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South Korea to ban Crypto Trading

Comments

  • Registered Users Posts: 3,358 ✭✭✭ papu


    Not unexpected. One of this biggest Crypto markets.

    www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling

    Markets slipping on the news.

    May be a good thing in the long run as the innovation behind some of the cryptos will be lost as they wont be used if their value swings wildly all the time.

    FUD, its not a ban is regulation.
    South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify
    https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/amp/

    The last place I would go for crypto news would be the guardian, rte, the sun, the westmeath indo etc. etc.


  • Registered Users Posts: 651 ✭✭✭ Nika Bolokov


    papu wrote: »
    FUD, its not a ban is regulation.

    https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/amp/

    The last place I would go for crypto news would be the guardian, rte, the sun, the westmeath indo etc. etc.

    That's an article from last year. This is from today.


  • Registered Users Posts: 3,358 ✭✭✭ papu


    That's an article from last year. This is from today.

    It's the same bill they've been preparing since december.

    A more recent report
    https://coinjournal.net/south-koreas-bitcoin-regulation-highly-optimistic-false-reports-claim-ban/

    NYTimes article with no mention of "ban"
    https://www.nytimes.com/reuters/2018/01/10/technology/10reuters-southkorea-bitcoin.html?smid=tw-share


    LTC Creator Charlie Lee on Twitter,
    Korea bans Bitcoin FUD is the new China bans Bitcoin FUD. ��*


  • Registered Users Posts: 2,903 ✭✭✭ Blacktie.


    That's an article from last year. This is from today.

    A bit misleading saying a year ago when it was more like a month ago. This is FUD. They're regulating it not banning it.


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  • Closed Accounts Posts: 1,115 ✭✭✭ asteroids over berlin


    even the bbc are running with this - the beeb appear obsessed with wanting Bitcoin to fail, complete ignorance of the highest order, the financial editor must be some old school banker set in his/her ways!

    This news along with the nothing short of fraudulent move by coinmarketcap this week has caused this mini crash, just as the market was rebounding from the usual Xmas sell off. Don't worry though, it will be heading the right direction soon, great time to buy the dip though.

    Also, expect more instances of this kind of lark, it is really just a natural progression to regulation - which does need to happen in order for part of the blockchain concept to succeed, although obviously it is not the true concept but again, most of the time, an idea has to evolve to be successful i.e. in this case, mainstream adoption of various cryptos.


  • Posts: 0 ✭✭✭ Lucas Yummy Tequila


    Any chance we can get this deleted mods, or the title amended to reflect the actual news? The title is simply not true. Anyone willing to read beyond a headline in The Guardian will know this.

    https://www.ccn.com/south-korean-ministry-of-finance-does-not-support-cryptocurrency-trading-ban/

    https://thecryptocurrencyforums.com/crypto-markets-plummet-south-korean-ban/

    SK government are looking to regulate cryptos and get their fair share of tax, not ban it outright.

    DYOR folks. Certainly don't let this OP do it for you.


  • Moderators, Society & Culture Moderators Posts: 15,420 Mod ✭✭✭✭ smacl


    Any chance we can get this deleted mods, or the title amended to reflect the actual news? The title is simply not true. Anyone willing to read beyond a headline in The Guardian will know this.

    https://www.ccn.com/south-korean-ministry-of-finance-does-not-support-cryptocurrency-trading-ban/

    https://thecryptocurrencyforums.com/crypto-markets-plummet-south-korean-ban/

    SK government are looking to regulate cryptos and get their fair share of tax, not ban it outright.

    DYOR folks. Certainly don't let this OP do it for you.

    To be fair to the OP, the Guardian article's reference to a ban runs all the way through the article and is not limited to the title. Yes, the article may be sensationalist and carry bias, but I'd guess the articles you linked carry a similar degree of bias in the other direction. Difficult to know where the middle line is here, but TechCrunchNews from three hours ago seems to paint a reasonable picture IMHO;
    Reuters reported comments from Korean Justice Minister Park Sang-ki who said claimed his ministry “is basically preparing a bill to ban cryptocurrency trading through exchanges” following “enough discussion” with a range of government agencies, including the finance ministry.

    As Reuters itself points out, any draft legislation would require the approval of parliament which could takes months, if not years. Even if that were to happen, the timing seems off with local elections upcoming this year and bitcoin, ethereum and other coins hugely popular among young people in Korea.

    My reading is a possible ban long term and tighter regulation short term, but as you say DYOR and come to your own conclusions.


