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1  Bitcoin / Bitcoin Discussion / Bitcoin is now a Legalized Asset in China - SCIA on: November 13, 2018, 08:50:30 AM
On October 25, 2018, the Shenzhen Court of International Arbitration (the “SCIA”) published a case analysis detailing its decision on a business contract dispute involving the possession and transfer of cryptocurrencies.

Bitcoin (BTC) is now recognized as a legal asset to be owned, transferred and utilized as a medium of payment for goods and services in China as decreed by the Shenzhen Court of International Arbitration. The same court ordered Bitcoin ban in 2017. The Shenzen Court of International Arbitration was quoted as saying;

Quote
“Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”

News source: https://www.btcnn.com/china-lifts-bitcoin-ban-individuals-and-businesses-can-now-own-cryptocurrencies-legally/

Excited to see the next bull run??
2  Local / Press & News from India / HSBC and Reliance executes first ever blockchain transaction in India on: November 11, 2018, 04:52:19 PM
Quote
In a first for India, British banking major HSBC has executed a trade finance transaction involving an export by Reliance Industries Ltd. to an American client using the blockchain, which massively reduced the time taken for processing the documents.

The blockchain-enabled letter of credit transaction facilitated a shipment between Reliance and the US-based Tricon Energy, a joint statement issued by HSBC India and Reliance said.

"The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant seven-ten days to less than a day," RIL joint chief financial officer Srikanth Venkatachari was quoted as saying in the statement.

The blockchain platform was integrated with the electronic bill of lading (eBL) platform to issue and manage an electronic bill of lading, it said, adding this allows a digital transfer of the title of goods from the seller to the buyer in the underlying trade.

The statement claimed that the solution is a significant improvement for any organisation involved in buying and selling goods internationally, as it brings together all parties onto one platform.

Blockchain solutions is a distributed database that maintains a continuously-growing list of ordered records called blocks and is deemed to be very transparent as all the stakeholders can view progress real time.

A slew of domestic lenders, including ICICI Bank, SBI and Yes Bank among others are working on blockchain solutions and count trade finance as one of the best use cases for the technology because of the ability to cut down on time.

HSBC's head of global banking and markets Hitendra Dave said blockchain has a transformative impact on trade finance transactions and enables greater transparency and enhanced security in addition to making it simpler and faster.

That apart, it can ensure cost-effectiveness, quicker turnaround and also potentially unlock liquidity for businesses, he added.

For this transaction between Reliance and Tricon, the LC was issued by ING Bank, Brussels for Tricon Energy US with HSBC India as the advising and negotiating bank for Reliance, it said, claiming the how the transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

Explaining the current system, it said at present buyers and sellers use paper-based LCs to underpin transactions and physical documents are sent to each party in the transaction by post, courier or fax.

While the current system provides a high level of certainty, the time and cost involved in processing the documents are deterrents for exporters.

HSBC said it, along with five other banks globally supporting the 'Corda application', is seeking to expand the network on an open source basis to drive adoption across the industry.

News Source: https://www.business-standard.com/article/finance/in-a-first-for-india-hsbc-makes-overseas-payment-for-ril-via-blockchain-118110400250_1.html

Good news that Banks are slowly understanding and adopting the power of blockchain. I only wish my governments understands the same and invest in blockchain research and development which may pave the way for cryptos in India. That will only be possible once the big corporates like Reliance, TCS or Adanis vouch for it!
3  Bitcoin / Bitcoin Discussion / What do you want to see for Bitcoin - A stable or a volatile market? on: October 29, 2018, 10:24:22 AM
The question is very simple as the subject line says,

Do you want to see a stable bitcoin market price or a volatile market price?

Please cast your vote and give us the reasons for your choice!

I know such kind of topic can potentially attract a large number of spam so I have kept it as self moderated! Any invalid reply will be deleted!

