India Might Ban Cryptocurrency; Jail Sentences of up to 10 Years for Offenders

[FANGXP]

It looks like cryptocurrency miners in India might have to look for an alternate line of work, as the government is looking to ban the use of Bitcoin, Ethereum and other related digital currencies. According to BloombergQuint, a new bill will soon be introduced seeking to disrupt the use of cryptocurrency in the country, with a possible jail penalty of up to a decade for holding, selling and even mining any of the digital currencies.

https://www.techquila.co.in/india-ban-cryptocurrency/

[Sauron]

Outlawing numbers seems like a great idea

[Rohith_Kumar_Sp]

haven't they already? all Bankes here have already banned trading and buying of BTC since 2018, given no one even cares about BTC in India anymore saying "jailing someone for BTC" is as click baity article as the articles that starts the title with "Jailing people for playing PUBG".

[ScratchCat]

Quote

The main aim of this bill will be to curb tax evasion and the use of black money

So all the criminals are just going to obfuscate their usage while everyone else is kicked off? Fantastic

[Misanthrope]

1 hour ago, Sauron said:

Outlawing numbers seems like a great idea

It is quite a bit more than that.

 

In theory our money serves the exact same purpose as bit coins: a fiat currency there to facilitate trade among free citizens with as little private interference as possible and the power of the State to enforce this.

 

In practice however, Either private banks or heavily compromised State central banks control the money supplies around the glove and current rich people have a long history of controlling the State to make sure the enforcement is not actually impartial and mostly looks the other way to their control of the supposedly impartial currency.

 

This is the fundamental issue with crypto currency: technologically inclined people that think they can solve major issues with the capitalists systems with just smart use of technology we see immediately outlawed or regulated out of usefulness as soon as it becomes an actual threat to the status quo.

[Sauron]

15 minutes ago, Misanthrope said:

It is quite a bit more than that.

 

In theory our money serves the exact same purpose as bit coins: a fiat currency there to facilitate trade among free citizens with as little private interference as possible and the power of the State to enforce this.

 

In practice however, Either private banks or heavily compromised State central banks control the money supplies around the glove and current rich people have a long history of controlling the State to make sure the enforcement is not actually impartial and mostly looks the other way to their control of the supposedly impartial currency.

 

This is the fundamental issue with crypto currency: technologically inclined people that think they can solve major issues with the capitalists systems with just smart use of technology we see immediately outlawed or regulated out of usefulness as soon as it becomes an actual threat to the status quo.

Oh I agree, I'm just highlighting how absurd a ban like this is - I'm not saying it's not an inevitable consequence of the current system.

[williamcll]

As if that would stop anyone.

[Unimportant]

1 hour ago, Misanthrope said:

Either private banks or heavily compromised State central banks control the money supplies around the glove

 

1 hour ago, Sauron said:

technologically inclined people that think they can solve major issues with the capitalists systems with just smart use of technology

There are no "issues with the capitalist systems". Off all the systems capitalism is the best one, the problem is that we currently don't have capitalism. (by your own admission: private banks or central banks centrally controlling the money supply IS NOT capitalism #). Bitcoin is actually a attempt to solve that problem in a capitalistic way (decentralising - taking control away from the politbureau).

 

# And yes, central control of the money is a big problem. Money is the lifeblood of an economy, he who controls it controls the entire economy - One cannot claim capitalism does not work as almost no-one here has ever seen capitalism in action. Capitalism simply cannot exist under a fiat money regime as we have today. So whatever you call the system we have today - it IS NOT capitalism.

[Froody129]

But how do you actually enforce a system so strongly geared towards anonymity?

[Unimportant]

11 minutes ago, Froody129 said:

But how do you actually enforce a system so strongly geared towards anonymity?

By setting examples by spilling blood - as socialism eventually always does.

[Sauron]

42 minutes ago, Unimportant said:

There are no "issues with the capitalist systems".

I disagree, there are so many issues with the capitalist system that it would take me hours to list them all.

42 minutes ago, Unimportant said:

Off all the systems capitalism is the best one

Even if that were true (it isn't), that doesn't mean it can't have issues.

42 minutes ago, Unimportant said:

The problem is that we currently don't have capitalism.

"true" capitalism would be worse.

42 minutes ago, Unimportant said:

Bitcoin is actually a attempt to solve that problem in a capitalistic way

Which is one of the reasons it has thus far failed to change anything for the better.

