Governments exist to rule the people. They need the money of there citizens and anyone else that does business in there country to accomplish this. They found out they are not getting there money from these exchanges.
For example 40% of Ethereum trade happens on Korean exchanges. That is billions of dollars a day, the taxes related to this trading is poorly regulated. They are loosing money. Losing money equals losing power. What Government would allow that?
Do you actually think Bittrex and Poloniex will still be in business in a few years. Wait till the US does their raids. Dollars to donuts there are ongoing investigations for all major exchanges in the developed world.
Bitcoins worth is not its USD equivalent value. Its value is estimated in the use of its technology. Peer to peer electric cash not peer to centralized exchange.
If you want that power. Hold your private keys. Run a full node.
Topic: Why South Korea made this big step about banning Bitcoin? (Read 244 times)
As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
There has been quite an amount of media coverage on this matter about the ban of bitcoin but unfortunately the price has reacted to it which witnessed the largest amount of downturn in recent times but eventually its going to recover to the amazement to the amount of people who might have thought otherwise. The only people I see here having some challenges are the workable projects running their ICOs at the moment they will see huge amount of low actualization at the moment.
It can be called as "Harakiri", because they have created their own downfall by banning crypto-currencies.
What are they upto I dont understand, but It certainly affected my portfolio pricing severely.
According to the following thread:
https://www.reddit.com/r/BitcoinMarkets/comments/7pls2r/megathread_korean_bans_crypto_episode_3/
The South Koreans might introduce a bill to ban bitcoin:
http://www.koreaherald.com/view.php?ud=20180111000658
Whether it goes through or not is another matter, it depends on how hard the exchanges and Korean bitcoiners lobby against it.
https://www.reddit.com/r/BitcoinMarkets/comments/7pls2r/megathread_korean_bans_crypto_episode_3/
The South Koreans might introduce a bill to ban bitcoin:
http://www.koreaherald.com/view.php?ud=20180111000658
Quote
“Due to the great concerns over virtual currencies, the ministry is working on a bill to fundamentally ban virtual currency transactions through operators,” Justice Minister Park said Thursday during his New Year’s conference with the press.
“The government has constantly been warning about the dangers (of virtual currency deals) but the message is not getting across.”
“The government has constantly been warning about the dangers (of virtual currency deals) but the message is not getting across.”
Whether it goes through or not is another matter, it depends on how hard the exchanges and Korean bitcoiners lobby against it.
Korea is always an independent country. They are not dependent on foreigners. has its own defense missile system. have their own social network. So it is understandable that they are forbidden
Looks like we have similar incident that occurred last year when China announces their crackdown on ICO and bitcoin trading. I would expect the same outcome to the crypto world as before with this Korean banning thing. Market price plummets but then what's next? It will surely recover, and may even gets another all time high.
the current china fud is besides getting rid of bitcoin miners in china (which hell, may cause crypto to go up, as
mining would be more decentralized)
they are saying now (for fud anyway) a ban on ALL folk in China using any crypto exchange IN or OUT of the country
hopefully, it is all FUD, but past FUD in this manner, in mass, usually takes a couple weeks to pass
but still, how I see this.....as a bad FUD combo (or hell coordinated?) thus the crypto dumps
Korean investors have a special interest in Bitcoin. The boom of virtual money last year was attended by the name of the country.
Unfortunately, that enthusiasm has worried the Korean government. Government officials, including the prime minister of Korea, have repeatedly expressed concern over the psychology of virtual money.
Unfortunately, that enthusiasm has worried the Korean government. Government officials, including the prime minister of Korea, have repeatedly expressed concern over the psychology of virtual money.
It seems to me that this is not due to bitcoin, but to the country's policy. As far as I know, Korea is quite a closed country from the rest of the world. And for sure she wants to maintain her autonomy in the future, and bitcoin presupposes broad international use.
Looks like we have similar incident that occurred last year when China announces their crackdown on ICO and bitcoin trading. I would expect the same outcome to the crypto world as before with this Korean banning thing. Market price plummets but then what's next? It will surely recover, and may even gets another all time high.