4  Bitcoin / Bitcoin Discussion / UNOCoin co-founder arrested for installing crypto ATM in India on: October 24, 2018, 10:38:19 AM
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!
5  Bitcoin / Legal / Holding unregulated crypto asset may attract punishment in India on: October 19, 2018, 06:18:41 AM
 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??
6  Bitcoin / Bitcoin Discussion / India gets its first crypto ATM amidst RBI ban - tight slap to the regulators on: October 16, 2018, 01:48:43 PM
India's first crypto ATM launched in Bengaluru by UNOcoin.
It's located in Kemp fort shopping mall which can be used to deposit or withdraw money from UNOcoin platform.

News link: https://qz.com/india/1423842/india-gets-a-bitcoin-atm-amidst-rbis-cryptocurrency-crackdown/


The news holds a very significant value because India is one of those backward countries which is resisting cryptos by imposing banking ban. Indian people can now purchase and trade cryptos without using a bank account.

A tight slap and a right step against the backward thinking religious government of India (don't mind, I am an Indian too). The company is planning to install total 30 ATMs in India within the first quarter of 2019.

Will it be an effective method to bypass the regulations and banking ban india? Share your thoughts!
7  Bitcoin / Bitcoin Discussion / Bitcoin Whales Are Not Responsible for Volatility - Chainalysis [Self moderated] on: October 11, 2018, 09:20:00 AM
As the subject line mentioned, this study can be an eye opener for those, who often blames whales for the price dip of bitcoin. A recent study from blockchain analysis firm Chainalysis shows that whales are not responsible for price volatility of bitcoin. I too had the similar idea on it and I have asked one valid question many times in this forum but haven't received a proper reply till date. The question is,

"If I am a whale holding millions of bitcoins, why would I want the price to go down? It will directly impact my holding value and nothing else. What can be one good reason for me to want the price to go down??"

Answer the above question if you have a viable reply! Now get back to the main topic,

Chainanalysis analyzed the transaction history of the 32 largest bitcoin wallets not on exchanges as of August 2018 to develop a taxonomy of whales. They represent roughly one million bitcoins, or about $6.3 billion dollars. The data revealed four basic types of whales as below,



This categorization reveals only a third of the whales are active traders, who regularly conduct transactions with BTC on exchanges. The statement of chainanalysis says,

“a diverse group, and only about a third of them are active traders. And while these trading whales certainly have the capability of executing transactions large enough to move the market, they have, on net, traded against the herd, buying on price declines.”

Hope this study will clear your mind and misconceptions that you have about the whales!! If you have valid argument to make, I am all ears!

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

**This is a self moderated topic, so any spam comments will be removed**
8  Economy / Economics / Indian markets have gone haywire - possible remedies?? on: October 09, 2018, 07:57:52 AM
If you are an Indian, you may be knowing about the current status of the Indian stock market and the currency rate. It has all gone haywire and few lakh crores of rupees have been vanished from the market in just few weeks. The markets are constantly falling and the INR is becoming weaker against USD. The pictures below represents the status of the markets of the last one month.

Sensex - Bombay Stock Exchange,
 

Nifty - National Stock Exchange,


USD/INR currency pair,


While this drastic fall continues, even today, we are getting to hear many versions of advice from the renowned economists of the country. Here I want to know what common people like me, are thinking! What should be the remedy of this situation? What essentially I am looking for, is a common man's view!
9  Economy / Gambling discussion / Anyone betting on PUBG? on: October 02, 2018, 08:25:51 PM
If you are already playing PUBG, it needs no introduction. But if you are new, PUGB is an online arena fighting game available on Various platforms like android, iOS and Xbox.

It has become an internet sensation and the game has captured attention of a lot of youth in my country including me.

Suddenly someone forwarded me a link to a common whatsapp group which is mainly a competition that involves winning based on your gaming skill. The rule is simple,

1. You need to register by paying 20 rupees through paytm
2. You will get invitation to join a group
3. For each kill, you will get 15 rupees
4. Upload screenshot as proof
5. Receive money in paytm after each game

Link: https://www.toornament.com/games/pubg_mobile (I am not the owner of this link, nor I have played any game through their group, so I won't take any responsibility if you loose your money)

Does anyone know about any similar platform where people can do the same using cryptos?

