Bitcoin/Cryptocurrencies – Digital Gold or Tulip Bulb?


(SkyWalker) #126

I believe, they will find out way much before 2140. Simply put, he is saying these currencies cannot be used as a store of value like Gold because of human element on both the sides i.e. Supply and Demand.


#127

1.Why there is huge difference between transacting fees of bitcoin and other altcoins?will it come down in the future?
2.there r many ico nowadays…what factors to look into while investing in ico?
3. Blockchain is like my bank passbook where i can see my each entry of my transactions…but y blockchain requires mining to complete d transaction?


(Alok Bhola) #128

The income tax department has specifically sought details of bitcoin investments during the demonetisation period, that is between 1 November 2016 and 31 December 2016.

The tax department also wants to know in which bitcoin or cryptocurrency exchanges, in India and abroad, does a holder have accounts.

“You as an bitcoin or cryptocurrency holder will have to provide details of all the wallets you are using along with your Unique ID number. The department also wants to know whether you are using physical hardware wallet for storing your bitcoins and other cryptocurrencies,” says the I-T notice. A bitcoin holder will also have to provide balance as on date along with public ID or wallet number on the blockchain account, the notice added.

The I-T notice also sought to know whether returns have been filed on gain from sale of cryptocurrencies as income. It asks if you have paid the advance tax for the gains made in the current year.

“You also have to state whether you are buying or selling bitcoins and other cryptocurrencies from websites such as polonies.com, coinable.com, bittrex.com or any other websites registered out of India.”


(Yogesh Sane) #129

A good read on last 4 bubbles in Bitcoin since 2010.

When Does a Bubble Become a Bubble?


(azardeen) #130

Not sure if it is relevant here. But it is interesting to see lot of applications based on blockchain technology.


(Alok Bhola) #131

The blockchain concept, nicely explained for beginners.


(paraa) #132

I am not invested in any crypto currencies or plan to in future but i am tracking it because

i) I feel recent bit coin rally gives an idea about the amount liquidity which is existing in the world right now which seems to be huge.

ii)On the spill over effect on stock markets if there is a crash happening on the concurrency market.

Any one here has views on it?


(spvk1) #133

Received this article or info on whatsapp. Related to blockchain technology and it’s adaptation.
Dubai is planning to remove middlemen like lawyers, accountants, bankers, immigration officers & govt. officials by year 2020 by adapting to blockchain technology.

What will governments look like 5 years from now? Today Dubai announced its plan to be “The World’s first blockchain powered government” with a plan to move 100% on blockchain by 2020:

ArabianChain is moving all Dubai’s government paperwork onto the blockchain, so it doesn’t need lawyers and government departments for verification.

ObjectTech is providing digital passports and blockchain security to Dubai International airport to deliver seamless entry and exit from the country.

The Dubai Land Department has launched a blockchain system to record all real estate contracts and record all property-related transactions such as rental, utility and telcom bills.

In October, Dubai launched emCash, its own cryptocurrecny for citizens to pay for all services via digital cash.

The country has set up the 46-member Global Blockchain Council, including companies like Microsoft, IBM and Cisco, to lead the way in the country’s adoption of blockchain technology.

Blockchain smart contracts and cryptocurrency track all transactions that take place with any agreement or transferable asset. That means the end-point of Dubai’s blockchain adoption is that there will be no further need for the middlemen in our day-to-day transactions.

No more laywers.

No more accountants.

No more bankers.

No more immigration officers.

No more government officials.

Dubai estimates that by putting its 100 million documents each year onto the blockchain, they will save 25 million man hours and $1.5 billion in tax dollars.

It would also massively shrink the size of the Dubai government. Why would they do that?

As Dr Aisha Bin Bishr, Director General of Smart Dubai Office, the country’s department in charge of making Dubai the world’s smartest city says:

“The Dubai government differs from others around the world in that it aims to make Dubai the ‘Happiest City on Earth’. In short, we want to give people back time they would have otherwise spent on filing paperwork.”

Could Dubai’s Blockchain initiative lead to a revolution in happy countries reducing the size and influence of their goverhments?

Could an end point be no government at all?

“The Internet is becoming the town square for the global village of tomorrow.” ~ Bill Gates

When asked how he would set up a government on Mars, Elon Musk said the “Most likely the form of government on Mars would be a direct democracy - it would be people voting directly on issues.”

