South Korean Crypto Crackdown / Wikipedia Rival On EOS? / Now Supports Bitcoin Cash

in dtube •  11 months ago

Story - Korea Crypto Crackdown

South Korean regulators have announced a plan to ban banks from activities involving cryptocurrencies, prompting major banks in the country to declare they will no longer issue accounts required for crypto trading.

South Korea’s top bitcoin exchanges are all affected, including Bithumb, Coinone, and Korbit. Banks that have made announcements include Shinhan Bank, Korea Development Bank, and Industrial Bank of Korea..

There’s a 2 minute video report on this from the Straits Times:

In which the reporter says things like the one group in particular that has got authorities alarm bells going off is students.

“On Wednesday the government held an emergency meeting to try and find a solution.”

Erm, excuse me? A solution to people using their own free will to do what the hell they want to do with their own money? Unbelievable.

South Korea is a country where gambling is only legal for visiting foreigners. I mean what on Earth?

So they have casinos but the national citizens are not allowed to use them?

Anyway the Korean authorities said they may even come out with their official announcement about what they are going to do as soon as Friday, which is tomorrow.

Many of us will see this as bad news because it was the big waves of Korean money flowing into crypto that have generated such nice gains for us over the last few months.

For that one reason I’d like the Korean authorities to leave well alone.

The actual solution to to make sure everyone understands the risks of what they are doing and then get out of their way, allow them to exercise their free will and teach them to take responsibility for their own actions.

This doesn’t stop crypto to crypto trading of course, it just stops you registering a bank account to trade fiat for crypto.

Story - EOS On The Rise Again

As you probably already know, I’m a huge EOS fanboy, am completely biassed towards it and you should probably just skip this whole section of the video.

If you are still here then let’s take a look at a development that could end up being one of many significant projects for EOS:

The Coin telegraph article here claims that Everipedia is going to make use of the EOS blockchain and EOS storage.

Being an EOS fanboy I want to just accept this blindly, but I’m not going to.

From the research I’ve done on this, this morning, the proof that Everipedia are going to use EOS is in the draft version of the Everipedia whitepaper.

In the limited amount of time I had to investigate this today I haven’t yet managed to get a copy of this draft whitepaper and verify the EOS claim for myself.

That is where you come in dear viewers. If anyone can post a comment on today's video with a link to the draft whitepaper, if you include your Steem username I’ll send you a Steem Dollar as a thank you.

I say a Steem Dollar because the transaction will be free, take 3 seconds and has a stable value.

The YouTube comments are time stamped remembered so it’s basically who ever posts it first gets the reward.

The reason that Everipedia is significant is because the cofounder of Wikipedia Dr Larry Sanger has joined as their chief information office because he sees Everipedia being the replacement for Wikipedia.

Now I’m just waiting for the day that CryptoKitties announces that it is moving to EOS and then we can really celebrate.

Story - Launch Full BCH Support

As promised by in an announcement I covered on the 16th of November they have just launched full support for the sending and receiving of Bitcoin Cash using the world's most popular web wallet..

Here’s the video if you want to go back and check it out.

They said they’d roll out Bitcoin Cash support before rolling out Segwit support for Bitcoin which they have yet to do.

As I said when I covered the announcement, this is going to do Bitcoin Cash the world of good because it raises awareness and enables a super simple way for people to store and manage their Bitcoin Cash.

At time of recording Bitcoin Cash support isn’t appearing in the mobile app but I’m sure that’s not far away.

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Thank you for sharing this information with us @marketingmonk. The news about South Korea is a deja vu... Many other countries were going through similar stages, until the governments realized that it is wiser to simply have sound regulation for the financial industry dealing with cryptocurencies. Putting restrictions on citizens' monies is always a dangerous thing as it often leads to flight of capital out of the country.

