What if someday central banks like the FED and the ECB decide to back their currencies with Bitcoin? If the FED used to back the USD with Gold, then what's stopping them from doing the same with BTC? Do you think this is a possibility? If not, why? What will happen to the global economy if major Fiat currencies are tied to the value of Bitcoin? Will it prosper? Your input would be greatly appreciated. Thank you.  A possibility? - not really! I honestly don't see this happening. The gold backed economy didn't work well and that's why it was scrapped long back. Now the economy is backed by debt. That's one tool that gives the power to the central banks to print unlimited money while still holding its value. Asset back economy has limitations there. As they cannot create Bitcoins or Gold from the thin air, Central banks will never go to that route again. That is easier to create an money can be printed on that. That's the basic difference and the main reason why Bitcoin will never become a reserve currency for the government. |
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That is what is required for a currency to replace the current status-quo, and Bitcoin and other blockchain-based cryptocurrencies can't do it, and they can't even get close.
Fully agreed! Bitcoin is not built to handle mass transactions. It simply cannot handle the volume. From the practical view point, Bitcoin is a bad currency as a payment method. It cannot scale to the level to compete with traditional payment methods. But Bitcoin is a great investment asset. That's why people save more Bitcoins than spending it. Because the potential of price increase in Bitcoin is second to none. |
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I am unsure if this conversation has taken place here before and what diverse opinions the community holds. Nevertheless, I wish to express that I do not believe in the concept of a bitcoin monastery. While it may seem interesting, it is not something that is not practical. In a YouTube interview I recently watched, the interviewee discussed 'Bitcoin monasteries' as a metaphor for merging technology with spiritual leadership, proposing a vision of utilizing technology constructively under spiritual guidance. Although I am not an atheist, I strongly believe that bitcoin remains neutral in terms of spirituality, gods, and metaphysical forces. Therefore, we should employ bitcoin according to our personal moral principles and not bring in any sort of spiritual perspective to it. What is you take on bitcoin monastery?
Nope! I don't go with that idea! Individual spirituality is fine and needed, but spiritual leaders made it a business. If someone wants to follow spirituality that's fine, but when someone promises you to run you through that path, that's where the problem begins. let the technology leave alone, please! Do not bring spirituality into it. They don't get well together so don't try to mix them together. Bitcoin is a technology and let it flourish as a technology only. |
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Well it's good for him as a business owner. But when you are comparing the number of fraud attempt with Visa and Mastercard network, you should also compare the user base. because Bitcoin's userbase is very miniscule when compared to these big networks. Probably that's one of the reasons why the number of fraud attempts are less because only a handful of consumers is using "Bitcoin as a payment" method.
Fraud is not at all a problem for Bitcoin. The problem is that, if a fraud happens, it's extremely difficult to track and recover the money with Bitcoin. That's why a lot of countries are yet to consider Bitcoin as a legal tender. It is relatively easy in the banking channel if you follow proper legal procedure.
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I personally wouldn't trust a politician. Looking at the current situation of the primaries, Biden doesn't look like a strong contender against Donald Trump. As of now, Donald is leading with 107 delegates against 91 for Biden. So the chance is very high.
But when it comes to Bitcoin and what Donald trump thinks about it, I wouldn't trust him. It is very well possible for him to manipulate the crowd by showing support towards cryptocurrency. Could be a way to gather the vote from crypto community who are under constant attack from the regulatory agencies in US. Don't jump into conclusion yet. Let's wait and watch.
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Did you slow down or are you taking a vacation? how long is your vacation before and after the religious activity?
I am not a regular gambler. I only gamble when I feel like having adrenaline rush. Otherwise I do not gamble to earn money at all. If I am able to earn money, that's a plus and usually use such money into philanthropic causes or donate to religious places. So usually during religion festivities, my gambling goes down to zero as I usually do not have time to anything else. But there's no religious reason for me to stop gambling. If I don't feel like, I don't gamble. So |
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Indeed! These are ponzi scams disguised to look like a cryptocurrency mining project. After the big blow from FBI on Talkgold and MMG forum, ponzi owners have started exploring other options and this is what they have come to.
Op, these are not mining programs. It's called Ponzi or HYIP. It's best to stay out of such websites and do not promote them anywhere.
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Lol! I don't see any utility here to be honest! It's a memecoin with a very high possibility to die anytime soon. Not sure how can staking become an utility for a cryptocurrency! Buy coin, stake it, receive interest and stake it again and when it's time to sell - boom! No buyer found!
That's the story of almost all meme coins. What's different in here?
