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No, the British did not steal $45 trillion from India
This is an updated copy of the version on BadHistory. I plan to update it in accordance with the feedback I got. I'd like to thank two people who will remain anonymous for helping me greatly with this post (you know who you are) Three years ago a festschrift for Binay Bhushan Chaudhuri was published by Shubhra Chakrabarti, a history teacher at the University of Delhi and Utsa Patnaik, a Marxist economist who taught at JNU until 2010. One of the essays in the festschirt by Utsa Patnaik was an attempt to quantify the "drain" undergone by India during British Rule. Her conclusion? Britain robbed India of $45 trillion (or £9.2 trillion) during their 200 or so years of rule. This figure was immensely popular, and got republished in several major news outlets (here, here, here, here (they get the number wrong) and more recently here), got a mention from the Minister of External Affairs & returns 29,100 results on Google. There's also plenty of references to it here on Reddit. Patnaik is not the first to calculate such a figure. Angus Maddison thought it was £100 million, Simon Digby said £1 billion, Javier Estaban said £40 million see Roy (2019). The huge range of figures should set off some alarm bells. So how did Patnaik calculate this (shockingly large) figure? Well, even though I don't have access to the festschrift, she conveniently has written an article detailing her methodology here. Let's have a look.
How exactly did the British manage to diddle us and drain our wealth’ ? was the question that Basudev Chatterjee (later editor of a volume in the Towards Freedom project) had posed to me 50 years ago when we were fellow-students abroad.
This is begging the question.
After decades of research I find that using India’s commodity export surplus as the measure and applying an interest rate of 5%, the total drain from 1765 to 1938, compounded up to 2016, comes to £9.2 trillion; since $4.86 exchanged for £1 those days, this sum equals about $45 trillion.
This is completely meaningless. To understand why it's meaningless consider India's annual coconut exports. These are almost certainly a surplus but the surplus in trade is countered by the other country buying the product (indeed, by definition, trade surpluses contribute to the GDP of a nation which hardly plays into intuitive conceptualisations of drain). Furthermore, Dewey (2019) critiques the 5% interest rate.
She [Patnaik] consistently adopts statistical assumptions (such as compound interest at a rate of 5% per annum over centuries) that exaggerate the magnitude of the drain
The exact mechanism of drain, or transfers from India to Britain was quite simple.
Drain theory possessed the political merit of being easily grasped by a nation of peasants. [...] No other idea could arouse people than the thought that they were being taxed so that others in far off lands might live in comfort. [...] It was, therefore, inevitable that the drain theory became the main staple of nationalist political agitation during the Gandhian era.
The key factor was Britain’s control over our taxation revenues combined with control over India’s financial gold and forex earnings from its booming commodity export surplus with the world. Simply put, Britain used locally raised rupee tax revenues to pay for its net import of goods, a highly abnormal use of budgetary funds not seen in any sovereign country.
The issue with figures like these is they all make certain methodological assumptions that are impossible to prove. From Roy in Frankema et al. (2019):
the "drain theory" of Indian poverty cannot be tested with evidence, for several reasons. First, it rests on the counterfactual that any money saved on account of factor payments abroad would translate into domestic investment, which can never be proved. Second, it rests on "the primitive notion that all payments to foreigners are "drain"", that is, on the assumption that these payments did not contribute to domestic national income to the equivalent extent (Kumar 1985, 384; see also Chaudhuri 1968). Again, this cannot be tested. [...] Fourth, while British officers serving India did receive salaries that were many times that of the average income in India, a paper using cross-country data shows that colonies with better paid officers were governed better (Jones 2013).
Indeed, drain theory rests on some very weak foundations. This, in of itself, should be enough to dismiss any of the other figures that get thrown out. Nonetheless, I felt it would be a useful exercise to continue exploring Patnaik's take on drain theory.
The East India Company from 1765 onwards allocated every year up to one-third of Indian budgetary revenues net of collection costs, to buy a large volume of goods for direct import into Britain, far in excess of that country’s own needs.
So what's going on here? Well Roy (2019) explains it better:
Colonial India ran an export surplus, which, together with foreign investment, was used to pay for services purchased from Britain. These payments included interest on public debt, salaries, and pensions paid to government offcers who had come from Britain, salaries of managers and engineers, guaranteed profts paid to railway companies, and repatriated business profts. How do we know that any of these payments involved paying too much? The answer is we do not.
So what was really happening is the government was paying its workers for services (as well as guaranteeing profits - to promote investment - something the GoI does today Dalal (2019), and promoting business in India), and those workers were remitting some of that money to Britain. This is hardly a drain (unless, of course, Indian diaspora around the world today are "draining" it). In some cases, the remittances would take the form of goods (as described) see Chaudhuri (1983):
It is obvious that these debit items were financed through the export surplus on merchandise account, and later, when railway construction started on a large scale in India, through capital import. Until 1833 the East India Company followed a cumbersome method in remitting the annual home charges. This was to purchase export commodities in India out of revenue, which were then shipped to London and the proceeds from their sale handed over to the home treasury.
