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.
3 Comments
Sophia Morrison
1/25/2018 04:02:11 pm
Interesting post! What events led to the ultimate crash of Bitcoin, was there any signs preceeding that could have helped people to make informed investments? Also, what will the aftermath look like for people envolved? Overall, a great overview and I like the simplicity of your writing, it is very clear to read!
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1/25/2018 09:20:29 pm
I find this article and your opinion on this article very interesting! I was wondering if there is any way this can benefit in a positive way in the near future or if it is seen as only a bad thing? You also mention how this helps drug lords exchange large amounts of money without the government knowing but isn't getting your hands on a bitcoin a large challenge? I greatly enjoyed your blog post and find it well writen.
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Sam Rivera
1/26/2018 05:09:27 pm
Interesting, I just learned something new, I never understood how a bitcon works. There are so many fascinating currencies and powers out there in the world. So how could people get more envolved? Great article and response!
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Wyatt FluckThis is my current events blog where I have blog posts about current events. Archives
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