Is the end of Bitcoin, ETH, Steem near?

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Recently we have seing bitcoin and other major altcoins sumersaulting and in the red as outlined in Coinmarketcap, even our dear Steem & SBD is currently trading as at the time of this post at $4.59 (-12.23% for steem) & SBD $5.70 at (-17.15%) Source . This is no good news for some traders and investors who bought at a higher price if this downward trend continues as Fuders are already on the rampage.

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Why is this happening? well, as we all know, the Cryptocurrency market is being driven by speculations and community and speculations are being triggered mainly by news! This time bad news!

According to Cynthia Kim & Dahee Kim of Reuters Soul-Korea, "South Korea plans to ban cryptocurrency trading, rattles market"

The South Korean government on Thursday said it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges on alleged tax evasion.
Furthermore,
The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year.
Read more from source

I hope the picture is getting clearer now?

Interestingly, a great steemian @gavvet post titled "New records levels again" outlined top countries with highest activity in steemit which saw South Korea as number 2 after USA and Soul as number 1 city
See images below
Top Countries

Source:

Top Cities

Source @gavvet post

From the information above, it is without doubt that even in steemit and other cryptocurrencies like BTC and ETH, the South Korean market is a very important one for cryptocurrency growth and we saw it in our steemfest2 event as many from South Korea participated actively.

However, if this clampdown succeeds, I am certain BTC, Ether & Steemit will bounce back and below are few of my personal reasons

• Steem, BTC, ETH etc are all decentralized entity as such can not be controlled by government, as against centralized entity like Banks, Stock Market, Insurance Companies, Facebook etc that may be willing to sell your information to the highest bidder which includes government. Steemit cannot be controlled by government as such this clampdown is a waste of time and many steemians in our dear location like Soul and Korea in general will keep steeming hot.

• Steemit respects anonimousity; Users in steemit can be known with their usernames like @gavvet making it difficult for government control and tax agencies to clamp down on them as such, government will get tired of their unwarranted control.

• Steemit knows no geographical boundry- As a steemian, you can use VPN or Virtual private networks and keep up your blogging and avoid any clampdown from any location thereby making it impossible to stop your business as such, many freelance journalist is benefiting from the freedom steemit offers them to keep up their game and report news as it is without fear or hindrance.

• Threats of Clampdown failed in th past. Such issues and threats has been seeing in China and even in India , Russia , USA but they all failed as such, this will also follow the same trend.

• Steemit and other crypto platforms are powered by community. Government is owned by the people and the people makes up community as such, what the people says or wants stands if their is unity of purpose which is strong in South Korea as seeing in how the people insisted on change of power from the former president to the new people centered leader. So since steem, btc , eth and other altcoins are powerd by community, we will see this plan fail like others did.

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An opportunity once again

We have seeing many investors in the past cash into such opportunities hence here is another chance to buy up more steem, HODL and power up.

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It is well known that soon, steem will be out of reach as price will be very high in near future. So now is time to buy up steem and power up before it is too late. So keep being strong, HODLing and avoid FUDling!

The question is, Do you agree with @kenhudoy or as usual, is this a useless point?- Send in your comments and suggestions.

If you like my post, do upvote, resteem for others to read up and follow for more.
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