While Roy's earlier point argues better paid officers governed better, it is honestly impossible to say what part of the repatriated export surplus was a drain, and what was not. However calling all of it a drain is definitely misguided. It's worth noting that Patnaik seems to make no attempt to quantify the benefits of the Raj either, Dewey (2019)'s 2nd criticism:
she [Patnaik] consistently ignores research that would tend to cut the economic impact of the drain down to size, such as the work on the sources of investment during the industrial revolution (which shows that industrialisation was financed by the ploughed-back profits of industrialists) or the costs of empire school (which stresses the high price of imperial defence)
Since tropical goods were highly prized in other cold temperate countries which could never produce them, in effect these free goods represented international purchasing power for Britain which kept a part for its own use and re-exported the balance to other countries in Europe and North America against import of food grains, iron and other goods in which it was deficient.
Re-exports necessarily adds value to goods when the goods are processed and when the goods are transported. The country with the largest navy at the time would presumably be in very good stead to do the latter.
The British historians Phyllis Deane and WA Cole presented an incorrect estimate of Britain’s 18th-19th century trade volume, by leaving out re-exports completely. I found that by 1800 Britain’s total trade was 62% higher than their estimate, on applying the correct definition of trade including re-exports, that is used by the United Nations and by all other international organisations.
While interesting, and certainly expected for such an old book, re-exporting necessarily adds value to goods.
When the Crown took over from the Company, from 1861 a clever system was developed under which all of India’s financial gold and forex earnings from its fast-rising commodity export surplus with the world, was intercepted and appropriated by Britain. As before up to a third of India’s rising budgetary revenues was not spent domestically but was set aside as ‘expenditure abroad’.
So, what does this mean? Britain appropriated all of India's earnings, and then spent a third of it aboard? Not exactly. She is describing home charges see Roy (2019) again:
Some of the expenditures on defense and administration were made in sterling and went out of the country. This payment by the government was known as the Home Charges. For example, interest payment on loans raised to finance construction of railways and irrigation works, pensions paid to retired officers, and purchase of stores, were payments in sterling. [...] almost all money that the government paid abroad corresponded to the purchase of a service from abroad. [...] The balance of payments system that emerged after 1800 was based on standard business principles.India bought something and paid for it.State revenues were used to pay for wages of people hired abroad, pay for interest on loans raised abroad, and repatriation of profits on foreign investments coming into India. These were legitimate market transactions.
Indeed, if paying for what you buy is drain, then several billions of us are drained every day.
The Secretary of State for India in Council, based in London, invited foreign importers to deposit with him the payment (in gold, sterling and their own currencies) for their net imports from India, and these gold and forex payments disappeared into the yawning maw of the SoS’s account in the Bank of England.
It should be noted that India having two heads was beneficial, and encouraged investment per Roy (2019):
The fact that the India Office in London managed a part of the monetary system made India creditworthy, stabilized its currency, and encouraged foreign savers to put money into railways and private enterprise in India. Current research on the history of public debt shows that stable and large colonies found it easier to borrow abroad than independent economies because the investors trusted the guarantee of the colonist powers.
Against India’s net foreign earnings he issued bills, termed Council bills (CBs), to an equivalent rupee value. The rate (between gold-linked sterling and silver rupee) at which the bills were issued, was carefully adjusted to the last farthing, so that foreigners would never find it more profitable to ship financial gold as payment directly to Indians, compared to using the CB route. Foreign importers then sent the CBs by post or by telegraph to the export houses in India, that via the exchange banks were paid out of the budgeted provision of sums under ‘expenditure abroad’, and the exporters in turn paid the producers (peasants and artisans) from whom they sourced the goods.
Sunderland (2013) argues CBs had two main roles (and neither were part of a grand plot to keep gold out of India):
Council bills had two roles. They firstly promoted trade by handing the IO some control of the rate of exchange and allowing the exchange banks to remit funds to India and to hedge currency transaction risks. They also enabled the Indian government to transfer cash to England for the payment of its UK commitments.
The United Nations (1962) historical data for 1900 to 1960, show that for three decades up to 1928 (and very likely earlier too) India posted the second highest merchandise export surplus in the world, with USA in the first position. Not only were Indians deprived of every bit of the enormous international purchasing power they had earned over 175 years, even its rupee equivalent was not issued to them since not even the colonial government was credited with any part of India’s net gold and forex earnings against which it could issue rupees. The sleight-of-hand employed, namely ‘paying’ producers out of their own taxes, made India’s export surplus unrequited and constituted a tax-financed drain to the metropolis, as had been correctly pointed out by those highly insightful classical writers, Dadabhai Naoroji and RCDutt.
It doesn't appear that others appreciate their insight Roy (2019):
K. N. Chaudhuri rightly calls such practice ‘confused’ economics ‘coloured by political feelings’.
Surplus budgets to effect such heavy tax-financed transfers had a severe employment–reducing and income-deflating effect: mass consumption was squeezed in order to release export goods. Per capita annual foodgrains absorption in British India declined from 210 kg. during the period 1904-09, to 157 kg. during 1937-41, and to only 137 kg by 1946.
