Bitcoin drops $2,000 in value as South Korea announces planned trading ban

[dreamer81]

Its ok. All the short term traders are moving out of bitcoin to USD and EUR. What they dont realize is that USD/EUR and other fiat, is the real bubble.  Bitcoin is totally undervalued when you think of the limited supply. come on - 21 million coins!!! there is not even enough coins for all the billionaires in the world.

relax and hold and you will not regret!

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[Searing]

We need atomic swaps done for btc and ltc ..to get things moving and making a raid on an exchange less of a big deal

https://hackernoon.com/atomic-swap-why-its-a-game-changer-for-exchanges-fb1380f5cb6c

[akram143]

Bitcoin drops $2,000 in value as South Korea announces planned trading ban

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.

News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.

“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.

This is usually normal in crypto currencies as news and event always have impact on their prices, south Korean ban on bitcoin will only affect it temporarily as we noticed during the clamped down on exchanges by the Chinese government last year, there was a drop in the price
 then before the price rallies upward later.

I think South Korea is just trying to regulate the crypto currencies not totally banning it.Stop spreading the fake news and creating panic situation around bitcoin investors.The current fall in price due to the increase in price of altcoin but soon the bitcoin will bump as it normally happened over history.

[qwertyup23]

Bitcoin drops $2,000 in value as South Korea announces planned trading ban

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.

News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.

“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.

This is usually normal in crypto currencies as news and event always have impact on their prices, south Korean ban on bitcoin will only affect it temporarily as we noticed during the clamped down on exchanges by the Chinese government last year, there was a drop in the price
 then before the price rallies upward later.

I think South Korea is just trying to regulate the crypto currencies not totally banning it.Stop spreading the fake news and creating panic situation around bitcoin investors.The current fall in price due to the increase in price of altcoin but soon the bitcoin will bump as it normally happened over history.

Actually, the ban is only applicable to cryptocurrency companies who do not meet the standard qualifications and requirements provided by their government and not entirely ALL of them. As we all know these kinds of news will result to a decrease on bitcoin's price, which may be an opportunity for us investors to buy bitcoins for long-term goal. Like what others said in the forum, I really do hope that before you post controversial topics like this you must first double-check your facts to avoid confusion to some people. Even the smallest of things may yield the biggest effects.

[asdlolciterquit]

Bitcoin will continue falling, because its price is highly dependent on what is happening with cryptocurrencies all over the world. Current tendencies are that even developed countries (like South Korea) are going to ban crypto.

ban crypto?? telegram is goint to rise an ico. More or less they want to rise 1.2billion dollars.

I don't think that, this train can be stopped!

[nejixrocks]

Korea is not likely to end up the same way as China, mainly cause it's not communist  

http://m.news.naver.com/hotissue/read.nhn?sid1=101&cid=1074429&iid=2718120&oid=018&aid=0004009939

[BrewMaster]

to be fair no "plans" on banning anything came out though. there was just some talks about possibly maybe ban trading cryptocurrencies.

and it is always this way, some vague news comes out with a clear title saying they plan on banning or something like that and when you look at the reality you realize that it was just some guy talking about it.
the actual bans don't make that much noise anyways!

[Daveeoff]

Good thing that there is FUD from time to time so we can buy cheap tokens Already bought some more to hold

[mast3rm1nd]

yeah man it's expected that a drop like this after such a big country in terms of bitcoin and cryptocurrency usage (through trading) shuts down or bans trading. nothing is finalized and nothing has changed in the grand scheme of things.

[Nahl]

one of the biggest market bitcoin in the world announce bad news about bitcoin so it's normal if the price dropped because people so worried if this is true the price will continue to dropped again more than now that's why i didn't trade for bitcoin and altcoin since yesterday because i want to know the further information regarding this whether South Korea dare to ban cryptocurrencies trading or this is just a rumour

[dachrist]

South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify
Don't panic just yet, South Korean regulators are putting a stop to the rumours that the government is banning all crypto transactions.

https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/#44da51c21427

[Anti-Cen]

Its ok. All the short term traders are moving out of bitcoin to USD and EUR. What they dont realize is that USD/EUR and other fiat, is the real bubble.  Bitcoin is totally undervalued when you think of the limited supply. come on - 21 million coins!!! there is not even enough coins for all the billionaires in the world.

relax and hold and you will not regret!

