6 ms·

Indian bill proposes cryptocurrency ban, penalizing miners and traders

32 points by spacebanana7 6y ago

detaro 6y ago
duplicate https://news.ycombinator.com/item?id=26464538 https://news.ycombinator.com/item?id=26464538
pfisch 6y ago
I can understand banning mining. The rest is just crazy though. Honestly even banning mining if you are off the grid is kinda not right though. Especially if you were only using renewables.
- capableweb 6y ago
  Since this tend to be a place of discussion and argumentation, maybe you want to expand your argument a bit, specifically with "why" you understand banning A but not banning B. I guess you're for banning mining because of the energy usage? If so, wouldn't banning both mining + usage make the energy usage even less, so you should be for both of them?
  - pfisch 6y ago
    Because mining on the grid could impact the prices and create what is basically artificial demand for local energy production. Usage doesn't require domestic energy production. Also not all cryptos are even mined. So energy usage is pretty negligible in that case.
exabrial 6y ago
Banning mining = good. Waste of resources. Banning trading = bad. The motivation being loss of control.
- commandlinefan 6y ago
  Shame that we can't convert, say, jogging or bicycling into BTC mining.
  - orbdrode 6y ago
    I've been thinking about this kind of idea lately. Isn't this technically possible? I keep wondering, why do we need to mine all the bitcoins now? Could we not take our time and mine using more sustainable methods? I once met someone with a small solar panel attached to their backpack. It was able to charge a phone a bit. What if that mined? What if a fraction of energy created with solar or even a stationary bicycle rigged up to generate a small amount of electricity could mine? Seems like creating power is more valuable than using a utility. Is it theoretically possible?
- ArkanExplorer 6y ago
  Banning mining alone is unenforceable. All of the other aspects are required. Ultimately mining becomes uneconomical when the price of the coin falls. As such anyone who wishes to 'ban' mining should also aim to reduce the price of the coin as much as possible.
  - exabrial 6y ago
    good point. I guess banning "mined" currencies and the trade of "mined" currencies is what should be desired
dheera 6y ago
Why is this causing BTC to go down? I would have thought that the ban would cause its price to skyrocket due to its coveted illegality (and maybe also people hyping it up to spite the government).
- Lev1a 6y ago
  Probably so that Indians cashing out can't get as much real money for their digital bucks.
- vessenes 6y ago
  This has nothing to do with BTC price movement.
  - dheera 6y ago
    Why wouldn't it? Almost everything prohibited in the past has caused its price to increase during prohibition, and we're talking about a place with 1/6 of the world population here.
    - vessenes 6y ago
      Fair, I meant that the news was not related to bitcoin price drops today. Generally I agree that Bitcoin has benefited from the Streisand effect, often with some delays.
NoImmatureAdHom 6y ago
"Indian bill proposes shooting already poor country in foot in a bid by corrupt elites to maintain control over currency"
- yumraj 6y ago
  More like, India trying to curb a known method of money laundering by the corrupt elites, criminals and select vocal few.
  - f38zf5vdt 6y ago
    Those people will incorporate outside of India under shell corporations and then move proceeds from outside the country in by veil of commerce, as they have always done. India is the king of terrible autocratic economic decisions that are always one step forward and two back. Cf. demonetization and how that ended corruption and financial crime in India forever. https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation#Reactions_of_economists https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis...
- dmitriid 6y ago
  Because BTC will surely make the poor country not poor purely by virtue of existing.
thunderbong 6y ago
Multiple duplicates posted - https://news.ycombinator.com/item?id=26460907 https://news.ycombinator.com/item?id=26460907 (56 comments) https://news.ycombinator.com/item?id=26464538 https://news.ycombinator.com/item?id=26464538 (259 comments)
danschumann 6y ago
It's odd that a layer of governence and a monetary system need be related... or perhaps it will be, looking back. If India holds onto the past, it might be a benefit for a while, and maybe overall, or maybe they just miss out on using a cool technology.
JoeAltmaier 6y ago
If energy is an issue, it seems more sensible to punish those abusing the grid with fines etc. Address it at the source.
gaara87 6y ago
IMO, its going to be impossible for the country to enforce individuals from owning the coins in hardware wallets. Its not like they can block the protocol across all internet usage in india. What this truly hurts is fintech companies from innovating and thereby causing larger scale adoption.

