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1  Bitcoin / Bitcoin Discussion / Re: Cryptocurrency for Passive income on: September 29, 2020, 05:24:33 PM
The lockdown has helped with the growth of cryptomarket in large scale. This too is experienced in my home state capital. Compared to the past the lockdown months have got a massive increase in the usage of cryptocurrencies on trading. It is true to see most of the tech people around the age of 25 getting into cryptocurrency usage. Particularly most are into trading to make some passive earning as tech giants have come up with big pay cut.

Another important reason for the same is the stocks which weren't that supportive to make some passive income. During the lockdown even the stocks crashed, only the cryptocurrency market stood strong. With the lockdown the city has topped third position in terms of cryptocurrency users and trading volume. Probably this widespread could've happened in the global market too.

Source : timesofindia

I am not sure what you are trying to prove but here's my take on it!

Cryptocurrency can't provide you with income unless your are staking coins or actively trading it. Now when you are trading it, then you can't call it passive income however, it can be called passive income only if you are staking it. Yes, people are making big bucks from cryptocurrency trading obviously but that doesn't put the traditional stock market out of perspective.

Instead, when the stock market crashed, it has given an immense opportunity to enter the market. I personally have purchased a lot of shares of some FMCG companies which has shown strong future potential along with Yes Bank. I entered into Yes Bank at 8 during its bad times and now I am making around 100% profit. Cryptocurrency is definitely providing good opportunities to the people associated with it, but if you turn a blind eye from traditional markets, you are only loosing opportunities!
2  Alternate cryptocurrencies / Altcoin Discussion / Re: Is UniSwap the most powerful in the Defi market? on: September 29, 2020, 04:05:28 PM
It’s just 10 days back that DeFi protocol Uniswap launched their Uni token and now Uniswap becomes the first DeFi protocol to cross $2 Billion.

Read more: https://www.worldcoinindex.com/news/defi-protocol-uniswap-crosses-2-billion-in-total-value-locked

Will Uniswap remain it's top position or is this just a hype?

It's no wonder that UNISWAP has attracted a lot of eyeballs since it's launched but there's no guarantee that it will continue to hold its top position. It has indeed gathered liquidity worth more than 2 billion USD but everything is so liquid in nature, you can't bet on anything.

The entire Defi market is full with scammers right at the moment and we have already seen a lot of exit scams happening here. But it looks good so far and even I have got my hands dirty with Uniswap. We can just hope for the best!
3  Bitcoin / Bitcoin Discussion / Re: How to Register on Bitcoin Exchange in India - A Small Guide on: September 29, 2020, 03:58:36 PM
Is crypto still accepted in India? I thought they banned it again.

The legal status of cryptocurrency is very much unclear in India. It is neither legal not illegal. Yes, it is not a legal tender in India so you can't use it for purchasing any goods or services. But holding is still not illegal in India and there are quite a few exchanges operating from Indian soil.

However, it is definitely not a good time to invest and set up a cryptocurrency exchange in India because we don't know when it will be banned by law. So we are in a very confusing situation right now!
4  Bitcoin / Bitcoin Discussion / Re: New Zealand's tax authority asks crypto firms to turn over customer info on: September 29, 2020, 06:09:54 AM
New Zealand’s tax agency has requested that crypto firms in the country share their customers’ personal details and cryptocurrency asset values.

According to a statement from the Inland Revenue Department (IRD) issued to Radio New Zealand, the agency has requested this information in order to enhance its understanding of the crypto-asset environment in the country, so that it can know how best to help taxpayers meet income tax obligations.

The move comes at a time when tax regulators around the world are tightening their grip on the cryptocurrency market.

Janine Grainger, chief executive of New-Zealand-based Easy Crypto, told Radio New Zealand that the IRD must be widening its net of the tax base because crypto-asset ownership is growing in New Zealand. Grainger called the move a “heartbreaking” breach of privacy and autonomy.

https://www.theblockcrypto.com/linked/79008/new-zealands-tax-authority-asks-crypto-firms-to-turn-over-customer-info

It will eventually become a norm around the globe in next few years. It is a part of the mass adoption that we all are hoping for and the mass adoption will not happen without sharing the data with tax authorities. If we want to see organic growth of crypto, then tax authority will surely ask for the customers' data from the crypto companies. People who call it heartbreaking may have some hidden agenda behind their cryptos but for people who are using cryptos in a legal way, they wouldn't find it problematic at all.

