Who increased their crypto portfolio in the name of "Crypto Ban"..

[ubercool]

First of all, I hope you all are safe and fine in these troubled times, wear masks and keep a safe distance while traveling from public transport(Except when you are in a state transport bus or local trains coz we all know that's impossible..  ).

So I wanted to ask who all bought Bitcoin and ETH when it was down because of the "Crypto Ban" hoax.
I don't think anyone sold their crypto because of this coz if you are here on this forum then you will know these types of things are to create fear among the holders.

Personally, I had put orders on 85k and 90k for ETH 1 day before the Budget speech, and both got executed. Lucky me I guess.

Hopefully, Greyscale will increase their ETH holdings every day, and let's see ETH at 5k$ soon.. 

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[teosanru]

Even though the budget has been passed the crypto prohibition bill is yet to be introduced in the Lok Sabha. The market too hasn't come back to normalcy Tether is still floating around 75 while it once used to be at around 80. I think until this budget session is over it's hard to say whether we will get certainty over the ban thing or not. Even though in Rajya Sabha there has been some discussion on cryptocurrencies on a very light note and they have said that government does not recognize any such currency so I think ban news isn't a total hoax we must wait to get some clarity over this.

[KryptoKings]

First of all, I hope you all are safe and fine in these troubled times, wear masks and keep a safe distance while traveling from public transport(Except when you are in a state transport bus or local trains coz we all know that's impossible..  ).

So I wanted to ask who all bought Bitcoin and ETH when it was down because of the "Crypto Ban" hoax.
I don't think anyone sold their crypto because of this coz if you are here on this forum then you will know these types of things are to create fear among the holders.

Personally, I had put orders on 85k and 90k for ETH 1 day before the Budget speech, and both got executed. Lucky me I guess.

Hopefully, Greyscale will increase their ETH holdings every day, and let's see ETH at 5k$ soon.. 

Only fool sell in haste. Even if ban bill was passed, we still would have some time to sell our cryptos. People panic and take stupid decision that they later repent.
Lesson learnt for these guys who panic and start selling. You should have patience and wait till it actually happened.

[ubercool]

Even though the budget has been passed the crypto prohibition bill is yet to be introduced in the Lok Sabha. The market too hasn't come back to normalcy Tether is still floating around 75 while it once used to be at around 80. I think until this budget session is over it's hard to say whether we will get certainty over the ban thing or not. Even though in Rajya Sabha there has been some discussion on cryptocurrencies on a very light note and they have said that government does not recognize any such currency so I think ban news isn't a total hoax we must wait to get some clarity over this.

I saw what Mr. Anurag Thakur said here,
https://www.reddit.com/r/CryptoIndia/comments/lg4mo6/today_union_minister_of_state_for_finance/
Still, I don't understand on what basis, all these "interministerial committees" suggest the government, ban crypto trading and transactions. They agree that they don't have adequate information on crypto or how to regulate them but that doesn't mean the government has to ban it. I feel someone who knows the technology should be added to the parliament who can voice our issues.

Only fool sell in haste. Even if ban bill was passed, we still would have some time to sell our cryptos. People panic and take stupid decision that they later repent.
Lesson learnt for these guys who panic and start selling. You should have patience and wait till it actually happened.

I just hope these guys learned a lesson this time at least because this is becoming common in India. Even if the government brings the bill, there is always P2P or USDT markets. People need to educate themselves about these.


Also saw this recently..
https://www.reddit.com/r/CryptoCurrency/comments/ldzhkr/nigeria_bans_crypto_trading_is_this_even_legal/

I hope my Nigerian Brothers/sisters are learning to get into P2P and flourish again.

[pawanjain]

I personally don't think there's any effect on crypto prices right now due to the ban. We did see some decrease in price when the bill was published online.
There was a hype in the market regarding the bill for a week or so but after that the market was clam and I personally didn't see any impact on the Indian crypto market due to crypto ban hype.
Whatever fluctuations were seen were noticeable in the global market as well. It was indeed a good opportunity to buy when the crypto bill was published a few weeks ago.
I didn't buy/sell anything since I am a long term holder and these types of news doesn't affect me  

Hopefully, Greyscale will increase their ETH holdings every day, and let's see ETH at 5k$ soon.. 