Yeah well what about all the forks all doubling the money supply from 21m to 42m or would you like to think that the world is running out of numbers ?

White cheese. red cheese or blue cheese is all fine with me and didn't we see this all before being played out with domain names where it was costing
silly amounts of money to buy them until they started to release other top level domain names ?

I am relaxed as you say because I have placed a stop loss on my BTC if it goes below $10,000 to protect my winnings
but unless the fees come down dramatically then that's just where its going because the white and blue cheese tastes
just as good as the white and green cheese to me.

Ripple =100bn Coins at $14,000
BTX = 21m Coins at $2.50

Do the sums because even with 100bn coins Ripple is cheaper than BTC
and when converting the amount/cost ratio this puts Ripple at about $6,000
so if Gold is at $1250 and you can by Silver at $5 Oz then go for the silver.

[yudhistira]

Even if that's true I think that the ban on trade in the country may lead to an even greater demand for digital currencies, which would increase their price. But I think they are preparing regulation and not a ban.

[Wayan_Pedjeng]

The South Korean ban is nothing when compared to the issues which Bitcoin has faced earlier. If Bitcoin can survive the ban in China, then the proposed prohibition in South Korea is a non-issue.

[cryptoquality]

Bitcoin drops $2,000 in value as South Korea announces planned trading ban

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.

News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.

“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.

This is usually normal in crypto currencies as news and event always have impact on their prices, south Korean ban on bitcoin will only affect it temporarily as we noticed during the clamped down on exchanges by the Chinese government last year, there was a drop in the price
 then before the price rallies upward later.

I think South Korea is just trying to regulate the crypto currencies not totally banning it.Stop spreading the fake news and creating panic situation around bitcoin investors.The current fall in price due to the increase in price of altcoin but soon the bitcoin will bump as it normally happened over history.

It is really tiring to see all these manipulative fake news. why let South Korea ban cryptos? it is one of their major economy support in case you didn't know that. this kind of speculations doesn't effect bitcoin really.

[quierx16]

South Korean ban for the exchange is nothing compare to the earlier when China ban all the exchange to their country.
its just a small dump, it will be corrected sooner or later.

[senin]

I do not see any drop in the price of bitcoin for 2000 dollars. If yesterday, according to CoinMarketCap, the cost of bitcoin was $ 14640, today it is $ 14235. Therefore it is not clear what kind of information it is. In addition, South Korea has always been a large international center for the volume of sales of crypto currency. I can not believe that this country suddenly decided to prohibit the circulation of the crypto currency and, above all, the trade in crypto currency on the exchanges.

[Wendigo]

to be fair no "plans" on banning anything came out though. there was just some talks about possibly maybe ban trading cryptocurrencies.

and it is always this way, some vague news comes out with a clear title saying they plan on banning or something like that and when you look at the reality you realize that it was just some guy talking about it.
the actual bans don't make that much noise anyways!

Bitcoin prices fell last month after South Korean authorities announced steps to regulate cryptoassets. This week, authorities raided some of South Korea’s biggest cryptocurrency exchanges.

[Ctn]

This is really temporary thing until people will find out that it was just about implementation of the regulations in the exchangers rather than the complete ban. As most of the people don’t know what kind of regulations might come up that’s why most of them might have exchanged the bitcoin with fiat currency and thus leading to mass decrease in the crypto currency market. I think this is the solid reason why almost every altcoin in the market is dropping to the nutshell. 

[Irvinn]

Most likely, these are inaccurate and unverified rumors. I do not see any drop of bitcoin for 2000 dollars. Since yesterday, bitcoin has gone down a few hundred dollars and its price now stands at more than $ 14,200. South Korea is unlikely to prohibit trade in crypto currency on its exchanges. This country is in the top five in terms of trade in crypto currency. I think that this is some kind of inaccurate and unverified information.