South Korea trading ban

[GreatOrchid]

If South Korea ban BTC trading, we will have the same effect as the "china will ban btc trading" : a big drop (panic selling + FUD) then a big raise of the price, because BTC price is not driven by south korea.

It did, but the huge increase hasn't happened yet, maybe it will happen in a few weeks from now or maybe in some days.

I am a little bit bored about the price, it is always going up, and then going down, when is all this kind of manipulation going to stop ? i am tired.

Those fluctuations are really killing my entire portfolio, more than -30% since all this dip started, it is all bleeding right now.

[error08]

Regulation is always the biggest obstacle for bitcoin development, especially if it comes from a Big country which has huge trading volume such as South Korea.
However, it may takes a long time for South Korea to ban cryptocurrency trading as: Once a bill is drafted, legislation for an outright ban of virtual coin trading within South Korea will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.
Although, there is a chance that South Korea will not ban crypto trading if majority vote of 297 members of the National Assembly decide no to ban it.

[BitcoinPanther]

If South Korea ban BTC trading, we will have the same effect as the "china will ban btc trading" : a big drop (panic selling + FUD) then a big raise of the price, because BTC price is not driven by south korea.

It did, but the huge increase hasn't happened yet, maybe it will happen in a few weeks from now or maybe in some days.

I am a little bit bored about the price, it is always going up, and then going down, when is all this kind of manipulation going to stop ? i am tired.

Those fluctuations are really killing my entire portfolio, more than -30% since all this dip started, it is all bleeding right now.

Lol, why not take advantage of the fluctuation?  It will surely gives you pumped up! Especially when you are raking reward and profit from your genius move!.  Though I admit The rading ban in South Korea do creates a huge impact in Bitcoin but then, I believe Bitcoin will rebound sooner than we expected .  Bitcoin crash means buying more Bitcoins!!.

[leopard2]

Maybe this Mr. Park (or family and friends?) needed cheap coinz? This was fucking market manipulation, the guy should be thrown out of office and into jail.

Most hilarious the part where the govt complains about the premiums that South Koreans pay, but it is their OWN STALINIST CRAP RULES that prevent arbitrage!!!

Governments are such filth, brrrrrrrrrrr........

[parobber]

“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.[1]
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.[2]

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.[3]
Do you think the price will lose more?



Source of news : https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling

If it's true yes, if the justice minster made a mistake in his words, which seems like is the case, then I think 13k will be about the bottom, maybe 12500 on a big dip. That's about where we are as of writing.

[vintages]

After the CHINA FUD dip the price shoot up and the market cap doubled or tripled, I learned my lesson - bought more BTC!

Well, we can't be really certain that the price of bitcoin will rise higher than its usually price. And we shouldn't be comparing South Korea with China. You never can tell, South Korea might have a greater influence on bitcoin than China; they really affected  the price of bitcoin because of this dispute. We should just hope that they resolve whatever issue they have with Capmarket for the price to pump back.

[Rahar02]

After the CHINA FUD dip the price shoot up and the market cap doubled or tripled, I learned my lesson - bought more BTC!

Well, we can't be really certain that the price of bitcoin will rise higher than its usually price. And we shouldn't be comparing South Korea with China. You never can tell, South Korea might have a greater influence on bitcoin than China; they really affected  the price of bitcoin because of this dispute. We should just hope that they resolve whatever issue they have with Capmarket for the price to pump back.

Buy more btc in the dip obviously, not at the moment as the market just started to cash out, maybe bitcoin will fall to $8K or $9K at the best. South Korean exchanges always have the biggest trading volume even for bitcoin price as few days ago bitcoin reached over $22K while in most exchanges just listed it around $14K-15K.

[64dimensions]

The South Korean Ministry of Finance and Strategic Planning might be pushing back internally with the following:

1) SK has some of the worlds most advanced semiconductor fabs.  There has been scattered news on this board that the next generation ( 10, 7, 5 nm ?) BTC ASIC chips are/will be fabbed by Samsung. So more leading edge business for SK.

2) (Sneaky) SK could come up with their own app/coin that works (geographically) on the kind of cheap cell phones in NK and hook NK people on crypto + move money around/to NK. This could be a way to undermine the NK economy.

3) Given 1), perhaps there is a chance for a Korean Bitmain.

4) The BTC room heater would be a particularly attractive product in Korea.

My money would be on the shortsightedness of the MOJ losing out.

[stompix]

If South Korea ban BTC trading, we will have the same effect as the "china will ban btc trading" : a big drop (panic selling + FUD) then a big raise of the price, because BTC price is not driven by south korea.

  keep hodling and forget your btc stash for a while

Perfect!!! Just perfect!!!
I'm so glad that people start to realize the obvious!!!

All that China fuss and all this SK non-sense should have no impact on the price.
Just look back at 2013 and understand that China never had users, never had usage never had business involving crypto , just trading on 0 fee fake numbers exchange and mining.
SK has just the trading.

Just as it was 4 years , 2 years and 1 week ago, SK means nothing!

Buy more btc in the dip obviously, not at the moment as the market just started to cash out, maybe bitcoin will fall to $8K or $9K at the best. South Korean exchanges always have the biggest trading volume even for bitcoin price as few days ago bitcoin reached over $22K while in most exchanges just listed it around $14K-15K.

And you're going to trust numbers from an exchange that is suddenly involved in  tax evasion fraud
Bithumb is just Huobi 2.0

[batang_bitcoin]

That FUD made the price lower as there are too many gullible traders/holders that believed on it and started to panic sell before they assumption that ban will occur. Seen this type of ban before and it really helped out the price of bitcoin to start moving quickly again to the peak as it gives enough time for the new investors to buy at dip.

[fachant]

For now, it is a lot of hype around these messages. The price does not drop very much. If there is panic sale of btc it will be a good opportunity to buy.

