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  • #1669 Reply
    Lance Thompson
    374 Posts

    Very interesting thoughts from Robert Kiyosaki, author of the book Rich Dad, Poor Dad…………..

     

    https://www.youtube.com/watch?v=w5awFsmcWkQ

    #1670 Reply
    Lance Thompson
    374 Posts

    So the Reserve Bank of India FINALLY came out and “publicly” confirmed that there is no longer any ban on cryptocurrency exchanges, companies or traders………

    Confirmed: ‘No India crypto ban’

    #1678 Reply
    Lance Thompson
    374 Posts

    Yeah………….

    Have been watching very closely how Bloomberg handles their cryptocurrency discussions and if you watch a number of the interviews they’ve done on their channel, especially the clips of interviews on cryptocurrencies on YouTube you’ll see that they have a tendency to just bring the experts on, ask them questions, pick their brains, but the channel itself stays out of the fray when it comes to making predictions about the direction of any cryptocurrency, up or down.

    This is the first time I've seen them submit an opinion about the direction of Bitcoin which leads me to believe that they've been talking to institutional investors and THEY KNOW SOMETHING………..

     

    https://cointelegraph.com/news/bloomberg-bitcoin-will-approach-record-high-of-about-20-000-this-year

    #1681 Reply
    Lance Thompson
    374 Posts

    Yeah…….

    No need to even sugarcoat this one y’all, this would be a devastating blow to the crypto industry in India, at least if passed in its current form…..Doggone Economic Times won’t allow me to forward a link so here’s a copy-&-paste of the entire text of the article…….Moving forward, the question now is what are the chances of this passing “in its current form” and if it does, how will crypto investors around the world react to it? Keep an eye on electronic articles that come out in the coming days as well as analyst interviews on CNBC & Bloomberg.

    NEW DELHI: India is looking to introduce a law to ban cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET. The spur for the draft cabinet note was the March 4 decision of the Supreme Court to quash the April 2018 circular from the RBI that prevented banks from providing services in support of cryptocurrencies, said the official cited above. The note will be sent to the cabinet after consultations and, subsequently, to Parliament. If it is along similar lines as an earlier proposal the law will deal a blow to investors, exchanges and other entities dealing in virtual currencies such as bitcoin, experts said. A high-level government panel, in July 2019, prepared a draft law providing for a ban on all forms of private cryptocurrencies. It had suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.

    SC Lifted De Facto Ban
    At the time, the court had said: “While we have recognised… the power of RBI to take a preemptive action, we are testing in this part of the order the proportionality of such measure, for the determination of which RBI needs to show at least some semblance of any damage suffered by its regulated entities. But there is none.”

    The ruling lifted a de facto ban on trading in bitcoin and other such instruments and had prompted startups to say they would revive plans to invest and expand business in India.

    However, the going hasn’t been smooth, industry experts said. Several banks haven’t allowed payments for currency trades in India or overseas, in the absence of any specific communication from the RBI following the Supreme Court decision. Still, transactions have been taking place through other channels, the the experts said.

    The draft rules in the July 2019 proposal were too harsh, said one of them. Such a proposed legislation would make it “illegal to hold, sell, issue, transfer, mine or use cryptocurrencies and, if passed in the current form, would completely decimate the crypto-industry in India,” said Amit Maheshwari, partner, AKM Global.

    He hoped the government would conduct stakeholder consultations and not go ahead with the bill in its present form.

    The panel, headed by former finance secretary Subhash Garg, had, in its report, advocated a ban on all forms of private virtual currencies, though it asked the RBI and the government to look at introduction of an official virtual currency.

    The draft law prepared by the committee said any direct or indirect use of cryptocurrency will be punishable with a fine or imprisonment, which shall not be less than one year, but may extend up to 10 years.

    As per the draft law, a repeat offence will be punishable by imprisonment of up to five years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to ₹25 crore.

    #1691 Reply
    Lance Thompson
    374 Posts

    Yeah….…….

    And here you have what will always make Trump so confusing…..On one hand he and Mnuchin bash cryptocurrencies to the High Heavens, on the other hand his SEC Chairwoman is cryptocurrency's biggest cheerleader………….

     

    https://www.yahoo.com/news/trump-told-treasury-secretary-bitcoin-123903556.html

    #1693 Reply
    Lance Thompson
    374 Posts

    Okay…………..

    Here's a completely different outlook on whether or not India will "really" implement a blanket ban on cryptocurrencies……………………..

     

    https://www.financemagnates.com/cryptocurrency/news/is-indias-crypto-industry-on-the-brink-of-a-ban-or-a-boom/

    #1695 Reply
    Lance Thompson
    374 Posts

    An article just published a couple of days ago with the thoughts of an Indian gentleman named Ashish Singhal who is the Founder and CEO of the cryptocurrency exhange Coinswitch.

     

    https://cointelegraph.com/news/chances-of-indian-crypto-ban-low-compared-to-2019-says-crypto-veteran

    #1698 Reply
    Lance Thompson
    374 Posts

    Thoughts on Bitcoin from Robert Kiyosaki and a gentleman named Anthony Pompliano that took place 8 days ago…..It's about 30 minutes long so listen to it when you have a little time on your hands………..

