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Death of Cryptocurrency in India – How it happened? Step by Step

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How India made its cryptocurrency ecosystem dead! From heavenly highs to absolute bottom, Indians snared to cryptocurrency have seen everything in 2018.

How India made its cryptocurrency ecosystem dead!

From heavenly highs to absolute bottom, Indians snared to cryptocurrency have seen everything in the most recent year.

In 2017, the price of a bitcoin, the world’s best known virtual cash, ascended from around $900 toward the beginning of the year to about $20,000 by December. This fuelled a blast in exchange and an ascent in the quantity of speculators in India, in this way showing up on the Narendra Modi government and the Reserve Bank of India’s (RBI) radar.

The specialists before long made known their uneasiness with virtual monetary standards and forewarned speculators. A couple of caution flags and clashed articulations later, the RBI at last pulled the fitting on digital money trades.

On July 06, a close entire crackdown—in any event incidentally—on digital forms of money will grab hold in India. The RBI has educated banks to close down all records, including those of financial specialists, that arrangement with bitcoin and other comparative monetary standards. Furthermore, with bank accounts solidified, all rupee-related exchange will go to a crushing stop, cutting down general volumes.

Here’s a course of events of how India gradually however consistently gagged its cryptographic money biological system throughout the most recent couple of months:

 

November 2017:

Investors rush toward cryptographic forms of money more than ever. Fuelled by the price blast, client enrollments increment quickly.

 

December 2017:

The RBI issues another notice against these monetary forms, after the first was issued path back in December 2013. Before long, assess specialists dispatch tests into cryptographic money trades’ usual way of doing things. The fund service looks at virtual monetary forms to ponzi schemes.

 

January 2018:

More government provisos are issued to clear up that cryptographic forms of money are not lawful delicate. The salary impose office supposedly starts sending charge notification to speculators. Banks suspend the withdrawal and store offices of a few trades. A few loan specialists disassociate with them totally.

 

February 2018:

In his yearly spending discourse, fund serve Arun Jaitley by and by descends vigorously on virtual monetary forms. The administration, he says, will go full scale to dispose of their utilization in financing ill-conceived exercises. They won’t be incorporated as a feature of the installments framework, Jaitley includes.

Subhash Chandra Garg, secretary in the division of monetary undertakings, who is heading a board of trustees on digital currencies, says draft directions will be out before the finish of the money related year 2019.

 

March 2018:

Due to administrative equivocalness and an amendment in prices, financial specialist intrigue gets hammered.

 

April 2018:

The RBI guides loan specialists to go down all banking associations with trades and virtual money financial specialists inside three months. However, it says the attainability of these coins is being considered and alludes to propelling its own advanced cash.

Disillusioned by the sweeping ban, cryptographic money trades drag the national bank to court.

 

May 2018:

The incomparable court clubs the different digital money bodies of evidence against the RBI. Before shutting for summer get-away, the court requests that bourses connect specifically with the national bank on the ban. It additionally solicits the lawyer general from India, KK Venugopal, to be available on the following date of hearing, July 20.

 

June 2018:

Through the finish of May and the main seven day stretch of June, the trades send nitty gritty portrayals to the RBI on why this ban ought to be lifted. They say they’re available to more investigation and willing to be controlled.

In the interim, a New Delhi-based legal advisor uncovers the RBI’s reaction to one side to data request on the ban. It says no examination was done and no board framed by the banking controller before descending intensely on the trades.

Garg tells TV slot ET Now that a draft control is in progress and is probably going to be wrapped up in the main portion of July.

 

July 2018:

Some candidates look for a stay arrange from the preeminent court on the ban in any event till the following date of the hearing. Their ask for is denied.

The ban happen tomorrow (July 06).

#Scam

Bitcoin Giveaway Scam: High Profile Twitter Accounts Hacked

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A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam.

A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam. These include the twitter accounts of retail industry giants Target and The Body Shop. The hackers are believed to be poor in English writing as the scam messages are usually written in a poor language. The hackers targeted a number of verified Twitter accounts.

The tweet on Target’s Twitter account read:

Target-Twitter-Hack

After which a few hours later when the team realized that their account had been hacked, they posted another tweet stating that their account was inappropriately accessed for posting a bitcoin scam:

 


Apart from Target, a number of other accounts such as The Body Shop, Universal Music Czech Republic, Toledo Rockets, the Agriculture, Horticulture Development Board and UNHCR Serbia account were also targetted by the hackers.

The hackers seem to be quite expert as it is quite surprising how a good number of verified Twitter accounts were all hacked at once. Earlier, the hackers used to clone the accounts rather than directly taking over the accounts.