  • Registered Users Posts: 15,112 ✭✭✭✭ Dohnjoe


    Good source here
    http://www.koreaherald.com/view.php?ud=20180111000909

    Previously the S Korean authorities have stated they were regulating cryptocurrency-exchanges; This is different from that and suggests they are now considering a total exchange ban. However this is not set in stone in any way, and would be a long way off (if it were to happen)

    Normal news sites are simply reporting what Park Sang-Ki stated - fair enough
    Crypto sites are all trying to play it down to protect crypto prices - fine, but dismissing it as FUD may be incorrect, there is the possibility the S Koreans may completely ban crypto exchanges according to their justice minister

    Also, as mentioned above, the Park Sang-Ki does not represent the only view on this - with the SK crypto-currency task force currently disagreeing with his view


  • Posts: 0 ✭✭✭ Lucas Yummy Tequila


    smacl wrote: »
    To be fair to the OP, the Guardian article's reference to a ban runs all the way through the article and is not limited to the title. Yes, the article may be sensationalist and carry bias, but I'd guess the articles you linked carry a similar degree of bias in the other direction. Difficult to know where the middle line is here, but TechCrunchNews from three hours ago seems to paint a reasonable picture IMHO;



    My reading is a possible ban long term and tighter regulation short term, but as you say DYOR and come to your own conclusions.

    Who knows what will happen in the long term, but right now the thread title is completely wrong and could lead to inexperienced traders panic-selling their coins.


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  • Moderators, Society & Culture Moderators Posts: 15,420 Mod ✭✭✭✭ smacl


    Who knows what will happen in the long term, but right now the thread title is completely wrong and could lead to inexperienced traders panic-selling their coins.

    I think if mods were to censor posts on this forum for being potentially misleading, sensationalist, or a source of risk to gullible investors, there wouldn't be much content left here. Similarly, if people make investment decisions purely on the title of a thread on boards without even reading the thread contents let alone analysing that content, they deserve anything coming to them.


  • Registered Users Posts: 1,356 ✭✭✭ stooge


    even the bbc are running with this - the beeb appear obsessed with wanting Bitcoin to fail, complete ignorance of the highest order, the financial editor must be some old school banker set in his/her ways!

    Youre dead right, almost every few days there is a bitcoin story on BBC saying how it is hugely overvalued, massive risk, no tangible product etc etc

    FUD is rife! I think general consensus and adoption will eventually overcome FUD. However there will be many bumps like this (and the china 'ban') along the way.

    JUST BUY THE DIP! :pac:


  • Posts: 0 ✭✭✭ Lucas Yummy Tequila


    smacl wrote: »
    I think if mods were to censor posts on this forum for being potentially misleading, sensationalist, or a source of risk to gullible investors, there wouldn't be much content left here. Similarly, if people make investment decisions purely on the title of a thread on boards without even reading the thread contents let alone analysing that content, they deserve anything coming to them.

    Fair points.

    I don't think that the few of us here on Boards are going to have much affect on overall prices. It's more that the likes of the title of this thread could force the hands of newbs who are coming in here assuming that at the least the thread headlines are close to factual. It contributes greatly to confirmation bias - They see enough of these hollow "South Korea to ban Crypto Trading" headlines/OPs within a short space of time, of course they will rush to sell as they see the price dropping, rather than take 30 minutes to research it properly. In those 30 minutes, their money could be even further gone.

    Now, I agree in general that if they buy/sell based on a headline alone that they are trading poorly. However, considering the amount of new blood pouring into the game, me included, I have found that it takes time to realise just how much learning there is to do about the way the market and the manipulation of it works.

    People should do their own research and not be guided by a few headlines, sure, but I'm willing to afford people a few weeks grace considering the bonkers learning curve there is when coming into crypto-trading as a newb.

    For instance, I don't think new people realise just how manipulated this game is, it really is the Wild West. It takes a bit of time to see that though and see what that means, a bit of time to adapt to the sensationalism and the click-bait nature of the media surrounding the market. The DYOR aspect. I don't want to see these new people get badly burned just to teach them a lesson - It could drive them away from cryptos forever, never mind have drastic implications on their personal lives.

    I think that if we are to go down the road of 'Sure without sensationalism there would be little to write about' it will serve as counter-productive to what we're trying to achieve - Getting the masses to take this seriously. I love sorting the gossip, sensationalism and disinformation from the facts, it's all part of the game. I just think that we need to tread carefully in this growing forum which is attracting a lot of new, learning investors and their money. Sensationalism should be kept to threads where people can debate it IMO, rather than have it emboldened in the thread title as a fact.

    If this thread was named 'Is South Korea about to ban crypto trading?' - I would have absolutely no problem here. It's something which needs to be discussed.


  • Registered Users Posts: 1,317 ✭✭✭ Dr Bolouswki


    I consider the thread title to be reported speech. If anyone just takes it at face value (like any news) they SHOULD BE MURDERED LIKE THE DOGS THEY ARE!!!

    Of course, not really. Lest anyone takes that statement at face value. (the last bit).


  • Posts: 0 ✭✭✭ Lucas Yummy Tequila


    I consider the thread title to be reported speech. If anyone just takes it at face value (like any news) they SHOULD BE MURDERED LIKE THE DOGS THEY ARE!!!

    Of course, not really. Lest anyone takes that statement at face value. (the last bit).

    Why stop there? We need to hunt down their families and friends too, just in case they spread their poor trading methods onto them pacman.gif

    As for Boulder, that is the plan alright, if I make it that far! All these people looking to race lambos around the volatile Las Vegas under the watchful eye of Randall Flagg, I'm just looking for some stability with gradual progression in Boulder.


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