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Recap of AMA with Zac on July 3 and Q2 report

Dear Pundians,
Thank you for participating in the AMA session with Pundi X co-founder and CEO Zac Cheah.
For those of you who may have missed it, the live recording of the AMA session held on July 3 at 10:00 am GMT+8, tackling Q2 progress and addressing questions and concerns by the community members, can be viewed here. A side note that today’s AMA video quality and setting was not ideal. We acknowledge this situation and will make improvement for our next AMA session.
You may also find a summary of the Q2 progress presentation as well as all the detail Q&A below.
## Pundi X Q2 2019 Highlights
* Pundi X has integrated more public chains into our products. In Q2, we completed integration of Binance Chain. NEM chain is in the work. As of today we’ve launched BNB, the Binance Chain native Coin and XEM, NEM native coin on Pundi X payment platform. We will integrate at least one more public chain in Q3.
* The transactions on XPOS for Q2 is 15.5 million in USD, which is close to 300% quarterly growth. The number of transactions is 29,367, which leads to a 11% growth QoQ.
* XPOS has successfully received FCC and KC certifications. A new certification for Latin American market is on the way. * To expand XPOS footprint, Pundi X’s integration with a new leading mainstream point-of-sales device is in the work. Stay tuned for the announcement.
* Pundi X Open Platform was launched in May, 2019, which now supports ERC20 and BEP2 token listing. Moving forward, we will continue to support tokens from other public chains.
* A 3,000 XPASS order from DigiX, a gold-based token, and a 10,000 XPASS order from BitCobie this quarter.
* XPOS is spread in use in over 30 countries. We’ve published a map of XPOS location of self-report XPOS merchant directory. You can find a list of selected XPOS merchants at [https://www.pundix.com/products\](https://www.pundix.com/products). * The QoQ growth of XWallet is tremendous at 43%. In the previous quarter, we have less than 20k users, whereas in Q2 we have hit 297k XWallet users.
More updates on XWallet:
* Supported BNB and NEM tokens; 2FA, face ID, and optimized SMS serviceAvailable on iOS, Android as well as in Samsung Galaxy Store
New features coming up in Q3:- DApp integration - Decentralized wallet- In-app crypto payments - Chat service, which will be compatible with a commonly used chat app- f(x) testnet features to be rolled out first in XWallet
## Other notices coming up in Q3 2019
* The Q2 token removal will take place on July 14, 2019, which will involve in total 34 billion of NPXS and NPXSXEM (22 million worth in USD) removal. In the past 365 days, we’ve removed a total of 36.1 million US dollar worth of NPXS and NPXSXEM.
Before Q2 removal, the total supply of NPXS ERC20 is 266,962,422,906.53 and NPXSXEM is 95,816,218,929. [See Q1 removal here.](/pundix/recap-of-ama-with-zac-on-july-3-and-q2-report-a23de165dd28)
* [NPXSXEM will be ported to Binance Chain from July 20](/pundix/npxsxem-will-be-on-binance-chain-c6485f17726b). * XPhone pre-order will start in late July with a new product name. Stay tuned. Check out the teaser video that we are releasing it across our communication channels. ## Q&A
## On XPOS
* **Where are we on official global location of XPOS?**
Zac: We have made a map on our official website that merchants can self report and feature their locations. It’s at [https://www.pundix.com/product\](https://www.pundix.com/product). We’ll be increasing and updating the map once we have permission form the merchants to update their locations.
* **The marketing from pundi has shifted from 100,000–700,000 xpos units by 2021 to 100,000. I understand the bear market has affected this but please share the strategy moving forward to hit your goal. How do you feel about hitting this goal?**
Zac: The 100K XPOS target has always been the initial goal and it’s stated in our whitepaper. And we are still working on achieving the goal by the end of 2021. Part of our growth strategy is to also explore the possibility to port our platform to traditional POS manufacturers to increase the adoption, which is ongoing at the moment.
* **1 year ago you sent 5000 XPOS somewhere. When, at least half of them, will be working? 3 year target was 100,000 by 2021. Now we have only 150 units, how do you expect to reach this goal?**
Zac: Yes, we have shipped thousands of XPOS to over 30 countries in the world. The 150 you’ve mentioned are the featured merchants which are published on the map. The active XPOS devices are deployed over 33 countries and we are actively talking to B2B partners to have higher wholesale and big deployments.
* **How many XPOS are live and used?**
Zac: We have gone through a very serious bear market, and some of the initial inbound requests for XPOS are not delivered. However, we are working slowly but surely with our Business Development team to not just roll-out into individual buyers, such as what we did on Pizza Day, but also to B2B partners. With the certifications approved, that will also help us to officially roll out to some of the key markets.
Individual merchants can use XWallet collection feature to accept crypto payment with QR code. For the merchants who have physical offline storefronts, they can use XPOS to enable the instant crypto transaction seamlessly. Moreover, as mentioned previously, we are exploring the integration on leading traditional POS terminal so that their distributors have option to enable crypto transaction feature. As for the challenge to adopt XPOS, it is the regulatory compliance in different countries. For this, our legal team think ahead and encourage our merchants to complete KYC.
I must be very honest to say the activation takes longer time than we expect but it will be worth at the end.
* **What’s the average number of transactions per xpos in use?**
Zac: The transaction number has increased very well. The number of each XPOS differs, due to the frequency of using crypto currency to purchase item or crypto assets. There’s no standard answer to this, but overall we see the transaction number and volume are going up.
* **How do you plan to reach the target of 100,000 by 2021?**
Zac: One of the challenges that we have is regulatory compliances in different countries. There are certain markets that do not allow crypto currencies and some require a clear approval for us to deploy XPOS. We are working on both challenges by talking to governments and applying for certifications. So how we plan to reach 100,000 XPOS user by 2021 is to work with distributors, B2B partners on a government / business level, and with existing POS companies to integrate our software solution into the system.
* **We understand as there was bear market and hence Xpos usage demand was low. Are you guys seeing growth of Xpos usage with current market conditions. Can you guys put some statistics comparison like last 30 days Xpos usage vs any month from bear market usage?**
Zac: It is very clear that as we moved out from the bear market, the demand for XPOS has been increasing. As we’ve shared just now both the transaction number and volume of Q2 have beaten Q1. We’ll be able to share more transaction numbers once we receive approval from our XPOS merchants.
One exciting thing is that, with the listing of different tokens, we also see users using these tokens as a way to transact on XPOS, which means we will be having more ways to transact and this is a growth point for XPOS.
* **When will there be more details for XPHONE and XPOS HANDY?**
Zac: For XPOS handy, we have finished production and it will be released in Q3
* **When will the iOS version of XWallet and XPOS be fully translated to other languages?**
Zac: Right now, the XWallet has Traditional Chinese, Korean, Spanish, German and English. With the latest version update, it now includes Portuguese. XPOS also comes with many languages and we hope to finish with more language, either working with professionals or volunteers. If you’re interested in volunteering, please contact us.
* **When will the Merchant back office have Product Registration and SKU id ability and also integrate with other POS software?** * **When will the top-up feature go away for XPOS to allow liquidity for XPOS**
Zac: We constantly update features in XPOS and merchant backend to make it easier for distributors and merchants to use. We understand that one of the ways for mass adoption is to enhance our distributor management system. With that, the distributors can manage manay XPOS at one time with different merchants.
Please stay tuned as we announce more and more functions of this feature.
## On Dubai
* **When will we see the deployment of the XPOS in Dubai?** * **Can we spend NPXS on the Dubai XPOS?**
Zac: As with all big projects there are a lot of moving parts, that includes working very closely with the local government, in Dubai’s case, the Credit Bureau of the Finance Ministry. Things are progressing for the Dubai project but due to confidentiality agreements with the parties involved, we cannot reveal much. All we can say is that we and our Dubai partners are working hard to have XPOS roll-out in the Dubai market and the UAE.
We are also discussing aggressively with Dubai partners whether to include crypto assets in the XPOS in Dubai. That clearly will involve local compliance and legal for that to happen.
* **Your system upgrades expect merchants to have downtime on their XPOS terminals, can you explain if you plan to run a business why this would be considered feasible (specially at the rate you have been doing your upgrades)?**
Zac: Yes, the benefit / strength of the XPOS is that most of the updates can be done on the fly. For example, when we have a token update on our XPOS where developers submit their tokens on Open Platform, the updates of this token are on the fly, which means that once we approve the token on our Open Platform, it will automatically appear on XPOS without any software updates.
The great thing that we believe about XPOS is not just the support of crypto assets, but also the ability to update most things on the fly, which means that whenever we have a good feature or a new token, the updates will be done instantaneously.
* **Can you guys arrange at least a community voting which is the next blockchain we would like to see next in XPOS? Voting will help to prioritize to chose the projects.**
Zac: One of the reasons why BNB is being listed on the XPOS is simply because of its popularity and also our user demand, in a way that we are already answering to our community’s request.
Right now, our main focus is getting all the tokens submitted on Open Platform to be listed on the XPOS. The submission process includes legal and compliance valid, so our legal and compliance teams are working hard to make sure that we have more tokens to roll out onto Open Platform, which means that they will be on XPOS, XWallet, and XPASS.
As to a specific voting mechanism, we’d like to consider that and hopefully we’ll be able to run a specific voting for the chain which users would like to see.
* **While comparing Xpos handy to Square POS devices at least with mobile it’s very cheap like under $30 and easy to use. When can we expect such light weight and cheaper version for XPOS? Is team working on such devices ?**
Zac: There are different POS companies around the globe and pour focus is to work with these POS companies with our software, so that a crypto sales feature will be part of the existing POS system. The more support of crypto asset usage using our software on existing POS, the better it is for global adoption.
We actually strongly believe that the pricing of our POS system is competitive in the market. And one of the great features of the XPOS is that the merchants will not need not to pay a certain percentage to existing acquirer but to be able to earn certain percentage from each transaction. That is the key differentiator for merchant to want to adopt this.
* **From the website with some of the key Countries for XPOS adoption looks great. However, the concern is for Venezuela, there is no reference link like the others have. Can you guys add the link with details to clear the ambiguity?**
Zac: Let’s give a little bit more patience so that we can actually release more information about our Venezuelan partnership. The good news is that we expect concrete news from Venezuela in the coming 2 weeks. So stay up-to-date about our Venezuelan roll out on XPOS, the best way is to subscribe to our telegram group for Venezuela.
## On Partnerships
* **Are there some major partnership in the works? I’m also interested in how you do immediate transactions? Do you anticipate scaling issues?**
Zac: The way XPOS is being designed is that when you use your crypto assets to purchase, it will have instantaneous confirmation because the action is an off-chain process. An on-chain action happens when a user who owns crypto assets in our system transferring the assets out of the Pundi X ecosystem to their own wallets; or to transfer crypto assets in Pundi X from an off-chain to a private wallet, which we will have very soon on XWallet itself.
That is why we are able to handle scaling. When a person wants to use crypto currency to buy a coffee, the transaction will happen instantaneously.
For specific partnership, especially with B2B partnership, we oblige to the NDA that we have signed. But if you follow us closely, you’ll know that we go to different parts of the world, talking to major companies to try to land more deals so that NPXS usage will increase dramatically.
* **Any big partnerships for making xphone or using the software for xBlockchain?**
Zac: These partnerships are also subjected to NDA, so please be patient for us to release more news.
* **When will XPOS have approval to process Visa and MasterCard payments?**
Zac: We have met representatives from these players including some of the key management people. They are obviously looking into crypto currency attentively, and we hope that there’s something we can do with MasterCard and/or Visa.
This is something that the community has suggested and we agree fully. Please allow us with some time to work on this. We have also showcased XPOS to the CEO of MasterCard. For what or when will anything happen, please wait for our official announcement.
* **What’s the status on Quantum fund and their contribution or involvement with Pundi’s project?**
Zac: We announced last year that we are creating a fund to invest in projects beneficial to our ecosystem. We’ve identified some interesting projects, and we have invested in at least 1 project. The reason why we’re investing in that project is because of the services that it will bring onto the Pindi X ecosystem. So the purpose of the investment of the companies is that these companies in turn will benefit on our ecosystem. This is our key consideration.
The team has evaluated the projects that will benefit the Pundi X / Function X ecosystem. Vic and his team will be able to reveal more details on the companies we have invested in and how they will contribute to our ecosystem in Q3.
* **Recent update on NPXSXEM is highly ambiguous as mentioned that it will be now BEP token and later once FX goes live it will get back to Fx platform. Why you guys had so rush to use Binance chain only for few months? Isn’t you guys switching to much in a short time span?**
Zac: Liquidity and utility have been an issue for NPXSXEM. Due to the design philosophy and the limit of token that can be created on NEM’s smart contract, we are only able to create a small number of tokens on NPXSXEM. By moving into the Binance chain for NPXSXEM, the BEP2 token version will be able to support all the NPXSXEM tokens, which means that we’ll migrate and also be able to make sure all the NPXSXEM tokens are under the same contract address.
