Discussion in 'Digital Currencies' started by bron.suchecki, Nov 28, 2018.
So this (quote below) is an older post on this thread, but I haven't been around for a while and I'm just now catching up.
Not exactly. Cryptos are a bounded by math. There is a finite pool of available "coins" that can be mined/created. Last I had read (and it was a while ago), there is also a hard mathematical limitation on how finely a "coin" can be subdivided.
True fiat like dollars are unbound. Authorities can theoretically created unlimited amounts.
I am just guessing, but perhaps the poster meant cryptos are like fiat in that they are not "backed" by anything tangible? Maybe they are backed, I don't know I've never bought one.
At least fiat is backed by full faith and credit of issuing country (for whatever that is worth) but if a crypto gets stolen or somehow disappears from where they are stored on an exchange (or whatever it is called), is there a recourse for reimbursement?
Project is a good concept according to this site, a fair bit of concern around Dan Hughes though and his somewhat shady looking past though. Definitely a project that requires caution on the part of investors. If it does change the face of cryptocurrency technology I don't think there is an urgent need to be on board by day 1. Better to wait and see.
India no like crypto..............well not the private one's anyway!!!
Indian gov't panel seeks total ban on private cryptocurrencies, up to 10 years in jail for abusers
Published time: 23 Jul, 2019 04:30 Edited time: 23 Jul, 2019 09:11
© Reuters / Tyrone Siu
A total ban on private cryptocurrencies has been approved by a government panel in India which also recommended a 10-year prison sentence for anyone dealing with unregulated digital assets.
After nearly two years of work, the inter-ministerial committee (IMC), chaired by the economic affairs secretary, has submitted its final report to the government, together with draft legislation seeking to ban crypto trading in the country. It also recommended setting up a 'Digital Rupee' that would be issued by the Reserve Bank as legal tender.
The Committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.
Highlighting their “serious concern” over the growing popularity of alternative digital payment systems that completely lack government oversight, the IMC stressed that privately generated cryptocurrencies “lack all the attributes of a currency,” carry no “intrinsic value” and therefore can be detrimental to India’s economy.
To stamp out crypto mining and trading, the panel in their draft 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill' suggested imposing a jail term of up to 10 years and/or a penalty of up to $7.25 million against any person who “directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency.”
These cryptocurrencies cannot serve the purpose of a currency. The private cryptocurrencies are inconsistent with the essential functions of money/currency, hence private cryptocurrencies cannot replace fiat currencies.
The need to produce clear guidance on cryptocurrencies became acute last April when the Reserve Bank of India (RBI) issued a notice banning financial institutions from participating in virtual currency transactions. In July 2018, the Supreme Court of India endorsed the ban, pending further review.
Before the government decides on the fate of cryptocurrencies in India, the IMC report and the draft legislation will be reviewed by all relevant departments and regulatory authorities.
Committee is very receptive and supportive of distributed ledger technologies and recommends its widespread use in delivering financial services. It also opens up door for a possible official digital rupee. Private crypto currencies are of no real value. Rightly banned.
Comments section at the bottom of the article pretty much sums it up.
... And then they fight you ...
India certainly seems to be ground zero for testing theories on currency control for the masses.
Indians hoard gold while the Chinese hoard cash. When gold went for a bargain last October, I was at the lcs, an Indian guy in his late 20s or early 30s handed over $30k cash. Other day at the bank, I saw a fat Indian man in his 60s wearing sandals with a younger lady in sari asking to buy a few kilo bars. You won’t know how much they got just by looking at appearances.
In its current incarnation maybe.
It's been going on for 1000's of years, royalty were renowned for debasing their currencies, the abolition of private money in the 18thC, the establishment of central banks, removing gold backed currencies, inflationary money policies blah blah blah blah. And in the meantime sound money is hoarded.
Yes, they keep trying to attack gold, even the gold sitting in temples.
If a virtual currency becomes a payment system adopted by the masses, it will surely be the bitcoin, flanked perhaps later by ethereum and monero. Moreover,
Cryptocurrency and Bitcoin Debit Cards now operate with cryptocurrencies and they are one of the newest products which are being experimented with in the cryptocurrency industry.
No government will ever adopt a crapto currency that they dont have full control over.
Bitcoin may be used as a template, but it won't become the accepted means of transaction.
It's more likely to be banned than adopted.
The second half of this Video deals with Max's obsession with Bitcoin (the first 1/2 is about the world returning to a gold, or gold backed currency).
Just thought those into make-believe money might like to look at this vid.
Keiser Report: Fia-tios! (E1438)
If anything, I'd bet that were more likely to see a ban on private crypto like India are looking at doing.
So, this is what counts as Financial Reporting on some Investing websites?
Real in-depth ANALysis.
Very true, unless in Japan who are desperate. Unless it is rock solid stable which no Public crypto is at present, will the average Aussie living pay check to pay check want it as their pay? In a two week cycle AUD might fluctuates few percent. A typical stable mineable crypto can go up or down 10 to 50%. Great when it goes up but will scream blue murder when it goes down.
Bear in mind we already have a major currency experiment with Euro and it is debatable if it is working for everyone in Euro zone.
At the moment it is nothing more than a hobby currency, that is a regulatory nuisances. If it trades at 1 or 2% of daily volume Of cash for a respective country it will be thwarted.
But this is not to say a government won't launch a crypto itself. China is launching one? Venezuela had one?
For sure any government can create or convert their currency to digital. Many benefits to digital currency. The increase in tax revenue will more than pay for it.
But no way will it be mined, first it is a waste of electricity and second why would any government want to relinquish control of supply?
There’s are difference between creating digital currencies and creating a currency based upon a blockchain or similar. It’s not just a matter of converting fiat to digital and hey presto!! you’ve got a crypto currency.
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