India Loves Their Cashless Society, But Hates Bitcoin! - Here's Why

in news •  7 years ago  (edited)


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In this video, Luke Rudkowski of WeAreChange talks with Josh Sigurdson of World Alternative Media about the latest news in cryptocurrency.

One of the biggest stories of the week has been the major dip in the price of Bitcoin and with it, most other cryptos. This happened after India's finance minister Arun Jaitley announced that he wants to crack down on people not paying taxes including cracking down on Bitcoin. Once again, like we've seen before past dips, the media misreported it and claimed he wanted to ban Bitcoin causing a massive drop in the value.
Meanwhile, India has one of the world's most significant cashless societies. There's a big difference however which is explained in the video.

In other news, Facebook has banned advertisements of cryptocurrencies or ICOs in another attempt to nanny the public while opening the door for people to invest in the stock market and bond market interestingly enough as we see both bonds and stocks heading downward after reaching a peak.

And finally, it appears that eBay could now start accepting Bitcoin after ending their deal with PayPal. With the lightning network also being rolled out there are a lot of upsides long term, but the market looks bearish in the short term.

The views expressed in this video are our opinions and not financial advice. Please do your own due diligence.

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The Changey McChange Show!!!

India will like crypto soon enough good things take time

Same here.

That's the corniest shit I have ever heard.

I like this meme. the boaty mcboatface meme. http://knowyourmeme.com/memes/boaty-mcboatface
It is a memetics HACK used to expose that public polls are often not genuine. This name would at least show the poll was real and that you listen to your audience.

Why Dan whyyy! :/
And you upvoted your own comment you jerk. lol

I've been in the crypto markets for a while now, and I've never seen this much FUD: credit card companies banning crypto purchases, conflicting statements on regulation from many countries, Tether/Bitfinex BS, etc..

Nobody knows what the F*** is going on right now!

I think it's because more and more people are using it and accepting it as actually having value. It's freaking out the traditional institutions and governments because they are afraid of losing their power. What's the old saying? First they ignore you, then they laugh at you, then they fight you, then you win. Looks like we're on step 3 of 4!

Nice dovetail

crypto is going to get new high in this year or start of 19 bcoz manipulators want to break patience of anxious holders and want to buy in much possible dip

Tales from the Crypto

tales.png

LOL

I vote for the "Crypto Cunt Show".

I second that

I remember you saying you couldn't see which post was top voted on YT a week ago. Mine was top voted :) Hope you like it. Tales From The Crypto!

tales.jpg

If people in India hate Bitcoin, they are idiots

No They Don't. I should know .I am from India. The Author is Dumb !

We're talking about the Indian government which we make PRETTY clear. lol

luke! I am your father

I predict, this year, BTC will go past the moon and all the way to Uranus.

Yes, the standard of living in India is very low

I think that you are wrong

I believe WeAreCrypto or even WeAreWealth could be good names for the show, as they are related to the brand, depending on how bullish you want to be I think. Great work, keep it up!

WeAreCrypto nice

WeAreCrypto is perfect.

I vote for the "youknowwhat-show"

Mainstream's Cryptonite

India loves bitcoin
The Indian government hates it. Big difference 👍

As explained in the video. But trying to make a point with the title. Too many mix up India's cashless system and Bitcoin.

I agree!
Many do mix it up. There is a lot of misinformation out there too that makes it more confusing. I’m honna share this video as it breaks it all down perfectly

Bro Bangladesh is Love Bitcoin But gov is Heat bitcoin
So bad

My comment wasn’t meant as calling out the title as false. Totally liked and agreed with your premise in post/video👍
Sorry if it came off that way

true or false so another day of drop.... lol

Call it "The Crypto Keeper".

The shows name is "Luke looks like my brother!"

Facebook only seemingly is free. You are their commodity. I encourage you to delete accounts from fb.

Looks like "we are blockchange" is leading on the last episode.... Really like that one

Luke and Josh Awesome Show, Great Job!

Two Guys One Crypto...

