Yeah, small dent for the crypto. S.K. crypto trading will just move to shadows. That's it. Missed chance to tax it.
South Korea justice ministry prepares to ban cryptocurrency trading
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Re: South Korea justice ministry prepares to ban cryptocurrency trading
#82When 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'm not sure the historical data still exists but would this be around the time of organised market manipulation? The spiking gold rings 500% then dumping just before you told everyone else to springs to mind.
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#83Multiple 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."
"Justice minister Park Sang-ki said the government is preparing a bill to ban trading of the virtual currency on domestic exchanges." That's what Reuters is saying right now. That should trump any tweets you are reading about this being FUD or a market manipulation by the mystical bearwhale. Reuters is fairly accurate and unbiased imho.
They're preparing a bill. Doens't mean their bill will pass. The ruling party is currently a minority in the national assembly.
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#84When 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…
> Not only is this probably illegal, it's immoral.
But it's decentralized~. Bitcoin was initially hyped by "crypto-anarchists", to be free of government regulation, transfer costs, etc - well that's what you get. Something something cake and eating.
The only cryptocurrencies that will prevail within the next five years are the regulated ones. The rest will be used for shady purposes like tax evasion and paying for ransomware, and they'll get hit hard regularly by hacked or dodgy exchanges. I'm fairly sure the current crypto exchanges operate as a ponzi scheme right now, they won't be able to convert back to fiat with enough volume.
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#85Earlier quoted context omitted.
https://bitcointalk.org/index.php?topic=100514.0 Look at all these btc ponzi schemes from 2012 Also I thought Mt Gox had a bot buying tons of btc on their own exchange pumping the price.
Oh wow, I didn't know the scamming went back that far. On the other hand... With Ponzi schemes, isn't it obvious from the start what they are? Maybe I give humanity too much credit.
Not always; I can imagine with MtGox they slowly became one, after becoming insolvent and figuring out they could pay their customers by getting more money in.
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#86When 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…
The interesting thing to consider about bitcoins is its value isn't all hype, The cost of electricity use to produce them adds a value to it. Strengthens that emotional bond for the owners. Provides a feedback loop for users etc.
It's just sad this tech will end up being used mostly for black money.
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#87Now btc will hit 7k and then jump to 35k. :-)
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#88Are other states planning to follow the example of Korea? I would have expected that governments would not take it lightly that some entity is challenging the states monopoly to control the flow of value by means of emitting currency.
(sorry, now i am more informed, China is imposing similar bans; also South Korea wants more synchronisation with Japan and China on these issues: https://cryptovest.com/news/south-korea-pushing-deeper-colla... )
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#89When 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…
> Not only is this probably illegal Definitely illegal.
do you have any insight for how this is illegal considering that cryptocurrencies are currently unregulated.
Re: South Korea justice ministry prepares to ban cryptocurrency trading
#90Crazy 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?
Their volume figures are pumped by some exchanges allowing larger traders to pay a flat-rate monthly fee rather than a percentage on trades, and are sometimes so large that it's hard to treat them as credible.