Chapter 219
Chapter 219
Byeong-Jun Oh, a graduate of the Department of Business Administration, Korea University.
He succeeded in joining CS Retail through the difficult job portal, and got a job at the large company he had dreamed of, but his work life was not very enjoyable. He worked hard and had a lot of work. Walking around the retail store all day was exhausting.
The salary of a new employee was about 330 million won. After spending the rent and living expenses here, it was difficult to save 2 million won a month no matter how much I saved.
He graduated from a first-class university and joined a large corporation.
This seems like a successful enough life for him, but for some reason he couldn’t see well. He didn’t eat or wear anything for two and a half years and saved money, but he saved only 50 million won.
On the other hand, house prices in Seoul rose to the point that no matter how hard you worked, you could not buy them.
Would you say that the only way to own a house in Seoul is to inherit it from your parents?
‘Can I get married because of this?’
The cryptocurrency craze that has been blowing since the end of last year has also hit universities and companies. CS Retail, where he attends, was also noisy.
There was an order from the upper management not to invest in stocks or cryptocurrencies while working, but it could not dampen the investment enthusiasm.
He checked his prices on his smart phone while everyone was at work, and he sighed with joy.
Up until this point, Oh Byung-jun had no interest in cryptocurrency investment. It was after I left the year-end party that I changed my mind.
At the year-end party, he met seniors and juniors who were in a band together during school days, and the topic of conversation was not music, but cryptocurrency.
People in the science and engineering field vomited enthusiasm.
“Dollars can be minted at will by the Fed, but Vantcoins have a limited issuance.”
“Currencies depreciate over time due to inflation, but cryptocurrencies continue to rise in value due to scarcity.”
“Someday, cryptocurrencies made with blockchain technology will replace existing currencies.”
“Just as the internet has changed the world, blockchain will change the world. And buying coins is investing in that blockchain technology.”
“I don’t know how much more it will go up over time. If you want to buy it, now is your chance.”
Blockchain, distributed ledger, protocol, hard fork, spot fork, segwit, etc. Unintelligible words came and went.
Oh Byung-jun was alone in his thoughts.
‘I know blockchain is a huge new technology, but what does this have to do with rising coin prices?’
In fact, there was another really interesting story.
“There aren’t just one or two kids who hit the jackpot with coins.”
“How long ago did you watch a current affairs program? He bought Sterncoin before the ICO, and he made 60 billion won from it.”
“You know Sungjin? He said he invested 10 million won in the beginning and made 800 million won so far. If you have enough money to buy a building in Gangnam, you will be robbed.”
“Min-cheol also said that he made a lot of money. This time, I also changed the car to a Mercedes-Benz E-Class.”
Oh Byung-jun was surprised.
“Didn’t Seongjin not get a job?”
“right. I couldn’t get a job, so I rolled around at home and invested in coins, and that was a jackpot. She sighed in relief that it would have been a disaster if she had gotten a job earlier.”
“… … .”
Some people work hard all day and earn only hundreds, but who made 800 million won from coins at home?
Other than that, there weren’t one or two hit stories.
Someone buys a Ruple, someone buys a Loida, and someone buys a Stellmenta. At this point, I felt pathetic that I had only worked hard and saved without turning my attention to anything else.
“lets think. Coins are the last chance for dirt spoons like us to turn their lives around.”
“Is there even a single person who said they went bankrupt?”
“Some coins don’t go down and others go up, they just go up. It’s important to find something to go up.”
Lastly, a senior who was the club president said a word.
“It’s the same with Jinhu Kang in your department. Would he be so rich now if he hadn’t been for Vantcoin?”
Oh Byung-jun remembered a junior he had seen when he was in school. It is a fact that everyone knows that OTK Company’s initial investment came from BANTCOIN.
On the way back from the meeting, Oh Byung-jun installed the Bansome app on his smartphone and looked at the exchange. He also went to the VANT coin site and group chat rooms to collect information.
Everyone made money just by investing, and the profit was verified on the bulletin board. The returns were unbelievable. It was to the point of being ridiculed, saying that if you certified 100% of the rate of return, you could only earn that.
‘Was making money this easy?’
Byung-Jun Oh carefully selected cryptocurrencies.
The coin he chose was Ruple.
Unlike other coins that have a distributed ledger system, Ruple is operated in the form of a private blockchain in which Ruple takes the initiative. Since it was created for the purpose of replacing financial transactions from the beginning, transaction processing is significantly faster than other coins, and it is specialized in remittance between banks.
