What if SOUTH KOREA SHUTTINGDOWN BTC???

[Solenith0420]

What if South Korea ban and shutting down all cryptocurrency exchanges?


Bitcoin is facing some hard and complicated situation these past few weeks. What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto? What will happen if the exchanges of btc crash down to 25%?


“Bitcoin has certainly been facing some difficulties in the past week after South Korea announced the possibility of shutting down all cryptocurrency exchanges – news that caused Bitcoin’s value to plummet by 25%. A final decision is expected to be released today on their fate in the country that is to host this year’s winter Olympics. “
https://cashessentials.org/fall-of-cryptocurrencies-rise-of-e-fiat-currency/


Do you think it will end to a negative finale?

[pooya87]

Bitcoin is facing some hard and complicated situation these past few weeks.

since when a currency having a stable price is considered "hard and complicated situation"?

What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto?

i think you may benefit from familiarizing yourself with the concept of being "decentralized". it is not just a word.

[avikz]

Bitcoin is facing some hard and complicated situation these past few weeks.

since when a currency having a stable price is considered "hard and complicated situation"?

What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto?

i think you may benefit from familiarizing yourself with the concept of being "decentralized". it is not just a word.

I don't entirely agree with your viewpoint here! South Korea is the third largest country in terms of transaction volume, just behind Japan and USA. If (in worst case) South Korean government decides to ban all crypto exchanges and declare it illegal, a huge impact will be seen in the market during the exit period. Even though the impact will be temporary, there's no way we can escape that! No matter how decentralized the market is!

[pooya87]

Bitcoin is facing some hard and complicated situation these past few weeks.

since when a currency having a stable price is considered "hard and complicated situation"?

What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto?

i think you may benefit from familiarizing yourself with the concept of being "decentralized". it is not just a word.

I don't entirely agree with your viewpoint here! South Korea is the third largest country in terms of transaction volume, just behind Japan and USA. If (in worst case) South Korean government decides to ban all crypto exchanges and declare it illegal, a huge impact will be seen in the market during the exit period. Even though the impact will be temporary, there's no way we can escape that! No matter how decentralized the market is!

OP is talking about "shutting down" bitcoin not causing some short term price drama in the market. but yeah if we are going to speculate about a hypothetical situation then you are right but this topic needs to be in speculation board and the title must change! but i have a feeling that OP is not going to do that

[nienzer]

What if South Korea ban and shutting down all cryptocurrency exchanges?


Bitcoin is facing some hard and complicated situation these past few weeks. What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto? What will happen if the exchanges of btc crash down to 25%?


“Bitcoin has certainly been facing some difficulties in the past week after South Korea announced the possibility of shutting down all cryptocurrency exchanges – news that caused Bitcoin’s value to plummet by 25%. A final decision is expected to be released today on their fate in the country that is to host this year’s winter Olympics. “
https://cashessentials.org/fall-of-cryptocurrencies-rise-of-e-fiat-currency/


Do you think it will end to a negative finale?

This is still not reliable information that South Korea will prohibit crypto and exchanges, as in the situation with the US and Trump. I am sure if it will be, other exchanges different countries will increase the volume of transaction processing and the number of accounts, that's all that will happen

[stompix]

So you had a topic trashed and you're opening another one with the same subject?

“Bitcoin has certainly been facing some difficulties in the past week after South Korea announced the possibility of shutting down all cryptocurrency exchanges – news that caused Bitcoin’s value to plummet by 25%. A final decision is expected to be released today on their fate in the country that is to host this year’s winter Olympics.

What past week, what this year Olympics, what 25% plummet?
They all happened in 2018 when that damn article you're quoting was written?

Stop with the stupid topics!

[gentlemand]

I don't entirely agree with your viewpoint here! South Korea is the third largest country in terms of transaction volume, just behind Japan and USA. If (in worst case) South Korean government decides to ban all crypto exchanges and declare it illegal, a huge impact will be seen in the market during the exit period. Even though the impact will be temporary, there's no way we can escape that! No matter how decentralized the market is!

South Korea is a closed market. No one else can get in or out. Most of the exchanges there seem to be bent or incompetent so I wouldn't choose to believe their volumes either.

If they threw it in the only tangible effect beyond sentiment might be more supply released to the rest of the world but the South Koreans love alts more than most places shitcoins would have the biggest aftershock. At one point, quite amazingly and relatively recently, Bitcoin Gold had higher volumes than Bitcoin.