That would be a very good scene to watch <3 I do believe ETH price will reach $5k but not so soon.
It might take another year for the $5k target to be achieved.

[teosanru]

Even though the budget has been passed the crypto prohibition bill is yet to be introduced in the Lok Sabha. The market too hasn't come back to normalcy Tether is still floating around 75 while it once used to be at around 80. I think until this budget session is over it's hard to say whether we will get certainty over the ban thing or not. Even though in Rajya Sabha there has been some discussion on cryptocurrencies on a very light note and they have said that government does not recognize any such currency so I think ban news isn't a total hoax we must wait to get some clarity over this.

I saw what Mr. Anurag Thakur said here,
https://www.reddit.com/r/CryptoIndia/comments/lg4mo6/today_union_minister_of_state_for_finance/
Still, I don't understand on what basis, all these "interministerial committees" suggest the government, ban crypto trading and transactions. They agree that they don't have adequate information on crypto or how to regulate them but that doesn't mean the government has to ban it. I feel someone who knows the technology should be added to the parliament who can voice our issues.

Only fool sell in haste. Even if ban bill was passed, we still would have some time to sell our cryptos. People panic and take stupid decision that they later repent.
Lesson learnt for these guys who panic and start selling. You should have patience and wait till it actually happened.

I just hope these guys learned a lesson this time at least because this is becoming common in India. Even if the government brings the bill, there is always P2P or USDT markets. People need to educate themselves about these.


Also saw this recently..
https://www.reddit.com/r/CryptoCurrency/comments/ldzhkr/nigeria_bans_crypto_trading_is_this_even_legal/

I hope my Nigerian Brothers/sisters are learning to get into P2P and flourish again.

The biggest challeng now isn't taxes. It's foreign exchange as far as I feel. Foreign exchange inflows is one of the most important thing for any developing Economy especially in a scenario where you generally have a pretty huge external commerical borrowings. India's external commercial borrowing is around $2.12 Billion USD as per 2019 data. When people are using Cryptos as means of settlement for foreign payments india losses out on crucial dollars which could actually strengthen the rupee. Instead this is leading to devaluation of rupee as most of the money is coming in Bitcoins which would ultimately increase the burden of External commercial debt on India. I think this is why they are so keen for banning Cryptos.

[KryptoKings]

I personally don't think there's any effect on crypto prices right now due to the ban. We did see some decrease in price when the bill was published online.
There was a hype in the market regarding the bill for a week or so but after that the market was clam and I personally didn't see any impact on the Indian crypto market due to crypto ban hype.
Whatever fluctuations were seen were noticeable in the global market as well. It was indeed a good opportunity to buy when the crypto bill was published a few weeks ago.
I didn't buy/sell anything since I am a long term holder and these types of news doesn't affect me  

Hopefully, Greyscale will increase their ETH holdings every day, and let's see ETH at 5k$ soon.. 

That would be a very good scene to watch <3 I do believe ETH price will reach $5k but not so soon.
It might take another year for the $5k target to be achieved.

I don't want to miss out that. If Government of India bans crypto, I will have to move out of India.
Ministers and bureaucrats making money out of corruption but they want us to remain poor forever.
I am searching for pro crypto country and how to get it's citizenship.

[ubercool]

I don't want to miss out that. If Government of India bans crypto, I will have to move out of India.
Ministers and bureaucrats making money out of corruption but they want us to remain poor forever.
I am searching for pro crypto country and how to get it's citizenship.

There are many small countries that give citizenship if you invest a lump sum amount, but is it a good idea..? Also depends on how much money you have which should be sufficient to live and move on, in a new country..!!

Just banning the crypto should never be an option for any government. Understanding the technology and making most of it is the right way, If the Indian Govt makes a way to tax the income from crypto, 99% of the crypto community will not even think about leaving the country. The govt will get taxes and we will get our crypto, Win-win situation.

[KryptoKings]

I don't want to miss out that. If Government of India bans crypto, I will have to move out of India.
Ministers and bureaucrats making money out of corruption but they want us to remain poor forever.
I am searching for pro crypto country and how to get it's citizenship.

There are many small countries that give citizenship if you invest a lump sum amount, but is it a good idea..? Also depends on how much money you have which should be sufficient to live and move on, in a new country..!!