Don't forget that New Zealand has seen a very serious terrorist attack in 2019 where the terrorist Brenton Tarrant reportedly had used cryptocurrency to buy guns for the attack. So it's no wonder that New Zealand tax authorities are taking the matter seriously!
5  Bitcoin / Bitcoin Discussion / Re: Regulatory Framework to Avoid Crypto Ban on: September 28, 2020, 06:44:58 PM
While we all understand the benefits of cryptocurrency I am sure our uneducated politicians don't! When the priority of a government shifts to build a temple instead of factories- we can very well assume that we are going back in time! India is ruled under a regressive government! I am not sorry to say this because its a truth!

I am almost certain that the beaurocrats won't seek public or even expert opinion before drafting a law to ban cryptos in India!
6  Economy / Gambling discussion / Re: US 2020 Elections data, polls and bets on: September 28, 2020, 01:36:55 PM
I seem to have found a forecast which is entirely different than OP. Even though a sample size is not given but it seems pretty interesting to me,

https://projects.economist.com/us-2020-forecast/president

According to this report, Biden will outnumber Trump in upcoming presidential election. Their model predicts the Biden has 85% chance of winning the election!
7  Local / India / Re: Any place for Indians to securely unlock crypto values? on: September 27, 2020, 04:06:46 PM
Has anyone tried IPPB, that is Indian Post Payment Bank.

My grandpa uses it, it is less of a hassle and very informal kinda setup, easy to open an account with just an Aadhar card or so.

Try it, although I won't recommend it for day to day transaction for it has multiple limitations.

I don't think it is a wise choice! Even though they have a very informal kind of set up, they are very well connected with the government. I mean we are not sure how information flow happens between the banks and the enforcement agencies. My Dad used to have an account with Indian Post Office so I know the kind of pain you will have to go through if there's any issues you have with your account. Everything is still manual and not at all user friendly! I wouldn't recommend Indian Post Office Bank under any circumstances. 
8  Alternate cryptocurrencies / Altcoin Discussion / Re: How to claim UNI Token from liquidity pool? on: September 27, 2020, 06:42:36 AM
Excellent! This is what I was looking for. I had actually provided liquidity to one of the pools but never deposited that so I wasn't able to see the UNI tokens. Now it's all fine and I can see the ball rolling perfectly. Just one more question I have,

I can't see the amount in ETH/dollar value that I can deposited to the pools now. What I see is below,



Now If I click on "Withdraw" can I see my deposited ETH and USDT liquidity coming back to my wallet?
9  Alternate cryptocurrencies / Altcoin Discussion / How to claim UNI Token from liquidity pool? on: September 25, 2020, 05:47:16 PM
Hi fellow members,

I need a little help from you regarding Uniswap as I am very new to Defi field. So few days back, I have started liquidity mining with Uniswap. I have invested couple of hundred  dollars in USDT/ETH pool and in 3 days, I can see my fees earned balance is little more than a dollar.

However, whenever I am trying to claim UNI token against that, it is showing there is no claimable UNI in my account. I want to know how can I claim UNI correctly and what should I do to see the UNI tokens available in my account.

Any help will be appreciated!

Regards,
Avikz
10  Bitcoin / Bitcoin Discussion / Re: Roskomnadzor blacklists Binance in Russia on: September 25, 2020, 04:48:53 PM
Russia was never favorable towards cryptocurrencies. A lot of discussions ongoing at upper house og government to ban cryptocurrencies completely from 2021. So this matter is not something that is out of the blue entirely. However, the problem with Communist countries is that, you can never receive correct information out of them. What they say in public is often a white lie. So we will never come to know the truth until someone knowledgeable talks about it in open.

I am sure the Russian government has a different motive behind this. Otherwise it is easier for them to just make Binance inaccessible for the mass!
11  Economy / Investor-based games / Re: Come and Invest With Us 6-18% Monthly profit on: September 25, 2020, 04:21:05 PM
You can refer here for more information: www dot BitcoinTrust dot biz. Leave comments down below if you have any questions!

6%~18% Monthly Profit
0.2%~0.6% Daily Profit
So these kinds of programs still exist but even how high is the monthly profit i will not join into it, and also i dont like the the dot biz domain.

The hyip market seems like Phoenix which Rises from the Ashes every now and then. I thought after the closure of TalkGold and MMG forum, these scammers have gone away and found some other professions. But it seems they are still trying to fool people with their unrealistic offerings.

