/biz/ - Business & Finance

too many newrich gooks disrupting seoul's economy

>>6471343
>Currently the number of cryptocurrency accounts is known to be 3 million. We intend to keep it at 3 million and not allow any more. This will prevent the rise of speculative investors in cryptocurrency but also not infringe on the property rights of current investors.

What the FUCK is wrong with this country?!?!

This makes no fucking sense. These people live in dystopia.

>>6471400
Literally
>people have found a way to get rich. Can't allow that.

This shit used to be no different than fucking Runescape money! What the hell is this?

What's wrong with this? The koreans are trying to prevent the bubble from getting worse.

>>6471343
come on korea, fuck off man. I'm holding ICX and AION, you niggers already had your chance to buy the dip. Is this an official statement from the government? If it's not, it's FUD. Some faggot reporters have been speaking out of their asses about desires from some players, but those players are losing their jobs.

>>6471468
They're banning all new investors from investing in cryptocurrency, officially. They're just saying that current investors can keep investing if they want to. That's going to destroy everything.

>>6471468
The Koreans should be able to do what they want with their money. Isn't this supposed to be the Korea with freedom? They should just join the commies

>>6471343
all attempts at regulating the decentralized currencies like btc ltc and monero are bullish in the longterm. its like a father being super ultraprotective of his daughter and doing his best to teach her morals and values and she ends up becoming a mega bbc coalburning roastie to spite her authority figures

should I dump my ICX or what? jesus fuck

>>6471551
Yes

>>6471537
This may be true. Look at the reactions. But they may not be able to beat the government.

>>6471343
I sell my bags. Vey Rich.

All the comments are saying in Korean
>Fuck this I'm going abroad.
>If this is true I'm looking for foreign exchanges today
>This government is so incompetent holy shit it's like a game to them

>>6471343

All this means is that a massive new market will form for "portfolio managers". Now if you have an account on an exchange you can charge people to deposit their money into YOUR account. That way they could still profit from the market. And you of course could exact a healthy fee in the process. Koreans and Asians in general are a sneaky people. Anyone who wants to get around this will be able to. It won't stop, it'll just change. Congrats to all existing Korean traders, you are about to be rich

>>6471437
It’s a brave new world anon.

>>6471343
This is what happens when you vote socialism

>>6471579
Korean policy is going to have the exact opposite effect. In an effort to "keep people from losing money" they're opening up potential investors to being scammed.

>>6471579
I'm an "existing Korean trader" and watching my money disappear right now.

>>6471565
government cant do anything. they can try as hard as they want, buy all the btc they can to crash the market, but it will recover. the only thing that wont survive are cryptos that were unable to stick to the original decentralized blockchain

>>6471579
now that's /biz/raeli thinking

>>6471524
The Korean government has a duty to protect their own people. Believe it or not, most people do not know that the cryptocurrency market is in a bubble and retards (gooks included) are just going to FOMO in. Yes, you can argue that this approach is rather heavy handed, but how else are you going to stop normie gooks from FOMOing? Beside, I believe this is healthy for the market as well, I really do not want the bubble to get even bigger.

>>6471565
Hoon Hoon

you cant stop someone from getting their hands on crypto
either with a localbitcoins type system or with foreign exchanges

the demand for bitcoin is not going down
only the local supply

with the premium koreans are already paying, can you imagine their prices in the future

>>6471524
>Isn't this supposed to be the Korea with freedom?
Weren't they also a dictatorship until not that long ago?

>>6471646
theres still no reason to use crypto or even blockchain in anything while the other alternatives are just as effective and has a lower price to use

>>6471651
yeah but you can as hell stop the money from going out or know who cashes out
>youre one of us forever

>>6471720

localbitcoins is the solution

The bubble is real boys.
Just think for a second, is any crypto useful right now?
Th prices are ridiculous.

So is icx dumping...?

>>6471622

Except south korea is capitalist as fuck. North korea is communist one.

>>6471343

> I almost exclusively hold ICX

Fuuuuuuuuuuuuuuu

>>6471788
>retard alert

>>6471788
Doesn't look like that reading this

>>6471691
>theres still no reason to use crypto or even blockchain in anything
Blockchains are already being implemented in hospitals to facilitate the transfer of patient records. The technology is still in it's infant stage so it is fatuous to argue that "there isn't any reason to use it".

Crypto exposes the monumental fraud that is the Korean economy, that's why they hate it.
Just look at the price difference.

I'm still not dumping my ICX. Going to see what transpires through EOM.

WAIT WAIT WAIT WAIT WAIT

DOESN'T THIS ONLY APPLY TO VIRTUAL ACCOUNTS? AKA ANONYMOUS ACCOUNTS?

https://hype.codes/south-korea-imposes-fines-anonymous-crypto-trading

>>6471788
>ID confirms this faggot is bluepilled as fuck

>>6471839
If you're not at a loss, I'd say dump it - the risk is just too high atm. Bunker up with more ETH just to be safe.

>>6471646
Here's a radical idea:
LET PEOPLE DO WHAT THEY WANT WITH THEIR OWN MONEY

kys you commie piece of shit I'm so tired of you fucks ruining the world for everyone over and over again

And yes, if you are not an ancap, you are a commie in one way or the other.

