Ripple Sinks As South Korea "Prepares Crypto-Exchange Shutdown Bill"

In the constant to-ing and fro-ing of South Korea's cryptocurrency markets, tonight is potentially downward pressure as Bloomberg reports that South Korea's Justice Ministry is preparing a Crypto-exchange Shutdown bill.

For now only Ripple appears to be affected by the headlines...and Ethereum is pushing back towards record highs.

https://www.zerohedge.com/sites/default/files/inline-images/20180110_crypto.png

As Bloomberg reports, South Korea’s Justice Ministry will begin discussions with other ministries as early as this week after preparing its own bill proposal on shutdown of cryptocurrency exchanges, SBS TV reports on its website, citing an unidentified government official.

There would be time for investors to get out of the market during bill legislation process if Justice Ministry’s proposal becomes government’s plan.

Justice Ministry said that there is no reason to hesitate on regulation as bubble in cryptocurrency can burst in 1-2 years, SBS reports, citing the ministry’s internal report it obtained.

Of course, we already have a test case for crypto-exchange shutdowns. Since China killed its exchange-based market, prices have skyrocketed and trading has simply moved to decentralized 'local' platforms.

Comments

Sabibaby Jan 10, 2018 7:57 PM Permalink

Ripple will pump and bleed like it has before. Good for you if you got in cheap. Get out now if you're up or if not wait another 9-12 months until it pumps again. Just look at it's record. 

Vlad the Inhaler dasein211 Jan 10, 2018 10:18 PM Permalink

The government can do lots of things... subpoena the internet providers....  make it illegal for banks to transfer money to a crypto exchange... they can make trading crypto illegal, and although they can't catch everyone they can make an example of quite a few people to scare the rest...  they can tax the hell out of it so you are also on the hook for tax evasion if caught...  etc etc.  I own some crypto but it is also important to know its limits as a store of value.

In reply to by dasein211

DarthVader101 Sabibaby Jan 10, 2018 10:09 PM Permalink

CloudCoin, being a “cloud currency” instead of a crypto currency, is the only digital currency worth buying for the long term.  

Does not use “blockchain” or “distributed ledger” technology and has NO NEED for “exchanges” that governments can shut down; nor “wallets” or “accounts” or “private or public crypto keys” that governments or hackers can seize  or hack into.  

It’s based on RAIDA technology (Redundant Array of Independent Detection Agents) which makes it impossible for anybody or government to outlaw, control, attack or shutdown.  

Just as Facebook replaced MySpace, CloudCoin will replace Bitcoin and all other “pure play” cryptocurrencies now out there. 

Utility-based and strictly “smart contract-based” coins and tokens will be the only ones left to survive the onslaught from CloudCoin. 

In reply to by Sabibaby

marysimmons Sabibaby Jan 10, 2018 9:31 PM Permalink

https://news.bitcoin.com/south-korea-countries-eu-imf-collaborate-curbi…

This has nothing to do with protecting consumers from bubbles.  It has everything to do with central banks, governments, and the legacy financial system finally realizing the existential threat decentralized digital currencies pose to their control.  We are definitely in the "then they fight you" phase, but they really don't have a clue what to do other than to outlaw/ban this, that, or the other.  High quality decentralized exchanges will be a reality this year.  They have as much chance of stopping the tidal wave of decentralization as the music industry had of stopping Napster -> Kazaa -> Gnutella -> BitTorrent.  

The governments/banks that embrace it and allow people to prosper, will thrive along with them.  The ones that don't will go the way of Zimbabwe, Venezuela, or Lehmann Bros, IMO

In reply to by Sabibaby

TradingTroll marysimmons Jan 10, 2018 10:07 PM Permalink

Really?

Because Japan has central banks, government and a legacy financial industry and they have officially licensed over a dozen crypto exchanges. Plus the Japanese banks, including some of the biggest like Mitsubishi Trust, are creating a secure insured custodian depository for all their exchanges. There are even foreign companies owning Japanese exchanges and you can withdraw foreign currencies from Japanese exchanges. Name one other country doing that.

