India to ban almost all private cryptocurrencies including Bitcoin in new clampdown

[Muhammed45]

India to ban almost all private cryptocurrencies including Bitcoin in new clampdown
By Euronews, AFP and Reuters • 24/11/2021 - 06:28

The new crypto bill will create a new digital currency but ban all but a few private cryptocurrencies. - Copyright Canva
India is on track to ban all but a few private cryptocurrencies after the government announced on Tuesday it was introducing a new financial regulation bill.
The 'Cryptocurrency and Regulation of Official Digital Currency' bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies, such as Bitcoin and Ethereum.

Earlier this month, Prime Minister Narendra Modi said all democratic nations must work together to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth" - his first public comments on the subject.

• Bitcoin ban: These are the countries where crypto is restricted or illegal
• Europe must ban Bitcoin mining to hit the 1.5C Paris climate goal, say Swedish regulators

The law, which is due to be presented to parliament in the next session, will allow exceptions to promote the underlying blockchain technology, the parliament bulletin said without providing further details.

Such a pre-verification approach would create obstacles for thousands of peer-to-peer currencies that thrive on being outside the ambit of regulatory scrutiny.

Earlier this year, the government considered criminalising the possession, issuance, mining, trading and transference of crypto-assets.

• Norway could back European Bitcoin mining ban, as minister calls energy use 'difficult to justify'
• Explained: What are Bitcoin, blockchain and the cryptos shaking up the world of finance?

Money laundering and terror financing?
Modi recently chaired a meeting to discuss the future of cryptocurrencies, amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, sources separately said on Saturday.

The new rules are also likely to discourage marketing and advertising of cryptocurrencies, to dull their allure for retail investors, said an industry source who was part of a separate parliamentary panel discussion held on Monday.


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India announces plans to ban most cryptocurrencies in new clampdown

As well as banning most coins, the new bill will establish a new digital currency backed by the Reserve Bank of India.

www.google.com

 

[Muhammed45]

@HttpError

 

[QWECXZ]

So, India wants to join China and the US in dump and pump as well.

 

[STREANH]

Very unlikely to happen.

Bitcoin Ban in India: No Ban on Cryptocurrency, Govt May Bring Crypto Tax, Say Sources (news18.com)

 

[RealNapster]

So, India wants to join China and the US in dump and pump as well.

Well I am in favour of banning these thousands of crypto currencies in market. Instead world can have 3-4 cryptos and that should serve the purpose. There are very bad effect we are facing on a global scale, real time environmental issues caused by these cryptos.

Just Etherium used 45000 GWH electricity in one year. That is more than entire production or consumption of almost 50% of the countries. Production of this much electricity causes pollution and global warming for what exactly ??? Etherium is what ? Bunch of computers solving bunch of completely useless mathematical problems ?? So for a "virtual" currency we are destroying "real" world.

Here, this video only take example of Bitcoin. Now let me remind you that there are atleast 5-10 big names in bitcoins whose market cap is in tens of billions of dollars. Now watch this video, and multiply the effects of Bitcoin with total number of cryptos out there

Cryptos,
NFT

They are all the same.... @jamahir

 

[AZMwi]

illegal crypto mining should be banned

 

[Darth Vader]

Well I am in favour of banning these thousands of crypto currencies in market. Instead world can have 3-4 cryptos and that should serve the purpose. There are very bad effect we are facing on a global scale, real time environmental issues caused by these cryptos.

Just Etherium used 45000 GWH electricity in one year. That is more than entire production or consumption of almost 50% of the countries. Production of this much electricity causes pollution and global warming for what exactly ??? Etherium is what ? Bunch of computers solving bunch of completely useless mathematical problems ?? So for a "virtual" currency we are destroying "real" world.

Here, this video only take example of Bitcoin. Now let me remind you that there are atleast 5-10 big names in bitcoins whose market cap is in tens of billions of dollars. Now watch this video, and multiply the effects of Bitcoin with total number of cryptos out there

Cryptos,
NFT

They are all the same.... @jamahir

Do you even know how to crypto work ?

What benefits blockchains tech can and does provide ?
Yes it does use electricity but does that real ? Which is dependence on fossil fuels instead renewable.

Yes majority only know because of the price but isnt that common with everything

 

[QWECXZ]

Well I am in favour of banning these thousands of crypto currencies in market. Instead world can have 3-4 cryptos and that should serve the purpose. There are very bad effect we are facing on a global scale, real time environmental issues caused by these cryptos.

