Radix_Lecti wrote:Korean plans are:
companies are banned from trading/owning BTC
BTC exchanges will be monitored by government
all private transactions will have to be under 'real name', meaning by using biometrics and social security number.
no BTC purchases in real market allowed (coffee and stuff)
Sounds to me you guys should get out even take a loss if need be.
My experience is that whenever the Korean government announces "'plans"', it turns eventually into law unchanged.
You need to remember that this is precisely the reason Bitcoin was created in the first place. Government crackdown on Bitcoin was always expected. It may be a bad investment choice in the short term as speculators leave the market, but this is actually the very environment it was designed to function in.
This is FUD rather than an actual threat to Bitcoin. The crackdown on exchanges can be mitigated through decentralized exchanges, and cracking down on miners won't do a whole lot as there is no required level of mining. Right now there are 16 exahashes/second on the network and it can easily afford losing some without making a >50% attack feasible. Furthermore there is an increasing appeal for privacy coins which will in combination with decentralized exchanges most likely seal the deal.
This is not a war the governments can win through traditional means. Letting some opposition from South Korea scare the shit out of you just shows you that you are not one to be in crypto for the long term, because this was
expected. The health of crypto will be better without all the lambo-dreamers, and events like this remind everyone of why we are in this in the first place and how urgent it really is. I'm glad this happened even though I "lost" money.
Pay more attention to detail.