Wednesday, January 31st 2018

Full Stop: South Korea Not to Ban Cryptocurrency Trading After All

Remember the revived pressure on cryptocurrencies on account of news that South Korea might halt trading in their territory? Well, the country's finance minister, Kim Dong-yeon, who previously said that shutting down exchanges was "a live option but government ministries need to very seriously review it," came on the record this Wednesday to, let's say, set the record straight, clarifying that "There is no intention to ban or suppress cryptocurrency (market)." The minister, then, added that the government's immediate task is to "regulate exchanges". Those two statements certainly leave a lot of space in-between, since the shutting down of some exchanges while some others are left operating would not, in fact, result in an outright ban. Let's call it pruning, shall we?

The intention, it seems, is to be able to cut out the unregulated parts of the market, that take the form of unregulated exchanges, where the country's customs earlier announced it had uncovered illegal cryptocurrency foreign exchange trading worth nearly $600 million. This, it seems, is the real target for South Korea's newfound steam.
Source: Reuters
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34 Comments on Full Stop: South Korea Not to Ban Cryptocurrency Trading After All

#1
nickbaldwin86
darn... I was hoping they and everyone else would just stop! here is to hope
Posted on Reply
#3
R-T-B
"nickbaldwin86 said:
darn... I was hoping they and everyone else would just stop! here is to hope
If it just stopped, it would hurt a lot of people.

What you want is regulation. Regulation that helps bring the profits out of the stratosphere and brings the whole thing back to reality for everyone without severely hurting anyone.
Posted on Reply
#4
Shihabyooo
I doubt regulating an international currency that you don't control its prints or what defines its value is even remotely possible. Simply dictating the exchange wouldn't make sense, since that would just push the currency's users to exchange it abroad. And I doubt other markets would be happy bleeding real world money to yours...

Wouldn't it be safer to just treat it as a commodity until someone figures out how to sort this mess?
Posted on Reply
#5
lexluthermiester
"R-T-B said:
If it just stopped, it would hurt a lot of people.
Yeah, but GPU prices would return to normal..
Posted on Reply
#6
evernessince
"lexluthermiester said:
Yeah, but GPU prices would return to normal..
AMD just announced that they are ramping production so we should see prices go down anyways. This is the move AMD nor Nvidia wanted to take in case there is a bubble like last time. Nvidia prices should return to normal quicker than AMD cards. AMD needs to somehow get cards to gamers as their cards are way too desirable for miners.
Posted on Reply
#7
iO
Sadly, I dont think there will be any regulation. There is simply too much money to generate and the majority of banks gambles with coins in some form.
Their lobbying will stop everything in that direction or only useless or watered down bills will pass...
Posted on Reply
#8
R-T-B
"lexluthermiester said:
Yeah, but GPU prices would return to normal..
My point is you can acomplish that without a petty desire for revenge.
Posted on Reply
#9
dicktracy
South Korea? You mean Samsung lol. It’s just so convient that SK won’t ban it right after Samsung announces commitment to the mining market.
Posted on Reply
#10
lexluthermiester
"R-T-B said:
without a petty desire for revenge.
The mining community has made it difficult(read nearly impossible) to build PC's with a gaming GPU in a cost effective way, which is hurting business and income for several entire market sectors, mine included. While vengeance is a bit harsh, you're not going to see people like me shed any tears over the governments of the world roping things in to get it all under control and stabilize the effected markets. NVidia and AMD also need to self regulate by making mining focused cards that have no video functions/output at a competitive price.
Posted on Reply
#11
R-T-B
"lexluthermiester said:
The mining community has made it difficult(read nearly impossible) to build PC's with a gaming GPU in a cost effective way, which is hurting business and income for several entire market sectors, mine included. While vengeance is a bit harsh, you're not going to see people like me shed any tears over the governments of the world roping things in to get it all under control and stabilize the effected markets. NVidia and AMD also need to self regulate by making mining focused cards that have no video functions/output at a competitive price.
I know, it's an issue, but look at it from another perspective: Mining has also created an entire industry with jobs and workers and everything in between. It's not all bad.

