Bitcoin Forum

If South Korea crack down the bitcoin,  how about the future of the Bitcoin...positive or negative..what is the worst thing can be...

If that thing happen, it will surely have a downfall effects in terms of price, sad for those holders but a rightful time for those who wanted to invest in Bitcoin, if they do that, Bitcoin price will be a little cheaper than these days but after a couple of weeks it will return to normal and will continue to grow.

Whatever. We fall with BTC, we rise with BTC. I'm with BTC all the way.

I don’t know what you mean by “crack down bitcoin” but the only recent news was that the government wanted to identify the users of exchanges:

https://bitcointalk.org/index.php?topic=2657079

In theory they would have powers to shut down exchanges not complying with regulations, but it is unlikely this would happen. This could have had some influence in recent bear market but not much as what happens when one country regulating bitcoins has happened before and it’s never had any major long-term influence in the price.

If it's really only about identifying the users of exchanges, as posted by Don Pedro Dinero above, then the impact will be pretty much nil, as this has been the standard for most US and Europe based exchanges for years already.

If South Korea actually goes as far as shutting down exchanges, we'll see short term dumps led by Korean exchanges, that will likely quickly recover as soon as the downward pressure subsides -- ie. the affected exchanges shut down for good -- and people realize that government enforced exchanges closures don't really matter in the long run.

So worst case it will probably be more or less like what happened with China.



WE RISE, WE FALL, WE RISE AGAIN! ;D

Will they dump the coins, or just move them to another country?
 I know, I should have said move the trading sites. :)

What does "crack down" even mean. If you mean putting some regulations and standards on how it is used, then I can say that it is not a crack down at all. Many other money making industries have survived even though regulations were put on them, what I am saying here is that even if some rules may be imposed, since more people are actually in support of it right now, it would find a way to adjust and make the negative effects of the regulations. Also, in a way, that would be a good way to safeguard users because people are at risk of being some being taken advantage of.

South korea didnt crack bitcoin they are regulating exchanges and trying to bring more transparency

WHat happened when China blocked it, it went down from 5000$ to 1900$ but recovered and went to sky rocketing 20k, This will happen when Korea do the same mistake.

This is a good way of accepting but at the same time, making sure that things don't go out of hand, which is a good move by S. Korea.

It doesn't have the power to do so
Bitcoin will last

Bitcoin won't die, but I see the demand slowly dying down in a few months and coming years. Not unless it figures out how to keep up with the demands in terms of fast transaction and low fees.

Cracking bitcoin would mean breaking the code and destroying the entire blockchain but I think this has been discussed several times on how possible can the blockchain be destroyed but it was to put to rest. I agree that south Korea are very much advanced in technology but I don't see the possibility of that happening before the USA or China. Its better they harness it for the betterment of how things are done rather than looking for ways to destroy it.

I really don't understand why bitcoin is the only cryptocurrency being targeted by the South Koreans in their so called crack down, banning just a single cryptocurrency whiles you let the others operate sounds very fishy and i believe there is an ulterior motive to this whole thing.

Right now, they are just talking about regulating bitcoin exchanges. Requiring some basic Know Your Customer due diligence. Even if there was a crackdown, I don't see it impacting Bitcoin. People thought it was the end of the world when China shut down bitcoin exchanges. But the action just shifted to Japan and South Korea.

Of course it will have a negative effect but this is not going to happen. This was just FUD created by some websites, S Korea is just making a few adjustments to its rules thats all. No one said anything about banning Bitcoin.

If this happens, bitcoin market will surely have a major impact in terms of both price and market cap. Because South Korea is the third largest user of crypto currency in the world. Bitcoin's market cap will come down to a huge level resulting a dip in price.

However, I am also sure that after the initial impact, market will also recover at a faster pace. Because a lot of investors will have an opportunity of lifetime to score bitcoin at a lower price. Rest of the world will try to reap that oportunity which will increase the demand as well as the price. When China banned the crypto exchanges and ICO in their country, the market reacted in the same way.

No it doesn't mean that.

Crackdown means taking actions against organized crime, or a huge scale raid on small independent individuals involved in some kind of crime. It has nothing to do with the product itself.
There are crackdowns on counterfeit goods but they are not against the goods itself but on the individuals selling them.

The fud articles would imply there is going to be a huge take down of exchnges an local traders, with bank freezing accounts and all that stories. But that is totally fake.
What SK wants it that exchnges follow KYC procedures and that banks stay away from investing (not dealing with) in crypto and risking the deponents money.

With seems pretty normal to me.


No it is not.
Trading has nothing to do with usage.
And the fall of the China uber alles myth has proven so.

Then in this case they are indeed just catching up with European / US crypto-currency exchange regulations. Good for them.

No matter what one thinks about regulation, it's part of the game now and for the largest part fpr the better I suppose. As long as people can fall back on private peer-to-peer trades, having regulated and transparent exchanges as well sounds like on overall improvement, especially regarding trustworthiness for the general public.

If that happens, then the price of Bitcoin will only go down temporarily. And I'm sure the price will return to normal within a few days, after they make a statement to drop Bitcoin. However, it will not happen.

South Korea may ban bitcoin but they can never put it down deeper. Bitcoin is not based in south korea, this is a sad news that will last for days only but I still hope they will still changed their policy because bitcoin is really great. Bitcoin will prove it to them soon.

