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South Korea Plans To Ban Cryptocurrency Trading
South Korea's government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion. Reuters reports: The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year. Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges. Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years. The local price of bitcoin plunged as much as 21 percent in midday trade to 18.3 million won (12,730.35 pounds) after the minister's comments. It still trades at around a 30 percent premium compared to other countries.
South Korea is proposing to ban cryptocurrency trading, but that's far from certain. On CNBC early this morning, they speculated that this was unlikely to occur and that China had enacted similar measures previously before reversing course. They suggested that there would be more regulation of exchanges, much like what already happens in the US where Coinbase and others collect personal information on their customers. Another possible regulation is imposing trading curbs or halting trading when there are significant declines, much like what happens with stock exchanges. Stories like this increase the uncertainty around cryptocurrency and are likely holding the prices down somewhat until there is a resolution on these issues. It's difficult to ban the blockchain technology altogether, so it seems more likely that they will opt for regulating exchanges.
South Korea banning trading, China already banned the exchange of cryptocurrencies and crypto mining operations, and Japan is still considering banning ICOs. Tough row to hoe for crypto folks in Asia!
Browsing at +1 - no ACs, I ignore their posts. So refreshing!
With bitcoin on an unstoppable upward trajectory over the last few weeks this is a great buying opportunity.
https://www.forbes.com/sites/p...
Stories like this increase the uncertainty around cryptocurrency and are likely holding the prices down somewhat until there is a resolution on these issues.
The bubble has burst and prices are going down anyway. Remember when silver almost reached $50/ozt, then lost ca. 30% of its value before recovering to a shelf of around $35/ozt where it wavered for a while before going all the way down? Bitcoin on that post-bubble shelf right now. From here on in it's a slow decline anyway, this kind of thing will simply hasten the inevitable.
The North American Bitcoin Conference, is no longer taking bitcoin.
"Have you ever thought about just turning off the TV, sitting down with your kids, and hitting them?"
how much did you leverage!?
Bitcoin is groundless and for chumps.
Except that's only happened to a few of the popular cryptocurrencies. When you at a low you can't tell if it's a shelf or the base of a mountain... could be people a while from now will look back on this as the last good buying opportunity.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
All I got from this summary is that you can do arbitrage with crypto-currency with stupid margins. That can't be the case, right? (Disclaimer: I have no money, and thus this comment costs me nothing).
They're probably 1% of all Cryptocurrency transactions. Everyone hears about the ban. Crypto loses like 10% of its value as a whole. Now that's logic, everyone. Literally everyone who owns a currency in Korea could dump it into the market in a sell order overnight and it wouldn't have lost this much value. This is what happens when stupid day trader wannabes pat themselves on the back for being mister big smart investor and reacting appropriately to news.
could be people a while from now will look back on this as the last good buying opportunity
Although what you write is true --without hindsight we cannot be certain where on the curve we are --when just this second leg is uncritically accepted, it's also a nice illustration of the thinking which manifests as the post-bubble shelf. (BTW I'm not claiming you uncritically accept this! Obviously you are entertaining both possibilities, which put you on safe, if unprofitable, ground.)
What we saw with the post-bubble shelf after the silver rush was the battle between two classes of investors. The true-believers encouraged by the dead cat bounce perceived mere volatility and saw $35 a buying opportunity, while ideologically uncommitted speculators who came in purely because of the dramatic rise as the bubble was building began dropping away for lack of those previous exceptional gains. Finally when it was clear sliver was dead, the true-believers moved onto their next project ... And they say history never repeats.
The fact that cryptocurrencies are talked about in terms of "real money" (what's real?) means people know they are lying to themselves about their value. "Real money" today is already measured against a CPI. Until cryptocurrencies are measured against a CPI directly, and not through a proxy measure, it is a pointless currency.
Those who do not learn from commit history are doomed to regress it.
shut the fuck up for good ... since no one wants or cares about your lies ... complete and utter morons ... constant shit. You're like fucking Trump or his supporters ... fucktards like you parroted ... "old money" ... And yes, I'm angry ... stupid fucking post ... So take you FUD, shove it up you ass then pull it back out and choke on it. Keep to working fast food. You're clearly not sharp enough ...
