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YongKang

South Korean government preparing bill to ban crypto trading

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1 hour ago, Zodiark1593 said:

Those that trade in it obviously see value in it (cryptocurrency), otherwise this wouldn't be a topic.

Which is why I don’t like it. It wants to be it’s own currency whose value is determined by its holders and I just can’t support that. It’s too unstable and is impractical. 


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Are traders gonna see this as good or bad

because it gets rid of some competition and it mean trader is S.Korea are gonna have to get rid of it know 

or 

bad because cryto will have lost a market and some countries may follow suit and the price will most likely drop because I isn't S.Korea wat pushed bit coin over 10K and 15K ?


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4 hours ago, The Benjamins said:

well its been proving its worth for 8 years, the technology behind it works great, and has scaled immensely. 

I would argue that blockchain ( the tech behind it) has proven it's worth, it remains to be seen if bitcoin will.   Crypto currency in general just hasn't been around long enough and isn't accepted by the large majority as a currency yet.


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9 hours ago, paddy-stone said:

Sorry but that makes zero sense, like saying cars, real currency, etc are used in illegal activities we'll ban the use of those... there are so many everyday items used in illegal activities, doesn't mean they are ONLY used for illegal activities. Anyone that thinks that way is either really old and doesn't understand shit, or has some other problem where they can't understand logical reasoning. If we banned everything that could be used for illegal activities we'd ban almost everything.. including governments, I mean look how many members of government no matter the country, get caught taking bribes/backhanders etc.

 

[edit] Just clarifying, I'm not arguing with you, am agreeing that banning makes xero sense... sorry if I caused confusion.

Yeah not problem. The first half sounded like you were but after. 

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Posted · Original PosterOP
7 hours ago, Dissitesuxba11s said:

As much as I hate the fact that GPU prices have skyrocketed because of the mining boom, I don’t think South Korea has a way to deem mining illegal. Correct me if I’m wrong, but there is no aspect of mining that can be labelled illegal; all they are doing is using computer hardware to solve complex calculations and being paid in cryptocurrency.

 

I wonder how the Korean government can make a case on this issue.

Oh no no no. I was referring to China banning cryptomining  as well since there was this "official" document roaming around saying the government need to "guide" all these operations out since in some way, mining = misused computational power. Basically, the government wanna turn those mines into pseudo datacenters instead of mining for crypto currency. Some of my contacts replied to me last night saying bitcoin has no place in China. Hence, the ban and all following procedures to make it "exit" China.

About South Korea, I'm not too sure what they wanna do with the mining.

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15 hours ago, tp95112 said:

With crytocurrency being used in illegal activities, surpised they didnt try to regulate it more the straight out ban it

Weird. Last time I checked, the US dollar was the top currency of choice for drug dealers, scammers, pedophiles, and criminals in general. 

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5 hours ago, The Benjamins said:

well its been proving its worth for 8 years, the technology behind it works great, and has scaled immensely. 

BlockChain is here to stay. Any specific currency is a different question. People don't realize that most currencies are already majority Digital. In some cases, for over a century. 

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29 minutes ago, YongKang said:

Oh no no no. I was referring to China banning cryptomining  as well since there was this "official" document roaming around saying the government need to "guide" all these operations out since in some way, mining = misused computational power. Basically, the government wanna turn those mines into pseudo datacenters instead of mining for crypto currency. Some of my contacts replied to me last night saying bitcoin has no place in China. Hence, the ban and all following procedures to make it "exit" China.

About South Korea, I'm not too sure what they wanna do with the mining.

Ok that makes sense now. That is actually a good way to reuse that computational power. Do you know if the government will compensate the owners for this service? 

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1 hour ago, Dissitesuxba11s said:

Ok that makes sense now. That is actually a good way to reuse that computational power. Do you know if the government will compensate the owners for this service? 

They would have to, as if not there'd be zero reason to have GPUs etc "mining". So in essence they would just be creating their own digital coin.


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6 hours ago, Taf the Ghost said:

BlockChain is here to stay. Any specific currency is a different question. People don't realize that most currencies are already majority Digital. In some cases, for over a century. 

And all of them are virtual.

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On 11.1.2018 at 6:43 AM, tp95112 said:

With crytocurrency being used in illegal activities, surpised they didnt try to regulate it more the straight out ban it

Knifes are beeing used in illegal activities, yet they are in every kitchen.

Drugs are beeing used in illegal activities, yet they are in every hospital.

 

Your argument is invalid.

 

9 hours ago, paddy-stone said:

They would have to, as if not there'd be zero reason to have GPUs etc "mining". So in essence they would just be creating their own digital coin.

By mining you secure transactions in the blockchain which is an essential part of the digital coins. There is a purpose, and its called legitimacy. The fact that there are people that "waste" electricity creates value.


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Trust the government, give it more power. It always has the interests of citizens in mind. /s


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20 hours ago, DrMacintosh said:

Which is why I don’t like it. It wants to be it’s own currency whose value is determined by its holders and I just can’t support that. It’s too unstable and is impractical. 

say goodbye to Fiat currency then. which isnt backed by anything and is only worth something because they say its worth something. Cryptocurrency is also based on a fiat system where its value is determined by what people think its worth. Inflating and deflating the currency works the same aswell. All you are looking at is a currency backed by the people who use it and mine it instead of the goverment. which i think is great. 