We believe with the strong liquidity, we will be able to give our NPXSXEM token holders a good reason of what the token holders have been waiting for. We hope to bring NPXSXEM to match the level of NPXS.
* **When #XRP?**
Zac: Our OpenPlatform is a currency agnostic platform, which means that we will work on integrating public chain as well as tokens that are most requested by the users. We’ll also be looking into the listing of different tokens that are being mentioned by the community.
As said, we will have at least one more public chain integration in Q3, perhaps even more.
* **Are you as a company going to try and connect with libra? If they have said they want to be a payment remittance service, have Square, PayPal, Visa on board I as an investor would prefer you try to join them rather than beat such large competitors**
Zac: Of course, we’ll be delighted to work with Facebook and also the Libra coin. Pundi X and XPOS is a currency agnostic / currency neutral platform, if there’s opportunity to list Libra coin or work with Facebook in different ways to promote crypto currency adoption, we’ll certainly look into that and work on reaching out to them.
## On Trading
* **Can you confirm during AMA, Pundi team is not involved with any trading with their own token like selling over time to manage the fund to run the company.**
Zac: All the wallet addresses of the team holdings are disclosed and transparent. This is one of the first things that we did after ICO. Hence, our token holdings are transparent and everyone can monitor our fund transactions. Also, we have strict internal financial regulation and compliance, shows that we are here to build a long-term project.
The best way to make NPXS or the NPXSXEM to rise is real daily life use case.
* **When will you stop manipulating NPXS chart?**
Zac: Our focus has always been and will be building great products. The more product usage, the demands for NPXS and NPXSXEM will increase. Let’s address again that, Pundi X the company is NOT involved in any manipulation of the NPXS price.
There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market. The good thing about NPXS is that we have managed to create a high liquidity by listing on 40+ exchanges and having global trades and demand from all over the world. We hope this and coupled with the fact that we are a solid product and roll out the use cases, the demand of NPXS will only continue to rise and will be able to deter any of the traders or speculators there is for NPXS.
These traders gain profit from manipulating tokens whether BTC or other tokens. In fact, the traditional financial markets have similar challenges as well. What I want to stress is that, we at Pundi X, do NOT speculate or manipulate the price. We work very hard to create demands for NPXS and as a company, it is only beneficial for us to see the prices of NPXS and NPXSXEM rise.
* **Can we please address the elephant in the room which is the Binance bot with huge sell walls and buy walls causing huge distress and concern among users?**
Zac: First, I cannot confirm nor deny that whether Binance has a bot. I think this is something that you need to ask Binance. We need to work with Binance because Binance has one of the biggest liquidities, if not the greatest liquidity, for NPXS. The best way to counter manipulators is to create more use case, more demand and more acceptance of our tokens.
* **Why on almost all exchanges do you not offer a USDT trading pair?**
Zac: We have USDT trading pairs on Bittrex, Bittrue, and more. In addition, we have fiat pairs in Korean Won, IDR, INR, and Turkish liras. We will continue to work on adding trading pairs for NPXS to make it more liquidate.
* **Why don’t you offer a stable coin sell and purchase on the xpos to help with adoption? Places in Africa with volatile currencies would go crazy for this.**
Zac: It’s a great observation. This is a request that’s been asked from many users. We’re working on stable coin listing on XPOS and hopefully it’ll come soon. Stable coin requires a greater compliance and legal validate, which we have been working on since months ago and we hope to have the stable coin up in XPOS soon.
* **When will you add an active tracker for coin burn, whether its measured in usd, NPXS or whatever you choose. The community has been asking for this on twitter, reddit and telegram for this entire year.**
Zac: It will be hard for us to have a daily tracker of the coin burn, but what we might be able to work on is a tracker which have shown all of the tokens that have been removed from the usage. Thank you for giving us this great suggestion and we will work on it in some form.
Zac: Our token supply has always been specified in our white paper, and as promised in our white paper, we will continue to remove tokens through usage and use cases, which we’re working on all the time.
* **Price movement. When will NPXS go to which price?**
Zac: We cannot comment on the change of the price. Our focus is on building products. We hope by doing that the NPXS value will go up. Again, there’s no way that we can comment on the price.
**I believe that burning tokens every 14 weeks keeps the price suppressed and will only lead to huge pumps and dumps. Imo, If the burns were more frequent, the price would move organically.**
Zac: We continue removing tokens quarterly per advised by our legal and compliance team.
**Is it mandatory npxs swap? What happens for token we have in binance?**
Zac: No it’s not a mandatory NPXS swap for FX.
**How many NPXS or NPXSXEM was converted?**
Zac: In Q2, we will remove 29B NPXSXEM and 9B NPXS.
## On XWallet
* **Why not put in XWallet like the place where we can buy and sell like restaurants and shops?**
Zac: You are correct. In fact, if you look at XWallet, there is a merchant feature, whereby you can register as a merchant. By becoming a merchant, you will be able to print out your QR code and stick it on your restaurant. People are able to make payment through this QR code. This will act like a mini-XPOS.
* **In addition to that having multiple different blockchain in XWallet will increase the XWallet adoption. Hence, we would like to see aggressive game plan and execution from the team and would like to hear that**
Zac: That’s a great suggestion. Every day we want to increase use cases for XWallet. In fact, our XWallet update is one of the most frequent in the market. Within 5 months, we have over 10 updates on iOS and Google Play. This does not include soft update which happens every several days. In my view, the effort is very tremendous.
* **Is there any plan to add Swap option within XWallet so that people can trade the coins within XWallet?**
Zac: Yes, there’s such plan and in fact there is an upcoming feature that people will be able to use coins in XWallet to exchange into other things. The exact form and format have not been reviewed. We hope to share more when we have concrete example. But what you suggested is what we are planning for months ago.
* **When will XPOS and XWallet have fiat on ramps?**
Zac: This is a good question. It’s not only involved with regulatory compliance but also involved the technical part. This is also something we are planning for months. Once approved, hopefully we are able to support fiat currency on ramps and off ramps on XWallet.
**On Others*\*
* **How is the internal organization doing? Currently how many employees work for Pundi? Currently how many job positions are open?**
Zac: Pundi X has grown tremendously. We are now having over seven offices around the globe. I’m sitting in the Singapore office. We have office in Jakarta, Taiwan, Tokyo, Shenzhen, São Paulo and London. These are the places we have physical offices and house approximately 100 full time employees of Pundi X.
The positions open from Pundi X are legal associate in Singapore and other offices. We are looking for more R&D people, especially in Taiwan. We are looking at marketing and PR people in different parts of the world. And we are looking for POS distributors. As a POS distributor, you will work with our business development team and also our technical team to roll out many XPOS which you have a network to control in your local market.
* **Would you consider removing the KYC to allow u.s. holder to stake and be rewarded?**
Zac: We would love to have more users, including US. However, our compliance and legal advisors have not allowed us to accept US holders to stake and be rewarded.
I’m sorry to say that but this is after serious consideration to make such a decision. In fact, it is a very hard decision because we have healthy user base in the US.
will continue to monitor the situation in the different markets and be compliant. There are also ways to be rewarded when using XWallet service without KYC. We are looking into to explore more on this and launch new features. Hopefully we are able to bring the beta version for you to test this week or next.
**On XPhone*\*
* **Where are we on pre-sale announcement of Xphone? It was highlights of Q2 goal. If we are getting delay, that’s ok. But at least community will have some clarification why it’s getting late and when approximately it coming?**
Zac: Pre-sale order will start this month. It’s likely the end of July. Pre-sale will take place in different channel including the official website and XWallet. Apart of our own channel, the pre-sale will go live on a 3rd party channel. People will be able to pre-order crypto either in crypto or in fiat.
* **Can you discuss in AMA, is participants can pay with Crypto or Credit/debit card or in both ways?**
Zac: As a crypto company, we prefer payment in crypto, but fiat, Visa, MasterCard, and other traditional payment methods will be accepted on different pre-order channels. Stay tuned for pre-order which will happen in late July.
* **Will the Xphone be open to purchase in all regions of the world?**
Zac: Yes, pre-orders will be able to be done on-line, and products will be shipped from our offices to users in different parts of the world.
* **Will the blockchain mode on the Xphone be operable during the testnet or will this function not work until mainnet?**
Zac: XWallet and XPhone are the first channel and avenue for Function X testnet, so once the testnet is operateble, we will start to engage certain services on XWallet and XPhone into Function X testnet, and ultimately into mainnet. Slowly but surely.
* **Does Xphone have hard protective cover,extra Sim slot, also is it enhanced with ip68 water rating?**
Zac: XPhone will not be waterproof, so please do not submerge XPhone into water. XPhone will definitely be eavesdrop-proof because we’re using a blockchain mode, only you and you control your own conversation.
* **Which country accept the Xphone?** * **Will I also be able to use the SIM-card?** * **The blockchain modus will work in every country (what in the absense of nodes)?** * **Will the XPhone I buy now support updates in the future?**
Zac: People from any country will be able to buy XPhone on-line. You will be able to use a SIM for we have built a SIM slot. Wherever you are, the XPhone can be turned on to become a node.
Will XPhone support future updates? Yes, of course. Just like the XPOS, we support silent update. It will be like how we support XPOS, many updates. The updates will always be supported on XPhone.
**On Function X*\*
* **When is the detail white paper coming for FunctionX? Why the team is very resistive to have well documented white paper? We need scientific approach and well documentation on FunctionX to have developers to be more involved.**
Zac: Yes, developer involvement is a key criterion of the growth of Function X. We have done 2 things, one is that we have set up Function X Foundation which is led by David Ben Kay and will involve third party adviser and board members. Second, we have set up a developer relations team led by one of our own members as well. This team will work on creating developer documents, developer demos and sample, so that excellent developers can tap into working with Function X resources.
The first version of developer documentation is ready in English and Chinese. We are still polishing up the documents and hopefully to release them soon.
We are also working with third party developers, and are engaging at least 2 third party developer companies, so that we can help create their services on Function X and also XWallet.
We are hoping to showcase a smooth and usable service to the audience, we think this is the key criterion of the Function X growth.
Thank you for this suggestion. We need to update more often on github developer documentation as well.
As for the white paper, we did not have one per se because Function X did not do an ICO. But we will continue to update our white paper and include not only technical details, but also details on the chain and how we can get more developers and users so that the future hardware will be added as a node and you will be rewarded financially, at least through our ecosystem genesis fund. Please stay tuned and there are a lot of things going on in the company. Each and one of us is working hard.
* **Why does the FX ecosystem need a decentralized OS?**
Zac: The mantra of Function X is decentralization and having private control of your data. A full private control of your data comes with a decentralized system not just in transmission of your data, but with the operating system built fully for decentralization , which includes a transmission protocol replacing http. The apps uploaded into Function X will be decentralized as well as the data that is stored on the app, which means that how BitCoin or crypto assets are verified on different nodes will also be part of the way we store data and content.
The decentralized OS is key to fulfilling a decentralized environment for a more private and free usage.
* **What about FX are you most excited about?**
Zac: We are actually creating a shift of how people view of blockchain and how decentralization is not just about transacting commercial commodity, but also data, including your identity, are all decentralized. That is what we are most excited about.
The only way for us to achieve this is to have developer support, for we need the developers to build on the foundation we have to offer those exciting services.
* **We understand that developing a new blockchain is time consuming. As a community we are in a dark space to understand where exactly the development of FX right now.**
Zac: We are working hard on creating the testnet and eventually the mainnet. For the latest updates of Function X, what I can encourage you to do is to go on and subscribe to the Function X telegram group where discussions are made. We have formed the Function X Foundation and created the developer relations team, so that the Function X progress will go smoother and with more partnership from outside, whether it’s developers, third party companies, teleco, etc.
* **When FX goes live on the mainnet, will FX coin be used to stake and earn NPXS? how will staking work on that new mainnet?**
Zac: The NPXS/NPXSXEM staking will last till March 9, 2020 as announced. What we are committed is to create more use cases. For FX tokens, the use cases will be focusing on the Function X Chain and the use cases on Function X that include DApp on Function X and different hardware/software services.
* **When fx testnet will be available?**
Zac: First I would like to thank you for your constant support. In Q3, we plan to open Function X testnet so that we will be migrating and creating certain use cases that can be used on Function X testnet, starting with our own XWallet. Which means, the XWallet will migrate some features into Function X testnet, and slowly followed by our other Pundi X products, including XPhones, XPASS, Open Platform and Function X own developer related products from third parties.
submitted by crypt0hodl1 to PundiX [link] [comments]

