South Korean government preparing bill to ban crypto trading

[MikeSK]

Unless the Chinese Government creates and monitors it's own Bitcoin, China will not allow it.  Bitcoin has the option to move lots of currency without having to worry about a physical object.  In the past and in some cases still do, they transport large quantities of bills across borders in support of illegal activities.  It takes time and has a greater chance of being intercepted.  Malware and extortion apps are using cryptocurrencies to receive extortion money instead of a physical drop or a locatable bank account numbers.    

Edited January 13, 2018 by MikeSK

[Zodiark1593]

43 minutes ago, Stefan1024 said:

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.

I'd like to see an energy wasting law be enforced with PCs and watch that fiasco unfold.

[tp95112]

11 hours ago, Kukielka said:

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

 

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.

5

What argument?

[mr moose]

I haven't read the rest of the thread yet so apologies if these points have been addressed:

 

Fiat currency is backed by the economy of the entire country not a value attributed by people.  That force is inherently more stable than current cryptocurrency because it would take an enormous unforeseen condition to destabilize an entire economy to the same degree that crypto has changed.  Fiat currency (when transparent) is also better for preventing people from hiding certain trading options like forex and prevents people from manipulating the market by buying stocks through third parties. Crypto currency (due to it's potential for anonymity) will make these practices much easier in the same way it has made the silk road and encryption malware more prominent.  

[YongKang]

23 hours 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? 

It was mentioned in the document that the gov will assist and guide in the transition. Nothing was mention about compensation.  

[paddy-stone]

7 hours ago, Kukielka said:

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

No worries, happens to the best of us

 

[mr moose]

2 hours ago, paddy-stone said:

No worries, happens to the best of us

 

It only happens to the best, because only morons cant be wrong.

[Dissitesuxba11s]

4 hours ago, YongKang said:

It was mentioned in the document that the gov will assist and guide in the transition. Nothing was mention about compensation.  

At that point they will probably just try to sell off the parts to get one last profit gain from their mining PC's if they will not be compensated. 

9 hours ago, Stefan1024 said:

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.

So you can't warm up your car on cold days until the snow is gone?

[Gix7Fifty]

The North American Bitcoin Conference stopped allowing people to pay for tickets using cryptocurrency because cryptocurrencies cause network congestion and manual processing issues. Wow, just Wow!

[TheUzu]

I’d like to thank everyone for believing this was real.

 

My crypto purchases are up £600 sir far due to buying in the dip because everyone panic sold again.

 

Same thing happed when the ‘China ban’ happened

 

Thanks FUD I owe you one.

[System Error Message]

everytime people talk about cryptocurrency they always mention it being used for terrorism, illegal activities, money laundering. The government isnt holy either, look at what many asian governments do to their own people.

 

Separating the government from currency is the best thing ever. It will prevent governments themselves from being able to take money from the people (just look at african and asian countries in this perspective), prevent the government from just printing more money and ruining the economy, and force the government to actually start working on improving their own economies.

 

Before the advent of cryptocurrency, criminals used cash, gold and other valuables as trading currency. With cryptocurrency however, it means that when the feds decide to bust you they cannot take all your belongings as only criminals are able to hide their physical valuables, not us normal folks that rely on banks and under the bed.

 

Cryptocurrency is actually a good thing, read the bitcoin whitepaper. It was made as a solution to the bad economy that governments and financial institutions around the world cause. You cant stop lending when no one can afford things for instance.

[leadeater]

7 minutes ago, System Error Message said:

everytime people talk about cryptocurrency they always mention it being used for terrorism, illegal activities, money laundering

So is government backed legal currency, we should get rid of all of these too .

 

7 minutes ago, System Error Message said:

Before the advent of cryptocurrency, criminals used cash, gold and other valuables as trading currency.

 

 

I don't think any of the cryptocurrencies in their current forms will get widely used and become a common payment method, there's going to be a second generation of them that will do this but I don't know what that will look like or when.

[mr moose]

33 minutes ago, System Error Message said:

Before the advent of cryptocurrency, criminals used cash, gold and other valuables as trading currency. With cryptocurrency however, it means that when the feds decide to bust you they cannot take all your belongings as only criminals are able to hide their physical valuables, not us normal folks that rely on banks and under the bed.

 

 

The difference being that when the authorities are watching a suspect, they would wait until the cash, gold or other valuables where physical handed over then they would be able to catch both parties.  They can't do that with crypto currency.   This is why the silk road works/ed as well as it did.  Human error being it's downfall not a weakness in the technology. 

[Mooshi]

I think the ride should come to an end. Neat idea, poor execution. It's fodder for pedophiles, drug dealers and hitmen. Let's not kid ourselves. Of course it was inevitable governments would want it banned.

[Energycore]

On 1/10/2018 at 11:03 PM, YongKang said:

There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges

I wonder which concerns?

