Is Korea’s Big Government Trying To Destroy Bitcoin, Ethereum And Ripple?

PMBC Group’s client, Sagewise, was featured in Forbes.

South Korean regulators are getting very serious in fighting fraud in cryptocurrency markets, as evidenced by the raid in UpBit, the largest cryptocurrency exchange in the country on Friday, and the two other exchanges back in April.Is that all ? Matthias Goldmann, Advisor to Constellation Labs thinks so. “My feeling is that this does not play into any other ulterior motives of the Korean government,” says Goldmann.  “Just because fraud happens with a new technology does not make it legal to defraud people. The same criminal laws and justice systems apply.”

Daniel Rice, CTO of Sagewise thinks that the market reaction is all about emotions. “There are a number of standard methods for analyzing the value of a traditional asset that do not apply to Bitcoin or other cryptocurrencies,” says Rice. “This makes price prediction speculative and often more emotionally driven as evidenced by the volatility we continue to see. News such as the Upbit investigation can move prices because exchange failures have crashed the market in the past.“

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