South Korea succumbs to public pressure - will "soft land" the closure of cryptocurrency exchanges...
Bitcoin rebounded on the news...
"The issue of shutting down (cryptocurrency) exchanges, told by the justice minister yesterday, is a proposal by the justice ministry and it needs consultations among ministries," Kim said. Ministers reportedly seek a "soft-landing" considering the shock the measures may have on the market is an issue that can result in huge social, economic damage. Additionally Yonhap notes that even if pursued, shutdown of exchanges would take some time as it needs discussion at parliament (it would take months or even years for a bill to become a law).
Oh...you mean...people don't want excessive regulation and to be told what they can and cannot do with their money? Color me shocked.
The good news...crypto is embedded in society. I was watching Bloomberg TV over about an hour period while I was exercising and 3 cryptocurrency-related stories came up during that period.
It's here to stay...and if one country bans it (or tries)...even one as powerful as the U.S...
It will bounce back. In a big way. As people find new ways to continue to use it and leverage the technology, it will grow back and become twice as strong with every cut.
Don't believe the news. Buy it instead.
Invest in what you believe is undervalued. People think cryptocurrency is undervalued...but considering all cryptocurrencies trade relative to each other...you really just need to figure out what cryptocurrencies are worth the most to you to hold and invest in.
If you see none you want, trade to cash...until the next big crash. Bitcoin won't stay above $10,000 forever...but I also don't believe it will stay below $100,000 forever.
The countries...and people...that embrace cryptocurrency will do the best in
The New Economy.
Agreed.
I've kicked myself a few times for spending the BTC that I had in the early days. I would easily have tens of thousands of dollars today -- easily enough to pay off my student loan using Bitcoin -- if I had held onto those coins.
On the other hand I spent them because I believed in the currency and in the idea of cryptocurrencies in general. I spent them to buy coffee, to buy time on XBox Live, a year of VPN service, and I forget what else. Basically I spent it to show that spending BTC for goods and services was indeed valid and that the currency was a very real thing.
One of the first comments that I ever made about BTC soon after its appearance was that this was the type of currency of the future. If not BTC, I said, then it would be a coin similar to it or based on it. Cryptocurrency is the "cedits" that you see in sci-fi movies, the "money of the future" so to speak. It was an obvious evolution of money.
Boy did I ever hit the nail on the head.
Still, I sure wish that I had held onto a few of those BTC.
Don't beat yourself up over past actions, just learn from your mistakes. You can't wish what was, and Bitcoin couldn't be a currency unless you actually use it sometimes...(same with other crypto.)
I purchased some hotel rooms with BTC when it was worth just a few hundred bucks. I don't mind one bit, because I had a great time in those hotel rooms. ;-)
Keep your eyes out and trust your instincts. This cryptotrain is just getting started. $15k for BTC is nothing...just wait till you see where it goes. (BTC will probably NOT be the highest return from here on out.)
I tend to not beat myself up over it too much, though there will of course always be some amount of regret. Ultimately however I used the currency for a good purpose and helped spur it along in the very early days. People spending the currency (and accepting the currency!) is what helped get it to where it is today.
And other cryptocurrencies have become a thing as a result of the success of Bitcoin. I am currently mining Gridcoin because I love the idea of a cryptocurrency that possesses an inherent value. My GRC wasn't born simply by burning electricity to complete some hash, but rather as the result of completing very real scientific data. This is the coin that I can see (and hope to see) being the next big thing, or something like GRC. Admittedly there is some bias in my saying this.
That said I'd really like to see an unbiased comparison of GRC with similar coins.
Lastly, I apologize for getting back to you so late. Being a newbie on this site I wasn't aware that I had responses.
edit: That was a fun typo, but it had to be fixed.
The occasional panic crash helps all the strong hands buy more, love a good panic.
Yeah, I'm not going to go heavy into BTC itself for a while...but there are a lot of good cryptos I have my eye on.
thanks for the post