If someone creates such tournament for PUBG for crypto payments, would you be interested? If yes, what will be a convenient entry fees for you?
10  Bitcoin / Bitcoin Discussion / Five Major areas to Blockchain’s Mainstream Adoption - Deloitte on: October 02, 2018, 09:02:46 AM
One of the big four consulting firms, Deloitte has published a study on 28 September related to the blockchain technology and it's challenges towards mainstream adoption. The study title is "Blockchain and the five vectors of progress" and it is fairly a good read for the blockchain enthusiasts. The areas they have identified is as below,

1. Increasing throughput and performance:
2. Enhancing standards and interoperability
3. Reducing complexity and cost
4. Regulatory support
5. Multiplying consortia


Each points are described in a fairly easiest way in the study itself. That's why I haven't reiterated the same in this thread apart from quoting the main points. I encourage everyone to take out some time and read the entire study as it talks about some very good points that can overcome the barriers that are challenging mass adoption of blockchain.

Study link: https://www2.deloitte.com/insights/us/en/focus/signals-for-strategists/value-of-blockchain-applications-interoperability.html

Would like to know your thoughts and arguments!
11  Bitcoin / Legal / Reserve Bank of India Anticipates Shift to P2P Crypto Trading on: August 30, 2018, 09:58:05 AM
The Reserve Bank of India, published a 268-page annual report for financial year 2017-18 on August 28, 2018. A whole section of that report is dedicated towards cryptocurrency where they have outlined the risks posed by crypto and emphasized on the need to monitor crypto development in anticipation that some trading may shift from exchanges to peer-to-peer (P2P) mode.

The report says,

Quote
Developments on this front need to be monitored as some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash. Possibilities of migration of crypto exchange houses to dark pools/cash and to offshore locations…require close watch.

The absence of information on counterparties in such peer-to-peer anonymous/pseudonymous systems could subject users to unintentional breaches of anti-money laundering laws (AML) as well as laws for combating the financing of terrorism (CFT).

In a nutshell, the "religious" government of India, will try to block the p2p market as well, the way they have banned "Bank to business" transactions in crypto space. Hard days are coming for Indians it seems!

News source: https://news.bitcoin.com/reserve-bank-of-india-p2p-crypto-trading/
12  Bitcoin / Legal / Proposed ETF rejected by SEC - great news for the market! on: August 22, 2018, 11:28:26 PM
As some of you may already know about it, that SEC finally rejected the ETF that was proposed by Proshare Capital Management LLC. The rejected came in today and SEC released the official document confirming the same.

SEC document Link: https://www.sec.gov/rules/sro/nysearca/2018/34-83904.pdf

Now my point is that, it is actually good for the market. The market was living on a false hope and SEC finally pulled the plug out. No more false hope will certainly help to recover the market. Newbies were excited about the news of ETF without knowing the fact. Let me point out a few for noobs.

1. The proposed ETF was meant for institiutional investors and not for common people like us.

2. The underlying asset for the proposed ETF was CME future contracts. No physical bitcoins were proposed to be purchased resulting zero impact.

3. SEC used your excitement to control the market price of bitcoin to some extent. With every delay announcement, market took a dip because you guys thought this ETF will be a great addition to the market. Wrong!

Now the ETF has been rejected by SEC, please don't let your emotion to ruin the market. The less numbers of regulated products around crypto, the better! The decision will help the market survive without intervention of SEC. So rejoice and cheer!
13  Alternate cryptocurrencies / Altcoin Discussion / Vitalik proposed new algorithm for ETH - requires 99% nodes to attack! on: August 14, 2018, 09:12:17 AM
On August 7th, ETH Co-founder Vitalik Buterin has proposed a new kind of consensus algorithm which requires control over 99% of nodes to carry out an attack. Vitalik called it as "observer nodes" and with the implementation of this idea, ETH can become the most secure public blockchain in the world. With this consensus algorithm, 51% attack can be the thing of past!