32 points by spacebanana7 6y ago

duplicate https://news.ycombinator.com/item?id=26464538 https://news.ycombinator.com/item?id=26464538

I can understand banning mining. The rest is just crazy though. Honestly even banning mining if you are off the grid is kinda not right though. Especially if you were only using renewables.

capableweb 6y ago
Since this tend to be a place of discussion and argumentation, maybe you want to expand your argument a bit, specifically with "why" you understand banning A but not banning B. I guess you're for banning mining because of the energy usage? If so, wouldn't banning both mining + usage make the energy usage even less, so you should be for both of them?
- pfisch 6y ago
  Because mining on the grid could impact the prices and create what is basically artificial demand for local energy production. Usage doesn't require domestic energy production. Also not all cryptos are even mined. So energy usage is pretty negligible in that case.

exabrial 6y ago

Banning mining = good. Waste of resources. Banning trading = bad. The motivation being loss of control.

commandlinefan 6y ago
Shame that we can't convert, say, jogging or bicycling into BTC mining.
- orbdrode 6y ago
  I've been thinking about this kind of idea lately. Isn't this technically possible? I keep wondering, why do we need to mine all the bitcoins now? Could we not take our time and mine using more sustainable methods? I once met someone with a small solar panel attached to their backpack. It was able to charge a phone a bit. What if that mined? What if a fraction of energy created with solar or even a stationary bicycle rigged up to generate a small amount of electricity could mine? Seems like creating power is more valuable than using a utility. Is it theoretically possible?
ArkanExplorer 6y ago
Banning mining alone is unenforceable. All of the other aspects are required. Ultimately mining becomes uneconomical when the price of the coin falls. As such anyone who wishes to 'ban' mining should also aim to reduce the price of the coin as much as possible.
- exabrial 6y ago
  good point. I guess banning "mined" currencies and the trade of "mined" currencies is what should be desired

dheera 6y ago

Why is this causing BTC to go down? I would have thought that the ban would cause its price to skyrocket due to its coveted illegality (and maybe also people hyping it up to spite the government).

Lev1a 6y ago
Probably so that Indians cashing out can't get as much real money for their digital bucks.
vessenes 6y ago
This has nothing to do with BTC price movement.
- dheera 6y ago
  Why wouldn't it? Almost everything prohibited in the past has caused its price to increase during prohibition, and we're talking about a place with 1/6 of the world population here.
  - vessenes 6y ago
    Fair, I meant that the news was not related to bitcoin price drops today. Generally I agree that Bitcoin has benefited from the Streisand effect, often with some delays.

NoImmatureAdHom 6y ago

"Indian bill proposes shooting already poor country in foot in a bid by corrupt elites to maintain control over currency"

yumraj 6y ago
More like, India trying to curb a known method of money laundering by the corrupt elites, criminals and select vocal few.
- f38zf5vdt 6y ago
  Those people will incorporate outside of India under shell corporations and then move proceeds from outside the country in by veil of commerce, as they have always done. India is the king of terrible autocratic economic decisions that are always one step forward and two back. Cf. demonetization and how that ended corruption and financial crime in India forever. https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation#Reactions_of_economists https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis...
dmitriid 6y ago
Because BTC will surely make the poor country not poor purely by virtue of existing.

thunderbong 6y ago

Multiple duplicates posted - https://news.ycombinator.com/item?id=26460907 https://news.ycombinator.com/item?id=26460907 (56 comments) https://news.ycombinator.com/item?id=26464538 https://news.ycombinator.com/item?id=26464538 (259 comments)

danschumann 6y ago

It's odd that a layer of governence and a monetary system need be related... or perhaps it will be, looking back. If India holds onto the past, it might be a benefit for a while, and maybe overall, or maybe they just miss out on using a cool technology.

JoeAltmaier 6y ago

If energy is an issue, it seems more sensible to punish those abusing the grid with fines etc. Address it at the source.

gaara87 6y ago

IMO, its going to be impossible for the country to enforce individuals from owning the coins in hardware wallets. Its not like they can block the protocol across all internet usage in india. What this truly hurts is fintech companies from innovating and thereby causing larger scale adoption.