[Ford5]

Bitmex has taken up the world's most costly real estate in HK. Since it's non convertible to fiat currency, cash out will only in terms of physical products, provided you don't get ripped off on a fat processing fee and the value of the physical good meets the cost of coin for it... which is usually not the case, except payments for good food maybe.

[Thad E Ginathom]

Originally Posted by ThatRaptorGuy

... ... ... Fiat currencies(INR,USD etc) are bound to collapse, its just a matter of time. Just curious as to how the government plans on easing up its adoption.

Whence your confidence that, in that event, cryptocurrency would survive?

If you believe that international currency collapse is in our near future, then perhaps you should consider the way of those who I think, In America, are called survivalists? Sharp hunting tools, a garden full of goats and vegetables (oh, wait: an impossible combination!) and great gardening skills will keep you going far longer than a fistful of cryptocurrency.

[SmartCat]

Originally Posted by Thad E Ginathom

If you believe that international currency collapse is in our near future, then perhaps you should consider the way of those who I think, In America, are called survivalists? Sharp hunting tools, a garden full of goats and vegetables (oh, wait: an impossible combination!) and great gardening skills will keep you going far longer than a fistful of cryptocurrency.

They are called PREPPERS. And they have their own little clubs, websites, forums, meets where they discuss how to survive all sorts of doomsday scenarios

Eg: https://www.practicalpreppers.com/

[Thad E Ginathom]

Forty-five years ago in London...

We always had a good supply of rice, grains, etc, in the house, as we expected social collapse. Somehow though, I don't think we thought about what to cook it with when the gas supply stopped. There are parallels with that kind of short-sighted thinking in the enthusiasm for cryptocurrency for survival.

Today, I think I'll start collecting and hoarding cowry shells.

[V.Narayan]

For the Crypto flag bearers - an honest sincere question. Have any of you, yes you not your friends but you earned real gains of $50,000 or more through trading on crypto's. By earned I mean in real currency not in a block chain ledger. Don't worry I'm not from the tax man's den. Just curious. For me that's the final pudding & proof.

[Thad E Ginathom]

I was impressed enough by the very considerable amount made by a friend to give it a go.

But I never got around to it.

[Ford5]

Bitconnect took down the whole eco system back to it's average asset value of $5,000, instead of the sky rocketing ponzy which took it to $19k in 9 months. Round about 4,000 Crore was wiped off from all India Bitconnect dealers/exchanges. Gujarat has a fascinating story wherein a cop turned lalchi (greedy), and started blackmailing the accused into giving up whatever coin's he scammed from the original complainant. For the bad luck of the cop, the complainant was a ruling party ideologue and now even the high office's in delhi are abuzz with this discussion.

Whoever has the wits to trust an exchange in India with their coins since it's all underground and shadowy now post the RBI announcement and blocking of credit cards worldwide to pay for bitcoins, is surely in the game because they can afford to lose a few lakhs in lieu of a crores when the going get's strong for altcoins/bitcoin's again. I think it won't rally this year end like last year as ponzy's have come under the scrutiny of world wide agencies.

As regards, Fiat's collapsing... since 1971 & everything from then on is a cycle of boom and bust and recovery loan, and further loan's taken to pay for the existing loan to be paid back & easing and doubling down on interest rates when a banking system is flush with funds. Nothing new here to see. China holds the world's largest $ reserves, and can put the dollar in a tough position if they dump all of it (worthless) in the international markets. As long as the $ exists, every fake printed currency world wide will exist. The dollar will not collapse because to buy and pay for an international good, the $ is used and also to buy an alternate basket, the US$ itself is used. The more dollars, the more stronger the fake fiat money gets, which by the way all of humanity has survived on since 1971, except Mongolia and Lebanon, which still has a high ratio of gold/precious metal as basis for their local currency issued by their reserve banks. China is also parallelly stacking up the world's largest gold reserve, in China itself, as a hedge for their mighty worthless US dollar's in hold and also to issue their Chinese Yuan's down the line.

[ragh_bhushan]

Originally Posted by V.Narayan

For the Crypto flag bearers - an honest sincere question. Have any of you, yes you not your friends but you earned real gains of $50,000 or more through trading on crypto's. By earned I mean in real currency not in a block chain ledger. Don't worry I'm not from the tax man's den. Just curious. For me that's the final pudding & proof.

