Here we go again. All of those cryptoFAGGOTS will have to HODL again — because prices are steaming lower this evening, thanks to brand spanking new S. Korea restrictions.
Reuters:
“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the government said in a statement.
It noted that trading prices of most virtual currencies were much higher on South Korean exchanges than they were on exchanges in other countries, although it did not provide specific examples.
The steps will include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual coin exchanges if needed, a measure recommended by the justice ministry, the statement said.
South Korea had previously announced its plan to tax capital gains from cryptocurrency trading to tackle what it sees as the risk of excessive speculation.
Bitcoin, the world’s biggest and best-known cryptocurrency, has gained more than 19-fold this year.
In South Korea, bitcoin has been extremely popular, drawing wide participation from housewives and students. As of 0304 GMT, it stood at $14,384 on the Luxembourg-based Bitstamp exchange.
Naturally, this is more bullshit, especially since the China ban only temporarily caused a drop in BTC, which was bought and sent sharply higher. I’d expect a rout in crypto proxies tomorrow. For the brave of heart, tomorrow you step in and claim what’s rightfully yours, prima noctae style.
Bitcoin is off by a harrowing 15%, thousands of points, clown style.
The counter-weight to this perverse act of risk aversion is gold. Get some, else get left choking on my fucking dust.
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Except Ripple. I think that’s significant when all boats sink except this.
When it’s easy or possible to buy Ripple.
The moon?
China is one thing but South Korea??
…but, but,.. I thought everybody wants to be in bitcoin because it is anonymous. It’s religion. Nobody will provide names to register, right?
People are tripping over themselves to provide registration info for the KYC (know your customer) to get money into these exchanges.
S. Korea adding in a verification system is great. Won’t slow the roll at all.
Always another country to set up “exchange” where oversight is “friendly”. Of course will need to pay protection to keep friendship.
yup
I’m a buyer. XVG and PKB as a small cap speculative. I Like the use case for pkb akthough it could be a while before anything happens (if at all!).