In other words, in this new technological age where the best middle man is no middle man, the best government may be no government at all.” - Roger Hamilton

“Lets go invent tomorrow instead of worrying about what happened yesterday.” ~ Steve Jobs


(Shaswat) #134

@spvk1 This is really great move by Dubai.


(Sachin) #135
  1. Bitcoin is creating a block in approx 10 mins and in a block there are only limited no of transactions are included very less e.g. 2000 (compare to VISA or MasterCard doing per second) This is also avoid double spending of the same coin. There is more technical details we need to look how transactions are selected by miners for a particular block

Transactions fees per transaction will reduce in future, how to do this in Bitcoin network is still a point of debate and resolution will be SegWit upgrdation which is recently done in bitcoin network.

  1. It very difficult to select an ICO for investment, as most of the ICO will be crashed after a month in listing. We need to look very carefully for the team of developers, purpose of the ICO and company behind ICO.

  2. Blockchian is like bank passbook but you are able to view balance and transaction of not only yours but also all transactions of all users. Mining is the process which includes these transactions into passbook.This is the way blockchain solve double spending.


(Harsh04) #136

My 2 cents about my views on Bitcoin, Ripple and IOTA, the only cryptos i know something about.

Bitcoin - It lacks any value by conventional means. Its value is purely derived from the demand-supply situation in market and by creating a artificial scarcity (max. cap of mined coins)
It’s largest market-cap is purely because it was the first such crypto-currency.
It was made to replace fiat currency. Is this even possible practically ? Will any governments allow this ? Allowing Bitcoin to to replace fiat currency is a tacit approval of central bank to give up the trust that people have in fiat. Nevertheless, demand for bitcoin will continue for some more time before people realize that what they are trading is just out of thin air and completely artifical with no value whatsoever.

Ripple - Ripple’s cypto currency XRP is more like shares of a company. Ripple has still not circulated all the XRP’s and it is still holding to a large chunk of XRP. Ripple offers to revolutionize the way International money transfers take place. The problem here is that big banks will take their own time to get convinced about ripple’s platform for money transfer, but it is going to happen sooner or later.
My understanding is that once banks start using Ripple platform for international transfers, they can fund their Nostro accounts using XRP’s. Hence the highest demand will be from banks and financial institutions thus profiting immensely the retail XRP investors.

IOTA - Without a doubt one would agree that Internet of Things (IoT) is the next revolution after the internet. IOTA will benefit imensely with IoT enabled products come to mass markets. IoT also promises no-fee transactions.


(Alok Bhola) #137

We should not mix up the utility and future acceptance of certain platforms (Ethereum, Ripple, etc) with that of the coins / tokens issued by such platforms. There is no requirement to pay for the services of such platforms in the relevant token and the same can be paid for using fiat currencies.

In fact the services offered by such platforms are / will be priced in fiat currencies and then converted into their tokens, and not the other way round. For eg, Has Ripple (the Company) linked the price of their services directly to Ripple (the token) in such a way that it’s stable for a long period and not changing every minute? Have they specified that, say, a fund transfer from a bank ABC in USA to a bank XYZ in India using their platform will cost x Ripples for the next 1 year? The answer is obviously ‘No’. The moment they link the value of Ripple (the token) to their specific services, it will get a specific value and all this price fluctuation will end.


(Harsh04) #138

This is what i was referring to…

https://ripple.com/files/ripple_liquidity_one_pager.pdf


(Alok Bhola) #139

(n.arvind2k) #140

Bitcoin investors beware! Regulatory moves could block access to money


(n.arvind2k) #141

#142

The above news shot title is completely exploited. Finance Ministry never said it illegal. Their statement read that crypto currencies is not a legal tender (like INR) and currenctly, Japan is only the country which recognised bitcoin as legal tender currency.

Media is completely manipulating the crypto space. There is a great need of understanding the underlying tech behind all these crypto currencies.

Infact, ministry said - They won’t take knee-jerk decisions on cryptocurrencies: Jaitley


(ranjeetpatil9997) #143

how to buy ripple in india?


(Harsh04) #144

Currently only coindelta and koinex offer buying ripple in India.
Register on their website, complete KYC and you can buy Ripple there.

remember to register a personal desktop wallet. Donot leave your cryptos in Exchange.


#145

Which wallet do you use for Ripple? I use Gatehub and finding an alternative.