Update (1050ET): Ripple crashed down over 30% after the initial headlines then exploded back higher... and Ethereum is now unchanged on the day...
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Amid headlines that South Korean regulators are inspecting 6 banks, including Industrial Bank of Korea, that provide virtual accounts to companies related to cryptocurrency, has sparked selling pressure across the entire space with Ripple down almost 20% today.
Bloomberg reports that South Korea's Financial Services Commission Chairman Choi Jong-ku said in a speech text:
- There’s high possibility cryptocurrency transactions could be used in money laundering.
- South Korea to suspend virtual account- related operations of banks if they are found to have broken laws related to cryptocurrency.
- Regulator also strengthen probe into cryptocurrency exchanges over price manipulation, money laundering, pyramid scheme.
- Side effects of cryptocurrency "serious"; regulator will consider all measures including shutdown of cryptocurrency exchanges.
- Cryptocurrency fever in S. Korea is much stronger than other countries; regulator won’t let S. Korea take the lead in abnormal cryptocurrency trading.
And the last few days have seen that Korean exuberance being smashed out of cryptos.
Ethereum remains the YTD winner for now, but as is clear Ripple quickly went from hero to zero as the volatile trading continues.
Bitcoin is back below $15,000...
Ethereum is holding above $1000 for now...
and Ripple is testing significant support...
As CoinTelegraph reports, as speculative investments into Bitcoin and altcoins continue to trouble regulators worldwide, Korea has taken a hardline stance in recent months.
New legislation will seek to place heavy restrictions on how cryptocurrency exchanges can operate in the country, as well as who can use them and to what extent.
South Koreans will likely only be able to hold one exchange account linked to their real name, while tax obligations are also being overhauled regarding profits.
Reporting on the inspection, Yonhap News Agency appeared to forecast a predatory climate for exchanges.
“They (the FIU and FSS) are seeking to cut off fund inflows into cryptocurrency exchanges and shutter cryptocurrency exchanges that have loopholes in their system,” it claims.
What these “loopholes” might entail remains vague, yet the security setup of principal exchanges has come into the spotlight following an organized hacking attempt by a Korean news agency.
Using private white-hat hackers, the agency successfully gained entry into exchange accounts it set up maliciously, bypassing even two-factor authentication, it reported last month.
Comments
Dogecoin cryptocurrency hits $2bn milestone
“I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over 2 years has a $1B+ market cap,” Palmer said to Coindesk.
https://www.rt.com/business/415272-dogecoin-crypto-worth-2-billion/
they also pumping the crap out of the USD. + $0.37 an going. pm an cryptos are all bleeding this morning.
In reply to Dogecoin cryptocurrency hits… by small axe
Many of these exchanges have been permitting wash trading among other fraudulent activities. The entire sector needs a wipeout and a washout before the good coins an non-fraudulent exchanges can take over the top spots.
In reply to they also pumping the crap… by Raffie
Ripple is now down 40%....oh the humanity...BTFD
In reply to Many of these exchanges have… by tmosley
Holy crap, someone must have listened to me, now Ripple is only down 16%....all in a matter of minutes. Now that's what I call volatility.
In reply to Ripple is now down 40%....oh… by zorba THE GREEK
Now look, all you oldbug peanutz. This is stable currency based on rare, valuable, maff. These small ups and downs are what all stable currencies do on an hourly basis. Cryptos are money, not speculation vehicles.
buy, Buy, BUY!!!
sell, Sell, SELL!!!
buy, Buy, BUY!!!
And that Doggie Coin that the 1st post is pumping... Going to the MOON!!! It has rare, valuable, maff backing it so moon-shot is guaranteed. Puppy Coin will be next. Get in on these rare, valuable, stable, monies while you still can. Again, not becasue they are speculation vehicles and you want to make a quick buck for no work, but becasue they are sound money.
In reply to Holy crap, someone must have… by zorba THE GREEK
This is whats called a FREE MARKET, Unlike the Paper GOLD Clam Houses...
In reply to Now look, all you oldbug… by Gap Admirer
Doggie Coin it is, then. I'm all in.
In reply to This is whats called a FREE… by BaBaBouy
All I can say is some made money and some lost money here, and likely the ones who made the money orchestrated this 'flash crash'. This shit is going to keep continuing with asymmetric knowledge preying on the muppets.
In reply to Doggie Coin it is, then. I… by LSD - Lower Sl…
The only people who might have lost were leveraged traders, investors are unaffected, we enjoy the ride in the early adoption phase of this new market. Up 200% in 3.5 months, can’t complain with that.
In reply to All I can say is some made… by YUNOSELL
Actually, not. As soon as the banks step in and interfere, or the governments demand regulation and demanding to know where it all is and who owns it, the "free market" concept pretty much disappears.