I am wondering why this thread is not yet in trash can!
12  Bitcoin / Bitcoin Discussion / Re: Israeli draft bill may ease the heavy taxation. on: September 25, 2020, 12:53:45 PM
25% tax in cryptocurrency is just too much even at initial assessment so they are probably thinking that profit in cryptocurrency is huge and the government took advantage of it. That's probably hindering the growth of the users there in Israeli. If by chance that they really lessen the tax burden, companies that deals with cryptocurrency might go there.

Please read the fine print here - 25% tax on gains! Yes it's heavy for sure but inline with the normal taxation rate of many countries. Japan actually started imposing a tax of 56% of cryptocurrency gains, which is abnormal!

However, it's good that Israel is possibly taking steps to reduce that burden which may encourage a lot of people to enter into crypto. Let's hope for the best!
13  Bitcoin / Legal / Re: Mastercard launched a cryptocurrency testing platform for central banks and fina on: September 25, 2020, 06:18:54 AM
Mastercard holds not less than 80 patents of blockchain technology. While Alibaba group is leading the race, Mastercard is also not staying behind. They understand the business and whatever they are doing is for the future business opportunities. A lot of countries have either started researching about the CBDC and some countries like China has already started issuing CBDC for testing. So Mastercard very well understand the future prospect of such technology and trying to stay within the game.

By now, it has become pretty much evident that trustless & decentralized cryptocurrencies will never become the main or even reserve currency of any country. Rather CBDCs will rule the future financial landscape. So it's just a try for Mastercard to stay in the game!
14  Bitcoin / Bitcoin Discussion / Re: btc transaction fee is way too much and btc transactions are way too slow on: September 24, 2020, 08:49:15 PM
so who and when will solve that problem?
btc transaction fees are way too high!
btc transactions are way too slow!
as im the big fan of fiat money and banks and reason for that becouse i make my transaction with online bank much faster to same bank and with much less fees then  i do it with cryptocurrency.

the cost of something what is so hovest should be cheap as possible is way too high and ethereum is expensive too but at least eth transactions are much more faster so you get what you pay for at least but bitcoin it need to improve much more


The issue is real so there's no denying! Bitcoin scaling is an issue in reality but there are certain measures in place like Segwit and another much impactful measure in on its way - Lightening Network!

So what we all face today will be eliminated eventually. There are still bugs and vulnerabilities in LN but every new technology faces such issues. Once LN will be up in full scale and with all vulnerabilities solved, bitcoin will surely become the most preferred choice among the cryptocurrencies for transactions.

Also don't compare fiat with bitcoin because an age old system can't be really compared to an 11 years old system.
15  Bitcoin / Bitcoin Discussion / Re: European Commission officially proposes regulatory framework for crypto-assets on: September 24, 2020, 05:54:14 PM
European Commission officially proposes regulatory framework for crypto-assets and stablecoins

The European Commission has today officially proposed a regulatory framework for crypto-assets and stablecoins after a leaked draft proposal went viral last week.

The 168-page official draft proposal (provisional), published Thursday, highlights the need for a "sound" legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing EU financial services legislation.

Crypto assets, especially stablecoins, have the potential to become widely accepted, said the commission. Hence, they would be subject to "more stringent requirements" regarding capital, investor rights, and supervision. The proposal is in line with the leaked version from last week.

The commission has today proposed a "bespoke" regime for crypto-assets and stablecoins. "The bespoke regime for crypto-assets will ensure a high level of consumer and investor protection and market integrity, by regulating the main activities related to crypto-assets," said the commission. The main activities include such as crypto exchange and wallet services.

https://www.theblockcrypto.com/post/78713/european-commission-official-proposal-regulation-crypto-assets-stablecoins

This is just a proposal I believe and not yet made to become a law. However, I believe a legal framework will definitely help in widespread adoption of cryptocurrencies in European region. Once the framework is passed as a law, it will encourage the big players in the market to accept cryptocurrencies as their payment method.

Having no framework is as dangerous as having a ban because it only confuses the masses and the businesses. Hope something positive will come out from this proposal!
16  Bitcoin / Bitcoin Discussion / Re: Operation DisrupTor: Over $6.5m in cash and crypto seized by FBI on: September 24, 2020, 03:40:54 PM
In a joint operation with different US agencies and other countries, FBI seized of of Weapons, Drugs and over $6.5 Million in cash and crypto. Coordinated effort to stop the trade of opium trafficking in the dark net. Resulting in an arrest of 170 criminals worldwide.

