Also worth noting is that South Korea is considered to be a country with a serious gambling problem
https://www.koreatimes.co.kr/www/nation/2019/11/119_255191.h...
This is partly due to the fact that upward mobility in South Korea is notoriously hard without the right connections and also the reason why the country went full YOLO on ICOs in 2017.
Still even with the current ruling only spot exchanges are legal and derivates are still not allowed which means koreans exchanges are still not allowed to offer shitcoin futures with 125x leverage.
> This is partly due to the fact that upward mobility in South Korea is notoriously hard without the right connections
This is perceived to be the case, yes, but I have seen no evidence indicating that it is in fact the case. In fact, all measures I can find put Korea somewhere around the middle of developed countries in social mobility.
The title is a bit misleading. The crypto exchange was legal already. The new law seems to consider crypto exchanges regular financial institutions, thus more regulated. As a result crypto is expected to be more trusted industry.
> One of the main caveats to the enactment of the amendment is that cryptocurrency exchanges will need to comply with reporting requirements. Although the larger exchanges mostly comply with the new rules already, small and medium-sized exchanges may have trouble obtaining the contracts to reach full compliance.
In this phase of blockchain/cryptocurrency a link is created between the two worlds that is neither cryptoanarchist nor anticrypto. We are seeing different strategies on how states are dealing with this. For example, Germany initiatives [1] are different than US state based ones [2].
Even if we don't agree, cryptocurrencies are now an unstoppable force. We can say that the worst case scenario for cryptocurrencies would be to share the same destiny as the BitTorrent protocol [3] where there is a lot of usage but is not popular. Cryptocurrencies are moving beyond BitTorrent fate because there are many financial institutions, regulators, etc that are connecting these two worlds.
Ironically, it is more practical to use stable coins for global transfers than the volatile currencies in the permissionless blockchains that host these stable coins [4], and also more practical and cheaper than a wire transfer between two US accounts.
I am not saying that cryptocurrencies are not used for illicit purposes also, or that there is some magic intrinsic value behind them. Just saying the in the political context cryptocurrencies are gaining territory.
> Even if we don't agree, cryptocurrencies are now an unstoppable force.
I'm sorry, but this is far from obvious.
> We can say that the worst case scenario for cryptocurrencies would be to share the same destiny as the BitTorrent protocol [3] where there is a lot of usage but is not popular.
Actually, the worst case is a crash and the whole scene collapsing in a mess of criminal trials and bitter recriminations.
Just because cryptocurrencies are 'legalised' doesn't mean a whole lot for the long term. In fact I would hope to see this sort of thing result in much more active enforcement of existing legal and financial protections, something the cryptocurrency scene has been unnervingly able to dodge so far.
> gaining territory
Not in many places. They seem to be seen by most folks I encounter as both passe (that was so 2017!) and basically as crimebux.
I'm also enjoying the frantic handwaving away of power usage concerns in the wake of the current rebirth of the green movement, post Thunberg.
What's the point of starting your comment by unnecessarily painting this entire community with such a broad brush and dismissing the nuanced opinions on cryptocurrencies found here? What does it add? It just makes me more skeptical of whatever you're about to say, to the point where I barely feel like it's worth reading.
Stablecoins so far are not able to be cryptocurrencies. They involve the oracle problem. No functional cryptocurrency operates w outside data like that.
[+] [-] proy24|6 years ago|reply
Still even with the current ruling only spot exchanges are legal and derivates are still not allowed which means koreans exchanges are still not allowed to offer shitcoin futures with 125x leverage.
[+] [-] solveit|6 years ago|reply
This is perceived to be the case, yes, but I have seen no evidence indicating that it is in fact the case. In fact, all measures I can find put Korea somewhere around the middle of developed countries in social mobility.
[+] [-] kbumsik|6 years ago|reply
> One of the main caveats to the enactment of the amendment is that cryptocurrency exchanges will need to comply with reporting requirements. Although the larger exchanges mostly comply with the new rules already, small and medium-sized exchanges may have trouble obtaining the contracts to reach full compliance.
[+] [-] wslh|6 years ago|reply
Even if we don't agree, cryptocurrencies are now an unstoppable force. We can say that the worst case scenario for cryptocurrencies would be to share the same destiny as the BitTorrent protocol [3] where there is a lot of usage but is not popular. Cryptocurrencies are moving beyond BitTorrent fate because there are many financial institutions, regulators, etc that are connecting these two worlds.
Ironically, it is more practical to use stable coins for global transfers than the volatile currencies in the permissionless blockchains that host these stable coins [4], and also more practical and cheaper than a wire transfer between two US accounts.
I am not saying that cryptocurrencies are not used for illicit purposes also, or that there is some magic intrinsic value behind them. Just saying the in the political context cryptocurrencies are gaining territory.
[1] Germany on chain: National Blockchain Strategy Released - https://medium.com/@philippsandner/germany-national-blockcha... & Bitcoin officially recognized as a legal financial instrument in Germany: https://www.somagnews.com/bitcoin-officially-recognized-lega...
[2] State Regulations on Virtual Currency and Blockchain Technologies: https://www.carltonfields.com/insights/publications/2018/sta...
[3] File-Sharing and VPN Traffic Grow Explosively: https://torrentfreak.com/filesharing-and-vpn-traffic-grow-ex...
[4] The Rise of Stable Coins: Beyond Facebook Libra: https://www.linkedin.com/pulse/rise-stable-coins-beyond-face...
[+] [-] Nursie|6 years ago|reply
I'm sorry, but this is far from obvious.
> We can say that the worst case scenario for cryptocurrencies would be to share the same destiny as the BitTorrent protocol [3] where there is a lot of usage but is not popular.
Actually, the worst case is a crash and the whole scene collapsing in a mess of criminal trials and bitter recriminations.
Just because cryptocurrencies are 'legalised' doesn't mean a whole lot for the long term. In fact I would hope to see this sort of thing result in much more active enforcement of existing legal and financial protections, something the cryptocurrency scene has been unnervingly able to dodge so far.
> gaining territory
Not in many places. They seem to be seen by most folks I encounter as both passe (that was so 2017!) and basically as crimebux.
I'm also enjoying the frantic handwaving away of power usage concerns in the wake of the current rebirth of the green movement, post Thunberg.
[+] [-] Hinrik|6 years ago|reply
What's the point of starting your comment by unnecessarily painting this entire community with such a broad brush and dismissing the nuanced opinions on cryptocurrencies found here? What does it add? It just makes me more skeptical of whatever you're about to say, to the point where I barely feel like it's worth reading.
[+] [-] blueprint|6 years ago|reply
[+] [-] qroshan|6 years ago|reply
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[+] [-] slovenlyrobot|6 years ago|reply
[+] [-] 9nGQluzmnq3M|6 years ago|reply
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[+] [-] pjc50|6 years ago|reply
The entire space keeps turning up scams and collapses, especially of exchanges. How many days is it since an exchange exit scam now?