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Quote from: https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling

“There are great concerns regarding virtual currencies and [the] justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.[1] (https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling)
News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.[2] (https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling)

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.[3] (https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling)

Do you think the price will lose more?

Source of news : https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling (https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling)

This news will clearly push the price down more as people will digest the impact and content of that article. Specifically, people who are new to crypto will most likely sell (already sold) their BTC after reading this article. The veteran ones will just likely shrug this off as they experienced this same kind of "FUD" in the past in a more greater scale. I think, South Korea will not ban it but they will put a very strict rule/regulation regarding tax payment for crypto trades. Well, I'm just hodling my BTC stack and will not budge because of this issue.

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

I’m hearing that this is just being proposed by in person in the South Korean government and will not likely happen. But if I had coins on a South Korean exchange, I would consider taking those funds out. I think Binance is in Hong Kong so it should be ok. I don’t think these governments realize the impact to regular people that banning cryptocurrencies would have.

they are consistently making negative comments about bitcoin, things like "ban bitcoin"; "bitcoin is used to commit crimes" have been very frequent to hear from South Korea in recent weeks, they have created a task force, they have invaded the exchange and all this events happened in less than a month... this is one more case that people should be prepared and forget the South Korean market just like China. Nothing good for bitcoin can come from South Korea if things continue as they are

Quote from: Denker on January 11, 2018, 02:59:40 PM

Quote from: Happy Miner on January 11, 2018, 02:51:45 PM

I read the refutation of this news. It turned out that this is not true and panic is premature. South Korea did not prohibit bitcoin.

And I doubt that this could happen in the future.
The whole crypto space will be so big in the future, a tech savvy country like South Korea will definitely try to have a lead position in that new economy.

they are very close to ban bitcoin and I do not see them changing their position so early

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

If we get some more clarity and it is a definitive ban on crypto then that would push the price down some more but I feel not much more, while a major player in the market, the market can survive without South Korea if it comes to that. My understanding in fact is they're banning unregulated trading which makes sense.

Quote from: Denker on January 11, 2018, 02:59:40 PM

Quote from: Happy Miner on January 11, 2018, 02:51:45 PM

I read the refutation of this news. It turned out that this is not true and panic is premature. South Korea did not prohibit bitcoin.

It definitely could happen in the future. It doesn't matter whether the country is big or small, tech-savvy or not, they can act against Bitcoin if they feel threatened. China has banned bitcoin exchanges while Venezuela is cracking down all miners and users. If bitcoin becomes too big, there is no reason why South Korea shouldn't act.

Quote from: JanpriX on January 11, 2018, 11:29:21 AM

This is just an opportunity to make more money with bitcoin, the price will go down but after this the people that are now unable to trade at South Korea will move their money to other countries and exchanges, and then we will see a pump, this is nothing new, people making a fortune in crypto are not going to be stopped by something as small as this and true holders do not care at all about these news as well.

Quote from: SheepSuit on January 11, 2018, 12:33:22 PM

Remember what happened after we had similar reports from China earlier.
I have also read that this is only related to certain exchanges.

Yeah, it all was a giant fud that made people sell their cryptos like crazy, and that is exactly what is happening on the market right now.

No offense, but i am not believing in this kind of FUDS anymore, it has already been clarified by the government if i am not wrong

And a lot of people who are from Korea have already said that trading/mining/exchanges were not going to be shutted down, so stop creating this kind of non-sense threads.

Quote from: joujourdain on January 11, 2018, 01:55:54 PM

If South Korea ban BTC trading, we will have the same effect as the "china will ban btc trading" : a big drop (panic selling + FUD) then a big raise of the price, because BTC price is not driven by south korea.

It did, but the huge increase hasn't happened yet, maybe it will happen in a few weeks from now or maybe in some days.

I am a little bit bored about the price, it is always going up, and then going down, when is all this kind of manipulation going to stop ? i am tired.

Those fluctuations are really killing my entire portfolio, more than -30% since all this dip started, it is all bleeding right now.

Regulation is always the biggest obstacle for bitcoin development, especially if it comes from a Big country which has huge trading volume such as South Korea.
However, it may takes a long time for South Korea to ban cryptocurrency trading as: Once a bill is drafted, legislation for an outright ban of virtual coin trading within South Korea will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.
Although, there is a chance that South Korea will not ban crypto trading if majority vote of 297 members of the National Assembly decide no to ban it.