WeAreCryptoChangeMedia is my final choice. Thank you guys for this show, you are keeping me informed. I would like to know more about which crypto-currencies are ponzi scams. Let's expose more criminals like bitconnect!

thanks for news &dtube vid :) i watch it naw
really informativeScreenshot-2018-2-5 India Loves Their Cashless Society, But Hates Bitcoin - Here's Why - DTube.png

resteem

"Blockchain4Change".

USA is a social ethnic experiment which has failed miserably. The central banking fails with dollar demise, but INDIA'S exit is its Gold Reserve but not stupid crypto currency tied to dollar to quantitise its value.Crypto's are fiat digital currency with a distributed database.Modi can ban those crypto exchanges overnight without any resistance but may not bcos its a new resource for tax

India is planning to come with its own cryptocurrency Laxmi!

call the show cryptowithluke

Crypto Delusions

Thank you for your insight, much appreciated.

LJ’s Jig Jam

Well India is afraid of cryptos volatile market against inr

People hide their income and did not pay tax. Indian goverment have not power to control it.

Crypto Bro’s is my entry.

  ·  7 years ago (edited)

Current Crypto Karma

Thanks God, India is not the middle of the earth. that is already Germany :-P It doesn 't mätter, was the India are thinking about Bitcoin. Who cares?!

Seriously, the Problem o fBitcoin isn 't India. The problem is the lack of diversification of this currency. This must be solved better by upcoming cryptocurrencies. In any case, Bitcoin will not be able to do that. That's what the enormous price fluctuations already say.

Cryptocurrency is probably the best answer to convert India into cashless society.

If Indian government says, that they would allow bitcoin and others, then the prices will spike 50percent in a day and people will be more open about developments too.
India is on its way to address the misuse of crpytocurrency first, but that cannot be stopped and by the time India regulates, it shall be too late.

It is now or never.

This is all adding to the dip. I keep saying to wait a little longer to buy. Don't compare current price to all time high. Look at pricing that is lower or similar to what it was before late 3rd Quarter of 2017.

As a Fulltime ebay merchant I like this new move. More choices is better for everyone. Paypal makes accounting for us terrible.

The Cryptonomy

(CryptoNomics)

Luke and Josh Awesome Show, Great Job!

Bro everybody is speeding to much FUD !!!! Its like Trump and the aliens ...

DQmQdyiUoU8QFHoW3HHr64cTxzCfPJiXMcNNrvAfvAAtkH6.gif

We Are Blockchainge

Also a great few things to keep in mind THE MARKET IS DOWN BECAUSE:
1.)India is on the verge of an all out crypto ban! However they welcome the blockchain technology and see the potential. They still see cryptocurrencies as scams, trash, a threat. You take a pick at why they wouldn't want them regardless to them if they don't want it then its as simple as that.
2.) South Korea just ended its anonymous trading on the 28th of January there's AN ENTIRE COUNRTY trying to get verified on the local exchanges. I'm sure that the traffic might cause that money to be gone from the market for at least a couple weeks! (Keep in mind South Korea is one of the biggest participants in crypto along with Japan)
3.)SEC is imposing new regulations and having whole hearing dedicated to crypto's soon and new regulations always impact the market negative. (I know the last one wasn't as big as the other two but I felt it still held a place here)
If you enjoyed this please checkout my breakdown video:

What about the name '#WeareTRUTH' for your show! Or '#Wearebadass' What does everyone think????? Maybe '#Wearecryptosavy'

and Change Musang watch!!!

Tales From The Crypto -- I had a lot of likes on this one :)

Thanks for information..

This is funny, at one side they want cashless and other side they dont support the most digitize currency in the world.

nice post thanks for searing....

I hope governments will never be able to regulate bitcoin,
but I do hope there will be a backup plan in case bitcoin bites the dust.
Same as bitcoin might now be a backup plan for fiat in many people's eyes.

woww I like your posts friend

Good to know some of these things, still trying to understand cryptocurrency sha.

Wounder if in 2-3 years if many of this folks will change their POV on BTC and crypto as a whole. Kind of like many of us were at first. The smart money got in early.

All the cryptos have serious gotten beat up the last few weeks. At this time last year I had bought 100 ETH for like $30 per coin. Then it crashed to $15 and I was like "screw this" and sold most of them. I bought back in a few months later when they were higher and still made nice money, but oh how I wish I had not sold those original 100. HODL!

