Recently we have seing bitcoin and other major altcoins sumersaulting and in the red as outlined in Coinmarketcap, even our dear Steem & SBD is currently trading as at the time of this post at $4.59 (-12.23% for steem) & SBD $5.70 at (-17.15%) Source . This is no good news for some traders and investors who bought at a higher price if this downward trend continues as Fuders are already on the rampage.
Why is this happening? well, as we all know, the Cryptocurrency market is being driven by speculations and community and speculations are being triggered mainly by news! This time bad news!
According to Cynthia Kim & Dahee Kim of Reuters Soul-Korea, "South Korea plans to ban cryptocurrency trading, rattles market"
The South Korean government on Thursday said 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.
Furthermore,
The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year.
Read more from source
I hope the picture is getting clearer now?
New records levels again" outlined top countries with highest activity in steemit which saw South Korea as number 2 after USA and Soul as number 1 city
See images below
Top Countries
Source: Interestingly, a great steemian @gavvet post titled "
Top Cities
From the information above, it is without doubt that even in steemit and other cryptocurrencies like BTC and ETH, the South Korean market is a very important one for cryptocurrency growth and we saw it in our steemfest2 event as many from South Korea participated actively.
However, if this clampdown succeeds, I am certain BTC, Ether & Steemit will bounce back and below are few of my personal reasons
Steem, BTC, ETH etc are all decentralized entity as such can not be controlled by government, as against centralized entity like Banks, Stock Market, Insurance Companies, Facebook etc that may be willing to sell your information to the highest bidder which includes government. Steemit cannot be controlled by government as such this clampdown is a waste of time and many steemians in our dear location like Soul and Korea in general will keep steeming hot.
Steemit respects anonimousity; Users in steemit can be known with their usernames like @gavvet making it difficult for government control and tax agencies to clamp down on them as such, government will get tired of their unwarranted control.
Steemit knows no geographical boundry- As a steemian, you can use VPN or Virtual private networks and keep up your blogging and avoid any clampdown from any location thereby making it impossible to stop your business as such, many freelance journalist is benefiting from the freedom steemit offers them to keep up their game and report news as it is without fear or hindrance.
Threats of Clampdown failed in th past. Such issues and threats has been seeing in China and even in India , Russia , USA but they all failed as such, this will also follow the same trend.
Steemit and other crypto platforms are powered by community. Government is owned by the people and the people makes up community as such, what the people says or wants stands if their is unity of purpose which is strong in South Korea as seeing in how the people insisted on change of power from the former president to the new people centered leader. So since steem, btc , eth and other altcoins are powerd by community, we will see this plan fail like others did.
An opportunity once again
We have seeing many investors in the past cash into such opportunities hence here is another chance to buy up more steem, HODL and power up.
Image Source
It is well known that soon, steem will be out of reach as price will be very high in near future. So now is time to buy up steem and power up before it is too late. So keep being strong, HODLing and avoid FUDling!
The question is, Do you agree with @kenhudoy or as usual, is this a useless point?- Send in your comments and suggestions.
If you like my post, do upvote, resteem for others to read up and follow for more.
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Several good points and I agree with all.
STEEM price went down, making this a great time to buy more. If I had more cash laying around, I'd do it.
Regulation can't stop this technology. With a paper wallet, you can take the money anywhere and use it anytime. No government can stop it. No exchange can stop it.
In 30 years, my grandchildren will wonder how we lived in a world where we HAD to pay for everything in a government-backed currency. They'll transact in one of a few cryptos depending on what they're doing. Maybe a real estate crypto for buying/selling house, a gaming token (TRX?) for video games and VR stuff, a lending currency (LEND?) for buying on credit. And they'll keep a little fiat around for convenience, I'm sure.
Crypto's a train barreling down the tracks. You can try to stop it or hop on board. I'm hopping!
Great comment and I couldn't agree more with your assertions👏 Am already on top 💪
Very good post which shows that steemit is on a positive growth from developing countries...
