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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

#51

Post by VMG »

2muchcoffeeman wrote: post #37
sputknick wrote: post #10

Earlier quoted context omitted.

Agreed, I think that's my favorite lesson from the crypto experiment. Sure there are people who use regulation as a gatekeeping function, or as a way to magnify their power, but regulations really do exist for the good of the people.

It’s a bit like finding a piece of code that does something crazy. If you ask around, there could be a really good reason for it. I don’t think we’re going to have a usable crypto currency until economists get involved, or we simply relearn all the lessons we’ve learnt to date.

Yes, crypto is not complete until there are synthetic CDOs!

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#52

Post by jsnk »

kennethologist wrote: post #36

Multiple tweets stating this is all FUD. Can someone contradict or corroborate this claim? Lots of "I talked to my contact in South Korea who works for a major exchange, don't fall into the FUD. The ban is ONLY applicable to exchanges that are not following the previous KYC regulations."

Those tweets are the ones that are FUD.

https://youtu.be/nK-Lid5wO-Y

The ban will come. In this video, the commentator goes into detail what the South Korea government plans to do and what the government thinks about it. They see cryptocurrency as the second coming of "Bada Iyagi", which was a gambling game that got banned a couple of years ago [1].

[1] http://world.kbs.co.kr/english/archive/program/news_zoom.htm...

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#53

Post by colemak0 »

kennethologist wrote: post #36

Multiple tweets stating this is all FUD. Can someone contradict or corroborate this claim? Lots of "I talked to my contact in South Korea who works for a major exchange, don't fall into the FUD. The ban is ONLY applicable to exchanges that are not following the previous KYC regulations."

http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&...

Basically the ministry of Justice announced they are working on banning exchanges between crypto and fiat currency in Korea, and they ultimately aim to close down all exchanges.

Few hours later, ministry of Strategy and Finance calls out that the ministry of Justice is announcing as if their words are final, but not all government bodies have agreed to that yet.

For reference, ministry of Strategy and Finance is one of the most powerful government body in Korea (they fund the ministries). After this news cryptocurrency value is starting to shoot up again in Korea after the crash.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#54

Post by peterjlee »

Right after the S.Korean Justice Ministry announced this, the Finance Ministry is like WTF? we were planning on taxing them. We can tax them if you get rid of it.

So far this plan doesn't have the full government support so it might not actually happen.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#55

Post by Fuxy »

This is a money grab isn't it the South Korean goverment sees a lot of money moving about in crypto currency and they want to 'tax' it because why not?

The entire article sounded like excuses to me for why they need to be 'monitored' and of course if they are monitoring the might as well tax it right?

Baning it is no going to solve much so it sound more like a threat to me to make the exchanges more cooperative.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#56

Post by Fuxy »

kennethologist wrote: post #36

Multiple tweets stating this is all FUD. Can someone contradict or corroborate this claim? Lots of "I talked to my contact in South Korea who works for a major exchange, don't fall into the FUD. The ban is ONLY applicable to exchanges that are not following the previous KYC regulations."

Is bitcoin even usable to buy things online anymore?

The transaction fees are so high that it seems useless for anything but speculation at this stage.

Seems to me that it completely lost its original purpouse if that doesn't get ajusted somehow.

Say 1% of transaction value with a maximum of the current transaction fee maybe.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#58

Post by tehlike »

Fuxy wrote: post #56
kennethologist wrote: post #36

Multiple tweets stating this is all FUD. Can someone contradict or corroborate this claim? Lots of "I talked to my contact in South Korea who works for a major exchange, don't fall into the FUD. The ban is ONLY applicable to exchanges that are not following the previous KYC regulations."

Is bitcoin even usable to buy things online anymore? The transaction fees are so high that it seems useless for anything but speculation at this stage. Seems to me that it completely lost its original purpouse if that doesn't get ajusted somehow. Say 1% of transaction value with a maximum of the current transaction fee maybe.

how is this comment relavant? Bitcoin is only one of the cryptocurrencies traded on exchanges.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#59

Post by Fuxy »

tehlike wrote: post #58
Fuxy wrote: post #56

Earlier quoted context omitted.

Is bitcoin even usable to buy things online anymore? The transaction fees are so high that it seems useless for anything but speculation at this stage. Seems to me that it completely lost its original purpouse if that doesn't get ajusted somehow. Say 1% of transaction value with a maximum of the current transaction fee maybe.

how is this comment relavant? Bitcoin is only one of the cryptocurrencies traded on exchanges.

It's the only crypto currency some sites take as payment instead of card.

Correct me if I'm wrong but i have't seen any sites taking anything else so as far as I'm aware all the other crypto currencies have only ever been used for speculation.

And i believe how a currency is used is quite relevant if you ask me.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#60

Post by lagadu »

Fuxy wrote: post #59
tehlike wrote: post #58

Earlier quoted context omitted.

how is this comment relavant? Bitcoin is only one of the cryptocurrencies traded on exchanges.

It's the only crypto currency some sites take as payment instead of card. Correct me if I'm wrong but i have't seen any sites taking anything else so as far as I'm aware all the other crypto currencies have only ever been used for speculation. And i believe how a currency is used is quite relevant if you ask me.

There are a few websites that accept other tokens but they're few and far between, nothing like bitcoin.
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