There'll be a reasonable ripple perhaps but then it'll be shrugged off. South Korea is no great loss.

[DdmrDdmr]

Although the article is over a year and a half old, and therefore out of context in it’s current terms, there is a thing going on in South Korean exchanges, as recently at least two have announced the end of support on their platforms for privacy coins such as XMR, DASH, ZEC, XHV, TUBE, PIVX on Upbit and XMR, DASH, ZEC, ZEN, SBTC on Okex.

See:
https://sg.upbit.com/service_center/notice?id=2256 (+ https://cointelegraph.com/news/upbit-exchange-delists-privacy-coins-due-to-money-laundering-concerns)
https://cointelegraph.com/news/report-okex-delisting-monero-dash-privacy-cryptos-over-fatf-demands

The argument being FAFT pushing for TX over 1K$ to be identified, and the arch used  "money laundering" concerns. No trace (pun intended) on BTC though, nor banks themselves ...

[Baby Dragon]

This is still a 'what if' so no one knows what the outcome will be, mind you i don't pray for such to happen because i know how helpful korea has helped crypto, they have better adoption rates than that of Europe countries.

Indeed its still unpredictable, but we need to be cautious every time and prepare ourselves if that happens. Now, its good if we stay positive because it won't help if we overthink it. We know that bitcoin had face some issues before and it was able to overcome it, bitcoin has the potential and ability to pass it.

[bitbenzhong]

This will be a major bearish, but for now, both the Korean and Japanese governments allow the legal circulation of bitcoin. As far as I know, South Korea and Japan strongly encourage import and export trade. Under this commercial behavior, merchants use bitcoin to Converting currency is a very convenient and safe option

[AmoreJaz]

I don't entirely agree with your viewpoint here! South Korea is the third largest country in terms of transaction volume, just behind Japan and USA. If (in worst case) South Korean government decides to ban all crypto exchanges and declare it illegal, a huge impact will be seen in the market during the exit period. Even though the impact will be temporary, there's no way we can escape that! No matter how decentralized the market is!

South Korea is a closed market. No one else can get in or out. Most of the exchanges there seem to be bent or incompetent so I wouldn't choose to believe their volumes either.

If they threw it in the only tangible effect beyond sentiment might be more supply released to the rest of the world but the South Koreans love alts more than most places shitcoins would have the biggest aftershock. At one point, quite amazingly and relatively recently, Bitcoin Gold had higher volumes than Bitcoin.

There'll be a reasonable ripple perhaps but then it'll be shrugged off. South Korea is no great loss.

SK is no great loss!!! I can agree with that. there will be other countries that will gladly take their position.
and so this topic is a no-brainer one! i won't miss any of their Korean exchanges either!
 but i seriously doubt south korea will do such move. as far as i know, they are one of the countries that are open to crypto.

[Artemis3]

Bitcoin is facing some hard and complicated situation these past few weeks.

since when a currency having a stable price is considered "hard and complicated situation"?

What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto?

i think you may benefit from familiarizing yourself with the concept of being "decentralized". it is not just a word.

I don't entirely agree with your viewpoint here! South Korea is the third largest country in terms of transaction volume, just behind Japan and USA. If (in worst case) South Korean government decides to ban all crypto exchanges and declare it illegal, a huge impact will be seen in the market during the exit period. Even though the impact will be temporary, there's no way we can escape that! No matter how decentralized the market is!

I don't think the government will be able to take the pressure, if they do it, they will later retract it. Korea moves a lot of money, but they are crazy as well, the politicians panic and don't know what to do with the scandals, hacking, corruption, scams and what not, and see evil crypto as the root of evil, but that is pure ignorance and will come to bite them. As i have posted elsewhere, any country banning Bitcoin is telling wealth to go elsewhere, and you said pretty well where: USA and Japan. I don't think they can take the pressure and the people will get angry once they find out the truth...

BTW: I don't consider bitcoin price fluctuating as a sign of "complication", if anything, its a sign of freedom. Nobody can control it, and when it matures, it will be on its own. No "help" is the best help, its the one that will stand the test of time, like gold. And they should know about precious metals and jewelry as well... Also never forget, its the country with the most expensive electricity in the world. Therefore their mining is zero.

