I have this question for very long time especially when I see max trading limit on exchange goes even upto crores which means potentially people can convert how much amount they have in BTC to INR but there's no way someone who is selling huge amount is going to pay 30% tax and even 1% TDS seems too much considering the value in INR. So what are the possible alternatives you think they convert BTC to INR if they wanted to. Mostly all I see is going to Dubai set up a company and then transfer funds to INR but it's really feasible or how do you think they convert. Let's speculate and bring in all your imagination guys.  No Whales would want enforcement directorate to knock on the door. So even if the Wales are converting to fiat, they do not convert big amounts. As per the PMLA act, if an account receives more than 10 lakh in one go, that transaction needs to be notified to the income tax and enforcement directorate by the banks. So Whales usually converts less than 10 lakhs in one go. They can surely use the legal route by paying 30% taxes. But I don't think anyone is actually following the same. |
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Monero is loved for its privacy. It has a very strong user base and it can be mined using a CPU. So Monero has everything to call it a people's cryptocurrency.
But if the exchanges are de-listing it, then it might become difficult for Monero to survive. Cryptocurrencies can't depend on organic adoption. A way must be provided to convert them in to fiat. If that way is closed then the future of Monero looks very bleak.
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Not sure what will protect common investors and what will not! I strongly believe that any kind of involvement of non-crypto businesses into crypto market is harmful for the common people. It can be banks, stock exchanges, corporates etc.
The banking system is corrupt to the core. So even if they provide custodian services to the crypto users, there's no guarantee that the privacy will be protected. Governments can not be trusted when it comes crypto matters!
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Metaverse can technically achieve many things like cross platform NFT usability etc. But what about the real world impact?
Metaverse itself is a hype which has initially created a lot of buzz. But right now, it has all dried down. No big corporates are talking about it anymore. Meta stopped funding their metaverse project. No new corporates are coming up with new ideas for it.
I honestly don't see any future of metaverse, unless the population of lazy and dumb people increases exponentially.
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Crude is one of the most valuable natural resources in the world but if you look around many oil producing states are facing serious economic challenges. Before now crude used to be valuable and made many countries wealthy but now nothing like that again. Is it that these natural resources are not enough to keep us going?
Hydro and electricity is making crude to become irrelevant that is why it is not bringing much value, and people still depend on crude.
What hardships you are referring to? Oil is still one of the most exported commodities around the world. Do you think some electric cars will reduce the usage of oils? Probably in distant future it can happen but not now atleast. Please remember that battle tanks and fighter jets do not run on electricity! |
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I believe governments globally will allow Bitcoin and cryptocurrencies but they will try to do more restrictions on privacy, enforce KYC to have better money flow trace.
I don't think so! I believe the governments will allow avenues like ETF or Options for the common users. Because they understand that it is very complex to track crypto transactions from the blockchain. They will rather allow big corporations to own actual cryptocurrency. This way they can have a greater control on it. Governments can't track and monitor millions of worldwide transactions that takes place in crypto market everyday. |
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I just got this notification in my browser yesterday and I really surprised ED seized funds from exchanges wallets that assumed to be involved in the scam happened in 2022 got back in their possession. If I am not this is the first time I ever read something from Indian government authorities successful going after crypto scam/hacks. ED seizes funds worth Rs 90 crore kept in Binance, ZebPay, WazirX walletsThis seems good because crypto scams on the rise ever since crypto came to lime light in India especially Bank account freeze because the money we recieved is involved in some kind of money laundering so this kind of actions can put an end to bank freezes? Since this money is linked with a scam website, I think the action is fair! The scammers need to understand that crypto is not their safe heaven. The reputation of crypto market is not really great when it comes to illegal practices. However, when authorities take action for something criminal, that's good! I hope that no common person has lost their money due to this seizure. But this is just the tip of the iceberg. Crypto scams are on rise everywhere. It is really hard to distinguish between legal or illegal transactions. |
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SEC chairman didn't want to approve Bitcoin ETFs because they think that Bitcoin can easily be speculated and in overall, they don't like it but there was pressure from as influential and powerful company as BlackRock is, so they were forced to approve it because the big guy was demanding it. Now after the Bitcoin ETF approval, everyone has got a huge appetite and wants to get ETFs of altcoins but the SEC doesn't want to give the green light to altcoins ETFs. So here is the thing, since the SEC approved Bitcoin ETFs, why not approve Bitcoin Options Trading? What's your opinion, will SEC be forced to approve Bitcoin options trading? Click here to read articleUS enforcement authorities are constantly attacking crypto related businesses. Sending people to Jail and imposing financial penalty worth billions. On the other hand, the government is approving ETF and now this option trading matter has surfaced. Which clearly shows that US government is trying to ban actual crypto usage but allowing ways to profit from its price movement. Neither the ETF, not the option will allow a common user to own actual cryptocurrency while the business houses will own them in the background. A big conspiracy is ongoing to control the world of crypto. |
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I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.
