What is the status of Bitcoin or other cryptocurrency mining in India?

Fellow Indian and also foreign brothers and sister,
I am looking for some legit answers regarding crypto mining in India. I have read that the Indian government has banned or restricted the imports of ASIC miners. I am going to check the specifics with the DGFT, India. India is also on the verge of closing all the gates to cryptocurrency, call it insecurity or motive to run commercially established banks with crores of investment.
I am highly motivated to start crypto mining but these legalities are causing some hiccups in the process.
I don’t want to break any law of the land called India but still work with cryptocurrency like Bitcoin,Erethreum, Dogecoin, Monero,etc.
Your input will be highly appreciated. I anticipate a good amount of advises from both fellow Indian and foreign miners alike.

security – In God We Trust and Faith in Cryptocurrency

Currency currently has “In God We Trust” written on it.

Has faith in God been replaced with faith in Cryptocurrency?

Or more directly, faith in the cryptographic primitives used to “secure” Bitcoin?

Because it could turn out that they both rely upon the same principles.

Not your keys, not your coins.

❕NEWS – Young UK investors choosing cryptocurrency over stocks | NewProxyLists

Survey says, young UK investors, age between 18-37 choosing cryptocurrency (specially Bitcoin) to invest over stocks. Despite of Bitcoin’s 16% pullback, investors continue to show their interest in Bitcoin. On the other hand, investors aged over 55 interests in cryptocurrency to invest is only 8%. The survey was run over 1000 investors with age was over 18 in the month of February & March this year.

wallet – What a *real* cryptocurrency would be

It finally occurred to me that a real cryptocurrency would be one which didn’t require a network to validate transactions. While bitcoin was a giant leap, it has been legislated out of popular use. I believe something even more decentralized might come along and sweep it away.

A real crypto would consist of some kind of token that can be proven to be unique and to be “owned” only by the holder. I guess it would be associated with a wallet. Spending it would simply change the token so that it’s associated with a different wallet. I wonder if anyone’s discussing this.

BTW, could this question be any more obnoxious? :-]

cryptography – True or scam: registering for new cryptocurrency “TRON” awarding free 300 points for invitation

cryptography – True or scam: registering for new cryptocurrency “TRON” awarding free 300 points for invitation – Bitcoin Stack Exchange

Cryptocurrency wallet Chrome extension – encrypted data?

I had a crypto wallet a couple years ago called NEX (extension onofpnbbkehpmmoabgpcpmigafmmnjhl) and have since lost the backup phrases as I reset the hard drive to give to a family friend to use without realising the phrases were there (hid the file so well I didn’t find it). I managed to get a copy of the Chrome extension files back using Recuva and have the 000003.log file in Local Extension Settings.

I tried to follow a similar guide for Metamask to retrieve the phrases (https://metamask.zendesk.com/hc/en-us/articles/360018766351-How-to-use-the-Vault-Decryptor-with-the-MetaMask-Vault-Data) but this didn’t apply as the log file seems to be encrypted. I assume it’s encrypted as some of the data is in plain text:

IEC 61966-2-1 Default RGB Colour Space – sRGB
XYZ b™ ·… ÚXYZ P meas
XYZ 3 ¤XYZ o¢ 8õ sig CRT desc
-Reference Viewing Condition in IEC 61966-2-1

But most of it looks like this:

óJE-ºMzÔ#Ä»£ÆhRO«_…ôË(K9Õ2åË>¨%ŽÔB5š5ëÇÒji®¬k¹<9z)ôG¹c”ºécë+è0¨K®Jj^JSŽ—šArÄïíRÇÉ#ÝÒK3{%”#·Â(¿/Ĭ(Šv/,äþ^‚ò$â$õIj—èVRmuè‡Zôóñi´.¤¦iXyçáß$´~þ¢õG 0M÷RŒí䛀ßs‘6y‰÷L%žY*.Di6¯·iÏ+™Öd­ãè»ñ±ÖÜWá³chm›N­˜DùšiÄV é<ƒÚS ¤ÒêAíq’

The developer has been useless and of no help so I am desperate here looking for some advice on where to start. I couldn’t locate an LDB file linked to this so have to assume it’s all in this log file.

Thanks in advance.

What is Cryptocurrency?

It’s that time of year again, so let’s take a peek at the digital cryptocurrency price in USA 2021. Cryptocurrency is decentralized digital money, founded on blockchain technology. You may be familiar with the most common alternatives, Bitcoin and Ethereum, but there are more than 5,000 different cryptocurrencies in circulation, according to CoinLore.

How can you use Mine Cryptocurrency?
Mining is how new Cryptocurrency price units are released to the world, generally in exchange for validating transactions. While it is theoretically possible for an average person to mine Cryptocurrency it is increasingly difficult to prove working systems, such as Bitcoin.