Quote from: GreatOrchid on January 11, 2018, 10:46:47 PM

Quote from: joujourdain on January 11, 2018, 01:55:54 PM

Lol, why not take advantage of the fluctuation? It will surely gives you pumped up! Especially when you are raking reward and profit from your genius move!. Though I admit The rading ban in South Korea do creates a huge impact in Bitcoin but then, I believe Bitcoin will rebound sooner than we expected :). Bitcoin crash means buying more Bitcoins!!.

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

If it's true yes, if the justice minster made a mistake in his words, which seems like is the case, then I think 13k will be about the bottom, maybe 12500 on a big dip. That's about where we are as of writing.

Quote from: Daveeoff on January 11, 2018, 02:46:39 PM

After the CHINA FUD dip the price shoot up and the market cap doubled or tripled, I learned my lesson - bought more BTC!

Well, we can't be really certain that the price of bitcoin will rise higher than its usually price. And we shouldn't be comparing South Korea with China. You never can tell, South Korea might have a greater influence on bitcoin than China; they really affected the price of bitcoin because of this dispute. We should just hope that they resolve whatever issue they have with Capmarket for the price to pump back.

Quote from: vintages on January 11, 2018, 11:53:04 PM

Quote from: Daveeoff on January 11, 2018, 02:46:39 PM

After the CHINA FUD dip the price shoot up and the market cap doubled or tripled, I learned my lesson - bought more BTC!

Buy more btc in the dip obviously, not at the moment as the market just started to cash out, maybe bitcoin will fall to $8K or $9K at the best. South Korean exchanges always have the biggest trading volume even for bitcoin price as few days ago bitcoin reached over $22K while in most exchanges just listed it around $14K-15K.

The South Korean Ministry of Finance and Strategic Planning might be pushing back internally with the following:

1) SK has some of the worlds most advanced semiconductor fabs. There has been scattered news on this board that the next generation ( 10, 7, 5 nm ?) BTC ASIC chips are/will be fabbed by Samsung. So more leading edge business for SK.

2) (Sneaky) SK could come up with their own app/coin that works (geographically) on the kind of cheap cell phones in NK and hook NK people on crypto + move money around/to NK. This could be a way to undermine the NK economy.

3) Given 1), perhaps there is a chance for a Korean Bitmain.

4) The BTC room heater would be a particularly attractive product in Korea.

My money would be on the shortsightedness of the MOJ losing out.

Quote from: joujourdain on January 11, 2018, 01:55:54 PM

If South Korea ban BTC trading, we will have the same effect as the "china will ban btc trading" : a big drop (panic selling + FUD) then a big raise of the price, because BTC price is not driven by south korea.

keep hodling and forget your btc stash for a while :)

Perfect!!! Just perfect!!!
I'm so glad that people start to realize the obvious!!!

All that China fuss and all this SK non-sense should have no impact on the price.
Just look back at 2013 and understand that China never had users, never had usage never had business involving crypto , just trading on 0 fee fake numbers exchange and mining.
SK has just the trading.

Just as it was 4 years , 2 years and 1 week ago, SK means nothing!

Quote from: Rahar02 on January 11, 2018, 11:58:02 PM

And you're going to trust numbers from an exchange that is suddenly involved in tax evasion fraud ???
Bithumb is just Huobi 2.0

Quote from: fachant on January 12, 2018, 10:23:43 AM

For now, it is a lot of hype around these messages.

It's basically China 2.0 with how all sorts of sides were desperately trying to get the price to plummet, that at some point people just didn't care anymore, and I am happy people stopped paying attention to rubbish.

It was believed that once Chinese exchanges were forced to shut down, that the market would sink down so deep, that we would experience a very long bear market, but instead, we reached high after high.

I think it's safe to say that without China, this market has done better than ever before, and that in all aspects. Also, China after PBOC restrictions was nothing more than a joke with their volumes that have dropped 99.9%.

Quote from: GreatOrchid on January 11, 2018, 10:46:47 PM

Quote from: joujourdain on January 11, 2018, 01:55:54 PM

Bitcoin don’t care about any ban because bitcoin is now a very strong currency in market and a lot of countries have join bitcoin and they are also supporting bitcoin and I’m sure bitcoin is now moving to ward to some more countries and also some rich companies are going to join bitcoin so I think they are enough for bitcoin to survive so we don’t need to worry about any ban because bitcoin is the only currency who I know how to take its price high.