So that's what it looks like when your investments shrink by 30% in two weeks.
Each time crypto heads down, everyone tries to spread FUD to push it down even further so they can buy it at the lowest price. The pump and dump must go on.
That's because cryptocurrencies aren't currencies, they're assets.
Wasn't the silver bubble due to an attempt to corner the market by a small group?
If you see crypto as an asset, and analogous to intellectual property, could you then assign a value to it? People measure the value of intellectual property against what someone has or will pay for it. Could you argue that all intellectual property is worthless? I'd argue that crypto is worth what as much as someone is willing to pay for it (greater fool theory and all that).
Only ~3% of the population reaches that tax bracket, and they're likely rich enough that they shouldn't worry about paying taxes (or if not, could easily become more rich by also living frugally.) Also, said 3% is also likely to depend on government services, including paved public roads, etc - and simply shutting down government (including municipal) will cause a breakdown in how things get coordinated.
The founders killed men because they were taxed without being represented - a far cry from being taxed with the same amount of representation as your poor neighbor.
Silly., Regulate in a way the is good crypto.
I have a lot in crypto but even I can see the fall coming. Dogecoin's marketcap is 2 BILLION. If you can't see that the majority of these coins are worthless, and if you can't see the major players adopting their own coins with the open source code that's there for them to study, then you're a fucking moron.
It was a great ride while it lasted, and I'm leaving a bit in just in case I'm wrong, but it's time to start cashing out.
Wasn't the silver bubble due to an attempt to corner the market by a small group?
The sliver bubble in 1980 was the result of the Hunt Bros attempting to corner the market. The silver bubble of 2010/2011, in contradistinction, was driven by the madness of the crowd.
They're only charged if they want to trade those bitcoin in for things from society. If they kept them in bitcoin, they'd be fine. So, you know, printing dollars is kind of a service.
Your ad here. Ask me how!
It is probably time to excise the 'currency' part of the name for this stuff. Then it's Beanie Babies all the way down, though.
Let's do it, and discover what the net worth of all the millineal twits amount to.
Prices aren't going down they are going up. We've just this week had ATHs across many many currencies. Just today one went 8000% up. Geez you guys are all full of fucking shit. This article is even wrong, they are not banning trading just anonymous accounts.
They were taxed on documents (Stamp Tax) that included magazines, newspapers, and playing cards. Beyond that, there were issues like the Powder Alarm.
The later Whiskey Rebellion was more about when and how the tax was collected. The frontiersmen making the whiskey literally didn't have the coinage to pay the tax. They could give a share of the whiskey or later money if they sold it, but the government needed the money immediately.
Highly speculative investing that may not produce anything tangible (not building factories or something) should be taxed heavily just to put some breaks on dangerous schemes like Bitcoin.
Bitcoin [is] on that post-bubble shelf right now. From here on in it's a slow decline anyway
Prices aren't going down they are going up.
On Dec 17 Bitcoin reached above $19,700. Today Bitcoin reached down to around $13,000 and has recovered slightly to sit on about $13,500 as I write. Should you study the chart you will see the Bitcoin price is sitting is a clear downward channel.
Just today one went 8000% up.
As reassuring as you might find that (and whatever you mean by "8000%"), the Bitcoin bubble however has burst, and Bitcoin is sitting on the "post-bubble shelf" right now. I do see how my original post may have been read to refer to crypto-currencies in general, sorry (though clearly they are all at great risk from these regulatory developments). I'm comparing the movement in post-bubble Bitcoin with that of post-bubble sliver specifically.
Just two months ago was the Bitcoin was still a good buy until it reached $15,000. It's true there was a week in Dec, after it overshot $15k significantly, when I thought, "ooops, bad call." Right now, however, I'm feeling extremely vindicated. It might be time to pick a channel ceiling price and move into other cryptocurrencies or to another asset class altogether. I'll be surprised if BTC is still above $10,000 in 6 months. But like the guy above pointed out, we can never know for sure where we sit on the curve.
This article is even wrong, they are not banning trading just anonymous accounts.