In a recent case, a group of hackers had cloned the account of Cap Gemini Australia and replaced the name with Elon Musk and posted a similar bitcoin scam message stating that Elon Musk was giving away 10,000 BTC to all his community:

elon-musk-twitter

 

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#Bitcoin

Bitcoin Cash Fork Explained, Forking the Fork on 15 November

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A "wait and see" approach can be the best way to profit during the Hard Fork. Small investors should stay safe and not "dump" their BCH for BTCABC and BTCSV

The upcoming Bitcoin Cash BCH fork is what everyone is talking about. It is scheduled for tomorrow, 15th November.

Bitcoin came into existence in 2008 when Satoshi Nakamoto released the Bitcoin Whitepaper and the aim was to make a peer-to-peer electronic cash system. In 2009, Satoshi released the code for Bitcoin. Satoshi left the project in 2013 and vanished from the Bitcoin world, not to ever come back again. He handed over the project to a small group of developers.

It is believed Satoshi Nakamoto might have Hard-Forked the original Bitcoin code multiple times in the early years, after which multiple coders and developers joined and started working on the Bitcoin code.

 

Issues within Different Teams, welcome Bitcoin Cash

Right after Satoshi vanished, consensus issues started arising between different teams/developers who wanted to implement different upgrades in the current codes. There was no consensus mechanism that can help everyone to agree on an upgrade.

Fast forward to 2015-16-17, we have thousands of developers writing code for Bitcoin, divided into certain teams. Some people wanted “Bigger Blocks” and some people wanted “Lightening Network” for example. The fight between different “features” led to developers divide into teams. In 2017, the first major Bitcoin Hard Fork happened that led to “Bitcoin Cash” and the original blockchain started being referred to “Bitcoin Core” or just “Bitcoin”.

 

Forking the Fork

On November 15, the forked Bitcoin Cash is being forked again. Two teams being “BitcoinABC” and “BitcoinSV” or Bitcoin Satoshi Vision. the two groups of teams are updating the Bitcoin Cash in a certain way. Craig Wright or Faketoshi leads one team of BitcoinSV, others are on the side of the BitcoinABC side. This split is very similar to the 2017 Hard Fork of the original Bitcoin.

 

The Real cause for the Forks

It is presented to the public as a political drama and technical details for the fork, but the main cause of such forks is a lack of a formal governance process to help everyone agree on how to upgrade the software. A governance process can be a formal voting process where everyone can come to a common agreement. It can be similar to the elections. This governance process does not mean that we need a government involved in the process, but it means there has to be a process where everyone can agree on a decision based on a majority vote. This lack of a process for a “final decision” is the key cause of Hard Forks, which are usually portrayed as technical upgrades for normal people or investors, who do not care of all small technical issues.

 

Profit Opportunity during/after the Fork

In 2017 during the Bitcoin Fork, many investors bought BCH in the hype created and gradually lost their investments during the process. A “wait and see” approach can be the best way to profit during the Hard Fork. Small investors should stay safe and not “dump” their BCH for the hype created by media and the two teams. As an individual investor, I consider the second version of BCH as a “bonus“. What do you feel about my thinking process? Your comments are welcome below.

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#Bitcoin Cash Price Analysis

Bitcoin Cash BCH Price Analysis: Can BCH break $520 level?

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BCH price is still struggling to break the $530 and $540 levels. A significant resistance level between $515 and $520 could not be broken.
  • Hourly RSI is below the 50 level.

  • Hourly MACD is in the bearish zone for BCH/USD

  • Major Support Level: $500

  • Major resistance Level: $520

 

Key Points:

  • BCH price is still struggling to break the $530 and $540 levels.
  • A significant resistance level between $515 and $520 could not be broken.
  • BCH price is at risk to drop below $500 support level.

At press time, Bitcoin Cash price is trading at $514 against the US dollar.

 

Bitcoin Cash Price Analysis

BCH price is at risk to move below the $500 support level. BCH/USD pair has remained in the bearish zone, and although it tried to break the resistance level of $530, it failed. A low was formed yesterday at the level near $495, breaking the $500 level temporarily, but the price was soon pushed back to above $500.

 

 

If the price of BCH is successful in breaking the $525-$530, the price can move up, but it is unlikely. The 50% Fibonacci retracement level of the last fall from $560 to $494 has also prevented gains.
All in all, the bearish trend continues today as long as key resistance levels of $520, $530 are not broken.

Taking a look at the chart for BCH/USD, we can see a lot of pressure under the $510 level.

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