I keep watching Yobit from Russia and I watch the "Dice" game and it shows that many so called "Traders" are quite
happy to flip the dice when it's loaded 5% against them however it's hard to really know if the games
are fixed even more even if the numbers 1-100 are random because some of the players could be bots.

Bitcoin and the other alt-coins has attracted lots of slot machine players who know nothing about
finance, banking or money and don't understand software but they think they are experts at something
but god knows what.

if Bitcoin goes bang and the government says Kim from North Korea hacked the system then many
people just won't question it and then "The building just fell down"

Forget Korea it's the transactions costs that is killing this baby, the enemy within that was always there
is a cancer and you would do well to study up on tulips because one day the price did not return to
normal but if you want something more modern then see Dot-Con bubble, they all pop you know and
the only debate is why and when

How can a country crack down bitcoin? It is an anonymous and decentralized system and the only way to crack it down is to cut the internet lines! Is South Korea planning to cut the lines? For the future of bitcoin gambling it is totally irrelevant what a country plans to do.

it may affect the price of bitcoin yes it is so if that may happen we must to be more careful and aware for cause we cant say for what will be the exact that may happen for and also we cant say on how long does some of us may stay calm of holding bitcoin.

Please share the link for our all common understanding here. Do you mean South Korea government will crack down bitcoin but limited to their country only? because i believed no country can crack down using bitcoin in the whole world except if the world will unites to against bitcoin. South Korea will need diplomatic means to easily tracking bitcoin in every country which is very impossible.

Don't worry that much. The South Korea government has no intention of banning Bitcoin or any cryptocurrency for that matter. They wanted to regulate the market so that investors can also be protected and that there would be more transparency. We have to understand the intention of the government in this case and exchanges have to work with the government in complying with the rules. Soon everything will be fine with this very important cryptocurrency market. Just like Japan, the government in SoKor wants order in the market and desires to weed out scammers or bad apple in victimizing others.

F*k South Korea.

I don't think South Korea will hit bitcoin easily, and Japan and South Korea see virtual currency as the next engine of economic growth.

The South Korean government will continue to support the development of bitcoin in South Korea, as it was before. Some of the previous policies are also to regulate the encrypted currency. The prohibition of ICO does not indicate that South Korea does not support bitcoin.

What do you mean by "Crack" bitcoin. You mean hacked? If that's what you are trying to say don't you think that others already tried to do that? Why is it that until now no one "cracked" it?

They aren't cracking down. That was fud. It's just like the bullshit a few months back saying China banned bitcoin and whatever.

Korean exchanges just need to know who the hell they're dealing with. They want your real name. Woop dee doo. That is going to happen in every country.

Price would probably be at least 30% lower immediately. SK exchanges constantly trade approximately $3K above international exchanges....

Thank you all so much ..happy new year 2018

Can anyone open a company for btc trading in South Korea as of now?

China do something like that and bitcoin down few day after that price back to rise into 20,000$.

bitcoin bigger than South Korea.

We will need to understand that bitcoin was not made to be friend of governments and politicians but to correct the error created by this same body. All bitcoin is bringing to the table is freedom and governments including that of the south Korea don't want us to have free. If south Korea governments ban bitcoin actually it price is going to fall because of panic sellers and rumors but the really bitcoin holds are going to hold their coins and will not sell for any FUD.  We and governments will never come into agreement on this and we have to accept this reality.

It comes from crackdown:

As I said before is usually used when police makes raids against organized crimes or the parliament is passing laws to hinder it.


Fake numbers mean nothing.
China was trading 99% according to their fake numbers and here we are 13x times higher without them

Actually, it's already happening. Regulations are meant to maintain control over something that in reality can't be controlled at all, and that's quite a move in the right direction. If we didn't have governments regulating crypto currencies in general, we wouldn't grow this large. People have been talking about institutions entering this market, but for that to happen regulations are a necessity. Institutions are tied to very strict rules, which basically means that without regulations there will be no institutions entering this market. If they at some point in the future decide to make Bitcoin account for at least a few percent of their portfolio, people will smash their head against the wall for not having bought at current levels.

If OP means 'crack' as in cracking down and making them follow some rules then it's already happening and rightfully so. It sounds even more unprofessional and chaotic than China was at certain points. I can't believe it was allowed to run like that for so long.

If they actually did a China and shut the exchanges there would be short term panic elsewhere but Korea is basically irrelevant as no foreign money can get in or out. It's a closed market that only plays with itself. That's why premiums are always so stupid.

In a few weeks or months things would be back to whatever direction the rest of the world wants to go in.

Governments grow bigger while businesses slim down..  when will people force governments to downscale and get out of people's lives?

They only protect the elite while draining the blood of the productive class

I suppose you mean what if South Korea puts harsher regulations on bitcoin, not much, the price will go down and that money is going to move to other countries with less restrictive laws, aka Japan, and after a few days everything will go back to normal.

Op, there is no country in the world that can single handedly make bitcoin to crash, so the answer to your question is that if such a thing happen the market may decline a little but it will later pick up of which it is a normal situation in cyrpto currency.

What percentage of bitcoin users are in south korea??? Subtract that percentage from the price.