South Korea news

Incoming Finance Minister Hong Nam-ki wants to taxt crypto. And Kwon Dae-young of the financial innovation bureau says the department is trying to institutionalize crypto but harm done to crypt investors must be resolved first.

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South Korea’s KT Corporation Is Going After Blockchain Tech with China Mobile

KT Corporation is the largest telecommunications provider in all of South Korea, and they’ve decided to team up with China Mobile. In their new project, the twosome will be focusing on 5G roaming and blockchain technology, according to reports by The Korea Herald on December 5th. The launch of 5G roaming capabilities for Chinese citizens […]
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South Korea Telecoms Giant Ramps Up Blockchain Roaming Deal With China

South Korea Telecoms Giant Ramps Up Blockchain Roaming Deal With China South Korea’s largest telecoms provider, KT Corporation, is boosting a partnership with China Mobile targeting blockchain technology and 5G roaming. As local English-language news outlet The Korea Herald reported on Dec. 5, KT is preparing to debut 5G roaming capabilities in China later this […] Cet article South Korea Telecoms Giant Ramps Up Blockchain Roaming Deal With China est apparu en premier sur Bitcoin Central.
Bitcoin Central

How a Harvard Dropout Created ‘Amazon of South Korea’

Coinspeaker How a Harvard Dropout Created ‘Amazon of South Korea’While it may sound like a story out of the movies or motivational books that many people read today, the story of Bom Kim who is the founder of Coupang, a $9 billion electronic commerce company has been inspiring through an through. Coupang has been described by many to be South Korea’s “Amazon”, an appellation that hasn’t been accorded to any other company; at least not yet. Coupang has been one of those companies that have had a history of disruption and reinvention which has helped make it become the force that it is in the electronic commerce space today. While Harvard’s MBA program would have been seen as the ultimate deal for almost every conventional person, Bom Kim dropped out of the program and decided to strike it out independently. Less than a decade later, he is the CEO of a multibillion-dollar company. In a recent interview with CNBC make it, Kim revealed part of the internal attitude that makes him tick when he said:“I had a belief when I was in grad school that I had a very short window to make something that had an impact.” This, of course, is indicative of the kind of drive that Kim has had which has kept him on his toes on the road to success. Kim founded Coupang as a response to a chance to do something big in the technology space as he didn’t quite plan to build an electronic commerce platform that currently boasts of several users equivalent to half of South Korea’s population which in itself is no small feat.Started initially as a daily deals and savings business in the way and manner of U.S. deals giant Groupon, Kim realized that there was more to be had in the electronic commerce space and then went into the disruptive mode. He then went on to create a business model that involved third parties which was very much like the e-Bay business model. The transformation was a hit and Coupang seemed to be destined for beyond the skies when Kim made another change which seemed like a crazy but gusty move at the time. He decided to change the business model even when Coupang could have had a $ 1 billion initial public offering. Something unheard of at the time in South Korean business circles. He told:“We had to ask ourselves: ‘Was the business we had built, were the services and experiences that we were providing … creating that kind of world where the customers we love, their jaws would drop?”Kim then decided to build a complete and total shopping experience that attended to the customer in its entirety. There were no local models that could do this one the ground so Kim adapted Amazon’s model for the South Korean business environment.Today, Coupang is the number one choice for South Koreans who love the excellent logistics services that Coupang offers its clients. With over 5,000 drivers or “Coupangmen” as they are fondly called in South Korea, Coupang has achieved enviable delivery service results which re second to none in the peninsula (99.3 % of deliveries in less than 24 hours and many before 7.00 am for its Dawn delivery service).While Amazon doesn’t have an active business presence in the country, Coupang has beaten every other big name in the electronic commerce industry in South Korea to be named as the preferred e-commerce retailer. Other names such as Gmarket and 11street haven’t quite made the impact that Coupang has in such a short space of time. Coupang also has investors excited as well. Last year, the Company was named as the most valuable South Korean startup as it received about $3.6 billion in funding from major names such as Softbank, BlackRock and Sequoia Capital.Coupang was also given a $9 billion valuation making Kim become one of the few individuals on the planet with that appellation.Kim who is 40, however, has indicated that he and other investors are in for the long-term. He also indicated plans to expand the business given that South Korea’s advantages are something that many other Asian Countries enjoy. If his past is anything to go by, we may just be seeing the Jeff Bezos of Asia coming into his own (pun intended).How a Harvard Dropout Created ‘Amazon of South Korea’
Coinspeaker

South Korea Advances Policies to Offer Legal Grounds for CryptoAssets

The National Assembly in South Korea is advancing a bill that will help provide a legal framework for cryptocurrencies in the country. Virtual currencies in this bill have been categorized as digital assets. The purpose of this bill is to bring about transparency and clarity to crypto markets in the country, according to Korea JooAng […]
Bitcoin Exchange Guide

South Korea: Crypto Exchange UpBit Hacked; Reports $51 Million Ethereum (ETH) Withdrawal