Quote from: BitHodler on January 12, 2018, 07:46:38 PM

I think it's safe to say that without China, this market has done better than ever before, and that in all aspects. Also, China after PBOC restrictions was nothing more than a joke with their volumes that have dropped 99.9%.

Definitely so. China was nothing more than an obstacle in this market. It was almost guaranteed that when the price has gone up, that it would come down again due to one of their silly announcements, and it happened every time. That's why I never took certain higher price levels for granted, because I just knew that the market would get dumped down again due to China. I just hope that South Korea will not end up being China 2.0 as you pointed out. Weird that after all the positivity from such an open country as South Korea regarding crypto currencies, they have taken a bit of a hostile position in this matter....

Quote from: richardsNY on January 12, 2018, 09:43:09 PM

Weird that after all the positivity from such an open country as South Korea regarding crypto currencies, they have taken a bit of a hostile position in this matter....

It's probably due to the explosive growth, which is something they haven't seen coming. Also, people were putting South Korea on the same level as Japan, which is not a worthy comparison. Japan in all aspects shows that they are open to let Bitcoin and other crypto currencies grow, and that's something that was missing with South Korea. People focused on the growth they were going through, and for that reason got a bit too excited. On a more serious note, I strongly suspect their volumes to be artificially inflated. It just isn't normal to see certain coins generate billions in volume in just a single day. To add even more, their Bitcoin rate is $5000 higher than the western market, which is also not that convincing. ::)

Quote from: 1Referee on January 12, 2018, 11:22:08 PM

Quote from: richardsNY on January 12, 2018, 09:43:09 PM

Weird that after all the positivity from such an open country as South Korea regarding crypto currencies, they have taken a bit of a hostile position in this matter....

It's probably due to the explosive growth, which is something they haven't seen coming. Also, people were putting South Korea on the same level as Japan, which is not a worthy comparison. Japan in all aspects shows that they are open to let Bitcoin and other crypto currencies grow, and that's something that was missing with South Korea. People focused on the growth they were going through, and for that reason got a bit too excited. On a more serious note, I strongly suspect their volumes to be artificially inflated. It just isn't normal to see certain coins generate billions in volume in just a single day. To add even more, their Bitcoin rate is $5000 higher than the western market, which is also not that convincing. ::)

Of course it was not normal.
It was houbi and okcoin reloaded.
Bithumb was manipulating the markets big time and I'm willing to bet almost everything that the numbers were fake.

Furthermore there is an investigation into the matter and I'm pretty sure it's going to turn ugly.
Probably somebody high up in the finance ministry has already a file on this, and that was what triggered the ban exchanges discussion.

I doubt they will be banning exchanges but I'm sure they will come with some heavy regulations for them and probably criminalizing manipulations on crypto exchnges to match stocks. That would be the best thing to do right now.

Quote from: BitHodler on January 12, 2018, 07:46:38 PM

Dropped to real levels, that is.
I have always wondered, for 3 years we where just hearing about China this China that, price in yuan become a key point in discussions, but I've never heard anything about BTC usage in RL.
Nothing. It was all one big fake!!!

Quote from: stompix on January 13, 2018, 09:53:42 AM

Furthermore there is an investigation into the matter and I'm pretty sure it's going to turn ugly.
Probably somebody high up in the finance ministry has already a file on this, and that was what triggered the ban exchanges discussion.

I doubt they will be banning exchanges but I'm sure they will come with some heavy regulations for them and probably criminalizing manipulations on crypto exchnges to match stocks. That would be the best thing to do right now.

It seems to be the Justice ministry that is proposing the ban and the Finance ministry that is pushing back against it. I'd agree with your conclusion that a ban is extremely unlikely, just more rules and regulations.

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

Another upcoming crisis all from asian countries never been better at banning. As long as they wont ban Bitcoin were in good hands. The price will lose some but only in alts. If that News is the real deal as in a legit one that so certain to it. It is better to sell now or regret later. Take advantage on the upcoming events.

Quote from: t1Zona on January 13, 2018, 11:07:02 AM

After chineses FUD now it's time for korean FUD. I think that all the money the korean exchanges are doing is better for Korea, so, I expect just a little bit of regulation, but I doubt they ban totally bitcoin or exchanges.
Also I expect more freedom to choose what to do with your money in Korea than in China.

Oh really... then you should consider the USA, which in theory is a free economy and tells the rest of the world that they should follow their example and all that... and then has incredible restriction on who can invest or not.

