[Abbas]

Originally Posted by Samurai

This is really getting comical...

https://www.zdnet.com/article/crypto...-spellchecker/

Hi Samurai,

I have gone thru the entire thread at once since 2014. Infact, knew it from the start that it was a bubble. So easy to identify. In the first few pages, i could easily draw the conclusion that you and the other gentleman Mr. Narayan would come up on the top.

Didn`t know a thread on crypto existed on Tbhp. Anyway, my reason for the search was to know if it was safe to invest into the technology behind cyrpto, i.e. Blockchain.

What i see from my research is that many companies have developed products based on the technology and have successfully implemented the same in private sectors (Hotel Chains) and with some govt agencies. (For example: AP land & Revenue). These companies also have their own coins by way of which people can invest with them.

My apprehension is, that we have seen in the past that the wallets are hackable and information on the network is not safe. Hence, there is quite a possibility of data leak with the product (based on the technology) these companies are selling to clients. If such an occurrence happens, the product loses its sheen, thereby leading investors to sell their coins resulting in the whole blockchain system to collapse.

I am very keen on a investment in such a firm. Needed to know your views before i take a call.

Abbas.

[Samurai]

The theory behind blockchains is good. But the implementations are still far from perfect. The amount of electricity they are sucking is mind-blowing. Until they figure out how to make transactions cheaper (energy-wise) than say credit card transaction, I will not bother with them. BTW, don't fall for these anti-fallacy arguments about energy consumption. Banks around the world offer much more services than a crypto-exchanges and coin mining farms, besides creating millions of jobs. What was the last time anyone on this thread actually used cryptocurrency to buy/sell something?

Right now, they are comparing the price of a toy gun and a fighter jet, and saying the toy gun is slightly cheaper.

Someday, real currencies will start using blockchains. For that to happen, the energy cost of transactions have to become very cheap.

However, I am more interested in their non-currency implementation, like land registration, contracts, where transaction cost need not be cheap. For that, the security thing has be to be real tight. The 51% attack is not an acceptable risk here.

[Abbas]

Originally Posted by Samurai

However, I am more interested in their non-currency implementation, like land registration, contracts, where transaction cost need not be cheap. For that, the security thing has be to be real tight. The 51% attack is not an acceptable risk here.

This is the exact reason i am willing to bet on the company. Bcoz if a govt has implemented it, there are high chances other states will follow suit. What do you say ?

[sdp1975]

Draft law proposes 10 year jail for dealing in crypto currencies .

https://economictimes.indiatimes.com...w/69693984.cms

[tsk1979]

Originally Posted by Samurai

What was the last time anyone on this thread actually used cryptocurrency to buy/sell something?

About 10 times to buy a few fit cards (Restaurants and stuff), once for a 50mm lens.

Adoption in the west is happening. When I was buying second hand stuff, for paypal sellers wanted 2-4% extra, however ETH was 10-15% discount.

And then there is monero. Has been in the news for the wrong reasons, but then money is used quite a bit for the wrong reasons. This is the money there is no risk of being snagged by the state.

If it did not threaten the governments, why do you think there is a clamor to ban and regulate, esp the privacy focused coins

[Superleggera]

Originally Posted by sdp1975

Draft law proposes 10 year jail for dealing in crypto currencies .

https://economictimes.indiatimes.com...w/69693984.cms

This is ridiculous. Its going to affect lot of business than individual users. We have so many startups here who support bitcoin wallet and mining companies.

[jayguar]

Originally Posted by Superleggera

This is ridiculous. Its going to affect lot of business than individual users. We have so many startups here who support bitcoin wallet and mining companies.

A non bailable offense for holding cryptocurrencies in the most ridiculous news I've heard in the recent past. Restricted usage is fine, but banning it completely does not sound right. I guess its the same case with Tokens as well.

[V.Narayan]

Originally Posted by Superleggera

This is ridiculous. Its going to affect lot of business than individual users. We have so many startups here who support bitcoin wallet and mining companies.

Originally Posted by jayguar

A non bailable offense for holding cryptocurrencies in the most ridiculous news I've heard in the recent past. Restricted usage is fine, but banning it completely does not sound right.

Crypto currency is fast becoming a route for monies to be moved around by drug cartels, terrorists and organized crime. It serves little purpose to the common man who isn't a IT geek. On top of this it is becoming a conduit to bypass the established Govt backed monetary system. No surprise the Govt is clamping down on it. Currency, Law & Order, the Judiciary, the Military, appointing Ambassadors etc are all prerogatives of a Govt of a country. This is what gives the system stability and reliability that enables us to get on with our lives and business. Would a Govt allow you to set up your own private Judicial system or your own Army just because some aspect of technology permits you to?