Bitcoin investment plan

Bitcoin investment plan
This exhortation in an old Chinese precept is generally adept for the clients wanting to put resources into Bitcoins. On the off chance that you are somebody who has caught wind of Bitcoin, regardless of when yet have never put resources into it NOW is the correct time.

Bitcoin, a computerized decentralized cash dependent on Blockchain, is heading for good things. When you know how Bitcoin functions, it is an easy decision to comprehend that Bitcoin is digging in for the long haul. On the off chance that we attempt to comprehend the innovation and its basic standards, it is all in all correct to state that the cost will continue ascending throughout the years to come.

One of the significant purposes behind the case is the limited measure of Bitcoins, making it an incredible store of significant worth (just 21 millions Bitcoins) and viral selection around the world.

https://preview.redd.it/m0h0wjuc6w841.jpg?width=679&format=pjpg&auto=webp&s=b570ee8efdba44ab557e9d050f48cedf8be33d71
On the off chance that you are prepared and eager to buy Bitcoins, this guide will assist you with beginning with Bitcoin venture. Treat this as a plan for Bitcoin speculations. Do redo it as indicated by your current monetary circumstance that suits your needs.

Here is the thing that you have to begin putting resources into Bitcoins:

A trade or site to purchase Bitcoins

A wallet where you can store Bitcoins

These two are absolute necessities to begin with. By no means should you miss the comprehension of the right site and a sheltered wallet, or you may fall prey to some MLM (Multi-level Marketing) or trick, bringing about misfortunes.

What you have to comprehend is Bitcoin resembles keeping cash with you. Not at all like USD, INR or different monetary forms that you keep in the bank, Bitcoin is unique. What's more, you are answerable for purchasing, selling and safely putting away it. I have discussed these in my previous guide here.

