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

#26
Captain_Tom
lexluthermiesterWe could also stop letting it be about ego and focus on the practicalities of the problem.(not aimed at you) But read below.

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.

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.
Everything you just said - right back at you sweetheart.

1) Do you know what is also negatively effecting most industries? The modern banking industry.

How many times are we going to allow these money launderers to crash the world economy? How many times are we going to let banks like HSBC fund terrorism and drug wars with no real penalties levied? How long will we let archaic banking cartels arbitrarily tell innocent people that they need to pay a 10% fee just to send money to there families across an imaginary line on a map?


2) How dare you accuse a miner of "marginalizing" gamers, when in reality that miner is punching back at "gamers" who marginalize miners! Do you not get his point?

He isn't actually saying there is anything wrong with gaming, but he is saying that gaming is no more righteous a use of computing power than being paid to help run a transaction network.




In general I am just going to ask: How stupid are some of you when it comes to realizing the scale that we as "gamers" are wasting computing power? Imagine the problems we could solve if we took the combined processing power wasted on Steam every night and instead used to it to REALLY SOLVE THE WORLD'S PROBLEMS. We aren't dealing with 50w 2D-only gaming toys anymore. Vega (for instance) has more computing power than a room-sized mini super computer had just a decade ago. To only use this immense technology on gaming IS a complete waste.

If you just want to "relax", the PS4S can play all of the games you like for 100w buddy!
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#27
R-T-B
Captain_TomHe isn't actually saying there is anything wrong with gaming, but he is saying that gaming is no more righteous a use of computing power than being paid to help run a transaction network.
That was my attempted point, yes. But at this point hostilities have reached a threshold where I think everyone just needs to recognize both sides have legitimate needs, and stop attacking them on that basis.

Fantasy? Perhaps. Let's see.
Posted on Reply
#28
moproblems99
R-T-BBut at this point hostilities have reached a threshold where I think everyone just needs to recognize both sides have legitimate needs, and stop attacking them on that basis.
You generally don't see miners running around saying gaming needs to die and everyone's wallet needs to get hacked. Most miners are gamers too. I can't upgrade my monitor because I can't upgrade my card. I don't mine on any cards that people actually use to game.

EDIT: I actually started with the intention of making enough money to buy a new card. Also, like I said in my last post: When life gives you lemons, make lemonade.
Posted on Reply
#29
lexluthermiester
moproblems99I tell people that all the time at my job when they can't afford our services.
The difference is that the price of your services hasn't artificially tripled in the past 7-8 weeks because of a minor community leaching resources.
moproblems99I 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.
How do you not understand that your "suggestions" are insulting and condescending by implication? They directly imply that gamers don't do those things. They also imply that everyone should be interested in them. Some people couldn't care less about those kinds of activities. You are making assumptions. Stop.
moproblems99Is the internet bad because it killed newspapers?
That's an interesting point. But the internet has replaced newspapers as a medium for accessing and publishing news and information.
moproblems99I give free hugs and it sounds like you need one.
Oh, no thank you. I have a wonderful wife for that kind of thing..
moproblems99Cheer up and have a brilliant night/rest of your day.
Another assumption. I'm having a good day and find this conversation amusing.
R-T-BI enjoy mining. I actually enjoy the process and find it challenging, fun, and something I could not do elsewhere. Sound familiar?
Perhaps, but would you still be doing it if there were no money in it? Gamers game for the fun of it. Miners mine to make money. Even if you enjoy it, you're still doing it to make money. And as a rule, I have no problem with that until it affects my ability to pay my bills and feed my family. Then we have a problem. However, I am with you on the "Let's find a happy middle ground" perspective. Cryptocurrencies are likely here to stay and we all need to adapt to find a way for that new industry to blend peacefully into the rest of the world.
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#30
Captain_Tom
lexluthermiesterThe difference is that the price of your services hasn't artificially tripled in the past 7-8 weeks because of a minor community leaching resources.

Perhaps, but would you still be doing it if there were no money in it? Gamers game for the fun of it. Miners mine to make money. Even if you enjoy it, you're still doing it to make money. And as a rule, I have no problem with that until it affects my ability to pay my bills and feed my family. Then we have a problem. However, I am with you on the "Let's find a happy middle ground" perspective. Cryptocurrencies are likely here to stay and we all need to adapt to find a way for that new industry to blend peacefully into the rest of the world.
For there to be "middle ground", you need to help us reach the middle. That means you compromise and actively try to understand the other side.

1) A $500,000,000,000 industry is not "minor" lol

2) Nothing is stopping you from feeding your family! You can still neglect them by playing your games, but yeah sorry they might not be rendered in 4K cheaply. On the contrary there are plenty of miners who are actually feeding their families through mining. So how about you stop hurting their families by driving up computing product's prices by buying them for gaming? ;)
Posted on Reply
#31
moproblems99
lexluthermiesterThe difference is that the price of your services hasn't artificially tripled in the past 7-8 weeks because of a minor community leaching resources.
They haven't artificially inflated. There is a very real second industry that has found another use for them.
lexluthermiesterHow do you not understand that your "suggestions" are insulting and condescending by implication? They directly imply that gamers don't do those things. They also imply that everyone should be interested in them. Some people couldn't care less about those kinds of activities. You are making assumptions. Stop.
I'm sorry that everything offends you. But, all the complaining in the world isn't going to increase the gpu supply. I am trying to help by suggesting some alternative things to do until the supply issue is resolved. The bonus is that you get to see some amazing things. Also, since it appears you have a family, you also get to spend some really awesome time with them. It is a win, win.
lexluthermiesterOh, no thank you. I have a wonderful wife for that kind of thing..
Congratulations, I wish you both the best.
lexluthermiesterAnother assumption. I'm having a good day find this conversation amusing.
I am glad then that this conversation has allowed you to smile and laugh. Hopefully it has also helped to ease some of the pain of the gpu shortage.
lexluthermiesterAnd as a rule, I have no problem with that until it affects my ability to pay my bills and feed my family. Then we have a problem.
I bet you could put a lot of food on the table by building mining rigs for people. Again, a win, win.

I hope your tomorrow is better than your today!
Posted on Reply
#32
R-T-B
lexluthermiesterPerhaps, but would you still be doing it if there were no money in it?
I've mined when it was pretty much at electric cost, so kinda, yeah.
Posted on Reply
#33
lexluthermiester
R-T-BI've mined when it was pretty much at electric cost, so kinda, yeah.
Really? Kind of curious, what do you find fascinating about it? And do you think this fascination permeates the mining community in general?
Posted on Reply
#34
R-T-B
lexluthermiesterReally? Kind of curious, what do you find fascinating about it? And do you think this fascination permeates the mining community in general?
Same as OC'ers get out of their rigs wringing every last drop of performance out of it I suppose.

It's like that, but with multiple algorithims and no true "best" setting for them all.

Not sure how far this mindset goes really. I seem to be an odd duck... lol
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