Govt, SBP recommend complete ban on cryptocurrencies

[StormBreaker]

Top 5 Uses Of Gold – One Of The World’s Most Coveted Metals

Gold is one of the most highly-desired and useful metals in the world. Not only can it be beautifully shaped and sculpted, the precious yellow metal conducts...

www.mecmining.com.au

Now what's the uses of crypto?

Anything can have a fake / artificial value but I am more interested in uses of crypto. Can you name any?

Both gold and fiat currencies have tons of uses. What's the uses of crypto?

Should I call you a gold digger for biased defense of Gold ?

Biggest Use case of Crypto ? The sole reason it was made for !

Every transaction is documented, Every transaction and total Crypto wealth of the world is inclusive to Blockchain, Unlike gold where fiat introduced cash, Money orders, Bank transfers. There is no tracking of money or wealth.

This is where Crypto rules !

I am a “Crypto Digger”, Will include a clause in Nikah Nama for Mahr in Crypto as well, No cash. Gold set ki jaga Crypto hardware wallet with ETH/LTC inside

 

[HalfMoon]

Neither does gold or any fiat currency.

Gold has Industrial uses.

Fiat Currency is backed by Central Banks. It is basically an I owe you.

Cryptos neither have any intrinsic value nor backed by any government. There are valueless and useless. The increase in value is based on speculation.

Once the speculation dies and there is no next buyer who falls for this scam, the value will go to zero.

 

[StormBreaker]

Gold has Industrial uses.

Fiat Currency is backed by Central Banks. It is basically an I owe you.

Cryptos neither have any intrinsic value nor backed by any government. There are valueless and useless. The increase in value is based on speculation.

Once the speculation dies and there is no next buyer you fall for this scam, the value will go to zero.

If Gold has industrial uses, Why not use Kidney as World Currency then since it has medical uses ?

 

[HalfMoon]

Anything can have a fake / artificial value but I am more interested in uses of crypto. Can you name any?

Blockchain Tech is great and can be used for smart contracts.

Concept of Crypto is great but the implementation is horrible.

Crypto needs to be initiated and backed by the government like Chinese Digital currency.

If Gold has industrial uses, Why not use Kidney as World Currency then since it has medical uses ?

Yes you can, It is called barter system.

 

[Norwegian]

Should I call you a gold digger for biased defense of Gold ?

Biggest Use case of Crypto ? The sole reason it was made for !

Every transaction is documented, Every transaction and total Crypto wealth of the world is inclusive to Blockchain, Unlike gold where fiat introduced cash, Money orders, Bank transfers. There is no tracking of money or wealth.

This is where Crypto rules !

I am a “Crypto Digger”, Will include a clause in Nikah Nama for Mahr in Crypto as well, No cash. Gold set ki jaga Crypto hardware wallet with ETH/LTC inside

Ok good luck

 

[HalfMoon]

Should I call you a gold digger for biased defense of Gold ?

Biggest Use case of Crypto ? The sole reason it was made for !

Every transaction is documented, Every transaction and total Crypto wealth of the world is inclusive to Blockchain, Unlike gold where fiat introduced cash, Money orders, Bank transfers. There is no tracking of money or wealth.

This is where Crypto rules !

I am a “Crypto Digger”, Will include a clause in Nikah Nama for Mahr in Crypto as well, No cash. Gold set ki jaga Crypto hardware wallet with ETH/LTC inside

I will print new currency and document it in your name if you are willing to buy it. Promise.

It is amazing how educated people fall for this type of scam.

 

[Norwegian]

I will print new currency and document it in your name if you are willing to buy it. Promise.

It is amazing how educated people fall for this type of scam.

Exactly. It's a scam

 

[HalfMoon]

Exactly. It's a scam

Unfortunately literate people have fallen for this scam due to their biases.

Reason 1: It cannot be controlled and printed by Governments like Fiat currencies

Yes. True. But Just because something is not controlled by a government does not make it valuable.

Reason 2: All transactions are fully documented

Yes. True. But Just because something is well documented does not make it valuable.

China banned it, Russia banned it. Pakistan banned it. Australia, India and many other countries are planning to ban.

There will be a day when all major countries will ban use, trading and mining of Crypto Currencies.

When all mining is banned all Cryptos will no longer have any value and not even visible/accessible.

Kosovo just banned all mining due to high power consumption.

