S. Korean Cryptocurrency Ban Prompts Koreans To Go Nuts; 100,000 Sign Petition For Finance Minister To Resign
See, this is why it is still so risky to keep your assets tied up in a wallet on some crypto exchange. Those miscreants are liable to get shut down by authorities at any given moment and their offices get raided by police on a consistent basis, just for sport. That’s the real-world equivalent to the feds walking into your bank one day, uninvited, tossing papers around and shutting them down. I don’t blame them either – if I had authority to shut my local bank down for fun I’d be doing the same.
The Koreans take this crypto game seriously. North of 40% of all volume on certain cryptos like XRP are traded in S Korea. As a matter of fact, they love cryptos so much there that traders are willing to pay a ‘Kimchi premium’, a term dubbed by the crypto community for trades done in Korea since spreads there are higher than anywhere else in the world (lol).
I find this news somewhat laughable. Within 24 hours of the crypto trading ban announcement they managed to round up 100k people to sign a petition for the finance minister to step down. That in itself is living proof of the emotion in this industry, and the amount of people that have gambled their lives on the future of digital coin. Seriously, the finance minister doesn’t give a damn what a bunch of Bitcoiners have to say, nor should he. On the same token, he also shouldn’t interfere with whatever is going on in the crypto space, and stay focused on the fiat currency in front of him.
As for cryptocurrency prices? Don’t worry about that, they will be fine. The top is never created through forced manipulation in the markets, especially not by governments. The top will be in through a negative catalyst that undermines the sentiment of the core crypto community, completely unrelated to mainstream news flow. When that happens, prices will gap lower and never look back, and HODLers will be put on suicide watch. Until then, these events are just minor obstacles on the way to higher prices.
For Christs sakes, leave these crypto guys alone and let them blow up on their own.