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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 United States 01/10/2018 11:58 PM
Report Abusive Post Report Copyright Violation | 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)] ------------------------------------- |
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Anonymous Coward User ID: 75821952 United States 01/10/2018 11:59 PM Report Abusive Post Report Copyright Violation | 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 User ID: 75835116 United States 01/11/2018 12:01 AM Report Abusive Post Report Copyright Violation | Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading fick |
Obnoxious Pakistani UK User ID: 5839336 United Kingdom 01/11/2018 12:01 AM Report Abusive Post Report Copyright Violation | 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 |
Anonymous Coward User ID: 76095583 Canada 01/11/2018 12:02 AM Report Abusive Post Report Copyright Violation | 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 User ID: 76098898 United States 01/11/2018 12:04 AM Report Abusive Post Report Copyright Violation | 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? |
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Anonymous Coward User ID: 73421978 Canada 01/11/2018 12:05 AM Report Abusive Post Report Copyright Violation | 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 Canada 01/11/2018 12:13 AM Report Abusive Post Report Copyright Violation | 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)
User ID: 71445090 United States 01/11/2018 12:23 AM
Report Abusive Post Report Copyright Violation | 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 United States 01/11/2018 12:28 AM Report Abusive Post Report Copyright Violation | 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 United States 01/11/2018 12:29 AM Report Abusive Post Report Copyright Violation | 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. |
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I'm From TEXAS y'all
User ID: 73938027 United States 01/11/2018 12:29 AM Report Abusive Post Report Copyright Violation | Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading No Big DEAL... Abolish ICE! They took our slaves once, don't let it happen again -- Vote Democrat
(I need a good signature line...help??) |
Anonymous Coward User ID: 75443775 United States 01/11/2018 12:31 AM Report Abusive Post Report Copyright Violation | 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 Report Abusive Post Report Copyright Violation | 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 |
Anonymous Coward User ID: 75968560 United States 01/11/2018 12:33 AM Report Abusive Post Report Copyright Violation | 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 User ID: 75878521 United States 01/11/2018 12:35 AM Report Abusive Post Report Copyright Violation | 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 United States 01/11/2018 12:36 AM Report Abusive Post Report Copyright Violation | Re: Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies a bill to ban trading Lol... Meh. |
Anonymous Coward User ID: 75878521 United States 01/11/2018 12:36 AM Report Abusive Post Report Copyright Violation | 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 United States 01/11/2018 12:37 AM Report Abusive Post Report Copyright Violation | 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 Report Abusive Post Report Copyright Violation | 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 Report Abusive Post Report Copyright Violation | 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)] |
DRGONZO
User ID: 65487573 United States 01/11/2018 12:41 AM Report Abusive Post Report Copyright Violation | 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 Report Abusive Post Report Copyright Violation | 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 Australia 01/11/2018 12:48 AM Report Abusive Post Report Copyright Violation | 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 Report Abusive Post Report Copyright Violation | 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 User ID: 75640555 United States 01/11/2018 12:50 AM Report Abusive Post Report Copyright Violation | 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. |
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Anonymous Coward User ID: 53196182 United States 01/11/2018 12:50 AM Report Abusive Post Report Copyright Violation | 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 United States 01/11/2018 12:50 AM Report Abusive Post Report Copyright Violation | 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 User ID: 75572505 United States 01/11/2018 12:51 AM Report Abusive Post Report Copyright Violation | 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
User ID: 65487573 United States 01/11/2018 12:51 AM Report Abusive Post Report Copyright Violation | 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 United States 01/11/2018 12:53 AM Report Abusive Post Report Copyright Violation | 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 |
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