As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
Who said that or where did you get that news? As far as I know, there's no bitcoin or crypto banning happening in Korea right now, it was the exchange's platform that is temporarily banned. Korean government wants to regulate them and operate and run by the law just like what USA did for Coinbase. For sure other countries will look into this move and maybe follow. This bloodbath we are experiencing right now is caused by some weak hands which are mostly new to crypto. They tend to commit panic selling after hearing a lot of FUDS like this.
the google I've read ...FUD wise ..is exchanges are now again likely to be banned ..thus the FUD
also China FUD is that they will ban all use by China folk to use any exchanges in or out of the country to use crypto
sure it is FUD
but you have hype up you also have hype driving stuff down
again, from the past, it usually takes 2 weeks for such a coordinated (imho) FUD to burn itself out and MOSTLY
it has been overblown and the price bounces back
but people need to pay tax man (me) thus gonna be an over correction in my view anyway due to above FUD
hopefully, it is just dip and a rebounce
but could not have come at a worst time in USA as we get info on our crypto biz fate with IRS and taxes due
ugh!
As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
Who said that or where did you get that news? As far as I know, there's no bitcoin or crypto banning happening in Korea right now, it was the exchange's platform that is temporarily banned. Korean government wants to regulate them and operate and run by the law just like what USA did for Coinbase. For sure other countries will look into this move and maybe follow. This bloodbath we are experiencing right now is caused by some weak hands which are mostly new to crypto. They tend to commit panic selling after hearing a lot of FUDS like this.
Their highly educated youth are really, really big on bitcoin and crypto
BUT
they have a 30% unemployment rate...and the a lot are univ/college students
thus an over reaction to 'save them' from the 'evils of bitcoin'
the gov't says if they act on crypto they are blamed if they don't act on crypto they will be blamed
so decided nanny state, was the best way to play it ..due to the youth of most involved...
or how I have read their justifications they have touted about ..south korean gov't that is
BUT
they have a 30% unemployment rate...and the a lot are univ/college students
thus an over reaction to 'save them' from the 'evils of bitcoin'
the gov't says if they act on crypto they are blamed if they don't act on crypto they will be blamed
so decided nanny state, was the best way to play it ..due to the youth of most involved...
or how I have read their justifications they have touted about ..south korean gov't that is
As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
they only stop exchange sites because they fell users use bitcoin in illegal things.
bitcoin trading is so risky so that central bank do this things
As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
South Korean government is not going to ban bitcoin, alt coins or exchange sites. but they will keep it as an option if it is necessary.
They will watching all suspicious activities and set regulations to stop those activities, but also they will develop blockchain technology.
As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
Check the news again it was merely a rumor they have cleared after that they have no upcoming plans to ban cryptocurrencies in near future. so all the speculations regarding it has just ended. Its not because of this news that BTC has fallen so much its just because of some recent correction that the whole market is red. All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
It is true that many countries are against cryptocurrencies but there are also many countries which are in favor of it. So what if they try to centralize the cryptocurrency world? Time will come if that happens, another genius or group of geniuses will only invent an even better type of coin that is like bitcoin. All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???
i'm not sure what happened in south korea country. but this impact feels so much like when china forbids crypto and bitcoin. yes, I think there are a lot of dramas being played. I'm sure bitcoin will return to normal.
In early 2018, it was known that South Korea intends to pass a law prohibiting the circulation of crypto-currency on its exchanges.
Over the past 24 hours, the courses of all major crypto-currencies have collapsed. So, the cost of bitcoin decreased by 15%, the etherium - by 21%, the ripple - by 28%, the technological branch of the most popular electronic "coin" - Bitcoin Cash - collapsed by 22.5%. The main culprit of the "black cryptorector" market experts believe investors who decided to withdraw their "coins" in real money.
Over the past 24 hours, the courses of all major crypto-currencies have collapsed. So, the cost of bitcoin decreased by 15%, the etherium - by 21%, the ripple - by 28%, the technological branch of the most popular electronic "coin" - Bitcoin Cash - collapsed by 22.5%. The main culprit of the "black cryptorector" market experts believe investors who decided to withdraw their "coins" in real money.
i'm not sure what happened in south korea country. but this impact feels so much like when china forbids crypto and bitcoin. yes, I think there are a lot of dramas being played. I'm sure bitcoin will return to normal.
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