Quote from: melamiras on January 13, 2018, 05:06:06 PM

Quote from: t1Zona on January 13, 2018, 11:07:02 AM

I think you guys need to read this:

https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says

So the government of South Korea has released a official statement that they are not banning bitcoin and cryptocurrency trading. So stop those FUD. And if I may quote the spokesman:

Quote

“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”

So there you are. They will not ban, however I believed that stricter framework will be imposed very soon. At least though, it will still allowed South Koreans to trade and enjoy crypto for the time being. As they have been the #1 in terms of trading volumes per 24 hours. No need to fuel this FUD again.

Quote from: Kemarit on January 13, 2018, 09:03:03 PM

Quote from: melamiras on January 13, 2018, 05:06:06 PM

Quote from: t1Zona on January 13, 2018, 11:07:02 AM

Quote

Well, it's just what I wanted to explain, that no worries about this last korean FUD. What I do expect is a bit of regulation during 2018, not only in Korea but in many countries, and depending on which counties there'lll be a really strong rules (and also some bannings) but not in countries like Korea. At least is what I hope.
On the other hand also some regulations in USA that allows in one way or another to invest in ICOs like (almost) the rest of world.

Quote from: t1Zona on January 13, 2018, 11:07:02 AM

Bitcoin don’t care about any ban because it’s not a first experience for bitcoin it happen before with bitcoin and bitcoin is now meatier and understand the situation what to do and how to do because I remember when china ban bitcoin so nothing happen to bitcoin after china Indonesia also ban bitcoin but bitcoin fight against them and now everyone know where is bitcoin standing because there is a very big support to bitcoin by some rich countries.

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

They punish for anyone who trades there, this is bad for bitcoin same like china time forbids bitcoin in the country.
Bitcoin prices in South Korea fell 21% to 18.3 million won or $17,064.53. In addition, bitcoin prices also dropped 10% in Luxembourg to $13,199, having earlier dropped to the lowest level of $13,120.
You can see it yesterday, prices are soaring down significantly. Maybe, it will not be long. Today the bitcoin starts creeping up again.

Quote from: Voice on January 16, 2018, 01:14:37 AM

Any news on this?
Everything's falling deeper and deeper.

It's not a real one, it's only a FUD. Crypto ban isn't finalized on SK https://www.coinspeaker.com/2018/01/11/reports-coming-south-korea-causes-fud-cryptocurrency-ban-not-finalized/

Quote from: Granxis on January 15, 2018, 08:45:50 PM

Nobody knows exactly why South Korea is making this decision, I think the Eastern asian countries are trying to launch a war against Bitcoin. We are looking forward to more decisive steps than Japan.

I have read someone on twitter I don't know if he's working for a crypto media company and he has a friend who's on crypto too in SK and his friend verified that there's no ban.

South Korea ban is the new China ban since it is one of the factors that makes the price of bitcoin go down. This is the time again when those who are in crypto just recently would be able to taste the negative side of crypto since we are so joyous in late 2017 because the portfolio are in green and now we can see blood all over it. For the people who can remember the past years, China always say they would ban crypto and then other people ride it out and make the price go down which makes some people sell off their coins and then after a while, it reach all time high again. History repeats itself but they have a new strategy now since China is not that effective anymore.

Quote from: batang_bitcoin on January 16, 2018, 01:28:26 AM

Quote from: Voice on January 16, 2018, 01:14:37 AM

Any news on this?
Everything's falling deeper and deeper.

It's not a real one, it's only a FUD. Crypto ban isn't finalized on SK https://www.coinspeaker.com/2018/01/11/reports-coming-south-korea-causes-fud-cryptocurrency-ban-not-finalized/

Quote from: Granxis on January 15, 2018, 08:45:50 PM

Nobody knows exactly why South Korea is making this decision, I think the Eastern asian countries are trying to launch a war against Bitcoin. We are looking forward to more decisive steps than Japan.

I have read someone on twitter I don't know if he's working for a crypto media company and he has a friend who's on crypto too in SK and his friend verified that there's no ban.

Maybe just like China government reason they don't want this kind of opportunity to enter in their country because it is like a bad scheme as to them, and it will just imbalance the countries economy, so for me they know what is right for their country so we just have to respect them, for sure they will know the truth and the missed out opportunity.