When you say "some crypto apps", does that mean some crypto apps are also running and continue facilitating P2P transactions? If yes, then it's probably a cleanup operation that the government has undertaken. If not, it's surely a blow on the crypto community. May I ask, if these apps are all Nigeria based? Are international P2P crypto exchanges working in your country? Any government can choose to ban crypto exchanges but as logn as it is not a blanket ban, things should work! |
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US and it's enforcement authorities are furious as they have realised that they cannot control crypto at all. So they are targetting businesses like Binance. Mixers are different story. But I was surprised to see CZ getting 4 months of imprisonment.
It's high time that crypto businesses move out of US completely stop rendering services to the US customers. They will eventually Target all businesses built around crypto.
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Few days ago moonpay collaborated with PayPal to enable US users purchase cryptocurrency with PayPal. I found a tweet that states PayPal users to be just about 426 million, don't know the number for US members. This looks like an adoption, but looking at it, I think PayPal users who would purchase Bitcoin are those who already know and uses the currency. And a lot of PayPal users are not familiar with buying products with Bitcoin that's why they use PayPal. Such integration is cool for moonpay but for the community, I don't think such feature can attract 1 million PayPal users to use cryptocurrency for the first time. It's good PayPal adopts cryptocurrency, do you think their users would follow their steps? Or is it too late? I believe US residents can already buy Bitcoin from Paypal itself. Isn't it? Has anything changed? I found this piece of information from Paypal's website, https://www.paypal.com/us/cshelp/article/paypal-cryptocurrency-faqs-help565Not sure what's the strategy of Monopoly for such collaboration! It's like hammering the same area over and over again. |
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Well, that's why I always say that the world needs a balance in power. When one country becomes too powerful, they try to bring down other country by imposing sanctions. United States have been doing it since ages. That needs to stop and cryptocurrency is one of the best ways to achieve that financial freedom.
The New World order will be complex but should not call for more wars. Without war, US economy is bound to decline.
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Regulations are here to take control over the entire crypto ecosystem by the governments, especially US government! They know it's not an easy task and that's why they are targeting centralized businesses and putting them under Anti-money laundering law. Governments know they can't control the algorithm but they can surely control the big corporates built around the algorithm.
But I do not see any issues in Fiat system due to this. Bitcoin isn't here to attack the status quo in fiat! It has created a parallel economy and that's why all governments are fuming and trying to get things under their control!
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I can think of 3 things which will help bitcoin to grow -
1. User friendly wallet that calculates transaction fees and gives you options to choose the fees.
2. Scale to accommodate larger volume of transaction. With global adoption, the volume of transaction is expected to increase. Bitcoin network really needs to scale up.
3. Completely ban BRC20 tokens and fix the gap so that these nonsenses do not show up again.
I think these upgrades/changes can really help bitcoin to grow further and find new user base.