Just Etherium used 45000 GWH electricity in one year. That is more than entire production or consumption of almost 50% of the countries. Production of this much electricity causes pollution and global warming for what exactly ??? Etherium is what ? Bunch of computers solving bunch of mathematical problems ?? So for a "virtual" currency we are destroying "real" world.

I think you are wrong on many levels and I'll explain why.

First of all, can you provide a valid reference for your claim that Ethereum has used 45,000 gigawatt hours of electricity in just one year and it is equal to half of the world's electricity consumption? I think you might be confusing gigawatt hours with gigawatts somewhere in your calculations.

The world in 2018 consumed 23,398 Terawatt hours of electricity. 45,000 Gigawatt hours of electricity (even if true) is about 0.2% of the global electricity consumption.

Also, don't really get me started on this global warming thing.

Secondly, not all of these "virtual" currencies are in fact currencies, and not all of them does the same thing as BitCoin or Ethereum. The cryptocurrency market is not really different from the traditional markets like New York Stock Exchange. Ethereum, for example, will play a crucial role in decentralizing the internet in future. Its smart contracts can change a lot in our future societies, from security to social problems and even law. Then there are cryptocurrencies that want to decentralize other things, like IoT, VoD, etc.

Thirdly, not all of these cryptocurrencies work the same way. They have different consensus algorithms. Bitcoin uses proof of work and yes, it requires huge calculators brute forcing a one-way encrypted block which is just a bunch of heavy calculations consuming electricity. (Isn't that what computers do all the time anyway?)
Ethereum uses proof of work as well, but soon will switch to proof of stake like Cardano, its competitor. Then there are tens of other coins that do not use proof of work for consensus, like Polkadot, for example.

 

[RealNapster]

First of all, can you provide a valid reference for your claim that Ethereum has used 45,000 gigawatt hours of electricity in just one year

Ethereum Closes In on Long-Sought Fix to Cut Energy Use Over 99%

Shift could boost Ether as Bitcoin’s environmental rap worsens; ETH’s 45,000 gigawatt usage may fall to 1/10,000th of that.

www.bloomberg.com

and it is equal to half of the world's electricity consumption? I think you might be confusing gigawatt hours with gigawatts somewhere in your calculations.

I said that's the consumption of almost 50% of the countries in the world.. meaning atleast 50% of countries in the world use this much or less energy each year "individually".

Also, don't really get me started on this global warming thing.

Why ? You one of those ??

Thirdly, not all of these cryptocurrencies work the same way. They have different consensus algorithms.

Means a bunch of mathematical problem solving and end result is a virtual currency that's it ??

yes, it requires huge calculators brute forcing a one-way encrypted block which is just a bunch of heavy calculations consuming electricity. (Isn't that what computers do all the time anyway?)

Computers deliver something. These cryptos do nothing. Yes I know the benefits of block chain and all but Bitcoin and Etherium are not one of those "benefits". The fact that you are comparing functioning of a computer with bitcoin mining calculation alone point out the absurdity of your argument.

The 45000 GWH consumption is just by Etherium, that's 45 TWH. Bitcoin on the other hand uses 81 TWH each year. It is expected to grow to 130 TWH as bitcoin mining is getting harder with each passing day.

How Much Energy Does Bitcoin Use?

Bitcoin uses less than half the energy the banking system consumes, according to recent data.

www.google.com

Now just count how many "major" cryptos you have today .. the annual consumption by these will be no less then 500 TWH (my estimate , as there are 5000+ cryptos). That what ? 2.2% of annual consumption of world ? Do you even know how this much electricity is produced ? Is all of this 500 TWH per year produced from renewables ?

What benefits blockchains tech can and does provide ?
Yes it does use electricity but does that real ? Which is dependence on fossil fuels instead renewable

Find your answers above.

 

[QWECXZ]

Ethereum Closes In on Long-Sought Fix to Cut Energy Use Over 99%

Shift could boost Ether as Bitcoin’s environmental rap worsens; ETH’s 45,000 gigawatt usage may fall to 1/10,000th of that.

www.bloomberg.com

I said that's the consumption of almost 50% of the countries in the world.. meaning atleast 50% of countries in the world use this much or less energy each year "individually".

