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S Korea plans to ban cryptocurrency trading

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Oh darn, where are all the bitcoin pushers now?

0 ( +2 / -2 )

South Korean government has little hope of being able to control alternative currencies, the same way they can't control gold.

Limiting choice is not a characteristic of an open democracy and will only make the population resentful and more distrusting.

2 ( +5 / -3 )

Limiting choice is not a characteristic of an open democracy and will only make the population resentful and more distrusting.

Or protecting their citizens from an obvious scam

-2 ( +2 / -4 )

Jesus, SK seems to be making poor decision after poor decision recently. What happened to that once respectable nation?

0 ( +2 / -2 )

Doesn't matter, it's too late to stop now, Korea is just going to be left behind although the exchanges also have a lot to blame.

Either way it's a good time to buy buy buy with the prices going down! They'll go back up again and people who missed out will be kicking themselves thinking about all of the free money they gave up!

-2 ( +1 / -3 )

haha looks like there are still some bitcoin suckers out there

1 ( +2 / -1 )

While it temporarily drops some of their politicians will surely be snapping them up. The ban will not be outright and will take some serious time to get passed into law.

-1 ( +0 / -1 )

Or protecting their citizens from an obvious scam

You claimed that before, but when asked to show some examples of people who got scammed, the crickets were deafening.

2 ( +3 / -1 )

It's all FUD.

0 ( +0 / -0 )

Bitcoin is not a scam, but it is no smart investment either. It is merely a speculative trading instrument, having some time in the sun.

Bitcoin is what MySpace was to SNS, or Netscape to web browsing.

People who want to invest are investing in the underlying technology rather than bitcoin itself.

-1 ( +0 / -1 )

Bitcoin is not a scam, but it is no smart investment either. It is merely a speculative trading instrument, having some time in the sun.

Bitcoin is what MySpace was to SNS, or Netscape to web browsing.

People who want to invest are investing in the underlying technology rather than bitcoin itself.

Nope, the miners are only interested in the bitcoins, the underlying technology could be anything..

0 ( +0 / -0 )

South Korean government has little hope of being able to control alternative currencies, the same way they can't control gold.

Limiting choice is not a characteristic of an open democracy and will only make the population resentful and more distrusting.

South Korea is not the only country to ban cryptocurrencies, and who do you think controls exchange rates and gold? Regulation is definitely a characteristic of a democracy, for one the miners definitely need to be regulated.

-1 ( +0 / -1 )

All these "coins" and "token" are simply items/commodoties just like Trading Playing cards... they have no tangible value other than their perceived worth to individuals. Imagine you have all the BitCoins in the World, and the Power goes off.... what can you do then with them ?

Anyway, as to the Korean news...

https://www.cnbc.com/2018/01/11/cryptocurrencies-stage-big-comeback-after-trading-ban-fears-wane-bitcoin-surges-8-percent-from-low.html

0 ( +0 / -0 )

All these "coins" and "token" are simply items/commodoties just like Trading Playing cards... they have no tangible value other than their perceived worth to individuals.

Hmm, that reminds me of something else... what was it, oh yeah just pieces of paper like trading cards, but they call it 'money'.

Bitcoin is not a scam, but it is no smart investment either.

Depends on what you consider to be a smart investment. It's a high-risk investment, but some people like those.

Nope, the miners are only interested in the bitcoins, the underlying technology could be anything..

If you understand how the blockchain and bitcoin work, it's clear as day that this comment literally makes no sense.

the miners definitely need to be regulated.

Why?

1 ( +1 / -0 )

@Strangerland.... I still stand by my "Trading Card" analogy.

However, what I did not comment upon, was the underlying ledgerbook-like technology, called "Block Chain", or variants of it, such as Side-Chain. It's still in it's early days, and will inevitably evolve into something useful, but that is completely separate from the top/higher-level "coins" based upon it which people are buying into...

The next issue, we will see is the inter-op between these Ledger-book chains. This is simply new Technology repeating itself Historically.

0 ( +0 / -0 )

I still stand by my "Trading Card" analogy.

As I stand by my cash analogy.

that is completely separate from the top/higher-level "coins" based upon it which people are buying into...

Say what? The 'coins' are nothing without the blockchain, and the blockchain is nothing without the 'coins'. You cannot separate them. Even if you use the blockchain for a different technical application, like online voting for example, the system still works on being able to assign something that 'belongs' to you, to someone else. For a voting system, you assign your 'vote' to the candidate you want to support. For bitcoin, you assign your 'coin', to someone you want to pay money to.

When you make comments like this, it's blindingly obvious to those of us who actually understand it, that you really don't understand it.

