Market update: January 18th 2018. According to several outlets, regulations of crypto currencies in South Korea will be decided today, thursday 18th January. AND south korean officials caught insider trading.

in #bitcoin7 years ago (edited)

For those who haven't followed the drama up close, the FUD started on January 11th with the Minister of Justice in South Korea saying that the closing of crypto-exchanges is planned in the country.

 

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But in response the administration of the president stated that such a decision had not yet been finally approved. And according to several outlets, regulations of crypto currencies in South Korea will be decided today, thursday 18th January.

As many of you know, South Korea has been THE most crypto-hungry country in the world. It is estimated that as much as 30% of all able working bodies own some type of crypto currency. And the country has become sort of a closed ecosystem because of that - with prices diverging from those in the rest of the world.

Petition against ban get 220,000 + signatures

After the rumors of a ban, a petition was created on December 28. The creator described how cryptos enabled people to improve their life and social standing.

“Our people have been able to make a happy dream that they have never had in Korea because of virtual currency…I might be able to buy a house in Korea where it is hard [for me] to buy my house.”

Oh no..we can't have any of that! People improving their lives dramatically due to free markets.

A petition of more than 200,000 qualifies to a response from the government.

And as all this is going on, new exchanges are popping up. High demand for cryptos.

South Korean officials caught insider trading

https://news.bitcoin.com/south-korean-officials-caught-trading-on-insider-knowledge-of-crypto-regulations/

South Korean government officials have reportedly been caught insider trading. They sold all of their cryptocurrency holdings and profited just before the regulators announced crypto regulatory measures. The country’s Financial Supervisory Service is investigating the case.

What is going on is basically that crypto currencies are forcing governments to reveal themselves for what they are. Sure, anarchists, red pilled and ancaps have long understood what governments really are; oppressive, violent systems that operates in exactly the same way - or actually worse, than the mafia.

With cryptos it's really hard to do it half ways, because legalizing them means you accept free trade between people based on whichever currency they chose. And since a lot of crypto trading and peer2peer payments can be done semi-anonymous or for some coins even 99,999% anonymous, governments face the possibility that they won't be getting as much taxation. And taxation is the blood governments need. And not only that;

Governments need an every growing increase of blood to keep the ponzi scheeme known as government and FIAT currencies rule afloat.

So while people are so concerned about Bitconnect being a scam, they should look at their own governmental structure, and financial structure. It's not but a huge pyramid scheme. And they know it - for why else would they be so fearful of a competing currencies? FIAT-currencies are in the biggest bubble ever known to man, and makes the Bitcoin "bubble" look like a ant's fart in comparison.

Governments however, are not stupid

 

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At the same time, governments have throughout the ages learned that granting their livestock some freedoms, have made us more productive and actually more OK with paying high taxes. We have learned that with cows as well. Cows produce more and better milk if granted a little bit of grass and freedom. We pay more taxes and fees now than at any other period in history. The story of Robin Hood portrays a period in time where people paid about 20% in taxation. Anything above that and they wouldn't make it. Today however, things are different, and in countries like Norway, we pay up to 60% in taxes and fees combined. Imagine how incredible our lives could have been if we had private control over that extra 60%..

So they know that this is a game changer. They know that they must either go full out totalitarian fascist on peoples asses and ban a string of code on the Internet, jail people from sending it back and forth etc. Which of course will reveal their true identity.

OR, they can "regulate it" somehow find a way to tax it, have control over it, and make it about 60% worse than it could have been in a free market. Inhibiting it. And that's what they are trying to figure out how to do in record speeds. And since time is of the essence here, they will make some bad decisions and faulty regulations.

But that is just how it is, and that is what's causing the FUD in people. Markets will be volatile in the years to come. It all depends on how much freedom the governments grants us. Because I don't think there will be a revolution. People will probably never stand up to governments. Most people are perfectly comfortable and satisfied by being ruled over. Even many people in the crypto community is begging for regulations and governments to intervene. "Oh no..the prices are going up too fast. I have to pretend to be this sensible little twat and ask for government regulations"

 
 

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They obliterated half a trillion dollars!
Our fucking money!
I have upvoted and resteemed this post♨

One really hot piece of text this one my friend. Congrats.

