In South Korea, the Crypto Currency Boom Hits Economy system.

coromabur

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Quote from: EditorK on May 04, 2018, 12:18:43 AM

In Korea, ordinary people, with no prior experience in cryptocurrencies, have been lured into the cryptocurrency markets in recent weeks by the soaring prices of Bitcoin and its competitors.

Nowhere has the public frenzy been more feverish than in South Korea. It was on South Korean exchanges that the price of Bitcoin first hit $10,000 last Monday, hours before traders in the United States reached the same level of exuberance.

Even cryptocurrency enthusiasts in South Korea are concerned about the sudden rush into Bitcoin and Ether.

They say investors are often getting in with little grasp of how cryptocurrencies work, like the decentralized network where all the transaction records are kept, or why they may be valuable over the long term.

Korean investors say they know they might lose money, but they are holding out hope.

I am impressed by the Korean government, because they can make people think for the future by investing in the world of cryptocurrency. I hope the governments of some countries that have not legalized bitcoin will follow the government of a country that has legalized bitcoin like korea, so that people are not surprised with the development of the next few years.

freestyle112

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I think this is correct. However, the current price cannot defeat the economic system at all. I think the small country like Korea. The future will lose in the area of cryptocurrency war.

MicaleFalcon

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South Korea proves that they also admire technology like Japan. It is really a good news.

shino1412

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Although this gap has been shortened, Korean policymakers are still worried. As a leading country in the world of electronic money

coinnoo

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As a leading technology country with a huge e-commerce market economy, it's no surprise that the boom in the Korean economy. However, for some objective and subjective reasons, regulators in this country want to prevent the use of Bitcoin as a trading currency. They need more time to complete the legal framework for Bitcoin. And we will be waiting for a stronger stage of the e-commerce system as the government adopts Bitcoin.

jayco25

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Quote from: EditorK on May 04, 2018, 12:18:43 AM

In Korea, ordinary people, with no prior experience in cryptocurrencies, have been lured into the cryptocurrency markets in recent weeks by the soaring prices of Bitcoin and its competitors.

Nowhere has the public frenzy been more feverish than in South Korea. It was on South Korean exchanges that the price of Bitcoin first hit $10,000 last Monday, hours before traders in the United States reached the same level of exuberance.

Even cryptocurrency enthusiasts in South Korea are concerned about the sudden rush into Bitcoin and Ether.

They say investors are often getting in with little grasp of how cryptocurrencies work, like the decentralized network where all the transaction records are kept, or why they may be valuable over the long term.

Korean investors say they know they might lose money, but they are holding out hope.

This is just indication that crypto currencies and ICO is now accepted by Korean Government as will as people of South Korea. South Korea is one of the biggest investor and most of biggest exchanges are from Korea so this is a such great opportunity to all. Hope more country will start also to accept totall na new Technology.

#Support Vanig

amishmanish

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Quote from: squatz1 on May 06, 2018, 06:09:06 PM

Everyone and their mothers have been attracted to crypto during the runup in December, these same people who were only in it for the money also ran away AS SOON AS POSSIBLE when the market crashed. These are all the people that had the FOMO in the runup and probably sold for a loss, or are still holding out until the price runs back up to 20k

I don't know why SK is friendly and receptive towards bitcoin, makes no sense, as most governments are going to be pretty hostile towards bitcoin because they want to control all of their currency.

The frenzy for cryptocurrencies in South Korea was born out of two things:

1. A very tech-savvy and educated youth population
2. A desire to make it big in a country where even upper-middle classes are finding it hard to build enough assets and settle in life.

The young population saw crypto as a way out of the inevitable grind of having to compete with thousands of other over-qualified youth. They have also been the ones who lost the most when the prices tanked. They are hugely invested into cryptocurrencies, not for the technology but purely for the speculative gains. A lot of people that FOMOed at the top are going to be the ones who sell as soon as they break even.

What is encouraging is the positive stance the government seems to be taking. They realize that the youth are emotionally and financially invested in this and cannot be left to fend for themselves. Any positive sentiment from the South Korea will be the signal for leaving the blues behind. I would love to hear from some of the Koreans themselves, if any, here.