Quote from: burner2014 on January 16, 2018, 03:12:29 AM

Quote from: batang_bitcoin on January 16, 2018, 01:28:26 AM

Quote from: Voice on January 16, 2018, 01:14:37 AM

Any news on this?
Everything's falling deeper and deeper.

It's not a real one, it's only a FUD. Crypto ban isn't finalized on SK https://www.coinspeaker.com/2018/01/11/reports-coming-south-korea-causes-fud-cryptocurrency-ban-not-finalized/

Quote from: Granxis on January 15, 2018, 08:45:50 PM

Nobody knows exactly why South Korea is making this decision, I think the Eastern asian countries are trying to launch a war against Bitcoin. We are looking forward to more decisive steps than Japan.

I have read someone on twitter I don't know if he's working for a crypto media company and he has a friend who's on crypto too in SK and his friend verified that there's no ban.

No, there is still no glance or idea if they are supporting crypto or not. Don't lead everything and let's just see on what will happen. They are aware what bitcoin is and if that is sort of a bad scheme to them from the very beginning they would stopped their people and warn from touching or having it. You are assuming that they have already answer with it?

Quote from: t1Zona on January 13, 2018, 11:07:02 AM

Nothing will happen to bitcoin because bitcoin is very strong and stable in market and day by day its price is going high and it will survive for ever because there is a very big support to bitcoin and that’s why bitcoin stop care of any ban because in past bitcoin faced such a ban and still bitcoin price is very high and I’m sure these countries will join again bitcoin because bitcoin is good for every one and it is helping in economy of any country.

Quote from: t1Zona on January 13, 2018, 11:07:02 AM

Bitcoin don’t care about bitcoin because bitcoin is now very stable with high price in market as we know that in past bitcoin already faced ban by china and nothing happen to bitcoin if Korea ban bitcoin so nothing will happen to bitcoin because there is a very support to bitcoin by some rich countries and this year some more countries will join bitcoin and the good thing is that they will also make bitcoin legal so I think no need to worry about anything.

Quote from: 4U on January 17, 2018, 11:29:34 AM

Quote from: t1Zona on January 13, 2018, 11:07:02 AM

This could be our learning about how Bitcoin can be developed in a country, the decision of a country is very influential on the development of the global Bitcoin. We can see all these things from what has happened to the present. The impact is also very significant, China and korea is one country with a lot of Bitcoin users, So whatever decisions that must be done can quickly change the conditions. But until now we have to keep trying to convince many countries that Bitcoin and digital currency is a very useful technology. Because then we will all feel the result, Bitcoin's price can be very likely to increase and this could be the beginning of the era of digital currency begins.

Quote from: GreatOrchid on January 11, 2018, 10:46:47 PM

Quote from: joujourdain on January 11, 2018, 01:55:54 PM

The manipulation of the price of cryptocurrencies is never going to end and if you think things are bad in bitcoin things are a lot worst in other coins with a lower market cap where you can be a whale with just a few hundreds of thousands of dollars, so you only have two options you get out of crypto for good or you deal with the fact that we cannot change the market and we must adapt to it.

Quote from: ivan376 on January 18, 2018, 01:51:48 PM

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Yes that is possible that a person just want to gain profit selfishly. Banning bitcoin will really affect its market price and with that is a good opportunity to buy bitcoin at low price and then when the price get higher, it will really give him a good profit. We can think like that but of course we are not sure, I just hope that this is just a thought because if someone do something like, he really acts selfishly and very evilly.

The banning of South Korea had already affected badly the market price and it looks like it will continue to get lower. Many people are panic selling but of course those who have been in this situation many times will likely hodl.

Quote from: JanpriX on January 11, 2018, 11:29:21 AM

Well said. It is the same bad news based on FUD as we heard many times before.
First Russia banned BTC, then China banned leverage trading and then yuan to BTC trading, they also banned exchanges for a brief time AFAIK.
We will always have some kind of legal issue related to cryptocurrency - it's the name of the game here.

Quote from: Snorek on January 18, 2018, 08:16:45 PM

We will always have some kind of legal issue related to cryptocurrency - it's the name of the game here.

There are no real issues. People were also going nuts over that South Korea will ban anonymous trading. News articles tried their best to make it look like it's bad news, while in reality it's a pretty understandable move. It just means that if you want to trade crypto currencies, that you need to verify yourself, and that's all. It's basically the same as what western exchanges have been doing with their stricter AML and KYC policies. In this case it's not called anonymous trading is banned, that's the only real difference. News sites are looking for sensation based articles, and the term banned helps in getting their so loved clicks.

