Archive for India

Economics – Indias war on Gold and Bitcoin

Posted in Blogging, Economy, Politics with tags , , , , , , , on 2013/12/29 by rmolby

While perusing some news feeds this morning, I came across a headline stating India is declaring war on Bitcoin but without a link to the source material, so I searched on this subject via DuckDuckGo and came across a few interesting articles.

The first one if from June 2013 reporting that because the Indian FIAT currency, the Rupee, is basically inflating relentlessly, and India’s citizens had been investing in Gold to preserve their meager wealth, so the India central bank basically banned Gold.

http://news.goldseek.com/GoldSeek/1371487439.php

So then in August 2013 we get such headlines as U.S. Government eyes regulation of ‘Bitcoins

http://www.usatoday.com/story/news/politics/2013/08/26/bitcoin-virtual-currency-regualtions/2702653/

Then in November 2013, we get more news coverage such as:

US regulations are hampering Bitcoin’s growth

http://www.theguardian.com/commentisfree/2013/nov/18/bitcoin-senate-hearings-regulation

and now in December, we see such headlines as:

China cracks down on Bitcoin

http://money.cnn.com/2013/12/05/investing/china-bitcoin/index.html

India’s biggest Bitcoin operator halts trade

http://www.dawn.com/news/1076772/indias-biggest-bitcoin-operator-halts-trade

India declares war on bitcoin

http://voiceofrussia.com/2013_12_29/India-declares-war-on-bitcoin-1922/

So what do all of these countries have in common?

They all are in fear of their FIAT currencies being replaced by something more stable, but much more simple to use than gold, however, even gold is feared since they cannot print more of it – they cannot inflate themselves out of a pickle, so just like Microsoft will either destroy or buy the competition, the same holds true for the countries who fear Bitcoin and gold; they want to either control it or destroy it.

Where does this leave us plain Joe Publics?

Keep using and investing in both, they are already reaping our wealth in the form of taxes, levies, and inflation of the national currencies, so what do we have to lose, if they eventually come for both Bitcoin and Gold, they would have done so anyway through other means, this gives us a little more time to use our funds.

Bury your Gold and spend your Bitcoins!

Of course, I’m delusional and misguided, what do I know ROFLMAO…

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