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5 hours ago, Kukielka said:

By mining you secure transactions in the blockchain which is an essential part of the digital coins. There is a purpose, and its called legitimacy. The fact that there are people that "waste" electricity creates value.

You must have got the wrong end of the stick... I was replying to a previous comment about governments wanting to make use of the mining, and the person asked if the government would pay them for mining.


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31 minutes ago, paddy-stone said:

You must have got the wrong end of the stick... I was replying to a previous comment about governments wanting to make use of the mining, and the person asked if the government would pay them for mining.

Oh dang, you're totally right! Sorry bud! :)


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44 minutes ago, GoldenLag said:

say goodbye to Fiat currency then. which isnt backed by anything and is only worth something because they say its worth something. Cryptocurrency is also based on a fiat system where its value is determined by what people think its worth. Inflating and deflating the currency works the same aswell. All you are looking at is a currency backed by the people who use it and mine it instead of the goverment. which i think is great. 

National currencies are backed by the threat of force, which is about the best guarantee there could be.

 

Cryptocurrencies can prevent manipulation by being coded with a fixed rate and a maximum limit of creation.

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1 hour ago, GoldenLag said:

which isnt backed by anything and is only worth something because they say its worth something.

This argument gets thrown around a lot but it’s pretty flawed. 

 

The US dollar is fiat based, and is supported by the US government and it’s citizens and it’s 310mil or so population that use it internationally. 

 

Bitcoin on the the other hand lacks any form of clout whatsoever which is why it has 1.) not take off, and 2.) can’t be used to pay bills. Crypto is just a bunch of dudes sitting around assigning value to intangible things that say their internet money should be worth x. 

 

And do crypto does not regulate itself, it never has and never will. The constant crashes is evidence of how weak of a system it is. 


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On 11/1/2018 at 6:16 AM, 8uhbbhu8 said:

IMO thats stupid. I believe the whole reason countries do crap like this is cause they can't control it. Unless they have control no one can have some... 

Not being able to control a currency in your country can be a real problem, not just for the government... it opens the door to money laundering, tax evasion, scams, frauds, illegal transactions, you name it. I don't think banning them is the answer, but you can't blame them for being concerned.


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8 minutes ago, DrMacintosh said:

This argument gets thrown around a lot but it’s pretty flawed. 

 

The US dollar is fiat based, and is supported by the US government and it’s citizens and it’s 310mil or so population that use it internationally. 

 

Bitcoin on the the other hand lacks any form of clout whatsoever which is why it has 1.) not take off, and 2.) can’t be used to pay bills. Crypto is just a bunch of dudes sitting around assigning value to intangible things that say their internet money should be worth x. 

 

And do crypto does not regulate itself, it never has and never will. The constant crashes is evidence of how weak of a system it is. 

Cryptocurrency is currently valuable as a way to transfer money. Millions of people have relatives or friends or sell goods or services abroad, but a traditional wire transfer has high fees and takes days to clear. Bitcoin transaction fees depend solely on supply and demand (and not coincidently, are currently similar to wire fees), and takes a few hours to be confirmed.

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12 minutes ago, N0rm said:

Cryptocurrency is currently valuable as a way to transfer money. Millions of people have relatives or friends or sell goods or services abroad, but a traditional wire transfer has high fees and takes days to clear. Bitcoin transaction fees depend solely on supply and demand (and not coincidently, are currently similar to wire fees), and takes a few hours to be confirmed.

They take time because actual assets have to be accounted for. 


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Oh it's not just a way to transfer money between friends.  I've purchased well over $3K worth of stuff around Christmas and paid for it all with Bitcoin.  So the whole "you can't buy stuff with it" argument is just nonsense.  Sure, you can't use cryptocurrencies to pay at your local grocery store (yet), but plenty of online stores do accept it or work with someone who does the conversion to fiat for them.  You just have to search for them or use sites like spendabit to get you started with a limited selection.

 

If enough people start using cryptocurrencies, more online and local stores will start accepting it and from there on it'll only get bigger.  Cryptocurrencies have the potential to become as widespread as the dollar is.  But for that to happen people would have to agree on one currency that is community-driven rather than designed by some anonymous person who holds a lot of those coins him/herself.  We're not there yet. 

Bitcoin is a nice experiment and a good proof of concept but it does have technical issues which prevent it from taking over the world completely.  One day though a new cryptocurrency just might.  No amount of government interference is going to be able to stop that.

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On 11.1.2018 at 2:33 PM, Dissitesuxba11s said:

As much as I hate the fact that GPU prices have skyrocketed because of the mining boom, I don’t think South Korea has a way to deem mining illegal. Correct me if I’m wrong, but there is no aspect of mining that can be labelled illegal; all they are doing is using computer hardware to solve complex calculations and being paid in cryptocurrency.

 

I wonder how the Korean government can make a case on this issue.

Wasting energy can be illegal. For example it is illigal for us to start the car engine and wait 15 minutes nearby until all the snow melted.

 

Also what things are illegal or legal changes a lot over time.


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57 minutes ago, Captain Chaos said:

Cryptocurrencies have the potential to become as widespread as the dollar is.  But for that to happen people would have to agree on one currency that is community-driven rather than designed by some anonymous person who holds a lot of those coins him/herself.  We're not there yet. 

And won’t be, the Banks are lobbying harder than ever. 


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