South Korea justice ministry prepares to ban cryptocurrency trading

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.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#5

Post by Cookingboy » Thu, Jan 11, 2018, 5:19 AM UTC

archon810 wrote: post #3

Crypto is crashing badly right now because of this.

Actually as of now it's mostly recovered, ETH is back to around $1250 again.

Seems like the whole crypto is a lot more resilient than it used to be, or maybe I just jinxed it ;)

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#6

Post by sputknick » Thu, Jan 11, 2018, 5:23 AM UTC

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 this currency to create a mania, drive up the price, sell it at a profit. Not only is this probably illegal, it's immoral. Maybe this is how people who were in the internet in 1992 felt in 2000?

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#7

Post by tfha » Thu, Jan 11, 2018, 5:26 AM UTC

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.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#8

Post by ruytlm » Thu, Jan 11, 2018, 5:26 AM UTC

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

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#9

Post by joelrunyon » Thu, Jan 11, 2018, 5:27 AM UTC

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?

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#10

Post by sputknick » Thu, Jan 11, 2018, 5:35 AM UTC

ruytlm wrote: post #8

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

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.