I have been trading Bitcoin derivatives for sometime now and have made a small fortune doing so. Both in terms of Bitcoins as well as fiat (INR). Only reason I like trading Bitcoin is because of its high volatility. I also hold most of my assets in Bitcoins but I do convert to INR as per need since as of now the adoption hasn't happened and I cannot use Bitcoins to buy or sell stuff. However I do accept payments in Bitcoins.

I do not trade or own anything other than Bitcoin. Have done a lot of research on other "cryptocurrencies" and think that almost all of them are worth zero and have no future. Most of them are scams more than anything else.

[V.Narayan]

Originally Posted by ragh_bhushan

I have been trading Bitcoin derivatives for sometime now and have made a small fortune doing so.

Congratulations. I am pleased for you. Thank you for your candour. Converting to normal currency is in my view a sensible thing to do but it is your wealth and I suppose you have figured out your investment & exit levels. At some stage Government or IMF regulated crypto currency could come but in what form is hard to tell. Till then an oldie-goldie like is happy to stick to trading on NSE.

[statix]

Originally Posted by V.Narayan

For the Crypto flag bearers - an honest sincere question. Have any of you, yes you not your friends but you earned real gains of $50,000 or more through trading on crypto's. By earned I mean in real currency not in a block chain ledger. Don't worry I'm not from the tax man's den. Just curious. For me that's the final pudding & proof.

I am at almost 85% loss right now but i am still not selling anything. Got in at the wrong time. Crypto space is just getting started. Forget crap coins. The only reason why i am in crypto is because of IOTA, the only coin that i believe in and putting most of my money there.

Do google about it, you'll see the potential! Just eagerly waiting for 5G to roll out.

My cousin had earned in 8 figures (Rs.) with investment of Rs. 10000 in XBT. He used to mine as well.

Originally Posted by ragh_bhushan

I do not trade or own anything other than Bitcoin. Have done a lot of research on other "cryptocurrencies" and think that almost all of them are worth zero and have no future. Most of them are scams more than anything else.

You might want to look into IOTA.

[SmartCat]

Originally Posted by statix

I am at almost 85% loss right now but i am still not selling anything. Got in at the wrong time. Crypto space is just getting started. Forget crap coins. The only reason why i am in crypto is because of IOTA, the only coin that i believe in and putting most of my money there. Do google about it, you'll see the potential! Just eagerly waiting for 5G to roll out.

Some unsolicited advice:

It's OK to "believe" in IOTA but its not OK to put most of your money there. Since you do lots of Google research on cryptocurrencies, do some research on the word ASSET ALLOCATION too.

If you are saving Rs. 25,000 per month -

- Invest Rs. 5,000 per month in cryptocurrencies
- Invest Rs. 5,000 per month in lotteries, online rummy etc
- Invest Rs. 5,000 per month in Gold and silver
- Invest Rs. 5,000 per month in equity mutual funds
- Invest Rs. 5,000 per month in fixed deposits.

If cryptocurrencies turn out to be big, you will still be rich beyond your imagination. But if it doesn't, you will still do pretty well for yourself - because its likely that other assets will do well over time.

[V.Narayan]

Originally Posted by statix

I am at almost 85% loss right now but i am still not selling anything.

Sorry to hear that. Thank you for being honest. It takes courage. Don't throw good money after bad unless you have a lot of bad money to spare. Take that as well meant advice from an old rascal.

Got in at the wrong time.

Yup. It happens all the time in a different market when the Sensex goes up.

Crypto space is just getting started.

Maybe

Do google about it, you'll see the potential!

I'll pass. The Indian stock exchanges and my busineses have served me well. I am happy with a 18% to 20% return year on year on year on year on year on year.....get the drift.

My cousin had earned in 8 figures (Rs.) with investment of Rs. 10000 in XBT. He used to mine as well.

Good for him, if he has. Over the years I met a great many punters who claimed they'd made a roaring killing on the bourses or real estate. they used to get my better half all rattled about how well they were doing while I struggled on. Funny none seem to be better off than me today! I learnt to always be careful of folks who announce how much they make on stocks and other investments. I prefer discretion and zip lip.