Kosovo seizes hundreds of cryptocurrency mining devices

Kosovo seizes hundreds of cryptocurrency mining devices

Tensions between the Serb-majority area and the ethnic Albanian majority government are running high and Kosovo's government on Tuesday brought in a temporary ban on cryptocurrency mining in an effort to bring down electricity consumption.

economictimes.indiatimes.com

 

[Patriot forever]

Yet another sign of how incompetent this govt is. The agents of global financial mafia are sitting in SBP and they would never allow crypto. For a country like Pakistan begging for few billion dollars, crypto presents a great opportunity. Instead the morons are banning it. Minning should have be allowed and facilitated, we can earn crypto by run of the river. Not a single sincere and smart forward looking leader in this whole govt. Keep eating sood and living in misery while few elites keep rich.

Why don't you tell us how much forex exchange we earned from crypto?

The reality is we lost $20b in forex exchange. The precious forex we lost not earned. Thats almost 1 year of our exports.

Asfar as mining is concerned anyone mining with our electricity rates will be at a loss, 4 cent / kwh is the break even point depending on the efficiency of system.

With the current chip prices and to make it viable solar is a must it will be a long time to just make the initial investment back.

Nodoubt the potential is there but we are not in a situation to take that risk.

The state should have stopped the capital outflow of forex since the beginning. You want to earn it mine it and bring back revenue to your country, not use state limited dollars so you can gamble or launder money.

 

[Imran Khan]

Crypto currency is a Hi-Tech Ponzi scheme.

All Crypto Currencies will go to zero one day.

Crypto Currencies will only have value if they are backed by Countries' Central banks.

what about fiat currency issued by govs ? they are paper only worth nothing not even tissue papers 93% of that fiat currency is also digital currency only 7% is printed one . if gov do this its ok if someone else do it they put him in jail .

 

[Patriot forever]

what about fiat currency issued by govs ? they are paper only worth nothing not even tissue papers 93% of that fiat currency is also digital currency only 7% is printed one . if gov do this its ok if someone else do it they put him in jail .

Fiat currency is backed by central banks all over the world.

On the other hand crypto is just like art pieces which sells for millions of dollars, you know the art industry is 90% money laundering.

 

[Imran Khan]

Fiat currency is backed by central banks all over the world.

On the other hand crypto is just like art pieces which sells for millions of dollars, you know the art industry is 90% money laundering.

and what is GOV ? we have seen them melting in minutes and hours .GOV it self is no one to be back something . only solid things can back another GOLD SILVER R/E OIL can back a paper at least they have real value . what value gov have ? they have a press machine they print fancy paper and they say its backed by us lolllz . dont you see how gov went in .com bubble time ? i will prefer a bank note backed by two donkeys then govs , at least i can grab donkeys when i need to exchange what power i have to get anything from gov ? its loosing value like dry sh1t man .

 

[Patriot forever]

If Gold has industrial uses, Why not use Kidney as World Currency then since it has medical uses ?

Gold is better than dollars let alone crypto.

Just because the gambling potential is low doesn't mean it is worse.

 

[Imran Khan]

Gold is better than dollars let alone crypto.

Just because the gambling potential is low doesn't mean it is worse.

for long term gold is perfect for short term many investments like stock /RE /cyrpto and gains and loss and so on . for daily use we must have little currency but not like PKR type BS . at least euro or usd .

 

[313ghazi]

Crypto produce nothing of value. Scarcity of a currency is not "value"

No we can't. Pakistan's electric grid cannot handle crypto mining

So China and 8 other countries are idiots lol

Crypto is fully banned in China and 8 other countries | Fortune

Nine countries have banned digital currencies outright in recent years, but dozens more have banned it implicitly.

fortune.com

Crypto is a scam. It has no intrinsic value. Scarcity of a currency is not a value

It's not a scam. Its a digital currency not controlled by any government. All the big players are trying to curb it until they can catch up and have thier own currencies.

The Chinese banned crypto mining and issued thier own coin. Venezuela is using its own cryptocurrency. El Salvador accepts bitcoin.

Yes right now it could go all ponzi, but as soon as a legitimate market for them is established where you can exchange them for goods - suddenly its real.

Just like any other currency they're backed by consumer confidence. Nobody should bet the house on it, but its quick easy money to make. Sensible traders buy, wait for it to rise and then sell. Most people don't hold on for ages.