We don't need to throw punches at each other to fix this problem.
Posted on Reply
#12
lexluthermiester
"R-T-B said:
Mining has also created an entire industry with jobs and workers and everything in between. It's not all bad.
And that's a good point, thus my statement. It seems easy to understand why this has gotten so heated. I have had to inform at least 20 clients in the past 6 weeks that the video cards they wanted to upgrade to now cost more than the computer they are going into. And many of those are not inexpensive systems. It's ridiculous. The entirety of several whole industries should not be made to suffer because one minor(but growing) community wants to make money. This kind of situation is why we have governments and regulations. They exist to bring some level of balance and order to things that might otherwise get out of control.
Posted on Reply
#13
R0H1T
"Shihabyooo said:
I doubt regulating an international currency that you don't control its prints or what defines its value is even remotely possible. Simply dictating the exchange wouldn't make sense, since that would just push the currency's users to exchange it abroad. And I doubt other markets would be happy bleeding real world money to yours...

Wouldn't it be safer to just treat it as a commodity until someone figures out how to sort this mess?
Except it's not a currency let alone an intl one!

Yeah that's what it is right now, commodity cum speculative bubble.
Posted on Reply
#14
R-T-B
"R0H1T said:
Except it's not a currency let alone an intl one!
We've been over this before on this forum. People can and do spend it on things. That makes it a currency. Call it a shitty one if you want, but currency it is.

And it is by nature international.
Posted on Reply
#15
techy1
There is light at the end of the tunnel - I do not have crystal ball - so I wont speculate about crypto curency value swings. BUT as you all know if more miner hardware enter the game - then more difficulty rises... and in past 1-2 months a shitton of gpus entered the game... there fore mined coin amount reduces around -5% per day (I checked this on ETH)... so after 15-20 days mined coin amount will be roughly -50% from the number what miners get now... and numbers today shows that it is barely profitable anymore (because it was +100% or aka: "I am gonna be rich" level of profitable just 15-20 days ago)... so max 2 weeks and none will grab any gtx 1070 for 600$ (which would be a bargain now or 2 weeks ago :D)... and this calculation is in time when ETH costs near it max - 1100$ (no crypto is crushed down), some may say: "ok it is about EHT, that is so 2017... but what about the "whatever next big thing" coin that everybody mines now?" - my answer: same rules apply - every 15-20 days their income will be halved (thus if that curency does not rise +100% in the same time - which is possible in this hype time).
Posted on Reply
#16
R-T-B
"techy1 said:
There is light at the end of the tunnel - I do not have crystal ball - so I wont speculate about crypto curency value swings. BUT as you all know if more miner hardware enter the game - then more difficulty rises... and in past 1-2 months a shitton of gpus entered the game... there fore mined coin amount reduces around -5% per day (I checked this on ETH)... so after 15-20 days mined coin amount will be roughly -50% from the number what miners get now... and numbers today shows that it is barely profitable anymore (because it was +100% or aka: "I am gonna be rich" level of profitable just 15-20 days ago)... so max 2 weeks and none will grab any gtx 1070 for 600$ (which would be a bargain now or 2 weeks ago :D)... and this calculation is in time when ETH costs near it max - 1100$ (no crypto is crushed down), some may say: "ok it is about EHT, that is so 2017... but what about the "whatever next big thing" coin that everybody mines now?" - my answer: same rules apply - every 15-20 days their income will be halved (thus if that curency does not rise +100% in the same time - which is possible in this hype time).
Difficulty will certainly come into play as well the next production run of GPUs targeting a higher market demand.

People are just impatient as heck.
Posted on Reply
#17
TheDeeGee
The earth is gonna die anyways, so why not speed it up with the most ineffecient way of earning money.
Posted on Reply
#18
Indra18
https://www.coinwarz.com/charts/difficulty-charts

Difficulty will soon KEY to future support of 1000 crytpocurencies but many people are in "limbo" and do not hear .. . becouse: if you lose income on your RIG -50% soon and ROI become 1 year + or more..)) good luck
they say : i will change to other crytpo.. yes but that cost nearly nothing. .. until somebody start pump 100 milions to another crypto or maybe no..
also think abou samcung-chinese asi asiic new hw,,
Posted on Reply
#20
R-T-B
"TheDeeGee said:
The earth is gonna die anyways, so why not speed it up with the most ineffecient way of earning money.
I wish someone would calculate the energy wasted on gaming just so we could counter-shame the energy shamers and point out their hypocrisy.

