Mate, I am also an Indian and I am not creating any drama here! If you are an Indian then you know the current state of the employment and healthcare in India! But the government is focused on building "Ram Mandir" instead of providing basic healthcare and job to the public. They have their priorities set incorrectly! So it's not a drama in any way! Indian government needs a mentality change, they need to come out of the current orthodox mentality for good! We need a leader who understand the need of the citizens and to open doors to technology to the country! This is 21st century and instead of going forward, we are indeed going back to the stone age! Qualified persons are flying out of the country and not coming back because they found an amazing life abroad! That's what is the failure of the government!

It seems like, Indian government is more keen to set up temples instead of paving the way towards technology adoption. Just few days back, UNOCoin installed a crypto ATM in Bengaluru Kemp Fort Mall to provide a method to transact in cryptos without using the bank accounts. Now the co-founder of UNOCoin Harish BV is arrested by Police for the reason that the ATM didn't receive any government approval.

Central Crime Branch seized a teller machine, two laptops, a mobile, three credit cards, five debit cards, a passport, five seals of Unocoin company, a cryptocurrency device and Rs 1.8 lakh ($2,460).

News source: https://timesofindia.indiatimes.com/city/bengaluru/1st-bitcoin-atm-in-bengaluru-seized-co-founder-held/articleshow/66340493.cms

Indian government is slowly showing their hostile nature against cryptocurrencies!

That's a valid question and I am glad that you asked! As per the current legislation, there is no provision for ATM or related service, neither p2p transactions. That is the reason why p2p transactions are on rise after the banking ban. That's basically a loop hole in the existing legal framework.

UNOCoin is trying to explore that loop hole currently. They have installed one ATM in Bengaluru where there HQ is located and next month they are planning to open one in Mumbai. However, if the regulator decides to ban the entire crypto scenario in India, ATMs will not be allowed to operate for sure! However, a court case is ongoing and we are just hoping for the best.

If the exact scenario happens where we can verify that the address belongs to Satoshi, I would personally send some bitcoins to him. I won't term that transaction as a tip, instead I will call it as a gratitude towards the most important innovator of our time! Because of bitcoin, we are having an incredible life. A lot of people around the world are able to take care of themselves without having a day job. I think Mr. Satoshi deserves at least that respect! So yes, I will be one of the persons who will be sending him gratitude!

I encourage you to please read the below post to clear some misconceptions about the whales,

https://blog.chainalysis.com/reports/bitcoin-whales-oct

Hope this article will help you to understand that whales are not manipulators! I know my reply is little off-topic but the quoted statement made me reply here.

Correct! I am indeed from India and really worried about the future of cryptos in my country. Even though nothing has been officially announced but the government doesn't seems to be positive towards cryptos. While a court case is ongoing, SEBI and RBI (Regulators of stock market and Banking system) was asked to produce their view on cryptos by the court. The government is awaiting those responses from these regulators and in the meantime, asked the Law Commission to prepare a draft which can be produced later on.

The things can take positive direction, but the chance for negative direction is much more prominent! 

There are three things that sells in this world,

1. Product
2. Services
3. Idea

ICOs belong to the third category. If an idea is powerful, it will make its mark even if you don't want it, just like bitcoin. Bitcoin is an excellent use case on how a brilliant idea can sell without any promotion. You can very easily invest in products and services, but it is very hard to invest in ideas! So such kind of investment are not meant for faint hearted  people, they should stay away from such risky venture! But if a person knows how to differentiate between a scam ICO and a good ICO, he will be able to make a fortune out of it.

It's true that we have seen many scam ICOs in past few years, but we have also seen a number of successful ICOs at the same time. So calling all ICOs bad, would not solve any purpose, instead we will have to educate ourselves to differentiate between good and bad. That will help us in long term!

I think it was a light humor from one of the most innovative thinker of our time and nothing else!! Also it was not a regular tweet from Elon Musk, it was essentially a reply to @vicentes and @Grimezsz. I tried to look at their comments but twitter isn't showing them up because of the huge number of replies to the original tweet! That's the reason why I am unable to understand the context.

However, it's always good to hear anything about bitcoin or cryptos in general from the famous personalities!

It's a never ending discussion whether bitcoin is a "store of value" or a "medium of exchange" and both parties have good amount of viable arguments in their kitty so it is impossible to actually determine the type here! However, I really like the article, hope to read more from you!

Franky made a valid statement - "bitcoin moving away from real bitcoin medium of exchange, to just being a 'store' is the foolish narrowminded thoughts of those who dont understand the complexities of finance and asset valuation."  

I somewhat agree with the statement, but at the same time, I want to ask, if a particular asset (Digital or physical) doesn't have a store of value, or if it is not promissory by some regulatory body, how can it be used as a "medium of exchange"?? Why would someone be interested in accepting that asset as a medium of exchange??

Like Franky mentioned that gold has a store of value because of the cost of acquisition, same goes with bitcoin as well. Similar to Gold, bitcoin also has a cost of acquisition (Mining) and that's how the bottom line value of bitcoin can be derived. And because it has a "store of value due to cost of acquisition", it can be used as a "medium of exchange"! Both goes hand in hand if the rule of economy implies!

Ideally, the ETH transaction should not get caught if done with proper precaution and different wallets, even from the US. However, since you have a business and you don't want any legal trouble with it, I will suggest you to stay out of such offers. Because the investor will sell off your tokens at any future point of time and get the cash back to either in ETH or bank account. If the investor cash it out to his bank account, he can be asked for the origin of that fund and then the whole story will uncover. So it's better to remain compliant to the existing rules and don't sell anything to US or Chinese investors. 