If even a part of its enormous foreign earnings had been credited to it and not entirely siphoned off, India could have imported modern technology to build up an industrial structure as Japan was doing.
This is, unfortunately, impossible to prove. Had the British not arrived in India, there is no clear indication that India would've united (this is arguably more plausible than the given counterfactual1). Had the British not arrived in India, there is no clear indication India would not have been nuked in WW2, much like Japan. Had the British not arrived in India, there is no clear indication India would not have been invaded by lizard people, much like Japan. The list continues eternally. Nevertheless, I will charitably examine the given counterfactual anyway. Did pre-colonial India have industrial potential? The answer is a resounding no. From Gupta (1980):
This article starts from the premise that while economic categories - the extent of commodity production, wage labour, monetarisation of the economy, etc - should be the basis for any analysis of the production relations of pre-British India, it is the nature of class struggles arising out of particular class alignments that finally gives the decisive twist to social change. Arguing on this premise, and analysing the available evidence, this article concludes that there was little potential for industrial revolution before the British arrived in India because, whatever might have been the character of economic categories of that period,the class relations had not sufficiently matured to develop productive forces and the required class struggle for a 'revolution' to take place.
Yet all of this did not amount to an economic situation comparable to that of western Europe on the eve of the industrial revolution. Her technology - in agriculture as well as manufacturers - had by and large been stagnant for centuries. [...] The weakness of the Indian economy in the mid-eighteenth century, as compared to pre-industrial Europe was not simply a matter of technology and commercial and industrial organization. No scientific or geographical revolution formed part of the eighteenth-century Indian's historical experience. [...] Spontaneous movement towards industrialisation is unlikely in such a situation.
So now we've established India did not have industrial potential, was India similar to Japan just before the Meiji era? The answer, yet again, unsurprisingly, is no. Japan's economic situation was not comparable to India's, which allowed for Japan to finance its revolution. From Yasuba (1986):
All in all, the Japanese standard of living may not have been much below the English standard of living before industrialization, and both of them may have been considerably higher than the Indian standard of living. We can no longer say that Japan started from a pathetically low economic level and achieved a rapid or even "miraculous" economic growth. Japan's per capita income was almost as high as in Western Europe before industrialization, and it was possible for Japan to produce surplus in the Meiji Period to finance private and public capital formation.
The circumstances that led to Meiji Japan were extremely unique. See Tomlinson (1985):
Most modern comparisons between India and Japan, written by either Indianists or Japanese specialists, stress instead that industrial growth in Meiji Japan was the product of unique features that were not reproducible elsewhere. [...] it is undoubtably true that Japan's progress to industrialization has been unique and unrepeatable
So there you have it. Unsubstantiated statistical assumptions, calling any number you can a drain & assuming a counterfactual for no good reason gets you this $45 trillion number. Hopefully that's enough to bury it in the ground. 1. Several authors have affirmed that Indian identity is a colonial artefact. For example seeRajan 1969:
Perhaps the single greatest and most enduring impact of British rule over India is that it created an Indian nation, in the modern political sense. After centuries of rule by different dynasties overparts of the Indian sub-continent, and after about 100 years of British rule, Indians ceased to be merely Bengalis, Maharashtrians,or Tamils, linguistically and culturally.
But then, it would be anachronistic to condemn eighteenth-century Indians, who served the British, as collaborators, when the notion of 'democratic' nationalism or of an Indian 'nation' did not then exist.[...]Indians who fought for them, differed from the Europeans in having a primary attachment to a non-belligerent religion, family and local chief, which was stronger than any identity they might have with a more remote prince or 'nation'.