1 ( +1 / -0 )

@Strangerland - Block-chain technologies underlying each Coin/Token are different... right ? You can't use a Mining operation for BitCoin to say, mine Mona ... right ?

0 ( +0 / -0 )

Oh, and let's look at Ethereal.... it's underlying Block-chain technology/infrastructure recently hit news by it being flooded from a popular online Game, so yes, the coin and it's block-chain technology are not tied completely together unless in a closed system, which brought me to my inter-op question.

0 ( +0 / -0 )

@Strangerland

When you make comments like this, it's blindingly obvious to those of us who actually understand it, that you really don't understand it.

So, if you really feel that way, why not try to show us that you really are on top of this, and explain in such a way to be unarguably the truth ? I am happy to learn from anyone who clearly knows more than me, please teach me.... and us all, but please don't be so condescending.

0 ( +0 / -0 )

@strangerland.... we're waiting for your words of wisdom.

0 ( +0 / -0 )

I urge a bit of caution upon these Coin values - if the market tanks (i.e. drops with no one wanting to buy), then no one will want to buy at your offered price... hence the price will drop massively as others try to find a price at which someone is willing to buy.... so you simply end up being unable to sell... just beware of that fact. It's the good old saying about loosing your shirt and more... So go ahead, trade it, but watch it with eagle eyes and be ready to react to whatever market movement arises.

And as for the underlying technology, we will see more upon that going forward... especially... since some, are going to be less resilient to hacks (of various kinds), and also consider your digital wallet too.. are you ready to loose ti's total contents without any form of compensation ?

It's early days yet, and eventually as always, there will be an equilibrium point at which the tech. will become the accepted norm.... but not just yet, hence the "coins" and "tokens" trade upon it all, which just adds to the fun of things.... (so long as you realise that, it's just that).

0 ( +0 / -0 )

Block-chain technologies underlying each Coin/Token are different... right ? You can't use a Mining operation for BitCoin to say, mine Mona ... right ?

That's like saying a 1000 yen note and a $10 note are different technologies, because you can't spend them in the same countries. The technology is the same.

the coin and it's block-chain technology are not tied completely together

Once again, you're showing that you lack an understanding of how blockchain technology works. Each of them works on building a 'block' of data, and adding it to the chain. In the case of bitcoin, the data included in the block the transaction of a 'coin'. When gamers or anyone write a different type of data to the block, it's still just data. They are naming it something else other than a coin, but the concept remains the same. Without data to write, there are no blocks, and therefore there are no blockchains. So no, you cannot separate the 'coins' from the blockchain, the coins ARE the blockchain.

why not try to show us that you really are on top of this, and explain in such a way to be unarguably the truth ?

I could try, but it probably wouldn't be understandable. The whole paradigm is a really difficult concept to grasp. I've read a number of people trying to explain the blockchain in a simple manner, and they either invariable cut so many corners that what they are saying is riddled with inaccuracies that developed due to trying to reduce it to something simple, or their explanation ends up being incomprehensible to the layman.

I don't personally think I could write a simple explanation any better than the rest of them.

And it's fine to not understand how it works. I don't understand how plane engine works, and I still fly regularly. But the difference with bitcoin is that so many people come on here and write stuff criticizing the technology, while their comments make it blindingly obvious that they have no idea what they are talking about.

And as for the underlying technology, we will see more upon that going forward... especially... since some, are going to be less resilient to hacks

Less resilient? Bitcoin, in roughly nine years of existence, has not been hacked, even though it is right out there on the internet, fully exposed, with HUGE motivation (billions of dollars worth of motivation) to hack it, and no central authority working on its security. I'd like you to point me at ANY other system out there that has shown that level of resilience.

0 ( +0 / -0 )

And are you going to answer this?

the miners definitely need to be regulated.

Why?

0 ( +0 / -0 )

If a Bitcoin costs $4000 more in South Korea for no obvious reason there should be large sums to be made through arbitrage. The markets must be very illiquid for such a large difference to persist.

0 ( +0 / -0 )

the coin and it's block-chain technology are not tied completely together

Block-chain Technology is not the same per coin. So you can take the "tech" underlying the coin, and use it for purposes other than the coin.

You can read more here:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

0 ( +0 / -0 )

Block-chain Technology is not the same per coin. So you can take the "tech" underlying the coin, and use it for purposes other than the coin.

Whether it is coins or information, it is simply a different name for the same technology. Bitcoin calls it 'coins', other systems call it other things. All it is is a packet of data. The technology is the same regardless.

0 ( +0 / -0 )

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