This is quite weird but this system seems quite interesting! They just wish to scare the blockchain users to take this technology away from us while we are not looking! Let's stay strong as a community! This is quite an amazing video man!

Well, even though I am myself a crypto investor and secretly hoping that Govt. does not ban cryptos in near future; but the truth is that it is a necessary action. For decades India has been a victim of terrorism and naxalism. People here just don't wanna pay taxes. India is a nation which probably has the biggest poor-rich gap. You can find both street shiters and ultra rich (probably richer than Bill Gates, but hiding their incomes) in this country. And then Bitcoin changes it all. Terrorists can anonymously move their funds around, tax cheaters find cryptos even better medium to evade taxes than gold and lands.
Tell me what is the solution to all this, without strictly regulating or banning the cryptos?

Actually media must be blamed for this ,day by day media is trying to sensationalised the things that's never said.
FM told that the govt will liquidate the use of cryptos in financing illegitimate activity.
Though currently use of crypto is not a legal tender in India,but he didn't mention whether govt is going to ban or not,well that makes rise in uncertainity for the future,and after media persons started self impose ban on cryptos,public gets panic and started dumping their assets into market that makes fall I guess.
Amongst this FUD situation there is still a ray of hope from coming G20 summit,to be held in March.

LOL Poop Dongers classic!

The Financial Freedom Report

thanks for this news really informative post here sir @lukewearechange

I think the price of the bitcoin price chart has ended in price decline. but its market name will be difficult for us to predict.
if according to friends here. how the development of bitcoin prices

I think it will go up and up

Good luck for your steam 😉

I am waiting for your support. For me last post 😊

Thank you so much. Good evening 😊

I to from India and i know how Indian media misinterpret the message that govt. ban cryptocurrency. One of the foolish media, even careless to understand. People feel insure and they try to sell their cryptocurrency. People are even feel fool. India never against the cryptocurrency. They just warn to people who are investing in crypto that this is not safe and 100% risky. They don't have the power to control it so be careful. But india never against to crypto. Indian want to safe our people because they don't want that they loss and spend all their money on crypto. Thanks for the nice post. @lukewearechange.

You are right bro.

Thank You for sharing this information. I had no idea India was anti-bitcoin. I knew they were mostly digital and figured they were bitcoin supporters. India's finance minister Arun Jaitley cracking down on Bitcoin, wanting taxes is ridiculous! Why should government benefit from my personal labor and vision to invest in cryptocurrency? In the United States the IRS deems Bitcoin as property, and as property, it can not be taxed until sold and converted into US Dollars.

That was an awesome chat! Thank you for clarifying the state of affairs with India and all the falsely propagated news. Sharing this with friends.
blockchain and Crypto is the future ✨

India will like crypto one day !

DTUBE > YOUTUBE

Bitcoin Is Now Ban In India
Very bad news

Meanwhile, India has one of the world's most significant cashless societies

This is not a correct statement. India is a cash heavy society with significant focus from the government to make it cashless or less-cash society.

Talk of building cashless society came after 15 days of demonetization just measure for damage control. It was a desperate measure. There was mass panic. People were not able to buy anything. Thus they came our with new plan. They started talking about cashless society. They were asking people to cheque's, paypal like services, etc. There were limitation to this. People were not able to pay big amount. Cheques were returned by banks citing technical error. Now one year down the road everyone is back to cash.

Great Show!!

I like CryptoExchange. It means two different things, obviously crypto exchange, but also you are exchanging words about crypto.

This news really informative post thanks for searing. I like this post because this post very helpfull.

I believe NWO is Crypto

indian government hates bitcoin. Indian people is like bitcoin. Bitcoin don't like governments.

I am positive with steem and bitcoin it will soon rise. I am fully determined.Steem will have its breakout any day...
Smart media tokens
Millions of users incoming
Strong word to mouth community
More ways to burn steem
what about the theme, whether one day one theme such as colorchallenge, thanks.