Chakrabarti, Shubra & Patnaik, Utsa (2018). Agrarian and other histories: Essays for Binay Bhushan Chaudhuri. Colombia University Press Hickel, Jason (2018). How the British stole $45 trillion from India. The Guardian Bhuyan, Aroonim & Sharma, Krishan (2019). The Great Loot: How the British stole $45 trillion from India. Indiapost Monbiot, George (2020). English Landowners have stolen our rights. It is time to reclaim them. The Guardian Tsjeng, Zing (2020). How Britain Stole $45 trillion from India with trains | Empires of Dirt. Vice Chaudhury, Dipanjan (2019). British looted $45 trillion from India in today’s value: Jaishankar. The Economic Times Roy, Tirthankar (2019). How British rule changed India's economy: The Paradox of the Raj. Palgrave Macmillan Patnaik, Utsa (2018). How the British impoverished India. Hindustan Times Tuovila, Alicia (2019). Expenditure method. Investopedia Dewey, Clive (2019). Changing the guard: The dissolution of the nationalist–Marxist orthodoxy in the agrarian and agricultural history of India. The Indian Economic & Social History Review Chandra, Bipan et al. (1989). India's Struggle for Independence, 1857-1947. Penguin Books Frankema, Ewout & Booth, Anne (2019). Fiscal Capacity and the Colonial State in Asia and Africa, c. 1850-1960. Cambridge University Press Dalal, Sucheta (2019). IL&FS Controversy: Centre is Paying Up on Sovereign Guarantees to ADB, KfW for Group's Loan. TheWire Chaudhuri, K.N. (1983). X - Foreign Trade and Balance of Payments (1757–1947). Cambridge University Press Sunderland, David (2013). Financing the Raj: The City of London and Colonial India, 1858-1940. Boydell Press Dewey, Clive (1978). Patwari and Chaukidar: Subordinate officials and the reliability of India’s agricultural statistics. Athlone Press Smith, Lisa (2015). The great Indian calorie debate: Explaining rising undernourishment during India’s rapid economic growth. Food Policy Duh, Josephine & Spears, Dean (2016). Health and Hunger: Disease, Energy Needs, and the Indian Calorie Consumption Puzzle. The Economic Journal Vankatesh, P. et al. (2016). Relationship between Food Production and Consumption Diversity in India – Empirical Evidences from Cross Section Analysis. Agricultural Economics Research Review Gupta, Shaibal (1980). Potential of Industrial Revolution in Pre-British India. Economic and Political Weekly Raychaudhuri, Tapan (1983). I - The mid-eighteenth-century background. Cambridge University Press Yasuba, Yasukichi (1986). Standard of Living in Japan Before Industrialization: From what Level did Japan Begin? A Comment. The Journal of Economic History Tomblinson, B.R. (1985). Writing History Sideways: Lessons for Indian Economic Historians from Meiji Japan. Cambridge University Press Rajan, M.S. (1969). The Impact of British Rule in India. Journal of Contemporary History Bryant, G.J. (2000). Indigenous Mercenaries in the Service of European Imperialists: The Case of the Sepoys in the Early British Indian Army, 1750-1800. War in History
11-04 14:33 - 'DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN' (self.Bitcoin) by /u/xia112 removed from /r/Bitcoin within 3-13min
''' • The indivisible minimum KRATSCOIN unit is 0.00001 instead of 0.00000001 to denominate realistic currency rates in FOREX. Denomination cannot be determined or dictated by the value of a currency. If KRATSCOIN is valued at USD10,000.00 then the smallest unit of KRATSCOIN at 0.00001 = USD0.10 and nothing smaller than USD0.10 in KRATSCOIN. Example: If USD1.00 = THB30.00 and the smallest denomination of USD is USD0.10, then a USD0.10 which is THB3.00, is unable to buy a piece of candy at THB1.00. Thus the USD must be converted into a smaller currency of THB in order to buy the THB1.00 candy. • KRATSCOIN is in-line with standard International Foreign Currency Exchange Practice at indivisible minimum unit 0.00001. • Each KRATSCOIN is equipped with a 13 digit “SERIAL CODES AND NUMBERS” and there will be a total of 2,100,000,000,000 SERIAL CODES in total. Example1: 1st KRATSCOIN = AKDJFYRS.00000 Example2: 1st Fraction from 1st KRATSCOIN = AKDJFYRS.00001 Example3: 2nd Fraction from 2nd KRATSCOIN = AKDJFYRS.00002 Example4: Last KRATSCOIN = DLXVZKWR.00000 Example5: 1st Fraction from Last KRATSCOIN = DLXVZKWR.00001 Example6: 2nd Fraction from Last KRATSCOIN = DLXVZKWR.00002 • In Year 2015, Silk Road in DeepWeb utilization of Bitcoin in their transactions amounts to USD1.2billion spanning over 950,000 users. One may argue that Bitcoin is most utilized by the black market, which then maintains its value and worth among other factors. However, the USD1.2bil a year over 950,000 users are far fetch from the Legitimate Users in comparison. Bitcoin transactions runs into USD40.0bil in recent Legitimate Crypto Exchanges. In summary, legitimate transaction of crypto currencies is many times larger use in illegal transactions. DIFFERENCE BETWEEN FIAT AND CRYPTO: • Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver. • Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com. • What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it. • There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency. • A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht. • It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases. • In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms. KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities. An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports. Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities. SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC: Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers. In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting. Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties. • Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact. • Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”. • In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win. • Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety. SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS: • Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships. • But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry. • Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial. • The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels? • With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date. • If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies. • Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile. • In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works. TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS: • Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations. • Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection. • By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies. PRIVACY & ANONIMITY: • Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act. • As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private. • Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act. SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES): • No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet. • Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets. • Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat. KRATSCOIN SUMMARY: • Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails. • “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com. • Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse? • Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN. "Quoted by" [[link]6 [[link]7 [[link]8 [[link]9 [[link]10 ''' DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN Go1dfish undelete link unreddit undelete link Author: xia112 1: lintangnews.c*m/ada*kr**s*o*n-*ni-be*a*ya-d*ngan-bi***in* 2: 0xzx**o***019101*124431*902.*tml 3: ne*s.*oko**y*to.com/*ag/**atsco*n-kt*/ 4: bbs.**anya.cn/p**t-l*ok*u*-836*0*-*.shtml 5: z*uanlan.z*i*u.*om*p/*4*44615 6: l*nta*g*ews.*o*/ada*kr*ts*o*n-*ni-***a*ya-d*ngan-bitcoin/]^^1 7: 0x*x*com/2019101**24*312*02*ht**]^^2 8: news*t**ocr*p*o***m/tag/kr*tscoin-ktc/]*^3 9: bbs.*i*n*a.cn/p**t-loo*ou*-8*61*5-1.sht*l*^^4 10: zhuanl*n.zh*hu.co*/**84**461*]^^5 Unknown links are censored to prevent spreading illicit content.
