4 ms·

Yes, as a Westerner I hadn't even heard of this massive invalidation of 86% of India's cash currency. Pretty dramatic, certainly could have helped the massive

Yes, as a Westerner I hadn't even heard of this massive invalidation of 86% of India's cash currency. Pretty dramatic, certainly could have helped the massive crypto price run-up in late 2017. Also helps to demonstrate the value of a currency that can't be manipulated by state actors.

atomical 8y ago
The issue is that non-state actors were hiding money to avoid taxes. I wouldn't label prevention of theft as manipulation.
- 1996 8y ago
  Invalidation is manipulation. The goodness of the reasons does not matter. Some people prefer a currency that can not be invalidated (shrunk) or debased (grown)
  - atomical 8y ago
    Wouldn't creation be manipulation too? As in the creation of the genesis block with Bitcoin?
    - chii 8y ago
      but everybody knows the approx. creation rate of bitcoins. Fiat money creation is not predictable to the same mathematical degree.
      - atomical 8y ago
        No one knows who Satoshi Nakamoto is, if he's alive, and whether he will use his bitcoin in the future. He could move the market if he chooses. At one point he was an oligarch, correct? He had money and political power as far as Bitcoin is concerned.
        chii 8y ago
        i dont believe the spending of Satoshi's (nor anybody else's coins) would cause any issue, since the market knows of the existence of these coins. It's that bitcoin is quite volatile due to its immaturity as a currency and commodity (it seems to act as both atm...) Unless satoshi has somehow hidden a large chunk of coins that has never been released somehow (which, would be weird, since as soon as they release it, it would invalidate the current chain!)
    - 1996 8y ago
      If you are arguing that the initial creation is a manipulation, I think you are posting in bad faith, because manipulation is generally understood as altering something that already exists - as in "genetic manipulations"
- agorabinary 8y ago
  > prevention of theft Taxation is theft.
  - orf 8y ago
    Except that, you know, it's not. And I'm not sure that your comment adds anything to the discussion here, I would consider elaborating on why you think you should not have to pay taxes after being able to generate wealth using public infrastructure as a foundation.
  - throwaway8879 8y ago
    Next time you use a public utility/service please turn yourself in for theft also.
gopalv 8y ago
> Yes, as a Westerner I hadn't even heard of this massive invalidation of 86% of India's cash currency. Happened on 8th Nov 2016 - the western news cycle was laser focussed around a certain historic election. This wouldn't have hit front page on the 9th, for sure.
- sanderjd 8y ago
  I remember it being big news. YMMV depending on news sources you follow I suppose.
deleted 8y ago
[deleted]
toomanybeersies 8y ago
I guess different news outlets have different focuses, but it was big news on the BBC news website, which is where I get most of my international coverage. I don't read any American news websites, but I think from memory it wasn't really covered at all on the New Zealand news websites.

atomical 8y ago

The issue is that non-state actors were hiding money to avoid taxes. I wouldn't label prevention of theft as manipulation.

1996 8y ago
Invalidation is manipulation. The goodness of the reasons does not matter. Some people prefer a currency that can not be invalidated (shrunk) or debased (grown)
- atomical 8y ago
  Wouldn't creation be manipulation too? As in the creation of the genesis block with Bitcoin?
  - chii 8y ago
    but everybody knows the approx. creation rate of bitcoins. Fiat money creation is not predictable to the same mathematical degree.
    - atomical 8y ago
      No one knows who Satoshi Nakamoto is, if he's alive, and whether he will use his bitcoin in the future. He could move the market if he chooses. At one point he was an oligarch, correct? He had money and political power as far as Bitcoin is concerned.
      - chii 8y ago
        i dont believe the spending of Satoshi's (nor anybody else's coins) would cause any issue, since the market knows of the existence of these coins. It's that bitcoin is quite volatile due to its immaturity as a currency and commodity (it seems to act as both atm...) Unless satoshi has somehow hidden a large chunk of coins that has never been released somehow (which, would be weird, since as soon as they release it, it would invalidate the current chain!)
  - 1996 8y ago
    If you are arguing that the initial creation is a manipulation, I think you are posting in bad faith, because manipulation is generally understood as altering something that already exists - as in "genetic manipulations"
agorabinary 8y ago
> prevention of theft Taxation is theft.
- orf 8y ago
  Except that, you know, it's not. And I'm not sure that your comment adds anything to the discussion here, I would consider elaborating on why you think you should not have to pay taxes after being able to generate wealth using public infrastructure as a foundation.
- throwaway8879 8y ago
  Next time you use a public utility/service please turn yourself in for theft also.

gopalv 8y ago

> Yes, as a Westerner I hadn't even heard of this massive invalidation of 86% of India's cash currency. Happened on 8th Nov 2016 - the western news cycle was laser focussed around a certain historic election. This wouldn't have hit front page on the 9th, for sure.

sanderjd 8y ago
I remember it being big news. YMMV depending on news sources you follow I suppose.

deleted 8y ago

[deleted]

toomanybeersies 8y ago

I guess different news outlets have different focuses, but it was big news on the BBC news website, which is where I get most of my international coverage. I don't read any American news websites, but I think from memory it wasn't really covered at all on the New Zealand news websites.