Great analysis! As your data suggests, it's all about the dollars and getting that whale vote. The trending page is really the whale page. I guess whales are people too and maybe they deserve their own page

Bitcoin miner fees are so ridiculous that any place even eBay accepting bitcoin as payment is stupid. It is good for holding for value increase but as an actual currency those fees make it like taking out a huge ATM fee every time you make a purchase using it. The fees only get more extreme as the value increases. For this reason I'll hold bitcoin as its value climbs, but to actually use it as a currency is not the brightest thing to do. I actually see these fees as far more of an issue than the slowness. Therefore things proposed like the lightning network will not address this. In fact, if anything causes bitcoin to lose its perch at the top it is these fees as far as I am concerned.

So hearing eBay and other places accepting bitcoin. So you buy something for $100 that costs you $130 after the fee? (used one of the recent worst case examples... worst case I saw is the fee was $100+)

EDIT: TO put that into perspective. That fee is not a percentage. So buying a $5 item would cost you $35 after the fee in the ridculous examples we saw in December.

This is not true. The trash talk in India about crypto is FUD. The finance minister has admitted that Bitcoin is not a legal tender. But he has also acknowledged that the government needs to crack down on the illegal use of cryptocurrencies and not cryptocurrencies itself. Simply put, he is looking to regulate the use of altcoins which is not bad at all.

india crypto ban is just a fud

The Crypto-Connect with Luke&Josh

Iv heard about Facebook banning ICOs but im still seeing the ads on facebook .have they implemented it or are they yet to implement it ? And about ebay,with Bitcoins scaling issue i wonder how they will get that right but i really hope it goes well

Isn't the title an oxymoron?

Cryptopia Cryptonauts!

Cryptonite Weekly! Exposing superbanks to cryptonite once a week :)

Mr Luke just one visit to india dont make you expert about India. stop spreading FUD about india and keep your recomenddation to not tovisit india to your self. Your video colleague talks about personal responsibility. Do you even know that there are still people in this world who cant understand what crypto is? how do you expect them to take responsibility. The fundamental fact of governments is that their policies should be aimed at both well learned and illiterate people. expecting people to take personal responsibility is like ignoring a vast majority of population. Coz ppl in general are not smart like you. While i agree to the points of bitcoin your view on Indian society and govt in general is most heinous and worth down voting.

WeAreCrypto , love your work Luke be looking out for more of your true news

weareBiTCoin or WeAreBiTCoin or a funny one WeAreBiTChin. Joking about the last one just funny how the only difference between Bitcoin and Bitchin is one letter. OMG I think I got up to early.

Cryptorama

Coins Against the Machine!

Nice video. Thanks.

Because its increasing tax evaison in indian market.

cant burn bitcoin, like they burned all those bank notes. Real case use of crypto

Oooh, Ebay starting to accept Bitcoin as a payment option? That is exciting news. I hope it happens.

nice

WeAreCrypto Show!

The main issue for India is terrorist activities that Pakistan is funding. Pakistani terrorists have money laundering channels like Bollywood(Indian entertainment industry), IPL(Indian Premiere League), trafficking, etc. With the advent of crypto currencies, the enemies have even more channels to fund illegal activities. Thus, I can see Arun Jaitley and Modi government's policies towards crypto currencies.

Every year, I feel like half of my hard earned money goes to taxes in the US. I have probably paid more income tax in 2 years than most of my relatives back in Nepal have paid in their lifetime. However, you can see the difference in the quality of life in the two countries. Government needs tax money. Indians and other third world country citizens need to pay taxes so that the government can invest in education, transportation, energy, communication, tourism, etc.

Modi is trying hard to fix the system. The corrupt culture where government officers need bribe for every single thing is hard to change. The first step for country to develop is to have enough capital to invest in. Therefore, I support Modi for raising taxes or should I say making taxes mandatory for every income generating citizen.

Finally made here to Steemit! Im so sick of youtube and their mental rape on the public, it is wonderful to have a new place to be open and honest. Happy to be part of WAC here instead youtube.

king:
Check out this cool app I play. Mob Show is a live simple quiz where you play with others for cash prizes. Use my friend code * xfj848 * to get ₹10 and a free lifeline when you play the first game. Lifelines will help you win! Download from play store or http://mobshow.com

Beavis and Bitcoin

How about "We Are Crypto Change"

Great stuff. Upvoted :)