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Archive for September, 2021

The Laban Scheme – Crypto currency racket in India.


I personally believe whether other crypto currencies thrive because of Indians or not, Bitcoin is going to thrive because of the retail investors in BTC. And let me tell you it is a racket.

In 2018, the Reserve Bank of India banned institutional support of trading in BTCs till in 2020 the Supreme Court of India struck down the Regulations.

The result is that Crypto exchanges have mushroomed all over and some of those have even sponsored some big events! They are in a publicity binge.

Why so?

All the exchanges are talking about BTCs and giving free BTCs worth around ₹500 to anyone who would open an account with them.

Let us pause for a minute and understand what is “₹500 worth of BTC!”

The smallest denomination of a BTC is a Satoshi.

What is the value of a satoshi?

The value of a Satoshi is one BTC divided 10,00,00,000. So the Bitcoin and Satoshi are separated by miles!

To put it in perspective, One satoshi is 0.000000001 of a BTC.

There’s a lot of verbal calisthenics in the marketing of BTCs in India. For example the hundredth paise after ninety nine, makes the rupee, as regards a BTC, the tenth crore satoshi after nine crore ninety nine lakhs ninety nine thousand nine hundred and ninety nine would make ONE BTC.

So what is it that one gets when one is given a free entry into the exchanges with an initial bonus of ₹500?

At the time of my writing this blog (10/09/2021) the value of one BTC in ₹ terms is

₹ 34,60,917. In terms of Indian rupees one Satoshi would have to be divided by 100000000 to arrive at its its exchange rate in Indian rupees, which would be

₹0. 0346. That’s roughly three and a half paise! In fact whatever a small time retailer buys, is never mentioned in Satoshi, which would be the unit of purchase. Which means when an Exchange offers a free ₹500, that the Exchange would credit to their account 1445 satoshis, but the retailer who has been credited with 1445 satoshi would be so happy to see that he has already made 0.000001445 of a BTC!

From hereon one would be gratified that one has started building his investments in BTC – the mother of all cryptos.

To have a clearer understanding, if a person were to invest ₹10,000 per week every week, it would take seven years to reach today’s value of one BTC, but the irony is that, the value of one BTC is NOT going to remain static for that person to acquire one BTC! In all likelihood, after the halving of 2024, BTC would become a rarer commodity and the value, even if BTC had doubled by then, the investor has to make a weekly investment of ₹10,000 for the another seven years! So his dream of earning one BTC would take 14 years, but the story would not end, by then on the 8th year there would be another halving and in the 12th year there would be another halving!

The foolish retail investor could weekly pay the exchanges ₹10,000 and yet the investor would not be the owner of a single BTC till Kingdom come.

This is a typical LABAN SCHEME. Show Rachel and push Leah; after pushing Leah, allow Rachel to also marry Jacob (concession to the investor); then Leah and Rachel together would give their handmaiden (develop the numbers in the family), but you can never leave the Syrian Laban with your wives or your Sheep and cattle! The investor would be in thrall and yet be kept in hope of a bright future!

The exchanges are talking of BTCs but they are pushing a minuscule part of a BTC; yet the exchanges themselves would be leveraging the BTCs they collectively hold on behalf of their retail clients.

Every transaction would enhance the kitty of the exchange, which in turn could leverage it! In India with the truly literate level being definitely not the stats provided by the States, which are competing with each other in data embellishment, there is very little hope of any of the crypto investor securing his BTC holdings in cold storage. Thereby, leaving his holdings in the hands of the Exchange “runners”, as they wouldn’t have any territorially determinable office – Definitely not within India, much less amenable to the Indian laws. It may not be a surprise if they vanish without a trace citing hacking and myriad other reasons!

Welcome to the world of FINANCIAL INSANITY with the LABAN SCHEME!

(Let us get this one straight, my writing is limited by my understanding of Cryptos and as the wise one says, despite one’s understanding, ignorance far outweighs, out-numbers one’s knowledge. Hence this is NO FINANCIAL ADVICE – this is purely written for my pleasure and if you gain, it is God given SPIN OFF, if not, carry your cross and follow – Whom, that you may decide)


movid.wordpress.com/2017/11/24/gamaliel-paul/

Undifferentiated Wages in kind – Laban & Jacob!


Anyone familiar with the history of Jacob would know that Jacob left his father-in-law Laban without informing him, along with the cattle he had ‘earned’, the goods he had accumulated, and the ‘CATTLE OF HIS GETTING’ besides his wives and children.