Quote from: clrpod on January 18, 2018, 09:53:45 PM

Quote from: ivan376 on January 18, 2018, 01:51:48 PM

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Really it wouldn't be surprising, I hope the south korean government investigate him. He effectively twisted the words and intentions of the government, whether for his own personal gain or not remains to be seen but either way it certainly shows a level of incompetence on his part.

We should learn from this because not all well known people gives the right information. This is the reason why cryptocurrency dumps and because of this many people are on panic and selling their holdings even at loss. This is how millionaires makes money in a dirty way, well I hope that bitcoin can start to bounce back now so we can get back our losses.

Quote from: samcrypto on January 19, 2018, 07:05:42 AM

Quote from: clrpod on January 18, 2018, 09:53:45 PM

Quote from: ivan376 on January 18, 2018, 01:51:48 PM

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

and I am sure that all fluctuations in prices in the market are made artificially. It is different conversations about positive or negative parents that cause certain emotions among users and this is used in trade. Of course, everyone wants to buy cheaper and sell more expensive.

There's one article that caught my attention. I don't know if you guys have seen this,

https://cointelegraph.com/news/south-korea-govt-officials-accused-of-crypto-insider-trading

Its says that some government officials have inside information that there will be some announcement by the FSS regarding crypto's. So this official sold their bitcoins much earlier at a higher price and then buy it back when the price went down, in anticipation of the said pronunciation.

It also says, that there's no word at to whether get will give a full ban or not. Its still up in the air. So I guess we still have to wait, but we have to think that it will have a short term effect on the price because South Korean market is like going crazy all about things related to bitcoin and cryptocurrencies. Their market price is even way above other exchanges. But in essense though, Given the size of the market, there’s a greater need for them to come up with something soon. So we need to wait how everything pans out.

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

China, Indonesia, and South Korea has all came out with new negatives for bitcoin, and a lot of people are worried about the future of bitcoin in those countries. The truth is do you really think that these regulations are going to have such a grave impact on bitcoin at all? At worst, it'll shut down all exchanges, but not a single country will be able to shut down bitcoin itself.

Obviously this news has had a big impact on price, and as a result price has essentially plumetted. Though i believe that people are overreacting to this series of news at the moment, and a wave of buyers will buy up the cheap bitcoins soon.

Quote from: Siopao on January 20, 2018, 07:48:51 AM

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses. On the other hand thisnis a good opportunity to buy more bitcoin, hold it till the price pumps up.

But it was false mate... This was just another opportunity to buy cheap bitcoins, why do you think that it went from $8900 to more than $12800 in just a few days? I am very curious about what were their real plans after all.

Quote from: Siopao on January 20, 2018, 07:48:51 AM

then can this whole problem with the fall of Bitcoin? Do we also have problems in South Korea? I thought that since Bitcoin is a decentralized currency, the price for the whole world is the same on Bitcoin.

Quote from: ssuchy on January 20, 2018, 09:50:44 PM

Quote from: Siopao on January 20, 2018, 07:48:51 AM

Despite the fact the South Korea has been one of the biggest markets for bitcoin, Ether and more cryptocurrency activity, but their central bank and their financial regulators had refused to recognize it as a currency just like other countries. Their government has vowed to take action against crypto- illegal conduct such as the market price manipulation and tax evasion, so what they did is to put their real names on their crypto accounts despite the news of impending trade ban and that can be seen as a positive effort to legitimize trade.

Quote from: ivan376 on January 18, 2018, 01:51:48 PM

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Its because of the fear of other bitcoin user that their bitcoin might lost its value due to the governments announcement about banning bitcoin. Yeah, it made a huge impact a few days ago on what happen to korea and its exchanges but nevertheless bitcoin long time investors are not afraid of this kind of news thats why bitcoin survive.

Its still not enough to make bitcoin fall if a few countries ban bitcoin, there are still majority of A class countries who doesnt care what bitcoin is, because it doesnt really effect their economy that much. There are still a lot of countries who doesnt care what bitcoin or crypto is but they do regulate and have set rules for the exchanges.

Quote from: Siopao on January 20, 2018, 07:48:51 AM

This is false mate, when are you going to understand that? You have more than one page in here full of posts saying that it is false and it was a huge FUD in order to make the price drop.
Why are you so blind that you can not even read that?