In the short term, that is before South Korea has a stable regulatory environment for cryptocurrencies, many may decide to send funds to Chinese or other global exchanges.


i'm just extremely bummed out by the news right now. some of the regulations here in korea are tougher than what the communist party in china is doing. but i do see a bit of silver lining in cryptocurrency. for complete anonymity i can use vpn or better yet leave the country for awhile and trade. the south korean government will try to crack down completely on cryptocurrency. they will try to have their own version of it. or delegate it to a corporation that they can control, and have a blockchain that is controlled and centralized. but at that point it's not really a blockchain anymore, just another centralized banking system.


All countries want to keep their wealth and money and therefore try as much as possible to prevent so-called diversion of funds
This is just my own analysis
Finally, thank you for sharing valuable information


Bitshares decentralized exchange is the future!

Stupid move on the politicians and bankers' side. They could end up starting another violent civil rights movement. It has happened in the year 1980 with 100K students and others in Seoul. Unfortunately, a lot of people got hurt, some killed, and it was their government that had imposed on them of democritisation after their previous President was assassinated. This is just one of other incidents that the nation had an uprising against government abuse and especially when that abuse hindered their liberties or physically abusive. Wikipedia, although isn't always correct, did a fair report here; see Gwangju Uprising.

The other matter is that the banks lose if they don't do business with the clients needing the money. This is because if people are able to borrow money to buy and trade cryptocurrencies as they do with other commodities, then the banks stand a chance of making money on their application fees, if any, and interest even if it's short term.
Therefore, halt of business, would also mean less earnings for the banks. Afterall, in business, don't they want to have multiple streams of income? Then this would be a newly added stream for the banks.

Another point is that people when the people are cut off from the banks, then they will wise up, remembering historically how trade used to be before a banking system. They will buy and trade cryptocurrencies, and use same for purchasing power of goods and services, thereby, bypassing the Korean Won( ₩ ). I could remember some years ago when the Korean Won was 800₩ to 1 USD, but individuals were willing to pay 1,000₩ for 1 USD; then, what do bankers and politicians think the Koreans will do?


i'm a korean and i can assure you that there will be no violent civil rights movement here. at least not regarding cryptocurrency. the people support centralization too much to lose blood over anything like bitcoin. the incident you're talking about is a very different story which doesn't say much about the recent ico ban. south koreans love giant corporations, their dirty politics, and support the government that takes their money. i dunno about other countries but korea will certainly be one of the very last to accept bitcoin or any other cryptocurrency.


I hear you. I knew that generation which I spoke of. I hope you are right, but I knew the potential when government oppression happened against students there. By comparison, I don't think most of the nation's students were directly involved in that riot. Sure the story, I mentioned was technically different, but I was referring to the principal of the matter. It probably won't happen as you've said; besides the NWO bunch saw to it through educational indoctrination and to make sure the newer generations are especially docile lemmings through the poisoning of the food and water as they've done in the USA with fluoridation of the water and too much soy(another story on estroginaition).

As far as the cryptocurrencies goes, it's a fast growing phenomena to which you can get at ATM's in UK and Europe, and I heard rumoured to be in New York City. It won't be long once the Koreans learn more about it that it'll take on there more. I know how you mean on your opined observations of Korean culture in general which I once lived.

Oh another thing...cryptocurrency is a big hit in Japan; therefore, it will influence the Republic of South Korea for sure.


great insight on one of the most isolated places! i mean there's dprk on the north and the rest is the ocean. and i know it's not easy living in korea as a foreigner so i have a lot of respect for you. south korea will eventually accept cryptocurrency. 100%. but it will be a currency made by a company like samsung or hyundai and the pattern is that people will embrace it even if it means giving up their privacy. thanks for explaining your views. i love lengthy conversations. especially with a bottle soju.


Soju! Haha. Yes I think you're right about the Samsung or Hyundai likely to do something with cryptocurrency, and the lemming mentality of, I suppose, the general ROK population. My observation of the new world order faction is to enforce education, mental conditioning "to be good citizens is to go along, follow along so there will be no trouble for you serfs."


yes the "follow along" idea is so strong here i don't think i've seen anything like it in other places. you have 20 year olds having the same views that a 90 year old might have in other countries. it worked back in the 70s and 80s. did wonders. but i doubt it's gonna work again in 2018.