I have his approval to mirror his Twitter threads on Reddit.
James has retweeted a link to this post.
Links to reddit posts are easier to share when compared to twitter threads.
I'd quoted a specific tweet of his - to give him credit. It was taken down by mods stating that his Twitter account was unverified and I needed to remove the link to his tweet. Anyway, the intent was to share the fact-based rebuttal to the govt narrative.
If you have any queries related to this post, please address them directly to James Wilson on twitter.
I remember the problem which I faced prior to my first international trip – buying foreign currency. I went to the heart of my city to look for a Forex service provider which would sell me the foreign currency I was looking for at a fair price. More than two hours in the market and I had to settle for a rate which left me feeling cheated. It has been five years since that episode. Today, my least concern before a foreign trip is to get foreign currency. Whether it is for studying abroad, international travel, or working outside the country, we all want to get the best Forex deals for our foreign visitors. Following is a list comprising of eight ways to get the best Forex deal: https://preview.redd.it/dlzc657ofye31.jpg?width=1024&format=pjpg&auto=webp&s=23826008d436f19e5bbad9924e4a5d219e72f818 1.Purchase Online – Do you know the reason why you get more discount on e-commerce websites than in a shopping mall? That’s right. E-commerce websites have online stores, which saves them a lot of money. Being online, not offline, means that they offer their potential customers not only the means to purchase from the comfort of their home, but also help them save time and energy. Tei Forex is the only completely-online Forex service provider company in India. 2. Compare – It is funny that we tend to compare rates for the smallest of groceries, but refrain from doing the comparison when it comes to Foreign Exchange. Not all Forex vendors offer the best exchange rates. For buying foreign currency, Tei Forex is a premium Forex company which assures the best foreign exchange rates. Simply go through their websites or call them to get the rates and do the comparison. It may take a little extra time, but it can save you thousands. 3. Don’t leave it for the last moment – Although Tei forex delivers a prepaid Forex card within 24-48 hours (excluding holidays), it is better to order your prepaid travel card at least five days in advance. In case if you speculate that the ordered currency rate will go down, don’t worry. Order your international travel card well in advance with the bare minimum amount. You can later reload it when the rate falls. 4. Look for offers – Though a majority of vendors simply want to make as much money as possible from their customers, there are a few vendors which belief in customer satisfaction. Tei Forex does not only assure the best currency exchange rates, but also provides two free ATM withdrawals per month. They also provide round-the-clock customer support. 5. Don’t fall for unbelievable offers – Getting an offer is one thing, but getting an unbelievable offer is another. Rule of thumb tells us that if an offer is too good to be true, it most likely is. Some companies adopt marketing gimmicks or unethical means to woo their customers. 6. Negotiate – If you ask for something, you will get a ‘yes’ or a ‘no’. If it is a no, it would not really matter, but if it is a yes, good for you. While the banks will not entertain you if you try to negotiate with them, Forex vendors might. If you find a better exchange rate for the currency you are looking for, inform the other Forex vendors. To convert you as their customer, they might as well challenge that price and offer you a better exchange rate. 7. Avoid the Forex vendors at the airports – Rarely will you find a good Forex rate from the airport currency exchange vendors. Whether you have just arrived or are about to leave, airport Forex vendors are the last place you should consider buying or selling your Forex, as their rates are exorbitant. At the time of arrival, if you don’t have any cash in the local currency, just exchange enough to pay for the hotel transfer. If you are leaving, exchange the excess money before arriving at the airport. Whatever purchases you would want to make at the airport can be done using your Tei Forex prepaid Forex card.
Avoid using your Debit or Credit card –
Using your debit or credit card in a foreign country may seem really convenient, but it can be really costly. Banks are known to charge up to 6.5% as fees on the use of their debit or credit card internationally. And more often than not, the charges are not just levied by your bank, but by the ATM’s bank as well. Banks may even try to lure you by offering you with free insurance or travel discounts. In that case, read point #5 again. Tags: best foreign exchange,online currency exchange, money transfer service,foreign exchange in bangalore, foreign currency exchange in bangalore,currency exchange in bangalore airport,currency exchange in bangalore near me,forex in bangalore, best rates foreign exchange in bangalore airport,currency exchange in bangalore brigade road.