>>6471851
never mind.

>verification service for cryptographic transactions at the end of this month . Each bank decided to create a real name verification account only for the number of virtual accounts that were already running before the real name system was introduced .

>>6471851
idk, since ICX price hasnt changed... and theres no english news articles published about this. seems weird, that if the news was as big as we think.

>>6471908
seems like they're limiting new accounts to the amount of virtual accounts that exist right now

>>6471691
>there's still no reason to use cars or even motors in anything while horses are just as fast and have a lower price to use

>>6471343

Yeah that’s great and all but earn real money at this Pump discord server discord gg/YQqTCqt

>>6471626

start a twitter account advertising your services to those wanting to enter the market

>>6471468
Let bouble meme
It's just Korea trying to save it's baking sector

>>6471898
Kys

>>6471956
What, your little commie brain can't come up with an argument?
Need big brothers dick in your ass to prevent you from making bad decisions?

>15th time sk has *banned* exchanges this month

>>6471955
How would stopping crypto make people buy baguettes and cakes?

>>6471956
Che is dead, get over it.

>>6471537
Yep, this will happen. That’s probably the most bullish news for crypto this month. People in general hate any sort of government and will see it as “we want you to stay poor”. Fomo will be unbelievable.

3 million accounts in general belonging to 20-30 yo will cover a fuckton of households, probably 50% of SKs population. The rest will fomo through licensed brokers and foreign exchanges.

Buy ICX fags

No more virtual accounts assholes. Use your real identity and location. I don't even know why this is allowed.

>>6471468
By trying to prevent a bubble they are creating a bubble.

If you need a stupid example think of South Park where cartman limited people that could go in the amusement park. It created demand for those tickets.

>>6471956
lol you are literally a total fucking retard. You literally want to put people in bubble wrap because they are too stupid.

>>6472045
>People in general hate any sort of government and will see it as “we want you to stay poor”
That's literally what they are saying.
>The price would have shot up a lot at the end of this month and we are making a law specifically to prevent that.

Imagine their fucking anger if it actually did shoot up regardless.

>>6471898
>Wanting to accomodate the market's growth so that it will not end in fire and flames.
>"HUR DURR YOU A COMMIE"
I fucking hate commies and also you're bluepilled as fuck if you think the general public is smart enough to not fuck the market up. Slight economic intervention is healthy to the market. Also, ANCAP's are retarded (I know because I used to be one).
>>6471955
Explain to me how the bullshit with TRX and XRP not convince you that the market is a bubble? Fuck, normies are really retarded. We have literal nigger and shaniquas in the game as well.

>>6471343
We talking Korean jews here?

>>6471400
Inflation is a problem.

The good news is that you'll be able to sell your empty accounts to Gooks for shitloads of money.

>>6472104
>Banning ALL new money from entering the market is not "slight economic intervention"

> no more new accounts = no more gook money
> Current korean traders looking for new coin to get rich off eachother
> ICX
> Scramble to buy the fuck out of ICX and dump on eachother

Are we gonna be rich ICX bros? Tell me something please. I'm all in. All this Korea FUD is too much.

>>6471646
Zero sum game mr brainlet. Muh bubble.

>>6472135
Read
>>6471579
This is not as bad as you think.

>>6471440
I think it's more "at one point all of this will go down and people are putting in a lot more they can lose and we don't want millions of bankrupt people on our hands"

massive dump incoming, sell now and rebuy @ the dip

So are gook normies officially banned from crypto now??

and its fucking nothing

>>6472297
No, 3 million can continue to trade. Meanwhile thousands who wait for accounts create massive demand.

its for virtual accounts only...

nothing will change

if you want to cash out you will have to use a bank account, the end

>>6472374
shhhh, get the weak hands to sell

>>6472354
How the hell are they "creating demand" if current accounts have to CLOSE for new ones to open?

>>6472097
>Imagine their fucking anger if it actually did shoot up regardless.
KEK!!!!!!!!!!!! I imagine a riot would fucking take place.

>REEEEEEEEEEEEE the government want us to stay poor. Time to riot.

>>6471651
its too much work for normies

>>6472252
The delusion is strong with you.

>>6472384
Because people want what they can't have, registration has already been restricted on exchanges.


>>6472255

Wouldn't ICX actually increase in price? Because this will cause FOMO as the government is saying "this shit is going up way to fast"

>>6471579
brilliant, we have a bad goy here

>>6472425
Crypto doesn't end in south Korea so yes it will go up.

Maybe they don't want to transfer half of their GDP to Justins Suns

>>6472384
Hey anon I'm sorry but that movie you want to see is sold out. I realize the ticket was only $10, but if you pay me $60 then the seat is yours!

Or

Hey, too bad you didn't get invited to Sarah's party over the weekend. Shit was crazy. That girl Jenny you were eyeing sorry man but we made out.

