Bitcoin Forum

Finally btc price will raise again


https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

But BTC price is still falling like free fall!  its going to below $10k soon  >:(

If this will really happen then I guess my patience is worth it.
I am now at the brink of selling all my coins on the losing side.
I think 20 percent of my investment will be lost.
But if South Korea can pull this up again then I will be waiting for more time, maybe to at least lessen the loss.

We will what happens first if this news is true then there are two possibilities that can happen, one of that is that the positive side if there were really many investors or user of bitcoin in South Korea then we can expect a huge boost of demand of bitcoin in the cryptocurrency market, and another thing that can happen which is the negative side is that there could be no price change because the number of bitcoin investors or user in South Korea is really not that great which can eventually affect the price of the bitcoin in the market.

this is our chance to start buying some bitcoins.
and may be able to reap considerable benefits over a period of several days,
and after south korea come in we can get profit there from the price increase,
this is good news for me

Maybe you invest in regulated assets instead?

This is certainly good news and each change like this is usually followed in spirit by other major nations, if they dont already cover the same area.  Next China authorizing mining under license?

Maybe this is true or its not. Whatever happens, lets just wait if bitcoin will increase in the next 7 days because of this news. Aside from the bitcoin futures, this news make the price of bitcoin fall like a leaf that falls on the tree :( but we can't do anything about it. This news will increase the price of bitcoin a bit I think.

They're not "dictators". They are elected representatives and just want to make sure there arn't any scams unfolding.

Here are the official South Korean Government Guidelines for Cryptocurrency by the Finance Committee: (hat tip reddit)

1 - There will be no exchange ban.

2 - Exchanges will be diligently regulated. Already an exchange was found to have mixed up customer's accounts with the exchange's business account and the CEO's personal account.

3 - Government will make sure all exchanges pay correct taxes.

4 - Individual taxes will be researched.

5 - Everyone can only invest with real identification. No foreigners and the underage will be allowed to trade/invest.

6 - Deposit or withdrawals of more than Daily $10,000, Weekly $20,000 will automatically reported. If it seems like there is suspicious activity, you might be asked how you earned that money during the deposit, or what trades you did to earn that amount.

7 - These guidelines are not to encourage investing in cryptocurrency but to warn the public in the dangers of speculation.

8 - Government also admitted that there is no difference between blockchain technology and cryptocurrency

I don't think so the price will rise because of this, they are going to impose restrictions on cryptos , which would be the worst idea ever. The market will no longer going to be the same as it was before, the purpose of cryptos will die if they will begin to treat it as fiat.

Finally some good news, and yes this should make the price recover a bit again. Even will all the bad news bitcoin has been holding the $10k level which is good. I do think this measure is quite abusive, and as usual governments are using the money laundry excuse to keep a tight control over it's citizens finances. They only want to make sure they can charge taxes over bitcoin trading, but this is definitely better than a ban.

I agree with your comment dude. korea will reopen their crypto currencies but it will have a 24% tax fee to be accepted but no korean can do. The only pain here might be the overseas country of the dictator of korea. Let's just imagine how much the government can earn on it so it's fairly unfair that the crypto users will be able to get the tax.

Then you may like to use decentralized exchanges, they are not nearly as popular as centralized exchanges but as this kind of pressure keeps building up and more regulations are put in place more people will begin to make the switch in order to avoid those controls, that is why some of the coins that will have the biggest growth in the next 5 years are decentralized exchanges.

The bolded part is just baffling. It makes me question governments' level of understanding of the blockchain technology and cryptocurrencies in general. Should we really trust these guys to craft legislation when their knowledge of the subject is rather questionable? I mean, we don't really have a choice, but it's still frustrating.

