Central banks forcefully banning crypto

Discussion in 'Off-topic Discussion' started by [email protected], May 29, 2021.

  1. GhostRider@11

    [email protected] Fapstronaut

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    In india our central bank also known as 'Reserve Bank of India' is trying its best to stop indians from using cryptocurrency, earlier in 2018, they banned it but because of supreme court's orders they were forced to remove restrictions, because supreme court stated ban as unconstitutional but RBI released a guideline SUGGESTING banks to stay away from cryptocurrencies, later all banks stopped sending or receiving money from cryptocurrency exchanges, so that no one else can invest nor anyone who had invested can take his money out.

    And yesterday HDFC Bank(a private indian bank) announced that cryptocurrency will sooner or later become legal. And it is more of like a hedge against inflation.
    https://www.livemint.com/amp

    Now within 6 hours RBI received anonymous complaint against HDFC, and RBI told HDFC to pay a penalty of ₹10 crore rupees, because suddenly RBI found some irregularities in their data.
    https://www.livemint.com/industry/b...-penalty-on-hdfc-bank/amp-11622210097811.html

    And somehow, all private banks suddenly changed their minds. Now the same banks are warning of imposing restrictions on bank accounts of people involved in cryptocurrency.
    https://www.bloombergquint.com/amp/...restrictions-if-they-deal-in-cryptocurrencies

    I feel extremely bad about the way central banks have complete monopoly, I hate the way they are exercising their powers.
     
  2. ByTheRiver777

    ByTheRiver777 Fapstronaut

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    Looks like that's going to be a precedent for the rest of the world.

    Not surprised though. I'm shocked that people were allowed to make money off of it for this long, with globo interference. I made some good money too.

    It's another case of get in while its good. There'll be something else to take advantage of in the future there always is.
     
  3. GhostRider@11

    [email protected] Fapstronaut

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    Earlier I thought that contributing somewhat to DeFi and other blockchain technology will be a good idea. But now I know that it is not only a good idea but it is a must, decentralised finance is the only way to dethrone central banks. This world needs a system upgrade. I have decided to become a blockchain developer.
    They can slow us down, but they will never be able to completely stop us. Like democracy replaced monarchy, similarly DeFi will replace banks, blockchain & smart contracts will replace these tech giants.
    The more they try to oppose it, the more people are getting attracted to it, they are unknowingly advertising it, they have made it so much interesting, that masses cannot stop themselves. People love to oppose and fight against someone. We love to break rules. And we will definitely bring DeFi to power, we will not stop there, but we will also bring a completely decentralised governing system. Now it's time to eliminate central banks, eliminate corporations and then to finally eliminate centralised governments. When I first read all these news I was feeling bad, but now I am getting more and more excited about the future.
     
    lineagerq likes this.
  4. lineagerq

    lineagerq New Fapstronaut

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    Thanks for post!
     
  5. lineagerq

    lineagerq New Fapstronaut

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    Good information!
     
  6. vikingsarehere

    vikingsarehere Fapstronaut

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    They are just banning competition. Give it time and then you will see the same government forcing you to use their very own digital slave shekel (their own crypto) which they will manipulate freely and know all of your history and transactions through it.

    Although cash is a piece of paper printed by the tribe, (the merchant tribe) it still give you some freedom because it's anonymous. You can do many transactions without being tracked, digital currencies is about being tracked and control.
     
    [email protected] likes this.
  7. MLMVSS

    MLMVSS Fapstronaut

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    Lol. I love the posts in here stating that crypto is somehow a be-all-end-all for concerns related to manipulation, when anyone who was involved in crypto before 2015 knew there were literal scam exchanges whose sole purpose was to manipulate. That’s the downfall of decentralisation that Crypto bulls fail to mention. Not to mention that we had the likes of Mr. Musk, who pushed Doge hype the moment his overvalued company’s bubble began to flutter.

    People act like we don’t have a functioning Forex market that’s dozens of times larger in trading volume and value than every stock exchange combined.
     
    Last edited: Jul 6, 2021
  8. While I like the idea of crypto I can't get behind it: I have a personal grudge against it. All those people buying up graphics cards for crypto mining made me wait well over 3 months until a card became available for my new computer. Unacceptable. Also there is the issue of how much energy mining sucks up- making it a very dirty technology. No way I can support that.
     
    Xander_, CarP and (deleted member) like this.
  9. They will be as 'successful' as media companies stopping p2p sharing. Wall street and big banks are scared because they can't be the insiders - Gamestop revealed just how much they rig things.

    You should see what Wall Street is doing to you.
     
    Last edited: Jul 6, 2021
  10. I don't like Wall Street either. I like them much less. But Wall Street being pretty much irredeemable doesn't mean I should throw in with crypto especially when it has such a large carbon footprint.
     
    Xander_ and CarP like this.
  11. good for them, crypto sucks
    noone cares about it anyway, all the millionaires who profit from it aren't gonna tell a difference and all the college nerds who invest in it should rethink their choices next time
    also it's really bad for the environment so
     
  12. gordie

    gordie Fapstronaut

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    The Mormons?
     
  13. So does all the unnecessary rigged trading that wall street does, and their fleets of private jets and pushing useless empty real estate construction projects, or pushing false solutions to global warming like the carbon tax which is just giving them control of a market and allowing China to pollute more.

    crypto eliminates Wall street as the middle man that takes a piece of everything you do - reduces transaction fees and prevents them from inflating their way out of trouble which they do repeatedly which is a huge tax on the middle class.
     
  14. GhostRider@11

    [email protected] Fapstronaut

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    Chaos is beginning of everything, Musk might be able to manipulate now, but once people start realising the necessity of crypto & blockchain, and the market becomes more stable, he won't be able to do that. This process is similar to how Apple's or microsoft's stock behaved in beginning but as the knowledge of computer spread, prices became stable. Similar thing happened with internet giants like google and Yahoo, people were unable to understand internet in beginning but as the adaptation increased, everything settled down, Amazon also had same experience, people were unable to understand social media sites also but today it is one of the best investment, and same happened with smartphone market.
     
  15. GhostRider@11

    [email protected] Fapstronaut

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    How are you so sure that the supply was reduced because of people buying graphic card for mining, afterall manufacturing of graphic card had stopped earlier because of covid and even now they are not producing with their full potential. People were buying new laptops because of work from home, students also purchased new laptop, and most students want to be able to play games on laptop, so they won't buy pc without graphic card.
     
  16. Among many reasons why crypto is whack ... one of is that its market can easily be manipulated, by say this lad called Elon Musk which can manipulate Doge coin with one single tweet, which ironically is tied to one of largest porn sites (so i've heard). We can already see that its rigged, plus, you buy crypto with money being made out of thin paper. Doesn't seem like a stable currency to me tho
     
    Melkhiresa and CarP like this.

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