News
After the Korean ministry of justice and chairman of finance announced the ban on cryptocurrency, we experienced a large drop (Apx 12%) in the crypto market. However, the Korean blue house stepped in after the uproar caused by the general public and refuted on the proposition made by the ministry of justice. It seems as Korean government is still uncertain about an adaptation of the decentralized currency and what step to take next while not putting their economy at stake.
"Ok. So why does this matter?"
The bleeding we saw from the Crypto market demonstrated the prematurity of the crypto market. In all honesty, "banning" of crypto trading should not influence the market in this level, for we all know that you can not truly ban decentralized currency. Look at China for example, Do you think that the banning of Mining and bitcoin (for those who does not know, mining refers to a complex mathematical algorithm calculated by miners to discover the new token) excluded cryptocurrency market in China? ... not really. A country cannot simply control the internet, and nor the cryptocurrency exchange (that was the whole point of Cryptocurrency right?). This drop in the market shows that many investors are following the trend with little to no understanding of what they are investing into. The blockchain technology is still very young and has much room for development. For those interested in learning more about cryptocurrency market, I recommend you to watch these videos:
Blockchain technology:
Smart contract:
Third generation block technology:
e
Take away message:
Understand what you are getting into.
Investing in cryptocurrency market is a high-risk high-reward.
If you are lighthearted, investing in cryptocurrency is not recommended.
Do your research about the ICO (Initial Coin Offering) you are interested in.
*I am no expert nor giving any financial advice. this is purely my opinion.
News source:
http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=001&oid=448&aid=0000232268