If South Korea Crack Bitcoin what is the future of bitcoin

[Mcfee lee]

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

[Coin_trader]

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.

[teejaymuna]

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

[Don Pedro Dinero]

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.

[HeRetiK]

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 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.

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

WE RISE, WE FALL, WE RISE AGAIN!

[Jet Cash]

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

[Ailmand]

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.

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.

[mybtcasset]

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

[Davidbugs2]

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.

[Vibr56]

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

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.

[elie_s]

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

[Vibr56]

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.

[olushakes]

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.

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

[joebrook]

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.

[aso118]

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

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.

[JJack@]

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

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.

[avikz]

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 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.

[stompix]

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.

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.

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.

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

[HeRetiK]

South Korea had no intention of prohibiting or restricting the circulation of crypto-currencies. She also has no intention of closing the exchangers. When trading with the crypto currency, rules were introduced to identify the individual in order not to allow persons under the age of 19 years to sell and buy crypto currency. The other rules do not change. South Korea is one of the leading countries in the world in terms of turnover in the crypto currency and it will not commit stupid actions.

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.

[gidaahmad]

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.