The triggering point is found in the first two verses of chapter thirty one in the Book of Genesis.

1 And he heard the words of Laban’s sons, saying, Jacob hath taken away all that was our father’s; and of that which was our father’s hath he gotten all this glory.

2 And Jacob beheld the countenance of Laban, and, behold, it was not toward him as before.

If we read the last few verses of the thirtieth chapter of Genesis, Jacob’s possessions are mentioned thus:

43 And the man increased exceedingly, and had much cattle, and maidservants, and menservants, and camels, and asses.

If one is perceptive one could sense that the conflict arose sequentially based on the increase of Jacob’s goods in his father-in-law’s house; that being noticed by Laban’s sons and filled with envy; Laban’s sons complaining to Laban that Jacob had ‘increased exceedingly’ because of the cattle and goods of Laban!

What Laban’s sons failed to account was the LABOUR OF TWENTY YEARS – diligent labour of twenty years.

Like Longfellow put it with a lilt:

The heights by great men reached and kept were not attained in sudden flight but, they while their companions slept, they were toiling upwards in the night.

When Laban’s sons were sleeping, Jacob was toiling upwards in the night, in his own words Jacob says:

I bare the loss of it; of my hand didst thou require it, whether stolen by day, or stolen by night.

40 Thus I was; in the day the drought consumed me, and the frost by night; and my sleep departed from mine eyes.

41 Thus have I been twenty years in thy house; I served thee fourteen years for thy two daughters, and six years for thy cattle: and thou hast changed my wages ten times.

Labour, labour, labour! The mistake was that there was no money – at least there wasn’t a currency system like the ones controlled by the central banks and exploited by the other banks! So labour had to be indexed against wages and wages was determined by the productivity; and in the case of Jacob, wages was determined as flocks and cattle.

It is through labour that Jacob got his share of cattle. Even though Jacob says that he had separated his flock and cattle from that of Laban’s, since he came in with nothing except a gritty heart, he probably was seen as a person who lived off his father in law.

But when Jacob gained an upper hand when Laban couldn’t find anything that belonged to Laban after the search, Jacob is emboldened to talk about the rigours of his labour. May be out of deference to his son-in-law, or after perceiving that his daughters were not on his side, Laban listens to the rigours of the labour of Jacob.

Yet for the purpose of this blog, I cannot imagine that without Jacob’s diligent labour and watchfulness, the flocks of Laban would have grown the way it was reported to have grown. Therefore I’m inclined to believe that Jacob was narrating his travails truthfully.

The point is that Laban’s sons lived in a state of entitlement, knowing very little that diligence with hardwork fetched its own rewards.

Jacob worked hard and the time had come for him to sever his property from that of Laban’s otherwise, Laban’s sons would malign Jacob’s reputation in a strange land!

It is in that severance that things come to the head!

Laban who was the primary beneficiary of the labour of Jacob, knew fully well that it was the labour of Jacob which kept him unengaged from the troubles of raising a flock and tending to the cattle. Laban’s investments were growing and recoverable anytime!

It was this which kept Laban happy, but when his sons poisoned his mind by dropping a thought that the capital was Laban’s and that it was the outcome of that capital, which had made Jacob affluent, turned Laban against Jacob, regarding which Jacob makes a mention by saying that Laban’s countenance was not towards him as before.

Labour gets lost and the gains of the labour is very difficult to store by the labourer. When such labour is stored as a part of the capital, which belongs to the person who supplied the capital, labour is discounted. To sever the wages from the capital is the biggest difficulty.

For example, the labour of the Jews in Egypt was stored as gold and infrastructure in the land of Egypt. There was no option for severaibility. Hence Moses devised a method whereby, the Jews borrowed gold ornaments from the Egyptians and left for the lands of Canaan for good!

Labour has to be received as wages and segregated and should be kept under the control of the labourer, to use it as he pleases. But when the labour is not indexed into wages in money terms, and such labour gets integrated with the capital, the labourer becomes disgruntled and the only way is to take it and leave. And when the gold or capital leaves, the owner of the capital feels his capital has diminished and pursued the labourer who had left with the capital, thought it was not only capital but also unpaid fair wages.

As Christians, one should not only pay fair wages but should also provide ways to put the wages immediately into the hands of the labourer, and NOT COUNT the unpaid fair wages as capital. This leads to stealing in future, by those who had laboured.

That’s proven, according to me, from the lives of the Jews in Egypt and Jacob in Syria with Laban.


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