just figure i share thoughts on crypto world, it sure has changed in last 6 years, where it used to be the free market and we could do as we please, with trades, buying and selling crypto
now its so different now
as the governments in the world have gotten involved and trying to make it harder in crypto
as in if you need to trade out to fiat ,
u have to pay taxes and lots of it
Governments are cracking down on exchanges and regulations etc.
in one way it does prove crypto has value and here to stay
There is more adoption going on. Slowly but it is happening,.
Do you think all this will make people to drop out of crypto and leave it to the people who have high wealth only?
Or will the average person still stay in the markets?
but its too bad that the powers that be are making it difficult
ur thoughts?
It's a symbol of growth! Whenever the common people have done something extraordinary, governments always came sniffing in to get their cut. That's exactly happening in the crypto world as well. Initially no government had thought that crypto can indeed become so valuable. But when they did, governments around the world, are now trying to get their cut from our income. That's always happens! But I am more concerned about deep-pocket corporates getting into this market. If commoners stop going into this market, that will be for these corporates and not for the governments asking to pay tax. Corporates know how to take control over anything and that dirty game will be attempted in the crypto market as well. |
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They acting as meme coins SEC- Well the idea is not bad because the USA sec also are the group of people who took the power started the sec. Anyways here is the group link If your project there you got reputation and creditility because they don't approve easy. Something like i been looking for the next thing we should have is goverment backed insurance for meme Coins investors this will make this space more attractive to investors but that's my dream anyways the meme coins Center acting as SEC. https://t.me/memecoinscenterSEC is not an approving authority of meme coins. Meme coins are fraud. Majority of the ex-ponzi scheme creators are now active in meme coins space. If you have $200 in your bank account, you can hire a freelancer to create a coin as per your wish. If you pay a little extra, they will design a brand for your meme coin and give you a fully functional website. If you want, they can manage it for you as well. Meme coins are not good for investment. No telegram group can give you a pre-information unless that telegram group is run by the ponzi scammers and coin owners. Beware of such shitty things and don't promote such things here! |
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The positive side of cryptocurrency Peer to Peer Transfe.I can send you money directly without any middleman. It is a positive thing. But it can be a negative thing because if I send the money directly. In that case, if you have any illegal intentions or if I have any terrible bad intentions, then I can take the money directly from you. If there is a bank in the middle you can get your money back in many ways. When you send money directly, there is no possibility of getting this money back. This is why hackers say bad things are happening.Bitcoin is now the most popular thing or cryptocurrency in general among people in the criminal world. If it is a peer-to-peer transaction through cryptocurrency, it is a big deal. Once sent, there is no way to get it back and it is very difficult to trace. When opening a normal bank account, the account is opened with your name and your parents' names. So it is very easy to find out who sent and who received money. When I open the wallet and do the transaction in Bitcoin. Actually, no information has to be given while opening the wallet. This is because I am not opening an account by filling any information or any form. When I am receiving or sending bitcoins, I can see who is sending the wallets. You can see which account is going from which account. But it is very difficult to find out who is the owner of that account. This is a negative aspect of Bitcoin.
Yes it's a real challenge of cryptos. In banking system, there's a hope of getting your stolen/mistakenly sent money back to your account with proper procedure and legal interference. But in crypto, one a transaction is signed, it's final. The transaction can't be reversed. That's why you will see scammers and hackers are very active in the crypto market. because they know that the chance of getting caught is very less here. There are some standard practices which can help you to safeguard your cryptocurrency. But it can never be 100% secure. That's a real challenge. But I believe it works well for privacy focused people. |
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Runes are already dead! NFT mania is already dead! These are worthless things which is ruining the Bitcoin network and making bitcoin transactions super expensive. Just so tired of these nonsense! This goes in the direction of suspecting that the miners are behind this hype, they benefited the most from this euphoria.  This is surely a possibility! Because when the transaction fees go up, no one else is benefitted apart from the miners. But if this continues, Bitcoin will become an investment only and people will find new cryptos to make daily transaction. It's defeating the whole purpose of bitcoin. |
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Everything in the crypto space seems to be going on normal, It seems like bitcoin halving didn't bring about any major changes, but there are some fascinating new projects emerging. One that caught my eye is called SAFE a unique combination of AI and Gamefi. They claim to be the leading account abstraction pioneer on Ethereum, boasting the most secure smart wallet infrastructure and platform.
But what does SAFE really offer? Well, it's all about making every Ethereum account a smart account and opening up new possibilities for AI, Staking, Gaming, SocialFi, DeFi, and Payments. They even have gasless transactions, easy face-ID logins, and other impressive features. Safety is a top priority for them, and it seems like they're doing a great job. Their wallet is trusted by big names like Vitalik Buterin and Punk6529, as well as respected web2 giants like Shopify and Reddit. People are using it to securely store their assets and valuable NFTs.