How is Cryptocurrency working?
Cryptocurrency is a digital, encrypted, and decentralized exchange medium. Unlike in the U.S. Dollar or Euro, there is no central authority that manages and maintains the value of a cryptocurrency price. Instead, these tasks are widely distributed across the internet to cryptocurrency users. Cryptocurrency is serving a lot like bank credit on a debit card. In both cases, a compact system that issues currency and records transactions and balances work behind the scenes to allow people to send and receive money electronically.

address – If Cryptocurrency offers anonymity, why is it considered by forensic professionals to be the best currency for fighting illicit transactions?

I read about this in https://www.forbes.com/sites/stevenehrlich/2021/04/13/janet-yellen-bitcoin-and-crypto-fearmongers-get-pushback-from-former-cia-director/

I have categorized privacy and anonymity involved in Bitcoin transactions as (based on few cases that I have studied):

  1. Network layer
  2. Blockchain
  3. External

Networking: Use of full node, Tor, i2p, etc.

Blockchain: Information available publicly for every transaction like amount, type of transaction etc.

External: Lot of users share information about their bitcoin addresses or transactions on social media. Example: You can search for “blockchain.com/btc/tx” on Telegago to check lot of transactions shared in different telegram groups or channels.

In terms of it being digital this makes sense, and of course the public ledger would showcase all transactions, but aren’t the identities of those transacting hidden cryptographically?

It is mentioned in the paper: “(It) is easier for law enforcement to
trace illicit activity using Bitcoin than it is
to trace cross-border illegal activity using
traditional banking transactions, and far
easier than cash transactions.

Yes, its easier to trace digital payments compared to cash transactions. One of the reasons governments are moving towards to cashless economy. Demonetization that happened in India few years back and usage of digital payments since then is a great example. Although I am not sure about banking transactions because it varies from one bank to another and different places in the world. There are lot of other things used by criminals which exist since years but I consider them to be off-topic here so will not go in to details.

If Cryptocurrency offers anonymity, why is it considered by forensic professionals to be the best currency for fighting illicit transactions?

I am assuming its because of their confidence in the use of tools they find helpful in tracing Bitcoin transactions. Also we cannot blame the privacy or anonymity of Bitcoin transactions in every case because most of the cases involve things like address reuse, using KYC exchanges, information shared on social media etc.

Michael Morell (Former CIA Director) has mentioned few things that support my arguments about their confidence in the use of tools used for tracking:

Blockchain analysis is a highly effective crime fighting and intelligence gathering tool.

But that is not all. Perhaps even more interesting to Morell was how analytic firms such as Chainalysis, CipherTrace, and Elliptic can employ forensic and artificial intelligence tools to find illicit actors and activity on blockchains. In fact, he said that he was “literally blown away by how they find illicit activity…this is great intelligence work.”

I don’t trust everything shared by firms like Chainalysis and artificial intelligence is helpful but has its own issues when using for analyzing Bitcoin transactions. I have mentioned the details of an independent investigation related to Mt. Gox case: https://bitcoin.stackexchange.com/a/101959/. You will find the investigator had to assume lot of things for tracing Bitcoin transactions.

Will share few charts that looked interesting although as I mentioned above firms like Chainalysis have incentives in promoting their business and mislead people about privacy and anonymity in Bitcoin:

dest-illicit

risky-services

illicit-map

origin-darknet

dest-darknet

You can check other details here: https://go.chainalysis.com/rs/503-FAP-074/images/Chainalysis-Crypto-Crime-2021.pdf

Lastly, how do we improve privacy and anonymity involved in Bitcoin transactions? Quoting sipa from one of the Reddit post:

Nothing is “sufficient” for privacy. It’s a goal to work towards, but it is so multi-faceted that no single piece of technology can “solve” privacy. https://www.reddit.com/r/Bitcoin/comments/e65vdf/could_bitcoins_privacy_benefit_from_litecoins_eb/f9oxfyk/

I have mentioned the difference between privacy and anonymity, best practices for Bitcoin transactions and few other things in this answer: https://bitcoin.stackexchange.com/a/103255/

Tradebox – CryptoCurrency Buy Sell and Trading Software

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currencies – Understanding liquidation when trading Cryptocurrency in ByBit

I’m trying to understand how to trade cryptocurrency using ByBit but as you can see I have no idea what I’m doing.

I had $100 dollars (0.0460 ETH) and I got liquidated in less than an hour.

Can someone please explain how did that happen so quickly based on the settings below?

enter image description here

My understanding was that I was going enter at the Etherium price of $2,115 and that the trade would close at either $2,300 or $2,089 whichever hit first.

How did I lose the whole $100/0.0460 ETH, I’m confused.

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