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Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading

 
Waffles
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User ID: 71445090
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01/10/2018 11:58 PM

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Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies

South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.

That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.

According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.

"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.

Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 12:35 p.m. HK/SIN, the cryptocurrency traded at $13,042.79 per token.

Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.

Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.

That difference in price is called a "kimchi premium" by many traders.

In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." CoinDesk reported that the exchanges removed from the price calculation were Bithumb, Coinone and Korbit.

Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.

The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.

The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.

Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.46 percent and KPM Tech was down 5.19 percent.

That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.


fair use act
[link to www.cnbc.com (secure)]

OH-dear
-------------------------------------
Anonymous Coward
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01/10/2018 11:59 PM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
They are taking control.
Anonymous Coward
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01/11/2018 12:01 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
fick
Obnoxious Pakistani UK
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01/11/2018 12:01 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
The illuminati have decided to sweep the carpet under the feet of the Plebs

Their wealth will not be challenged

cruise
Anonymous Coward
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01/11/2018 12:02 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
governments can fuck off with their criminal activity..
Anonymous Coward
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01/11/2018 12:04 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Maybe the crypto world is better off without SK?
Anonymous Coward
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01/11/2018 12:05 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
governments can fuck off with their criminal activity..
 Quoting: Anonymous Coward 76095583


Tell that to the governments.
Anonymous Coward
User ID: 75469137
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01/11/2018 12:13 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
just dont buy into this scam
Waffles  (OP)

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01/11/2018 12:23 AM

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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
"The definition of insanity is doing the same thing over and over and expecting different results." Einstein

how many countless articles did we read already of Bitcoin being stolen,lost,seized,frozen etc etc..

[link to en.wikipedia.org (secure)]
-------------------------------------
DRGONZO

User ID: 65487573
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01/11/2018 12:28 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Maybe the crypto world is better off without SK?
 Quoting: Anonymous Coward 76098898


correct...

Coin market Cap was prescient in its dropping SK exchanges from it's market metrics

They are the home of the pump and dumps
Anonymous Coward
User ID: 68039449
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01/11/2018 12:29 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
You idiots. So quick to pass on fake news. The s Koreans are regulating crypto. The bill is about going after non compliant exchanges. Fud. Idiots prolly sold your btc at a loss.
I'm From TEXAS y'all

User ID: 73938027
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01/11/2018 12:29 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
No Big DEAL...

HODLcoaster
Abolish ICE! They took our slaves once, don't let it happen again -- Vote Democrat

(I need a good signature line...help??)
Anonymous Coward
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01/11/2018 12:31 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
They're not banning crypto's, they will just regulate more strictly. Nothing to freak out about just some temporary discounts on coins.
Anonymous Coward
User ID: 76096778
Australia
01/11/2018 12:33 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
They're not banning crypto's, they will just regulate more strictly. Nothing to freak out about just some temporary discounts on coins.
 Quoting: Anonymous Coward 75443775


cruise
Anonymous Coward
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01/11/2018 12:33 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
The music just stopped on crypto musical chairs...
Anonymous Coward
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01/11/2018 12:35 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
just dont buy into this scam
 Quoting: Anonymous Coward 75469137


Exactly. With that being said, Federal Reserve notes are an even bigger scam.

Gold and Silver are real money.

Anything else INVITES the Mark of the Beast.
everLearner

User ID: 71889217
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01/11/2018 12:36 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Lol... Meh.
Anonymous Coward
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01/11/2018 12:36 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
They're not banning crypto's, they will just regulate more strictly. Nothing to freak out about just some temporary discounts on coins.
 Quoting: Anonymous Coward 75443775


Yes... Just keep telling yourself that.
Anonymous Coward
User ID: 74514248
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01/11/2018 12:37 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
just dont buy into this scam
 Quoting: Anonymous Coward 75469137


Not a scam bud...

Crypto is not just a currency. Some crypto-assets are investments into revolutionary technology that multiple market sectors will be forced to apply to stay competitive.

Better invest or you'll be sorry :P
Anonymous Coward
User ID: 76098898
United States
01/11/2018 12:39 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Maybe the crypto world is better off without SK?
 Quoting: Anonymous Coward 76098898


correct...

Coin market Cap was prescient in its dropping SK exchanges from it's market metrics

They are the home of the pump and dumps
 Quoting: DRGONZO


Dig your input DrG
Anonymous Coward
User ID: 76096778
Australia
01/11/2018 12:39 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
They're not banning crypto's, they will just regulate more strictly. Nothing to freak out about just some temporary discounts on coins.
 Quoting: Anonymous Coward 75443775


Get some Litecoin while it's down and invest in a few Titanium blockchain BARs:

[link to ico.tbis.io (secure)]

hesright
DRGONZO

User ID: 65487573
United States
01/11/2018 12:41 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Here's LTC chart from tonight..

See that monster Buy volume come in?

Thats how long the dips last these days...you have about 45 minutes

I bought that shit beautifully tonight!

:dipltc:
Anonymous Coward
User ID: 74708573
United States
01/11/2018 12:43 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Here's LTC chart from tonight..

See that monster Buy volume come in?

Thats how long the dips last these days...you have about 45 minutes

I bought that shit beautifully tonight!

:dipltc:
 Quoting: DRGONZO


Smart person! Well done
Anonymous Coward
User ID: 76104174
United States
01/11/2018 12:48 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
just dont buy into this scam
 Quoting: Anonymous Coward 75469137


Exactly. With that being said, Federal Reserve notes are an even bigger scam.

Gold and Silver are real money.

Anything else INVITES the Mark of the Beast.
 Quoting: Anonymous Coward 75878521


they're right you know! Diamonds too
Anonymous Coward
User ID: 75640555
United States
01/11/2018 12:48 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
The traders who have been wheeling megamillions by the wheelbarrow load out of the ecoin market are crying in their bloody Mary's.

Oh woe is them.

So sad.
Anonymous Coward
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United States
01/11/2018 12:50 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
The dupes are a gift from God falling like manna to the chosen traders.
Anonymous Coward
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01/11/2018 12:50 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Over 100 billion wiped out from the market cap in minutes !!!!!!!!!

Crazy !
Anonymous Coward
User ID: 75640555
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01/11/2018 12:50 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
The dupes are a gift from God falling like manna to the chosen traders.
 Quoting: Anonymous Coward 75640555


Snort.
Anonymous Coward
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01/11/2018 12:51 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
never catch a falling knife you are bout to get you ass handed to you well done
DRGONZO

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01/11/2018 12:51 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
Almost afraid to go to bed in case somebody runs the stops and LTC drops below $200.

See this is how you get good at this game...dips are more exciting the Pumps..

nice Dips are buy-in opportunities and they don't come around often and don't last long
The Stalker

User ID: 75830486
Portugal
01/11/2018 12:53 AM
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Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading
They're not banning crypto's, they will just regulate more strictly. Nothing to freak out about just some temporary discounts on coins.
 Quoting: Anonymous Coward 75443775


Yes... Just keep telling yourself that.
 Quoting: Anonymous Coward 75878521


Keep telling yourself it is over when this happened several times in the past year.
The Stalker





GLP