[kennethologist]

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."

[colemak0]

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.

[wsc981]

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.

[moltar]

Also, some of those politicians could be traders too and mixing the presage for profit ;)

[jsnk]

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...

[mkirklions]

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?

[flyGuyOnTheSly]

"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]

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

[Fuxy]

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]

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

[Fuxy]

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.

[tehlike]

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

Nothing huge, but something.

[lagadu]

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

[bufferoverflow]

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

[tehlike]

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

[dovdovdov]

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.

[mtgx]

Fake news mainstream media strikes again:

https://www.reddit.com/r/CryptoCurrency/comments/7plk7q/dont...

Maybe Google/FB ought to ban CNBC?

[dovdovdov]

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