Yesterday was a turning point day in South Korea, at least form a cryptocurrency point of view. As Reuters reports, police raided a few exchanges, including Coinone and Bithumb, two of the largest, if not the largest exchanges in the peninsula.
South Korean ministry of justice, Park Sang-ki, declared the government is preparing a bill to ban trading on domestic cryptocurrency exchanges. The main concern seems to be what they called "herd" behavior:
“Virtual coins trade at a hefty premium in South Korea, and that is herd behavior showing how strong demand is here,” Park said. “Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out.”
As you may expect after such news, a panic sell ensued and the entire market is in red. But more on that in my daily market snapshot, in a few minutes.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
Nothing to worry I think. Even though China banned the bitcoin but it still rallied up. Blockchain technology is gonna change the world very soon.
I'm optimist too. This thing rocks so much that can't be stopped.
p.s. I write TA articles and posts, start initiative Upvote Myself no More and series For Better Steemit#1, #2, #3, #4. Writing series TFDSRE, stuff about new way of technical analysis: #1, #2, #3.
Check my blog an meet you in my comments.
this is the reason...i was shocked when i saw this..
wow! The fightback has started huh?
Its cnbc fake news.
https://mobile.twitter.com/cryptomanran
I trust Reuters far more than I trust CNBC, so I linked the Reuters report. It's not yet clear that they will ban the entire trading, or only "anonymous" trading, hence implementing KYC and AML. As always, panic is greatly exaggerated, but part of the news is true.
Ah, didnt notice the source, thought the news come from cnbc. Anyway Koreans are reporting that gov will be banning exchanges that dont operate under new law. The rest will be just fine. China bans bitcoin is so 2015, we need SK now ;)
Some trends that will make bitcoin go down and eventually everything going down.
Just after coinmarketcap removed the korean exchanges from their averages. Coincidence?
EXCELLENT Observation @BuilderOfCastles...
NOTHING of Great Consequence on this Planet happens "accidentally" nor is a mere "co-incident"
Everything on this planet is "inter-connected"... in my humble opinion... based upon almost 40 yrs of financial experience, as a semi-retired Investment Banker.
Make no mistake, the very "life-blood" (sucking) of the Global Central Banks is at stake...
The Global Central Banks are 1 of 2 of the primary causes of both poverty AND scarcity on this planet for the sake of Power, Control + Global Dominance. The current unholy alliance (collusion) between the Global Central Bankers and another powerful aspect of control was instituted around 1900 between M.A. Rothschild & J.D. Rockefeller.
AND... Thankfully, there is not only a Global Awakening taking place regarding Bitcoin, Blockchain Technology .... but there is a very subtle, quiet, gentle yet immensely powerful form of "grace" that is Up-Lifting all of humanity at this time... on many, many different levels...
Thank You Again Builder of Castles... AND Thank You, of course to @DragosRoua !!
Cheers !!
bitshares decentralised exchange is where to move money to be safe
He really said "herd" behavior? Lol.exe
I think everyone is watching this one. I've heard some reports that what we are being told as news in the states is not the full story in South Korea. This should be an interesting week regardless.
south korea is going nuts too :/
I could not agree more. *facepalm
The news about these are everywhere. I wonder why banning is their option. Government's duck move?
I have read a couple reports about this. I don't think they will make it illegal. This is probably just a precursor to heavily regulating the sector.
Exactly the kind of knee-jerk moves I have been talking about. I am sure there will be other countries who will follow suit. My hunch is that India may be thinking something in these lines.
The state of Vermont in the USA is considering legislation that would tax each transaction on exchanges. This could be something that South Korea considers doing instead of a ban.
https://www.coindesk.com/vermont-collect-taxes-crypto-proposed-law/
herd behavior in humans?? what! ... never heard of that before, but if everyone else believes it I will too
hmmm they can try, but they will be overtaken it seems like. Blockchain / crypto is a revolution... It will sure get its bumps, BC might even go down to 10k, but that is still a far cry from what they were before. And the revolution has already started. Too late to stop it. Great post man!
This is not good news. I think it will be fine in the end though. It's a great opportunity to buy some cryptocurrencies at good prices right now.
Am very sure this move will be triggered by the financial institution in South Korea but it's a bad decision to me
oh no once again south korea and china plays a lot with crypto
why they do this again and again no permanent solution of it
I'm wondering if this is going to be the straw that breaks the camels back.
I've seen others say this already, but it appears trading isn't being banned at this time.
Actually interestingly, today financial minister is pushing back:
"Confusion In Korea: Ministry Of Finance Refuses To Support Cryptocurrency Trading Ban"
https://www.zerohedge.com/news/2018-01-11/confusion-korea-ministry-finance-refuses-support-cryptocurrency-trading-ban