Other than that, it's standard KYC stuff so it's fair. The period of uncertainty is over, if nothing else, so I hope we can get out of this funk as soon as possible. The problem with news like these is that everything is sensationalized and facts get twisted.

oh this guy again...

you were saying bitcoin will collapse (https://bitcointalk.org/index.php?topic=2806113.0) the day before this topic and then you started this topic about 24 hours saying it will rise again. what happened did you buy what you wanted to buy and think making dumb topics like this will push the price in the direction you want? LOL.

Well that's what the bitcoin market and almost all the other investment market is like, when there is bad news from one of the major players, it is bound to cause a ripple effect which affects the price either negatively or positively. But this is indeed good news for every investor.

yes more demand means more profit, i think other country should follow south korea, if this is true, then we who are patiently waiting for the moment for bitcoin to regain its momentum will benefit from this news, this is a good news indeed. let us all wait for this event to manifest in graph/ markets. for those who are having some thoughts of bitcoin being stable, this is your opportunity to regain your loss.

The south Korean's have shown that it is possible to stand up to governments who try to outlaw crypto! I think the west needs to follow their example when the time comes

Praise to God the news that South Koreans resume although it's only in 7, above all the news is good for us as people always play in bitcoin system. I think this is mark that cryptocurrency such as bitcoin and altcoin will raise anymore, because I always believe againts both of them

I hope that news is 110% legitimately correct because if that's so then I won't mind buying Bitcoins at this cost .. Because Korean market can easily make it jump digits .
It's amazing if it's true maybe China can learn a thing or two from them and decide to do the same .

Also you know it was being discussed in the panel of the government about banning Bitcoins in India but guess what ?
They are gonna pass a law that will make Bitcoins taxable...! If they are recoginizing it as something through which one can earn I don't think that they are gonna ban it

If this news was true then the market will be lively again, i think 5% of the trading volume comes from South Koreans. Having them join again will make the market price of bitcoin back to $12k again (hope so). This will be certainly a good news to us traders, still waiting for some big chinese bitcoin players to back again so that the market will be more lively.

this is very good news because we will soon get out of the slump. and our patience for so long will be fruitful. and investors will not feel any more loss.

that wasnt surprise us cause we all known that south korea is a genuine country so it means that they thinking and waiting all the time. it says that South Korea’s government continues its efforts to rein in the trading of virtual currencies such as ether and bitcoin with a new announcement from South Korea’s Financial Services Commission. Investors will now be required to convert their virtual bank accounts to real-name bank accounts in order to continue trading. Deposits and withdrawals are allowed only between real-name bank accounts and matching crypto-exchange accounts within the same bank.

As far as I know, South Korea did not prohibit trade in crypto currency. First, they introduced mandatory identification data for trading in crypto currency to prevent persons under the age of 19 from entering the trade, then imposed a 24.2 percent tax on owners of crypto-exchange exchanges, but nobody banned trading the crypto currency there. It may mean removing previously imposed restrictions, then really this is very good news. Although I do not think that it was the previous bad news from South Korea that influenced the fall of bitcoin. Here there was a set of reasons.

South Korea, it seems, has not closed the exchanges.
But that would be good news for the entire cryptocurrency market, since taxing encrypted currencies would mean that it would be legal to declare an cryptocurrency market. :D

Good news, I wish the rest country follow the suit. This will also gear up bitcoin trading..

That's the great news for the Bitcoin users. Especially those who invest in it. And better news for us, if it's going to go up. It's great for those who buy Bitcoins, and want to sell it. Hopefully the ups and downs will continue.

That is a good news. If it is true and market takes it positive we might see a slight increase. Last couple of weeks we had so much of FUD, market is in desperate need for a good news.

not only a slight increase but overall a total pump and this event can be possibly help bitcoin out of its missery.  last weeks fuds are mostly from south korea and some of them are from the popular known people like warren buffet and somehow that is also the reason why bitcoins value drop more evenly despite of a little recovery last two days ago but overall lets just still hope that this news is really legit because if it is then we should probably expect more good gains for bitcoin in the future.

