Is India Done With Crypto? (techcrunch.com) 35
An anonymous reader shares a column: Apple delisting a dozen global crypto apps -- relied by big traders in India, in part due to its tax evasive properties -- from its Indian App Store seems the final nail in the coffin, capping a brutal two years. The pending removal across Google Play, internet providers and beyond caps a journey mired with shutdowns, pivots and relocations abroad for Indian crypto startups. The web3 dreams of local entrepreneurs now appear dashed against the rocky shores of regulatory resistance.
mpre acute question (Score:4, Insightful)
Re: (Score:2, Interesting)
Yes. And my particular "sunk cost" is worth multiple times itself and I didn't even invest early or directly, I mined. Sooooo....
The thing is, I'm not even bragging because I own and valued a few bucks worth in crypto: I'm saying that because I still find work requests in the field and it is still paying quite a bit (especially DeFi, but not just). So it's not just not "sunk cost" (because as a store of value it's doing just fine), but also people willing to invest their time and professional commitment to
Re: mpre acute question (Score:4, Insightful)
The store as value and defi work are sort of the sunk cost.
I got some crypto and have been paid money to do crypto stuff too but none of it makes actual sense beyond other people putting money to it for speculation on others sunk cost willingness. Even the use of moving money through it doesn't make actual sense beyond international transfers just being a bit shit.
Re: (Score:2)
Bitcoin is currently traded at around $47K a piece.
I don't know if I have to believe in this or not, but if you could sold me a couple for a few bucks, I'd grab them immediately.
Re: (Score:2)
I just wonder why BTC is going slowly up. Who is putting money in the system. I remember on previous /. posts that people were bragging that BTC can be a complete replacement for SWIFT. Would this be how North Korea gets paid for the munitions they are sending to Russia?
Re: (Score:2)
I'd imagine that the people who got in around the lows of 2022 probably do, along with people who have been holding Bitcoin for over a decade and have watched it come up from under $1,000. The people who bought in during the highs of 2021 and are still underwater? Probably not so much.
Well, India is correct. (Score:5, Insightful)
Re: (Score:1)
performing an unnatural act, aka perversions
What kind of unnatural acts can you perform with bitcoins?
Asking for a friend...
Re: (Score:2, Troll)
Ok, I've been on the internet for a long, long time. I've seen a lot of really perverted shit, but... DUDE!
I'm trying to eat here!
Re: (Score:2)
Fees are just fine for most coins except Bitcoin which is currently not meant to buy burgers.
Transaction fees per chain:
Ethereum: $1.4
Tether: from 0 to $1
BNB: under 0.45%, normally under 0.07%
Solana: $0.00025
XRP: $0.0002
And even for Bitcoin the fee now stands at $10 regardless of the transaction volume. You may send 1000 bitcoins ($47 million) and still pay exactly $10. Regular transfers between banks are a lot more expensive for such huge sums of money.
Speaking of crypto coins "largely" used for
Re: (Score:2)
Or preferably, all three at once. Why, there are some things you can do with a blockchain and a US 1040 (long form) that'll change your sex life forever! Bend over and prepare to be itemized, baby!
Re: (Score:2)
Crypto does have one valid, but rather limited, use - bypassing arbitrary US sanctions. Something that Cuba might find handy.
the web3 startups are screwed anyway (Score:4, Insightful)
They don't have working business models, categorically, except if you count pretending that regulation doesn't apply to you for reasons you can't explain as a business model.
Re: (Score:1)
1) Don't pay taxes
2) ???*
3) Profit !
*Oops, get arrested for not paying taxes. Cost of doing business.
How about the other way around? (Score:1)
Is crypto done with India?
Re: (Score:1)
India can only hope so.
Only pyramid builders are still interested (Score:4, Insightful)
Re: (Score:2)
It makes me wonder about having someone design a Bitcoin 2.0 currency. No premining, no advantages to anyone, just something that fixes all the issues with BTC, and isn't made to be something to pump, dump, pull the rug, and call it a day. Ideally something with privacy, anonymity, and a way to self-prune transactions from the main ledger, so people can be assured they are not going to be double-spent, but Bob's purchase of condoms doesn't stay on the public blockchain as a mandatory download for everyone
Re: Cope harder (Score:2)
Congratulations, your comment did nothing to say anything about the story, or even indicate whether you are skeptical of crypto or an advocate.
Your only point is that whatever your stance is, you find yourself smarter than everyone else. So helpful.
I never "did" India with crypto. (Score:2)
I think people forget... (Score:2)
...that crypto actually is better than the money available in some countries. How's your stash of Venezuelan Bolívars doing?
While the scammers and criminals have pretty much ruined crypto's reputation, the potential is still there: Providing an exchange medium independent of governments. Governments, of course, are unthrilled with this idea - they would rather introduce digital currencies of their own, giving them complete visibility into (and control of) their citizens' financial lives. In order to s
Re: (Score:2)
In areas like Venezuela, something like Monero is an ideal store of value, as well as a currency for trading. It is anonymous, ensuring a hostile, despotic government can't link purchases, it has a good security record, and can be used with hardware wallets for maximum security. I'm not sure if Bitcoin would do the trick due to the insane transaction fees.
Re: (Score:2)
I don't like advocating crypto, but this is one of the few cases where it may be useful for a non-scam application.
Re:I think people remember ... (Score:2)
Worse than accounting in Microsoft Access (Score:2)
If only we could be so lucky, they're done, and so is everyone else.
Money isn't real, but money you can't buy anything with where normal people shoo is extra dumb. You get more value trying to find new prime numbers with distributed.net.
time to move onto AI (Score:2)