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It's surprising to see US changing their stance on cryptocurrency front. America was known as a capitalist country. Doing business was pretty easy there. But it seems they are slowly becoming conservative in many areas. Crypto is definitely one of them.
But that's fine for the crypto market itself. Because if businesses see such issues in US, they are going to move their operations to some crypto friendly country countries like Singapore. Because, I am sure no one would want any regulatory hassles down the line. It's a great opportunity loss for US.
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We have read many similar predictions by many market analysts and so-called Bitcoin enthusiasts about the bright future of Bitcoin. This is not surprising and this post is not a speculation post. What is surprising is that such kind of optimistic predictions is coming from one of the banking majors. The current banking turmoil has helped Bitcoin to win the trust of the people. Read here: https://www.reuters.com/technology/bitcoin-could-hit-100000-by-end-2024-standard-chartered-says-2023-04-24/Not all battles are fought on the battleground. Some are fought silently and patiently and time decides the winner. We are surely on the winning path! Thoughts? |
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So it seems that banks are talking shit about bitcoin on one side and on the other side, using the power of cryptocurrency for their own gain and convenience! That's quite interesting and this again proves that banking system is a double faced evil.
I am surprised to see the name of JPMC here! Their CEO Jemie Dimon has maintained a very strong anti-crypto stance. So it's quite fascinating to see their name in the list. It's good that banks are slowly coming to realise the power of crypto and embracing it.
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As I can see all these things to manipulate BTC right? What are your thoughts about this?
How come creation of a new currency will manipulate bitcoin at all? BRICS countries will start reducing their dependency on the US dollar for international trade. That's what the aim of the new currency. It's definitely beneficial for these countries. Not sure how you see it as a competitor or a potential manipulation tool? Can you explain your stand please? Because this new currency are not meant for the common people like you and I. It's purely an institutional money with very specific use cases. |
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Who here thinks the BRICS new world order is the wrong direction for that part of the world to move in?
There really are some democracy concerns on this yet these countries are more or less selling off their freedoms of the people in the name of economy
thoughts anyone?
and yes BRICs will impact crypto as well
So what are you suggesting? That the world will stay under the dominance of Americans? Bullshit! The world needs balance of power and right now it is not the case. When one country becomes too powerful, shit happens! We are already seeing this in middle East and what kind of massacre American forces have done to it. The new world orders needs to become a reality sooner than later for the interest of global peace. BRICS countries have rightfully decided to use their own currencies for the international trade. That's a great news! How on earth crypto will be impacted? |
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There's nothing to be excited about really! Mr. Mahindra has given a diplomatic answer because Bitcoin is still not recognized as a legal tender in India. So he can't give a straight answer on this matter. But I am sure Mr. Mahindra wouldn't do anything drastically different than what the rest of the businesses will be doing. Unless Bitcoin is accepted as a legal tender in India with a proper legal framework, no big businesses will accept cryptocurrency in any way! No one would bring the wrath of the government onto themselves.
Crypto has a long way to go in India, to be honest. The current government has no plan to make it a legal tender. Rather they will be more than happy to ban it. The looby of RBI is very strong in India and they will not allow crypto to become a legal tender till their last breath.
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Let me say, when the first time you heard about bitcoin, you begins to wonder what is it all about and finally you gets to see it as physical product like lands, cars, gold or diamonds that's instances. This products also people invest in it but not everybody probably the rich, I believe many people won't have had the money to buy bitcoin or even put interest even if you have the money.
People love privacy in business and bitcoin is one profound individuals investment business with the public necessary sees your progress. Physical business attracts enemies, hatred, criminals, stress and energy, even witchcrafts (enemies of progress). But bitcoin is cool private investment nobody knows what's going on, on your devices only you. That in many ways bitcoin is more advantageous to other business investments with lots of benefits, this is more reason why it should be encourage to be accepted as a global digital assets. Would you have involved if bitcoin is a physical product?
