South Korea trading ban

[4U]

After chineses FUD now it's time for korean FUD. I think that all the money the korean exchanges are doing is better for Korea, so, I expect just a little bit of regulation, but I doubt they ban totally bitcoin or exchanges.
Also I expect more freedom to choose what to do with your money in Korea than in China.

Bitcoin don’t care about bitcoin because bitcoin is now very stable with high price in market as we know that in past bitcoin already faced ban by china and nothing happen to bitcoin if Korea ban bitcoin so nothing will happen to bitcoin because there is a very support to bitcoin by some rich countries and this year some more countries will join bitcoin and the good thing is that they will also make bitcoin legal so I think no need to worry about anything.

[iqlimasyadiqa]

After chineses FUD now it's time for korean FUD. I think that all the money the korean exchanges are doing is better for Korea, so, I expect just a little bit of regulation, but I doubt they ban totally bitcoin or exchanges.
Also I expect more freedom to choose what to do with your money in Korea than in China.

Bitcoin don’t care about bitcoin because bitcoin is now very stable with high price in market as we know that in past bitcoin already faced ban by china and nothing happen to bitcoin if Korea ban bitcoin so nothing will happen to bitcoin because there is a very support to bitcoin by some rich countries and this year some more countries will join bitcoin and the good thing is that they will also make bitcoin legal so I think no need to worry about anything.

This could be our learning about how Bitcoin can be developed in a country, the decision of a country is very influential on the development of the global Bitcoin. We can see all these things from what has happened to the present. The impact is also very significant, China and korea is one country with a lot of Bitcoin users, So whatever decisions that must be done can quickly change the conditions. But until now we have to keep trying to convince many countries that Bitcoin and digital currency is a very useful technology. Because then we will all feel the result, Bitcoin's price can be very likely to increase and this could be the beginning of the era of digital currency begins.

[ivan376]

I think that korean guy would just like to buy bitcoin at a lower prize

[BlackMambaPH]

In other side of South Korea news: North and South Korean Teams to March as One at Olympics
https://www.nytimes.com/2018/01/17/world/asia/north-south-korea-olympics.html

Hopefully because of that they will not ban cryptocurrency trading. lol

[ivan376]

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

[Silberman]

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.

The manipulation of the price of cryptocurrencies is never going to end and if you think things are bad in bitcoin things are a lot worst in other coins with a  lower market cap where you can be a whale with just a few hundreds of thousands of dollars, so you only have two options you get out of crypto for good or you deal with the fact that we cannot change the market and we must adapt to it.

[knightmairesaint]

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Yes that is possible that a person just want to gain profit selfishly. Banning bitcoin will really affect its market price and with that is a good opportunity to buy bitcoin at low price and then when the price get higher, it will really give him a good profit. We can think like that but of course we are not sure, I just hope that this is just a thought because if someone do something like, he really acts selfishly and very evilly.

The banning of South Korea had already affected badly the market price and it looks like it will continue to get lower. Many people are panic selling but of course those who have been in this situation many times will likely hodl.

[Snorek]

This news will clearly push the price down more as people will digest the impact and content of that article. Specifically, people who are new to crypto will most likely sell (already sold) their BTC after reading this article. The veteran ones will just likely shrug this off as they experienced this same kind of "FUD" in the past in a more greater scale. I think, South Korea will not ban it but they will put a very strict rule/regulation regarding tax payment for crypto trades. Well, I'm just hodling my BTC stack and will not budge because of this issue.

Well said. It is the same bad news based on FUD as we heard many times before.
First Russia banned BTC, then China banned leverage trading and then yuan to BTC trading, they also banned exchanges for a brief time AFAIK.
We will always have some kind of legal issue related to cryptocurrency - it's the name of the game here.

[richardsNY]

We will always have some kind of legal issue related to cryptocurrency - it's the name of the game here.

There are no real issues. People were also going nuts over that South Korea will ban anonymous trading. News articles tried their best to make it look like it's bad news, while in reality it's a pretty understandable move. It just means that if you want to trade crypto currencies, that you need to verify yourself, and that's all. It's basically the same as what western exchanges have been doing with their stricter AML and KYC policies. In this case it's not called anonymous trading is banned, that's the only real difference. News sites are looking for sensation based articles, and the term banned helps in getting their so loved clicks.

[clrpod]

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Really it wouldn't be surprising, I hope the south korean government investigate him. He effectively twisted the words and intentions of the government, whether for his own personal gain or not remains to be seen but either way it certainly shows a level of incompetence on his part.

[samcrypto]

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Really it wouldn't be surprising, I hope the south korean government investigate him. He effectively twisted the words and intentions of the government, whether for his own personal gain or not remains to be seen but either way it certainly shows a level of incompetence on his part.