That's great success by the enforcement agencies and congratulations on the arrest of hundreds of criminals. But it's unfortunate that cryptocurrencies are again involved in such big scale drug trafficking case. It seems whatever crime is happening around the world, is somehow getting linked to crypto no matter whether we like it or not! It's not really an ideal scenario when we are talking about organic growth of cryptocurrency into the mainstream economy!
17  Economy / Gambling discussion / Re: Why do people keep playing unlicensed, illegal slot machines? on: September 24, 2020, 10:59:10 AM
Illegal casinos are available in almost every countries. In my country, gambling is legally banned. But the number of illegal casinos are in thousands. They are mostly open by invitation only and not for any common people. So it makes sense for such countries where gambling is banned.

But where gambling is legal and people have the option to play in legal casinos, it doesn't make sense to have illegal casinos where the machines can be rigged. Convenience can't be only thing that plays major role here. It's possible method used by commoners to funnel the dirty money to white money.  Because in illegal casino, there will be no KYC requirement so essentially you wouldn't need to answer anyone on the funds you using on gambling. That's what happens to my country as well, mostly black money holders play in such illegal casinos!
18  Local / India / Re: And this happened!! on: September 23, 2020, 07:19:40 PM
I did mentioned on different threads, banks are not freezing accounts just because they found crypto related activities in their transaction list, they only do when they suspect this used is involving in some kind of activities which goes against the laws of India and they are using bitcoins as payment mode for better anonymity.

Normally when we received money from hacked bank account or paytm account then your account will be locked until the case gets resolves and this is one of the main reason bank and paytm bank accounts got frozen.



Yeah! That's the most genuine justification I can think of. Whatever bank account freezing news we are receiving, are probably linked to some kind of unlawful activity. But as a common people, we have no source to know whether an account is linked with hacking/illegal activities in the past. That's where the risk is! Even though Indian banks can't be trusted in any way because they are super unethical in their dealings.

But I doubt that Binance or Paytm has entered into any partnership. It's just another payment method Binance has added to sell cryptocurrencies. I tried searching Binance and Paytm websites but couldn't find any news of official partnership whatsoever.
19  Alternate cryptocurrencies / Altcoin Discussion / Re: Less Volatile Coins on: September 23, 2020, 04:55:56 PM
I am a newbie on this forum and I have read my posts that people complaining how they lost their fund as a result of investing on Volatile coin like BTC. Is it now advisable for newbie like me to invest on less Volatile coin like Tether or Gemini USD.

The way many people have lost money, in a similar way many people have made great profits from bitcoin investment. However, when you say investment, you need to invest in some assets whose price is expected to go up in future. So investment in USDT would not really count as an investment. Stablecoins are here for capital protection and not investment. Hope this makes sense!
20  Economy / Economics / Re: DeFi vs. CeFi? on: September 23, 2020, 05:59:28 AM
What's the future of finance is gonna be like? The other day I met a guy who called Bitcoin a pet rock because it can do nothing beside sitting in your wallet until you sell it later and I think that guy is salty because he never really use BTC as a store of value or even a currency, then praising eth because he said that he can do a lot with it.

Someone correctly mentioned - Diamond is also a pet rock! Just not everyone is privy to such pet rocks like Diamond or Bitcoin! Only few percentage of lucky people can get to use them! If the person has not used bitcoin in his entire life - his comments on bitcoin has no value because it comes from his perspective and not experience!

Quote
Any interesting take from Bitcoiners on this (DeFi) hot topic? Is the lending/borrowing market really that big? I mean, is there any battle at all? My understanding is that DeFi requires a person to do this and that bla bla bla for them to start earning interest on their crypto while the so called CeFi can do all that as easy as using Paypal to most people. Would love to hear your thoughts, specially those who maybe ever earned something from both DeFi and CeFi once.

Contrary of the popular belief - Defi is not only about lending/borrowing market. Only a handful of Defi companies are using it. It is lot more than this! Try to know about liquidity mining as it is the hottest topic on Defi right now with Uniswap! I personally see no battle between Defi and Cefi. Defi is simply miniscule in front of the traditional centralized finance. However, they are growing at a good rate as more and more eyeballs are getting attracted to defi everyday. So if someone is turning blind eye from any one of these - is simply loosing opportunities. A gentle mix in Defi and Cefi in your portfolio will help you to get the best out of two worlds and it is much more desirable than a battle!
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