Daily: Bitcoin rallies despite Vietnam / South Korea to Regulations

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10.8K views 415 7 years ago

Description

Vietnam declares the use of digital currencies in the country as illegal. Their central bank announced that it will impose a fine on anyone caught utilizing the cryptocurrencies starting early 2018. 1...

Vietnam declares the use of digital currencies in the country as illegal. Their central bank announced that it will impose a fine on anyone caught utilizing the cryptocurrencies starting early 2018. 1:00 Market Recap 2:00 Vietnamese Central Bank Bans Cryptocurrencies 3:06 South Korea to Regulate Bitcoin as Commodity, Says Bank of Korea Governor 4:18 Chinese Might be Able to Trade Bitcoin Again Soon Vietnamese Central Bank Bans Cryptocurrencies https://cointelegraph.com/news/vietnamese-central-bank-bans-cryptocurrencies South Korea to Regulate Bitcoin as Commodity, Says Bank of Korea Governor https://cointelegraph.com/news/south-korea-to-regulate-bitcoin-as-commodity-says-bank-of-korea-governor Chinese Might be Able to Trade Bitcoin Again Soon https://cointelegraph.com/news/chinese-might-be-able-to-trade-bitcoin-again-soon Bitcoin Low Risk For Money Laundering, High For Cybercrime: UK Treasury https://cointelegraph.com/news/bitcoin-low-risk-for-money-laundering-high-for-cybercrime-uk-treasury Politician Ron Paul: US Government Should 'Stay Out' of Bitcoin https://www.coindesk.com/former-congressman-ron-paul-i-dont-consider-bitcoin-money/ Subscribe to my YouTube Channel: https://www.youtube.com/c/boxmining ♨️Social: Website: http://boxmining.com Steemit: https://steemit.com/@boxmining Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining 🤑 Buy Bitcoin: https://www.coinbase.com/join/590c3a1c8bfa31012ffacf87 💰 Secure your Crypto with Hardware Wallets: Ledger: https://www.ledgerwallet.com/r/428b 💪Donations: Bitcoin : 13EvsPm3YhiCPGksQQdvQUFtsbF8FoU6Cz Ethereum: 0x58d98516363D2A5f93CE6aB4A4a909599C3EEC3a 💱Software Wallet: Windows/Mac/linux: http://exodus.io

AI Analysis

The video dives into Bitcoin's surprising rally, pushing past the $6,000 mark, even while navigating a complex landscape of international regulations and rumors. It highlights the contrasting approaches of countries like Vietnam and South Korea, alongside persistent speculation about China's future stance on cryptocurrencies, all while emphasizing the inherent challenges of controlling decentralized digital assets.

Here are the key takeaways from the discussion:

* Bitcoin's Unexpected Rally: Bitcoin is on a significant rally, climbing above $6,000. This strong performance is surprising, especially considering recent fear, uncertainty, and doubt (FUD) circulating in the market and the mixed bag of regulatory news, particularly the ban from Vietnam. This indicates a high level of optimism in the market and shows Bitcoin's remarkable resilience, even after major events like the Bitcoin Gold fork.
* Bitcoin's Widespread Recognition: A crucial point is that while many people might not fully grasp the intricacies of blockchain technology, almost everyone has heard of Bitcoin. This widespread recognition is seen as a major contributor to Bitcoin's value and its growing mainstream appeal.
* Vietnam's Outright Cryptocurrency Ban: Vietnam has taken a firm stance, declaring all cryptocurrencies, including Bitcoin, illegal. Starting in early 2018, the country plans to impose fines on anyone caught trading them. This represents a complete ban on digital currencies within the country's borders.
* Skepticism About Ban Enforceability: Despite Vietnam's ban, there's significant doubt about its practical enforceability. Since cryptocurrencies are inherently decentralized and facilitate peer-to-peer trading, it will be incredibly difficult for authorities to effectively police and apprehend individuals. The idea of fining someone just for scanning a QR code for a Bitcoin transaction is viewed as highly impractical and unlikely to succeed in stemming crypto adoption.
* South Korea's Intent to Regulate Bitcoin as a Commodity: South Korea has become a major global hub for cryptocurrency trading, experiencing what's described as a "Bitcoin fever." In response, the Bank of Korea Governor is exploring ways to regulate Bitcoin, specifically suggesting it be classified as a commodity rather than a currency. This distinction is important because it dictates how it would be taxed and regulated.
* South Korea's Regulatory Uncertainty: While South Korea aims to regulate to temper the intense speculation and growth, it remains undecided on the specific methods and detailed regulations. This ongoing uncertainty hasn't deterred buyers; people continue to view Bitcoin as "pretty cool" and keep investing despite the lack of clear guidelines.
* Rumors of China Re-opening Exchanges: There are persistent rumors that China might soon permit cryptocurrency exchanges to operate again, albeit likely in a modified form. The decision-making process in China is described as "hush-hush," often happening behind the scenes without immediate public announcements.
* Expected Gradual Re-opening in China: If China does re-open its crypto markets, it's anticipated to be a slow and quiet process, rather than a sudden, grand announcement. This might involve some exchanges gradually resuming fiat currency support or operating through less official channels. This approach reflects how many significant economic and regulatory changes often unfold in China – away from the immediate public eye.
* Market Resilience Amidst Regulation: Despite the mixed regulatory signals – from outright bans to uncertain regulations and speculative re-openings – Bitcoin continues its strong upward trajectory. This resilience highlights a significant optimism within the crypto market and suggests that the space is maturing, with participants viewing these regulatory developments as challenges to navigate rather than existential threats. The ongoing debate is whether concerns about regulation are outweighing the belief that "this is Bitcoin's year."

