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Cryptocurrency Traders in South Korea Face Fines For Virtual Accounts (yonhapnews.co.kr)
An anonymous reader shares a report: Cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones, financial authorities said Sunday. The move comes as South Korea is scrambling to rein in the virtual currency frenzy in Asia's fourth-largest economy, including preparations for a bill to ban cryptocurrency exchanges at home. According to the authorities, cryptocurrency traders will be allowed to convert their virtual accounts into real-name ones within this month, but those who refuse to accede to real-name identification will face fines.
Wait untill they all move to the freedom loving North Korea and become BTC billionaires and enjoy a lavish life alongside the great chubby leader.
sudo rm -r -f --no-preserve-root /
I am Warren Buffett, and I will see you in hell.
Bitcoin and all other so-called cryptocurrencies are just a new form of Ponzi Scheme most people cannot understand apparently. Just look at it from investor point of view and see how it is actually same as a Ponzi scheme! If they are not banned globally they would lead world economy into a crash eventually!
99% of the anti-crypto-currency posts on here are from nerds that missed the boat and are pissed that their friends are paying off houses and driving fancy cars from small investments made just a couple years ago.
Even if you think that BTC/Crypto is a crazy tulip bubble, that doesn't change the fact that a $100 investment in eth a couple years ago would be worth $375k now.
There are still cheap coins with potential, there are still opportunities. Accept that you missed a couple boats, that doesn't mean you have to sit on your island and scream over the empty water.
Not ponzi scheme since there is not once person at the top that gets all the money at any point.
Pyramid schemes don't have to have a single person at the top. Furthermore there IS a small group at the top, namely the folks who created bitcoin and did the early mining. They absolutely stand to profit massively from additional later people coming into the scheme who are unlikely to seem much if any profit.
Yes bitcoin has a LOT of the features of a pyramid scheme and multi-level marketing. Whether not it is actually a fraudulent activity the resemblance is uncanny.
There are other currencies for which BTC can be exchanged*. And an unnamed account hosted on a server 'somewhere' will be pretty difficult to tie back to a South Korean national. So, good luck with this.
*The US dollar comes to mind. Probably the world's most liquid and negotiable currency. So I doubt many South Koreans will have problems loading up dollar denominated prepaid cards from BTC and using them at home. In fact, who do you think whispers in the foreign banking communities ears about how something or other is evil? And needs to be outlawed (thus creating a cost to using their home currencies) while ours remains freely available for shuffling funds around.
Have gnu, will travel.
"but those who refuse to accede to real-name identification will face fines."
Make the anonymous people who don't have real names face fines.
That sounds like something the u.s. would do.
Sure, go ahead - that will work!
And? you also just described the entire federal banking system as well.
Only to someone who has no idea how the federal banking system actually works.
setting up a reloadable visa gift card with a fake name but a real social security number and then getting fined for it because "economy says so." How else would they track all spending in a cashless country? When you think about how many Kim's are in Korea, these fines make no sense.
You have to understand the South Korean mindset ---
No one but the Chaebols is allowed to get rich
South Korea has no king, no nobility
The Chaebols - the Samsung, the LG, the Hyundais - are the new nobility, and only them are allowed to be wealthy
The rest of the South Koreans are forever to be peasants and slaves
From your first and second link
“None of the exchange previously based in China ceased business, They simply moved their servers abroad. The only change is that for the moment, the funds will move in and out of local currency via P2P transactions instead of via direct deposit. From a regulatory perspective, this is an interior solution because it’s much harder to prevent money laundering”.
If you want to get in on the cryptocurrency mining scene, you need a good motherboard that allows for multiple GPUs: ASRock H110 Pro BTC+, ASUS B250, Biostar TB350-BTC, and GIGABYTE GA-H110-D3A.