Until further notice, we should talk about point #1 and #2. In the coming days, I will likewise discuss the measure of cash you ought to put resources into Bitcoin.
submitted by Bitcoin12investment to u/Bitcoin12investment [link] [comments]

Bitcoin as the Ultimate Haven from Hyperinflation: A Country By Country Analysis Of Worldwide Fiat Currency Inflation

Bitcoin as the Ultimate Haven from Hyperinflation: A Country By Country Analysis Of Worldwide Fiat Currency Inflation
https://cryptoiq.co/bitcoin-as-the-ultimate-haven-from-hyperinflation-a-country-by-country-analysis-of-worldwide-fiat-currency-inflation/
Bitcoin was created during the Great Recession that started in 2008, when the governments of the world printed trillions of dollars to bail out banks and corporations. Satoshi Nakamoto intended Bitcoin to be a decentralized form of money that could not be printed by governments at will. In the the Genesis Block Satoshi included the message “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.”
Fiat currencies continue to be the dominant form of global currency, but it seems logical that, if fiat currencies were to hyperinflate and collapse, Bitcoin would become the dominant global currency.
This is because Bitcoin can be sent instantly anywhere in the world and is cryptographically secure. It is easy enough to integrate Bitcoin into any e-commerce store or physical store, and the customers of the future will be able to send Bitcoin from their smartphones via QR codes. Therefore, if fiat currency becomes obsolete, Bitcoin could seamlessly take its place and keep the global economy running.
There has been plenty of hype that fiat currencies are collapsing, but this article will explore the current state of major fiat currencies in the world to ascertain the true situation. This is important information since the rate of fiat currency inflation by country is an important factor that will determine Bitcoin adoption rates and ultimately Bitcoin’s price.
United States’ Inflation Rate
The United States is perhaps the best place to start an analysis of global fiat inflation, since the USD is the world’s dominant fiat currency and perhaps the most stable long term. That being said, there is 2-3 percent annual inflation in the United States.
If we split the difference at a 2.5 percent annual inflation rate, it means $100,000 stored in a bank will lose a whopping $22,400 of value over the course of 10 years, corresponding to 22.4 percent inflation per 10 years. Therefore, even in the United States, saving money long term seems impractical, and this essentially forces people to risk their savings by investing in the hopes that the money earned from investing will outpace inflation.
It appears inflation will only worsen in the United States since the national debt is approaching $22 trillion, with a budget deficit of $1 trillion per year and growing. This situation will likely lead to increased money printing, which would increase the inflation rate. Therefore, saving money in USD long term does not make financial sense. Bitcoin is an alternative way to store money long term, although Bitcoin has yet to mature and can be extremely volatile from year to year.
Euro (EUR) Inflation Rate Is 37.5 percent Relative To USD During The Last 10 Years
One of the primary global currencies besides the USD is the Euro (EUR). For the rest of this global analysis, fiat currencies will be compared to the USD exchange rate to determine inflation, but it must be kept in mind that the USD itself is inflating at the rate of 2 to 3 percent per year.
When the EUR launched in 1999, the exchange rate was one USD per 0.85 EUR. By 2002 the EUR weakened to 1.16 EUR per USD. The EUR then entered a period of vigorous strengthening, and the exchange rate fell to 0.64 EUR per USD by 2008. The Great Recession caused the EUR to begin weakening versus the USD long term, and currently each USD is worth 0.88 EUR. This represents 37.5 percent inflation relative to the USD in roughly 10 years.
Back to the storing money in a bank analogy, $100,000 of EUR stored over the past 10 years would have lost the EUR inflation rate + the USD inflation rate. With this sort of inflation rate it seems dangerous to store money in EUR long term.
It gets worse. The EUR is one of the top global fiat currencies, and there are many currencies doing worse than the EUR.
United Kingdom’s Pound Has 65 Percent Inflation Relative to USD in 11 Years
The United Kingdom (UK) is one of nine European Union (EU) countries that does not use the EUR, and eventually, the UK will leave the EU via the Brexit. However, the native Great Britain Pound (GBP) has done far worse than the Euro, with the exchange rate going from 0.48 GBP per USD in 2007 to 0.79 GBP per USD currently. This is 65 percent inflation relative to the USD during the past 11 years.
Canada’s Inflation Rate Is 45.2 Percent Relative to USD During the Last 7 Years
The United States’ neighbor to the north is similar to the United States in many respects. It is a fully developed and industrialized first world country. However the native fiat currency, the Canadian Dollar (CAD), has been experiencing severe inflation since the Great Recession. In 2011 1 USD was worth 0.95 CAD, and now the exchange rate is 1.36 CAD per USD. This represents 43.2 percent inflation relative to the USD since 2011, and of course, the USD has an underlying inflation rate as well of 16.2 percent during the last 7 years.
Even in the first world country of Canada, it is becoming impossible to save cash for retirement or even for short-term goals like buying a house, forcing people to invest in the risky stock market.
Mexico’s Inflation Rate Is 97.6 Percent Relative to the USD During Past 10 Years
Since the 2008 financial crisis, the exchange rate of the Mexican Peso (MXN) has gone from 10.12 MXN per USD to 20 MXN per USD. This represents 97.6 percent inflation relative to the USD, and USD inflation means the true Mexican inflation rate is well over 100 percent per 10 years. This sort of inflation rate ensures that people have to work their entire lives and can never retire, and overall, this sort of inflation can cause the entire economy of Mexico to struggle. Bitcoin seems like an obvious alternative to holding MXN long term.
It is quite shocking that a country bordering the United States has such high inflation, yet the mainstream media never mentions it.
Russia Has 194 Percent Inflation Relative to USD Since the 2008 Great Recession
Russia is a global superpower, with a gross domestic product (GDP) of $1.58 trillion versus the United States’ $19.39 trillion GDP. Despite being a superpower, the native currency of Russia, the Russian Ruble (RUB), has gone from 23.48 RUB per USD in 2008 to 69.08 RUB per USD currently. This yields a 194 percent 10 year inflation rate relative to the USD. Clearly, the Great Recession that started in 2008 is a common point when fiat inflation accelerated in many countries around the world.
Japan’s Inflation Rate Is 46 Percent Relative to USD Over the Past 7 Years
Japan is a first-world country and has one of the most important stock markets in the world. The GDP of Japan is ranked number three in the world at nearly $5 trillion. However, its inflation rate is far higher than the United States, at least since 2011. In 2011, the exchange rate was 76 JPY per USD, but it has now risen to 111 JPY per USD, a 46 percent inflation rate relative to the USD over the past 7 years. This is actually almost exactly the same as Canada’s inflation rate.
China’s Inflation Is Only 14.4 Percent Relative to USD Since 2013, but China Tightly Controls the CNY
China is the second ranking economy in the world with a $12 trillion GDP. Its position as the number one trading partner of the United States gives it power to manipulate the exchange rate of its native currency the Chinese Yuan (CNY). The CNY actually strengthened greatly versus the USD until 2013, when China relaxed its control over the CNY exchange rate to make it more competitive in the global import and export markets. Chinese control over the CNY and therefore, control over the profitability of Chinese imports, is a primary reason for the “trade war” between China and the United States.
Since allowing the CNY to lose value relative to the USD, the exchange rate has gone from 6.04 CNY per USD in 2013 to 6.91 CNY per USD currently, a 14.4 percent inflation relative to the USD in 5 years. China is an outlier and has one of the lowest inflation rates relative to the USD.
Switzerland Has One Of The Lowest Inflation Rates At Less Than 5 percent Relative To The USD In 7 Years
Switzerland has remained independent of the European Union and does not use the EUR. Instead, it uses the Swiss Franc (CHF). The CHF actually strengthened greatly relative to the USD during the Great Recession, but the trend reversed in 2011. There was a rapid devaluation of the CHF relative to the USD from 0.76 CHF per USD to 0.94 CHF per USD during 2011. In The 7 years since then, the CHF has roughly five percent inflation relative to the USD and sits at 0.99 CHF per USD currently.
That being said, it cannot be forgotten that the USD itself is experiencing 2.5 percent inflation per year, so even countries that have low inflation rates relative to the USD have a significant inflation rate overall.
India Has Seen 79 Percent Inflation Relative to USD Since the Great Recession Began
India has the sixth highest GDP in the world at $2.6 trillion, and the second highest population at 1.34 billion. Since the Great Recession began, the Indian Rupee (INR) has gone from 39.18 per USD to 70.14 INR per USD, a 79 percent inflation relative to the USD in 11 years. Unfortunately, India is slowly making Bitcoin more illegal and could fully outlaw it, so citizens may have to break the law in the future in the event that inflation accelerates and Bitcoin becomes a preferred way to store money.
Indonesia Has 76 Percent Inflation Relative to the USD in Seven Years
Indonesia has a population of 265 million, not far behind the United States, but its GDP is 20 times less than the United States at $1 trillion. Part of the reason Indonesia’s economy is weaker may be that the native fiat currency, the Indonesian Rupiah (IDR) has gone from 8,250 per USD in 2011 to 14,550 IDR per USD currently. This is 76 percent inflation relative to the USD in 7 years, around the same rate as India. However, Indonesia has banned Bitcoin as of 2018, which would make it difficult for citizens to use Bitcoin in the event inflation spirals out of control.
Brazil Has 152 percent Inflation Relative To USD In Past Seven Years, Despite Being the Strongest Economy In South America
Brazil has the most powerful economy in South America with a $2 trillion GDP. However, South America as a whole is experiencing out of control hyperinflation, and Brazil seems to be feeling the effects. The Brazilian Real (BRL) has gone from 1.55 per USD in 2011 to 3.91 BRL per USD currently. This is 152 percent inflation relative to the USD in 7 years. There does not appear to be any inflation safe haven in South America, and this could make South America a Bitcoin adoption hotspot.
Venezuela Has Ridiculous Inflation Around One million percent Per Year; Bolivar Collapsing
The end game of fiat currency inflation, if left unchecked, is currency collapse. A classic example of currency collapse is the situation in Venezuela, where the Cafe Con Leche Index suggests 400,000 percent inflation per year, although if a shorter term average is used it is 1 million percent per year or more. It would be shocking if the native fiat currency of Venezuela, the Sovereign Bolivar (VES), is still usable one year from now. Bitcoin is legal in Venezuela, and there is plenty of news which indicates people are abandoning the VES for Bitcoin.
South Korea Has Zero Inflation Relative to the USD
South Korea is considered a powerful economy relative to most of the world, with a GDP of $1.5 trillion despite the country’s small size. The South Korean Won (SKW) has essentially zero inflation relative to the USD long term aside from an exchange rate shock during the 2008 Great Recession. That being said, inflation is still a reality in South Korea since the USD has average inflation of 2.5 percent per year.
Australia Has 53 Percent Inflation Relative to the USD in Seven Years
Australia essentially has a continent to itself, but it is not isolated from the global fiat inflation crisis. The AUD actually strengthened massively versus the USD from 2001 to 2011. However, the trend reversed, and the exchange rate has gone from 0.93 AUD per USD in 2011 to 1.42 AUD per USD currently. This is 53 percent inflation relative to the USD in seven years.
Israel Has Zero Inflation Relative To USD Long Term
Israel is in the Middle East but does not have strong connections to the economy of the rest of the Middle East and, apparently, a different monetary policy than most of the rest of the world. Israel is only comparable to the United States, South Korea, and perhaps Switzerland when it comes to fiat currency since the Israeli New Shekel (ILS) has practically zero inflation relative to the USD long term although there are shorter term oscillations. Like the other countries listed with zero USD relative inflation, inflation still exists because the USD itself is inflating.
In total, there are 180 fiat currencies in the world, and here, we’re covering just 16 of them. We could keep going, but the trend is already clear. Even in major countries with powerful economies, inflation has become a serious issue, with some major countries experiencing 50-200 percent inflation relative to the USD over the past decade, and those numbers don’t even take in the 2.5 percent per year USD inflation underlying them.
It is possible that worldwide fiat inflation will accelerate due to the growing global debt crisis. That’s especially true if an economic recession occurs since that would force a rapid increase in money printing.
So we’re in a global situation that needs to be actively monitored. Even if the status quo is maintained long term, most of the world’s population cannot realistically save money for the future because it’s going to lose value over time. This is a major shift from our parents’ generation when saving money was the smart thing to do.
The good news is Bitcoin is waiting on the sidelines. It’s ready to become the global currency if fiat currency collapses worldwide. Even if fiat does not totally collapse, perhaps once Bitcoin matures and becomes more stable, it will be a good option for saving money long term since its value is independent of fiat inflation.
submitted by turtlecane to Bitcoin [link] [comments]

