Bitcoin Forum

why does South Korea ban bitcoin futures Trading? do you know?

https://www.aicoin.net.cn/chart/644A3211

BTC:
What I can do here is to remind you of the risks since nobody knows where BTC price is heading for as BTC is gaining pace during its uptrend. You can see that from the range of BTC price in daily chart. The top may be formed at any time, MA 5 is the best way to judge whether we’re at the top of BTC price or not. Hold on to your BTCs as long as price remains above MA 5 and enjoy the surge in price.

As you can see from the chart as attached, the sharpness of MA 5 indicates the fact that price is gaining pace during its climb.

ETH:
ETH price action seems embarrassing as funds are drown out from it and put into BTC. And the whole chain is suffering a severe “traffic jam” because of the cat game. Whether other coins can gain bullish momentum or not when BTC falls or oscillates should be our priority to focus on.

ETC, LTC & Dash:
Support at $24 seems strong and will provide ETH and ETC with a good assistance when BTC oscillates and other coins rally.
Charlie tweeted yesterday that he would start promoting the application of LTC, which turns out to be less bullish. We can wait and see whether price can move back to previous high. The news that blocksize of Dash will be updated to 2MB also turns out to be less bullish.

BCH:
When BTC surges, other competitors will see a continuous fall in price.
Volumes of BCH remain low and main funds have no intention to initiate an independent price action. Trends of other major coins can be referred to in terms of further operations. Funds pushing BTC up are insufficient to support the rally of other coins, judgements will be easier to be made only when BTC price stops its upward move. The line as circled is the strong support of BCH.
 
Original by Kuang Ren, translated and posted by AICoin Jami.

In that part of the world everything is tensioned, but i think the reason behind the ban is the laque of interest or of the means to control bitcoin on national basis, i think that they will change their policy regarding cryptocurrency in the close future.

because it is highly speculative and Koreans are gambling their life's savings away on crypto. Too many scammers here. Futures would welcome a whole new pack of them.

At the moment it is a wise action to invest in bitcoin, it is remarkable the incredible uptrend that has had and apparently has not reached its limit, this means that the action of South Korea before the exchange houses in your country has It has been accepted in a positive way and perhaps has given more confidence to the South Koreans to invest in btc.

Many country banned tradding because it can influence finances in country. We must use strategy to tradding and it is not easy. Sometimes many people lose out because of tradding  :)

Well, futures is institutional gambling... people make careers out of it, and it's perfectly legal. I find it funny how governments allow futures of other things but not for Bitcoin.

In any case, we don't really need futures or ETFs, Bitcoin itself is like a black hole sucking all the fiat in. And now with lightning network we are going to Saturn (forget the moon, we crossed it already).

Bitcoin is a bad influence for any economy if you think about crypto as a not regulated entity or system

In this case is a China ban 2.0

I have read an article regarding the issue about South Korea and its decision to ban bitcoin trading. However, according to that article, it is still not being implemented, yet. The reason behind it was because they fear of its consequences since the use of bitcoin for trading promotes and increases the risks of scams which will affect a lot of its citizen.

You can read the whole article here: https://news.bitcoin.com/south-korean-businesses-to-battle-government-over-ico-bans/

Well it is because people who are buying Bitcoin is also the people who are selling other cryptocurrencies, they are doing this in order to have more buying power in order to participate the price action of Bitcoin. We have a small cryptocurrency market and that is why everything is affected by something especially when it is big as Bitcoin. That is why when you see next time Bitcoin having a price action like this one you need to prepare and sell your altcoins in order to not get affected and maybe be part of the people who are participating the price action of Bitcoin.

Almost all countries take such a reason.
Reasons like bubbles, risk of scam, high risk, government can not interfere in case of fraud, etc. is a form of state policy policy that is not ready to accept crypto and its technology.
It must be realized this technology is very new, is still being developed, while the demand is growing day by day.
Is the investment in this very risky? Could be, if the market can be manipulated to pump demand so that the price is going up higher, it would be the same for dump manipulation so as to trigger panic selling and price fall back.
South Korean side in this case has not had a clear attitude whether to ban permanent or still consider.

The South Korean government is just being protective of their citizens since bitcoin futures hasn't been proven viable yet and most of the companies that are offering this kind of trading scheme hasn't even implemented it yet. Maybe in time if these futures turn out to be viable and not much risks are involved, there is a chance that the government would lift the ban and just implement regulations regarding the said trading scheme, as was the case for past innovations that were later embraced by countries after being proven that it is viable and good in the long run.

I think that Korea has made a huge contribution in cryptocurrencies and this ban is not permanently. Just it takes time to control its futures and when something grows in unplanned manner it is a dangerous thing in economy