>>6472083
I don't know man.... I really do not want the crypto market to be a bubble, I truely believe that blockchain will revolutionise the economy for the better good. The problem is that cryptos are currently being adulterated by greedy normies, they're all in the market for money (see XRP and TRX). I am hoping that the ban will retard the impulsiveness of normies so that they will not contribute more to the bubble. If the market does indeed burst, the media attention it now has would be very damaging to it's quest to replace (((them))).

>>6472499
Literally who? Have you been living under the rock? TRX is dead.

>>6472540
Think of it this way. Bubbles burst when they run out of normies. They have slowed the pace of normies, so they prolong the bubble.

>>6471343
They just don’t want unverified accounts. People can still buy with verified accounts, banks will honor this because of tax purposes. Korea is fine

>>6471647
I'm feeling hoon hoon

>>6472540
it is a bubble but it will not burst at least for 2 years. And it is the future as well.
Im saying that because almost all markets are a bubble, just check some real estates makers.

>>6471579
Normies will find this too shaddy and will also think it's a pain in the ass.

Korea is scared about wagecuck normies putting their economies in this and loosing them.

Changing my EOM prediction for ICX from $30 to $15-20 because of this fucking FUD and general bear market. Fuck this seriously, shit is gonna cost me tens of thousands.

ITS NOOOOOOOOOOOOOTHING RETARDS.

VIRTUAL ACCOUNTS ARE LIKE 10% OF THE FUCKING ACCOUNTS IN KOREA, AND EVERYBODY WITH A VIRTUAL ACCOUNT ALSO USES A NORMAL ACCOUNT.

FUUUUUUUUUUUUCKING AMERICANS reeEEEEEEEEEEEEEEEEEEEEE DONT CRASH MY ICX AGAIN YOU FAGGOTS I NEED THIS.

>>6471343
Nice FUD. If that were a real Korean website why isn't the url in moon runes?

>>6472895
It's not FUD but OP doesn't understand what he's talking about. It's about government wanting banks to comply and be protected from tax liability from exchanges. So exchanges have to enact a verification protocol for new accounts, especially for business investors. Accounts without name associations will be limited until someone wants to close their account. I don't know how much this will influence the price, and it will influence, but it's not a big concern.

>>6472895
that site (naver) is korea's google, it's actually bigger than google in korea

>>6472135
Putting normie hordes on hold, cause whales need more time to accumulate

This is karmic retribution for all the faggotry that you ICX shills pulled, especially on unsuspecting noobs.

HEY BUY MY 4 BILLION MARKET CAP COIN! THE KOREANS LOVE IT! IT'S GOING TO 10x BEFORE MAINNET LAUNCH!

Fuck yous all.

>>6473253
>10x BEFORE MAINNET LAUNCH
But it will 10x since binance listing when it hits $20. I'm 5x up already. You mad?

Fuck. Every day my money is dwindling on these Korean exchanges. Should i just cash out and move to binance?

>>6471343

> What the fuck is WRONG with this country?

lol do you live under a rock or something?

NORKS been using crypto's heavily to get riches - to what extent fuck knows

>>6471646
> implying its a bubble

Short term is bad news.
Long term is bullish as fuck.
They are afraid, they are not protecting anything but the status quo. And they are losing hard.
Crypto will survive and rise faster than fiat. No one government can ban crypto. This is a weak attempt .
2018 will be a very interesting year

Are Korea's laws currently more lax than United States'? As far as I can tell, they are trying to enact policies similar to the States'.

doesn't the article mean that there will be a fixed amount of "virtual accounts". people are free to set up KYC verified accounts if they wish.

What do you think hurt a state more, a few taxable millionaires from speculation, or bankrupted population? They've been very clear that they don't trust crypto to not pop, and so far it seems they were right. But you welfare faggots probably think welfare comes from thin air.

>>6471343

These gooks literally just admitted they don't want poor becoming rich overnight. Those in power are actually scared of wealth redistribution from crypto. Fucking hell...

>>6474264
Kys commie. Korean politicians will be taking helicopter rides soon

>>6474364
Is buzzword larping really the best thing you can do?

Korea is now on the threshold of convalescence. The bit coins and the legs were weakened and began to look at ADA, STRATIS new coins. I hope it will be a good sauce.

Bitcoin: 39w6b9K4Vem3qE8CvYUUGGZe3yWxAKqdCc

Help the brothers.

Is this the time to accumulate ICX?

>>6474412
Che is dead, get over it.

>>6474417
>adress starting with a 3
are you drunk?

Oh no, those poor Koreans wont be allowed to lose money on shitcoins, what do.

How long, literally, until the US does the same thing or actually bans the exchanges? I mean, you know they hate crypto and don’t want people rising up.

>>6474881
Unless Trump executive orders it it would take a long time but the mention of it would be a massive FUD.

>>6474881

Well didn't it sort of happen already with exchanges closing out to newbies due to "high demand"? Maybe the governments had a meeting over this and decided to close all new money out of the game until they can "regulate" the market and turn it into stocks with shitty gains. But I think what would happen is a massive dip/crash and then a huge run once the market opens up again. I'm actually think of leaving a good chunk in XMR or ETH until all this bullshit dies down, the market seems really uncertain right now.

>Was literally about to all in ICX for end of Jan

yewlad