History and this world are replete with schemes, tricks and magic formulas to get rich quick. The only one that may work is to marry a very very rich very very very old widow or widower. That might work.

If your cousin has made well over a crore in cryptos then there is a good chance most of that went into more cryptos. I doubt he could or did convert to regular cash. Human nature is such.

[statix]

Originally Posted by smartcat

Some unsolicited advice:

It's OK to "believe" in IOTA but its not OK to put most of your money there. Since you do lots of Google research on cryptocurrencies, do some research on the word ASSET ALLOCATION too.

If you are saving Rs. 25,000 per month -

- Invest Rs. 5,000 per month in cryptocurrencies
- Invest Rs. 5,000 per month in lotteries, online rummy etc
- Invest Rs. 5,000 per month in Gold and silver
- Invest Rs. 5,000 per month in equity mutual funds
- Invest Rs. 5,000 per month in fixed deposits.

If cryptocurrencies turn out to be big, you will still be rich beyond your imagination. But if it doesn't, you will still do pretty well for yourself - because its likely that other assets will do well over time.

Hey Smartcat! Thank You for the concern. I know all of this. I am a Chartered Accountant by Profession. By most of my money i meant the money that is lying idle that i would otherwise spend on stupid things. Instead of spending i invest! So even if it becomes "ZERO" i wouldn't worry much. My dad controls the investments and other things and it's highly diversified.

Originally Posted by V.Narayan

Sorry to hear that. Thank you for being honest. It takes courage. Don't throw good money after bad unless you have a lot of bad money to spare. Take that as well meant advice from an old rascal. Yup. It happens all the time in a different market when the Sensex goes up. Maybe I'll pass. The Indian stock exchanges and my busineses have served me well. I am happy with a 18% to 20% return year on year on year on year on year on year.....get the drift.Good for him, if he has. Over the years I met a great many punters who claimed they'd made a roaring killing on the bourses or real estate. they used to get my better half all rattled about how well they were doing while I struggled on. Funny none seem to be better off than me today! I learnt to always be careful of folks who announce how much they make on stocks and other investments. I prefer discretion and zip lip.

History and this world are replete with schemes, tricks and magic formulas to get rich quick. The only one that may work is to marry a very very rich very very very old widow or widower. That might work.

If your cousin has made well over a crore in cryptos then there is a good chance most of that went into more cryptos. I doubt he could or did convert to regular cash. Human nature is such.

He's my cousin so he told me what he made out of the investment and he converted most of it to cash. The reason why he invested was because his childhood friend told him to invest. As such he is not much into crypto. Talk about timing and luck!

[ragh_bhushan]

Originally Posted by statix

You might want to look into IOTA.

I have done that. IOTA faces fundamental and architectural issues. Apologies for being blunt but it is one of the worst projects out there. Listing some of them here:

• DAG and conflict resolution of transactions
• Malicious Subtangle generation
• Parasitic Chain attacks
• Splitting attacks and IOTA’s coordinator
• Problems with a coordinator, bad best-practices and “centralizing” trust
• Untested proprietary hash function which has been found to have serious security vulnerabilities

More details here and here.

IOTA white paper claims that the Tangle as implemented in IOTA is the first public distributed ledger to achieve scalability, no fee transactions, as well as quantum-computing protection. Unfortunately, they require their users to trust the central coordinators that they won't cheat. If that is the case then I am better off trusting my bank and government than some random guys on the internet.

To quote the article above:

Scaling is extremely easy when it doesn’t have to be trustless. Every cryptocurrency, including Bitcoin, scales just as well as IOTA’s Tangle if it relied on snapshots and hand-waved away the fact that snapshots are not trust-less (services like blockchain.info are basically snapshotting services and no one is seriously suggesting that they solve the scaling problem in Bitcoin).

[Flyer]

Now you can buy a Rolls-Royce using Bitcoins in the USA.

A Rolls-Royce dealership in Houston, Texas is now accepting bitcoin and bitcoin cash as payments for the vehicle.

https://auto.ndtv.com/news/now-you-c...he-usa-1912875