Nope that was at the Korean exchange issue at the end of last year. They have decided to move harder now and are banning "all crypto-currency transaction over trading platforms" and are also going after local financial institutions involved in the trade. However, my understanding is that this is not a trivial reform to bring through the Korean parliament. Stay tuned.
To be fair it takes a really high IQ and being a very stable genius to understand cryptocurrency.
Just kidding. Have fun with that bubble and remember we be all been telling you this the whole time, dumb shit.
Just two months ago I was saying that Bitcoin was still a good buy until it reached $15,000 ...
I don't think Central Pennsylvania Institute of Science and Technology has anything to do with fiat currencies nor bitcoin.
Lots of countries have laws protecting people from them. The cryptocurrency community will need to convince people it's not.
But bitcoin has done this sort of thing dozens of times. Last June it was almost at $3000, before falling to $2,200.
It is a bubble, but speculation about when it will burst is wild guessing.
The measurement is not the problem. Trading is.
Cryptocurrencies won't be measured against CPI until you can buy and sell products with them in a wide spread manner. While you're restricted to internal trading or trading against real currencies then the only way measure its value is against real currency.
If it's the base of a mountain and prices are only going to go up, every day will be a good buying opportunity.
If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...
Cryptocurrencies are math, with a financial bubble around them (i.e. some people pretend to believe that this math is worth money in order to fool others into believing it).
So if this is real, what they are really proposing is to make some kinds of math illegal.
Illegal math... Now it's not just DeCSS anymore.
Hi ! It is yet another sensationalist title to make noise and attract people. So far, the SKorean Gvt is performing checks according to the legal changes already on Banks and now on Exchanges, typically to check identity of people and follow the stream of money for taxation, which is already in place in several countries and no more different than when you go the bank and ask for an account.
Oh ok, thanks. Yes, I was thinking of the Hunt Brothers. I remember they dragged gold along with it, to a then unheard of $800 an ounce.
IDK what the milennial networth is but BTC made me $40k for a $400 investment. Thank you BTC (and LTC.)
Flip flop flip flop Make up your mind.
A dollar has a 'real' value because a huge population is being paid in dollars for their labor. When I get a dollar, there's a very predictable amount of products/services I can get for that dollar. That's what ultimately gives the value of a dollar substance and stability.
There is no such basis for bitcoin valuations. Since nobody (beyond a handful of drug dealers and the like) is actually getting paid in bitcoin, there's no quasi-fixed, predictable amount of products/services I can buy with a bitcoin in a month or a year. Since they are highly sub-dividable there isn't REALLY a limited supply. For people using bitcoin as a gray market/black market currency, there's little reason to care what the valuation is, since if a bitcoin is worth a dollar I can send you one bitcoin, and if a bitcoin is worth a million dollars, I can send you a millionth of a bitcoin.
Bitcoin simply doesn't have a 'real' value. There's nothing anchoring it beyond speculators. That's why it was able to climb in value wildly (when there's no rational basis for the valuation anyway the sky is the limit) and there's also nothing stopping it from going back to a penny a bitcoin. (OK, that's not absolutely true. At some extreme, supply limitations for the people trading them to buy drugs would come into play. But that market doesn't need more than perhaps 10-100 million dollars of total market cap.)
Bitcoin 'investment' is just gambling, placing a wager on the collective psychology of other speculators. If that's your thing, go for it. But let's not kid ourselves about 'value'. There is no even vaguely objective valuation for bitcoin; the price is nothing more than a psychology game between gamblers.
For all you people that think Crypto currencies are decentralized and not subject to government control, I TOLD YOU SO.
The government will tell the Banks not to process any crypto currencies,l and the utility companies not to accept them, then the WalMarts and other stores won't be able to either. Value will drop to nothing, but the bank/government will offer their own crypto currency as an exchange. A crypto 100% under government control.
If the make-believe "currency" is valued higher than $0, it's overvalued.
Market pricing of commodities or even just stock are always and forever driven by madness. Including real estate.
numbnuts
All currency, even those backed by gold are make-believe.
It is worth what you believe it is, that is all money.
numbnuts
I made $40,000 by buying a house and selling it two years later for $40K more than I paid for it. I got to live in it for the two years. Try living in a cryptocurrency.