[Sanu Simon]

This has been termed to be the reason for the ongoing price drop, and in reality this is just a rumor. This issue has been getting cool with the statement coming out that there is no such initiation. Maybe this could be a FUD to manipulate price move of some other asset that has been gaining hands in South Korea.

[BitHodler]

For now, it is a lot of hype around these messages.

It's basically China 2.0 with how all sorts of sides were desperately trying to get the price to plummet, that at some point people just didn't care anymore, and I am happy people stopped paying attention to rubbish.

It was believed that once Chinese exchanges were forced to shut down, that the market would sink down so deep, that we would experience a very long bear market, but instead, we reached high after high.

I think it's safe to say that without China, this market has done better than ever before, and that in all aspects. Also, China after PBOC restrictions was nothing more than a joke with their volumes that have dropped 99.9%.

[Happy Miner]

The South Korean government stated that the option of prohibiting trade with bitcoin was considered, but it was not approved. Therefore, nothing terrible has happened.

[Activitycoin]

If South Korea ban BTC trading, we will have the same effect as the "china will ban btc trading" : a big drop (panic selling + FUD) then a big raise of the price, because BTC price is not driven by south korea.

It did, but the huge increase hasn't happened yet, maybe it will happen in a few weeks from now or maybe in some days.

I am a little bit bored about the price, it is always going up, and then going down, when is all this kind of manipulation going to stop ? i am tired.

Those fluctuations are really killing my entire portfolio, more than -30% since all this dip started, it is all bleeding right now.

Bitcoin don’t care about any ban because bitcoin is now a very strong currency in market and a lot of countries have join bitcoin and they are also supporting bitcoin and I’m sure bitcoin is now moving to ward to some more countries and also some rich companies are going to join bitcoin so I think they are enough for bitcoin to survive so we don’t need to worry about any ban because bitcoin is the only currency who I know how to take its price high.

[richardsNY]

I think it's safe to say that without China, this market has done better than ever before, and that in all aspects. Also, China after PBOC restrictions was nothing more than a joke with their volumes that have dropped 99.9%.

Definitely so. China was nothing more than an obstacle in this market. It was almost guaranteed that when the price has gone up, that it would come down again due to one of their silly announcements, and it happened every time. That's why I never took certain higher price levels for granted, because I just knew that the market would get dumped down again due to China. I just hope that South Korea will not end up being China 2.0 as you pointed out. Weird that after all the positivity from such an open country as South Korea regarding crypto currencies, they have taken a bit of a hostile position in this matter....

[1Referee]

Weird that after all the positivity from such an open country as South Korea regarding crypto currencies, they have taken a bit of a hostile position in this matter....

It's probably due to the explosive growth, which is something they haven't seen coming. Also, people were putting South Korea on the same level as Japan, which is not a worthy comparison. Japan in all aspects shows that they are open to let Bitcoin and other crypto currencies grow, and that's something that was missing with South Korea. People focused on the growth they were going through, and for that reason got a bit too excited. On a more serious note, I strongly suspect their volumes to be artificially inflated. It just isn't normal to see certain coins generate billions in volume in just a single day. To add even more, their Bitcoin rate is $5000 higher than the western market, which is also not that convincing.

[stompix]

Weird that after all the positivity from such an open country as South Korea regarding crypto currencies, they have taken a bit of a hostile position in this matter....

It's probably due to the explosive growth, which is something they haven't seen coming. Also, people were putting South Korea on the same level as Japan, which is not a worthy comparison. Japan in all aspects shows that they are open to let Bitcoin and other crypto currencies grow, and that's something that was missing with South Korea. People focused on the growth they were going through, and for that reason got a bit too excited. On a more serious note, I strongly suspect their volumes to be artificially inflated. It just isn't normal to see certain coins generate billions in volume in just a single day. To add even more, their Bitcoin rate is $5000 higher than the western market, which is also not that convincing.

Of course it was not normal.
It was houbi and okcoin reloaded.
Bithumb was manipulating the markets big time and I'm willing to bet almost everything that the numbers were fake.

Furthermore there is an investigation into the matter and I'm pretty sure it's going to turn ugly.
Probably somebody high up in the finance ministry has already a file on this, and that was what triggered the ban exchanges discussion.

I doubt they will be banning exchanges but I'm sure they will come with some heavy regulations for them and probably criminalizing manipulations on crypto exchnges to match stocks. That would be the best thing to do right now.

I think it's safe to say that without China, this market has done better than ever before, and that in all aspects. Also, China after PBOC restrictions was nothing more than a joke with their volumes that have dropped 99.9%.

Dropped to real levels, that is.
I have always wondered, for 3 years we where just hearing about China this China that, price in yuan become a key point in discussions, but I've never heard anything about BTC usage in RL.
Nothing. It was all one big fake!!!

[TheQuin]

Furthermore there is an investigation into the matter and I'm pretty sure it's going to turn ugly.
Probably somebody high up in the finance ministry has already a file on this, and that was what triggered the ban exchanges discussion.

I doubt they will be banning exchanges but I'm sure they will come with some heavy regulations for them and probably criminalizing manipulations on crypto exchnges to match stocks. That would be the best thing to do right now.

It seems to be the Justice ministry that is proposing the ban and the Finance ministry that is pushing back against it. I'd agree with your conclusion that a ban is extremely unlikely, just more rules and regulations.

[Drixy]

“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.[1]
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.[2]

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.[3]
Do you think the price will lose more?



Source of news : https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling

Another upcoming crisis all from asian countries never been better at banning. As long as they wont ban Bitcoin were in good hands. The price will lose some but only in alts. If that News is the real deal as in a legit one that so certain to it. It is better to sell now or regret later. Take advantage on the upcoming events.