This was just a repeat of what happened in China a few years ago. The Chinese government saw that some exchanges were acting recklessly and they stepped in before the shit hit the fan. <MtGox>

They tightened the regulations and closed some of the exchanges and only allowed then to re-open once they adhered to these regulations. <Nothing wrong with that>

Let's hope not too much harm was done and things can continue as normal now. $20,000 here we come!

That's nice and all though there were a lot of posts on this forum because of the Korea Government. They were just posting FUD huh?

I see that as a neutral news, with its positive and negative effects.

Yes, this is better than a global shut down, but in my opinion this can hurt cryptocurrency mind, which is to avoid banks and financial system. This might be positive for mainstream people, who will enter in the market more easily and with more trust.

I don't think this news will have a significant impact on the price, "good" news have less impact than negative news.

Finally, they discovered they can earn much more with taxes than banning bitcoin  :)

Bitcoin banned in other countries is bad news for bitcoin holders. Banning bitcoin has a big changed in cryptocurrency, the price will get low. All of the altcoins are affected, and many lives are affected too. So if it is true, that the south korea will resume the crypto trading. It really makes me feel happy im sure all of us is happy :) Cheers.

Interesting news. Since the news a couple of weeks ago in SK seemed to be a catalyst for the recent BTC price drop, it will be interesting to see if this new news has the reverse effect and causes a bump in price.

Does anyone ever read the posted links?

This is frightening news. The government is not going to allow new accounts to open until banking auditors go into the exchanges and identify every btc owner for the purpose of stealing their money. The depositors will either be accused of money laundering and all of their funds will be stolen by the government or they will have the shit taxed out of them and the government will steal a quarter of their funds.

This is exactly the kind of government intrusion Bitcoin was supposed to stop. How can any of you consider this good news?  Wouldn’t it be great if world governments all stormed every bitcoin exchange at once and stole your coins?  If you’re going to be fucked with, tracked and taxed why don’t you just use fiat?

manipulated, hahaha clearly korea has no law no ban cryptocurrency, some high officials just want to benefit from bitcoin thats all.

Definitely, this is an opportunity to buy bitcoin because there is an assurance that bitcoin price will spike it up again like what it did on last year's hit. According to some article I have read six korean banks will now allowing the opening of accounts which can withdraw and the sametime deposit, and as well as transfer of funds on this coming January 30 but with a few restrictions. By this it could be an assurance for us that bitcoin value will definitely regain again its high value.

It's such a good news to know that south korea's president is being really supportive with a new change. They even let the bank introduce crypto and even provide services about it.
Too bad not all countries do this, they still think crypto currency is a threat for banks and banned it.
I don't really worry about the price though, since however i think it's a good opportunity to buy btc since the price is low. But i'm sure it'll increase eventually and becomes high again like before.

What a sharing  news,sure the price of BTC  will be on the increase in the next few days as lots of  investors will be coming into the space, koreans population has a major  influence in crypto space.

I agree with you.
because the krypto world is a digital world that is not set by the government.
may be the reason satoshi nakamoto makes bitcoin that there is no government intervention to control our money.
if it continues like this will many other countries will follow.

Haven't you heard the news?

(https://www.coindesk.com/korean-regulator-investigating-staff-insider-trading-of-cryptocurrencies/)

---

Agreed, South Korean exchanges will be centralized, all transactions are going to be transparent, all bitcoin address will now have a name attached to it. So there would be no anonymous trading moving forward.


That's scary shit. Bitcoin was supposedly (pseudo)anonymous. But with that kind of setup, it will very well defeated the design and the goal of Satoshi. I guess there's still the mixing and tumbling services to exchange your bitcoins, but I don't know how South Korean government will deal with it. Let's see how it goes next month. ;D

Well, i think there are people here whose only concern is btc price, thinking that sokor's regulated approval will pump btc again. I agree with yoi dude. That doesn't sound very comforting and that regulation pretty much takes away the anonymity of trading in crypto. If people look at closely, this should be a cause for concern if
other  governments will follow suit