Hey guys I'm travelling to India soon and was looking at exchanging some cash but an exchange service close to me was willing to buy a dollar for just 41 rupees! I was pretty disappointed considering the forex rate is around 50.9 rupees right now. I tried some online comparison websites for exchange services but they're all seem to not have information for the INR due to it being a closed currency. Any tips on where to get good exchange rate deals or likewise suggestions on the matter would be greatly appreciated :)
Which is a good website to buy foreign exchange online in India
Not many years ago, times were different, people were different, situations were different, the demand was different and so the supply was obviously different. However, times have changed now. People are moving towards modernization, smart lifestyles with an over excited dependency on technology which has consumed them in every parameter. For instance, Newspapers got exchanged with digital media, letters to emails, phone calls to social media, SMS to web chat, things have changed drastically… moreover, one can say that they have taken shape in a different manner. The world is witnessing a paradigm shift, everything in todays time has a very small span of existence. Especially if we talk about materials. In those terms, the paradigm shift has evidently changed the lives in both boon and bane manner. One such example is of Foreign Exchange. Since, the scenario of development has taken place, people are becoming mass global citizen. Remember, there used to be a time when we only used to hear that only a few used to travel overseas and were the Elites of the society. However, things are different today. People now travel every now and then. The travel industry is witnessing an exponential growth in terms of global economy, national economy and what not!? Contributing to the same domain, the emergence of startups can not be forgotten. Since the start up have introduced a culture of innovation, life of people has become easy. And easy is just a small word. The Foreign Exchange services is a perfect example to showcase the proof of development of this overall developing situation. Earlier this domain which used to be highly influenced by the manual and in person market has now started to lose its game… One of the best examples that prove the situation is the emergence of Best Online Foreign Exchanger Platforms like BookMyForex that claim to be the worlds only and the largest online marketplace for all the foreign currency exchange requirements. In all, your one stop solution to all your requirements. No running, no haggling and no risking. Foreign Exchange Market which is highly influenced by the private money exchangers and banks or airport kiosks are now losing ground due to the emergence of websites like BookMyForex that are providing the best rates in comparison to the market. Private Money Changers who earlier used to provide exchanges at high rates are now getting replaced by these online platforms who challenge to provide the best rates in the market. The testimonials of the users of these websites are the perfect examples or statement of witnesses to believe in the authenticity of their existence. However, these online platforms claim to be recognized by the RBI and offer exchange rates that are best in the market with no additional or hidden charges. Placing an order with BookMyForex comes with a set of benefits and additional advantages such as: Transparent & Reliable: BookMyForex is an RBI recognised foreign exchange that provides you with Live Market Rates that are updated to the last second. The rates we provide are the best in the market with no additional or hidden charges included. Best Value: Get the best exchange rates around you compared across hundreds of banks and money changers. Save 2.5% - 6.5% over banks & money changers, save 3.5% - 6% over International credit/debit cards, Save 6.5% - 13% over airport exchange counters. No Haggles: Easy 4 steps to place an order. Available Everywhere: Bookmyforex has 5000+partners including banks and with the presence of money exchangers in 650+ cities of India that have made currency exchange in India a hassle-free business. Proactive Customer Assistance: We don't say it, our customers do. Check our testimonials about the customer assistance that we provide. From updating you with your favourable rates to tracking your order, our customer support is known to be strong and helpful. Door Delivery Service: we offer door delivery service within the same day or next day of the booking* (free door deliveries for orders of Rs 50,000 and above.
Partial translation of long Chinese article regarding the recent actions of PBOC
https://www.sosobtc.com/article/24259.html The following is a rough/partial translation of the article "Reflections on the present situation of Bitcoin and thoughts on its future" provided in the link above Two hurricanes swept through the landscape as the summer season trails off, instead of uprooting trees and destroying houses, it ravaged through the Bitcoin markets. In early September, Chinese authorities made an announcement banning Initial Coin Offerings (ICO), this was shortly followed by a second official statement regarding the closures of Chinese cryptocurrencies exchanges. These two statements triggered a flurry of selling off and caused a massive upheaval in cryotocurrency markets. This author had anticipated these actions from PBOC, and was perhaps, even an unwitting instigator (in the most minor sense possible) for the current turn of events. A few days back, this author had suggested that PBOC should just shut down Bitcoin mines and exchanges in China, thus allowing an easy way out for the central bank to abscond itself of any “supervisory responsibility” over this burgeoning industry. This would also ensure that Bitcoin markets would open to develop organically in a democratic, autonomous manner, free from constant irrational interference of the Central Bank. Nevertheless this author still found it surprising that the typically indecisive PBOC would take such a drastic action within such a short time. In the author’s opinion, there are three main factors, and three minor factors that lead to this latest decision by PBOC. Here are the 3 main reasons: 1) The increasingly unwieldy size of the Bitcoin market First, let’s keep a few figures in mind. 1) In 2015, based on the limited amount of information available to the public; China UnionPay the crown jewel of PBOC disclosed a profit of 3.8 billion CNY, and held 66.5 billion CNY worth of assets. 