I guess SK has quiet a bit of language gap because they do almost everything in their own language. It would be great to figure out their sentiment at some Korean forum.

ethereumhunter

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Quote from: Pursuer on May 05, 2018, 04:49:21 AM

Quote from: ethereumhunter on May 05, 2018, 02:35:55 AM

Quote from: badakjawa on May 04, 2018, 11:55:18 PM

this is good news when many investors are attracted to bitcoin, the bitcoin value will increase high.
investors there only have the capital of trust and also material? I think that's enough. not much theory but real action.
because sometimes bitcoin always gives a good surprise.

but unfortunately, they don't know much about bitcoin and if somehow, the price is down, they are risking their money. but if they know about bitcoin and they learn about bitcoin, I am sure that it will bring a new investor to bitcoin world and I wonder about the impact in this few days because I see that bitcoin price is increased although we do not yet see the $10,000 for the price. but soon, I believe that the price will increase higher.

you can't just generalize the whole country with one comment and only based on price.
of course there are always people who see the big rise in bitcoin price and then lose their mind over it trying to become rich by catching up the "train". but generally speaking as the adoption grows so does the education and knowledge about bitcoin at least. people will start reading more about it, they start learning more about it also and eventually we will see a lot more investors with better understanding of bitcoin specially in the long run since the newbies will be pushed out every now and then.

oh, I am sorry, I do not think like that. yeah, I am sure that some of them will start to read more about it and I think they get more knowledge that will useful for them to know more about bitcoin. and I also believe that the adoption will grow more in the country which accepting cryptocurrency as a new thing because cryptocurrency can give many benefits for them. I believe that in the future, there will be more investor that can understand of bitcoin because they already learn and read more information about bitcoin itself so they can give their support to cryptocurrency.

ladydark

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It seems that the South East Asians are early adapters to newer innovative technologies as it was Japanese first and now Koreans to adopt bitcoin.

squatz1

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Flying Hellfish is a Commie

Everyone and their mothers have been attracted to crypto during the runup in December, these same people who were only in it for the money also ran away AS SOON AS POSSIBLE when the market crashed. These are all the people that had the FOMO in the runup and probably sold for a loss, or are still holding out until the price runs back up to 20k

I don't know why SK is friendly and receptive towards bitcoin, makes no sense, as most governments are going to be pretty hostile towards bitcoin because they want to control all of their currency.

Pursuer

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Quote from: ethereumhunter on May 05, 2018, 02:35:55 AM

Quote from: badakjawa on May 04, 2018, 11:55:18 PM

this is good news when many investors are attracted to bitcoin, the bitcoin value will increase high.
investors there only have the capital of trust and also material? I think that's enough. not much theory but real action.
because sometimes bitcoin always gives a good surprise.

but unfortunately, they don't know much about bitcoin and if somehow, the price is down, they are risking their money. but if they know about bitcoin and they learn about bitcoin, I am sure that it will bring a new investor to bitcoin world and I wonder about the impact in this few days because I see that bitcoin price is increased although we do not yet see the $10,000 for the price. but soon, I believe that the price will increase higher.

you can't just generalize the whole country with one comment and only based on price.
of course there are always people who see the big rise in bitcoin price and then lose their mind over it trying to become rich by catching up the "train". but generally speaking as the adoption grows so does the education and knowledge about bitcoin at least. people will start reading more about it, they start learning more about it also and eventually we will see a lot more investors with better understanding of bitcoin specially in the long run since the newbies will be pushed out every now and then.

Pablojob

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Quote from: EditorK on May 04, 2018, 12:18:43 AM

Korean investors say they know they might lose money, but they are holding out hope.

I admire the Koreans for this. This is the mentality of a good investor. Investing is all about risks and you should play well so you won't lose. I said that because I know a lot of people who knows nothing about bitcoin and says it's a scam. It only becomes a scam if you enter this world without researching, you'll end up scamming yourself. Invested once and loses all his investments and then says it's a scam when he doesn't even know what happened. Truly this kinds of people doesn't deserve the opportunity that cryptos has given us. People like the Koreans are what we need to improve and evolve our currency.