If Bitcoin was issued as a physical asset, the most prominent features of Bitcoin wouldn't have existed - privacy and anonymity. So I guess, then Bitcoin would have become any other assets like gold, land etc. etc. So Bitcoin wouldn't have become a revolution. It would have been treated like any other normal investment or currency system. It wouldn't have anything radically different than the current system and it would have been much easier for the enforcement agencies to stop the spread of Bitcoin. In a nutshell, Bitcoin has survived and thrived, because it is an internet-based currency system that is controlled by none. |
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There's little benefit for the government to be very honest. Apart from cross border transactions and tax collection from the citizens, there's literally no benefit for the government from crypto adoption.
However, the bitcoin is not getting governments favor due to the fact that they do not control it and bitcoin is pseudo anonymous in nature. So it's highly unlikely that bitcoin and other cryptocurrencies will become greatly adopted and appreciated by any government.
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That's fine! When an institutional business invests in an asset which is not a part of their line of businesses, it is mainly to make profit out of it. So if bitcoin is helping them to pay off their debts from the profits they are making from bitcoin investments, that's a great news!
Because these investors will bring more institutional investors into this market. Also they will re-enter the market when the time is ripe. So it's all good and positive.
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It was expected! The way the US government is creating a ruckus in the crypto market, many companies will follow the same exit route and move to probably Singapore which is by far the most crypto-friendly country for businesses. The same thing happened with India when the government decided to stop banking services for crypto business, Zebpay simply moved to Singapore and now providing services to 30+ countries and to millions of customers. It's India's loss and Singapore's gain! But it's really disheartening to see that a capitalist country like the US is doing nonsense in the crypto market.
I wonder if the US is becoming a conservative country from the current capitalist mindset!
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In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy.
This lady doesn't have the credibility to hold power like the finance minister. She is just a puppet to the government. I mean that's how Modi wants it because he usually takes the decision and all ministers speak his language. Indian bureaucratic system is good for nothing. It is corrupted to the core and has a mentality of serving its own ego rather than serving the public. So the such system will never accept cryptocurrency getting mixed with the mainstream economy. I am sure a lot of developed countries have laughed at this statement and continued their preparation to welcome cryptocurrency by regulating it. While Indian crypto community is gearing up to pay 30% tax on the income. Sad but true! |
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China is definitely playing double game! Not just on crypto but on many other aspects as well. Allowing Hong Kong to host crypto related business is a part of their ambitious gameplan. They are cashing in while US is showing signs of strengthening it's grips over crypto market. It's clear as broad daylight.
But I really don't understand US. They are allowing crypto companies to operate and allowing listing on stock exchanges. At the same time, giving enforcement agencies a freehand to act against them.
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A friend of mine was of the opinion that the government cannot put an end to Bitcoin because it unfortunately cannot be traced to a particular person or organization which could be sued for bringing about the currency or Blockchain.
If this is true does it mean that the identification of Satoshi as a person or organization will pose a treat to the existence of Bitcoin or otherwise
Identification of Satoshi will not pose threat to bitcoin ecosystem. It's decentralised for a reason. Bitcoin is not controlled by any central authority so the ecosystem cannot be destroyed by a government unless a global consensus is reached. Identification of Satoshi will become a threat to his own life. I am sure Satoshi understands that very well and that's why he has successfully stayed out of the praying eyes of enforcement agencies. |
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https://www.coindesk.com/business/2023/04/14/tokenization-of-real-world-assets-a-key-driver-of-digital-asset-adoption-bank-of-america/“Tokenized gold provides exposure to physical gold, 24/7 real-time settlement, no management fees and no storage or insurance costs.” The low minimum investment increases accessibility and “fractionalization enables the transfer of physical gold ownership and value that was not previously possible,” analysts Alkesh Shah and Andrew Moss wrote. ___ I want to comment on this Just the physical gold requires the cost of storage, security, insurance, and who will do it for free? Isn't it a scam that investors will trade virtual ETF tokens, but legally there will be no claims against the bank? Tokenization is not the future, it's a reality! Take a look at the mutual fund schemes, it's a tokenization of stock market. Check REIT, it's a tokenization of real estate projects. Both of these investment avenues offer fractional ownership of the underlying assets and are highly regulated. To catch up with the trend, we are seeing paper gold which also offers same facility. I personally think these are great ideas which effectively removes the entry barrier for a large amount of population. By the way, I personally invest in paper gold and have been doing it since last two years. Yes, it comes with a premium because banks earn on spreads. That's acceptable! |
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ETH is a pioneer in the altcoin market and it is very widely used everywhere in web3 or in tokens market. The kind of footprint it has got, has no competition. So I would say that ETH will loose relevance.