Reddit, what are the taxes on crypto which someone has been holding since years with no buy price? Please help. [ASK]

Using a throwaway for this.
I am a 17 y/o turning 18 next week. So, basically 18 but I think this might be relevant for taxes.
I have held Bitcoins since 2011-12 where I got them for free on some posts on bitcoinforum when they were practically worthless.
I have sold a few lakhs worth last year (2016) on my mom's account and since the total income was <5 Lakh, it didn't matter.
Over the last year, I have traded them a little bit too with other altcoins.
Now my crypto portfolio has approached ₹1 Cr and I think it's time to sell 'em all. So, I have the following questions:
submitted by thisthrowawaycrypto to india [link] [comments]

Indian Financial Sector

The Ministry of Corporate Affairs is expected to move court for freezing the bank accounts and properties of some of the past directors of IL&FS group.The ministry would soon apply before the NCLT to widen the net in the IL&FS probe, said persons familiar with the matter. -Economic Times
Communication will continue to remain a key tool in the RBI’s arsenal to manage financial stability, governor Shaktikanta Das said. “From the perspective of the RBI, we will continue to focus on effective communication and coordination with all stakeholders to achieve broader macroeconomic objectives of price stability, growth and financial stability,” Governor Das said. -Business Standard
India is considering selling controlling stakes in some of the smaller PSBs in a bid to raise funds to boost spending on programs for the poor, people with knowledge of the matter said. The details are still being worked out and, if approved, it could be included in the budget to be unveiled on July 5, the people said. -Business Line
Private sector banks are offering higher rates on deposits compared with their public sector peers that traditionally have a higher share of domestic savings. The weighted average deposit rate for private lenders is 51 basis points higher than stateowned lenders with the differential hitting a six-year high. This implies that the competition to garner deposits is likely to heat up further for state-run banks, which may be sluggish in passing on rate-cut benefits. -Economic Times
ICICI Bank today approached the NCLAT, seeking a direction to expedite the hearing on its insolvency petition against Jaypee group firm Jaiprakash Associates Ltd. -Economic Times
Lenders to Jet Airways today decided to drag the airline to NCLT after failing to find an investor. A meeting of lenders was held to consider the way forward in respect of Jet Airways. Lenders led by SBI have been taking efforts to find a resolution for Jet Airways outside the IBC. -Business Line
Yes Bank plans to raise $1.2 billion over 18 months to bolster its capital buffer through a mix of public and private share sales, CEO Ravneet Gill said. -Livemint
Canara Bank is raising Rs 6,000 crore through a qualified institutional placement (QIP) and has invited bids to hire 5 merchant bankers for the process. Canara Bank's equity capital as on 31 March 2019 was Rs 753.24 crore, of which the government held 70.62% and the public held the balance 29.38%. -Moneycontrol.com
Fitch today lowered India’s growth forecast to 6.6% for the current fiscal from 6.8% projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year. In its latest Global Economic Outlook, the global rating agency retained its GDP growth forecast for the next fiscal (2020-21) at 7.1% and 7.0% for 2021-22. -Business Line
The Asian Development Bank (ADB) has approved a project worth Rs 1,650 crore to develop infrastructure in 7 district headquarter towns of Tripura, a senior official has said. -Business Line
Facebook is set, on Tuesday, to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of Governments and financial giants. The FB is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of “blockchain” technologies such as bitcoin. -Business Line
According to the Randstad Employer Brand Research 2019, released today, Amazon India is the most attractive employer brand in the country followed by Microsoft India and Sony India. Others in top 10 include Mercedes-Benz at 4th position, IBM (5th), Larsen & Toubro (6th), Nestle (7th), Infosys (8th), Samsung (9th) and Dell (10th). -Economic Times
Restructuring of the $ 216-million loan given by the World Bank for Phase II of the WB-funded Kerala State Transport Project (KSTP) has been expedited to make available $ 45 million for the upgrade of 300 km of road damaged in last year’s floods. The World Bank has agreed in principle to restructure the loan to make available $ 19 million to the Local Self-Government Department, $ 23 million to the Public Works Department and $3 million as technical assistance. -The Hindu
USD/INR 69.89
SENSEX 38960.79(-491.28)
NIFTY50 11672.15(-151.15)
 -#170619 
submitted by venuangamaly to indianews [link] [comments]

All my savings in Cash, just learned of FIRE and want to start investing.

I just backed off from investing everything in a house + going into debt for 6-10 years . Thanks to reddit
https://www.reddit.com/india/comments/aso15w/nri_returning_to_india_chennai_looking_to_invest/
Just saw FIREIndia and now I am shocked that I have saved up all my money in a checking account and probably wasted 5 years of growth. Please help me kickstart FIREIndia in 15 years (46 yrs)
Sorry about the length of this post.

Profile-----------

Some info I have collected:
----------------------------------------

My Plan:
-------------
Questions
-----------------

I know I should read more but the more I read the more branching of terms and more options and more terminologies and I got overwhelmed.
Hoping to get some kick starter advice for a beginner. I am afraid I lost money last 5 years and feeling bad about it.

submitted by chennaiindian to FIREIndia [link] [comments]

The intelligent investors guide to cryptocurrency: Part 3a - The value proposition