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Have you ever thought about this, what we are trying to achieve in our personal financial life is completely diverge from what the government expects their citizens to do. We as Individuals always thrive to achieve financial independence in our lives especially someone who is from the average middle person but what the government expects from the middle class is different and is kind of surprising when we give deep thought about it, The Government highly relies on the middle-class tax payers for the money and most of the taxes collected in the form of indirect taxes so that people may not actually aware that they are paying taxes for everything from their salary, fuel, medicine, anything everything has taxes that eat most our earnings. So as a result we are paying from 10% to over 50% of our earnings just in the form of taxes in one or another way. So one who really wants to achieve financial independence should find a way to reduce their tax pay legally like how the businessmen do. Or like the bald guy says, we need to find a way to exit the Matrix.  I am sure every middle class person is fully aware of it. They may not aware of the scale though! Some economists have done a calculation on it in my country. So if we fall under the 30% tax bracket and has a certain type of lifestyle, the calculation shows that we work for 4 months in a years for the government and 8 months for ourselves. I have tried to find the video but unable to do so. I will edit my comment if I am able to find the video. A great explanation they have given. But yes, we are paying taxes on every single thing that we do. That's why we call it a "middle class trap". Governments also know that fact and that's why personal finance is never taught in a school. because the more we know about it, the better we navigate the uncertainties. Governments do not want us to do that! |
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Well, not surprising at all! The way US government have started cracking down on crypto related services, it was just a matter of time before rest of the governments follow the same path. So EU has joined the bandwagon to start their surveillance on the internet because they consider mixing services illegal. The way various governments are moving, I don't think crypto users will be able to stay anonymous anymore. That itself will defeat the whole purpose of cryptocurrency.
In coming years. cryptocurrency will remain as an investment and that majority of the supply will be controlled by the corporates and government bodies. Those days are not far, sadly!
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Hello! Not sure if many of you here have heard or are aware of the Pi Network. It's a project that aims to create a decentralized cryptocurrency network that can be mined using smartphones though it hasn't launched its mainnet yet.
What are your thoughts on this approach? Do you see potential benefits or drawbacks to delaying the mainnet launch, and how might this impact the network's future adoption and development? Do you think it's even legitimate or would you be just wasting time and space getting this on your mobile device?
It's a scam and nothing else! You can mine Pi for years and then you will have to do a full KYC before you can withdraw them. Also Pi is not listed anywhere so you can't even sell the coin to earn money. Pi is more of a KYC scam yet to be uncovered and operating as an affiliate marketing network. Think rationally, if people can mine this coin from their mobile phone without spending any money on electricity or mining rigs, why would someone buy that coin from the market. Wouldn't they just use their mobile to mine it? |
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Which of these economic situations would you prefer to find yourself in?
A- Your salary is stagnant but prices fall. Where this happens, your real purchasing power has increased. It's called constructive deflation. And even if your salary falls, but prices fall faster, you are still ahead.
B- Having your savings taxed 2%+ a year by inflation.
Drop your thoughts
Isn't it obvious? Anyone would choose the first option where the salary will remain constant but the purchasing power will increase. That's a very obvious choice! I don't see any reason for anyone to choose the second option when compared to the first one. But deflation is good in short term. It cannot go on for eternity. Then it will have a very different consequence. |
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Give me your best answers, videos, urls, stories, anything
for me it is the history, people connected to it, the community and everything surrounding it.
Bitcoin is an investment for me. I do not considered Bitcoin as a currency system because it is slow and expensive compared to the options we have. So it is a pure form of investment which I believe has the power to outperform all other investment assets. I have been investing in Bitcoins in a long time now and I will continue for few more years before stopping. Then I have a plan to keep all my Bitcoins in a cold storage for my retirement. If everything goes well I might retire early. |
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This is what Bitcoin BTC creator Satoshi Nakamoto said It is an electronic cash. I think it is an electronic cash. So the question is why the price of Bitcoin increases? Why do we want to save?Answer: In fact Bitcoin price does not rise, in fact the value of government money is gradually decreasing from -3x to -6x to -16.......and more wil decreasing in future. BTC 1 Bitcoin was worth 1$ in 2010 Now Today' (2-May-2024). 1 Bitcoin is worth 57000 dollars, 1 Bitcoin is 57000$ means 57000$ worth of money has gradually reduced to 1$ and bitcoin has a power to show it clearly.  And that is the invisible depreciation of inflation and we are become safe when we hold Bitcoin. Well Bitcoin is more of an investment now! And I strongly believe that it's global user base and strong demand helped Bitcoin's price to increase. Bitcoin is not Limited to a cash transaction system anymore. What satoshi had said, is a different angle towards it. The global currency system did not see inflation of 57000%. So it makes no sense to discuss further about it. Bitcoin was initially launched as a currency but it became an investment because this is what people wanted it to become. |
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