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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

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."

kimjongman 9y ago
The news is not true. Gov raided only coinone
dovdovdov 9y ago
When you were talking did you hear a constant smashing sound of a sell button or screams in the background? Anyways, people who invested in a single bitcoin yesterday only lost $1000 overnight.
flyGuyOnTheSly 9y ago
"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.
- kijin 9y ago
  They're preparing a bill. Doens't mean their bill will pass. The ruling party is currently a minority in the national assembly.
mtgx 9y ago
Fake news mainstream media strikes again: https://www.reddit.com/r/CryptoCurrency/comments/7plk7q/dont_fall_for_the_fake_cnbc_south_korean_ban/ https://www.reddit.com/r/CryptoCurrency/comments/7plk7q/dont... Maybe Google/FB ought to ban CNBC?
- dovdovdov 9y ago
  Wow, high denial in the crypto world. Textbook reaction of investors who refuse to face the real world.
jsnk 9y ago
Those tweets are the ones that are FUD. https://youtu.be/nK-Lid5wO-Y 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?no=1982 http://world.kbs.co.kr/english/archive/program/news_zoom.htm...
- mkirklions 9y ago
  Quick question since I dont understand SK politics. Could the peasant class that made money off BTC unite and Lobby/bribe/influence SK politicians? Also, do American's have a plan if there is a ban?
colemak0 9y ago
http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&key=20180111.99099005003 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.
- deleted 9y ago
  [deleted]
- wsc981 9y ago
  From Reddit (r/cryptocurrency) - a friend messaged me this today: I'm a South Korean citizen. Let me just tell you what just happened. About 4 hours ago, Ministry of Justice issued a statement that the SK government is seeking to ban all crypto exchanges. They explicitly stated that this was a decision that was well communicated between various branches of the government. This caused the market to crash, and really caused a media firestorm among Koreans. And then 2 hours ago, the Ministry of Finance and the Blue House issued a statement that this decision to ban all exchanges wasn't something that was unilaterally agreed upon, and that the statement made by the MoJ was not their stance on this matter. Now here is my speculation on what happened. There was a unilateral agreement to shut all exchanges, but as you all would know, this is a very anti-democratic and anti-capitalistic thing to do. So they decided to send out a trial balloon. When the statement was made it caused an outrage, as there are approximately 2 million crypto investors in SK. National elections are held on April, so to control the damage I think the Blue House changed its mind and decided to throw the MoJ under the bus. A lot of Koreans are speculating that this is what happened under the hood, which is very amateurish. I just feel bad for all the guys who cut losses today.
  - 9y ago
Fuxy 9y ago
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.
- tehlike 9y ago
  how is this comment relavant? Bitcoin is only one of the cryptocurrencies traded on exchanges.
  - Fuxy 9y ago
    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.
    - lagadu 9y ago
      There are a few websites that accept other tokens but they're few and far between, nothing like bitcoin.
    - tehlike 9y ago
      This is for monero: https://www.projectcoralreef.com/all-stores/ https://www.projectcoralreef.com/all-stores/ Nothing huge, but something.
  - bufferoverflow 9y ago
    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 https://m.bithumb.com/wallet/P102
    - 9y ago

kimjongman 9y ago

The news is not true. Gov raided only coinone

dovdovdov 9y ago

When you were talking did you hear a constant smashing sound of a sell button or screams in the background? Anyways, people who invested in a single bitcoin yesterday only lost $1000 overnight.

flyGuyOnTheSly 9y ago

"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.

kijin 9y ago
They're preparing a bill. Doens't mean their bill will pass. The ruling party is currently a minority in the national assembly.

mtgx 9y ago

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

dovdovdov 9y ago
Wow, high denial in the crypto world. Textbook reaction of investors who refuse to face the real world.

jsnk 9y ago

Those tweets are the ones that are FUD. https://youtu.be/nK-Lid5wO-Y 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?no=1982 http://world.kbs.co.kr/english/archive/program/news_zoom.htm...

mkirklions 9y ago
Quick question since I dont understand SK politics. Could the peasant class that made money off BTC unite and Lobby/bribe/influence SK politicians? Also, do American's have a plan if there is a ban?

colemak0 9y ago

http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&key=20180111.99099005003 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.

deleted 9y ago
[deleted]
wsc981 9y ago
From Reddit (r/cryptocurrency) - a friend messaged me this today: I'm a South Korean citizen. Let me just tell you what just happened. About 4 hours ago, Ministry of Justice issued a statement that the SK government is seeking to ban all crypto exchanges. They explicitly stated that this was a decision that was well communicated between various branches of the government. This caused the market to crash, and really caused a media firestorm among Koreans. And then 2 hours ago, the Ministry of Finance and the Blue House issued a statement that this decision to ban all exchanges wasn't something that was unilaterally agreed upon, and that the statement made by the MoJ was not their stance on this matter. Now here is my speculation on what happened. There was a unilateral agreement to shut all exchanges, but as you all would know, this is a very anti-democratic and anti-capitalistic thing to do. So they decided to send out a trial balloon. When the statement was made it caused an outrage, as there are approximately 2 million crypto investors in SK. National elections are held on April, so to control the damage I think the Blue House changed its mind and decided to throw the MoJ under the bus. A lot of Koreans are speculating that this is what happened under the hood, which is very amateurish. I just feel bad for all the guys who cut losses today.
- 9y ago

Fuxy 9y ago

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.

tehlike 9y ago
how is this comment relavant? Bitcoin is only one of the cryptocurrencies traded on exchanges.
- Fuxy 9y ago
  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.
  - lagadu 9y ago
    There are a few websites that accept other tokens but they're few and far between, nothing like bitcoin.
  - tehlike 9y ago
    This is for monero: https://www.projectcoralreef.com/all-stores/ https://www.projectcoralreef.com/all-stores/ Nothing huge, but something.
- bufferoverflow 9y ago
  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 https://m.bithumb.com/wallet/P102
  - 9y ago