Major South Korean cryptocurrency exchange, UpBit, announced that over 340,000 worth of Ethereum (ETH) was transferred to an anonymous wallet. While the exchange did not explicitly mention a hack attack nor specify how the withdrawal was done, the company pledged to cover up the missing funds.  UpBit Crypto Exchange Possibly Hacked for $51 Million OnRead MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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DIGEST

Russia to associate crypto with money laundering, an oil-backed Russian coin initiative, USA to further handle blockchain, the skeptical as for innovations Ohio, South Africa reporting growth in banking sector, blockchain for deals in Spain, Seoul to back blockchain startups, +1 exchange bankrupt in South Korea, Turkish operator to use blockchain for data maintenance, Australian AUSTRAC to test blockchain for financial reports

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BitMEX forecasts new crisis, new indexes on Nasdaq, positive adoption news from South Korea, new rules from Localbitcoins, scam app on Google Play, new options for KuCoiners and Coinbase users, ideas as for the potential of credit markets, JP Morgan and the Moshe Hogeg case

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DIGEST

Startups in Switzerland and Liechtenstein, natural integration of crypto into Switzerland's banking system, Jamaica's JSE and securities, more crypto exchanges news: South Korea and Cayman Islands as newsmakers, Malta's MFSA scam 'scanner', fund for blockchain integration in Uzbekistan, Kik against SEC trial

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DIGEST

India thinks whether to ban or not BTC, Upbit states the importance of crypto regulation, Dutch central bank to regulate crypto companies, Spain is preparing a draft regulation bill, South Korea convenes for debate with seven crypto exchanges, Chile declares that crypto regulation is in progress & other news on regulation

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Bitfinex introduces a new system, BTCC launches in South Korea, the Bitcoin Unlimited upgrades features, the Maldives denies giving permits, IAMAI attracts big players, Huobi lists stablecoins, Binance opens in Uganda

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Weiss Ratings Downgrades EOS for Centralization

The Weiss Crypto Ratings chart saw EOS slide down the ranks. Weiss downgraded the project, pointing centralization as the chief reason. Weiss Moved EOS Down Straight to C- Weiss Ratings downgraded EOS from B to C-, despite the favorable estimations in the past. The chief reason was the influence of big token holders, which could decide how to sway network resources. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 The EOS blockchain gains its speed from the feature of only having 21 block producers, which transpire transaction information amongst themselves. Thus, spreading the latest state of the distributed ledger is easier, in comparison to Bitcoin’s feat of broadcasting to above 9,300 anonymous nodes. The EOS Constitution also has special cases for blocking accounts – a feature which has been useful during hacks, but also means transactions can be censored centrally. The concentration of resources in only a few hands meant “whales” could decide on allocating activities. This is also one of the reasons why the EIDOS token spread like wildfire, consuming almost all transactions on the EOS network. Network Capable of Faking Activity, Hosts Parasitic Token EOS is a network similar to older ones like BitShares, as well as Steemit. Those networks have shown that the influence of “whales” can be immense, and two nodes could even broadcast millions of free transactions. Other networks like Lisk (LSK) showed that the election process for delegates ended up with voting power getting accrued in the hands of a few top delegates. All of them could vote each other into place, without resorting to regular user vote. EOS trades at $2.75, gradually declining from the mid-year peak above $6.00. The coin has erased most of the gains for 2019 and is on track to fall to lows not seen since the bear market of 2018. According to Blocktivity, the network carries more than 43 million transactions per day. As expected, things will get better from here. A bit fairer cpu pricing. Congestion will gradually die down as it's not dirt cheap to get cpu anymore. Everyone becomes a bit more vigilant. Fairer value for EIDOS and YAS and CPU. It will get better everyday.Now, when Voice? — Enumivo (@enumivo) December 1, 2019 Most of those now belong to minting EIDOS tokens, while other transactions are related to distributed app activity. EOS has also seen accusations that most of its dApps are visited by bots, faking the real usage statistics. What do you think about EOS’s latest crypto ratings (as per Weiss)? Share with us in the comments below.  Images via Shutterstock, Twitter: @WeissCrypto, @enumivo The post Weiss Ratings Downgrades EOS for Centralization appeared first on Bitcoinist.com.
Bitcoinist

Block.one Set to Launch its Social Media Network ‘Voice’ on February 14, 2020

Voice, a social media platform built on the EOS blockchain, is set for release on February 14, 2020. Block.one, the firm behind its design, is optimistic that Voice will compete favorably against the likes of Facebook and Twitter. This innovation will mainly use tokenization to promote activity within the network and leverage its authentication features […]
Bitcoin Exchange Guide

SpaceChain’s New Milestone: First-Ever Demo of Blockchain Tech on the International Space Station

On Monday, December 5, 2019, community-based space and blockchain-focused platform, SpaceChain sent its blockchain hardware wallet technology to the International Space Station (ISS). As per the press release, this endeavor is the first ever ISS demonstration to date and was achieved as part of the CRS-19 commercial resupply service mission. This is definitely a milestone […]
Bitcoin Exchange Guide

