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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

#61

Post by bufferoverflow »

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.

What do you mean? Even if you're talking about Korean exchanges only, they trade a dozen different cryptocurrencies - Ethereum, Bitcoin Cash, EOS, QTUM, Monero, ZCash, Litecoin, etc. Example:

https://m.bithumb.com/wallet/P102

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#62

Post by sanxiyn »

VMG wrote: post #51
2muchcoffeeman wrote: post #37

Earlier quoted context omitted.

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!

Now we at least have futures market, which is a progress.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#63

Post by tehlike »

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.

This is for monero: https://www.projectcoralreef.com/all-stores/

Nothing huge, but something.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#64

Post by tehlike »

bufferoverflow wrote: post #61
tehlike wrote: post #58

Earlier quoted context omitted.

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

What do you mean? Even if you're talking about Korean exchanges only, they trade a dozen different cryptocurrencies - Ethereum, Bitcoin Cash, EOS, QTUM, Monero, ZCash, Litecoin, etc. Example: https://m.bithumb.com/wallet/P102

That's exactly what i said "only one of" not "the only".

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#65

Post by usrusr »

samsonradu wrote: post #35
United857 wrote: post #19

Earlier quoted context omitted.

The vast majority of crypto will ultimately collapse, just like the vast majority of dot coms failed and crashed the entire market. But... those that survived with solid fundamentals have often gone on to thrive spectacularly -- e.g. Google, Amazon. I can see something similar ultimately happening in the crypto space.

Yeah, heard this 100 times already. But why does it have to be like the dot com? What if it just stays a niche market for 50 years? What you say implies that crypto is as full of potential as the internet was to make it possible for businesses to grow as big as Google, Amazon. Not mentioning of course a lot of other factors that made Google, Amazon big like political influence, globalisation, lack of competition/regu…

> What if it just stays a niche market for 50 years?

That would still be a collapse, just a silent one. Niche market means that everybody has on some subconscious level accepted that a large stack cannot be liquidated and plays along by "hodling" so that they can continue feeling rich. This is what is eventually happening to most collector's items: trading volume drops faster than the price and before you know it, there isn't enough trading going on to regularly call out an updated market price. The last occasional buyers will happily buy at close to the price from the last time there was an active market, but potential sellers are not even trying to sell in bulk, knowing how little money they could expect. It's less frustrating to just forget about it than selling for a dime.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#66

Post by quietbritishjim »

cryptozeus wrote: post #27

Was anyone talking about.com bubble blowing up before it actually did ? Speculation of crypto bubble blowing up may actually be built into the cost

Not sure why the other reply says there wasn't... I definitely remember speculation that .com shares were a bubble, even in the mainstream (UK) media.

Admittedly, the speculation that crypto currencies are a bubble does seem even stronger, but personally I don't find that surprising: it did seem feasible that .com companies could coexist, whereas crypto currencies seem to be offering the same product.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#67

Post by dovdovdov »

mtgx wrote: post #49
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."

Fake news mainstream media strikes again: https://www.reddit.com/r/CryptoCurrency/comments/7plk7q/dont... Maybe Google/FB ought to ban CNBC?

Wow, high denial in the crypto world. Textbook reaction of investors who refuse to face the real world.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#68

Post by proofofanalysis »

joelrunyon wrote: post #9
tfha wrote: post #7

Crazy how fast the markets moved on this news. The price crashed and bounced halfway back before I even found the article, and I was actively searching for the source of the panic. But, perhaps that's because in the grand scheme, SK is small news and other traders who got there first knew full well that it'd rebound.

I'm not sure SK is that small news in crypto? Don't they make up a huge percentage of volume?

China made up a much larger portion of the volume, and the market rebounded and even soared after their ban(s).

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#69

Post by WillReplyfFood »

dlau1 wrote: post #11
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…

Keeping track of crypto amidst all the hype recently, it's abundantly clear to me that the recent explosion of speculation based trading is a signifier that cryptocurrency is a bubble just waiting to burst. I don't think this is bad in any right. It looks (and I grew up in the bay area through turn of the century) just like the dot com bubble. The promising part of this is that the underlying technologies being devel…

The interesting thing is to cash out now- and invest into the amazon of cryptocurrency, when all is going down.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#70

Post by joeyspn »

kindfellow92 wrote: post #42
samsonradu wrote: post #35

Earlier quoted context omitted.

Yeah, heard this 100 times already. But why does it have to be like the dot com? What if it just stays a niche market for 50 years? What you say implies that crypto is as full of potential as the internet was to make it possible for businesses to grow as big as Google, Amazon. Not mentioning of course a lot of other factors that made Google, Amazon big like political influence, globalisation, lack of competition/regu…

> Not trying to be pessimistic but genuinely curious why so many people make the analogy to the dot com period. Because most people are not creative nor critical thinkers and the extent of their brilliance is superficial pattern matching. To most people the dot-com bubble seems to fit all the patterns so by their logic it must have the same outcome. If you think critically about the differences of the crypto craze an…

> Bitcoin is Google.

I'd say it's probably AltaVista or Yahoo!...

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