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South Korea justice ministry prepares to ban cryptocurrency trading

reuters.com

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Re: South Korea justice ministry prepares to ban cryptocurrency trading

#21

Post by jstanley »

pfisch wrote: post #16
ruytlm wrote: post #8

Earlier quoted context omitted.

Pump and dump schemes, among others, are a good example of why unregulated does not necessarily mean good.

I guess. I mean the regulated stock market has dark pools and super fast algorithms jumping in front of people's trades stealing from them. I actually feel like the playing field is more uneven between individuals and firms in the regulated stock market vs the btc exchanges. I also think the bitcoin exchanges are backroom dealing and insider trading, but I feel like they are less sophisticated vs the "legal" theft th…

> I actually feel like the playing field is more uneven between individuals and firms in the regulated stock market vs the btc exchanges.

This is definitely true. I first got into bitcoin as a way to do algotrading on an exchange without having to navigate whatever processes are required in order to be allowed to do so in "real" markets.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#23

Post by kvee »

Seems like the original post might just be fud: http://m.ytn.co.kr/news_view.php?s_mcd=0101&key=201801111615...

Using Google Translate: "Cheong Wa Dae said the Justice Minister Park Sang-ki's remarks that the virtual currency exchange will be closed is not coordinated by the government.

A Cheong Wa Dae official said in a telephone conversation with YTN that Park's remarks are the position of the Ministry of Justice and that other ministries have various positions.

In addition, the Ministry of Justice approached from the dimension of elimination of speculation, but the Financial Services Commission explained that the Ministry of Science, Technology and MIC is interested in nurturing core technologies of virtual money to prevent similar reception.

He added that virtual currency-related policies will determine the best time for policies to be effective while looking at market conditions. "

and edit: this post isn't a month old

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#24

Post by aphextron »

omegaham wrote: post #14
sputknick wrote: post #6

When I first learned about crypto currency on HN back in 2012 I was excited. It sounded like a fun technical project that could do good in the world. I bought some along the way, followed projects. Along the way it changed. Yesterday I saw a spam post on Reddit about joining a "pump and dump group", which I had to research. It's groups of people who coordinate a buy of a specific currency, spread false news about thi…

On the bright side, the idiots who join these groups hoping to scam others tend to lose their shirts as well. The person orchestrating the pump-and-dump scheme bought the currency at $X per coin in question long before, and he's using the people in the group as patsies. "Buy the coins at $X + $Y, and the rise in price will make it so that you can sell the coins to some other idiot for $Y + $Z!" If there aren't enough…

>I learned this the hard way playing Runescape as a 16-year-old. 2007 was an interesting time for that game.

Playing that game over the years was the most thorough education in trusting strangers on the internet anyone could ever need

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#25

Post by zeusk »

aphextron wrote: post #24
omegaham wrote: post #14

Earlier quoted context omitted.

On the bright side, the idiots who join these groups hoping to scam others tend to lose their shirts as well. The person orchestrating the pump-and-dump scheme bought the currency at $X per coin in question long before, and he's using the people in the group as patsies. "Buy the coins at $X + $Y, and the rise in price will make it so that you can sell the coins to some other idiot for $Y + $Z!" If there aren't enough…

>I learned this the hard way playing Runescape as a 16-year-old. 2007 was an interesting time for that game. Playing that game over the years was the most thorough education in trusting strangers on the internet anyone could ever need

For me, it was an introduction to basic finance topics like abitrage and trading; also the enormous scope of scams people can pull.

I made my fortune in high frequency trading of rune sets after they introduced Grand Exchange and steel smelting prior to it.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#26

Post by tomaha »

kvee wrote: post #23

Seems like the original post might just be fud: http://m.ytn.co.kr/news_view.php?s_mcd=0101&key=201801111615... Using Google Translate: "Cheong Wa Dae said the Justice Minister Park Sang-ki's remarks that the virtual currency exchange will be closed is not coordinated by the government. A Cheong Wa Dae official said in a telephone conversation with YTN that Park's remarks are the position of the Ministry of Justice a…

The article you cite is a month old.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#28

Post by [deleted] »

kvee wrote: post #23

Seems like the original post might just be fud: http://m.ytn.co.kr/news_view.php?s_mcd=0101&key=201801111615... Using Google Translate: "Cheong Wa Dae said the Justice Minister Park Sang-ki's remarks that the virtual currency exchange will be closed is not coordinated by the government. A Cheong Wa Dae official said in a telephone conversation with YTN that Park's remarks are the position of the Ministry of Justice a…

[deleted]

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#29

Post by cheeze »

sputknick wrote: post #6

When I first learned about crypto currency on HN back in 2012 I was excited. It sounded like a fun technical project that could do good in the world. I bought some along the way, followed projects. Along the way it changed. Yesterday I saw a spam post on Reddit about joining a "pump and dump group", which I had to research. It's groups of people who coordinate a buy of a specific currency, spread false news about thi…

Pump and dumps as well as these groups were definitely around in 2012. I agree that cryptocurrencies have drastically changed (IMO for the worse) but pump and dumps on shitcoins are nothing new.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#30

Post by yongjik »

chrisco255 wrote: post #4
legionof7 wrote: post #2

The exchanges got raided for tax evasion, I think we need to see the bill first before saying that crypto trading will be banned.

Banning the exchange of digital assets, in my opinion, is like banning the internet. It's not feasible in the long run. Would also be a disappointing move to see coming from a democratic country that has some degree of property rights.

It's more like banning a specific set of companies from opening legal websites in Korea. It's entirely doable, and has been done many times (e.g., porn). I won't comment on its morality: case by case, I guess.

The ban's purpose is not to stop the most determined, persistent crypto-anarchists from realizing their dream. Its purpose is to scare away your average retired dads and office workers from pouring their life savings into BTC, because otherwise the country will have to feed their children when the bubble pops.

(Unlike crypto-anarchists, most Korean people and the government believe that it's the country's duty to keep children well fed and educated, even if their parents are raging idiots. Whether we actually follow through is... debatable, I guess.)

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