What if SOUTH KOREA SHUTTINGDOWN BTC???

nara1892

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Quote from: Youghoor on September 28, 2019, 11:08:17 PM

Its quite amazing how people can just be at their space somewhere and make assumptions which are not realistic if you think about it. There is no way south Korea government is gonna shutdown cryptocurrency exchange platforms. Once you understand the underlining idea behind cryptocurrency, its very difficult to suddenly change your mind regarding the entire nature of cryptocurrency. It is about time we put an end to sharing FUDs and focus on sharing contents on how massive adoption of cryptocurrency can be done.

Or maybe it's just a threat, so that the people there sell their bitcoin so the price drops, then the South Korean government secretly buys it in large quantities. Shocked

Youghoor

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Its quite amazing how people can just be at their space somewhere and make assumptions which are not realistic if you think about it. There is no way south Korea government is gonna shutdown cryptocurrency exchange platforms. Once you understand the underlining idea behind cryptocurrency, its very difficult to suddenly change your mind regarding the entire nature of cryptocurrency. It is about time we put an end to sharing FUDs and focus on sharing contents on how massive adoption of cryptocurrency can be done.

The Cryptologist

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That will be a horrifying event. But months ago, I watched an interview of cointelegraph of a famous crypto vlogger/youtuber from Korea and he clearly said that Koreans really love cryptocurrencies so I don't think it will. The Korean youtuber also said that it's just the white people referring to Americans always trying to FUD the market.

CryptoBry

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Personally, I don't think that eventually the government of South Korea will shut down all cryptocurrency exchanges. Maybe there will be more and more regulations to be implemented strictly so as to counteract shady players and transactions in order to protect the general investing public. Remember that in China, the government is not really able to stop Bitcoin and I think sensible people in the government knows this reality: shutting down legal platforms will only create a new market where the government has no control whatsoever and has no slice in the revenues circulated.

finzyoj

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Hmm, if ever happens then I guess the market would be on a serious blood bath once again. South Korea is one of the countries across the globe with high number of btc holders, in that sense it will be a great loss for us if they shut it down. According to this site: https://usethebitcoin.com/10-countries-with-the-most-bitcoin-hodlers/ , 10% of btc tradings came from there. Now imagine if they will dump it at once because they don't have any choice but to do so (unless they want to migrate into other countries where crypto is legal), what a disaster!

3x2

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Few months back a famous exchange "CoinOne" of South Korea was hacked , Users details were stolen and the funds were swiped. The Koreans went to court for justice and guess what, the court gave the verdict in favor of users.

This act of court shows that government of South Korea supports its users to use cryptocurrencies.

More about the news you can read here: CoinOne - https://cointelegraph.com/news/south-korean-court-exchange-must-cover-users-stolen-cryptocurrency

Bitfling

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Quote from: 3x2 on September 28, 2019, 01:54:33 AM

I dont think South Korea can go against their Tech Motivations. Korea is already a booming hub for Tech Industries after China. China banned Bitcoin because of corruption. If you analyse then you will find over population leads to corruption as a means of accumulating the Wealth.
The Mao regime was against the accumulation of wealth , so this happened in China, but Korea is clean as compared to China, The people in Korea is hard working. The government is supportive to Technology.

But god forbids if this "Ban of Bitcoin in Korea" Happen then the btc will lose major chunk of followers and daily trading volume will be severely affected.

Maybe for some time, the volume of bitcoin transactions will go down if South Korea bans bitcoin but I think it will recover in a few months because in some other countries the transaction volume has begun to grow. The most severe of the ban on South Korea is on the psychological market and investors which may take a long time

michellee

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I am curious about what will happen later if South Korea is shutting down the exchanges. Even if we see the bitcoin price will down, it will be back to the normal price, maybe that will be a flash dump that might happen, but I don't think that will give an impact for a long time. I am sure many people still support bitcoin because we believe that bitcoin is not just for one country, but it's available for all country with all people. So if South Korea wants to shut down all the exchanges, let it be, many exchanges will still online, and their people can use the other exchanges, and that means, bitcoin will be still strong.

Sweetbtc

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Quote from: fullhdpixel on September 26, 2019, 09:04:36 AM

What if south Africa is shutting down btc, what if United states is shutting down btc? All these questions are silly to me because how can they all shut down the system when they are not the creator and neither do they have the hands to do so, bitcoin is not a centralized coin and not under the control of anyone, it is an independent coin, a centralized one that no one can ever shut down except if the users decides to stop using it.

