Plan to Ban Cryptocurrency in South Korea

Hi guys! :smiley:

Recently, I’ve also been reading about Bitcoin and the other cryptocurrencies. As I’ve been discussing with @mlawson71 in one of the forums these past couple of days, there is a fear that it might crash or decline in value in general.

Now, upon opening the BP website, I found this news article:

What are your thoughts on this? Hmm. :sweat: :sweat_smile:

I think you need to do more reading.

The S Korean ministry of finance said that it does not support the ban, and that the ministry of justice (who announced the pending ban) acted without their support.

Bitcoin, and other cryptocurrencies, are to volatile for my tastes; I think the market needs to mature before I can be consistently profitable. But they are here to stay, as much as any currency is.

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Oh! Thank you so much for this! :smiley: I’d read through this as well.

I might have been panicking or jumping into conclusions since these kinds of news really have strong impact on the crypto exchange. :sweat: Sorry for that.

I agree! They’re very unpredictable and the returns are insane. But likewise, because it’s so volatile, it may not be that consistently profitable. :frowning:

Nothing to worry about. Babypips, as a website, has some important strengths, but up-to-the-minute news is not one of them.

Cryptos felt under great scrutiny in South Korea, but look at the Chinese case, how quickly cryptos recovered after that?

Though the rally can’t continue indefinitely, market cap was near 1 trillion and its considerable size.

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Haha. :sweat_smile: I might have misunderstood the article since I jumped on the news too quickly without thoroughly analyzing it.

Still, thank you so much for clarifying! :smiley:

Right! :slight_smile: I remember seeing an article on the Chinese issue on cryptocurrency last year.

Coming to think of it, that is a good point and an important thing to take into consideration. I mean, it BTC rallied after that, it’s very possible that it will do the same with this one too right?

if you were planning to trade Cryptocurrencies… DON’T

Standard Currencies are safer and less risk
i mean… just look at the spread on a crypto, it’s crazy 70 , 80, 90 pips approx
that’s just the spread

but on a standard currency you a probably looking at less than 3 pips

Look at the value per pip as well
crypto is around 13 cents per pip on a 0.1 lot size
where as Major Pairs are $1 per pip

so… for every pip YOU MAKE MORE on Currency than crypto
the spread is lower
the volality is more predicatable

on crypto, the volatility is ABSOLUTELY NUTS

Dont’ trade crypto mate
You’re a newbie, Crypto loves scamming newbies
Stay away from it… ok FRIENDLY ADVICE

Duly noted! :smiley:

I’ve just been very interested with it lately but I haven’t really invested anything yet. SO, now I’m not really sure if I’d pursue it. Thanks for the advice, though! :slight_smile:

ok I’LL GIVE YOU HOMEWORK TO DO

do your own research

i want you to do this and get back to me with the results

Step 1. find a company on the internet that sells BITCOIN (anyone, doesn’t matter)
Step 2. Note their BUY price
Step 3. Note their SELL price

Now ask yourself this
if you buy a 1 bitcoin now, and you sell it right away, WILL YOU MAKE MONEY ?

Step 4. find another provider that sells bitcoin
Step 5. get their BUY and SELL price

now as yourself this… ARE THE PRICES THE SAME ?
and ask yourself this… IF THEY ARE NOT… and if bitcoin is worldwide, WHY ARE THEY NOT THE SAME ?

Step 6. go to your broker and open a chart for bitcoin (doesn’t matter which timeframe)
Step 7. Note down the price of bitcoin
Step 8. it’s cheaper isn’t it ? hehe

so again… if those companies are fair and bitcoin is worldwide, WHY ARE THE PRICES NOT THE SAME

Step 9. Note the SPREAD of bitcoin
Step 10. ask yourself this

if you bought 1 bitcoin NOW from your broker and you took that and sold it to the other companies
WOULD YOU MAKE MONEY ?
THE ANSWER SHOULD BE YES.

NOW ASK THIS…
CAN YOU ACTUALLY DO THAT ?

You’ll need to go through the TERMS AND CONDITIONS of those sites and the site of your broker

and let me know what you find

also
Calculate the COST PER PIP of EUR USD / EUR AUD / USD JPY and the other majors
then calculate the cost per pip of BITCOIN and Litecoin and etherium

NOTICE ANYTHING WEIRD ??? hehe

happy researching

Hahahahaha. :)) I’ve got a homework now! :smiley:

I’d try to do all of these Teacher Martin! Hahaha

LOL … Teacher Martin huh that’s funny

thanks mate

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So there won’t be a ban after all.
That said, I think we’ll be seeing a lot of other such hiccups in the next few years when it comes to cryptocurrency regulation.

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You’re probably right. :slight_smile: Hahaha.

Are you gonna invest now?

I am getting more and more unsure about it.
China is planning a further clampdown on cryptocurrencies. According to the news, anonymous “people familiar with the matter” said the government is planning to block access to online platforms and mobile applications that offer “exchange-like services” - both local and offshore. The description, however, is quite vague and it is not clear what exactly the authorities mean.
Authorities will also target individuals and companies that provide market-making, settlement and clearing services for centralized trading. Small peer-to-peer transactions aren’t being targeted, they said.
When those news broke out Bitcoin fell below 10,000, imagine how it will drop once they actually do it.

Yeah. I agree that certainly, cryptocurrencies aren’t looking good right now. :sweat: I mean, on the one hand, it’s so tempting to buy it now since you’d get a better value for your money with the price of BTC plummeting. But you’d really struggle with wondering whether or not it’ll be able to rally.

I feel sad for those who have invested so much money into it. :frowning: I hope it does regain its value so that people could at least get back their starting investment. :frowning:

@ZoraEggs

Buddy. This is the thread I was talking about. What can you say about the China’s plans on them?
(Actually, I just heard about this now. Thanks to @mlawson71 HAHA) :sweat:

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Of course it will, simply because its perfect market for newbie traders.

But still it resembles great ponzi scheme because even coins with vague white paper, application potential and founders are rising. Clearly the rise is driven by yearnings of other to earn. No other drivers, though we need to dig deeper to understand what is the technology behind some of them

The current bitcoin dip very tightly coincides with the futures contract end date, the big whales, koreans, chinese miners, etc can do whatever they want to the market since they own the majority of it, futures is an easy guaranteed profit for them. Bitcoin clearly has huge problems right now and the big players know all about it, the transactions cost way too much and the transactions per second are miniscule. The newer altcoins are solving all these problems, trying to become an actual currency, something like VISA or Paypal, which was bitcoins original vision, hence 2018 is the year of the altcoin. Me personally, im investing into the promising altcoins and maybe swing trading some bitcoin and forex ofcourse :slight_smile:

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I agree. There are still so many unclear things about the bitcoin and bitcoin transactions. To me, everything just seems so complicated at this point. :sweat: Promising, but complicated. Are you currently looking into the technologies involved?