There are, indeed, historical reasons to back up both of these reactions:
ALARM - The main reason for alarm is the man, or boy, calling the shots, Kim Jong-Un. Not only is he young and impulsive, but because of North Korea's veil of secrecy, no one really knows who he is. So when he threatens to hit South Korea or mainland USA with a preemptive nuclear strike, it's hard to know how long we can call his bluff. Kim Jong-Un is a man without a clear history, and that makes him scary.
AMUSEMENT - On the other hand, North Korea has a long history of making idle threats against the U.S. and others. Since the end of the Korean War in 1953, relations have been less than friendly between North Korea and the U.S., so we've exchanged our fair share of empty threats on both sides. Also, the complete control North Korea has over it's media often results in humorous publications, such as a 2011 Global Happiness Index, conducted by North Korea, which ranked China as the happiest country in the world, followed closely by North Korea in second (got to appreciate that modesty). "The American Empire" ranked a sad last on the list.
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