South Korea can only have influence over the exchange that are domiciled in their own country, except they want some wars, that is IF they will go beyond their own boundary which may be quite impossible, if they don’t want bitcoin, I am not so sure that we need them that much in the cryptocurrency market, so they should close down their own exchanges while we move on with other exchanges, they will be the one on the losing side.

Look who has asked this question...A newbie (https://bitcointalksearch.org/user/solenith0420-2093999) and what more can we expect from him. He is new here and these ban things might impact on this thoughts about bitcoin. I remember when i was new in bitcoin world, i also fear sometimes that one day bitcoin will end but with time i realized that i was wrong.

Malsetid

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Quote from: 3x2 on September 28, 2019, 01:54:33 AM

I dont think South Korea can go against their Tech Motivations. Korea is already a booming hub for Tech Industries after China. China banned Bitcoin because of corruption. If you analyse then you will find over population leads to corruption as a means of accumulating the Wealth.
The Mao regime was against the accumulation of wealth , so this happened in China, but Korea is clean as compared to China, The people in Korea is hard working. The government is supportive to Technology.

But god forbids if this "Ban of Bitcoin in Korea" Happen then the btc will lose major chunk of followers and daily trading volume will be severely affected.

Good point about daily trading volume, but still. Bitcoin has been banned in quite a number of technologically advancing countries, but what happens is that it takes a setback and then recovers. Bitcoin has had issues with china for quite a long time already. But it's still here without any signs of plunging to a negative ending. Price may drop but there will always be big fishes who won't pass up the chance when btc drops in value.

3x2

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I dont think South Korea can go against their Tech Motivations. Korea is already a booming hub for Tech Industries after China. China banned Bitcoin because of corruption. If you analyse then you will find over population leads to corruption as a means of accumulating the Wealth.
The Mao regime was against the accumulation of wealth , so this happened in China, but Korea is clean as compared to China, The people in Korea is hard working. The government is supportive to Technology.

But god forbids if this "Ban of Bitcoin in Korea" Happen then the btc will lose major chunk of followers and daily trading volume will be severely affected.

coin-investor

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Quote from: Solenith0420 on September 22, 2019, 11:17:07 PM

What if South Korea ban and shutting down all cryptocurrency exchanges?

Bitcoin is facing some hard and complicated situation these past few weeks. What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto? What will happen if the exchanges of btc crash down to 25%?

“Bitcoin has certainly been facing some difficulties in the past week after South Korea announced the possibility of shutting down all cryptocurrency exchanges – news that caused Bitcoin’s value to plummet by 25%. A final decision is expected to be released today on their fate in the country that is to host this year’s winter Olympics. “
https://cashessentials.org/fall-of-cryptocurrencies-rise-of-e-fiat-currency/

Do you think it will end to a negative finale?

I've checked the internet for an article about this thread and got this one
https://thenextweb.com/hardfork/2018/01/18/report-south-korea-is-considering-closing-local-cryptocurrency-exchanges-again/
People will be in a panic if the article is written this week or this month or even this year but this article was written Published January 18, 2018 — 05:35 UTC.

I don't know what's your intention to create this thread that is a year ago and no impending threat looming, we seen so many speculations and FUDS we should stop recycling old articles to add FUDS

nara1892

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First, the bag holders there are mostly panic sell, which caused the price of bitcoin to fall today

Secondly, of course this is only temporary, even if South Korea really closes all the exchanges in its country, bitcoin will not be 'sick' by it, it only takes some time to 'recover' like events in some previous countries

Third, maybe they can use an exchange outside their country or use VPN or something to access exchanges outside their country ... so I don't think this is something to worry about.

Deborah Christine

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Quote from: Solenith0420 on September 22, 2019, 11:17:07 PM

What if South Korea ban and shutting down all cryptocurrency exchanges?

Bitcoin is facing some hard and complicated situation these past few weeks. What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto? What will happen if the exchanges of btc crash down to 25%?

“Bitcoin has certainly been facing some difficulties in the past week after South Korea announced the possibility of shutting down all cryptocurrency exchanges – news that caused Bitcoin’s value to plummet by 25%. A final decision is expected to be released today on their fate in the country that is to host this year’s winter Olympics. “
https://cashessentials.org/fall-of-cryptocurrencies-rise-of-e-fiat-currency/

Do you think it will end to a negative finale?

