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.

Comments

Resemblence to a pyramid scheme

[sjbe]

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.

Re: So many salty nerds

[Mr307]

Nothing was made.

Some gambled and won, most will lose.