Do you trust Crypto?
- Yes
- No
- Not yet
0 voters
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Great thread by Monika Halan
Hope everyone know her quality work
Crypto is like a lottery for me. Pay a little money that am ok to loose any day which will be my max risk. If it goes up I make a windfall if govt is ok with me converting it to rupee.
Unless I risk a bit I will never know whether it was worth taking that risk !!!
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Is this even a real survey? 1 Billion people in India and sampled interest by 9174 people. Nice joke.
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Well looking at numbers it seems more Indians are exposed to crypto than fin instruments traded in regulated stock exchanges.
Who’s to blame for making it that way?
Example - look at how easy it is for retail participants to sign up for buy “RBI Bonds for Retail”. So easy that I have already invested so much money in RBI bonds /S
Even though the tech behind crypto is much more difficult to understand the prospect of making big money lures people in to it. Also just like in the case of stock broking account it is very easy to open a crypto account. Add to that you have sleek apps that work like a breeze on mobile phones.
RBI bonds are an entirely different asset class for people with low risk appetite and low return gratification. Cryptos are High risk high return assets. Personally I think crypto is a beast that needs to tamed.
Onboarding on crypto apps is way easier than the ones on a stock broking app.
Yes that’s true.
On a side note SGB is good product. It gives returns in proportion to gold appreciation plus govt guaranteed 2.5% interest.
The demand for gold is only going to increase with the proliferation of electronic products in our day to day life. Will the supply keep up with it is a big question ?
I’m sorry, what underlying does currency have?
Government backing
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All banknotes issued by RBI are backed by assets such as gold, Government Securities and Foreign Currency Assets, as defined in Section 33 of RBI Act, 1934.
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Per this doc …
https://rbidocs.rbi.org.in/rdocs/content/docs/PR169009022021_MS.xlsx
Money supply is 20MM Cr, of which Forex reserves are 5MM Cr… only 6% of which (0.3 MM Cr) is backed by gold…
Rest all is accounting entries…. Most Fiat currencies are only backed by the trust the people have in them.
Before everyone starts flaming me, pls also check this article that summarises many books on this subject…
May be the RBI governor should look at how central banks came to be.
if crypto did not have any value, billions of dollars would not be poured into it.
The fact that billions of dollars are exchanged for bitcoin shows how much value fiat currencies have compared to bitcoin.
Cryptos have solutions. They are looking for problems 
Crypto is not a currency. Though it is called so. I don’t think govt will demote their fiat currency and then promote a decentralised currency. Also it is too volatile to be a currency. Also few private people hold a sizable number of any crypto coin and they control the crypto pricing. Govt is likely to adopt the block chain tech benefits and incorporate it in to their fiat currency rather than adopt a third party crypto coin.
Cryptos are world class tools for speculation and an asset class with lottery as the nearest cousin.
I trust in the evolution of Crypto because,
2021 was labelled as the year of cryptocurrencies as crypto investment became more of a mainstream. Digital coins, like Bitcoin and Ethereum, hit all-time highs and made millionaires of investors around the globe. The crypto market total cap surpassed $3 trillion for the first time, thanks to the growing popularity of digital assets. The emergence of new digital assets, like the non-fungible token or NFTs, also contributed to bringing crypto trading to the mainstream.
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I trust Decentralization, Crypto is just a part of a big movement , if it is just about trading crypto, i cannot say anything but when you talk about transparency, equality , social justice, anti piracy and security crypto is going to be part of it.
WEB3 is in development and trust me its not possible without crypto so crypto is going to be there and as we discuss this topic in india there are governments stockpiling the cryptocurrencies all around the globe, INDIA is a evolving Tech Hub and it is in our favour to embrace new technologies for betterment of society.
Summary
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It should be taken note that crypto just not mean another way of investment - your money , your transactions your assets, authenticity and rules should be governed by you not by any centralised institutions , what have we learned from major financial crisis ?
When big players do mistakes its often common people who suffer.
@t7support bhai where do you trade crypto, i mean is there a safe platform like zerodha where we can trade crpto.
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