South Korea banned bitcoin already occurred in January 2018. But that does not affect the movement of bitcoin. Bitcoin still exist until now. And until now bitcoin trading volume is still at the top. This news is old news. Looks like you missed the news.

Dread Pirate Roberts

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Quote from: shoreno on September 24, 2019, 06:25:59 AM

why only south korea ? whats so special about this country ? what about other countries ? the news regarding to this , can be the reason on why the price decline but other than that there are still other reason on why the price fall but the price can fall more evenly if ever this country will decide to ban and shut down crypto exchanges . thats bad but we cant do anything about thier decision but anyway there is still a chance that cryptos can recover because there are still countries that didnt ban or will not ever ban cryptos and they will only use this bad event to buy more coins , resulting for the prices to recuperate again .

Maybe because an crypto market exchange that has a relatively large value is in the Korean exchange. and no doubt it will have an impact on the crypto market. if you check on cmc bitcoin trading volume there is not so much different from exchanges from other countries. and also they dominate altcoin volume.

redsun114

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Quote from: ?? on ??

As bitcoin is the most advanced digital type currency of modern age and South Korea is also the most advanced technological country, but considering to shut down all cryptocurrenies the reasons are as follows:

the government is afraid of bitcoin, not the least of which is the cryptocurrency’s potential to be used by Kim Jong-un ’s North Korea as a covert economic weapon.

Hong Nam-ki, the minister for government policy coordination, called Korea’s interest in cryptocurrencies “abnormal”, echoing the disdain of Prime Minister Lee Nak-yeon, who last month warned that cryptocurrencies could corrupt Korean youth and lead to “social pathological phenomena”.

After Hong’s announcement, bitcoin prices at the Korean cryptocurrency exchange Bithub fell 13.8 per cent from US$20,181 to US$17,400.

But if Korea moves ahead with a full shut down, it would not only end these projects but also make bitcoin less attractive in neighbouring Asian nations, possibly triggering a domino effect.

I know Kim likes to always be in charge and would not want anything that will bring an end to his reign which is why we see how he has blocked all his citizens from having access to internet one time, while we still have few of them that are smart using it illegally. if the use of bitcoin actually grows in their country, then it will surely liberate them and that will not be good for him.

I don't know why Asia generally is having issue with cryptocurrency, I don't know if it is low self-esteem or the believe that it was created by a suspected country to take their power away from them because when you really want to know where the power of any government lies over their citizen, it is in the control of their money and the control of their weapon, take these two things away and then the government is a nobody but ordinary people like us.

negancoin

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It will affect the price for a period of time, but it wouldn't end bitcoin as technology and currency. The people that are in the space only for money would most likely give up when the real crash happens, on contrary, people that are here because they believe in technology and what it can give to the world, would fight forever for bitcoin even if the price goes its all time lower. Having that said I don't South Korea is that country that will has a big impact on the space in disaster way, unlike If USA does it.

rodel caling

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It's clearly nothing doubt if this scenario will come true, there's have a big effect to the entired community and possible the market will automatically crash their price,
We know south korea is one of the biggest Bitcoin capitalism, but is doesn't mean bitcoin will goes into die if south korea decide to ban crypto. I view same scenario situation of china givernment ban crypto but now bitcoin is still in the strong market.

dothebeats

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Just like the Chinese dramas jn late 2014-2015, people will move on and would probably go with the flow everytime the country makes an announcement or is nearing towards a crucial decision for the development of cryptocurrencies. It’s not really new that countries are expressing their interest kn halting cryptocurrency markets within their soil, so it’s not really something to be concerned about long-term, IMO.

Chrystora123

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Quote from: ?? on ??

Even if South Korea bans permanently I am sure it will not affect bitcoin,

we can't say it doesn't affect the price of Bitcoin, any bad news about Bitcoin will definitely affect the price of Bitcoin, especially when a large country is doing it... but of course, that effect will not last long.

Quote from: ?? on ??

there are still many big countries that support bitcoin, China, Japan, us, they do not prohibit and open it with bitcoin, as long as they still agree then it is not a big problem.

During China, Japan, the US, and several Southeast Asian countries and several European countries haven't made Bitcoin an extraordinary crime (not just banned), then Bitcoin will continue to exist.

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