     

    #1699 Reply
    Lance Thompson
    374 Posts

    Good people,

    Hello to you on Friday, July 24th, 2020……If you take notice of the latest pattern of Bitcoin over the last 2 or 3 weeks the upward movement has been very “subtle”……a very very subtle move upwards, not an “explosive and obvious” move upward. Definitely a sign of big institutions pouring their money into the asset in a very “make sure to buy in multiple small dollar quantity transactions at a time so that no one notices” kind of way.

    The explosion just may be starting Brothers & Sisters……….

    https://cointelegraph.com/news/bitcoin-price-can-hit-20k-when-us-banks-invest-1-of-assets-analyst

    #1700 Reply
    Lance Thompson
    374 Posts

    An extremely valuable interview to listen to guys…………….

     

    #1708 Reply
    Lance Thompson
    374 Posts

    Latest update regarding cryptocurrency in India that came out 4 days ago……And the thing that still goes against this new law passing is what is pointed out in this article that a ban on cryptocurrencies in India will lead to…………

    1. Brain drain from the Continent

    2. Increased untraceable transactions

    3. Increased risk of money laundering

    4. Benefits for foreign companies that will receive money from Indian investors

    5. Loss of tax revenues.

    The subject is set to be discussed by India's Parliament which is out of session right now due to the lockdown caused by Covid-19. Can't find anything that lists a set date for India's Parliament to resume………….

     

    https://www.crypto-news-flash.com/will-bitcoin-be-banned-in-india-current-status-of-new-law/

    #1729 Reply
    Lance Thompson
    374 Posts

    An interview with a Senior Commodity Strategist at Bloomberg named Mike McGlone……..

    His belief is that Bitcoin will go up 10X over 10 years………..

    Dan Morehead who is the CEO & Founder of Pantera Capital sees Bitcoin going up 10X over 1 year………..

    I’m not all the way sold on Dan Morehead’s point of view but I’m inclined to believe that a 10X appreciation won’t take 10 years simply because I believe there more than likely come a time period of “heavy speculation” where a bunch of people around the world will be throwing their money into cryptocurrencies like drunken sailors.

    Checkout the video and form your own opinion. Enjoy……………….

    By the way, the most interesting segment of this video to me is the portion where they begin discussion Decentralized Finance which has come to be known by the shortened acronym of DeFi…..It’s a concept that’s been gaining quite a bit of traction and is being talked about more and more in investor circles lately and there are only 2 crytpocurrencies taking advantage of the DeFi concept and that’s Ethereum (ETH) and Tronix (TRX)…..Tronix was founded by a guy named Justin Sun who is from Xining, China…..What fascinates me so much about Justin and Tronix is that he is bringing DeFi to all parts of Asia including South Korea and Singapore where the potential for growth is intriguing…..The DeFi concept has spawned several new cryptocurrencies that are all under the Tronix DeFi ecosystem such as………

    Salmonswap (SAL) – $5.77 per coin
    JUST (JST) – $.04 per coin
    SUN (SUN) – $22.91 per coin
    WIN (WIN) – $.00009 per coin

    And of course all of the above fall under Tronix (TRX) – $.0271 per coin

    TRX and JST intrigue me the most…..Why?…..The inexpensive prices and the fact that TRX got up to a high of $.38 cents back in 2017 and JST got up to a high of $.09 cents since its launch a few months ago means that both of them have caught the eye of institutional investors as well. Both coins can’t be purchased on the Binance exchange.

    #1733 Reply
    Lance Thompson
    374 Posts

    Well anyway,

    Some of the most curious among you are also wondering "Well how many DeFi crypto tokens are there available for trading under the Ethereum ecosystem??"………Excellent question. According to this page I dugup while researching so far there's about 19 of them……Click on the link, go through the list, check the prices on all of them and see if any of them pique your interest……Good luck good people……………….

    By the way, there is ONE from the Ethereum ecosystem that appears to be missing from this list and that’s the SushiSwap crytocurrency under the ticker symbol of SUSHI so check the price on that one as well. Hope that helps……..

    DeFi Tokens

    #1736 Reply
    Lance Thompson
    374 Posts

    Read another article 3 or 4 weeks ago that made the bold claim that India's Government was "dithering" on what exactly they're going to do regarding cryptocurrency legislation…..I didn't want to put any stock into that but based on what's being reported here it seems like there might be something to that…..Are they slow to act because of the Covid-19 crisis?? Or do they just not know what the h*ll they're gonna do?? Seems like India is having 2nd thoughts on whether or not they want to miss out on what could potentially be trillions in tax revenues if they ban cryptocurrency trading……………..

     

    https://news.bitcoin.com/india-crypto-bill-parliament-ban/

    #1740 Reply
    Lance Thompson
    374 Posts

    Just came across this particular article and it's one that is definitely NOT to be ignored…..Central Banks are preparing their own electronic payments revolution with this ISO20022 System they're currently building which  "much of" will be adopted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) by the end of 2022, and a complete transition into it by 2025. The author does outline the reasons why although he feels like most cryptocurrencies and Defi coins will take a hit by the implementation of ISO20022 that Ripple will thrive with the implementation of this new system.

    So he's very bullish on Ripple in the future, but the article does make a strong case for why we're going to have to keep a close eye on this new system and by early 2022 it may be time to cashout of crypto, take your cash and scram…….Be very very watchful.

    https://blockchain.news/analysis/iso-20022-payments-revolution-central-banks-strike-back-against-bitcoin-defi-xrp-will-boom

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