As of now, Bitrefil seems the most sane ways to make use of our cryptos. I have completely stopped converting my cryptos to cash since that 30% tax was imposed. So as of now, I can't think of any negative point for Bitrefil. It's saving us from huge burdens.

The commission is quite less and the price is quite ok. Especially when considering the taxes, I don't mind paying that extra amount because it's te most economical way of spending your cryptos right now in India.

I will say that it's highly unlikely to see another 2008 crisis now. The market is well prepared of what's coming our way. So another big recession is highly unlikely to happen. But yes, taxpayers money will be used to bailout the failed banking system again for sure! Also now this banking crisis will give another chance to FED to increase the lending rate which will increase the burden on the common people.

SVB was the bank for highly risky companies whose roadmap is still not clear. So there was a risk element always present with that bank. It's a good news that HSBC has already purchased SVB's UK business.

Can't agree more! Whatever "innovations" we see around the crypto ecosystem like lending, deposits, trading, and centralized exchanges, are actually taking the entire ecosystem towards a centralized banking system. That might become disastrous in the future and we have already got a hint when FTX collapsed.

But SVB is a different story. This bank is used to fund tech startups which is a hugely risky venture. Tech startups use a model called "lean startup" where they do not have a clear roadmap in most cases. They fail fast to learn from it and to derive a new way to succeed. That's how usually startups work and the risk is huge. So when SVB took a such a risk, they should have really prepared themselves for today's scenario. It's unfortunate that the US government denied a bailout for them.

I am more worried about a global recession now because millions of people are going to loose their jobs.

Two different IPs should not cause the ban. Usually, a platform will send out email to validate the new IP as it is seen as a security threat to the user's account. So to protect the user's fund, they ideally send email to validate the user and once the validation is done, everything should be normal! That's the usual practice!

But please try to understand more about the situation. Because the scenario you have posted should not cause a complete ban especially when you have funds in your account. The gambling platform should give the user another chance to release the funds. If they have not given the chance to withdraw the fund through KYC or other verification, then open a thread in the scam acquisition forum to report the platform. We are interested in knowing the name!

To be honest! I don't entirely believe Elon Musk because of his inconsistent behaviour and comments. He is definitely a big supporter of cryptocurrency but what he is doing with Twitter and the way he is firing people, is not good!

He might have big plans for Twitter but as of now I don't see a possibility for Twitter to become a financial service provider. He will face a similar kind of roadblock that Mera faced with their stablecoin project. Legal challenges need to be solved first.

Why money??

Because money is the only thing that is used everywhere as a transfer of value. That's the simplest answer to this question. Global banks and governments need a tool to transfer values from one place to another. That's where money came in and now rulling the world.

You replace money with monkey and monkeys will start rulling the world! As simple as that!

Lol! I am not sure how did you come up with such statement about bitcoin, but would you care to explain?

Bitcoin is the most widely used and accepted cryptocurrency in the market today. It has so huge influence on the crypto market that if bitcoin goes doen, it takes the entire market with it.

I honestly think you need to re-think your statement about bitcoin!

I am sorry as my answer is going to disappoint you! My three coins are -

1. Bitcoin
2. ETH
3. XMR

I honestly do not consider any other coin capable of handling and solving real-world problems.

Bitcoin is for liquidity as it is widely accepted. ETH is for the smart contracting facility and XMR is for anonymity. I don't think a human needs any more cryptocurrency.

That could be the case! But it's not clear yet as the gazette notification doesn't explicitly speak about this regime. But brace yourself for such legislation to be put in place. As of now, it should be OK if you are reporting your crypto income in your income tax return and pay 30% tax on it. In that case, you will be saved from future hassles because then you will be able to prove your good intention.

What I foresee, is an effective death of crypto market in India. Firstly, the government discouraged crypto to fiat transactions by imposing 30% tax and now its regulation under PMLA act. Probably that's what the government wants!

At the same time it is also important to make people understand the truth. It's extremely easy to just look away but that extra effort that OP has put in, is really commendable.