*Introductions: I'm joskye. A cryptocurrency investor and SDC holder. *
...
Hi again. This is the third part in our ongoing series on how to trade better and determine intelligent investments in cryptocurrency for the future.
In part 3 I will now discuss Cryptocurrency valuations, price metrics and identifying coins of value, worth holding.
...
What makes a coin worth holding: The value proposition
What makes anything worth holding? How much of themselves is a person willing to put into it - that's how much.
Cryptocurrency is largely driven by faith. It is a speculative enterprise i.e. people mostly put money into cryptocurrencies believing they will go up in value in the future; their plan to sell at a higher price when it does.
Currently most cryptocurrencies serve no function than being currencies in themselves. Unfortunately these currencies are largely not recognised by governments, most institutional investors or companies are legitimate stores of value or legitimate currencies of transaction. As such legislation and rules around the world regarding them vary considerably and are often absent.
There are very few cryptocurrencies that have legitimised backing, are insured or supported by enterprises that are insured for their loss and essentially there is little to protect you if you lose money through them.
So why do people bother putting money into cryptocurrencies it in the first place?
If the present and future value of a cryptocurrency is driven purely by speculation then you are essentially gambling by putting your money to buy that coin and joining the pool of other gamblers who are doing so. You are essentially joining a ponzi scheme and waiting game hoping you've gotten in early enough and convinced enough people to buy more of the asset you hold at slightly higher prices until a price is reached that you can cash out at (or until that thing becomes so big that everyone starts using it as their store of value).
This type of dynamic essentially underpins the mentality of most investments and trades i.e. buy low and sell high. I'd like to add buy early for investors since buying during a low in an already established asset may be setting yourself up for being forced to sell at a lower low later (especially if you don't understand the fundamentals of that asset).
If however the present or future value of a cryptocurrency is driven by some service other than speculation which can attract and drive fiat currency into it's ecosystem then it is potentially valuable.
I.e. will people actually use their USD/Yuan/Euro/GBP/Yen/INR etc to actually purchase the coin in question to do something useful with it (other than gamble on it's future price).
There are some cryptocurrencies which satisfy this criteria:
...
Bitcoin
It is not a currency, it is a remittance system and store of value. It has a reputation increasingly to being seen as a digital version of gold.
Bitcoin has the cultural and historical advantage of being the first cryptocurrency. It is also still the largest cryptocurrency by a long way with the largest marketcap i.e. price per bitcoin [$952 as of writing] x the number of bitcoin in circulation [16,074,687] which is $15.3 billion. Compare to it's next biggest competitor Ethereum which has a marketcap of $700 million (i.e. only 4.57% of Bitcoin's).
Bitcoin's value proposition is that it is a store of value. It may not be able to sustain this without significant upgrades to it's underlying software.
...
Monero (XMR)
Bitcoin does not have anonymity inherently built into it's software. Therefore if you buy and sell Bitcoin especially on cryptocurrency exchanges (where user registration is required), it is possible to trace whom Bitcoin is being transferred from and to.
For this reason I see Monero as Bitcoin + anonymity. I.e. it's value proposition is as store of hidden wealth. I also believe it does not have the issues that bitcoin does namely, same level of mainstream recognition, spotlight of regulatory awareness and developers do seem to be more focused on achieving better scalability and transaction times (it already does 10-20 minute verification time vs bitcoins 1 hour) which gives it better potential as a currency presently compared to Bitcoin.
-This sort of market cap dwarfs gold. However this type of up-scaled usability will not occur until the transaction verification times are much faster (nanoseconds) and the protocol is enhanced to cope with much larger transactions volumes and frequency at that speed; We are a long way off that.
I do believe fiat stored in Bitcoin will gradually transfer into Monero boosting it's value. I am not sure Monero though can presently bring fresh fiat currency (USD, Yuan etc) into it's ecosystem beyond outsider speculation in future price.
It is not unique in it's function or potential value proposition. My warning about holding Monerofor the long term is that it has competition for it's function not just from Bitcoin itself but from other anonymous coins such as Zcash, DASH (which provides instantaneous settlement) and SDC. Perhaps more importantly, Ethereum (ETH) is now planning to implement optional anonymity (via zSNARKs) in it's transaction network; if it does when combined with Ethereum's own functionality and well defined development roadmap (that will likely several second verification times in late 2017) would render XMR potentially redundant.
...
Ethereum (ETH)
The value proposition for Ethereum is that it allows for complex, trustless settlement systems to be built on it. This is a huge deal because the scope of applications is wide and although the technology needs to mature (to support greater transaction volume, frequency and more secure functionality) the sheer amount of fiat such a platform could attract through conversion of traditional centralised settlement and contract services to more secure decentralised platforms is very huge.
...
Shadowcash (SDC)
The value proposition is a double escrow, fully anonymous, decentralised privacy platform which incorporates private chat, private marketplace and secure, trustless private settlement system into one platform that is fully integrated into it's own blockchain.
Shadowcash already has multiple features that make it an excellent store of value: Low coin supply, potential for great demand, near instantaneous transaction verification times, ability to earn interest for simply holding it.
Shadowcash is incredibly easy to use and is heavily focused on usability. This is absolutely essential to it's end users: customers who seek convenient easy and speedy secure anonymous transaction. This will be a dream come true for traditional users of darknet markets.
To explain why lets elaborate on traditional darknet markets where in order to transact anonymously you have to:
1. Download the TOR browser. 2. Learn how to use it. 3. Buy XMR or Bitcoin. 4. Learn how to transact with these coins *safely* (yes this is still an issue with XMR in spite of it's built in privacy). 5. Learn how to and where to find reliable secure darknet markets. 6. Create accounts on these markets to access them *and* 7. Have faith that the websites and the highly centralised (and thus much more vulnerable) servers hosting those markets you use will not get shut down, not disappear with your money and not betray your transaction details and potentially identities to the authorities should they be infiltrated by them. 
Whereas with Shadowcash's market place this process will become:
1. Download the Shadowcash Umbra client (https://shadowproject.io/en/gettingstarted) 2. Buy some SDC on an exchange and transfer it to your Umbra client. 3. Browse the Shadowcash marketplace and transact securely, safely and anonymously. 
In summary I think Shadowcash can be a very useful application as a privacy platform for private communications and transactions.
...
ICONOMI (ICN)
Those two points constitute it's value proposition. By nature of the way it works it has an easily identifiable P/E ratio based on the amount used to create the fund ($10.5 million) against the current value of that fund based on it's
...
Summary lessons
The first rule in investing or trading in a given cryptocoin is deciding if it has a value proposition:
1. *Can it draw fiat currency (USD, Euro, Yuan etc) in such a way as to give it a valuation that is fully independent of pure speculation?* 2. *Is it unique?* 3. *Is it rare?* A limited supply with a low or negative inflation rate will lead to increasing price as demand goes up. 4. Are there significant risks associated with the value proposition? 
In the next article I will cover lesson 3b: Price metrics and valuations. It will be much shorter I promise but equally informative and we will cover topics such as price determination, impact of speculation, price manipulation, whales and their impact and the impact of bitcoin on the entire cryptocurrency ecosystem.
Finally just to really hammer it home; why am I posting this on the Shadowcash subreddit?
It is because Shadowcash is the best cryptocurrency investment of 2016 and I believe it will be again by March 2017.
...
References:
1. Crypto-Currency Market Capitalizations, https://coinmarketcap.com/, Last Checked 30/01/2017 2. What is the value of all the Gold in the world? http://onlygold.com/Info/All-The-Gold-In-The-World.asp, Last Checked 30/01/2017. 3. ICONOMI Cryptocurrencies Index (ICNX) 21 December 2016 Rebalancing, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-21-december-2016-rebalancing-transformation-into-iconomi-8e31e48493ab#.sptgljv1c 4. ICNx trend chart, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-30-november-2016-monthly-rebalancing-update-3402866243d9#.kw7g4fqcd, Last updated 30th Nov 2017 5. Shadowcash (SDC) - The billion dollar baby!, https://medium.com/@paradox_/shadowcash-sdc-the-billion-dollar-baby-6b86f0660739#.ypz9yme5a, Last updated 16 August 2016. 
...
Disclaimer: I am not responsible for your financial decisions, nor am I advising you take a particular financial position. Rather I am sharing my experiences and hoping you form your own opinions and insights from them. Full disclosure: I have long positions in Ethereum (ETH), Shadowcash (SDC), ICONOMI (ICN), Augur (REP) and Digix (DGD).
submitted by joskye to Shadowcash [link] [comments]

How is the Indian Govt. backed currency (INR) any more valuable than an International Decentralized currency (Bitcoin)?

Small rant incoming.
So I was going though this interesting thread on this sub created a few days ago about BTC market conditions. First of all, let's understand that fiat money of today's world (INR, USD, AUD, etc.) isn't backed by any real thing like gold or other precious metals (Bretton Woods system collapsed in 1970s ending that kind of thing).
All we have is a promise or IOU kind of thing where the RBI "promises" to pay a value of Rs.10 against a ten rupee note. Proponents of govt. backed currencies think that this govt. backing makes the fiat currencies somehow have any "intrinsic" value and that Bitcoins are totally valueless or worth zero. This seems to be the impression of many people on this sub too, so I want to clear your misunderstanding.
If you consider for a moment, INR only has a govt. backing in theory, nobody sitting at a counter in Reserve Bank ever really pays you Rs. 10 worth of anything if you hand them the Rs. 10 Note as "promised". Its actually us people who do that, so the value of a currency is basically in the perception. For example, a ten rupee note will be a worthless piece of shit tomorrow, if every Indian stops accepting it for some reason (it will never actually happen, this is just hypothesis).
Bitcoin's perception value is also increasing in many countries across the world, though it isn't widely accepted in India yet. Thus, bitcoins are worth a lot and many investors believe that this perception value will only keep increasing in the future, that's why it has jumped so much in price in last few years.
Besides, let's also understand that the fiat currency's govt. backed "promise" doesn't actually mean anything. For instance, we saw demonetization happen last year when Rs.500 and Rs.1000 notes were banned overnight. So, what happened to the so called "promise" then? With a crypto currency like Bitcoin, people can stay assured that no central agency can destroy their wealth overnight by imposing a currency ban, so its even more valuable than a fiat currency from a security and functionality point of view.
submitted by asoka_maurya to india [link] [comments]

The intelligent investors guide to cryptocurrency: Part 3a - The value proposition

Introductions: I'm joskye. A cryptocurrency investor and holder.
...
 