Just banning the crypto should never be an option for any government. Understanding the technology and making most of it is the right way, If the Indian Govt makes a way to tax the income from crypto, 99% of the crypto community will not even think about leaving the country. The govt will get taxes and we will get our crypto, Win-win situation.

Leaving the country would be my last option. I will leave, cash out my crypto holdings and come back
Or I can get some job in Dubai, work their for few months, sell my crypto and come back with money.
Sounds good?

[ubercool]

I don't want to miss out that. If Government of India bans crypto, I will have to move out of India.
Ministers and bureaucrats making money out of corruption but they want us to remain poor forever.
I am searching for pro crypto country and how to get it's citizenship.

There are many small countries that give citizenship if you invest a lump sum amount, but is it a good idea..? Also depends on how much money you have which should be sufficient to live and move on, in a new country..!!

Just banning the crypto should never be an option for any government. Understanding the technology and making most of it is the right way, If the Indian Govt makes a way to tax the income from crypto, 99% of the crypto community will not even think about leaving the country. The govt will get taxes and we will get our crypto, Win-win situation.

Leaving the country would be my last option. I will leave, cash out my crypto holdings and come back
Or I can get some job in Dubai, work their for few months, sell my crypto and come back with money.
Sounds good?

You will still be taxed a lot when you bring that money into India, my friend.

I too have thought like this but the idea would not be feasible in one journey, it will take years to bring all your assets back to India. Thats why I had talked about getting a citizenship in some other country. 

[avikz]

First of all, I hope you all are safe and fine in these troubled times, wear masks and keep a safe distance while traveling from public transport(Except when you are in a state transport bus or local trains coz we all know that's impossible..  ).

So I wanted to ask who all bought Bitcoin and ETH when it was down because of the "Crypto Ban" hoax.
I don't think anyone sold their crypto because of this coz if you are here on this forum then you will know these types of things are to create fear among the holders.

Personally, I had put orders on 85k and 90k for ETH 1 day before the Budget speech, and both got executed. Lucky me I guess.

Hopefully, Greyscale will increase their ETH holdings every day, and let's see ETH at 5k$ soon.. 

Are you sure that crypto ban is a "Hoax"? I don't think so! Read the contents of the tweet,

https://twitter.com/cryptokanoon/status/1356599401507028992?s=19

Indian government is pretty much determined to ban cryptos from the economy of India. I doubt any politician will raise their coice against this bill because it is too complex for them to understand. So I presume that this bill will be passed in parliament without any opposition at all.

However, I think we will have an exit window to sell off our holdings. But who will buy if crypto holding is made criminalized!

[teosanru]

I don't want to miss out that. If Government of India bans crypto, I will have to move out of India.
Ministers and bureaucrats making money out of corruption but they want us to remain poor forever.
I am searching for pro crypto country and how to get it's citizenship.

There are many small countries that give citizenship if you invest a lump sum amount, but is it a good idea..? Also depends on how much money you have which should be sufficient to live and move on, in a new country..!!

Just banning the crypto should never be an option for any government. Understanding the technology and making most of it is the right way, If the Indian Govt makes a way to tax the income from crypto, 99% of the crypto community will not even think about leaving the country. The govt will get taxes and we will get our crypto, Win-win situation.

Leaving the country would be my last option. I will leave, cash out my crypto holdings and come back
Or I can get some job in Dubai, work their for few months, sell my crypto and come back with money.
Sounds good?

You will still be taxed a lot when you bring that money into India, my friend.

I too have thought like this but the idea would not be feasible in one journey, it will take years to bring all your assets back to India. Thats why I had talked about getting a citizenship in some other country. 

Well obviously it won't be possible in one trip. Talking about taxability on such assets. If you convert your assets into fiat after you move to Dubai for atleast one year. It won't require years. Just one year of migration to Dubai will make you a Non Resident in India and all the incomes that you earn in Dubai are not taxable in India after that until you once again decide to move into India. It's pretty strange that things have come to this. Moreover I am pretty sure there are lot of big whales in India holding some huge sums of Bitcoin so we shouldn't be worried about selling our holdings to this extent.

[KryptoKings]

Now BTC is falling and it is time to fill. Your bags. It will bounce back again and this time $60k is very much possible. I hope Government postpone the proposed bill to some other date so that we can make post of this bull Run.