North Korea Launch Missiles = SWIFT shutdown 3 banks (Welcome to Bitcoin ?)

[Meuh6879]

http://www.reuters.com/article/us-northkorea-banks-swift-idUSKBN16F0NI

Brussels based inter-bank messaging system SWIFT said it had cut off North Korean banks under U.N. sanctions, after Belgium said it would no longer give authorization for such transactions.

The Belgian foreign ministry cited Pyongyang’s “intensifying provocations”, such as missile launches, as motivation for its decision, which will affect three banks.

  We build the future.
  Banks are building their graves.

[Paashaas]

Sounds great, but the problem is those poor people from North-Korea will never getting there hands on Bitcoin untill that fat pig Kim getting removed from power.

[Meuh6879]

north-korean people don't have smartphone ?

[Scott J]

north-korean people don't have smartphone ?

Maybe only the very top of society - same for internet connections.

[Iranus]

north-korean people don't have smartphone ?

North Koreans have access to an intranet, which is a restricted version of the Internet containing only sites created by government officials for informational purposes.  As far as we know, no ordinary civilian in North Korea has access to smartphones or any other entirely free device.

Obviously the North Korean government doesn't have full connection with people who live there, so it's irrelevant to whether North Koreans should have access to banking.  If North Koreans ever had access to the full Internet I hope loads of their hands would be on Bitcoin straight away.  For all we know there could already be black markets building there.

[Carlton Banks]

north-korean people don't have smartphone ?

Maybe only the very top of society - same for internet connections.

It's hard to tell. As a result of the totalitarian regime, the Potempkin Village phenomenon could very well dictate all information that the outside world is provided.

e.g., there's rumours of huge gulags where the majority industrial output of North Korea is produced by the prisoners. I very much doubt those people can even access the rumoured intranet, but I hope you're all noticing the prevalent theme: these are all rumours, 1st hand evidence is essentially impossible to obtain. Who knows what real stories might emerge if or when the North Korean regime collapses.

[maku]

It would be much easier for North Korea to launch their own cryptocurrency or online payment processing service controlled by government than embrace bitcoin.
Secondly, these sanctions are not exactly harming ordinary citizens of North Korea, as they are not using banks to transfer money outside the country.

[modsa26]

north-korean people don't have smartphone ?

North Koreans have access to an intranet, which is a restricted version of the Internet containing only sites created by government officials for informational purposes.  As far as we know, no ordinary civilian in North Korea has access to smartphones or any other entirely free device.

Obviously the North Korean government doesn't have full connection with people who live there, so it's irrelevant to whether North Koreans should have access to banking.  If North Koreans ever had access to the full Internet I hope loads of their hands would be on Bitcoin straight away.  For all we know there could already be black markets building there.

well.. do you think can they get purchase enough to raise price? I dont think so..

[monsanto]

It would be much easier for North Korea to launch their own cryptocurrency or online payment processing service controlled by government than embrace bitcoin.
Secondly, these sanctions are not exactly harming ordinary citizens of North Korea, as they are not using banks to transfer money outside the country.

I've always thought it likely that the North Koreans were behind some of the large exchange hacks and even hacks on personal accounts of bitcoin.  It's the perfect crime for them.  I think they were actually implicated in some large hacks on SWIFT itself:

https://en.wikipedia.org/wiki/2015%E2%80%932016_SWIFT_banking_hack#Expanded_scope_and_suspicions_of_North_Korea

(I only perused the OP's article, but I don't believe they mention that)

My guess is that North Korea has massive amounts of crypto from state-sponsored hacks.  It's probably like an industry for them.

[dinofelis]

This is a typical application where banks could use bitcoin as unregulated reserve currency for their unregulated agencies in such countries.

[leopard2]

Bitcoin is great.

Bitcoin is not a solution for people who are fried alive when they disagree with their government.

North Korea is an open air torture camp and will never start a war because their soldier would need to cross the border and desert immediately LOL.

[AngryDwarf]

North Korea is an open air torture camp and will never start a war because their soldier would need to cross the border and desert immediately LOL.

The Great Minefield isn't to keep the South Koreans out, it to keep the North Koreans in.