Hi again. This is the third part in our ongoing series on how to trade better and determine intelligent investments in cryptocurrency for the future.
 
 
In part 3 I will now discuss Cryptocurrency valuations, price metrics and identifying coins of value, worth holding:
 
...
 
What makes a coin worth holding: The value proposition
 
What makes anything worth holding? How much of themselves is a person willing to put into it - that's how much.
Cryptocurrency is largely driven by faith. It is a speculative enterprise i.e. people mostly put money into cryptocurrencies believing they will go up in value in the future; their plan to sell at a higher price when it does.
Currently most cryptocurrencies serve no function than being currencies in themselves. Unfortunately these currencies are largely not recognised by governments, most institutional investors or companies are legitimate stores of value or legitimate currencies of transaction. As such legislation and rules around the world regarding them vary considerably and are often absent.
There are very few cryptocurrencies that have legitimised backing, are insured or supported by enterprises that are insured for their loss and essentially there is little to protect you if you lose money through them.
 
So why do people bother putting money into cryptocurrencies it in the first place?
 
 
If the present and future value of a cryptocurrency is driven purely by speculation then you are essentially gambling by putting your money to buy that coin and joining the pool of other gamblers who are doing so. You are essentially joining a ponzi scheme and waiting game hoping you've gotten in early enough and convinced enough people to buy more of the asset you hold at slightly higher prices until a price is reached that you can cash out at (or until that thing becomes so big that everyone starts using it as their store of value).
 
This type of dynamic essentially underpins the mentality of most investments and trades i.e. buy low and sell high. I'd like to add buy early for investors since buying during a low in an already established asset may be setting yourself up for being forced to sell at a lower low later (especially if you don't understand the fundamentals of that asset).
 
If however the present or future value of a cryptocurrency is driven by some service other than speculation which can attract and drive fiat currency into it's ecosystem then it is potentially valuable.
 
I.e. will people actually use their USD/Yuan/Euro/GBP/Yen/INR etc to actually purchase the coin in question to do something useful with it (other than gamble on it's future price).
 
There are some cryptocurrencies which satisfy this criteria:
 
...
 
Bitcoin
It is not a currency, it is a remittance system and store of value. It has a reputation increasingly to being seen as a digital version of gold.
 
 
 
 
 
Bitcoin has the cultural and historical advantage of being the first cryptocurrency. It is also still the largest cryptocurrency by a long way with the largest marketcap i.e. price per bitcoin [$952 as of writing] x the number of bitcoin in circulation [16,074,687] which is $15.3 billion. Compare to it's next biggest competitor Ethereum which has a marketcap of $700 million (i.e. only 4.57% of Bitcoin's).
 
 
 
 
Bitcoin's value proposition is that it is a store of value. It may not be able to sustain this without significant upgrades to it's underlying software.
 
...
 
Monero (XMR)
Bitcoin does not have anonymity inherently built into it's software. Therefore if you buy and sell Bitcoin especially on cryptocurrency exchanges (where user registration is required), it is possible to trace whom Bitcoin is being transferred from and to.
 
 
For this reason I see Monero as Bitcoin + anonymity. I.e. it's value proposition is as store of hidden wealth. I also believe it does not have the issues that bitcoin does namely, same level of mainstream recognition, spotlight of regulatory awareness and developers do seem to be more focused on achieving better scalability and transaction times (it already does 10-20 minute verification time vs bitcoins 1 hour) which gives it better potential as a currency presently compared to Bitcoin.
 
 
I do believe fiat stored in Bitcoin will gradually transfer into Monero boosting it's value. I am not sure Monero though can presently bring fresh fiat currency (USD, Yuan etc) into it's ecosystem beyond outsider speculation in future price.
 
 
It is not unique in it's function or potential value proposition. My warning about holding Monero for the long term is that it has competition for it's function not just from Bitcoin itself but from other anonymous coins such as Zcash, DASH (which provides instantaneous settlement) and SDC. Perhaps more importantly, Ethereum (ETH) is now planning to implement optional anonymity (via zSNARKs) in it's transaction network; if it does when combined with Ethereum's own functionality and well defined development roadmap (that will likely several second verification times in late 2017) would render XMR potentially redundant.
 
...
Ethereum (ETH)
The first cryptocurrency which was built with the specific intent of incorporating 'smart contracts' into it's platform.
 
 
The value proposition for Ethereum is that it allows for complex, trustless settlement systems to be built on it. This is a huge deal because the scope of applications is wide and although the technology needs to mature (to support greater transaction volume, frequency and more secure functionality) the sheer amount of fiat such a platform could attract through conversion of traditional centralised settlement and contract services to more secure decentralised platforms is very huge.
 
 
...
 
PARTICL (PART) (formerly Shadowcash SDC)
The value proposition is a double escrow, fully anonymous, decentralised privacy platform which incorporates private chat, private marketplace and secure, trustless private settlement system into one platform that is fully integrated into it's own blockchain.
 
 
Particl has multiple features that make it an excellent store of value: Low coin supply, potential for great demand, near instantaneous transaction verification times, ability to earn interest for simply holding it.
 
Particl is incredibly easy to use and is heavily focused on usability. This is absolutely essential to it's end users: customers who seek convenient easy and speedy secure anonymous transaction. This will be a dream come true for traditional users of darknet markets.
 
To explain why lets elaborate on traditional darknet markets where in order to transact anonymously you have to:
1. Download the TOR browser. 2. Learn how to use it. 3. Buy XMR or Bitcoin. 4. Learn how to transact with these coins *safely* (yes this is still an issue with XMR in spite of it's built in privacy). 5. Learn how to and where to find reliable secure darknet markets. 6. Create accounts on these markets to access them *and* 7. Have faith that the websites and the highly centralised (and thus much more vulnerable) servers hosting those markets you use will not get shut down, not disappear with your money and not betray your transaction details and potentially identities to the authorities should they be infiltrated by them. 
Whereas with Particl's market place this process will become:
1. Download the Particl client. 2. Buy some PART on an exchange and transfer it to your Umbra client. 3. Browse the Particl marketplace and transact securely, safely and anonymously. 
 
 
In summary I think Particl can be a very useful application as a privacy platform for private communications and transactions.
 
...
 
ICONOMI (ICN)
Those two points constitute it's value proposition. By nature of the way it works it has an easily identifiable P/E ratio based on the amount used to create the fund ($10.5 million) against the current value of that fund based on it's
 
...
 
Summary lessons
 
The first rule in investing or trading in a given cryptocoin is deciding if it has a value proposition:
 
1. *Can it draw fiat currency (USD, Euro, Yuan etc) in such a way as to give it a valuation that is fully independent of pure speculation?* 2. *Is it unique?* 3. *Is it rare?* A limited supply with a low or negative inflation rate will lead to increasing price as demand goes up. 4. Are there significant risks associated with the value proposition? 
 
 
In the next article I will cover lesson 3b: Price metrics and valuations. It will be much shorter I promise but equally informative and we will cover topics such as price determination, impact of speculation, price manipulation, whales and their impact and the impact of bitcoin on the entire cryptocurrency ecosystem!
...
 
References:
1. Crypto-Currency Market Capitalizations, https://coinmarketcap.com/, Last Checked 30/01/2017 2. What is the value of all the Gold in the world? http://onlygold.com/Info/All-The-Gold-In-The-World.asp, Last Checked 30/01/2017. 3. ICONOMI Cryptocurrencies Index (ICNX) 21 December 2016 Rebalancing, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-21-december-2016-rebalancing-transformation-into-iconomi-8e31e48493ab#.sptgljv1c 4. ICNx trend chart, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-30-november-2016-monthly-rebalancing-update-3402866243d9#.kw7g4fqcd, Last updated 30th Nov 2017 5. Shadowcash (SDC) - The billion dollar baby!, https://medium.com/@paradox_/shadowcash-sdc-the-billion-dollar-baby-6b86f0660739#.ypz9yme5a, Last updated 16 August 2016. 
...
 
Further articles in this series:
 
"The intelligent investors guide to cryptocurrency"
 
Part 0 -
Part 1 -
Part 2 -
Part 3a -
Part 3b -
Part 4 -
Part 5 -
Part 6 -
Part 7a -
 
"The intelligent investors guide to Particl -"
 
 
Full disclosure/Disclaimer: At time of original writing I had long positions in Ethereum (ETH), Shadowcash (SDC), Iconomi (ICN), Augur (REP) and Digix (DGD). All the opinions expressed are my own. I cannot guarantee gains; losses are sustainable; do your own financial research and make your decisions responsibly. All prices and values given are as of time of first writing (Midday 30th-Dec-2016).
 
Second disclaimer: Please do not buy Shadowcash (SDC), the project has been abandoned by it's developers who have moved on to the Particl Project (PART) (www.particl.io). The PARTICL crowd fund and SDC 1:1 token swap completed April 15th. You can still exchange SDC for PART but only if it was acquired prior to 15th April 2017 see: https://particl.news/a-community-driven-initiative-e26724100c3a for more information.
 
Addendum: Article updated 23-11-2017 to edit references to SDC (changed to Particl where relevant to reflect updated status) and clean up formatting.
submitted by joskye to Particl [link] [comments]

Last Week In Indian Economy - For the Week Ending 6th August, 2016

Last Week in Indian Economy

“I am silent because there is conflict between my scholarly commitment to economics and my loyalty to the party's decided issues.” - Subramanian Swamy, member of parliament tweeting about why he is silent on the Goods and Services Tax (GST) Bill that his political party supports so much. Just going to leave this here for you to draw your own conclusions.