Well, 0.2% isn't really a significant number in terms of the overall picture. Putting it as "50% of the countries" as you initially did is ambiguous and purposefully misleading. And I'm not really going to ask you to name all those 104 countries that their consumption adds up to only 0.2% of the global consumption because it doesn't really make a difference in the bigger picture.

Also, from the very same article you referenced:

ETH’s 45,000 gigawatt usage may fall to 1/10,000th of that.

Danny Ryan, a researcher at the foundation, said Ethereum’s proof of work uses 45,000 gigawatt hours per year. With proof of stake, “you can verify a blockchain with a consumer laptop,” he said. “My estimates is that you’d see 1/10,000th of the energy than the current Ethereum network.”

It is expected of you to at least know what an article is about when you cite it.

Why ? You one of those ??

Yeah, I am one of those.

Means a bunch of mathematical problem solving and end result is a virtual currency that's it ??

I just explained to you what the end result is. Please read that answer again until you fully understand all of it. Also, learn about proof of stake and why it's different from proof of work. So far, your answer shows that you don't know anything about it.

Computers deliver something. These cryptos do nothing. Yes I know the benefits of block chain and all but Bitcoin and Etherium are not one of those "benefits". The fact that you are comparing functioning of a computer with bitcoin mining calculation alone point out the absurdity of your argument.

I don't think computers that are delivering your messages right now are delivering "something". It's just a waste of electricity and unfortunately, most of the internet communication and work done by computers is the same. In fact, the majority of computers deliver nothing but nonsense like your arguments.

If you think delivering services like Internet of Things, Video on Demand, Smart Contracts, Decentralized Banking, etc. is nothing, then you are either trolling on purpose, or disqualified to participate in any conversation that involves technology.

The 45000 GWH consumption is just by Etherium, that's 45 TWH. Bitcoin on the other hand uses 81 TWH each year. It is expected to grow to 130 TWH as bitcoin mining is getting harder with each passing day.

How Much Energy Does Bitcoin Use?

Bitcoin uses less than half the energy the banking system consumes, according to recent data.

www.google.com

Now just count how many "major" cryptos you have today .. the annual consumption by these will be no less then 500 TWH (my estimate , as there are 5000+ cryptos). That what ? 2.2% of annual consumption of world ? Do you even know how this much electricity is produced ? Is all of this 500 TWH per year produced from renewables ?

First of all, nobody gives a f*ck about your estimate. You are literally a nobody in science and technology community to give estimates about a topic this large and important. Particularly when your argument shows a lack of understanding about the technology you are criticizing.
Secondly, BitCoin by far has the majority share of proof of work in the cryptocurrency world. You clearly see that Ethereum, which is the second one, consumes much less energy than BitCoin and once it switches to proof of stake, it will consume even less energy.
Thirdly, again, from the very same article you posted, consumption of energy by BitCoin pales against energy consumed by traditional banking:

Fourthly, again, there are other consensus algorithms that require much less consumption of energy that are already there. I mentioned one of them several times, and I am done with you until you understand and explain (to demonstrate that you understand) how Proof of Stake works. Because you sound completely clueless about it as of now and the majority of your criticisms are completely invalid and unfounded.

 

[RealNapster]

Well, 0.2% isn't really a significant number in terms of the overall picture. Putting it as "50% of the countries" as you initially did is ambiguous and purposefully misleading. And I'm not really going to ask you to name all those 104 countries that their consumption adds up to only 0.2% of the global consumption because it doesn't really make a difference in the bigger picture

I am not sure what you are upto. Want me to kill myself due to your foolishness or what..
If I claim half of the world countries annual consume less than or equal to 45000 GWH. And as you mentioned half of it is 104. O expect you to multiply 45000 GWH (which I said is consumption of each individual country) with 104. That won't give you 0.2% I am sure. Khair, with you I am repeatedly clarifying myself to make sure you get the point in a way that your mind can comprehend but I am not always that much free. Continue with your denial mode.

 

[HttpError]

@HttpError

lol, India is irrelevant when it comes to Crypto, when Crypto can survive at-least 10 full fledge bans from China (where most of the Bitcoin mining used to take place). Do you think it will have much effect?

The market hasn't reacted to this news, I think their only local exchange had some slight dumps but that was only on their local exchange, the global market cap of crypto was almost the same.

People who are smart will/should invest some amount in crypto.

George Clooney - The only failure is not to try.