Transcript

What's up everyone my name is Michael and welcome to Vox Mining. So this is a special episode because I'm traveling and I'm stuck in an airport somewhere so I said why not let's catch up on some news with you guys. So I'm gonna cover a few things very very quickly. One is the market recap right now we have Bitcoin at a major rally yet again. Then we have some news related to regulations. So we first have Vietnam they said they want to ban Bitcoin. We have this imminent thing coming in South Kor...

What's up everyone my name is Michael and welcome to Vox Mining. So this is a special episode because I'm traveling and I'm stuck in an airport somewhere so I said why not let's catch up on some news with you guys. So I'm gonna cover a few things very very quickly. One is the market recap right now we have Bitcoin at a major rally yet again. Then we have some news related to regulations. So we first have Vietnam they said they want to ban Bitcoin. We have this imminent thing coming in South Korea which they may or may not regulate Bitcoin as a commodity and it's a matter of when and how to implement that. And then of course we have China. There's this new rumor that's spreading about that says you know China might open up exchanges to coming soon so cryptocurrency exchanges soon. So that that is something that's very interesting. You do have to excuse me today just a lot of noise in the background. I've been trying to find a good place to record but it's quite hard over here. So anyways let's get things going. I do want to say of course again things covered here are for a personal opinion and not financial advice. So on with the market recap first of all. So Bitcoin what's happening guys? 6000 something plus again? And I thought you know with all this recent fun recently happening with different cryptocurrencies and we have Segway coming over the corner and we have all this regulation thing especially with Vietnam. I didn't expect this. So that's a piece of good news. I think maybe there's a lot of optimism in the market and Bitcoin itself is quite strong recently after even Bitcoin gold hoping with that and dropping after that. Right now it's quite recovering quite well. So I do have to say you know Bitcoin the big bad the most traded coin or the most well-known coin it's getting a lot of recognition and also I've been talking to people here at the airport and they're like yeah do they understand blockchain? No. But I do do they know about Bitcoin? Yes and that is the value of Bitcoin because everyone seems to know about it. Anyway so it's on a major rally and that might be related to how things are currently shifting and changing in the regulation space right now. So let's get some of the bad news out of the way first. So Vietnam has decided to go full on and ban cryptocurrencies. They're like yeah Bitcoin that stuff? No we don't. We don't want any of that stuff in our country. They're gonna make it illegal starting next year and they're starting to find people who are trading cryptocurrencies. And that's the hard part you see because cryptocurrencies are decentralized even if you ban exchanges people that still trade that. I mean that is the most crazy thing right and that's especially you know with other cryptos coming up soon. We have Quantum trying to launch their satellites. We have Bitcoin, Blockstream, they're trying to Bitstream rather. Yeah they're trying to launch the satellites as well. This is gonna go on to be fully decentralized so it's so hard to stop it. You can do peer-to-peer trading but what the thing is they're trying to do is they're trying to find people. So if they find you trading a Bitcoin scanning that QR code yeah they want to try to find you. So that is one of the ways they are just gonna try to do it. But honestly that is gonna be so hard to police and it's gonna be you know a little bit awkward I think for people just chatting about this because honestly they think they might be getting a high on it but I think it's gonna be so hard to enforce that. It's not gonna really take off. Next up we have South Korea. So South Korea I heard this a little bit there's these like rumblings in the background thinking hey you know what maybe we should pay a stop to this. You know South Korea has definitely taken on this whole Bitcoin fever. If you look at who's trading the most Bitcoin Ethereum South Korea is almost at the top and every time a new cryptocurrency is getting introduced yeah those Koreans are just buying up. So yeah I definitely want to see what's happening in South Korea. I have been invited to some events but the current rumbling on the street is that the government wants to try to regulate