We should learn from this because not all well known people gives the right information. This is the reason why cryptocurrency dumps and because of this many people are on panic and selling their holdings even at loss. This is how millionaires makes money in a dirty way, well I hope that bitcoin can start to bounce back now so we can get back our losses.

[wxxyrqa]

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Really it wouldn't be surprising, I hope the south korean government investigate him. He effectively twisted the words and intentions of the government, whether for his own personal gain or not remains to be seen but either way it certainly shows a level of incompetence on his part.

We should learn from this because not all well known people gives the right information. This is the reason why cryptocurrency dumps and because of this many people are on panic and selling their holdings even at loss. This is how millionaires makes money in a dirty way, well I hope that bitcoin can start to bounce back now so we can get back our losses.

and I am sure that all fluctuations in prices in the market are made artificially. It is different conversations about positive or negative parents that cause certain emotions among users and this is used in trade. Of course, everyone wants to buy cheaper and sell more expensive.

[peter0425]

There's one article that caught my attention. I don't know if you guys have seen this,

https://cointelegraph.com/news/south-korea-govt-officials-accused-of-crypto-insider-trading

Its says that some government officials have inside information that there will be some announcement by the FSS regarding crypto's. So this official sold their bitcoins much earlier at a higher price and then buy it back when the price went down, in anticipation of the said pronunciation.

It also says, that there's no word at to whether get will give a full ban or not. Its still up in the air. So I guess we still have to wait, but we have to think that it will have a short term effect on the price because South Korean market is like going crazy all about things related to bitcoin and cryptocurrencies. Their market price is even way above other exchanges. But in essense though, Given the size of the market, there’s a greater need for them to come up with something soon. So we need to wait how everything pans out.

[timerland]

“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

China, Indonesia, and South Korea has all came out with new negatives for bitcoin, and a lot of people are worried about the future of bitcoin in those countries. The truth is do you really think that these regulations are going to have such a grave impact on bitcoin at all? At worst, it'll shut down all exchanges, but not a single country will be able to shut down bitcoin itself.

Obviously this news has had a big impact on price, and as a result price has essentially plumetted. Though i believe that people are overreacting to this series of news at the moment, and a wave of buyers will buy up the cheap bitcoins soon.

[Siopao]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses. On the other hand thisnis a good opportunity to buy more bitcoin, hold it till the price pumps up.

[vanish9]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses. On the other hand thisnis a good opportunity to buy more bitcoin, hold it till the price pumps up.

But it was false mate... This was just another opportunity to buy cheap bitcoins, why do you think that it went from $8900 to more than $12800 in just a few days? I am very curious about what were their real plans after all.

[ssuchy]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses. On the other hand thisnis a good opportunity to buy more bitcoin, hold it till the price pumps up.

then can this whole problem with the fall of Bitcoin? Do we also have problems in South Korea? I thought that since Bitcoin is a decentralized currency, the price for the whole world is the same on Bitcoin.

[burner2014]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses. On the other hand thisnis a good opportunity to buy more bitcoin, hold it till the price pumps up.

then can this whole problem with the fall of Bitcoin? Do we also have problems in South Korea? I thought that since Bitcoin is a decentralized currency, the price for the whole world is the same on Bitcoin.

Despite the fact the South Korea has been one of the biggest markets for bitcoin, Ether and more cryptocurrency activity, but their central bank and their financial regulators had refused to recognize it as a currency just like other countries. Their government has vowed to take action against crypto- illegal conduct such as the market price manipulation and tax evasion, so what they did is to put their real names on their crypto accounts despite the news of impending trade ban and that can be seen as a positive effort to legitimize trade.

[armansolis593]

See? He made announcement (the price drops). He bought BTC! And look at now? He gains a lot. Influential people can dictate BTC price.

Its because of the fear of other bitcoin user that their bitcoin might lost its value due to the governments announcement about banning bitcoin. Yeah, it made a huge impact a few days ago on what happen to korea and its exchanges but nevertheless bitcoin long time investors are not afraid of this kind of news thats why bitcoin survive.

Its still not enough to make bitcoin fall if a few countries ban bitcoin, there are still majority of A class countries who doesnt care what bitcoin is, because it doesnt really effect their economy that much. There are still a lot of countries who doesnt care what bitcoin or crypto is but they do regulate and have set rules for the exchanges.

[The Scorpion]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses.

This is false mate, when are you going to understand that? You have more than one page in here full of posts saying that it is false and it was a huge FUD in order to make the price drop.
Why are you so blind that you can not even read that?