Hiranyakashipu was the great king of demons, and he had been granted a boon by Brahma. The boon was due to his long penance, after which he had demanded that he not be killed “during day or night; inside the home or outside, not on earth or in the sky; neither by a man nor an animal; neither by astra nor by shastra”. Consequently, he grew arrogant and attacked the Heavens and the Earth. He demanded that people stop worshipping Lord Vishnu and worship him instead.
Since his own child Prahlad was a great devotee of Krishna, Hiranyakashipu attempted to kill him, allegedly failing in every attempt.
Later Lord Vishnu came in the form of a Lord Narasimha (who is half-man and half-lion) and killed Hiranyakashipu at dusk (which was neither day nor night), on the steps of the porch of his house (which was neither inside the house nor outside) by restraining him on his lap (which is neither in the sky nor on the earth) and mauling him with his claws (which are neither astra nor shastra).
Today, when we Indians are so in a mood of killing corruption and returning to an authentic rational lifestyle, let us kill the corruption in holi, that has diverted this festival severely from its true form. Understand that Holi is about offering fresh flowers to Lord Krishna for his divine mercy and celebrate this mercy with fellow friends using natural colours or natural dyes.