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brandnewrenaissance

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  1. This is a video of a national assembly member (congressman) questioning officials of the FSS (Financial Supervisory Service). It's in Korean so I'll give you the highlights. 1. Government officials don't understand blockchain They were asked what they knew about block chain and admitted not much. The nat. assembly member chastised them for making announcements regarding banning blockchain and exchanges when they clearly didn't know what blockchain was. -The funny part was when the nat. assembly member asked the official if he was embarrassed by his lack of know
  2. I don't know if people were expecting a bull run. This was not the issue. The concern was if banks/cryptoexchanges didn't increase the number of new accounts, it may be part of a plan to ban crypto markets, also there would be little new money flowing into the market. This led to selling. It is now clear this is not true. They will allow new accounts to be created. How this affects the market? I don't know.
  3. 1. Korean government will allow cryptocurrency trading. It has made an announcement during a press briefing. It will allow it but cautioned people to do so prudently. It also made people aware that it would not offer protections for people who suffered losses in the market. I think the caveat that it would not offer protection is in response to many people who petitioned the government to help them get their money back when they suffered losses. Yes, this really happened. Some people asked the government to help them reclaim money that they lost trading crypto. Their logic was that b
  4. You're welcome. As I mentioned before. There is news on message boards about the Moneygram agreement and most comments about it are positive. It would be fair to say there is a lot of discussion. However, it hasn't reached a mania like level. I'm sure there would have been much more discussion of Moneygram if it weren't for the bomb that was dropped by the ministry of justice yesterday.
  5. Interesting read. However, I want to add that there was no "raid" on exchanges. The government announced beforehand they would be visiting and inspecting exchanges to ensure they were complying with government guidelines. You can't call it a government "raid" if the government announces they are going to exchanges. I feel this added to yesterday's panic.
  6. The banks haven't been opening new accounts since December 29. The government banned virtual accounts and said they needed time to match accounts on crypto exchanges with 1 real bank account. I don't know the answer to your second question. Your guess is as good as mine. There is a lot of FOMO but there is a noticeable increase in trolls talking about bubbles/crypto exchage bans.
  7. Yes, but the news was muted because of the fiasco of yesterday (ministry of justice announcement of a possible move towards banning exchanges). Many people were / are skittish about jumping back into the market. I spoke to somebody who said, if not for the ministry of justice announcement yesterday, XRP had a chance to jump up to 5,000 won. I think that is an exaggeration but his point that it would have given a substantial boost to XRP prices is probably correct. Today, there is some news about the Moneygram agreement. The vast majority of Korean crypto investors don't know much abo
  8. Many people in Korea were hesitant to invest because the direction the government wanted to take was unclear. Additionally, there were plenty of trolls in Korea scaring crypto investors saying the government would close all crypto exchanges. It appears the uncertainty about government regulations may have dissipated Originally, it was planned that all exchanges were not going to open new accounts until about January 21st so the government could match all crypto exchange accounts to a real bank account. However, yesterday's announcement by the minister of justice caused confusion. A
  9. This comes from the Blue House (the Korean equivalent of the White House) Basically, the ban on crypto exchanges in Korea is NOT the position of the government. He says many different ministries have different positions on cryptocurrencies. A decision on cryptocurrencies must be based on the views of many different ministries. He says what was announced today was the opinion of the ministry of justice, not a decision made by the government. He notes some ministries want to "nurture" these core technologies. http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=100&a
  10. Some members of the task force on cryptocurrency were surprised by the announcement that exchanges were to be banned because an agreement was not reached. Not all participants (ministries) in the task force think banning exchanges is a good idea. http://www.edaily.co.kr/news/news_detail.asp?newsId=03109446619076736&mediaCodeNo=257&OutLnkChk=Y
  11. For Korean investors already in crypto, this is correct. However, government regulations create barriers. First, ultimately most investors want to convert crypto back into fiat. They are investors for profit not because they believe in the technology or want to disrupt the way money is currently handled. If the government makes it difficult to convert from fiat into crypto, or vice versa, that is a barrier to investment/exchange of crypto. Think back to the days when people who wanted to trade crypto would sometimes arrange to meet strangers in person to exchange bitcoin for money. A
  12. There are currency remittance laws in Korea. The government restricts money leaving the country. You can do this with some money but not large sums. You can send up to 50,000 dollars a year from Korea to another country. However, if it is being sent to a business, you may be asked to provide documentation explaining who will be receiving that money and for what purpose. Right now, the government is pressuring banks to not send any money related to crytpocurrency outside the country. I spoke to people at branches of a number of banks about this (Shinhan, KEB/Hana, SBI). They said they
  13. This article seems most legit. However, I take issue with the word "raid". That word seems unnecessarily harsh. I read in another paper where the government termed it a "visit". The government announced they would be visiting exchanges to see if they were following government guidelines before they went to the exchanges.
  14. 01.11.2018 Korea sell off with some notes about the Korean crypto investor There is is a sell off in all crypto in Korea at the moment. (Edit, seems to have bottomed out since I began writing this article.) I write this post to give people a little insight into the Korean market. I want everybody to understand that there is great enthusiasm, and instability. Don't place too much faith in the Korean crypto investor. Case in point, Roger Ver was recently on Korean TV to talk about cryptocurrencies. However, most people were talking about a 23 year-old who was also on TV because h
  15. This is good. It gives crypto legitimacy and recognition. It should encourage new people who were worried about fraud and uncertainty to invest. The drawback is that it is one step closer to taxes. Taxes are inevitable anyways.
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