Headline Stories

Going Gaga Over GST
Last week, the Rajya Sabha passed the Goods and Services Tax (GST) - the tax reform that has been heralded as the most important piece of legislation in over a decade. While the common market of Europe is walking backwards due to Brexit, the common market within India is stepping ahead due to GST. The bill has been the subject of political bickering for a long time now. However, it was passed with 203 votes for and none against. With 0 votes against. They didn’t even blink twice, so you know there families weren’t being held hostage and all votes were entirely voluntary. But this has only been the tip of the iceberg. Even though both houses of the parliament have passed the bill, there is a laundry list of things that need to happen before we can all go home and forget about this whole GST business. The Lok Sabha needs to approve the bill once again. Then, a minimum of 15 state governments need to pass the bill. Then, the president needs to sign the bill. Then, a GST Council needs to be formed and the GST tax rate needs to be negotiated. Then, the central government needs to pass two supporting laws, and each state needs to pass a separate supporting law. And only then, we’ll be able to pocket all that cash from the GST-led economic growth that is being predicted. The deadline set for all of this is April 1st, 2017. Till then, government officials around the country are set to debate on extremely sensitive issues like whether cream biscuits should be taxed at the same rate as ordinary biscuits. #TeamBourbon.
Uber-Didi
Uber joined the long list of American MNCs that came to do business in China but inevitably fell on their faces. In a deal announced last week, the popular ride-hailing service will sell its China operations to rival Didi Chuxing in exchange for a 20% stake in Didi, who will invest $1 billion in Uber. The two giants have been battling for the Chinese market for years and despite spending billions of dollars, no one has managed to turn a profit. In fact, Uber was facing a loss of $1 billion annually due to heavy competition in China. Once upon a time, Uber’s future in China seemed to hold promise. And now, the company is throwing in the towel. The company’s mistake? It tried to fight a land war in Asia. Although Didi was the bigger company in China in terms of market share, Uber did have its moments. Such as when a Chinese hip-hop artist posted a gangster rap song about how much he prefers Uber. Don’t Baidu it - China being China censored the whole thing just days later.
Loans For Pani Puri walas
Banks use all sorts of fancy algorithms to determine if a borrower will repay a loan. Despite all of that, with the banking crisis, a huge amount of loans are at a risk of being Vijay Mallya-ed. So the fancy algorithms haven’t exactly worked out. Another one of those fancy things that banks use is a credit score. A good credit score will have banks lining outside your door shouting for your attention. A bad credit score will have you lining outside the door of the banks with a ton of paperwork. You need a good credit score to get loans. But to get a good credit score, you need to repay loans. So you see the chicken-and-egg problem here. This means a lot of people don’t even have credit scores. But those people still need loans. And banks won’t touch them with a ten-foot pole. Now, microfinance companies like Edelweiss, Bharat Financial, DHFL and many more are going places feared by the big boys of finance. A big push in the industry is to loan money to pavement hawkers, scrap dealers and other self-employed individuals. For example - the makers of the extremely healthy chinese food at the hand-kart that parks near the local sewer every evening. Basically, giving loans to low-income borrowers without a credit score or any kind of formal financial history. If that sounds like a recipe for trouble, that’s because it is and we’ve already had that dish in the run-up of the financial crisis of 2008. And if history isn’t repeating itself here, it’s definitely rhyming.
Too Many Branches Spoil The Bank
The State Bank Of India has almost 17,000 branches which is very impressive. Especially since they get to brag about it in tables that rank banks by number of branches. But the bank isn’t doing itself any favours by putting 5 branches within a 1 km radius of each other, as is the case a lot of times with SBI. Because sometimes, it’s not the size that matters, it’s what you do with it that matters. And SBI is considering a proposal to do away with such extra branches by consolidating them. It might make common sense to shut down branches when put like that, but then they won’t get to brag about how many branches they have. And investors love those kind of things. SBI is currently in the process of merging with its associate banks from Hyderabad, Mysore, Travancore and so on. It expects to have that completed by March 2017. At which point, that 17,000 number will balloon up to 24,000 branches, compounding that problem. A global consulting firm, McKinsey which was hired by SBI has recommended shutting down upto of 7,200 of those branches. Moreover, bank branches are so 2000s. Online is where it’s at.

Sidebar Stories

  • India is a nation of chronic procrastinators. Just look at how much you procrastinate yourself, for example. For more proof, realize that half the people reading that last sentence just strongly agreed with it. And so the government extended the deadline to file Income Tax returns by 5 days till August 5th to accommodate all the last-minute submissions.
  • 23 million income tax returns were filed online this year, more than thrice the 7 million that were filed last year. Like I said, online is where it’s at. Moreover, who would want to stand in line to file tax returns when you can be a responsible and mature citizen of India while wearing your pajamas at the same time?
  • Corruption watchdog Central Vigilance Commission (CVC) has asked the IIM-A and other premier business schools in India to develop an ‘integrity index’ to measure the levels of corruptions in 25 government agencies and state-run companies. The CVC is hoping that the rankings will help focus anti-corruption resources to where they are needed the most. Meanwhile, Buzzfeed “writers” are already salivating at the thought of headlines like Here are the top 10 most corrupt government offices. #6 will literally empty your wallet.
  • A new survey published last week found that Indians are losing more money to online fraud than other Asians. While 36% of Indian respondents reported to being cheated by internet scams, the most popular form of internet scams turned out to be lottery scams and Work-from-home scams. In other news, find out how this housewife is earning 50,000 a month sitting at home.

Market Movements

Let’s do the numbers. Since last week:
  • BSE Sensex: ↓ 0.02%
    Week Open: 28,083.08
    Week End: 28,078.35
  • Nifty: ↑ 0.33%
    Week Open: 8,654.30
    Week End: 8,683.15
  • Gold prices: ↓ 1.58%
    Week Open: 31,549
    Week End: 31,050
  • USD / INR: ↑ 0.15%
    Week Open: 66.764
    Week End: 66.842
Stocks that moved heaven and earth:
  • HCL Technologies (HCLTECH) was up 8.98% on the back of positive quarterly results and a single large trade of about 14 lakh shares that pushed the stock price up.
  • Grasim Industries (GRASIM) was up 7.28% as the Birla-family owned cement maker was identified as one of the companies set to benefit from GST.
  • Tata Steel (TATASTEEL) was up 6.92% since the government extended a price floor on cheap imports of steel from China.
The yield on 10-year government bonds is up from 7.138 to 7.168.

Up Next

Important Numbers being released this week:
Tuesday, August 9th: RBI Interest Rate Decision, Quarterly Results for - Adani Ports & SEZ, Lupin
Wednesday, August 10th: Quarterly Results for - Mahindra & Mahindra
Friday, August 12th: Consumer Inflation (Jul), Quarterly Results for - Hindalco Industries, State Bank Of India

Footnote Stories

Leading bitcoin exchange, Bitfinex, was hacked last week and cryptocurrency worth $70 million was stolen. The exchange has announced a plan to compensate all customers. In other words, business as usual for bitcoin.
Moon Express, a US-based company co-founded by Indian-origin entrepreneur Naveen Jain, became the first ever private company to receive permission from the US government for a commercial space mission to the moon. The company’s business plan involves accepting sponsorships and carrying private payloads to the moon in order to make a profit. In future space missions, the company expects to make money by mining for natural resources on moon, specifically mining for Helium-3. This would’ve happened a lot sooner if only the moon had some oil. Helium-3 is all fine... But it’s no oil.
< For the Week Ending 30th July, 2016
submitted by DexterMilburn to india [link] [comments]

Crypto News Recap for the week ending August 3rd

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

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Find and apply to .Net Jobs in wörth-am-rhein on Stack Overflow Jobs. Research and compare developer jobs from top companies by compensation, tech stack, perks and more! 1 Bitcoin = 12,979.8400 United States dollar, 1 United States dollar = 0.000077 Bitcoin Don't get overcharged when you send money abroad. We recommend trying out cheaper alternatives like ... Bitcoin Price (BTC). Price chart, trade volume, market cap, and more. Discover new cryptocurrencies to add to your portfolio. Skip to content. Prices. Products. Company. Earn crypto. Get $171+ Sign in . Get started. Price charts Bitcoin price. Bitcoin price (BTC) Add to Watchlist $ 13,070.01 +0.56%. 1h. 24h. 1w. 1m. 1y. all. $0.0000 January 1 12:00 AM. 10:56 AM 3:06 PM 7:17 PM 11:27 PM 3:38 AM ... Conversion from 1 Bitcoin to Dollar with latest exchange rate and cryptocurrency price. Also, view 1 BTC to USD result in BTC-USD overview table and BTC/USD chart. This is real-time market price of Bitcoin in United States. Calculate how much is 1 Bitcoin in Dollar with a conversion calculator. Today price of bitcoin is 12998.820000 USD, last month on 25th September 2020 price of bitcoin is 10726.530083 USD, last year on 25th October 2019 price of bitcoin is 7433.915346 USD {{ reviewsOverall }} / 10 Users ( 1 vote)

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