2) 220 billion CNY; stamp duty revenue generated from securities issued by CSRC. Now, consider the size of the Bitcoin industry in China. China holds approximately two thirds of Bitcoin currently in circulation, ~10 million Bitcoins. Before the most recent market upheaval, Bitcoin’s value was holding steady at around 30000 CNY (4500 USD), hence according to this approximation, Bitcoin holders in China is controlling 300 billion CNY worth of a highly liquid, easily transacted wealth that is not subjected to regulations and jurisdiction by the Central Bank and Ministry’s of Finance. In a space of a few short years, the amount of wealth held by Chinese citizens in Bitcoin has now swelled to a very significant amount that’s on the scale of annual military spending of nations such as India and Russia (55.9 billion and 69.2 billion USD respectively, estimated Bitcoin holding in China 45 billion USD (when price was at 4500 usd) Now that the days of exponential Chinese economic growth driven by its manufacturing industry is over, various ministries are trying all sorts of different methods to promote economic growth. However, for all their efforts to promote and cultivate a new multibillion industry, their achievements pale in comparison to the Bitcoin and cryptocurrencies industry which had slipped right under their noses and is now thriving. It is easy to conjecture that the success of this new, non-government sanctioned industry is a slap in the face for archaic and control hungry Chinese party officials. Following the runaway success of Tencent and Alibaba, two recent multibillion companies which the Chinese State failed to put their finger in, Chinese officials are now determined to nip the Bitcoin industry in its bud before it blossoms into another non-state sanction success. This vindictive and petty type of thinking is rather typical, and to be expected of the current administration. 2）Disruption of the societal hierarchy The social hierarchy of China is still largely determined by state-owned monopolies. The distribution of public wealth and resources like real estate, mining rights, and business permits etc. are dictated by those wielding power in state enterprises. The immense wealth generated by these essentially risk free businesses is only accessible to relatives of high-ranking officials and fellow insiders, i.e an oligarchy. However the wealth generated from the Bitcoin industry which was essentially started by a bunch of tech enthusiasts with some old computers, a few lot of GPUs, and self taught mathematical models. This completely circumvents the typical route to wealth and riches as dictated by the state, and is a threat to the way they constructed the society to be. Hence, the Bitcoin industry must be stopped and to be made an example of. Business owners in cahoots with state officials also resents the Bitcoin industry greatly, like how they resisted e-payment systems like Alipay, WechatPay, or e-communities such as qq and Wechat initially. These business owners are essentially power brokers, where their greatest asset lies in their ability to act as an intermediary between private enterprises and the State, if new businesses no longer require the blessing of the state to prosper, then as the unofficial toll collectors would surely be starved. 3）The inequality of wealth distribution arising from the Bitcoin industry The frontrunners and greatest benefactors of the Chinese Bitcoin industry had been young tech enthusiasts. Typically young males in their late 20s, and as the price of Bitcoin boomed, they became a very conspicuous bunch of newly rich. These quickly drew the ire of the Chinese community, “your dad isn’t some powerful Chinese tycoon or government official, what did you do to deserve to get rich so quickly!” was the unspoken sentiment of the public. As more and more stories about the overnight success of Bitcoin mining/trading enterprises received inceased media coverage across 2016, the Chinese were driven into frenzy on this new source of wealth. One portion of the public started to throw their hats into the ring, by exploiting the fact that the public by large only possess a half-baked understanding of cryptocurrencies. These newcomers posed themselves as some sort of Bitcoin sage, and immediately started advocating all sorts of altcoins and cryptocurrencies to enrich themselves. Another portion of the public started to horde towards these so called bitcoin sages entrusting them with their hard earned money so that they can be a part of this exciting new industry. The fact that they lost money has nothing to do with the Bitcoin industry, but is solely due to the fact that they did not educate themselves properly and allowed themselves to be taken advantage of by some unscrupulous individuals. But the largest portion the public became increasingly envious of the success achieved by the frontrunners in the Bitcoin industry, feeling that it’s too late to join the bandwagon, and angry that all these newfound wealth had completely eluded them, they began to sound their frustration, demanding the closure and banning of the new arcane industry that they had missed out on. In recent years, financial crisis in China had always originated from State-controlled markets such as the stock exchange, Forex or the real estate industry. As the Chinese people grew increasingly distrustful of these State-controlled industries, the self-regulated Bitcoin industry emerged as shining beacon of success. The relevant authorities took note of the public dissatisfaction with Bitcoin and decided to go with the flow, assuaging public outrage while at the same time, diverting attention away from their own failures in issues such as the unaffordable real estate prices that's currently paralyzing the young Chinese community. The