South Korea Bans ICO's/Your Opinion

[pginvest]

South Korea is a very small country and also represents a very small percentage of the crypto currency community. I was worried when China banned ICO but I am not worried now. China was a bigger country and it was representing a much bigger percentage of crypto community. Probably the biggest compared to other countries. So that news couldn't bog down the price below $3000, so I believe South Korea banning ICO will have any effect on bitcoin's price. Instead if South Korea starts regulating the crypto currency exchanges and trade in their soil, it will be beneficial for the crypto community.

Indeed, I think this is a much more measured response than the Chinese one, I personally believe it is somewhat responsible to have some modicum of control on ICO's - there are a great many people getting ripped off right now and giving crypto a bad name for the future.

[klf]

South Korea is a very small country and also represents a very small percentage of the crypto currency community. I was worried when China banned ICO but I am not worried now. China was a bigger country and it was representing a much bigger percentage of crypto community. Probably the biggest compared to other countries. So that news couldn't bog down the price below $3000, so I believe South Korea banning ICO will have any effect on bitcoin's price. Instead if South Korea starts regulating the crypto currency exchanges and trade in their soil, it will be beneficial for the crypto community.

Indeed, I think this is a much more measured response than the Chinese one, I personally believe it is somewhat responsible to have some modicum of control on ICO's - there are a great many people getting ripped off right now and giving crypto a bad name for the future.

That is true and thee are so many ICO's are coming every week and not sure how many of them can able to implement the project successfully. They just need some expert advice on a product, a website and some initial money to promote their ICO's. Very difficult to check which one is good or bad and there should be some system to check these ICO's before they start raising funds.

[Ilegendph]

Why not terrible

According to The Verge & Business Insider, South Korea has followed China and banned all ICO's. The verge reports that "ICOs need to be banned because the trading of Bitcoin and other cryptocoins needs to be tightly controlled"

To me this doesn't seem like a terribly bad thing. What is your opinion of this? Is this the right thing to do? or do you believe this is interference?

https://www.theverge.com/2017/9/29/16384718/south-korea-ban-initial-coin-offerings-bitcoin-cryptocurrency-icos

why not terrible thing? It means more and more countries do this and will continue...

I dont think "more countries will do this" as more developed countries such as japan, china and.many more see the advantages and the future of bitcoin and other cryptocurrency, as china regulates exchanges, south korea may also do the same thing if they only just see the advantages of bitcoin and not only its disadvantages.

[xypos]

Well honestly good or bad it's not going to affect bitcoin at all. What it is going to affect however are altcoins, especially ones that are focused on providing a platform for ICOs or are ICOs that are still ongoing.

Also pretty sure that they've not actually done anything yet.

So for now, they can change their decision any time.

[pginvest]

There is a report here https://bitcointalk.org/index.php?topic=2216022.0 that is suggesting that the reason for South Koreas actions relates to a North Korean attempt to steal massive amounts of BTC.....

The plot thickens.

[XbladeX]

According to The Verge & Business Insider, South Korea has followed China and banned all ICO's.**

this is BS to me if they want ban ALL ICO they should start banning ETH how different is ICO ETH from NEO from tokens ?
ETH sold 60m ETH for 30 000 BTC. So or you pick winers and looses or let all play.
At end korens will buy BTC/ETH and buy ICOs from it simple

[The End Is Neigh]

ICOs were out of control. They decided to stop them. I really don't see how this affect anything other then dumb people from throwing eth at shitcoins.

[gandame]

ICOs were out of control. They decided to stop them. I really don't see how this affect anything other then dumb people from throwing eth at shitcoins.

We are not sure about that i think that is only a little bit problem not all countries are banned. So we need to do now is to be alert of what is happening so that we can ready to face if some country do that too.

[XbladeX]

***
We are not sure about that i think that is only a little bit problem not all countries are banned. ****

but they have no power to ban all countries. THere are tax heavens where can land for some fee all ICOs and no problems for them.
Problem will be commercials and event promoting them in US/EH/China

[Sadlife]

As long as they dont ban bitcoin then im not concerned in fact ICO's is not good for both traders and newbie investors who wants to join up the crypto platform then gets turned off by these kinds of projects that scams people by offering discounted tokens that's not been release and promises its investor to gain 400% profit. This was going to happen sooner or later anyways crypto shpuld be just traded by a reputable not crowdfunded by an unknown dev and CEO.