42 minutes ago, Unimportant said:

# And yes, central control of the money is a big problem. Money is the lifeblood of an economy, he who controls it controls the entire economy - One cannot claim capitalism does not work as almost no-one here has ever seen capitalism in action. Capitalism simply cannot exist under a fiat money regime as we have today. So whatever you call the system we have today - it IS NOT capitalism.

So by that logic you can't claim capitalism works because you've never seen it in action.

 

Also you realize I could use that argument to defend virtually all forms of communism that have been tried in history?

13 minutes ago, Unimportant said:

By setting examples by spilling blood - as socialism eventually always does.

lmao, implying capitalist companies don't have literal lakes of blood on their hands.

[PlayStation 2]

>india

>banning cryptocurrency because you can't make money off of it

>not banning tech support scamming

 

india superpower by 2020 amirite guise?

[Jito463]

1 hour ago, Sauron said:

lmao, implying capitalist companies don't have literal lakes of blood on their hands.

[lewdicrous]

50 minutes ago, Dan Castellaneta said:

>india

>banning cryptocurrency because you can't make money off of it

>not banning tech support scamming

 

india superpower by 2020 amirite guise?

I won't be surprised if they revoke the ban once they can take transaction fees

[ARikozuM]

59 minutes ago, Dan Castellaneta said:

>india

>banning cryptocurrency because you can't make money off of it

>not banning tech support scamming

 

india superpower by 2020 amirite guise?

Someone's been playing Black Ops 2...

[ARikozuM]

I see no issues with India trying to ban this... 

 

Except for the fact that this doesn't protect law-abiding citizens nor does it deter those who won't follow the law. Whatever happened to individual freedoms? Why do big banks want to get their hands on everything? 

 

Also, the dollar isn't fiat anymore. It's using a rolling system whereas it used to be represented by a object or gov't arbitration. Got that backwards. 

[Misanthrope]

2 hours ago, Unimportant said:

 

There are no "issues with the capitalist systems".

Google how many corporations contribute to how much to climate change, propose a solution that actually has a chance in hell of working against some of the most powerful and well armed people in the world to force them to stop, then we'll talk more.

[thorhammerz]

50 minutes ago, Jito463 said:

-image snip-

He's not technically wrong, unless one is assuming enough to generalize the statement to include "all" capitalist companies .

[ARikozuM]

2 hours ago, Unimportant said:

There are no "issues with the capitalist systems". Off all the systems capitalism is the best one, the problem is that we currently don't have capitalism.

The biggest problem with the laissez-faire and economic libertarian view is that the market does not want responsibility for itself. It will devour as much as it needs with little regard for those beneath (environment, workers, etc.). We can look to the industrial revolution and the issues that plagued the populace such as low wages, unsafe working conditions, and massive unemployment. Economically, libertarianism is a farce. 

[ARikozuM]

2 hours ago, Sauron said:

lmao, implying capitalist companies don't have literal lakes of blood on their hands.

Children working in textile mills... in the US. #NeverHappened

[Tristerin]

The rich fear money the poor can create.

 

I let both my Fury's mine when Im not at home.  Then I sell the low level coins for BTC.  Small percentages at a time.

 

Myself, as a Patriot to the USA, am in love with Digital Currency.  The gold standard is fake, the dollar is toilet paper, and they lack control of a digital currency We The People can create.  Just love it.

[Tristerin]

My brother has 7 Radeon VII's mining right now for this reason.  Sans he is propping a low level coin up with ideals to make it more valuable

[Sauron]

9 minutes ago, thorhammerz said:

He's not technically wrong, unless one is assuming enough to generalize the statement to include "all" capitalist companies .

Not only am I not technically wrong, I am undeniably correct. And yeah, obviously I don't mean every single company, but most of the big ones either take advantage of slave labor or straight up cause deaths in the thousands.

2 minutes ago, ARikozuM said:

Children working in textile mills... in the US. #NeverHappened

Yeah, I couldn't possibly imagine how that could happen under capitalism.

[Drak3]

12 minutes ago, Misanthrope said:

Google how many corporations contribute to how much to climate change

Not an inherent outcome of any economic system.

 

1 minute ago, Tristerin said:

The gold standard is fake

To an extent. But gold actually has some value now, in the manufacture of electronics.

[COTG]

2 minutes ago, Drak3 said:

Not an inherent outcome of any economic system.

 

To an extent. But gold actually has some value now, in the manufacture of electronics.

well not for that much longer, if the price keep rising. look at the usage of gold in electronics. even though we are producing more than ever, the usage is actually declining as it is getting to expensive for manufactures to continue using gold, so they look for alternatives.