In reply to This is whats called a FREE… by BaBaBouy
Sadly, widespread fraud also removes the mantle of "free markets", in proportion to the magnitude of the fraud. Here, the fraud appears to be so great that it makes up the majority, if not the vast majority of the market.
In reply to Actually, not. As soon as… by silverer
In a truly "free market," there are no rules or regulations. It is just a market of buyers and sellers. The downside is that some of those buyers or sellers may be committing fraud, and there are no rules or regulations (or regulators) to stop them. Kind of like if you buy a bunch of illegal drugs from some guy on the corner and get home only to realize he sold you fake drugs. You can't exactly call the police on him, can you.
In reply to Sadly, widespread fraud also… by tmosley
>In a truly "free market," there are no rules or regulations.
Have you learned nothing from your time here? There is a difference between consensual rules and non-consensual ones.
In reply to In a truly "free market,"… by LetThemEatRand
That sounds great in theory, but it is a meaningless statement. Once there are rules, there need to be people who can enforce those rules, and then people who can arrest people who violate the rules because just having people pay up when caught isn't going to prevent them from doing it again. Then then you need arbiters to decide if a rule was really broken (judges). Pretty soon it looks exactly what like what you now call regulated markets.
In reply to >In a truly "free market,"… by tmosley
"This is whats called a FREE MARKET"
But TPTB hate free markets. The only markets allowed are ones they can tax and control. True story, Max Keiser had a guy on a couple of days ago (Richard Heart, some Bitcoin enthusiast/expert) who was literally complaining without irony that a bunch of shady characters had copied bitcoin and were stealing away BTC buyers, and that there is no regulatory framework to stop them. I could not help but think of the first groups in the Wild West who said to each other, "maybe we ought to get a sheriff."
In reply to This is whats called a FREE… by BaBaBouy
Richard Heart is a dumb ass. He is not a Bitcoin expert.
In reply to But TPTB hate free markets. … by LetThemEatRand
Meanwhile the USD is an electronic ledger entry backed by paper backed by nothing.
This "ledger money" can be inflated to infinity such that the USD has lost 97% of its purchasing power since 1913.
Go go go 18th Century Ledger entries!
In reply to Now look, all you oldbug… by Gap Admirer
Maximum stability at death
In reply to Now look, all you oldbug… by Gap Admirer
Ripple is currently on it's way back up. You snooze you lose.
In reply to Ripple is now down 40%....oh… by zorba THE GREEK
Ripple always goes down good! Just watch some old Sanford and Son they will learn ya!
In reply to Ripple is now down 40%....oh… by zorba THE GREEK
ya but the USD pump is not helping. + $.42 an going up right now.
In reply to Many of these exchanges have… by tmosley
Quick, get the South Korean regulators on the this!
In reply to ya but the USD pump is not… by Raffie
But most of us know the USD is shit anyway so it really should not matter in the longer term.
In reply to ya but the USD pump is not… by Raffie
Agreed plus they issue their own coins again out of thin air then sell them to traders for even more revenue.
In reply to Many of these exchanges have… by tmosley
Wash trading is the LEAST of the issues. The fact that many exchanges only hold 30% of the crypto being traded on their books opens up the potential for unlimited re-hypothecation.. naked shorting, and fake liquidity pool recaptures.. It allows for inflation of crypto far beyond cryptos real inventories via fake accounts.-
Only when crypto is withdrawn from the exchange is is 're-chained' to the blockchain. If too many people withdraw their crypto it forces them to try to find it on the open market. But in reality they could have fractional inventories 10x their held coin... Usually on a exchange run they just blame hackers and dump the inventory to their pocket - like Mt Gox.
The question then becomes of the 1034 listed currencies on coinbase, with their respective blockchains how many blockchains does Coinbase PAY BACK TO? Which shows you clearly that Coinbase is sucking all blockchain liquidities of ALL the coins into one giant database. A centralization operation at it's finest, and they are also 100% tracked and monitored..
In reply to Many of these exchanges have… by tmosley
What’s a non fraudulent exchange? Like the NYSE or Nasdaq??
Grey markets are where you make money. Bring in regulations and you can stick a fork in it. 50% of Bitcoin futures are short. And it goes down. Retail is still buying as paper shorts crush price.
Careful what you wish for or it will be a gold and silver déjà vu.
In reply to Many of these exchanges have… by tmosley
"a currency with a dog on it"
I think he means "the currency with no actual physical form that is visualized as a coin with a dog on it."
In reply to Dogecoin cryptocurrency hits… by small axe
So how much for the dog?
In reply to "a currency with a dog on it… by Hobbleknee
aaaaand......it’s gone.