The story of Robin Hood portrays a period in time where people paid about 20% in taxation. Anything above that and they wouldn't make it. Today however, things are different, and in countries like Norway, we pay up to 60% in taxes and fees combined. Imagine how incredible our lives could have been if we had private control over that extra 60%

That's good shit!

The real taxation however is usually higher if you include all sugartax, cartaxes and so on. And while we would be far better of keeping those lets say 60% for simplicity, the fact is that these 60% are funding a system that in reality works like an anchor. Now, try driving you boat with the ancor at the bottom, you might get somewhere, but it's really slow and takes a lot of energy.

This system is incetivising lazyness making it more difficult to find qualified workforce, and at the same time putting up big walls for aquiring real value. Like housing, their regulation, which is possible because the regulators are payed by this money, is somewhere between 10 and 30 times as expensive as if there where no regulations on housing. All included then. Even the complicated tax rules works like an anchor. Businesses beening forced to use a lot of capital and resources to comply.

In reality, the fact that we are still able to generate wealth, and improving life conditions for each other with this big anchor at our feet, is a great testimonial to our ability to create real value for each other. Really amazing.

Love the anchor analogy. That's exactly what governments are - anchors of human achievement.

Thanks for the input, brah!

Really valuable information right there, thanks for it!

News is that South Korea just does not have the power for regulations like that, so ban is just literally impossible. Let us hope the markets realize this soon enough!

@originalworks

Lol. "It is the wild west. The Sheriff also steals from the saloon"

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Today however, things are different, and in countries like Norway, we pay up to 60% in taxes and fees combined. Imagine how incredible our lives could have been if we had private control over that extra 60%..

Do you think that the insane amount of consumer debt here in Norway (in relation to the amount of advertisements you see for consumer credit) is or could be correlated with the high amount of taxes? This might sound rhetorical, but I really don't know. However, my hypothesis is that, potentially, the amount of debt load one must take is in proportion to how much one can exploit from their labour; if they cannot exploit it to it's fullest potential in a consumerist society, they end up in debt much quicker than it should be.

For what it is worth, that 60% comes in both income, potentially wealth, and sales taxes (MVA, which amount to 25%, except for certain food products that last time I actually paid attention to a grocery receipt). And don't even dare to even include alcohol or tobacco.

Many people all around the world want to defer their financial wealth be it to government, the movements of the stock market or advisors. I think bearer instruments like precious metals or bitcoin is vote with your money, particularly when you are willing to hold it yourself.

Interesting theory. Didn't quite get my head around it. Maybe you could explain more in depth?

Well..it's a complicated and interesting question/theory you're asking/proposing..

High taxes, fees and regulations certainly incentivize debt driven economy. You always hear people saying " loans are basically free" and they are. I'm not sure if that's directly related to taxation, but I guess on some level it is? Since people try to avoid paying taxes (no one pays taxes with a smile around their mouth. People SAY they do, but we all know they are hypocritical assholes) they try to find as many loopholes as possible.

Came to think of it..as most norwegians identify as anti-capitalists..have you ever heard or seen a norwegian brag about how much they sold their house for? EVERY TIME :) "The market decides" "You know, it's all about supply and demand you know" lol..hypoctrites. NOW free markets are allright in your book, just because you finally made some money.

I'm not sure if that' what you meant?

Great update! I had hear it would be Monday, so I'm glad to hear more news on South Korea's stance today. Insider trading and the possible banning of exchanges, they are riding some risky waves!

Finally, thanks for giving a very simple explanation of how and why governments grant people small freedoms, but are worried about the big ones. Great post!

Cheers! You should follow this dude on twitter. This is latest.

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He makes a great point, I'll definitely give him a follow thanks!

Very nice work, i share the same thoughts with you, but i believe that there is something bigger. i would be more than happy if you visit my last post about the elite who control the wealth of the world.

OMG @scandinavianlife!🙈

The corrupt Korean government officials did what just before the planned cryptocurrency ban?😐

They SODLEDED crypto currencies :)

Invest what you're able to lose... if not, whether it's good project or not, this may be your end, too. We're enthusiastic about decent #crypto and 100% sure of some things but, in the end, you never know right.

Really they are making a decision today on this? I had not heard that... either way things could get very interesting today if that is the case...

This post has received a 5.32 % upvote from @booster thanks to: @scandinavianlife.