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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!
https://www.forbes.com/sites/p...
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!?
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
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.
Wasn't the silver bubble due to an attempt to corner the market by a small group?
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.
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.
the jealousy is dripping off your poor sad post. just mad you missed out on making millions, huh? my bitcoin visa card is fucking loaded, you fucking chump.
i could live a little longer in this prison
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.
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...
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.
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.
If you weren't an AC, I'd have modded this up.
"Trump!!", the new Godwin.