I'm sure it wouldn't be as bad, but then again, gaming doesn't do ANYTHING, even run a payment network.
Posted on Reply
#21
moproblems99
"lexluthermiester said:
And that's a good point, thus my statement. It seems easy to understand why this has gotten so heated. I have had to inform at least 20 clients in the past 6 weeks that the video cards they wanted to upgrade to now cost more than the computer they are going into. And many of those are not inexpensive systems. It's ridiculous. The entirety of several whole industries should not be made to suffer because one minor(but growing) community wants to make money. This kind of situation is why we have governments and regulations. They exist to bring some level of balance and order to things that might otherwise get out of control.
So what you are saying, is that you think the government needs to step in because people can't get video cards to game on at MSRP? So, you probably thought it should have been the government that needed to investigate Tom Brady and the Patriots as well.

Let's see, how much debt does the US Government currently run?

Our government is completely inept at anything. They should have as little reach as possible because they cannot put the people first. Instead, they put party and themselves first. Unfortunately, it seems the average person thinks the same exact way. I mine. I game. Both give me enjoyment. I like building the mining rigs or building them for other people. Just like others get pleasure from gaming. My pleasure does not outweigh their pleasure and the opposite is true.

The overarching problem here is selfishness and greed - by BOTH parties. Gamers need to pull their heads out of their asses and realize that gaming does nothing but waste resources and energy as well. It would also be great if miners could find a way not to buy every card available. Unfortunately, that is the market right now. I am sure miners would much rather have a solution instead of running a farm of a few hundred gpus.

As a side note, tell your clients to pony up some money or come back later when they can afford to play.

The moral of the story here is this, Go outside and play. The world is a wonderful place and you don't need to spend it behind a computer screen wasting energy, resources, and yourself. Consider this market a blessing and go out and experience the world.

EDIT: Lex, I just want to point out that I understand your frustrations are not the same as a typical gamer. This is more of a broad statement.
Posted on Reply
#22
Captain_Tom
"nickbaldwin86 said:
darn... I was hoping they and everyone else would just stop! here is to hope
Every year it gets harder for me to believe that there really are people as ignorant as you still speaking about this market in that way lol.
Posted on Reply
#23
lexluthermiester
"R-T-B said:
I wish someone would calculate the energy wasted on gaming just so we could counter-shame the energy shamers and point out their hypocrisy.
I'm sure it wouldn't be as bad, but then again, gaming doesn't do ANYTHING, even run a payment network.
We could also stop letting it be about ego and focus on the practicalities of the problem.(not aimed at you) But read below.
"moproblems99 said:
So what you are saying, is that you think the government needs to step in because people can't get video cards to game on at MSRP?
That is too narrow a focus. These problems are negatively affecting several related industry sectors all at once. And yes, the reality is that cryptocurrency is at it's root a currency. It needs regulation.
"moproblems99 said:
Gamers need to pull their heads out of their asses and realize that gaming does nothing but waste resources and energy as well.
Happen to be a gamer as well. I find the attitude of that statement to be as ignorant as it is misinformed. The benefit of gaming is defined by the individual playing games, not by someone making statements like the above. I personally play games to relax, to escape the real world for a time, to be challenged or to just have fun doing something in the virtual world I could never do IRL. For you or anyone else to marginalize the value of such is to insult the very fabric of a person's character. Put another way, for most people playing games is for fun and the benefit of having fun can never understated. The mining community is sucking up GPU's out of greed. If the governments of the world were to ban it, the effect would be minimal and the world would go on as it did before cryptocurrency. Playing games, not just of the video kind, is an integral part of human culture.
"moproblems99 said:
As a side note, tell your clients to pony up some money or come back later when they can afford to play.
Go be a business owner at try telling your clients that.
"moproblems99 said:
The moral of the story here is this, Go outside and play. The world is a wonderful place and you don't need to spend it behind a computer screen wasting energy, resources, and yourself. Consider this market a blessing and go out and experience the world.
Again with an ego driven insult. Are you God, do know everything about everyone? I think maybe not. How about you be less greedy? And perhaps even mind your own business. What people do with their own free time is their own business and none of anyone else's. Your statement implied those who game spend all of their time doing so.
"moproblems99 said:
EDIT: Lex, I just want to point out that I understand your frustrations are not the same as a typical gamer. This is more of a broad statement.
No, I don't think you do. The problems being caused by the cryptomining community are having an affect on the livelihood of entire market sectors, including business owners like myself. That's not a broad statement, it's a very narrow-minded statement that is condescending and insulting to a great many people. What are you going to say next, that we should all go get real jobs? We'll just hold up a mirror for you to view into.
Posted on Reply
#24
moproblems99
"lexluthermiester said:
Put another way, for most people playing games is for fun and the benefit of having fun can never understated.
I don't understand. How is building rigs, modifying bios, overclocking/undervolting, etc. all in the name fun, any different than gaming for fun? Are all funs not equal? This is what I don't understand. The selfishness that somehow your fun is more important than someone else's fun is confusing. I also don't understand where you got that I was insulting your character.