If someone had thought that bitcoin/cryptos will replace the century old banking system, he is an utter stupid without any sense of practicality! Whenever a new technology comes, it doesn't always replace thew older one, instead it makes the old system more efficient by upgrading it! So banking and crypto can certainly co-exist like it is co-existing now.

Take an example of Japan. In Japan, crypto currency is legal and they also have the century old banking system thriving together. So there is no competition between the banking and crypto system to outbid each other.

However, if someone had stopped putting money into banking and invested in cryptos completely, that's their own choice. I hope 99.999% of people are not mad like him to take such a drastic financial decision!

I have watched the replies very carefully and I see that a lot of members have raised various concerns on UNOCoin's service fees, Privacy policy etc. I too agree with most of them, only I don't see these as a roadblock. Instead I consider this step of UNOCoin as a revolutionary one. Everyone is missing one major point here,

Indian Banks have banned crypto related transactions. Even though p2p mode is still active, but it won't be long before RBI starts cracking those down as well if the governments turns more hostile. Another large exchange Zebpay has already shut down their business and moved abroad. So UNOCoin has provided us a way to effectively bypass the banking ban in INDIA, isn't it??

A lot of people are skeptical and looking for negative points only, but the truth is that, with this ATM service, crypto users will no longer need to rely on a bank account. Instead they can directly withdraw cash against their deposited cryptos. It is always better than having a non-performing asset due to banking ban. I hope it will start making sense to all once RBI starts cracking down the p2p mode of transactions.

I don't know about others, but I consider UNOCoin as a crusader among us in the fight against government. The ATM will help us in the baddest time of banking ban in India. Mark my word!

It is still not listed so I doubt the legitimacy of that claim. Probably the website and games are running flawlessly, but the claim of being a legitimate one, is actually a very bad tendency of casino owners.

You can send an email to Scotland Entertainment S.A. on "office@slotlandentertainment.com" to know the reality. I could have sent one but I will request you to do because the website thread was posted by you!

We haven't yet seen any apparent pattern of the bull market which is repetitive in nature. Bitcoin market is only 10 years old and for now we have seen only growth in majority of the times. I want to keep the bull market of 2017 out of the equation because that was a hype game that worked big time! That was not an actual bull run based on strong ground, rather it was based on market hype! otherwise, we didn't see much downslide in bitcoin market if we compare since the initial phase of bitcoin.

Personally I am very happy with the way bitcoin market is functioning now. Price stability will help us to increase adoption rate for bitcoin. High volatility was always a challenge for the merchants to accept bitcoin as a payment method. If we see the stable market price, probably a lot more merchant and policy maker will be interested to adopt it for better!

I too believe that the step is not practical in any way, but it is still at a drafting stage and nothing has been finalized yet! But there may be no imprisonment involved. They will probably suggest for hefty fines and confiscation of unregulated assets, nothing more!


I really hope so but the issue is that the crypto community is very small in size here! That won't make any impact to the election result. The current ruling government is busy with religious matters and trying to create unrest within the "yet to be conquered" states! So banning crypto will not be a problem for them due to the small size of the community in India.

This article is actually a praise to Houbi and don't really talk about any other exchanges by essentially making Huobi as an industry benchmark. Seems like it is a paid article to emphasize on how secure is huobi!! because this article doesn't provide any comparison between other big exchanges like Binance, OKEx or Kraken etc.

It's great that huobi has set up a "customer protection fund" of 20,000 bitcoin just in case anything goes wrong, but I believe Binance has also planned something similar to this after syscoin issue! Also I know Kraken has similar reserve maintained in their Bank accounts (even though un-audited). A comparison of security features among top exchanges is what I was looking for after seeing the subject line, but bumped into a paid article!

 December last year, the government had set up a panel headed by Garg to examine a framework for regulating crypto currencies. Other members of the panel include Securities and Exchange Board of India chairman Ajay Tyagi and Reserve Bank of India (RBI) deputy governor BP Kanungo.

The committee is likely to submit its report by December, defining the broad contours of a regulatory framework for crypto assets and virtual currencies.

The panel is in the last stages of deliberation and will come out with the government’s approach covering the entire spectrum.

The government is of the view that unregulated crypto assets should not be allowed to move into the financial system. The Garg-panel is likely to recommend appropriate amendments in existing laws, defining the punitive measures for those found holding illegal crypto assets.

News source: https://www.moneycontrol.com/news/business/economy/holding-unregulated-crypto-assets-like-bitcoin-in-india-could-attract-punishment-3047991.html

Banking ban has already weakened the crypto scene in India and the court trial is getting delayed every single time. Now if they start taking punitive actions, it will put the last nail on the coffin of cryptos in India!

What ways can we take if such useless bills become a law in December? Any thoughts??

The percentage of blockchain and crypto related jobs are increasing due to the start ups. Majority of those start ups are running ICOs to fund them and continue with their business only after they are successful. So the study couldn't capture the entire picture in holistic way.

However, the only great feeling about this news is that the blockchain and crypto related job opportunities are increased in organized sector as well. Companies like Ernst & Young,  BCG and similar companies are recruiting blockchain developers and consultants. Even though there is not much business opportunities available for them at enterprise level, still they are keeping themselves future ready!

The list is incomplete. I can immediately see that Germany, Canada and some countries of EU are missing. But there are more countries, so please read the below link from wikipedia,

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

Update your thread accordingly if possible!

I don't think white house is anyway worried about China's dominance on bitcoin so I would not talk about that part. However, let me answer the below,


Ripple is a centralized currency system which doesn't meet the first requirement of being a cryptocurrency. We all know governments love centralization or anything centralized. So I see EOS is the only competition to ripple to become America's national crypto (I don't think it will ever happen though).

I believe the entire crypto eco system should be endorsed instead of endorsing a single cryptocurrency for greater good to the mainstream economy as well as to the crypto economy.