Kakmakr

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South Korea is very familiar with the online gaming culture and eSports betting, so they are used to gambling. The Crypto currency market is a bit of a gamble too, so they are used to taking some risks. This is not something that happened only now that the price is rising, it has been like this for a while now.

South Korea might just give Japan a run for their money soon. ^smile^

ethereumhunter

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Quote from: badakjawa on May 04, 2018, 11:55:18 PM

this is good news when many investors are attracted to bitcoin, the bitcoin value will increase high.
investors there only have the capital of trust and also material? I think that's enough. not much theory but real action.
because sometimes bitcoin always gives a good surprise.

but unfortunately, they don't know much about bitcoin and if somehow, the price is down, they are risking their money. but if they know about bitcoin and they learn about bitcoin, I am sure that it will bring a new investor to bitcoin world and I wonder about the impact in this few days because I see that bitcoin price is increased although we do not yet see the $10,000 for the price. but soon, I believe that the price will increase higher.

badakjawa

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this is good news when many investors are attracted to bitcoin, the bitcoin value will increase high.
investors there only have the capital of trust and also material? I think that's enough. not much theory but real action.
because sometimes bitcoin always gives a good surprise.

Xester

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Quote from: EditorK on May 04, 2018, 12:18:43 AM

In Korea, ordinary people, with no prior experience in cryptocurrencies, have been lured into the cryptocurrency markets in recent weeks by the soaring prices of Bitcoin and its competitors.

Nowhere has the public frenzy been more feverish than in South Korea. It was on South Korean exchanges that the price of Bitcoin first hit $10,000 last Monday, hours before traders in the United States reached the same level of exuberance.

Even cryptocurrency enthusiasts in South Korea are concerned about the sudden rush into Bitcoin and Ether.

They say investors are often getting in with little grasp of how cryptocurrencies work, like the decentralized network where all the transaction records are kept, or why they may be valuable over the long term.

Korean investors say they know they might lose money, but they are holding out hope.

If there is a panic or rush buying of bitcoins in South Korea then those who bought bitcoins will not going to lose a profit but have entered on a good time and will have a good chance of earning this december. The spark on South Korea will cause a domino effect on the rest of the world so this means that in the coming days we will be expecting another exponential increase in bitcoins value.

Happydd

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The demand for electronic money in Korea is so strong that their prices in the country are twice as high as in the United States. Although this gap has been shortened, Korean policymakers are still worried. As a leading country in the world of electronic money, Korea's moves have always attracted the attention of traders around the globe.

aryaadikariyansyahsuwarto

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This Is Promissing Project

it can have a good impact, with the incident that maybe bitcoin prices will continue to rise .. and all investors will profit if it continues like this .. !!

Caelanpelley

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E-currency transactions in Korea increased sharply. Compared to the extremely active time of the Korean electronic money market with a total transaction value of 700 billion won (648 million US dollars), an increase of 80% over the previous year. From the second half of 2017, electronic money has become an increasingly attractive investment channel in Korea, especially for housewives and students.

pooya87

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Quote from: millgates on May 04, 2018, 10:00:31 PM

Quote from: pooya87 on May 04, 2018, 09:54:28 PM

this is not new!
this started last year in Korea like any other country and people have been buying a lot of bitcoin ever since. there have been times when bitcoin price reaches a much higher price than the rest of the market because of that surge of demand. similar cases are India, Venezuela and a couple of other African countries.

Japan also interested to bitcoin as well. Asian markets are look positive to bitcoin now. The most possible reason why Korean people are interested to bitcoin is because the grow of war in north korea.

i know about Japan, of course the "interest in bitcoin" exists in a lot of countries. but in most of them (like Japan) the market is big enough to answer that demand and for price to stay at the same level with the rest of the world. or if it couldn't people can always use foreign exchanges and bring that balance with arbitrage.

i was talking about the surge in demand which increased the price. for example when price was $800-$900 in USD markets, it went above $1200 in Indian markets. the market was small and arbitrage was impossible.

Topic: In South Korea, the Crypto Currency Boom Hits Economy system. (Read 296 times)