Korean Exchanges to be Shutdown? Stop and think a little before you FUD.
An article today published by CNBC reports that South Korean Justice minister, Park Sang-ki made an announcement stating that:
"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,"
Combined with Coin Market Cap's decision earlier in the week to remove the weighting from Korean exchanges in its aggregate price in USD of a token or coin, this has led to one of the biggest dips the Cryptocurrency market has seen in the last six months.
At one stage, immediately following the story breaking, Bitcoin was trading at just above $10,000 USD. It has since recovered to $12,500 USD.
Let's ignore the fud, and waves of sell orders, and examine some facts about South Korea, as a nation.
Korea is a technology superhub
Samsung, a massive, massive corporation, not just the makers of your phone, TV, washing machine or other digital gadget, is responsible for about 20% of the entire nation's gross domestic product.
In addition to this, Korea is a nation in which Starcraft is the national sport, and the adoption of new technology by its citizenry is high. Between R&D, manufacturing, and all the other related industries, Cryptocurrency and Blockchain is on the roadmap for Korea.
In an article published in December 2017, on Fortune; there was talk of the Korean finance minister stating that trading would be regulated. This 'bill' to ban exchanges doesn't mean it will be illegal to meet down at the local pub, and trade cash for crypto, like everyone did when localbitcoins was the only way to get coin.
Don't lose your head in the FUD
While Korea makes up for a remarkable amount of volume and the interest in crypto currencies, you need to remember that cryptocurrency is decentralised. It doesn't have a central authority to govern the way it works, or who trades in. Yes, this will cause a run on the exchanges; which is the importance of having your funds in your own wallet, but its also a great time to get started in Crypto.
This is not the first time a dip like this has occured, and it won't be the last
Those with the strongest hands will prevail. If you've been waiting to buy, now is the time. Just remember, your Steem power is locked away and safe. Think about the prices three months from now, not today.
Don't panic. I'm not :)
I forgot to mention, if you want to get started with altcoins and don't understand a thing, check out my guide.
I will check the guide. I am interested.i have started following you and I will be reading all your post
It is focused towards Australians (where I'm from) - but the lessons and guide for other exchanges apply equally. :)
OK I see most most about Australians even though am from Africa but I know to some extent about Australia.thanks once more looking forward to seeing your posts
Well this really helped to restore some sense to my head. As you know the first thing I did was freak out, not that I sold anything.
This sort of thing really shows why we need crypto currencies in the first place.
You can't think about crypto logically. It isn't :)
I will never panic. I believe with Steemit our future is secured. This is the right time to invest heavily.
Correct, 1 STEEM POWER will Always be 1 STEEM POWER :)
With curation, post rewards, and other stuff, you're doing very poorly if you aren't making at least 1% a week! :)
Now is indeed the best time to get in. (As will every other crash from here!)
Even if the exchanges in Korea shut down, don't forget there are neighboring countries such as Japan and Hong Kong where Koreans might find other avenues of staying in the loop haha
Another excellent point. :)
The world is a very small place, and this brings to the fore projects like Arise bank, and the importance of decentralizing financial systems! :)
If Korea closes exchanges in the long run it will increase the price because people will buy it for even higher prices from other countries by indirect means.
You understand how this game works! :D
Yes, if there's not an easy way for people to buy something, it will drive the price up. See anything that gets 'outlawed', automatic weapons (I'm an Australian), Drugs (I have no idea how much these cost, probably a lot), and everything else.
It will just drive the behavior underground.
nice articel. up vote
Thanks for the comment and positive energy. Have an awesome day! :)
Where you from ? I like so much korean country
I'm from Australia :)
No problem, i think you from in korea but I love australia too and i hope come to your country this year
well said bro ! we're here for the long run :)