How it works:
The new algorithm introduces a new kind of validator nodes called as the “independent observer nodes”. These nodes observe the chain in real-time and detect inconsistencies in when the message appears. This works because, Double Spend attacks are slightly quicker (or slower) compared to normal transactions, and the special nodes in Vitalik’s solution detect just that.

Ethereum developer Conrad Barski further explains,
Quote
“Usually, all blockchain consensus[algorithms] care about is what the validators (i.e. miners) of a chain do. Vitalik is proposing that if an independent observer of the network traffic (i.e. just the blockchain client a user is running, not a miner/validator) watches what’s happening in real time and pays attention to when messages appear, they can detect ‘foul play’ by miners performing a 51% attack and this can provide additional safety guarantees that can protect against such an attack. This is similar to this is somewhat similar to how merchants are already checking for 51% attacks themselves, only Vitalik’s version is more large-scale and complex“

Link to Vitalik's paper:
https://vitalik.ca/general/2018/08/07/99_fault_tolerant.html

News Source:
https://blockmanity.com/news/ethereum/vitaliks-new-consensus-algorithm-make-51-attack-obsolete-requires-99-nodes-attack/

Vitalik has always been my favorite guy in the world of Blockchain. Even though the paper is fairly complex and didn't yet understand it completely. But this algorithm has the capability to change the ETH blockchain into the most secure public blockchain in the world. It is just a proposal and implementation has not yet decided.
14  Other / Meta / Buying/selling fixed matches through gambling section - is it allowed? on: August 06, 2018, 08:58:19 AM
Dear Members and Moderators,

While going through the threads of "Gambling discussion" I found few threads talking about buying/selling fixed matches. I believe such kind of attempts encourage scam and also not legal in any way.

For your reference I have given the links below,

Thread 1: I look for fixed games
Link: https://web.archive.org/web/20180806084920/https://bitcointalk.org/index.php?topic=4614321.0

Thread 2: ITF TENNIS FIXES
Link: https://web.archive.org/web/20180806085026/https://bitcointalk.org/index.php?topic=4813440.0

Thread 3: ITF MATCH - tennis fix
Link: https://web.archive.org/web/20180806085144/https://bitcointalk.org/index.php?topic=4491356.0

Earlier also I found some topics similar to the above topics and I reported to moderators for deleting those. But it seems like popping up every now and then. While searching more about it, I found we don't have rules framed for the same reason. The actions are taken only based on the reporting. Now my questions are,

1. Is it allowed?
2. If not, can we please frame a rule to stop such topics?

I believe buying/selling fixed matches is illegal activity and encourages scam. Would like to hear what the old and experienced members are thinking about it and the possible ways to stop it.

Thanks,
Avikz
15  Bitcoin / Bitcoin Discussion / India's largest private Bank embraces Blockchain on: July 30, 2018, 10:53:23 AM
As the subject line mentioned, the largest private sector bank in India, ICICI Bank embraces the power of Blockchain technology. As a trial run, they have initiated this technology transformation with one of their counterparts Emirates NBD in Middle East. While going through my personal Linkedin profile today, I found the below update,

https://www.linkedin.com/feed/update/urn:li:activity:6397396738059132928


The change is imminent! The sooner they adopt it, the better!
16  Economy / Economics / Billionaire Steven Cohen to invest in crypto focused Autonomous Partners fund on: July 21, 2018, 05:46:28 PM
As reported by one of the most significant money related website MoneyControl on July 16th, that 'Hedge fund king' billionaire Steven Cohen to invest in crypto focused hedge fund Autonomous Partners. This is not one of his private ventures and he will be investing through his own venture capital company  Cohen Private Ventures. This news sends out a positive vibes across the market. Lets look at the pros and cons of this investment.

Pros:
1. Being a billionaire investor, his investment advice is followed by many people. So his investment in crypto related hedge fund will certainly bring more interested people in investing into crypto currency.
2. The credibility of cryptos will increase among the cash-rich mass whose funds are being managed by his other companies as well.

Cons:
1. He will be investing in a privately managed hedge fund and none of his funds will flow to the actual crypto market. So we will not see any fresh funds flowing in to the market from his investment.

