The New York Times Jan. 12 2018 (Why Is South Korea Spooking the Global Bitcoin Market?) By: Su-Hyun Lee and Raymond Zhong This article is about the bitcoin market. This article explains why South Korea made the decision to ban cryptocurrencies, and blockchain in general. Overall this article explains South Korea’s viewpoint on the issue of privacy and digital currencies. The recent event of the bitcoin crash not only affected those in Korea, but bankrupted people everywhere. Anyone who at the time had money invested in any cryptocurrency had their savings cut in half. South Korea’s main reason for this pursuit was the fact that not only is bitcoin used for gambling on many websites, but it is a tax free way to exchange money. Therefore it makes it a very easy for drug lords to make big money exchanges without using the government for the transaction at all. At the same time it is an amazing currency for everyone to use because of the fact that there is no middle man. That means that you are in charge of sending the money, no one can take money from your “Wallet” only you can send it. It is in many ways very similar to the popular app, and website PayPal. This event took place in South Korea on January 12, 2018 This took place because South Korea wants to be in control, and they don’t have the ability to tax cryptocurrencies. My personal opinion on this event is that cryptocurrencies are going to be the future of money, because you can use it anywhere without transaction fees. Not only is it universal but bitcoin specifically is community driven there isn’t one specific person who runs it. There are instead teams around the globe that are the main people who sell/buy it. The official person who made it went silent very soon after he made the coin. Overall my opinion on this instance I think is just a buffer in the increase of cryptocurrencies and that they will still rise above any other currency. I am now off to comment on Sophia's and Angeline's blog posts.
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Wyatt FluckThis is my current events blog where I have blog posts about current events. Archives
June 2018
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