I am tired of writing a @coincrunchin article after reading shitty articles by Mainstream media. So lets do a thread.

The report: India is bringing a law to ban crypto trading is written by @archchaudhary & Siddhartha Singh.

It has been syndicated to many other news portals.
First of all, I have no disrespect for journalists but the article is written terribly.

1. RBI didn't ban the crypto transactions, you should have atleast read the source that you cited.

2. You don't hyperlink Paxful, WazirX and exchanges. You hyperlink the source of statement.
Imagine saying following company says 450% rise in trade and when you click the hyperlink, you are taken to the following company instead of the research.

This is more like a Bloomberg editorial problem. But the authors have cited sources on other articles very well.
Now, lets get to the content.

1. This is a possibility that cabinet will talk about the report and then introduce it to parliament.

2. This does not mean that the report is already in parliament and can be found online. So please stop sending me loksabha screenshots.
I am not being positive here but since when did two people telling journalists that a report is being discussed convert into it becoming a law?

I wouldn't panic just yet.
The duo managed to not talk about the law, the report, the draft bill at all. The duo also made really strong statements like Niti Ayog launching India's virtual currency without any sources cited that backs it.

So really? What the hell are you trying to dish out here? FUD?
The same post went to ThePrint, Economic Times, and few other publications, as Bloomberg runs a syndicate feed.

Tomorrow, it will be in NewsPapers. And the blood of the market going down will be on the hands of these authors who were baited with some juicy unsolicited comment.
Nevertheless, let us assume it to be true. What are your rights as an Indian Citizen if gov decides to ban crypto?

1. The bill says users will get 90 days to settle their investments.

2. Any bill can be challenged in court.
Don't panic. Sell if you aren't comfortable. Let people say nothing will happen or the worst will happen. You focus on your decision.

Do you want to be in crypto? if the answer is yes, wait for government to do something instead of reporters at a syndicated feed!

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More from @ThatNaimish

15 Jul
Holy Crap, Binance official Twitter handle was hacked.
Okay now CZ's account is hacked!
Gemini is next
Read 30 tweets
15 Jan
Guys this is absolutely exclusive. No one has reported this yet. Here's what RBI wrote in its reply to IAMAI after the Supreme Court mandated it to respond again with a point by point reply in August 2019.
The RBI has said it has the sole right to operate currency and credit system in the Country. It has exercised its right (Banking Ban) to secure the monetary stability. It also says, that RBI regulated entities were exposed to "reputational risks" by offering service to exchanges.
RBI cites the example of "Libra" (indirectly) to say that VCs are risk associated and hence the US watchdogs went after Facebook and its plan to launch its own virtual currency.

RBI also says Virtual currencies and crypto-assets are terms that can be used interchangeably
Read 15 tweets
17 Oct 19
TELL THIS TO EVERYONE YOU KNOW IN INDIA:

1. Do not keep more than 1 lakh INR in any Bank Account. As you must know by now, that is the only money you can get back if the Bank goes Bankrupt.
2. Tell them to invest their Cash into something they can hold and control its use. Gold. Silver. Bitcoin.

Bitcoin is very volatile, never invest all your money into one thing. DO NOT PUT ALL EGGS IN ONE BASKET.
3. Tell them to keep some cash at home, in case of emergency. Do not be greedy for the 4-6% interest rates on Savings Account.

50000 INR will fetch 2000 INR interest in One Year. If it is an FD, it will be 4000 INR.

Keeping 50000 Liquid money will help in crisis.
Read 4 tweets

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