South Korea plans to ban cryptocurrency trading, rattles market

originally posted by: aliensanonymous
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.

Forgot Japan also the 3 biggest in Asian market is restricting crypto currency. They also happen to have the largest demand expect the prices to drop as demand decreases. 30 percent of world demand was south Korea slightly larger then China.

a reply to: JinMI

Exactly, not a new issue being dealt with, media with invested interests would want people to think otherwise.

a reply to: dragonridr

is restricting bitching.

Oh, do I ever wish!

Too big to ban. The exchanges could be regulated, which is now seems quite hacky, but just like the internet - you cannot stop what's coming (unless you are Kim Jung Un).

a reply to: liejunkie01

It is boosting to the economy. There's way more than a handful in my area that accept BTC, from acupuncture, to restaurants, to Cannabis shops, and the usual internet services. Someone even mentioned on another thread they found a dentist who accepts it in another location from CL. CL has things for sale accepting BTC a lot as it is.

a reply to: ParasuvO
Hey look, I don't doubt the technology. But power always wins, because it concentrates within governments. Private coins are a threat to the power of governments. The notion that the human race will free itself from the central authorities of government power structures and banking cartels is, well naive to say the least. That is just not the way human society works, or has worked since the beginning of time.

Each nation will eventually create their own blockchain coin currency and either ban the private ones, or legislate a way to make them worthless. How do you think paper notes became the standard across the world to begin with? Thousands of private banks across the globe had been issuing them for centuries before they all consolidated under the umbrella of Central Banks. And just like these crypto's , they had their scammers, their bull rally's and outright frauds as well.

The digital note is really all this is. But unlike paper notes, it will not take centuries for them to fall under the umbrella of the central banks, because the central banks already exist and own every government on Earth. One by one the pen will prove mightier than binary code. Pens that will be held by those writing laws for the banks.

That does not mean you cannot get rich quick if you play your coins right though, and I have not myself claimed otherwise. But if you just sit there expecting it to inflate in value indefinitely without making strategic withdraws and purchases, it will all be for naught. I fell like anybody who has already multiplied their initial buy ins more than a few hundred percent, let alone thousands of percent and not cashed it out in their hands is making a big mistake. These private digital notes will not be decentralized and freely exchanged for much longer.

a reply to: worldstarcountry

Where do you think that people are putting the money they make? Under their mattress?

You have to transfer the money from the exchanges to a bank, other than bitcoin and the companies accepting bitcoin, but I am sure that they have to register it in their books, I mean after all they have to sell the bitcoin to pay the power bill. Here in our small community, they still take cash, which means the bitcoin accepting businesses are a long ways away, which means cashing out bitcoin for cash.

All this is creating is a boom for the tax man. Coinbase is located in California, I am quite positive by the way they keep reminding people to pay their taxes, that they are legit and I will be shocked if they are not playing by the tax rules.

a reply to: liejunkie01
right, have you withdrawn your gains into your bank account yet?

Bitcoin is dead. Long live bitcoin.

originally posted by: AMPTAH
Bitcoin is dead. Long live bitcoin.

I think it's amazing how much your signature pertains to the media and the crypto world.

originally posted by: worldstarcountry
a reply to: liejunkie01
right, have you withdrawn your gains into your bank account yet?

No I have not and do not plan on it.

I personally just got into the crypto scene not long ago. I havnt put the power bill on hold to buy crypto. All I am doing is investing small amounts here and there and researching the crap out of the markets. I'm in it for the long haul. If I lose, I lose. I am fully capable of accepting that. I didn't take my vehicles titles to the loan sharks or put my house up for collateral to buy crypto.

My plan is to take it nice and steady and be in it for the long haul. It seems that greed is sinking a lot of people in the highly volitile markets. I would like to stake a small claim for future references.

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 mining will probably move to somewhere like Thailand, Sri Lanka, Burma or any other country with cheap electricity. It'll move around just like the shipbuilding and steelmaking industries moved around.

a reply to: dreamingawake

Keep in mind that bitcoin is in futures now...wallstreet is involved so if it drops enough there is a crap load to be gained from futures contracts..

its still a rumor about SK, and equal rumors they wont. to be honest, today is probably a good day to buy, as it will likely get a boost when this rumor gets busted. like others said though, im looking more at the value after a year. im sorry but at THOUSANDS of percent in returns, its worth placing a small bet.

originally posted by: dreamingawake
a reply to: liejunkie01

It is boosting to the economy.

Anytime people can avoid paying taxes, the economy gets a boost, since that tax savings goes right back into the economy as people being able to buy more products and services themselves.

a reply to: Gazrok

Ripple just signed a deal with Moneygram you might wnt to get more.

www.prnewswire.com...

a reply to: notsure1

Yep, oddly, I heard about that as I'm trying to get it...which is probably why it's next to impossible. None of the exchanges I've tried seem to have it to trade (though they are more than willing to trade FOR it, lol).

And other services simply cannot support new members now.

A crash? Well, maybe, but I'm thinking it will be SUPER temporary, and another golden age is right around the corner, or at least, I hope so. But hey, it's all just wild speculation, and the whole deal with crypto is how volatile it is. But the returns, within just one year, are simply too insane to just ignore. I really don't get why everyone doesn't just throw at least $20 into it.

If you had put $20 a year ago into:

Bitcoin, you'd have over $300
Litecoin, about $50, but still more than any other investment
Ethereum, around $2300!!!

Full disclosure, I'm a total newb at this. Just recently got into it, (and with a lot of great advice from fellow ATS'ers....) But the more I researched and learned about it, the more fascinating it all becomes. I think most don't get into it because they just don't know what it is, etc. There are PLENTY of great resources out there to learn.

a reply to: Gazrok

if you go to coinmarketcap.com and click ripple there is a box that says buy ripple now, have you tried that?

at bitsane i had problem when i would click on litecoin to ripple or ether to ripple it just would not load . pretty sure it was due to all the traffic from the msnbc article.

i just kept trying and it finally worked. i have 150 ripple right now.

Probably some freed up, so not a bad idea to keep trying. (Bitsane) Nice for you!

I tried the coinmarket idea, but can't on this computer, has certain roadblocks with work network.

Besides, waiting till tomorrow due to the minimum requirement.

As most expected, South Korea just back-pedaled on this, and said nope, they are actually just going to seek regulation angles similar to Japan, etc. So, hope this means the markets start going back up (and they seem to, slowly).