to the cryptotards...The Coming Indian Bitcoin Ban

Bump. Good read.

Well....maybe.

First of all, the chess pieces move, don't they? If the US was to ban BTC's use today, that wouldn't stop me from using it.

In fact, the only way I'd sell would be if the people of the world started abandoning it in droves.

I don't see that happening anytime soon.

All the spotlights are on Bitcoin because it was the first cryptocurrency. But blockchain technology is advancing and evolving in ways most people don't seem to understand.

I don't know if the powers that be intended this or not, but blockchain tech IS Web 3.0. Sorry, there's no stopping these networks, and there's no stopping the blockchain. It's become WAY more than just a currency now. There's no going back.

blockchain is useful.

cryptos, not so much.

hashgraph is the only tech i see actually working to create a legit means of exchange in a retail setting, blockchain wont work.

this was on normal business news sites so it seemed like they really would bane it. but now that zerohedge is saying they gonna bane it, looks like they won't. zerohedge is wrong every time!

The PTB DID plan this, and it IS Web 3.0, great and wonderful, until it isn't.

We are in the final days, my advice is blend in, praise the Father God, be grateful, and get into crypto now while it's CHEAP!!

Ethereum is looking good. But not as good as the XRP network when Flare launches this April!

Get XRP/XLM/IOTA/ALGO/XDC

That IS the new financial network.

Ethereum is the programming blockchain, XRP the financial, bitcoin will be phased out.

“ a decision that will obviously significantly impact 7 million Indians that collectively hold more than $1 billion in cryptos. ”

YAWN

china has got the most "mining computers" in the world. so i t is reasonable to assume that the chinese communist party can manipulate any crypto coins any time they want. for example north korean hackers are making millions of bucks by screwing around with crypto coins. so china could zap all the coins whenever they want.

secondly govts are going to set up their own coins. china already got a "digital yuan" which is backed by there paper monkey. india is setting up their own coin. other countries will set up their own coins. the old timey time-waster "mined coins" will either be considered junk or else they will be baned.

govtcoins are the future whether people like it or not. govts want to track people. fully traceable monkey like govtcoin lets them do it. anything standing in their way will be destroyed or baned!

the point is that you fools are focused on the wrong part. the BLOCKCHAIN is where the value is. the cryptos will ALL be phased out. there will be one system that allows you to exchange a digital "dollar" and the "dollar value" will be universal.

Why not? Because Bitcoin is too slow and transaction fees too expensive? There are tons of alternative coins out there now that are light years ahead of BTC in terms of speed and fees.

I'm not sure you're seeing the entire picture. And I'm not even sure adoption by retail is even that important. I'd even go so far as to say it's short-sighted.

In the grand scheme of things, Web 3.0 is about a monster-sized internet. I'm talking video, movies, virtual reality, video games and live streaming with massive, massive file sizes. I'm talking harnessing the power of thousands or even millions of computers on the blockchain doing edge computing. Not only are cryptos the perfect solution to work in tandem with this new technological paradigm, they're the ONLY solution.

This. A few fucking dust-miners.

yes bitcoin is way too slow, and so is blockchain. like i said. hashgraph.

you will never get all the services you mention through blockchain tech. blockchain will be used for contracts, deeds, mortgages, and things that need real immutable security.

TOKENS will be useful for the services you metnion. but not crypto currencies. there is a difference.

trust me, i know what i am talking about. i build this shit every single day.

Ok...lol you have my attention.

What is the difference between tokens and cryptos?

I'm not being a smart ass...I genuinely don't know the difference. I hear people throwing these terms around interchangably. I had a feeling tokens are different from "cryptos"....but how so?

china already using their digicoins. issued by the govt. their plan is that other countries which trade with china, will pay using the digicoins. so they hope their actual govt monkey will spread to being used all over the world. then they can track all these coins.

Pathetic article by an idiot who has little understanding of India or its banking system.