Bitcoin Fund Gets SEC Approval | Cardano Ready For A Push | Crypto.com EOS | Enjin | Digibyte |

Do you need Bitcoin BTC as Bitcoin Briefly Breaks Above $7,500 After SEC Approves BTC Fund. Crypto.com Launches Syndicate Platform with EOS Coin Discount on it's newly launched exchange with CRO pairs. Cardano Getting Ready for Big Push in 2020, Says Charles Hoskinson. Jared Tate talks about Digibyte DGB and the Poloniex issue. Delta Exchange Launches Derivatives for Enjin ENJ after Microsoft Partnership. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures. References - https://cointelegraph.com/news/bitcoin-briefly-breaks-above-7-500-after-sec-approves-btc-fund https://www.forbes.com/sites/investor/2019/12/06/bitcoin-why-you-need-it/ https://www.altcoinbuzz.io/crypto-news/partnerships/crypto-com-launches-syndicate-platform-with-eos-coin-discount/ https://www.altcoinbuzz.io/crypto-news/spotlight/cardano-getting-ready-for-big-push/ https://twitter.com/jaredctate/status/1203034572176408577 https://twitter.com/emailshashwat/status/1202974396110884868 https://twitter.com/balanipankaj/status/1202901524701052929 https://coinnounce.com/petition-to-free-ross-ulbricht-has-crossed-250000-signatures/ https://news.bitcoin.com/ross-ulbricht-clemency-petition-gathers-250000-signatures/Altcoin Buzz -------- Free Newsletter: http://eepurl.com/dnIEz1 MCO USD 50 REWARD https://platinum.crypto.com/r/k7tsgv2xc0 Sign up for eToro https://tinyurl.com/yxwa8vbt --------- Visit our website: https://altcoinbuzz.io Connect with us on Social Media: Twitter: https://twitter.com/Altcoinbuzzio Facebook: https://www.facebook.com/altcoinbuzzio/ Telegram: https://t.me/joinchat/DLi8Ug8negQrbwYO-oqNRA ---------- NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Only one cryptocurrency is outperforming bitcoin this year — and its exchange has pioneered the practice of destroying coins every quarter

Binance Coin, or BNB, is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange is facing new concerns around increased competition, police raid rumors, and its "burning" practice. The Binance exchange faced new scrutiny after it said in November it has no "fixed offices in Shanghai or China" following reports of a police raid in the country, Bloomberg first reported. The exchange also destroys, or "burns," a portion of BNB coins in circulation each quarter as part of a plan to slash supply in half. Though Binance buys the coins off investors before destroying them, the practice likely serves as a factor in BNB's surge in 2019 and demand may wane once the burns reach their goal. BNB's popularity as the leading exchange token now faces opposition from new firms looking to corner the initial-exchange-offering market. Watch BNB trade live here. Binance Coin is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange faces heightened scrutiny for its "burning" practice and police raid rumors. The coin, typically referred to as BNB, allows holders to gain access to trading discounts and other benefits on Binance, the world's largest spot cryptocurrency exchange. BNB is up roughly 156% year-to-date, dwarfing bitcoin's 100% surge. The digital coin's outperformance was first reported by Bloomberg. The coin's run-up is likely boosted by the exchange's quarterly practice of destroying, or "burning," BNB to reduce the number of tokens outstanding. Binance plans to burn half of the total BNB supply — about 100 million coins — before pausing the practice. Though it buys the coins from holders before destroying them, the practice drives BNB demand as users still look to use its benefits. Binance destroyed $36.7 million worth of BNB at the end of the third quarter, or roughly 2 million coins. The exchange determines the amount of BNB to destroy based on its quarterly trading volume, and the latest burn hints the firm posted its most profitable quarter ever in the July-to-September period, Bloomberg reported. The platform also enjoys looser regulatory scrutiny due to its registration in Malta, yet critics are calling for Binance to clarify rumors around a reported raid on offices in China. A spokesperson for the firm told Bloomberg it has no "fixed offices in Shanghai or China," yet the rumored police search raised worries around whether the exchange is misleading investors to avoid China's crypto regulations.  BNB's surge cooled alongside other cryptos through the second half of the year, and a decline in initial exchange offerings on the platform could further hamper its performance. Binance customers used BNB to purchase coins sold by startups on the exchange, but as competitors with similar discount tokens crop up, Binance's popularity has faced new threats. "BNB's large relative outperformance came in the first part of this year, as the IEO craze reached its peak," Travis Kling, who leads hedge fund Ikigai Asset Management, told Bloomberg. "IEOs have cooled off a lot of its relative outperformance." BNB traded at $15.61 per coin at 3:10 p.m. ET. bitcoin traded at $7,456.46 per coin. Now read more markets coverage from Markets Insider and Business Insider: Billionaire hedge fund manager Bill Ackman is poised to exceed 50% returns after a 3-year drought Apple soars to all-time high after top analyst suggests 'completely wireless' iPhone could arrive by 2021 An unsealed court filing gives the first peek at Amazon's legal attack on the Pentagon's $10 billion cloud contract, and Trump is called out by name Join the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
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