South Korea FUD

FUD. Fear, Uncertainty and Doubt. An acronym synonymous with the cryptocurrency world. That is what happened this week with the so called "raids" on two South Korean bitcoin exchanges.

According to Altcoin News:

["Suspecting tax evasion the South Korean Authorities raid several of the most prominent crypto currency exchanges Wednesday. South Korea has been cracking down on Crypto as a whole the last several months. Starting with banning minors or foreigners from trading. Where in December a total ban on ICO’s was implemented. With this latest move and rumors of a complete ban the price of Bitcoin fell sharply in late trading."

“A few officials from the National Tax Service raided our office this week,” an official at Coinone, a major cryptocurrency exchange in South Korea, told Reuters.

“Local police also have been investigating our company since last year, they think what we do is gambling,” said the official, who spoke on condition of anonymity. He said Coinone was cooperating with the investigation.

We were asked by the tax officials to disclose paperwork and things yesterday,” an official at Bithumb said, requesting anonymity because of the sensitivity of the issue.]

When the smoke cleared from the news frenzy on South Korea, the so called "raid" was more like a visit from the National Tax Service.

In July-August of 2017, we experienced the Chinese government ICO ban FUD. The market was a blood bath of price drops and weak hands as many thought this was it for Bitcoin... the Big Bubble Burst of crypto! Those that held and waited it out were reward with a couple of months of intense growth. Hey even Ripple made a big splash in December.

I cannot believe we as crypto-traders fell for another media FUD news, I thought we had climbed that hill and conquered it. I guess not. But I have to remember there was a huge influx of new traders in December that had not been through a news media FUD.

In short, big media is trying to create a frenzy of fud about cryptocurrency. It seems to me what they want is for Bitcoin to burst so they can say, "I told you so!"

Armando out!

Source: http://www.altcointoday.com/south-korean-police-raid-several-prominent-exchanges/