South Korea Plans To Ban Cryptocurrency Trading 78
South Korea's government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion. Reuters reports: The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year. Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges. Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years. The local price of bitcoin plunged as much as 21 percent in midday trade to 18.3 million won (12,730.35 pounds) after the minister's comments. It still trades at around a 30 percent premium compared to other countries.
What's really going on here... (Score:3, Informative)
South Korea is proposing to ban cryptocurrency trading, but that's far from certain. On CNBC early this morning, they speculated that this was unlikely to occur and that China had enacted similar measures previously before reversing course. They suggested that there would be more regulation of exchanges, much like what already happens in the US where Coinbase and others collect personal information on their customers. Another possible regulation is imposing trading curbs or halting trading when there are significant declines, much like what happens with stock exchanges. Stories like this increase the uncertainty around cryptocurrency and are likely holding the prices down somewhat until there is a resolution on these issues. It's difficult to ban the blockchain technology altogether, so it seems more likely that they will opt for regulating exchanges.
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Except that's only happened to a few of the popular cryptocurrencies. When you at a low you can't tell if it's a shelf or the base of a mountain... could be people a while from now will look back on this as the last good buying opportunity.
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could be people a while from now will look back on this as the last good buying opportunity
Although what you write is true --without hindsight we cannot be certain where on the curve we are --when just this second leg is uncritically accepted, it's also a nice illustration of the thinking which manifests as the post-bubble shelf. (BTW I'm not claiming you uncritically accept this! Obviously you are entertaining both possibilities, which put you on safe, if unprofitable, ground.)
What we saw with the post
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Bitcoin is the Napster of cryptocoins (Score:2, Funny)
shut the fuck up for good ... since no one wants or cares about your lies ... complete and utter morons ... constant shit. You're like fucking Trump or his supporters ... fucktards like you parroted ... "old money" ... And yes, I'm angry ... stupid fucking post ... So take you FUD, shove it up you ass then pull it back out and choke on it. Keep to working fast food. You're clearly not sharp enough ...
So that's what it looks like when your investments shrink by 30% in two weeks.
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I have a lot in crypto but even I can see the fall coming. Dogecoin's marketcap is 2 BILLION. If you can't see that the majority of these coins are worthless, and if you can't see the major players adopting their own coins with the open source code that's there for them to study, then you're a fucking moron.
It was a great ride while it lasted, and I'm leaving a bit in just in case I'm wrong, but it's time to start cashing out.
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It is a bubble, but speculation about when it will burst is wild guessing.
Cryptocurrencies dying in Asia... (Score:4, Informative)
good one... (Score:2)
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He's in for 100,000 beanie babies.
This news is false and 8 hours late? (Score:4, Informative)
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Actually, that article is in response to last months actions against BTC exchanges in South Korea. Today's article is something new.
That being said, banning bitcoin to prevent gambling is like banning hand-lotion to prevent jerking off...
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Well, technically there is a way to actively kill bitcoin and it's ilk basically get it banned world wide and it works like this. You create an energy backed cryptocurrency. This cryptocurrency is issued by energy corporations and is basically backed by kWh https://en.wikipedia.org/wiki/... [wikipedia.org]. So whether they are oil, coal, gas, nuclear, wind, solar, tidal, hydroelectric, they all are enabled to sell energy futures, they future supply of kWh of energy as that krypto currency, not just any energy but a priorit
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You create an energy backed cryptocurrency. This cryptocurrency is issued by energy corporations and is basically backed by kWh
A few decades ago, when I was reading that kind of stuff, I came to the conclusion that Marx, Ricardo and Adam Smith were wrong in regard the the Labour Theory of Value and that the Physiocrats, whom Marx mercilessly castigated, were in fact correct. It is not labour on the factory floor that creates 'value,' it's the fact that the amount of labour required to generate a certain
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If you had submitted it ...
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It's amazing that you falsify a news article published on the 11th of January about something that happened recently using an article published on the 12th of December.
Do you have a time machine?
That's nothing! (Score:5, Informative)
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Yeah we know, it was posted here yesterday...
https://entertainment.slashdot... [slashdot.org]
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the jealousy is dripping off your poor sad post. just mad you missed out on making millions, huh? my bitcoin visa card is fucking loaded, you fucking chump.
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Only ~3% of the population reaches that tax bracket, and they're likely rich enough that they shouldn't worry about paying taxes (or if not, could easily become more rich by also living frugally.) Also, said 3% is also likely to depend on government services, including paved public roads, etc - and simply shutting down government (including municipal) will cause a breakdown in how things get coordinated.
The founders killed me
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They're only charged if they want to trade those bitcoin in for things from society. If they kept them in bitcoin, they'd be fine. So, you know, printing dollars is kind of a service.
overreaction much? (Score:2)
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The value is so speculative. It rather reminds me of this parable about wisdom of crowds [ft.com]. People speculate it has value because everyone else is.
What cryptocurrencies measure themselves against (Score:3, Interesting)
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It is probably time to excise the 'currency' part of the name for this stuff. Then it's Beanie Babies all the way down, though.
Let's do it, and discover what the net worth of all the millineal twits amount to.
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I made $40,000 by buying a house and selling it two years later for $40K more than I paid for it. I got to live in it for the two years. Try living in a cryptocurrency.
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The measurement is not the problem. Trading is.
Cryptocurrencies won't be measured against CPI until you can buy and sell products with them in a wide spread manner. While you're restricted to internal trading or trading against real currencies then the only way measure its value is against real currency.
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