[akirasendo17]

Now that lots of country is adapting the use of bitcoin slowly,  korea
shutting down exchanges will not largely affect bitcoin price, since at this moment lots of banks are making its way to digital currency
and intstitutions are now beginning to realize that bitcoin will be tough to remove on the circulation, what they are doing now is adapting so again we can feel a small effect but will not drag the price to the ground like what others say

[Darker45]

What if South Korea ban and shutting down all cryptocurrency exchanges?

Well, nothing really. Its their problem then, not ours. Bitcoin is global, if one country decide he doesnt want to have internet for its citizens, thats on them.
Bitcoin is something more , its bigger

We people have the penchant to think a lot of what ifs. And as if we are not contented with it, we make a lot of problems from it, and then we share it to others as well so that they may also feel problematic about our fake problems. That is foolishly funny!

How about asking a positive what if next time around?

[carter34]

I will see it as a blessing in disguise. Life is not an end in itself. Where a life ends, another begins. Therefore, it will be a catalyst and reason for other stronger and reliable exchanges to come up, showcase and prove their strength. If a way is locked out, another opens up. So no need for panic on this.

[shoreno]

why only south korea ?  whats so special about this country  ?  what about other countries  ? the news regarding to this , can be the reason on why the price decline but other than that there are still other reason on why the price fall but the price can fall more evenly if ever this country will decide to ban and shut down crypto exchanges  . thats bad but we cant do anything about thier decision  but anyway there is still a chance that cryptos can recover because there are still countries that didnt ban or  will not ever ban cryptos and they will only use this bad event to buy more coins  , resulting for the prices to recuperate again  .

[metallica101]

What if South Korea ban and shutting down all cryptocurrency exchanges?


Bitcoin is facing some hard and complicated situation these past few weeks. What do you think is the big and huge effect and outcome if South Korea beyond doubt to plan and decide to shut it downs the crypto? What will happen if the exchanges of btc crash down to 25%?


“Bitcoin has certainly been facing some difficulties in the past week after South Korea announced the possibility of shutting down all cryptocurrency exchanges – news that caused Bitcoin’s value to plummet by 25%. A final decision is expected to be released today on their fate in the country that is to host this year’s winter Olympics. “
https://cashessentials.org/fall-of-cryptocurrencies-rise-of-e-fiat-currency/


Do you think it will end to a negative finale?

Honestly, i think it's not going to happen, and even if it did — Koreans can still trade on foreign exchanges, just like traders from China. It's not a big deal. Still, I don't expect it will happen, lots of crypto/blockchain businesses in South Korea, the country would be the biggest victim if it did that.

[jake zyrus]

Since South Korea is one of the country who's leading when it comes to cryptovurrency, I don't think that the citizens of Korea (crypto users), would allow the banning of cryptocurrency in their country. I also don't think that the Korean government would also do that. But if they actually did, of course it will affect bitcoin and other crypto but I think it's only minimal. Or it will just come back sooner after it affects bitcoin. Just like any other government who banned or prohibited bitcoin in their country.

[Anonylz]

Since South Korea is one of the country who's leading when it comes to cryptovurrency, I don't think that the citizens of Korea (crypto users), would allow the banning of cryptocurrency in their country. I also don't think that the Korean government would also do that. But if they actually did, of course it will affect bitcoin and other crypto but I think it's only minimal. Or it will just come back sooner after it affects bitcoin. Just like any other government who banned or prohibited bitcoin in their country.

If the government decided to take such ridiculous measures I highly doubt there is anything the citizens (the crypto  users) can do much to stop their decision, but think there is a reason to think along that path since there is no reason for such rash decision, S.Korea have a population in crypto so i hope their government won't feel any need to do such because it will definitely affect price.

[fullhdpixel]

What if south Africa is shutting down btc, what if United states is shutting down btc? All these questions are silly to me because how can they all shut down the system when they are not the creator and neither do they have the hands to do so, bitcoin is not a centralized coin and not under the control of anyone, it is an independent coin, a centralized one that no one can ever shut down except if the users decides to stop using it.

South Korea can only have influence over the exchange that are domiciled in their own country, except they want some wars, that is IF they will go beyond their own boundary which may be quite impossible, if they don’t want bitcoin, I am not so sure that we need them that much in the cryptocurrency market, so they should close down their own exchanges while we move on with other exchanges, they will be the one on the losing side.