by suicide after losing rs 70 lakh in cryptocurrency

This is not a crypto issue. He invested the money that he didn't have and lost. Replace crypto with share market, business venture, or anything, and the outcome would have been the same.

[mayukh42]

Originally Posted by SilentEngine

SecondLife had it (from 2000's) and probably others too

I too remember Second Life from 2000s. It was a promise of utopia in gaming world, but looks like people did not find enough time in their First Life to put into the Second

There are more - Earth 2 and Mars. Youtubers SidAlpha and Upper Echelon Gamers have covered them well.

The question is though - why would (virtual) land prices be coveted in one parallel metaverse and not the others? They are all virtual after all.

[Electromotive]

Originally Posted by girishv

Telangana 36 year old dies by suicide after losing rs 70 lakh in cryptocurrency

From the article:

They initially invested Rs 10 lakh and after getting some good returns increased the investments but suffered huge losses. He had reportedly lost Rs 70 lakh, which he had raised through loans.

Classic ponzi/pyramid trap, or even a casino for that matter. Play long enough and the house ALWAYS wins.

The article doesn't mention whether they traded on a genuine platform or were being scammed. People never learn, there is no way to get-rich-quick. Crypto chit funds anyone?

[Gansan]

Originally Posted by Fuldagap

Many top notch IT giants are already land owners in Sandbox. The event, Sandbox Alpha, has sent prices of Mana soaring.

Care to elaborate on this part? Does that mean companies like TCS, Infosys and Wipro have invested in this virtual land? How will they show it in their balance sheets?

[Fuldagap]

Originally Posted by Gansan

Care to elaborate on this part? Does that mean companies like TCS, Infosys and Wipro have invested in this virtual land? How will they show it in their balance sheets?

You can go to the Sandbox website. Click on 'buy land'. That would redirect you to opensea.io. Then you can see a map of the virtual land and see which all brands or companies have bought there. I remember one name, Atari, because they have a big plot coloured in red. Land is almost sold out as per my knowledge. I may be wrong though.
Also, this is just one game or one virtual world or one metaverse. There are many like Sandbox. One of the other major ones being Decentraland.

Yet to see any big Indian name associated with the space.

On the balance sheet, it might be akin to buying crypto currencies/tokens/nfts (= no idea).

[Electromotive]

Newegg to Accept Shiba Inu (SHIB) Cryptocurrency as a Form of Payment on Newegg.com in Time for the Holidays. Link



Valve and Tesla both tried crypto payments and stopped real quick, let's see how this plays out.

[Gansan]

Originally Posted by Fuldagap

You can go to the Sandbox website. Click on 'buy land'.

I am unable to register there. It wants me to attach a crypto wallet, I don't have one.