What do you think on how the market will react on this news? Do you think we have already crossed the bear phase and entering into the bull phase of the year?

News source: https://www.moneycontrol.com/news/business/cryptocurrency/hedge-fund-billionaire-steven-cohen-is-getting-into-crypto-2718311.html
17  Economy / Gambling discussion / India to legalize gambling and sports betting on: July 12, 2018, 08:56:25 AM
On July 5th, Indian Law Commission recommended the government to legalize gambling and sports betting in India. Gambling in India was legal during the British time but the first independent government banned it. Since then Indian was turning blind eye towards the gambling sector. However, the picture may change in near future seeing the benefits it can bring to government.

1. Cricket betting in India is already a billion dollar market but completely unregulated and underground. Government is loosing millions of tax revenue
2. It has suggested classifying gambling into two categories, one is proper gambling with big money and small gambling for occasional gamblers
3. Eyeing to boost tourism sector with a huge foreign money turnover
4. Employment generation 

Even though nothing has been finalized yet, but India has shown negative responses towards gambling earlier. However, currently the government is struggling to maintain the treasury deficit within the required limit. Also the changed Eco-political scenario and duty-war among the big economies has led India to think about increasing internal revenue. So things may change this time. Lets hope for the best!

News source 1:
https://blogs.timesofindia.indiatimes.com/toi-editorials/legalising-betting-in-sport-just-do-it/

News source 2:
https://timesofindia.indiatimes.com/sports/more-sports/others/allow-gambling-betting-on-sports-as-regulated-taxable-activities-law-panel/articleshow/64873545.cms

New source 3:
https://www.hindustantimes.com/india-news/legalise-gambling-and-betting-to-help-generate-revenue-jobs-law-panel/story-0oe6dPPdTbKEACaq9wyPYJ.html

18  Economy / Gambling discussion / Sheldon Adelson - The Gambling emperor featured in Forbes billionaire's list on: July 02, 2018, 07:01:13 PM
Dear members, the subject line may confuse you as you may think what significance it may hold to the gambling discussion. Let me introduce Mr. Sheldon Adelson to you.

》 CEO and Chairman of Las Vegas Sands, which is the largest casino company in USA.
》 He owns more than half of the total gambling sales in USA.
》 Billionaire no. 21 in Frobes list of 2018.

He is the only billionaire from the "Gambling Industry" who is continiously holding a spot within the top 50 billionaire's list. His current ranking is the highest he has achieved till date.

Even though this news would make no impact to your gambling profits, but I thought of giving you some reason to cheer on!

News source: https://www.forbes.com/profile/sheldon-adelson/

19  Alternate cryptocurrencies / Altcoin Discussion / Similar website as localbitcoins for ETH on: June 28, 2018, 09:23:33 AM
Hello members,

I have been using the service of localbitcoins since a long time now for my bitcoin trades. However, I have taken up a lot of exposure in ETH lately which I want to sell for any emergency that may arise in future.

Till date I have not found any website similar to localbitcoins where I can sell off my ETH for Indian rupees. Do you know any?

I know paxful, but there is no open offer for ETH to INR. Any leads will be appreciated!
20  Bitcoin / Bitcoin Discussion / FUD of the week - Geopolitical Analyst Believes Blockchain Will Become Obsolete on: June 18, 2018, 07:55:59 AM
Geopolitical analyst George Friedman says that blockchain technology will one day become “obsolete,” in an interview with CNBC on June 15th, 2018.

His comments on blockchain technology:
1. "I've never known any encryption technology not to be broken,"

2. "It's useful. It's visible, at some point it'll be obsolete."

3.  "blockchain is one of those hypes. People [are] profiting from it, making extraordinary claims about it."

My conclusion:
Another angry kid in the town. Expert in creating FUD in some intelligent way by not attacking bitcoin directly, instead chosen encryption capability of blockchain.

What do you think?

News source: https://www.cnbc.com/2018/06/15/geopolitical-analyst-george-friedman-says-blockchain-will-become-obsolete.html
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