the staff of the Ridgewood blog
Ridgewood NJ, in a new study comparing searches to gage interest in Crypto currencies India ranked second with 804,000 annual online searches about cryptocurrency.
According to Reuters the government of India is planning to introduce legislation banning cryptocurrency, Reuters reports. The law would impose fines on anyone who trades, mines, or even holds cryptocurrency. The government has a comfortable majority in parliament, giving the proposal a good shot at becoming law.
This would make India one of the most cryptocurrency-hostile jurisdictions in the world. China, for example, has imposed a number of restrictions on trading and mining cryptocurrency, but it hasn’t banned ownership of cryptocurrencies outright.
The legal status of cryptocurrency has been a subject of controversy in India over the last few years. In 2018, India’s central bank banned Indian banks from providing financial services to cryptocurrency exchanges, hampering the growth of the nation’s cryptocurrency economy.
Last year, India’s Supreme Court overturned the ban, triggering a surge of Indian interest in cryptocurrencies. One cryptocurrency exchange, Bitbns, told Reuters that user registrations have risen thirtyfold over the last year. However the high court’s ruling left the door open for legislation on the subject. In January, rumors started to circulate that the government was considering a ban.
According to Reuters, the legislation would give cryptocurrency owners six months to liquidate their positions before the ban went into effect.
no wash sale rule… its a beautiful thing
I worked with a couple of networking guys that started mining using the firm’s servers. Completely undetected. That was about 7 years ago. I think they were smart enough to eventually move their “operations’ over to their own equipment.
They were doing well at the time. If they hung in there then they are worth some serious money these days.
Crypto is the future of money. It’s inevitable. No more Dollars, Euros, Yen, etc. It will be the big equalizer in terms of value, global trade, etc. Welcome to Word currency.
at this point still feels like a scam, but you can still make tons of money off it.
Just remember to keep taking your profits.
If it crashes, you’re fine.
If not, keep cranking out the money.
if it turns out to not be a scam, you’re set.
win, win as long as you are disciplined and vigilant.
Crypto currency has 2 technical risks. (1) depends on massive amounts of electricity to mine it and (2) eventual explosive size limiting (for now) use for day to day transactions. Think about a penny as it goes through life, in the ‘old school’ economy. Traveling from the cash drawer of Rite Aid to a person to a starbucks register to another person and so on and so on. In cryptocurrency, the whole string just keeps getting longer and longer with each move … I’m no expert but I think for widespread use this must be addressed.
Let’s also not forget that the backbone for cryptocurrency is the “miners” who process the transactions and get “rewarded” for their efforts with the creation of “new” crypto-coins.
By design, there are only a limited number of crypto-coins available to be mined – EVER. This is built into the design of the cryptocurrencies. Limiting the resource gives it rarity and thus value.
The problem is that, when all of the crypo-coins are mined, there is ZERO incentive for the miners to process the transactions. If the transactions are not processed, the entire system grinds to a halt – no one can use cryptocurrencies for commerce or to buy and sell for investment.