South Korea plans to ban cryptocurrency trading, rattles market

I have recently been buying some crypto and they are all way down right after this announcment.

I know china is banning mining and now SK is raiding exchanges and going to ban trading.

So is it time to worry? or buy more while it drops?

www.reuters.com...

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year.

Justice minister Park Sang-ki said the government is preparing a bill to ban trading of the virtual currency on domestic exchanges.

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” said Park at a press conference, according to the ministry’s press office.

And coin marketcap.com stopped counting SK exchange rates on Monday so obviously they knew something was coming.

a reply to: notsure1
Well look on the bight side. If you never got in, there will be a decent buying opportunity on the way.

originally posted by: worldstarcountry
a reply to: notsure1
Well look on the bight side. If you never got in, there will be a decent buying opportunity on the way.

If governments are going start banning mining and trading it might be time to sell sell sell.

Trillions of dollars speculating in get rich quick schemes that can get shot down so easily, at least all that speculator cash isn't driving up the price of oil which in turn drives up the price of every item humans consume on this planet.

Never has so much wealth been so easy to erase.

a reply to: notsure1
Well I just hope the guys on here that have been hawking them like the best thing since sliced bread and cheese have already cashed out something and can come to us with their testimony on what kind of magnitudes their wealth has increased.

I stick to the money of God and Country myself, that being gold and silver.

a reply to: notsure1

They are actually not "way down" ...nothing out of the usual really....looks like something that has happened every 2nd week at least for the last year.

These regulators can try this all they want..if they do they will take down a hell of alot more of their economies than they can imagine.

LoL at banning mining in China..they want to start a civil war...we shall see.

The foolish will emotionally sell...oh well.

a reply to: worldstarcountry

Gold is past that time...noone cares about it for sometime now...and their is just so much of it...

originally posted by: ParasuvO
a reply to: notsure1

They are actually not "way down" ...nothing out of the usual really....looks like something that has happened every 2nd week at least for the last year.

These regulators can try this all they want..if they do they will take down a hell of alot more of their economies than they can imagine.

LoL at banning mining in China..they want to start a civil war...we shall see.

The foolish will emotionally sell...oh well.

bitcoin was at 14.500 -14 800 then this announcment on twitter and 13 100 now 13 500 ether was 1,340 now 11 they are all down. ripple 1.59 wtf lol

Eta just checked again and they are slighltly back up. But the whole government banning it thing is a little worriesome.

South Korea is one of the biggest tech markets in the world. This is concerning for crypto investors as a precedent could be set for other countries to ban exchanges and roll out instationilised crypto like fed coins sooner rather than later.

A few coins will weather the storm or bubble, coins used for trading a physical asset, like electricity etc. will become prevalent. Look at how many companies weathered the .com storm and came out with their masts intact to roll out their sails. Many went under.

South Korea who?

a reply to: ParasuvO
You seem to be holding on to the hope that human history of power structures does not repeat itself. It does. By the time blockchain is approved for general consumption in a manner governments see fit, you will be uninterested as it will all be tied to government currency and private coins will be worthless or very difficult to do anything with.

Hopefully, you have already bought yourself a new car, a house, and maybe some fly kicks with the money you have already made, right?

While this impending banning-with promises regulation instead- has been going on since Dec. of last year, this ban is a bad decision for South Korea overall.

Bailing out right now, especially if you're not in effected areas, doesn't sound like a good idea. Then again it poses people to make more from BTC in the long run if the price goes down then rises again.

...and of course the cover story will be a concern:

Indeed, bitcoin’s 1,500 percent surge last year has stoked huge demand for cryptocurency in South Korea, drawing college students to housewives and sparking worries of a gambling addiction.

-from the OP

Hah, they are worried about that when their video gaming industry is grinding and cash oriented to buy goods for the game. A lot of that is gambling when rng comes into play with those games. Why one concern, not the other, makes you wonder. Gotta test this out, to see if it sits well with the populace.

Japan will likely remain in favor, guess if the investors can continue business outside of the country as usual, they won't be worrying too much.

a reply to: dreamingawake

The are using tax evasion as the excuse and I could see alot of countries follwing suit.

a reply to: notsure1

Oh yeah, of course that's thrown in, with probably future attempts elsewhere.

originally posted by: notsure1
a reply to: dreamingawake

The are using tax evasion as the excuse and I could see alot of countries follwing suit.

Coinbase is constantly reminding people to pay their taxes. One person's loss is another person's gains.

I see on FB all over here in the states people talking about taking their crypto gains and buying goods and services all around. This is definitely helping the economy here in the states. I even seen someone post on a friends post how they were going to buy a new Bobcat and other heavy machinery with his crypto profits.

The money being generated is going to be a huge loss for SK and I bet that they change their tune a little when they see just how much money their economy will lose.

a reply to: liejunkie01

I hope you are right.

originally posted by: notsure1
a reply to: dreamingawake

The are using tax evasion as the excuse and I could see alot of countries follwing suit.

Apart from the normal speculators investing in bitcoin, it would be interesting to see where this big money keeps rolling in and from what countries

I’m guessing that tax invasion and money laundering would be an issue, I know all money is used this way but bitcoin must have made criminals smile the world over

The block chain is a great idea but the coins are not unless you see them purely as shares in a company that only produces shares that can generate the best returns on your capital you could ever get

a reply to: worldstarcountry

Why would private currencies be worthless......and what makes you think we are in a power structure cycle.

Clearly you do not see or feel what is in the air...no going back now....waste of time.

Yes things are dramatically better and improving daily.

The fear in the air of emotion and loss is what is actually boring.

Good thing i bought all those graphics cards what with mining about to become drastically more lucrative than it is even now.

Whatever happens...the old power structures are already altered in ways they cannot begin to understand..and they never will.

They can be the new martyrs...so be it.

I'm just going to drop this here. Don't want to shatter any preconceived notions.

bitcoinist.com...

Under the measure, only real-name bank accounts and matching accounts at cryptocurrency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned.

Nope. Not happening.

They are looking at regulations of the industry not banning it.

What they are doing is taking down the shady crap like the Bitconnects of the world and other garbage like that.