[sdp1975]

Originally Posted by V.Narayan

Crypto currency is fast becoming a route for monies to be moved around by drug cartels, terrorists and organized crime. It serves little purpose to the common man who isn't a IT geek. On top of this it is becoming a conduit to bypass the established Govt backed monetary system. No surprise the Govt is clamping down on it. Currency, Law & Order, the Judiciary, the Military, appointing Ambassadors etc are all prerogatives of a Govt of a country. This is what gives the system stability and reliability that enables us to get on with our lives and business. Would a Govt allow you to set up your own private Judicial system or your own Army just because some aspect of technology permits you to?

Most developed countries including the US and EU haven't banned it. So the proposed ban here on the above grounds don't sound very convincing.

https://www.investopedia.com/article...al-illegal.asp

[V.Narayan]

Originally Posted by sdp1975

Most developed countries including the US and EU haven't banned it. So the proposed ban here on the above grounds don't sound very convincing.

Fair point up to a point only. The RBI on far too many occasions ha demonstrated its foresight compared to other central banks. You don't determine what is right for your economy or country only by what a western economy chooses to do. Anyway we can differ on this. A currency without regulation and with total secrecy of the payer sounds like a Swiss Bank raised to the power of 2.

[tsk1979]

Originally Posted by V.Narayan

Crypto currency is fast becoming a route for monies to be moved around by drug cartels, terrorists and organized crime.

Cash is used far more for this purpose. Ditto for Shell companies and accountants. Why not ban these three

It serves little purpose to the common man who isn't a IT geek.

A lot of things serve no purpose to the common man. For example the motor car ownership is less than 1.5%. But they occupy roads and cause congestion for Trucks/Buses and other common man vehicles. They should also be banned. Not only that, cars have been used to kidnap people and other kinds of crime. Lately, there have been terrorist attacks using cars.

On top of this it is becoming a conduit to bypass the established Govt backed monetary system. No surprise the Govt is clamping down on it. Currency, Law & Order, the Judiciary, the Military, appointing Ambassadors etc are all prerogatives of a Govt of a country. This is what gives the system stability and reliability that enables us to get on with our lives and business. Would a Govt allow you to set up your own private Judicial system or your own Army just because some aspect of technology permits you to?

Yup, this is the true cause. Power to the people and not with the govt. That is why it has to be banned, because govts do not want to lose power. Clamping down on power w.r.t free speech etc., is frowned upon, however other stuff they can get away with.

Coming to your point of Swiss Bank^2, a lot of things such as gold, Cash, favors etc., can be used for illegal activities. If nothing works you can even donate your money to political party and then get a percentage back. This happens because govt changed the law to facilitate this.
Crypto is a scapegoat.

[alpha1]

Originally Posted by jayguar

A non bailable offense for holding cryptocurrencies in the most ridiculous news I've heard in the recent past. Restricted usage is fine, but banning it completely does not sound right. I guess its the same case with Tokens as well.

Well what do you mean by restricted usage?
Where will you draw the line?

Originally Posted by tsk1979

Yup, this is the true cause. Power to the people and not with the govt. That is why it has to be banned, because govts do not want to lose power. Clamping down on power w.r.t free speech etc., is frowned upon, however other stuff they can get away with.

I would put it much more simpler: public has to make a choice between establishing and running a sovereign nation state vs staying at multiple private ownership fiefdoms.

[srishiva]

What is the advantage of using crypto currency (the way it exists today) for people ? What will happen if no one accepts it and has no one backing it ? I think people who hold them will be disappointed. But not sure its banning is really hurting any technological prowess and advancement.

Blockchain technology will be used increasingly going forward I guess.

[Superleggera]

Originally Posted by sdp1975

Draft law proposes 10 year jail for dealing in crypto currencies .

https://economictimes.indiatimes.com...w/69693984.cms

Originally Posted by V.Narayan

Crypto currency is fast becoming a route for monies to be moved around by drug cartels, terrorists and organized crime. It serves little purpose to the common man who isn't a IT geek. On top of this it is becoming a conduit to bypass the established Govt backed monetary system. No surprise the Govt is clamping down on it. Currency, Law & Order, the Judiciary, the Military, appointing Ambassadors etc are all prerogatives of a Govt of a country. This is what gives the system stability and reliability that enables us to get on with our lives and business. Would a Govt allow you to set up your own private Judicial system or your own Army just because some aspect of technology permits you to?

Crypto is supposed to solve the ownership issues and I do agree to the fact that there are lot of blockchains that allow anonymous transactions. But I am sure that we can trace where its coming from.

Govt can probably allow the the permissioned block chains (Like ETH) to eb legal rather than blocking the whole set of crypto currencies.

[digitalnirvana]

Coming in with a question, and not to take sides. Facebook has launched a project called Libra and are apparently developing their own cryptocurrency internally codenamed globalcoin. It is centralised and will be used for micro transaction payments across their ecosystem ie Facebook, Instagram, WhatsApp etc. and also for user to user payments through WhatsApp much like WeChat pay and Ali pay.

What do you think will the potential impacts be, if they do roll this out?