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

I think the proposed ban on cryptocurrency exchange on South Korea has nothing to do with the recent dip of bitcoin price in the market. It may simply be that the supply is high and demand is low.

There will be no ban on crypto in SK, even not in the near future if actually considered. My last post on this subject:

Quote

After a quick google, third link on the first page and it says that SK will not enforce a ban on crypto. They're also stating that there has been a debate and that actual ban on crypto won't be in the near future. Also in the last paragraph:

Quote
In the statement, the government also claimed that it will support and also it will finance activities such as blockchain technology development.

Don't know where people got the idea and spreading it without, possibly, any research. So nothing to worry about.

Also if someone's interested or is for some reason expecting a ban, forbes has put out an article on why the potential ban on crypto in SK won't affect the market here.

https://www.emchat.net/emchat/2018/1/16/south-koreas-government-confirms-again-that-there-will-be-no-cryptocurrency-ban

So those were just "maybe" propositions and I don't even know where people got that from, the whole SK crypto ban, no need to worry about that at all.

Quote from: sopromat on January 22, 2018, 07:56:33 AM

You all need to understand that those were fake fud news, and a lot of people are still not aware of this situation. I have a lot friends of mine who have sold all their bitcoins because they thought that it was the end of bitcoin because of those "news".

I believe that south Korea is not a authoritarian government like north Korea that the government is detected only with one person that anything he says is already a law, banning bitcoin in a democratic country would undergone many process because it will into a law that would underwent many debate in legislation, because banning Bitcoin this far would create chaos can you imagine how much percentage of their citizen are investing Bitcoin.and even it would create economic turmoil. so for BTC patrons don't just believe for an article that there is no proof or just simple fake news. because Bitcoin is not just
ordinary network it is a huge network it is not a joke.

Quote from: Angelo Santos on January 17, 2018, 01:15:36 PM

I honestly think because of this regulations that is coming on different countries coins that had a main feature of anonymity will boom and be one of the best cryptocoin that people is going to use. This will be my main in investing coin on the future.

it's a double edged sword. If the EU or US decide that will accept cryptocurrencies with the condition that they can be traced when necessary (and I expect them to say this) all those really anonymous coins will mostly die off get used in the darkest of the darkest places of the web, and exchanged only in decentralized marketplaces like bisq.

And if you think they can't ban something, think again. The next time a high profile case of kidnapping/human trafficking/terrorist act happens they will create a public outrage, rush to put it in the law and stick the national security act in front of everybody opposing them, and all of this with you grandmothers approval. When they stick a 1 year plus prison sentence on trading anonymous coins that support "insert very tragic stuff here" you will most certainly stop that UNLESS whatever you are hiding carries a larger sentence.

Quote from: jinksters09 on January 22, 2018, 01:50:13 PM

For sure a lot of people newbies and especially those who have a particularly little knowledge of bitcoin will have doubts in their mind of investing in bitcoin because as far as standings and influence in our world today South Korea is one of the popularly developed country especially on Asia so this should probably affect the market of bitcoin.

Korea in one of the country that influence bitcoin, but still they are just one of the country that are using bitcoin, we should never about that anyway as in the first place a lot of country still using and regulating bitcoin, but for the correction, Korea did not ban bitcoin as their government would just want to regulate and make cryptocurrency in the right path and legal in terms of exchange platform.

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

I think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

Quote from: Rrtt on January 23, 2018, 08:30:33 AM

I think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

Not only South Korea but China also planning to regulate cryptocurrency exchanges or ask for more taxes.
this will lead more to start regulating bitcoin or try to ban mining.
China has some plans to create them cryptocurrency so they will ban it, study more about it and print them central coin
i read SK will accept trading again soon. SK will be biggest bitcoin market and them trading exchange have biggest liquidity.

Quote from: TutorShow on January 23, 2018, 01:07:21 PM

Quote from: Rrtt on January 23, 2018, 08:30:33 AM

I think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

Not only South Korea but China also planning to regulate cryptocurrency exchanges or ask for more taxes.
this will lead more to start regulating bitcoin or try to ban mining.
i read SK will accept trading again soon.

Now bitcoin is slightly banned in South Korea. Only the trading of bitcoin is banned in South Korea. Additionally it was not fully banned ,the government should get an approval for the ban of bitcoin. Nearly 30-40% of trading is made in South Korea, this is one of the reasons for the price fall in few days.

