BITCOIN NEWS: India Bans Crypto? - My Thoughts On An Important Subject

My love for cryptocurrency began in 2011. I read in Wired magazine, that Satoshi Nakamoto had invented Bitcoin. We had heard of previous such inventions, but this one did stand out. It seemed to have solved some classic economic theory problems that were previously not well understood. It was both an inovation in economic theory and implementation in software. It seemed to be working. I was impressed! And promptly forgot about it..
I read that it was possible to mine for virtual currency, BUT to convert to fiat currency was a problem. Then later in 2013, I read that Cypress was having economic problems with it’s currency failing, and people were rushing to? USD? Euro? NO, Bitcoin! And it hit $1000! HOLY COW!

Now I got to work… talking to a few friends, they all told me it was a ponzi scheme. At first I just listened, and I read. About so many things; Ron Paul talking about the Federal Reserve Bank and how it should be ended. Why precious metal prices were being manipulated and previous high prices were crashing. My friends said the USD was the best investment lately… What to believe!?

During breaks at work, I would read about mining BTC, and realized it was all ready too late, with GPUs in simple PCs. And the electricity would be very expensive, maybe $300 per month.
But I wanted to understand crypto, so I set up a “mining rig” machine in my back patio rake closet, where all the fan noise from the machine, and the heat, would not bother anyone.

And I mined Litecoin, a close relative of Bitcoin. I soon realized at current prices I was losing a little money but assumed the investment would “someday” payoff.. Until the power bill came and the GF was not happy. (This is actually a classic Silicon Valley story and I met other GFs, selling their guy’s old equipment on CraigsList ads, trying to clean out the house..)

“I had some splainnin to dooo!” 😉 The bill was $350, almost $300 more than usual. And the power company was sending me letters than I was using 5 times more power than my neighbors. They assume I guess I’m growing ganja, or mining Bitcoin I guess… the classic reasons for high power usage.

I read about ASIC mining, and Bitcoin mining had became so hard because of how the price of bitcoin skyrocketed. But that was expensive hardware and there was a waiting list to buy it, and over time I lost interest in paying the bills and shut down my mining rigs. At one time I had 2, and they were running 6 large GPUs.

Over time I just decided I had fiat currency, it was easier to buy BTC and just hold it. The price of BTC was going down again. I would meet Chinese kids in the parking lot by Ebay, and we had phone wallets… ;-)

ISSUE OF THE DAY
The government of India recently gave an order stating that all financial institutions have three [3] months to cut off all ties and transactions that have to do with cryptocurrency.

I have friends in India, worried that this will ruin the time, effort and money they have put in making this way of life work for them.

Some are saying that the Indian government has placed an outright ban on all crypto currency. This news sends chills down the spines of Indian investors... BUT wait, they already did this in China, yes?

Did the Chinese stop using crypto? Did they stop mining it?
Did this fact persuade them they won’t be able to accept it directly for payments?

NO - I believe these “bans” only disconnect exchanges from banks. And little else… AND SIMPLY ensure shopkeepers and businesses DIRECTLY accept crypto sooner.

I picked up my car yesterday from the repairman, and said “I have Cash, Plastic or Crypto, which do YOU like?! ;-)”

And we had the “EDGE Wallet” conversation. I told him to start accepting ETH and LTC and he could convert BTC to either, right on the wallet! He was listening.

I WILL HAVE THIS CONVERSATION WITH EVERY MERCHANT i do business with going forward. We are going to converse, and I will GIST THEM!

SILVER LINING:

I do not think there is any need to worry.

With a sexy “IPhone of Crypto" platform like STEEM, there will come a time when financial institutions will not be as important.

The web wallet on steemit.com enables us to perform transactions faster than banks. People will be interested in changing Rupees to STEEM/SBD will exist when we spread the word to cash based businesses!

WE already use STEEM/SBD to purchase goods and services!

Of course, the Indian Government is looking to release their alt coin. This means that they acknowledge the fact crypto is the future, it is valuable, but they don’t get DECENTRALIZATION.

FURTHER READING:
https://cointelegraph.com/news/tim-draper-calls-indias-crypto-stance-a-huge-mistake-warns-of-potential-brain-drain

Dan Larimer says blockchains and the software that we develop to use them as currency is the first step to developing tools that secure Life, Liberty and Property. Watch any number of his interviews on YouTube to see the creator of STEEM discuss his reasons for doing so:

"The tools to empower AFRICA are now with us. It's a responsibility now. It is IRRESPONSIBE to ignore this situation and not seize the day!


While India and China see fit to ban crypto currency transactinos with banks, the reality is these are The Tools of Liberty! They must be prized and developed as Sacred to Humanity. - Surfyogi”

• Art by @rocksg