In reply to Dogecoin cryptocurrency hits… by small axe
When it goes down 50% and then up 50% it's not back to even, it's down 25%.
In reply to aaaaand......it’s gone. by TheSilentMajority
I hold over a million dogecoin and I am kind of pissed he said that. He should have just played along to pump the coin.
I love having the coin but people need to be thinking that it's going to be a top coin.
In reply to Dogecoin cryptocurrency hits… by small axe
Sell it. Dogecoin mints 5 billion coins freshly a year and has a very clear spike/drop path..
In reply to I hold over a million… by Silver Savior
dogshit coin.. any coin with billions available is total dogshit. Including Nipple..
In reply to Dogecoin cryptocurrency hits… by small axe
buy the dip
My nerves are being tested. You are most likely right but every time this happens I start questioning the whole thing. (Then it always goes up to some crazy price in a few hours lol.
I guess this is the wrong place to be an emotional investor. It's not like physical gold where you still have your full ounce of gold no matter what happens. That might be more my style.
In reply to buy the dip by kahplunk
Hold fast. This is the beginning, not the end
/thatisnotfinancialadvice (but really)
In reply to My nerves are being tested… by Silver Savior
Buy low, sell high. Take profits off the table.
I think you do this, IIRC.
In reply to My nerves are being tested… by Silver Savior
Yeah I do take money off the table and turn it into gold but just not at the level I should. I never feel comfortable making big moves out of something I work hard to aquire and amass.
Emotion still mostly rules me. I have to stop that. Holding tight and I have planned sell points in place this time. I have to do this.
In reply to Buy low, sell high. Take… by tmosley
Exchanges [ARE] the risk of risk of risk to the n squared. If you have more than 10% of your crypto exposed to an exchange at any one time be careful. Crypto is something I do believe one wants to be constantly re-securing to the block chain (taking OFF the exchange), or passing through an exchange to cash in your pocket.
In reply to My nerves are being tested… by Silver Savior
cRipple, jew-approved: https://www.coindesk.com/bernanke-blockchain-payments-obvious-area-tech…
"When bitcoin becomes a threat they'll take whatever action" said Vader.
"By the twinkle in my eye we shall kill a Winkelvi" said the Sith Lord.
"Hee hee heee" they said together.
In reply to cRipple, jew-approved: https… by Spinkbottle
Asians LOVE to gamble!
Guys! It's not Ethereum - it's Ether. Etherium is the platform and Ether is the currency.
Got it. So etherium is the platform and now there's a dog based currency running on it. Presumably generating more ether or we'd have two dogs involved. And the dog is kept in place by tethers to the etherium platform or it would just run away (go long on a squirrel).
It's all starting to come together in my mind.
In reply to Guys! It's not Ethereum - it… by scouzi
Ether - the most aptly named crypto of them all
In reply to Guys! It's not Ethereum - it… by scouzi
A good cover-up is to allow NK to bomb the SK's back to the stone age.
Maybe it is naive to think that governments and banks will allow people to step outside their system and disrupt it completely.
Besides that, 95% of the population has got no clue what is going on.
They only here Wild West stories about Bitcoin and Co and they have no idea what is about.
When the governments and central banks step in because they say the crypto's are a threat to the current money system and ban them because it is best for the people, 95% of the population will accept that explanation.
Can crypto's been banned?
If a government decides to make trading or possessing Bitcoins/crypto's illegal, questions will be raised about how exactly it will enforce such a ban.
It is impossible for a government to seize your Bitcoins/crypto's, unless you decide to handover your private keys.
However, the fast majority of citizens and institutions like to stay on the right side of the law.
So the demand for Bitcoin/crypto's would plummet if the government decided to ban it.
All exchanges in that country would also be shuttered and buying/selling Bitcoin/crypto's would be very difficult and risky without expert technical knowledge.
This would suffocate Bitcoin/crypto's in that country and the government’s objectives might be achieved.
Then central banks step in and offer their own crypto coin, how convenient for them.
No more cash and everybody is locked up in traceable digital digits.
Convert some of your crypto's in precious metals en hide them from your government.
They will be very valuable once all the cash is removed from the system eventually.
Just in case the scenario unfolds like described above.
Some things to take into account.
And after they have essentially destroyed the cryptocurrency markets, and you have converted your cryptocurrency to gold, and they have digitised all fiat, then they will confiscate your gold and you will have nothing - except more debt.
In reply to Maybe it is naive to think… by U. Sinclair
In 1933, during the gold confiscation no reports were made that the authorities did a house to house search.
This action would of course be futile since less than 1% of the people own pm's nowadays.
Then, you can also hide it in places they will never find it.
The change for being tracked and traced with crypto's is a lot riskier than most people think.
You make sure you belong to the 1%.
In reply to And after they have… by Victor999
Pagination