Being technically advanced doesn't always help in adoption. So ETH may be technically a little behind than some other coins, but in terms of users, it is far ahead. So I don't see ETH becoming irrelevant.
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It is not wrong to say that south east asia will become the cryptocurrency powerhouse in the future. While developed countries like UK and US are resisting crypto development, countries like Singapore and Hong Kong are gearing up to adopt crypto and providing a very favourable business regulations.
So if UK and US continue doing what they are doing with crypto businesses, they will soon become irrelevant in ever-changing global business landscape.
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Go to noones.com it is basically Paxful with a lot of green. It looks similar to hackernoon and the name also sounds similar. I assume it might be of their ventures. Ray Youssef himself had recommended noon.com in his statement on closure of Paxful. I haven't used it so I won't be able to provide you with a feedback. The dashboard of Noones is same as Paxful. I wonder if they have the same owner or not. I belive yes! I will try this one as they also have KYC verification and I will make sure not to trade with a non-verified user. Let's see if I get success there. I will share my experience here. Another option I see is Binance p2p but I assume they have partnered with WazirX in India so all transactions are going to be reported. Can anyone confirm this? Binance p2p actually has good offers and obviously the KYC verification process but not sure if they are going to report the transactions or not. Any guidance will be appreciated. |
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Hong Kong is learning from its mistakes, it seems! During the previous encroachment from China, a lot of people got their banking account freezer just because the Chinese government wanted it to happen. So embracing crypto is absolutely necessary for the citizens of Hong Kong in case another similar attempt is made by China. It's good to see it happening and also the local government is supporting the web3 businesses which is another positive news.
Another neighboring country, Singapore has a very crypto-friendly policy which allowed multiple businesses to move there over the last couple of years. I hope Hong Kong will catch up soon.
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Banning crypto is no joke! It is true that cryptos can't be banned through a legal provision, but a government can take extreme measure to make cryptos irrelevant in their country. China has been doing that since the inception of ICOs but they haven't yet gone to extreme.
Also US has started taking some harsh measures against crypto companies. Apparantly they will not ban crypto entirely but they would want to regulate the crypto market in their country.
Don't underestimate the power of a government. They can go to extreme if they really want to achieve something at any cost.
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I have been reading many posts bashing the banking services due to its high fees and slowness and blah blah blah. I too am a Bitcoin enthusiast but that does mean I will be complaining about a century-old system deeply rooted in our society. Also, it seems that the banking sector needs an overhaul in many countries including some developed ones. let me present the current banking scenario in my country, - I can send and receive money free of cost through the banking channel in my country. In some cases, I pay transaction fees of 0.085 USD. Transactions can be done 24/7. No downtime.
- I can just carry my smartphone and pay for anything by just scanning a QR code. Free of cost. Nothing is charged either at the sender's end or the receiver's end. I can do it in high shopping malls and also with street vendors.
- I don't need to carry a debit card if I need to withdraw money from my banking account through an ATM. A smartphone is more than enough.
- I do not need to visit my bank branch anymore. Anything and everything related to banking can be done through a smartphone and through video calling the banking associates
The only downside here is, everything is regulated by the government. The debate here should progress towards that angle only. Banking services are exceeding expectations and no crypto can beat that. It's the financial privacy where nothing can beat Bitcoin. That's the truth! |
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