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RE: India: According To RTI-Reserve Bank Of India Is Totally Clueless On Cryptocurrency!
Sometimes i think monetary polices and regulations are for the general growth and developement of the value sustainability of a countrys currency.Velocity of money matters alot,to avoid inflations and deflations.
Incorporating crytocurrencies require more awareness. Goverment needs to ascertain loopholes, in the economy.
That is why i think they need more education about cryptocoins,to bring equillibrum with the physical cash that is ubiquitos.. In international exchange.
I dream of a world where international trade payments are made with cryptocurrencies.
We just have to be patient.
Monetary policies especially in third world countries keep poor people poor. I don't think we should be patient, I think we need to take action. Cryptos offer a potential to create a more abundant society but the comfort of the rich lies in abundant supply of poor, as governments are always in rich people's pocket we should be careful to have such blind faith in them.
How is it that a country like Iceland which has a population of about 300,000 or a country like Norway with a population of about 3 million have effective governments where Canada of about 30 million population is less so, and the USA of 300 million is really out of control and India with over twice that amount is even worse (I really don't know this aside from watching Bollywood movies-where ghosts can run in an election). Is it a function of centralizing too much power into the hands of too few, or is it possible there is an optimum population size or even is it possible that in smaller countries your political leaders just live down the street.
It might be more democratic that for every piece of legislation, a random sample of 100 people needs to be drawn from a society and each position be put before them and they make the vote. This would be similar to a jury selection where each person would be sequestered until the vote was passed. This would be horribly expensive but that might be the price of an equitable system.
Hey David, sorry for the long silence. I have just been tied up with work and was away from steemit :)
I think there are countries like Germany with much bigger population than South Africa and far more democratic. I am not sure what the secret is but there is something not write. We will hopefully find the answers and make a better world!
One of the larger contributors to unrest is poverty. Poverty knocks of about 14 percent of IQ ... the same amount as missing an entire night's sleep. I am unsure when you were last on ... did you see your site on steemhost.com?
https://www.steemhost.com/@lucygarrod
Yes, it is very cool! I just visited it now :)
Thank you so much for Steemhost!
Hi Lucy are you in India? I hope everything is going well with your family. We have a programmer who lives in Gujarat and the weather is 34C. We have been lucky where I am in Canada at most 32C.
I hope you liked the background ... I don't know where that is in Malta compared to where you live. Are you permanently in India (should I change the background to reflect the area you are in) or shall I keep it the same.
One of the aspects of steemhost, is that we can turn on a contributor page. I includes the streams from people you follow, are friends, or write in a specific area that you are in. Your commentary on the legal aspects of cryptocurrencies is a deviation from your regular posts but might be of interest to some people. Perhaps if there are other people who post on legal issues, they could be added as contributors. If you are interested, just send me the steem ids and I will add them for you.
An example of a contributors page is this by Jose: Mis Amigos
https://www.steemhost.com/steem/Contributor.aspx?Host=@eljose27
I recognise that you have duties elsewhere ... business and family but it is very nice to see you posting again...
Visit Me on Steemhost.com/@dwarrilow2002
Hi David, I live in Malta so the background is good :) I do have family in India, I believe it is very hot there right now. It was a hot day in Malta as well. I don't think it was quite as hot as 32 degrees though :D I need to spend more money exploring steemhost to make the most it has to offer :)
I mentioned India because you have that on your steemit profile. Steemhost is just twisted enough to reflect the mind that it came from. Who ever that is must be very clever and an impeccable sense of humour.
When I created the working document that I submitted to my design team, I titled it Project Cerberus to reflect it was a dog with three mouths to feed. It was initially a simple idea of selling advertising space to appear on a website.
1 - The first layer of complexity revolves around the idea of feeding the three heads. Facebook is a dog with a greedy mouth ... it keeps all the earnings from advertising for its own use. At least Youtube shares some of the advertising revenue with the second head ... the people who create content and place it on their site. Steemhost treats the third head (the visitors) the same as the content providers and itself. Each share in 1/3 of the revenue.
2 - The second layer of complexity is that steemhost absorbs steem like a sponge. Advertisements are paid for in steem. Rewards are sent out in the form of steem delegation. Since the beneficiaries do not receive steem, they are encouraged to continue to write good content. The fact that they are not paid in steem or steem dollars means that the they cannot spend the currency which would have a downward pressure on its price.
3 - In addition to having advertising rewards, once the steem power of @steemhost01 reaches a certain level, its votes will become valuable. At less than 40 sp, its vote is effectively 0. I have already started adding hosts to the autovoting routine so they will receive additional earnings based on the authoring/curation process.
4 - The next level that is slated to run is to take the steem dollars generated by the curation in step 3 and distribute it. I believe that it would be similar to a dividend (in concept). Before I do this step, I need to come up with a mechanism which will cause the least harm for the participants.
What type of law do you practice? In Canada once cryptocurrencies are transferred to the real world, they are treated as capital gains (less than 10 percent tax). Also I have a couple of companies here in Canada so I can mitigate my personal exposure by declaring it as income in those entities.
I know nothing about the tax implications in other countries. Steem power delegation shouldn't be taxable because it is similar to water. Letting you irrigate your garden with my water should not be a taxable benefit ... but when your carrots are grown ... they will attract tax men or rabbits. However if I pay you steem dollars as a dividend or as a paycheque it would need to be declared (?).
This is all premature since @steemhost01 has only earned 0.076 steem dollars in a month but potentially in a year ... it could be double that.
Visit me on https://steemhost.com/@dwarrilow2002