And why not? Japan has 40% of crypto trading volume.

Japan is kicking the ass of every other G20 country in that regard. Korea and China shuttered exchanges and Australia is messing with withdrawals.

They also have some of the best coins like Omisego, Sumokoin and Cardano. Maybe there have been frauds in Japan regarding coins but usually only by foreigners (eg Mt Gox).

Compare that to the regular token frauds out of the US.

Then there was the Chinese TRON pump and dump. With no code posted on GitHub and the CEO (his name might be Justin Sun or Justin Yuchen, no one knows for sure) promising his own coin holdings were escrowed, when TRON hit $17bn market cap, Mr Justin sold big time, billions worth, driving the market cap down to $6bn. That’s probably the biggest pump and dump I am aware of.

Full disclosure: I am working with the Japanese FSA on setting up an exchange in Tokyo.

I can’t find another crypto market that is superior to Japan. The Koreans have lost it.

In reply to by marysimmons

disagreeableness nmewn Jan 10, 2018 9:45 PM Permalink

You put your finger precisely on the problem. A decentralized crypto is vulnerable to the point of worthlessness on a centralized exchange. I may (and do!) dabble with a bit of arbitrage, but bitshares DEX (Decentralized Exchange) is where I trade. Completely untouchable, no hacker, no government can screw my deal. If you wanna know where crypto goes in 2018 and beyond, it's decentralized exchanges. Unhackable, untaxable and completely anonymous. Bitshares is the SHIT.

In reply to by nmewn

bitzager Jan 10, 2018 8:12 PM Permalink

Those BullBallsCoins got inflows only when they appreciate in price, ones uptrend traction lost, - it's over, - (why speculate, when gains are in question?) Look at BTC, - Dead meat.. If this continues for few more days, it's gonna tank below 10k, probably Saturday, as usual.. Wait and see...

Yen Cross Jan 10, 2018 8:13 PM Permalink

   One thing is certain___      When an individual makes an decision there's NO way the thought can be deferred.

   The kid's aren't stupid.

Yellow_Snow Jan 10, 2018 8:19 PM Permalink

Tyler's trying to make sense out of this...

Was there ever any sense of XRP at $3.25  ???

It's $1.92 now... (would not buy until .25  or less)

Yes, it's a 'bankster coin'...  It's no Bitcoin

Is there a place for Ripple ??   I think so...

Yellow_Snow Silver Savior Jan 10, 2018 8:49 PM Permalink

I'm still HODLing XRP...  Eventually it will be $10

I think the privacy coinz get more market cap...  esp XVG and XMR

What I mean is I think short term Ripple got very overbought in relation to other coinz

I would only buy at .25 just because I bought huge amount way cheaper 1 year ago, it seems expensive to me I guess cus I'm not used of seeing it at 3000%...

In reply to by Silver Savior

Silver Savior Jan 10, 2018 8:32 PM Permalink

Sounds like fake news. Someone has an anti crypto agenda. Just keep buying more Ripple, Tron and dogecoin. Get past the weak hands and it's smooth sailing. 

If south Korea does not in fact want to play along then they will be a third world country. Fuck it.

Yellow_Snow DaiRR Jan 10, 2018 9:17 PM Permalink

I agree that they will try to regulate or outlaw them...  People are underestimating that... Government will continue to pounce on crypto's for years to come  :(

Privacy and purely decentralized coinz are immune to some of that...

I believe these types of coinz will explode in price as people realize their utility...

In reply to by DaiRR

qr259100 Jan 10, 2018 10:15 PM Permalink

Governments will think up endless reason, tax evasion, money laundering, terror funding, drug smuggling, to shut down decentralized currencies. 

The real reason they cant control it and so enslave their population. 

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