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My curiosity is did you ever saw any middle class business owners who don't pay tax faced any charges? Because I never saw while government concentrating 4000 traders who didn't paid tax for cryptos.
That's more of a political issue! The majority of Indian businessmen are unregulated. They form a majority of the vote bank for any political party. If you want to start a roadside food stall, you need to first pay the local ruling party and then the police. If the IT department starts taking action on these small vendors for not paying taxes, the government is bound to change in the very next election. The crypto traders are minority here. We are scattered and don't have political backing. So don't compare the crypto holders of India with the middle class business owners. It's a very different scenario for us! |
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Well the trend isn't surprising! Not just whales, even the common people like us are accumulating as much as they can. Because the positivity around the market is very high. Firstly it started with the Bitcoin ETF and we all know that halving is just around the corner. So a Bull run is almost immenent. People use such kind of indicators before accumulating more and more Bitcoins. That's normal.
We all are hoping to make a decent profit after the halving event.
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Also, I am interested to know what will be the charges if someone doesn't pay tax? I thought added amount along with tax money but I can see they can imprison an individual too up to 3 years, so if you know please share. In India, you are legally required to keep a record of all your transactional documents for 7 years. You have rightly said that anyone can receive income tax notice couple of years late. Firstly income tax will send you a demand notice and you are either require to pay that demand or to deny that demand if you have documented proof. If you do not submit your reply even after multiple notices from IT department, they can begin with legal proceedings against you. But unless you have done something criminal or have not siphoned a huge amount of money, IT department will try not to take legal proceedings against you but will ask for payment of taxes. So my suggestion is to always pay your taxes. Also from next year onwards, start paying advance tax. That one thing will show your good intention to IT department that you want to pay your taxes. So even if anything goes wrong they will try to help you. Don't bring such thoughts in your mind that IT department cannot do anything. Everything is linked with your PAN and Aadhar. It's not of task for a government department to find out about your finances. Yes we cannot escape from IT as everything is linked with PAN as it will help IT department to track our transactions but the real problem is the unjustified 30% tax which no one would be ready to pay and TDS as well. Stupid policies of government has killed Indian crypto market and even if Indians are using foreign exchange still it's a pain to withdraw or convert it into INR. I see people holding on to their asset due to these rules and assuming this will be relaxed but I don't think it can happen anytime sooner but we gotta figure out how to survive if government don't take these policies back. That's the goal Sir! That's exactly the goal of the government to curb usage of cryptocurrency in India. Neither the Finance ministry, nor the RBI is favoring cryptocurrency circulation in India. I believe the governor already spoke negatively about cryptos in multiple public meetings. So when the biggest stakeholders of Indian economy is not favoring cryptos, how do you think that government will favor it? In a couple of years time, I will probably look for exit from the crypto market completely if the situation doesn't change. I will sell off everything, pay off one time 30% tax and leave the market. believe me, you do not want legal hassles in India. |
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Well that's the job of a regulator. At first, why there is a need of regulator? The definition says are regulator would be an agency to look after the security of the user and to enforce legal actions for non compliance. There is no denying to this fact that Google ads are indeed filled with scammers. Also with the advancements of the AI technology, it has become even more easier to impersonate unknown personality to promote anything. Every now and then I see the implementation of deep fake videos in Google ads. So I think what this independent regulator has done, Makes sense! At the end of the day, we all want the scammers to go out of crypto market.
The regulator in Russia is creating a register of verified market participants, and says that investments in other companies are very risky. Information about financial pyramids in Russia in this post https://bitcointalk.org/index.php?topic=5417695.msg63640014#msg63640014I receive up to 10 calls a day about fraud and financial investments. All this is blocked by special software, but personally, as a citizen, I don’t see much result. There are a lot of scams involving cloning companies and accounts, and if you are not careful, you will be deceived by scammers. Absolutely! I fully agree with you! Scammers have become smarter and they are indeed using deepfake technology to create convincing videos using a superstar to promote their shady products. This trend is really concerning. But the problem here is that government alone cannot make much impact. Companies like Google or Facebook will have to come forward with their ideas on how to block such fake ads. Probably taken introduce some kind of background verification methodologies before approving any new advertisers into their platform. I know Facebook has certain review mechanisms, but in Google I do not see any such things. |
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Also, I am interested to know what will be the charges if someone doesn't pay tax? I thought added amount along with tax money but I can see they can imprison an individual too up to 3 years, so if you know please share. In India, you are legally required to keep a record of all your transactional documents for 7 years. You have rightly said that anyone can receive income tax notice couple of years late. Firstly income tax will send you a demand notice and you are either require to pay that demand or to deny that demand if you have documented proof. If you do not submit your reply even after multiple notices from IT department, they can begin with legal proceedings against you. But unless you have done something criminal or have not siphoned a huge amount of money, IT department will try not to take legal proceedings against you but will ask for payment of taxes. So my suggestion is to always pay your taxes. Also from next year onwards, start paying advance tax. That one thing will show your good intention to IT department that you want to pay your taxes. So even if anything goes wrong they will try to help you. Don't bring such thoughts in your mind that IT department cannot do anything. Everything is linked with your PAN and Aadhar. It's not of task for a government department to find out about your finances. |
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I don't know if Bitcoin ETF is going to manipulate the market price of Bitcoin, but the asset management companies that run the Bitcoin ETF can surely manipulate the market. Because the kind of money that these corporates are sitting on, it is very easy for them to manipulate it.
