Jump to content

Should India ban crypto currency ?

ravishingravi

By ravishingravi
in Chit Chat

 Share

Recommended Posts

Clarke Mentor

Clarke

Posted
Posted

Haven't seen the video, but it needs to be regulated to the point where it doesn't enable black money, terrorism, narcotics & other illegal trades.

 

This unlimited freedom and zero transparency is dangerous in my opinion. Even cryptocurrency supporters wouldn't want their money to vanish overnight just because their exchange decided to shut shop & flee. 

ravishingravi Grand Master

ravishingravi

Posted
  • Author
Posted

"The governing principle in India is : Who gets blamed and pays the price if an experiment goes wrong.
This is an experiment over which GoI has no control, yet will face full consequences of 'results gone wrong'."

 

 

zen Grand Master

zen

Posted
Posted

Everyone who does Crypto should know that it is a highly volatile market. The video talked about market crashing because it is 10-20% down, displaying little understanding of the market or evaluating it like a stock market. 
 

R!TTER Grand Master

R!TTER

Posted
Posted
On 11/25/2021 at 1:10 PM, Clarke said:

Haven't seen the video, but it needs to be regulated to the point where it doesn't enable black money, terrorism, narcotics & other illegal trades.

 

That's impossible, you can't assure that with normal cash/fiat so even with any other payment mode the same limitations will apply!

Clarke Mentor

Clarke

Posted
Posted (edited)
3 hours ago, R!TTER said:

That's impossible, you can't assure that with normal cash/fiat so even with any other payment mode the same limitations will apply!

 

Maybe I should have worded it appropriately, let me try.

 

One doesn't (or maybe shouldn't) buy shares of a company in the black market just like that, there's many requirements for a company's listing, the broker to be able to facilitate the trade and the buyer to buy & sell shares. All of the transactions can be easily traced when required. This does not prevent black money but helps as a framework to counter it. 

 

Ditto for crypto

Edited by Clarke
Typo
goose Grand Master

goose

Posted
Posted
4 hours ago, ravishingravi said:


No you can’t. But as govt you can wash your hands off if you lose ´Mooney on this. 

ok. not exactly the biggest deterrent then.

ravishingravi Grand Master

ravishingravi

Posted
  • Author
Posted
1 hour ago, Vickydev said:

Trading crypto through leverage is a recipe for disaster. Investing only what one is prepared to lose is the motto and thats how it should be


I totally am with you. I am one of those who used to love trading on leverage in foreign currency markets. Until that fateful day. 

zen Grand Master

zen

Posted
Posted
2 minutes ago, ravishingravi said:


What an opportune for thé Zen to shed some light. 


It would be like playing a flute in front of Buffaloes :facepalm: 

 

 

Prakat Community Regular

Prakat

Posted
Posted

Crypto is a fun inclusion to your portfolio. It like holding some Platinum bullion along with your gold and silver. It may pay off massively in the long run or it may go bust. The important thing is that you should not have a problem with losing that money.

 

The biggest problem I think is that the masses who are being actively marketed to in India to make them invest in this asset class, are people who can ill afford to part with the funds they are investing. 

 

It's a fun and whimsical adventure if you're financially secure. Not if you're not.

 

If you're a young family and want to lock away a few lakhs into an asset and sit on it for twenty years hoping to get a good lump sum return when it's time for some major expenses you anticipate (education, wedding etc.) I will strongly suggest that you buy anything other than bitcoin.

 Share
Go to topic listing
×
×
  • Create New...