Well read, but here's a thing. I, as a Korean, am and people who already got their toe's on the cryptocurrency world are no worry about goverment's announcement.
It shows the trade market in Korea should be prepared . when they operate their own trading center.
It's whole different thing between banning cryptocurrency trade and strict regulations to service as a coin market.

Yes, some banks highly affected by goverment gonna close or will not issue bank account for coin market but still there's a way. '농협' , which is a bank name, still providing their service and maybe their offensive marketing 농협 may get a primal position of coin market's bank account(which means their income gonna dramaticly increase)

so it's the end. just read this last words.
what I'm saying is, government's announcement shows that they will focus on the quality of trade center not banning people's trading.

*my opinion.


Good for Nong Hyup! If what you say is true then good for the people.


i see it differently. i'm korean myself and koreans don't really have their toes in the cryptocurrency. it's mostly bitcoin speculation and most of us don't even know what an ICO is. Bitcoin itself is heavily regulated and you can't trade anything in korea without giving up a huge chunk of your privacy (including your job, id, phone number, address, and the entire list of your family members). the bank you're talking about may have subtle differences but it's under the control of the same government that will ban everything that is decentralized.


why do you believe Koreans do have to giving up private information to trade their cryptocurrency? I don't get it. and what on Earth, do you saying BTC in heavily regulated right now????
There are no regulations. so that's why GOV says it's dangerous. Because they can't touch anything about it.


hello my fellow korean 안녕하세요 :)
nobody controls bitcoin (actually i'm not even 100% sure about this, but theoretically no single entity can control bitcoin)

having said that controlling your local exchanges is very easy. i trade myself so chances are if you're trading in korea you probably won't even have your own private key. unless you personally stash your bitcoin in an anonymous place.

if one day the government decides to crackdown on the exchanges (a very bad place to save your money) you won't be able to convert your coins into anything. you also have a heavy restriction in how much cash you can convert into krw or usd and the banks will track your every move.

i might be wrong here but who gave the government the rights to decide which coin is dangerous and which is not? people lose money all the time. let them lose it. it's part of the game.

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 146.48 SBD, based on the pending payout at the time the data was extracted.

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I'm not opposed to seeing Bitcoin Cash rise. It their turn now.

Thank you for posting

Hi marketingmonk,
Nice work sir


how have you so many upvotes on your comment?

upvoted your comment btw.


@daj why you downvote me?!

I will take that with steemcleaners if you dont get that away right now!

Sounds like South Korean leaders are a bunch of hypocrites. Foreigners can gamble, but citizens cannot...why do people let themselves be manipulated like that?


Omg...Korean also can gamble legally in Korea.


Yes, that is right. Koreans can gamble in a casino but the casino is very remote and difficult to get to so that only people with time and money to burn such as businessmen can go there. It is not for the common people.

hmmm this explains the recent slight drop in SBD price, I guess some of the investors have decided to pull their money out early. I wonder if this is the start of seeing SBD back to $1 again...

good post🌼

Sour gets!
"corrupts the youth"...

Thanks for information

Remember, it was South Korean speculators whom were thought behind the rise of Steemdollars (SBD). Tread carefully fellow Steemians!

Even though I don’t live in South Korea, I find your blog interesting and very detailed. Thanks for sharing!

Thank's for the share.

Sir. Hi
Very useful investment . Great thanks this information . Keep sharing.
Steem On

Good content and quite informative.

a real mess around the world these crypto legislation.

by the way your Coinigy link doesn't go to anything about Eos, but to the main page. might want to edit that to make it work again.


You need to be logged in to your Coinigy account because thats a link to the EOS price chart

Oh wow better ban bitcoin


Thanks for sharing, had come across this interview earlier on reddit on Everipedia integration into EOS covered by one of the development leads:

I say a Steem Dollar because the transaction will be free, take 3 seconds and has a stable value.