We as a bitcoin enthusiasts, must go ahead and correct others when possible, is very important at this juncture, because bitcoin is getting prominence around the world.

Clap for you OP!

Yes, why not?

During my college days, I never expected to pay the street vegetable vendor from my mobile phone using a QR code, instantly! Now it's a common practice everywhere in my country.

This is one of many examples I can provide which will make you understand that what we can't think today, can happen tomorrow! So obviously there can be such innovations in the future where bitcoin may become completely outdated. Rather, the entire crypto market can become outdated. Innovation knows no boundaries!

It's great to see that India has requested a panel discussion on the policy roadmap for the crypto assets. Honestly, it reduces the chance of an outright ban. It's just that puppet RBI governor has shared his opinion for ban!

Thanks to Kashif to explaining the entire matter to us. He was a great help under the name of Crypto Kanoon earlier and he is continuing on the same path.

A comprehensive policy is indeed the need of the hour. Having no policy is disastrous and can be proven fatal against the crypto community of India.

When it comes to accepting payment, I would not have a specific choice of cryptos. I would rather choose a payment gateway which will settle the payment in fiat on a real time basis. Business is no joke and majority of the businesses need working capital which is usually taken out from the revenue.

So as a business owner I won't really take the risk of volatility as it may affect my profitability. So coin can be anything, but the payment gateway should be the most important factor for me.

I am not sure whether bitcoin has really been decoupled from the stock market. It needs a lot more debate and deep understanding. But I personally would want that to happen!

Bitcoin is not really a mainstream asset. In reality, it has created a parallel economy. So the idea is that people will hold and invest more into bitcoin when the stock market sees a downturn. It's very similar to how gold is being treated by the investors for capital protection.

But as of now, bitcoin has not shown any prominent signs. The volatility is so high, it's actually very difficult to find out whether bitcoin has been decouple or not.

Nope! I will never try to convince anyone! I will just provide information about cryptocurrency if they need but convincing people is something which I want to avoid.

Bitcoin and crypto market in general is super volatile. Unless I have the financial power to support them if anything goes wrong, I would never convince anyone to invest in cryptos. I did it back in 2017 and lost friends in this process.

It's quite strange for Japan to issue stablecoins on ETH blockchain. As a country, this is a very drastic step to take. Usually countries do prefer to use their own private blockchain 5o issue digital currencies. But this will be the first time a public blockchain will be used to hold a national digital currency.

That is certainly going to give a huge trust boost to ETH ecosystem. It will be interesting to see how the pilot works!

Lol! No! Never!

NFTs are anyways useless! But when it is generated by AI, that literally means no effort has gone into creating that particular piece of shit. No human effort at all which makes it a bad investment already.

Regardless of the backing, that's useless and AI can generate the same image once again. So there's no guarantee about it's uniqueness as well. So I would not invest in such NFTs ever.

Using blockchain for KYC is not at all the first step towards bitcoin adoption. Blockchain implementation has a wide number of use cases and most of them are not even related to cryptocurrency. There are states in my country using blockchain since last 4 years for issuing birth certificate.

Implementing blockchain for KYC is just a sensible thing to do. I don't think Pakistan will ever adopt bitcoin. But considering the current economic situation, anything can happen!

I will be honest!

When it comes to P2P trade, I won't use a decentralized exchange because the potential for fraud is much higher. I wouldn't know what kind of money I receive in my bank account and from whom. That's the challenge for P2P trades. I will want a verified person to send money to my bank account so that I don't have to deal with any issues later on. I am not saying that centralized exchanges do not have such risk, but the possibility is quite less.

The centralization vs decentralization debate will go on forever. But for my own financial security which involves fiat, I will avoid anonymous platforms like Bisq. If it's just a matter swapping my coins to some other cryptos, then it should be fine!

My two satoshis! NFTs are just bullshit and makes no sense at all. Just a bunch of spammers in disguise of creators, trying to play games on digital contents.


I don't see any possibility for now. But if this becomes a madness, then it needs to be eliminated. But unfortunately that's not how the decentralised network works. A serious amount of efforts need to be taken before getting this done. I will still request to wait and watch for couple of days.