India's central bank, RBI is an autonomous institute formed under laws passed by Indian parliament. Except parliament, nobody has any jurisdiction over it.

"Indian PM Modi’s 2016 initiative to ban, overnight, the use of nearly 86% of all rupees in circulation at the time, a move that likely caused thousands of deaths, if not more, from the inability of the poor to buy food"

This para shows the utter cluelessness of the author. In 2016, 86% of currency notes were replaced by new currency notes, not banned. Those who had old notes just needed to deposit them in their bank accounts or get them exchanged with new notes. The "thousands of deaths" is pure speculation derived from biased newsreports that classified every death of old people in queues as direct result of the policy.

The amount of bullshit in western media about India never ceases to amaze me. Not just mainstream media but even alternate media like zerohedge writes nonsense.

If Bitcoin is banned in India, it will be only because govt doesn't want money from illegal foreign sources (drug trade etc) to enter India and be used to destabilize our govt.

i looked it up on the internet and it says the Reserve Bank of India was formed by an act of parliament, 1 April 1935. Then it was nationalized on 1 January 1949. And the RBI is owned by the Govt of India.

So no different to what we've had for decades - Numbers in a ledger that require government approved middle men to move. Nothing Bitcoin about that.

India bans everything...they banned metals. Screw Frank from Texas (Indian dude in a telemarketing farm in India).

bitcoin is/was a true crypto CURRENCY. it was supposed to be used to buy actual things in the real world. it never panned out to work as intended. tokens are "units" used to purchase services. so for example if you have a video service that is running on ethereum, you could pay for access to a video with an ethereum token. so the token would be the currency and ethereum the platform.

the problem these days is that people know so little about how the blockchain actually works they think "cryptos" are gonna be money, like dollars. they won't. so you have a bunch of fools running around buying any crypto under the sun, and most have no use case and will eventually be worthless. the biggest of them being bitcoin. This is why you see the big push to market bitcoin as digital gold. because it has no other use and the people that own it dont want the public to figure this out.

Last Edited by mr dull socks on 02/14/2021 12:26 AM

bitcoin is terrible for currency. why would you want to have a permanently limited supply that can't be increased? even gold people can go mine some more. why would you want to have currency that fluctuates wildly in value? why would you want to have currency where the main things it is used for is illegal activity and gambling? why would you want a currency where people don't even know who created it?

govtcoins is what is gonna happen. and it won't have any of that pointless waste of electricity "mining". the govts will control the supply.

bitcoin is junk and will never be adopted by any govt no matter how many zerohedge articles say it will!

Bitcoin is digital gold. Period. It will not be a currency, but it is the perfect storage of wealth. Buy it and never, ever sell it. Ever. When you become rich, borrow off of it, but NEVER sell it!

You will thank me

"digital gold"!!! why would you not instead buy "real gold" which is cheaper!!!!!!

this question is literally the philosophical underpinning of why bitcoin was created to have a limited supply. every currency graphed value over time has a similar graph shape and satoshi derived from those models the exact characteristics his 'ideal' currency must have. the fixed supply IS part of the design and if you don't understand this you should consider yourself as having more to learn.

obviously i understand that bitcoin has the fixed supply. how can you think i don't know that? what i said is that the fixed supply is a terrible idea for a currency. why do you think it's a good idea for a currency to have fixed supply???

They can try to ban it, but it has no geographical boundaries.

Just let it crash and burn already, so I can buy a decent graphic card at normal instead of double the regular price (most are not available anyway).

Are you referring to HBAR or Hedera Hashgraph?

The only way forward is a token that is gold backed using Hedera Hashgrap, unless something better comes along then Hedera Hashgrap. Each country will have their own and there will be a world wide token used for trading between countries. Watch and see

Last Edited by mondali2 on 02/14/2021 09:19 AM

India runs on Ripple!

XRP is what you were referring to in your above post.

hedera