India wants to Ban Crypto? Yea, that's a big Nothing Burger...
India supposedly banning Bitcoin and Crypto is a big nothing burger
News started circulating early yesterday, or possibly late the day prior depending on where you live, that India was introducing a bill to ban "private cryptocurrencies".
Whatever that means...
Seriously.
My first though on reading that statement meant that they were banning privacy coins like monero, dash, etc... but others keep mentioning bitcoin.
I haven't gone through the bill to see exactly which cryptocurrencies they are talking about, well actually I have, but still couldn't find it after briefly skimming through it.
The announcement can be seen here btw:
Either way, even if they tried to ban bitcoin, it's a big nothing burger.
My guess is they won't end up banning bitcoin, but even if that one gets included, still a nothing burger.
Banning bitcoin is akin to putting up a gate like this:
(Source: https://twitter.com/Pratik_sharma94/status/1355899686603743235/photo/1)
India has a history of these things...
Sure a blanket ban would cause an inconvenience, and people might have to do a bit of a work-around or walk on the grass, but it won't do much.
Only way a blanket ban on bitcoin could work is if the majority of governments all got together and worked together on some type of blanket ban.
The odds of that seem slim to none since countries have shown throughout history they would rather bomb each other and screw each over as opposed to work together on much of anything.
Besides that, India has a history of stuff like this...
A few years ago they appeared to try and ban cryptocurrency transactions. It looked like it was the real deal and their people would be forced to comply with the threat of 10 years in prison.
However, then their Supreme Court overturned that decision rather quickly.
So, even if this was another blanket ban, and even if it did include bitcoin, it could possibly be overturned by the supreme court yet again.
And even if it wasn't, it still would be a big nothing burger due to the image posted above.
Any barriers put in place can easily be circumvented with just a little bit of know-how and as long as the largest countries don't all ban together and work together on something like that, they'd continue to be big nothing burgers.
Stay informed my friends.
-Doc
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Imagine the Theta internet starts working... and then
people in India start getting arrested because they viewed a video, which happened to make a cyrpto transaction in the background...
But really, i do not know if banning is good or bad for bitcoin.
it really is in the realm of no publicity is bad publicity
It's not good, but it's not terrible either. Though banning and bitcoin in the same sentence is usually not great news.
The picture is enough for everyone to understand.
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Yep, I figured with the short attention spans these days, people are more likely to get the message with a picture than from reading a few paragraphs.
One must take generational differences into account. Young people are more unlikely to want to ban crypto than old people.
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Yes, India wanna ban cryptocurrencies, but also wanna create its own cryptocurrency.
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Check out the last post from @hivebuzz:
You can't ban cryptocurrencies or anything that use more than one server... Even if you manage to filter cryptocurrency related traffic at ISP level, it still won't help much if the traffic gets encrypted and tunneled using random ports.
Throughout history of internet, governments and ISPs have tried blocking access to certain services by limiting traffic by IP addresses, hostnames or TCP/UDP ports... It has not taken long before the services have been fully accessible again.
It's the same thing with GDPR, AML and KYC... When you put too much restrictions, eventually you start violating existing rules and eventually lock yourself out of something you are trying others to block out... For example, a lot of WHOIS entries are invalid and domain registrars face dilemma of either complying with GDPR or forcing a lot of domains offline due to requirement of information about domain owners and administrative contacts be either public or private information depending on which rule to follow.
In some places people are publicly flogged for not wearing a proper scarf or some other random bs, so considering some other comments under this post, they should take in consideration in what kind of a demented world we live in...
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