Rippled Recked Amid Crypto Carnage As South Korea Launches Probe

[frankg 41]

https://www.zerohedge.com/news/2018-01-08/south-korean-probe-sparks-crypto-carnage

 

Quote

Amid headlines that South Korean regulators are inspecting 6 banks, including Industrial Bank of Korea, that provide virtual accounts to companies related to cryptocurrency, has sparked selling pressure across the entire space with Ripple down almost 20% today.

Bloomberg reports that South Korea's Financial Services Commission Chairman Choi Jong-ku said in a speech text:

There’s high possibility cryptocurrency transactions could be used in money laundering.

South Korea to suspend virtual account- related operations of banks if they are found to have broken laws related to cryptocurrency.

Regulator also strengthen probe into cryptocurrency exchanges over price manipulation, money laundering, pyramid scheme.

Side effects of cryptocurrency "serious"; regulator will consider all measures including shutdown of cryptocurrency exchanges.

Cryptocurrency fever in S. Korea is much stronger than other countries; regulator won’t let S. Korea take the lead in abnormal cryptocurrency trading.

And the last few days have seen that Korean exuberance being smashed out of cryptos.

 

[LordVetinari 3,813]

And for a slightly less bombastic take... 

 

[Still1 409]

10 minutes ago, frankg said:

https://www.zerohedge.com/news/2018-01-08/south-korean-probe-sparks-crypto-carnage

 

 

Maybe this will turn out to be a good thing for xrp. I'm guessing they have address the money laundering with the banks if that is who they are intending to work with..

[Guest]

CAN WE PLEASE STOP LINKING TO ZEROHEDGE?!

Everything is a sensationalist headline. It's like the teenage Youtube version of Bloomberg. **** OFF, ZEROHEDGE! 

Edited January 8, 2018 by Guest

[LordVetinari 3,813]

6 minutes ago, Still1 said:

Maybe this will turn out to be a good thing for xrp. I'm guessing they have address the money laundering with the banks if that is who they are intending to work with..

This is a good thing. Right now the 111 accounts they're looking into are mostly  to try to identify bogus pop-up scammers who opened up businesses under very loose guidelines. The major exchanges will be fine. Some customers' accounts will be scrutinized if they moved a lot of money but the investigations are not going to have much affect on day to day traders or investors. 

I would expect volume to be affected most in the short term. 

Only my opinion and something to consider is holders of privacy coins might proceed with an ounce of caution. I won't be surprised if exchanges are forced to remove them from their listings. Anything with a public ledger should be perfectly fine. 

Edited January 8, 2018 by LordVetinari

[frankg 41]

Title of the article changed:

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Cryptocurrencies Stage Stunning Comeback After Flash Crash

Update (1050ET): Ripple crashed down over 30% after the initial headlines then exploded back higher... and Ethereum is now unchanged on the day..

 

[frankg 41]

3 minutes ago, CartoonCrimes said:

CAN WE PLEASE STOP LINKING TO ZEROHEDGE?!

Why?  The articles on zerohedge get tens of thousands of views.  It is worth discussing the implications of what they post.

[RikkiTikki 939]

Actually I'm hoping this plays out well for ripple, this is one thing I always questioned with the coins that tout Decentralization and anonymity was how would  they deter money laundering?  Being that XRP's platform is based on functioning within the regulations of the banking industry maybe XRP comes out shinning like a new token when this is all said and done.  

Edited January 8, 2018 by RikkiTikki

[Guest]

Just now, frankg said:

Why?  The articles on zerohedge get tens of thousands of views.  It is worth discussing the implications of what they post.

If the number of views were a metric for worthiness of discussion, we'd have to post articles from all the most sensationalist gossip-rag trash. 

ZH is consistently hyperbolic, spinning facts, and framing everything they can in terms of a cynical bearish view. There is no evenness to the articles, and often they are rushed off with errors in grammar and spelling. One of the last articles I read there wasn't even finished. The last sentence just cut off...

It is not quality. It is not worth discussing. When bad things happen we all know ZH will jump on it to promote their condescending outsider schtick. It's a surprise to no one. Their perspective is consistently negative, and thus not honest, as it's statistically impossible to only encounter stories worthy of negative reaction. If it's not honest, then what's the point of discussion? So we can all refute it? So we can all dismiss it as FUD? Or be aware that FUD exists? Time poorly spent.

 Whenever I see a ZH headline, I google it to find the topic discussed elsewhere in a format worthy of my time. 

 

 

[frankg 41]

5 hours ago, CartoonCrimes said:

If the number of views were a metric for worthiness of discussion, we'd have to post articles from all the most sensationalist gossip-rag trash. 

ZH is consistently hyperbolic, spinning facts, and framing everything they can in terms of a cynical bearish view. There is no evenness to the articles, and often they are rushed off with errors in grammar and spelling. One of the last articles I read there wasn't even finished. The last sentence just cut off...

It is not quality. It is not worth discussing. When bad things happen we all know ZH will jump on it to promote their condescending outsider schtick. It's a surprise to no one. Their perspective is consistently negative, and thus not honest, as it's statistically impossible to only encounter stories worthy of negative reaction. If it's not honest, then what's the point of discussion? So we can all refute it? So we can all dismiss it as FUD? Or be aware that FUD exists? Time poorly spent.

 Whenever I see a ZH headline, I google it to find the topic discussed elsewhere in a format worthy of my time. 

 

 

I don't disagree with you.  This is why I tag it as such.  I am not trying to push zerohedge as a quality source of anything, except maybe an entertaining comments section.  Until crypto matures it is still widely susceptible to false rumors and FUD, so why wouldn't you want to be aware of all the angles?  I didn't post this for your analysis of their shtick, I posted it so people are aware of what's circulating right now.