"lexluthermiester said:
Go be a business owner at try telling your clients that.
I tell people that all the time at my job when they can't afford our services.

"lexluthermiester said:
Again with an ego driven insult. Are you God, do know everything about everyone? I think maybe not. How about you be less greedy? And perhaps even mind your own business. What people do with their own free time is their own business and none of anyone else's. Your statement implied those who game spend all of their time doing so.
Do you know how many cards I have? What if I just use my two 1070s that I also game on? I agree that what people choose to do with their free time is up to them, free will is great! Sometimes I wish it was reciprocated. No where did I imply that people spend all their time gaming. I was merely suggesting that while the market corrects itself, explore this wonder world. There are great treasures like Mt. Rushmore, the Grand Canyon, the Rockies, the Everglades, the Ozarks, the Appalachians that one could go see and enrich their lives.

"lexluthermiester said:
No, I don't think you do. The problems being caused by the cryptomining community are having an affect on the livelihood of entire market sectors, including business owners like myself. That's not a broad statement, it's a very narrow-minded statement that is condescending and insulting to a great many people. What are going to say next, that we should all go get real jobs? We'll just hold up a mirror for you to view into.
I really believe I do. I understand that your industry is struggling. Is the internet bad because it killed newspapers? I guess we should subsidize them to keep them around. However, like all systems, while yours is struggling - another is thriving. It's just the way it works. When life gives you lemons, make lemonade. Build mining rigs and sell them. I bet you could make just as much money. People are free to do whatever work and live whatever lifestyle they want. I could care less. But that's the beauty of it.

I give free hugs and it sounds like you need one. Cheer up and have a brilliant night/rest of your day.
Posted on Reply
#25
R-T-B
"lexluthermiester said:
Happen to be a gamer as well. I find the attitude of that statement to be as ignorant as it is misinformed. The benefit of gaming is defined by the individual playing games, not by someone making statements like the above. I personally play games to relax, to escape the real world for a time, to be challenged or to just have fun doing something in the virtual world I could never do IRL. For you or anyone else to marginalize the value of such is to insult the very fabric of a person's character. Put another way, for most people playing games is for fun and the benefit of having fun can never understated. The mining community is sucking up GPU's out of greed. If the governments of the world were to ban it, the effect would be minimal and the world would go on as it did before cryptocurrency. Playing games, not just of the video kind, is an integral part of human culture.
I enjoy mining. I actually enjoy the process and find it challenging, fun, and something I could not do elsewhere. Sound familiar?

But yes, we need to stop with the ego insults. Both sides. There are two sides to every coin.

I'd say the cure is patience. I feel strongly that the next production run will target correctly and solve most everything just fine. You just need to learn to ride the market conditions.
Posted on Reply
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