The team behind SAFE and its early adopters proudly declare that there have been no critical security incidents since its launch in 2018. It's no wonder they are considered the benchmark of security in the industry. So, is it really safe? That's the question many are asking including myself before throwing in funds, tho With their track record and endorsements am still thinking about it..
So you guys think SAFE should be considered safe ?
Which project you are referring to? Are you referring to a wallet or a token? Please be a little more specific when seeking inputs from the community. If you are referring to the SAFECOIN, then it seems dead.  This coin is at all time low and far from the peak. So I don't think there's any potential left! |
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He is not looking to kill it, he is trying to impose the DAME tax, DAME means Digital Asset Mining Energy, and the idea is to start with this tax from 10%, then 20% in the next year and 30% on the 3rd year.
So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.
That's same as killing! I see no difference! 30% tax rate is unreasonable. In my country, government has imposed 30% tax as well. As a result lot of domestic exchanges have gone into loss. A lot of people have resorted to P2P trading to stay outside of government radar. Such tax rate will effectively destroy the entire US crypto mining industry. |
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Raj Kundra we all know who he is and what he has been up to for quite a few decades now. This famous businessman is now part of an INR 6600cr Bitcoin Ponzi Scam, you can find out the reason in Hindi audio with English PowerPoint slides here. The main point of the scam is that the promoters of a fraudulent Bitcoin Ponzi MLM scheme paid him BTC285. The payment was made to set up a Bitcoin mining facility in Ukraine. I am eager to meet him as I know that he is not even a graduate. I want to know how he convinced the promoters to give him such a large sum of Bitcoin, or what led the promoters to believe that this person was qualified enough to set up a mining rig. If these Bitcoins are obtained through illegal means, then I would say that the government has taken right steps. 285 Bitcoins is not a small amount. The scammers had promised exorbitant rate of return to the investors and lured them in to invest in their ponzi scams. That money was further distributed to people like Raj Kundra. Unfortunately, Shilpa Shetty got dragged into it and lost one of her own properties. That's unfortunate! |
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It's not even a tip of the iceberg! There are millions like this guy who sells and deploys such tools to spy on people and to steal information. It's always good to hear a scammer got busted but the enforcement authorities have a long way to go, really! These scammers are smart, educated and knows how to hide themselves well! So the enforcement agencies need to become smarter to stop these nuisances and to create a safer world wide web. The Darkweb is literally full with such criminals selling anything from drugs, weapons and such softwares to do criminal activities.
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As a miner if your block reward is cut in half but the value of the reward has more than doubled from what it used to be then shouldn't that more than compensate you
for the loss in quantity you are getting post-halving? In other words the value of the reward is what matters not how much of it you receive?
The value of bitcoin can be expected to at least double with every new cycle, along with the number of people using bitcoin.
So miners will also be receiving at least double the volume of transactions fees as bitcoin becomes more popular and more users are entering the space.
The higher value of bitcoin will surely compensate the miners after each halving. However, translation fees are subjective. If the netwrok becomes busy, it will charge higher transaction fees and vice versa. If you look at the current situation, you will see the network is super busy with nonsensical things like Oridinals/BRC20 tokens. That's why people are forced to pay higher transaction fees. But if these Ordinals are completely banned from the network, the transaction fees will come down. In order to keep Bitcoin alive, the transaction fees need to be lowered. Miners can be compensated by the bitcoin value. But higher transaction fees is a actually suicidal for Bitcoin to be honest! |
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I do believe that NFTs aren't done yet – what are your thoughts?
NFTs are done! It's only user for money laundering. I can create hundreds of digital images using AI algorithms and list it in the market using Matic blockchain without paying any fees. So anyone from anywhere in the world can flood the market with literally millions of images every single day. NFTs can only work when it is endorsed by some celebrity but for common users, NFT is dead and a financial disaster. Think 100 times before you buy one! |
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It is not an outright Banning framework, rather it's more of a controlling framework. The stablecoins can't be stable because of the algorithm but due to the financial reserves. US is trying hard to gain control on everything crypto.
I agree, but stablecoins can be stable because of the algorithm, where there is minting and burning with a reserve in Bitcoin or any encrypted currency, and then this encrypted currency will be decentralized and there is no need for financial reserves or creating bank accounts. Some developers may venture to create something similar to LUNA, so I think that yours is like this. Legislation will reduce the desire of developers to create a stable, decentralized cryptocurrency. That's what US government is trying to stop! Probably they want to introduce a proof-of-reserve for all stablecoins running from US soil and a whole lot of regulatory burdens so that such programs do not flourish there. I understand that stablecoins can be stable because of the algorithm. But that's exactly what US government will try to control. Stablecoin issuers might consider moving out of US. |
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It is not an outright Banning framework, rather it's more of a controlling framework. The stablecoins can't be stable because of the algorithm but due to the financial reserves. US is trying hard to gain control on everything crypto. They are introducing bills, sending FBI against traders and crypto companies and what not! All these actions have a single goal - control! But I think there are many crypto friendly countries where such kind of cryptos will still be released and without intervention of US government. |
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It's a wrong way of looking at it! India is not moving towards faster stock settlement to slow down crypto migration. India is doing it to be at per with the international standards! Countries like US and China has already started with such initiatives. Since India has a huge number of oversees clients, they are trying to increase their operating standard. I don't think it has anything to do with crypto adoption.