Gold is somewhat different in this comparison of price. It has a global market and it is very difficult for a single corporate to manipulate it. Also it doesn't have a limited supply, at least not a known limited supply. So I think gold should not be compared here in this case.
The major problem here is with the decentralization. The more and more corporates own it, the decentralization is gone. Manipulation is definitely possible but you really cannot say whether manipulation is really on going or not.
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In the foundation of Bitcoin when listed china was also mentioned but when I read deeper I was surprised to see that Bitcoin was banned in china. The china government banned Bitcoin since 2021 now coming to see how the crypto currency (Bitcoin) has become powerful in the world of crypto now as many people mostly youths of some countries now see it as an investment very interesting and how it has helped many, the citizens of china sometimes I ask myself if they would be pleased to see one of their achievement helping others and not them. Gagon said he didn't see this ban as something concerning Bitcoin at all rather he sees it as politics, currently this ban I think has been lifted and Gagon sees this as an infrastructural development to the economy of china. Now when you say economy it is something that has to do with the government of a country as well. my question?. Is the china government now encouraging it's people to mining of cryptocurrency (Bitcoin)?. Will this Bitcoin add to their economy development because I see something like 10% of all miner revenue. It says it is important giving the coming Bitcoin halving event. What will this miners revenue contribute to the economy?. https://cryptoslate.com/bitcoin-minings-silent-comeback-in-china-according-to-industry-insider/I don't think China has lifted the ban. If they really did, it would have become a breaking news in all cryptocurrency related news websites. I don't see any such things. It could be very possible that some people from China have started mining at a smaller scale in disguise of something else, so that they do not get caught. China lifts the ban on cryptocurrency mining, it will be a huge event for Bitcoin. I don't think it has happened. But again it take time for any used to come out from China so you never know. |
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Well that's the job of a regulator. At first, why there is a need of regulator? The definition says are regulator would be an agency to look after the security of the user and to enforce legal actions for non compliance. There is no denying to this fact that Google ads are indeed filled with scammers. Also with the advancements of the AI technology, it has become even more easier to impersonate unknown personality to promote anything. Every now and then I see the implementation of deep fake videos in Google ads. So I think what this independent regulator has done, Makes sense! At the end of the day, we all want the scammers to go out of crypto market.
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Sorry to hear about your loss. But when you are using a password manager, it essentially means you are entrusting your secrets to a third party. Pretty much how you entrust banks with your money. Banks do take responsibility but such third party tools do not take responsibility.
Paper wallet is the safest wallet if you are living in your own house and no random persons are coming inside. But the moment you are using a third party tool to safeguard your password, your safety is already compromised. I am sorry that you had to learn it in a hard way.
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It is a bad idea. I wouldn't do that. Saving money in stable coins would give you no return. But if you keep your money in banks, the banks will give you at least some interest back. If you really want to save money in cryptocurrency, I would suggest you to save it using Bitcoin or ETH. These currencies have the potential to go up and give your decent return. If you do not get any return on your settings, it doesn't make sense.
Also USDT is a centralised cryptocurrency. So I wouldn't recommend saving money on that.
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Everyone wants a share in the pie. Why the regulatory agencies and enforcement agencies in US is bringing in so many rules to make it very complex for the common people?? They want to make it more centralised and they want banks to control the cryptocurrency. Custodian service is nothing bad if someone is holding a huge amount of Bitcoins. People may want security in their holding to protect it from the thieves. But when banks want to become a custodian or do business using Bitcoin, that clearly shows the potential of this crypto market. But unfortunately the regulators want to destroy the decentralized nature of Bitcoin. Let's see how it pans out.
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