aforementioned three factors are deep rooted, and would always be a core reason for the Chinese government to stamp out Bitcoin. Here are three more minor reasons, which are more circumstantial and technical in nature: 1）The contentious hard fork leading to discord among the Bitcoin community Ever since Bitcoin splitted into Bitcoin Core and BitcoinCash, the community has grew increasingly partisan. This animosity between the two factions had damaged Bitcoin, and some people had decided to exploit this divide. The statement from James Dimon about Bitcoin being a scam was quickly picked up by Chinese officials to clamp down on Bitcoin. The credibility of his statement is dubious, seeing that JP Morgan was just as complicit as Lehman Brother’s was during the 2008 financial crisis, and really should not be calling out other people for being a scam. However, Chinese officials quickly took his words as gospel, after all enemy of an enemy is a friend. This crackdown essentially kills of the new Bitcoin blockchain advocated by the Chinese Bitcoin community (i.e Bitcoin Cash), so in a sense the state officials are modern traitors, by siding with foreigners and their view of Bitcoin. 2）Bitcoin market is still too naïve and immature Even before the Bitcoin hardfork was concluded, exchanges started listing tokens representing BitCoin Cash for trading. This action in particular hastens the decision by Chinese authorities to clampdown on Bitcoin. This decision is simply reckless and irrational, as it lies in complete betrayal of what Bitcoin stands for. Bitcoin is the time tested, gold standard among cryptocurrencies because every single bitcoin is forged by miners, this is what that makes Bitcoin secure and distinguishes it from the many other altcoins that currently exisits. Bitcoin is more than just a currency; it has solid proof of work backing it up. By simply listing BCC tokens before they are mined. What the exchanges are doing is no different from the central bank issuing fiat currencies, and by stepping into the domain of the central bank, Bitcoin exchanges now have painted a huge bulls eye on its back 3）Too much speculators, opportunists joining the fray In the few weeks prior to this crackdown, i.e when Bitcoin was at its all time high. Figures in the financial world that used to jeer at Bitcoin started to change their tune. They popped out like mushrooms after rain, claiming that they too want to join this exciting new industry, be it as a miner, a day trader or to start blockchain companies. In hindsight, these are clear indicators that the Bitcoin market is overheated and is due for a correction. Three years ago, when Bitcoin was worth around 1000 CNY, it was clearly a good, underpriced product with a clear utility and huge potential for future growth, but not a lot of people were buying it. However, now that the price had climbed all the way to 30000 CNY, people are rushing to get more of it. There was clearly a bubble, and that’s why this author started exhorting for PBOC to crackdown on Bitcoin and pop the bubble.
Adapted from my blog. Original post May 2, 2014. One of the biggest advantages of trading forex is that global political events often turn themselves into excellent market opportunities. Take, for instance, the turmoil in Ukraine. As the instability in that region grows, and capital flows out of Russia seeking safer havens, such opportunities are on the horizon. If you’re not familiar with what has been happening there, here’s a brief rundown of the past few months. Putin Outplays the West February 22nd- Ukranian President Viktor Yanyukovich is removed from office and flees the country. March 21st- Following weeks of protests for secession, Russia annexes the ethnically Russian Ukranian region of Crimea. The US immediately sanctions several prominent Russian politicians and business leaders. April 4th(ish)- Russia masses 40,000 troops on Ukraine’s Eastern border. April 25th- Russia raises the ruble’s interest rate to 7.5%. May 2nd- Ukrainian army forces clash with pro-Russian separatists in the Eastern cities of Odessa and Slovyansk. What Happens Next? Amid all the sabre-rattling and mindless media coverage, one can discern a pattern to Russia’s behavior in Ukraine that has been used recently in other conflicts. In 2008, Russia invaded Georgia and all but annexed the regions of Abkhazia and South Ossettia. Putin then employed a similar strategy of fostering political unrest before invading the region to ‘liberate’ ethnic Russian populations, and repeated the process in Crimea. It stands to reason he will do so again in Ukraine’s industrial, and Russian speaking east. This is assuming Putin doesn’t fear the threat of economically damaging and sweeping sanctions from the West. After all, Russia’s largest exports – oil and natural gas – have willing buyers in India and China, if not Eastern Europe. Putin has been in power for 14 years in Russia – long enough to turn his gaze beyond domestic squabbling and toward a more global stage, and the short term pain these sanctions would cause may not be enough to deter his advance. So Where Is the Trade? There are two outcomes I see as likely. Both offer excellent trades in the near future. 1) Russia invades Ukraine, or continues to support pro-separatist rebels in the east. This prompts expansive Western sanctions on May 25th and the ruble continues its decline. Investors will flock to more stable, high-yielding currencies like the NZD and to a lesser extent the TRY (whose issues will pale in comparison to the ruble), providing extended carry-trade opportunities for speculators. 2) Russia somehow avoids Western sanctions and looks to attract foreign investment once more with the ruble’s tasty 7.5% interest rate. Short USD/RUB will become an attractive mid-term trade as the ruble bounces back from its long decline of early this year. Either way, opportunity is on the horizon! We will certainly be keeping an eye on the events in Ukraine to determine where best to invest our capital, and will keep you updated on the blog and twitter as the situation unfolds. Agree with my analysis? Disagree? Let's hear it, forex!
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