Crypto investors invest in crypto assets to earn profits. They do not really look for any competition with the stock market which is heavily regulated. Yes, the crypto tax is unreasonable for sure. But faster stock settlement has nothing to do with slowing down crypto adoption. The article from Cointelegraph looks like a clickbait one to be honest!
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Have you heard about REIT?
Speculating real estate price is risky and very similar to gambling. REITs are much better option here. I am sure your country has something similar to this.
In REIT, you get fractional ownership of real estate which is managed by a trust. This trust distributes 95% of their income to the unit holders. Also, with time, the value of each unit increases reflecting the increased property value. No speculation! Just pure profit and periodical income every quarter. I have invested in REIT almost 4 years back during 2nd phase of COVID and I have already recovered around 42% of my investment through income distribution and my ownership remained intact!
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With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems. If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world? What's your opinion? Your input would be greatly appreciated. Thanks.  If the central bank collapses, get ready for a primitive life. Have you seen the web series Fallout? IT's streaming in Amazon prime. Go and watch it! If central bank falls with no central authority to control fiat money, that will be the life you will be living. Politicians always have their own vested interest. If you want a good life, never listen to them! Bitcoin is not here to become the global currency. If it does, all mining companies will become the governments and control the economy and military power. Unless there's a nuke war which wipes out everything, central banks will never fall and Bitcoin will never become a global currency. |
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According to the IMF, the world has experienced four global recessions since World War II: 1975, 1982, 1991, and 2009. Financial recession is caused by financial inflation If the blockchain system was attached to the government created currency, then the global economy would never have seen a recession. Maybe a day will come when every country will publicize the blockchain system as their official currency and the price of Bitcoin will skyrocket may be that time only satoshi will be 1$ or more ......... You need a little more financial education before talking about inflation. Blockchain or crypto currency has nothing to do with controlling inflation. First try to understand what is inflation and what is recession and then come back to this discussion. Attaching blockchain to government-created currency could potentially offer benefits like increased transparency and security. That's all! It can't control inflation, neither it can prevent recession. Satoshi can become expensive without governments using blockchain system. But we won't be around to see that! |
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It is an open market. Any country can ban any exchange. P2P exchanges have always been a target for the governments because people can easily event tax. But in this competitive market whenever there is a gap, a new company would jump in to cover that.
If there is no alternative today, I am sure tomorrow you will find multiple alternatives. In the meantime, Nigerian people can use Paxful or Noones.
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I ask this question because I wonder what Bitcoin will become now that the financial institutions and meme coin advocates have taken over.
If Bitcoin is not peer-to-peer electronic cash then how do you see it?
Bitcoin is mostly used as an investment. Even though a lot of people use it for transactions, but largely it has become an investment. This behaviour has become more prominent after these large corporates have come on board. They are holding thousands of Bitcoins in their treasury. Selling them as an investment to the common people. Also the way ordinals have jammed the Bitcoin network, it's not good as a payment processor. It has become slow and expensive. |
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I came across a tragic story. The protagonist of the story was looking for an alternative to PayPal in July 2010. He found BTC. At that time, the price of BTC was 10 cents,but no one bought it.Like many unfortunate stories, he put it aside, and then forgot about it until it appeared in the media in 2013.
Well that's exactly my story and my biggest regret till date. I actually found out about bitcoin in late 2009 but didn't buy it. Also I have a decent desktop that time which I could have used to mine bitcoin. But later I discovered it in 2015 and staying with it till date. I could have been a millionaire today but I am still working to live a comfortable life! |
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I keep reading about bank accounts in the UK, US and EU being frozen due to crypto associations. This is concerning me, and I am reluctant now to use any exchanges to purchase Bitcoin. However, I am happy to purchase crypto via P2P transactions. These can be either cash payments in a face-to-face meeting, or by bank transfer to a trusted person's personal account. Will this be the future of Bitcoin for us mere mortals, or will sanity prevail and allow us to return to using exchanges?
Now, what about crypto-to-crypto exchanges? Will government oversight and intervention restrict those. This could lead to decentralised swop services, and surely this is contrary to the wishes of the banking puppet masters?
Well P2P transactions are not the future. No matter how we want it to be, but government eventually will put a lot of restrictions on that. Banking institutions are freezing accounts all over the world for P2P transactions as well. However, if there's a licensed exchange in that country, the transactions will be safe. But you won't be able to avoid tax on that. I believe, P2P transactions are here to stay but we need to be very very careful before we initiate a transaction and need to verify the details of the other party in order to stay safe. A lot of crime proceedings are also mixed in the P2P trading. |
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