Bad time to say that!

Whenever people are benefiting, government gets involved to stop it. We as a people need to rally and stop putting our hard earned cash into banks. I think then they'll leave us alone. THOSE FUCKERS!!

It's bad news

block chain is a mining site ?? give me tip about block chain..


Not exactly. See blockchain technology as a keyword search for possible better explanation.

Thank you for sharing this, earlier yesterday I got a sad news that the South Korea gov is planning to ban cryptocurrency @emekaorjiani blog. Was it real?


They won't be able to stop this decentralised currency. People will just trade underground. I remembered when people would pay a little extra to trade their Won for the USD.


Ok, thanks for the reply

Thank you for sharing this information

I'm very interested.

Congratulations @marketingmonk, this post is the second most rewarded post (based on pending payouts) in the last 12 hours written by a Hero account holder (accounts that hold between 10 and 100 Mega Vests). The total number of posts by Hero account holders during this period was 354 and the total pending payments to posts in this category was $4893.42. To see the full list of highest paid posts across all accounts categories, click here.

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Thanks for your important information

Well I don't have the link yet, but I do however know where you can buy a new coin which has been regarded as Bitcoin on Steroids.

heres my tips for protecting crypto assets once the banks start attacking the exchanges

South Korean also can gamble legally at the biggest casino in Korea. I'd like to correct some wrong info here but it's a shame that I have no idea about Bitcoin nor the regulation. If you tag 'kr', a lot of Korean people can read this and they who are interested in crypto/bitcoin would explain what's going on in South Korea much better.

Thanks for the info. This explains the drop. More FUD from Asia. A few months ago it was China. A good drop to allow the brave to back up the truck and load up, and the weak hands to shake out.

I'm doing my adventure story in Korea ..You are really cool marketingmonk

South Korea is a country where gambling is only legal for visiting foreigners. I mean what on Earth?

Theyre the number 1 tourist in my country and most of them are travelling just to gamble.

Nice post . But actually no one will care much if skorea bans Cryptos , China was a mull , bit of what came to little crackdown .

Japan USA & UK these agree to Cryptos ... So if there is a ban in some countries . It would create a small dent , which will be healed in less time than China burst out


It's Japaneses men in their 20s and 30s who are driving the bitcoin surge. /sarc

In case you haven't heard, SBDs are currently around $9 so now is the time to sell all you have!


Think of how rich you will be!!!!!!!!!!!!!!!



Very impressive

I am too sentimental towards EOS, and i like to earn your SP by posting comment, but I don't know how to do it, a brief "how to" would be much appreciated. Thank you

that's terrible news for South Korean people... and here i was thinking Asians markets support cryptocurrencies


The Asian "markets" DO support cryptocurrencies. It is the Asian "governments" that are interfering in the markets.

Another FUD made in korea.

I am Korean.
The photo above is the national flag of Korea.
It is combined with the flag of the war criminal state.
I am embarrassed.
It is synonymous with Häcken Kreutz.

The world of crypto currency fascinates me! It's so exciting yet risky... I have to learn more and fast, before I miss the train.

Every time this happen will make crypto even more valuable, as they become harder to get...

This is interesting because the rumor is that EOS will soon rival ETH and BTC, and bitcoin cash is also rumored to have gaining support.

South Korea's playing it safe because they know what's about to happen with decentralized currencies. They'll roll out technologies with a sense of optimistic skepticism. Hyundai's rolling out HDAC so I don't think these restrictions are going to amount to much. I'm excited to see what happens with Hong Kong.

@marketingmonk Thanks for sharing this good information. I live in South Korea. It seems to be sure that the government feels little bit crisis and very fast moving something now. I guess it comes from uncertainty and their lack of knowledge about the new currency. But it has already become so huge amount and trend in Korean economy so not easy to prevent the trade in huge sacle.

eth will suffer a lot