Sure and by end of 2018 we see Africa take over
I strongly agree with your points @kenhudoy. There's gonna be a bounce back and it's gonna be big.
Yup, I feel bad for anyone who bought cryptos like Ripple at $3 and now it is $1.62 but that is the nature of the crypto market, best to only buy around a big dip!
Sure a d for ripple, there are speculations it may moon soon. So not good to fud but Hodl. I bought a shit coin end of last year EXN which the Dev abandoned but luckily two days ago it was pumped when I checked in and I sold off. To for the comment
He @investingtips don't mess with Ripple! :-)
I built my entire portfolio (and bought my first STEEM) from XRP profits. I bought XRP at $.22 and again at $.61 then sold 40% of it when the price was between $2.50 and $3.00 -- not because I don't like XRP anymore (quite the opposite) but because the price was just way beyond sanity and I wanted to buy some STEEM and a few other altcoins. Now I'm HODL on my remaining, and will almost certainly buy a some more when I either have more cash to invest or I sell some of my other alts. XRP and STEEM for the win!
Sure
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I did 😹😹😹
Sure and good time to buy up and Hodl!
@originalworks
very nice and informative post. learning a lot from @kenhudoy and i trust with a loving community, steemit along with other cryptos will keep winning this never ending fight! thanks once more . upped & resteemed
The ks dear and yes. Steem will come back stronger!
As I saw until today, even bitcoin lost value so bad, it became more valuable after it. I don't believe it will drop for long time.
Sure and we will soon see a bullish market when btc will skyrocket and steem will moon as usual! Time to buy and power up💪
I think steem will be around 50 usd in this year or in 2019. But it's just my guess.
Sure and thanks for guessing right. For me I feel it will even be higher if smt is successful after implemented 💪
great post with good info so i follow you and resteemd - vote your it post now
Good and thanks for the comment
I am rather new to steemit and cryptocurrency in general. May I ask, how would a country like South Korea attempt to ban trading in crypto? I understand that Steem can be more or less anonymous, so people can bypass the ban. But assuming no one tried to bypass it - how would a ban even work?
Well, when China tried such, most if their huge trading outfit moved to Japan and they started loosing huge revenues as such they retraced their steps. South Korea is huge in crypto and I wonder the huge resources govt would deploy to monitor everyone...not workable for sure...
Thanks for checking in my post. Follow for more.
If in doubt, power up.
Sure. Team HODLing 💪 and power up steem!
This is just because of the South Korean FUD, it was the same as the Chinese Fud. and everytime these FUDs fades away. Bitcoin and the other altcoins pumps exponentially.
Sure and couldn't agree with you more in this. Soon we see btc shoot above $20kUS💪👏 and steem above $20! So time to power up
The falling price of steem, btcoin and other cryptocurrency is not a new thing as the market is usually driven by speculation. The price will bounce back soon. well written article as usual @kenhudoy. upvoted.
Sure and thanks for the comment
in this times of falling people start to be nervous and some start to panic.. the idea "we will never return to the previous price" strongly gnaws in our heads :D but lets see it possitive...
Sure a d am sure soon we see postive trajectory and rebound. Time to buy and keep powering up steem 💪👌
Thanks dear for the comment
The price will bounce back. Cryptocurrency is a good investment, but like all investments the price fluctuates.
I'm not so sure fiat currency will bounce back, countries are in such huge debt.
Government control on banks is very limited. There is hardly any regulation on wall street and banking, it's one big casino. Greece is still not recovered. Their GDP only went down from the financial crisis:
Good response and comment. Thanks for the comment
STEEM WitnessYou got a 0.83% upvote from @upme requested by: @kenhudoy. Send at least 2.5 SBD to @upme with a post link in the memo field to receive upvote next round. To support our activity, please vote for my master @suggeelson, as a
Steemit have a growing community, for that reason it has along way to go.good job.
Sure and thanks for the comment