Quote from: ajochems on January 23, 2018, 01:35:40 PM

Quote from: TutorShow on January 23, 2018, 01:07:21 PM

Quote from: Rrtt on January 23, 2018, 08:30:33 AM

I think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

I strongly agree with you. Now the bitcoin trading is start to ban in SK,but it was not officially announced. The government of SK should get the approval of ban issue about Cryptocurrency. Out of 100,nearly 5 percentage of bitcoin trading is made on South Korea with respect to the world percentage.

Quote from: timerland on January 20, 2018, 03:42:56 AM

Quote from: hugeblack on January 11, 2018, 11:21:01 AM

Do you think the price will lose more?

Yep, the impact is arguably a negative one, but what should we have expected really? These exchanges are an abomination to the decentralized world of crypto. The sooner we get rid of them the better. The governments have found crypto's weakspot, its Achilles heel, and now they will stick into it with full force until it dies in agony. Full-fledged decentralized exchanges have now become a vital necessity, a must-have, without which crypto may not be able to survive.

Quote from: tee-rex on January 23, 2018, 03:05:56 PM

Based on the number of investors that come up South Korea have a greater influence rather than China, so they have something that affects the current value of bitcoin now due to an argument that still exists in their country, as to people their not totally ban they were just assuring that every people will pay taxes properly when they have profit that comes from cryptocurrency.

Quote from: The Scorpion on January 21, 2018, 08:17:38 AM

Quote from: Siopao on January 20, 2018, 07:48:51 AM

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

Quote from: gorodi on January 24, 2018, 03:55:11 PM

Quote from: The Scorpion on January 21, 2018, 08:17:38 AM

Quote from: Siopao on January 20, 2018, 07:48:51 AM

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

Many people here is totally wrong informed, and some of them are just repeating without even reading few pages, then just spam around to be paid, you noticed that good. There are too many blind people around, too many!
In the end South Korea didn't ban trading, like China didn't ban bitcoin, many fud is around and who wants to be informed should do more then just a bit then reading few lines here and there.

Quote from: gorodi on January 24, 2018, 03:55:11 PM

Quote from: The Scorpion on January 21, 2018, 08:17:38 AM

Quote from: Siopao on January 20, 2018, 07:48:51 AM

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

They don't want to ban the trading, they want to ublish regulations to watch the market activity of their citizens. That's all in South Korea at the moment.

Quote from: Gobeller on January 24, 2018, 05:56:28 PM

Quote from: gorodi on January 24, 2018, 03:55:11 PM

Quote from: The Scorpion on January 21, 2018, 08:17:38 AM

Quote from: Siopao on January 20, 2018, 07:48:51 AM

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

They don't want to ban the trading, they want to ublish regulations to watch the market activity of their citizens. That's all in South Korea at the moment.

I was sure that bitcoin is legal in South Korea.Some fake news was spread among the people to reduce the price of bitcoin and to make the bitcoin away from their citizen who involved in Cryptocurrency.South Korea not at all officially said Bitcoin is illegal.

Quote from: sharted on January 24, 2018, 06:12:45 PM

Quote from: Gobeller on January 24, 2018, 05:56:28 PM

Quote from: gorodi on January 24, 2018, 03:55:11 PM

Quote from: The Scorpion on January 21, 2018, 08:17:38 AM

Quote from: Siopao on January 20, 2018, 07:48:51 AM

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

They don't want to ban the trading, they want to ublish regulations to watch the market activity of their citizens. That's all in South Korea at the moment.

The ban has been lifted if there ever was one but yeah, they're requiring traders now to register their information. Basically traders won't be anonymous anymore and it will be easy to monitor and if ever, tax them. Many of course would be against it as this goes well against what crypto is but the korean government probably don't want crypto exchanges to be used in illegal activities

Quote from: Rooster101 on January 26, 2018, 12:19:22 PM

The FUD news is still ongoing and the bitcoin price is nearing the $9k at this moment. South Korean officials made some remarked on possibly banning cryptocurrency trading then later another said they imposed a sweeping new regulations on the market. It seems that FUD is generally conducted by some governments suggesting that they ban cryptocurrencies in their countries. Reading only the headlines in the news can also generates FUD if you don't read the full story or whole article.

Yes, most of the people will not read the complete details about the News and start speculating about their headlines and this makes a lot of people panic about the news. I heard that they are going to collect 5% of the people who are making profits through trading the cryptocurrencies.

Bitcoin Forum

Economy => Speculation => Topic started by: hugeblack on January 11, 2018, 11:21:01 AM