[sheamus10]

if I remain convinced that the impact of china and korea on ico circulation will not change anything.  this is evidenced by the development of bitcoin after issues from china that until now remain stable in terms of price.
I think this is a temporary issue so I hope we are not affected

[CryptoBry]

I've got conflicted feelings. I hate ICOs, because all the people doing them now don't need all the money they're raising, don't have an actual product or plan to build one, or a little bit of both. People jump in on them exclusively to make money without doing a lick of research. I don't think people should participate in them.

I also begrudgingly accept that we probably will need government regulation to get more people to join the crypto ecosystem. So I think it's a good thing, in the short and the long term, but any time governments start to mess with crypto I get a little concerned.

This is a general sentiment of many regarding ICOs as it has indeed became also the platform of many scammers to get into cryptocurrency and probably maker some money and then left their investors holding empty bags as the coins or tokens they bought can be worthless if the project is a farce right from the very beginning. However, there are also good ICOs which can really add more benefits to the whole market. I agree that we need regulations and strict implementation so we can weed out the bad eggs. I am also proposing a self-regulation type in tandem with what the government can be implementing. I am hoping that soon South Korea will come up with a strictly implemented platform for ICOs.

[lottery248]

they will get them legalized again as they got a new policy to kill the scamming ICOs, IMO so that kind of FUD is shitty. no worries with that unless they literally ban bitcoin.

[Fuhre]

I do not worry if they bans ICO's to be in his country, we still have a country that think ICO's is a good thing. cryptocurrency develops well and eventually corrupt countries are increasingly afraid.

they claim that cryptocurrency is difficult to monitor, Is this the reason? do you think they are too afraid of not being corrupt?

[pugman]

According to The Verge & Business Insider, South Korea has followed China and banned all ICO's. The verge reports that "ICOs need to be banned because the trading of Bitcoin and other cryptocoins needs to be tightly controlled"

To me this doesn't seem like a terribly bad thing. What is your opinion of this? Is this the right thing to do? or do you believe this is interference?

https://www.theverge.com/2017/9/29/16384718/south-korea-ban-initial-coin-offerings-bitcoin-cryptocurrency-icos

This is considered as a healthy thing by investors and traders because the price will go down and they will invest that very moment . South Korea, bans ICOs and Japan licenses exchanges on the other hand, I read in a article . ICOs are not the right way to raise funds from the government's point of view.  So this might be the reason for why we see countries banning ICOs.

[dieselmeister]

they just ban KOREA ICO. not all ICO. people still can invest to other ICO base on other country. and korea doesn't have much ICO.

[datodota002]

According to The Verge & Business Insider, South Korea has followed China and banned all ICO's. The verge reports that "ICOs need to be banned because the trading of Bitcoin and other cryptocoins needs to be tightly controlled"

To me this doesn't seem like a terribly bad thing. What is your opinion of this? Is this the right thing to do? or do you believe this is interference?

https://www.theverge.com/2017/9/29/16384718/south-korea-ban-initial-coin-offerings-bitcoin-cryptocurrency-icos

i think ico is the new way get money and develop something, but it's getting more country banned ICO because there are many ico is not trusted some of them is just scam or for something that nonsense. so i very hate about ico.

[rikybrosh]

i don't like government if they banning ICO, still don't know what purpose them to do it.
but it's not give big affects for bitcoin price and ethereum because both of them only decrease 3 percent and 7 percent based on website news i just read on Internet.

[rodik888]

My personal 2-cents;

I don't believe they put a ban on ICOs. I simply think that they are just looking for ways to regulate and control the process.
Ban is just a big word they used because of their lack of english vocabulary.

[Raxitto]

The South Korea Financial Services Commission (FSC), the financial regulator, has announced a ban on all initial crypto-currency offers (ICOs) registered in the country. In addition to ICOs, margin trading is also prohibited in South Korean brokerage firms. FSC also plans to conduct on-site inspections in the operations of Korean brokerage firms. Initial currency offerings became popular in 2017 as a quick and bureaucratic and regulatory barrier to raising capital for startups worldwide. According to CoinDesk's ICO Tracker, this year alone, about $ 2 billion was made possible.