South Korea putting an end to trading through cryptocurrencies - page 2.

BitChief

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Quote from: care2yak on January 11, 2018, 12:46:49 AM

the news is saying that the government seeks to calm the frenzied demand for bitcoins - hence the crackdown/raids.

https://www.cnbc.com/2018/01/10/police-tax-authorities-raid-south-korea-cryptocurrency-exchanges-for-tax-evasion.html

Things are really starting to heat up in these asian countries. I really hope this is not a taste of things to come in the West.
Still, I find it hard to see this having a long term impact on crypto markets. There is already so much money in the system.

care2yak

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the news is saying that the government seeks to calm the frenzied demand for bitcoins - hence the crackdown/raids.

https://www.cnbc.com/2018/01/10/police-tax-authorities-raid-south-korea-cryptocurrency-exchanges-for-tax-evasion.html

boogy07

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Some Governments will try to stop or control cryptocurrencies.
This will cause some additional volatility when its related to places like SKorea, naturally.

But we shouldn't expect any permanent price depression. Adoption is growing, not declining.
And the trading machines only present opportunities for short term gains at the moment.

sanmankrauss

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Quote from: akram143 on January 11, 2018, 12:35:35 AM

Maybe the current price fall of bitcoin is due to the South Korea's ban but it is not the only reason because many altcoins are popping up so the people are just changing from bitcoins to altcoin.I don't think the South Korean ban will have a big impact on crypto currency market.

Korea will have a big impact almost 5% of all trade happens from there
So saying South Korea has no impact is kind of ignorant

lelahkenabanned

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Quote from: fiulpro on January 10, 2018, 11:33:31 PM

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

yes it looks like south korea has a slight loss in trading cryptocurrency and different from china, china has a lot of miners or miner tool to produce bitcoin and not afraid of what price will happen up or down they are not afraid, if korea like china which have many miner tool definitely south korea still legalize bitcoin.

akram143

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Maybe the current price fall of bitcoin is due to the South Korea's ban but it is not the only reason because many altcoins are popping up so the people are just changing from bitcoins to altcoin.I don't think the South Korean ban will have a big impact on crypto currency market.

Indrawan77

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It is a bad scenario for bitcoin and crypto, for now bitcoin just gained it's popularity and need all the support to raise higher , but recently the news all is bad news and causing the panic in the market, and the price of bitcoin has gradually go down and investors start to hold back, hopefully there will be some positive news after this

sandeep1240

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Instead of making panic by creating news like banning exchanges, government should act smartly and continue their work in banning fraud exchanges and illegal trades.
Government should use technologies to identify real culprits and catch then instead of creating panic in among all investors and creating loss of millions of dollars.

In face government should take use of AI and machine learning to know what is happening and should adapt them self with changing world. Government is by the people not the otherways .

silverstar43

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Seems to me we are only getting part of the real news and now panic has set in.
Once the dust settles, I believe btc will rebound.

sanmankrauss

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Quote from: fiulpro on January 10, 2018, 11:33:31 PM

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

I am in India and can say one thing for sure they're not going to be a defiant move by our government on crypto till all other countries have made a definite move or stand. In India during recent clamp down records of people holding crypto was taken and everyone got notices from the Income Tax Department and 2-3 questions were outright hilarious, they were:
1. How many wallets you have fro Bitcoins?
2. What are the addresses of these wallets?
3. What are the private keys of these wallets?

Point is Indian government have no clue on the technology and they are going to do what the world is doing so you can pretty much ignore any news coming out of India

sandeep1240

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South Korea is one of the major crypto player. Korean involvement is so high that , they can disrupt crypto market if government really bans all exchanges.
However, I don't think government will ban crypto exchanges, but they will nail down illegal exchanges and traders.
what government want is taxes, and will make a system where trades are transparent and government could collect taxes based on money earned by investors.

DaveWave

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Maybe these exchanges and coin developers should just relocate to places like Switzerland, Japan and Australia where athmosphere on crypto is healthy.

GothicTauren48

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Quote from: Truna on January 11, 2018, 12:13:04 AM

As news coming that south korea is going to ban cryptocurrencies trading .is it true?

No I don't think so, it is just a FUD. Creating another panic to crypto investors I guess, I also read the news and authorities of south Korea was particularly focusing on the unregulated exchanges based on their country.

zolfa

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I can not answer, but certainly if it is like this then bitcoin and other altcoin will die, because the crypto world is alive because many users are interested.

coin163

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Quote from: Truna on January 11, 2018, 12:13:04 AM

As news coming that south korea is going to ban cryptocurrencies trading .is it true?

It's not the BAN. That's all the FUD. Whale and dip hunter love it.
The reason points to that they want to collect taxes from crypto traders as many and most don’t pay any taxes ..if this is case as why they want to ban then it is a non issue as they can’t stop or block this whatsoever

Truna

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As news coming that south korea is going to ban cryptocurrencies trading .is it true?

The Sceptical Chymist

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I'm wondering if this will cut at least a few shitposters from bitcointalk. Can't imagine native koreans have much to say off local boards and I've no doubt that quite a lot of them here are only here for sig campaigns.

Anyway, that's my only concern about this news. Bitcoin has thrived in the face of adversity worse than this before and will do so again--hopefully.

On the other hand I think Warren Buffett's recent comments have validity. I think we're destined to "end" badly. That doesn't mean you can't make money anyway while waiting for the end to come.

w0lf0.

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Price falling because South Korea Bitcoin unlist but i'am quiet, it's a temporary incidient like happened for past, noone can block Bitcoin its is a super solid coin and soon the price will recovery

UAE Seasider

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I am not 100% sure but I would probably label this announcement as fake news. It is a classic market manipulaters bad news story to generate panic selling and then big monry on the sidelines comes in to buy cheap. Why would you ban something that you could generate tax revenues from, it makes no sense.

jmigdlc99

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Quote from: fiulpro on January 10, 2018, 11:33:31 PM

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

In what world is South Korea bigger than China?
Stop spreading FUD about things you know nothing about.

If you are concerned about the monetary value of your investment then take some time actually reading the news, you would even end up protecting your investment in bitcoin. Only 5% of bitcoin is traded against Korean won. Everything is speculation right now and a large mouth and closed brain will not help the community.

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