[Energycore]

1 hour ago, leadeater said:

I don't think any of the cryptocurrencies in their current forms will get widely used and become a common payment method, there's going to be a second generation of them that will do this but I don't know what that will look like or when.

Hopefully the next-gen cryptos don't have us consuming more power than whole countries.

[Stefan1024]

3 hours ago, Dissitesuxba11s said:

So you can't warm up your car on cold days until the snow is gone?

You can start the engine and then start to remove the snow by hand. You are just not allowed to melt all the snow with the car.

Also the fine if you don't is about 40 USD.

[Herman Mcpootis]

2 hours ago, leadeater said:

So is government backed legal currency, we should get rid of all of these too .

whelp, looks like we're back to buying things with livestock now. wheres ol' bessie? i wanna get that brand-new iphone i keep hearing about...

[TenThousand]

People are only butthurt because it's cutting into their gaming.

 

No one gave a crap when bitcoin moved from gpus to asic. These bitcoin miners have been running for years and no one batted an eye regardless of how much energy it took or what it was used for. But then suddenly, their gaming gets compromised and now they want to label it as evil.

[Misanthrope]

Honest question: Is North Korea known to use crypto-currency to procure funding of any kind?

[paddy-stone]

The stupidity of people amazes me, pretty much ANYTHING can be used for illegal activities. Stop trying to equate/compare terrorism/paedo's etc with cryptocurrencies. That's the problem with the world, when certain activities are given a bad name just because some people use it for bad things... as said before, if we ban stuff that's used for bad things, then we will be left with nothing.

Even when things are made legal in certain countries, you then have to contend with morality/religion - just look at parts of the US right now, legal cannabis sellers cannot use card payments, so instead have to have loads of cash at their premises because of banks thinking it's immoral. Do they think that big pharma selling cocaine/heroine/ derivitives is better for some reason?  I hate this world sometimes

 

I am actually REALLY hoping that cannabis is made legal here in the UK for medical use. I don't care about the legality except I need it to be made available for prescriptions is all. ATM I take man drugs because of my disabilities, and almost all of them have BAD side effects not least of which is death in some cases. I can't stop taking them without a viable alternative, cannabis is one that doesn't have ANY bad side effects if taken in moderation. There are people that are literally at deaths door, or in such severe pain that even the strongest pain meds can't help, but cannabis has been proven to be very good with lots of conditions and pain etc, yet is being stopped by governments because they think people with mis-use it/the system. I have news for them, cannabis is widely available all over the place, and banning/stopping it's progress into mainstream health usage, is only hurting your populace. But they don't care because they get way more tax and backhanders from pharmaceutical companies so they don't care.

Anyway, sorry for off-topic.

 

I am not saying we should legalise everything, far from it. But if it has legitimate uses then I can't see the problem as there are plenty of things that are legal and get misused/abused all the time, but because they make money from it they don't care. This is purely a money grabbing tactic by the governments /thread

[asus killer]

It makes money laundering, corrupt politicians, unscrupulous companies and people that do not want to pay taxes... have an easier live, so to me this is good news. 

 

The argument that it should not be banned because not everybody uses it for illegal purposes makes no sense, kinda of makes me remember the all guns in America argument.

 

And also the haste of electricity is a moral crime. It spends more energy than 159 countries combined. And for what? Help to destroy the planet to solve useless arbitrary math problems so you can create a virtual currency.

 

Last, is the volatility, if it crashes hard it's gaining the potential to create a economic world crisis worst than the 2007 one. There is simply no control over it or security (hackers and shit)

 

 

[Thony]

Now we just need to wait for China to do it and then GPU prices get back on the reasonable level.

[MilitantCro]

Its all fake news, the korean government came out and said its not true.

[paddy-stone]

6 hours ago, asus killer said:

It makes money laundering, corrupt politicians, unscrupulous companies and people that do not want to pay taxes... have an easier live, so to me this is good news. 

 

The argument that it should not be banned because not everybody uses it for illegal purposes makes no sense, kinda of makes me remember the all guns in America argument.

 

And also the haste of electricity is a moral crime. It spends more energy than 159 countries combined. And for what? Help to destroy the planet to solve useless arbitrary math problems so you can create a virtual currency.

 

Last, is the volatility, if it crashes hard it's gaining the potential to create a economic world crisis worst than the 2007 one. There is simply no control over it or security (hackers and shit)

 

 

OK, in that case, going with your argument.. we need to ban actual money as that is used for money laundering too, we also need to ban cars/planes and any transport that can be used illegally whether to import drugs or as getaway vehicles, used for vehicular manslaughter and murder etc and that's just cars. video games are sometimes used to communicate between drug cartels/paedophiles so they should be banned too. And don't forget any other form of communication like phones/cell phones/letters.. Oh and don't forget fire, fire should be banned as that's used for arson....

 

Yes, you guessed it we're all living back in the stoneage with sticks up our arses