this. They want to slow down the growth of the cryptocurrency it's over there because it's just too much of a fever pitch. But the thing is how are we gonna do this? Yet again we're gonna encounter this issues. Who is gonna regulate this? How are they gonna regulate it? So the article that I read here they're talking about regulating cryptocurrencies Bitcoin as a commodity and not as a currency. This is kind of a big distinction and every country is kind of classifying this a little bit differently. So they want to classify this as a commodity. They are thinking about regulating it but they don't really know how to yet. So they're still undecided on that issue. So it seems like in this confusion maybe people are still buying more Bitcoin right now. That's why the prices are going up. So even though there's this uncertainty overhead people are still thinking yeah this is something that's pretty cool. Maybe another piece of news that is coming out is China. So you know I was recently in China and the thing is over there is it's hush hush. No one's really allowed to discuss much. No one's really gonna talk a lot of things in open but that's how things work in China. Things are working in the background. We might see some new exchanges coming in. There's definitely this talk of new blood. New blood entering the markets. We see some older exchanges closing the big ones. You know they've been wiped clear from the table but now there's this talk about you know maybe there's background meetings that we don't know about. A lot of things are really hush hush over there and that's for a reason because when China's trying to decide something they just want to keep it secret for a little while until the full regulation and until everyone's happy with how things are going to move forward and that infrastructure is being built up. So it might be possible but I do have to say a lot of people thinking it's very very soon. I don't think it might be that soon. I think it's gonna be slowly. It's gonna be on you know it's gonna be a little bit quiet for a while. Some exchanges gonna still accept fiat. You know they're gonna still allow some things to happen but it won't be like big news until maybe much later. But there might be these kind of like you know underground or things that are not supposed to be allowed but people allow it anyways because you know that's how things work in China. I'm not sure if you understand what I mean with that but things are definitely being done in the background but none of it's out in the open yet. So we're just at this rumor speculation phase right now. We do see some of the older exchanges. Now I do have this interview with Zhao Senfeng from Binance. I mean it's still on my hard drive. I still haven't had time to edit it because I thought I was gonna do something cool and I've been traveling a lot. So I do apologize for that but you know there's always these talkings about you know moving overseas, transiting to being coming overseas exchanges, their local business you know things are so uncertain they just gonna leave a smoke you know some guys there and see what happens. I mean this is a waiting game for official announcements but maybe new exchanges might be popping up and that's what this article is all about. So that's the three things I want to cover today. I hope the audio is not horrible. What do you guys think of this kind of climate right now? Bitcoin is on this major rally yet again. We have 6,100 something we have like almost is pushing up and up beyond 6,000. That is absolutely crazy even with this uncertainty. So you know are you guys concerned about all this kind of regulation coming into this space or are you guys just thinking yeah this is the time this is Bitcoin's year this year. Guys thank you guys so much for watching. I'm gonna go to a conference. I'm gonna go meet up Ivan on tech and do some live shows with him and meet him up in person. That's something that I'm very very excited to do. It's all about that communication, computing that community and meeting up people. So I hope I can show you guys what's happening. The event I'm going to is called the Blockchain Economic Forum BEF. I'm gonna show you guys some of the people there and show you guys what's happening and the general climate there. So I'm pretty excited for that. I'm pretty excited to show you guys what's happening. So guys I love to hear what you guys think of all this regulation and hopefully I can catch you guys over at the Blockchain Economic Forum. Thank you guys so much for watching. See you next time. quickly what's happening. So if you guys heard plates clanging around in the background that's the restaurants down there.