Although the purpose of issuance, the method of issuance, and the amount of issuance differ for each coin, in fact, it was not a very important issue.
Only one thing is important. It’s just how much further you go forward.
Unlike the stock market, cryptocurrency exchanges can trade 24 hours a day and do not take a break even on weekends. As long as the server is not down, you can trade at any time.
Byung-Jun Oh invested 5 million won and bought a ruple for 1,200 won. He was thinking of making an investment and increasing the amount little by little.
But within a few days of investing, something amazing happened.
When news broke that Ruple was collaborating with famous banks for remittance, it jumped 100 percent in an instant. In just a few days, he earned over 0,000.
‘I should have bought more!’
This time, it even broke through 3,000 won before the regret was over, and the profit increased to 10 million won.
The monthly salary was only 3.3 million won when you had to work hard until overtime, but Coins jumped by millions of won a day.
In addition, there are many good prospects for the future.
Ruple has already partnered with several banks, and it looks like it will completely replace the international money transfer system within a few years.
Thinking about it that way made my heart ache. The higher you go, the harder it is to buy.
When the price, which was going towards 4,000 won, stopped for a while and came down to 3,400 won, Oh Byeong-jun quickly robbed all of his remaining 45 million won and bought an additional one.
‘Please go up to 5,000 won.’
A few days later, as he wished, Ruple broke through even 4,000 won, surpassing Ethereum and becoming the second-largest cryptocurrency by market capitalization after Vantcoin.
Oh Byung-jun cheered with his arms wide open.
“Good!”
Bubbles make everyone happy.
Developers who created and issued cryptocurrencies, investors who bought them, and operators who run exchanges. Everyone made money without losing anyone.
But this situation cannot last forever. This is easy to understand with a little thought.
In order for prices to continue to rise, an endless supply of liquidity is required. Someone buys a coin for 1,000 won, someone buys it for 1,500 won, and then someone has to buy it for 2,000 won.
It is a kind of Ponzi scheme.
Of course, it is difficult to conclude that cryptocurrency itself has no value. However, it did not immediately replace the existing fiat currency or create any added value.
In the end, the moment when no one appears to buy it for a higher price… … In other words, it is a structure that has no choice but to collapse as soon as the inflow of funds is cut off.
But no one thought deeply about it.
Even if it was a bubble, it didn’t matter. It was because everyone was confident that at the last moment only he could escape.
By the way… … Not long after the year changed, several bad things happened simultaneously.
The most problematic was the news that the Presidential Acquisition Committee was forming a cryptocurrency countermeasure TF and was considering the complete abolition of the exchange. In the United States, an investigation into allegations of price manipulation and illegal trading on exchanges has also begun, and the largest exchange in Japan, CheckCoin, has been hacked and stolen 60 billion yen worth of cryptocurrency.
As these facts became known, the coins that had risen endlessly began to plummet in an instant. In Korea, the drop was much more severe than in other countries, as prices were initially set 30 percent higher.
From then on, Byung-Jun Oh was not sane.
Far from sleeping, he often stayed up all night with his eyes open. He couldn’t let go of his smartphone when he was eating or going to the bathroom.
‘Should I sell it now?’
It looked like it was going to rebound anytime soon.
The work did not catch my eye, and even after I went to work, I continued to look at the exchange price once a minute. Contrary to the earnest wish, the ruffle fell endlessly.
The chart looked like a waterfall pouring down. In an instant, he spit out all his profits and lost even the principal.
Unlike stocks, cryptocurrencies do not have upper and lower limits, and there are no safety devices such as circuit breakers or sidecars.
When it skyrocketed, this was an advantage, but when it plummeted, the story changed.
– I woke up and what is this?
– While I was sleeping, I looked at the market price and thought it was a dream and fell asleep again, but when I woke up it was reality
– What kind of bullshit is this?
– It must be unconditional.
-When the burger types come in at a low price, they go out of business again.
– Watch the gift movement carefully. It’s just that the force shakes for a while.
-This is your last chance to ride.
-Are there any black cows that haven’t ridden yet?
-Stuncoin Gazah!
In the meantime, there have been various bad news in the cryptocurrency market, and crashes have been repeated each time. Nevertheless, as a result, it has shown a steady upward trend.
As a result, everyone viewed the crash as a temporary correction.
The ruple stopped falling at the 2,600 won level and attempted to rebound little by little.
This changed my mind. When the coin, which was 4500 won, fell to 2600 won, it felt very cheap.
Maybe now is a good time to buy?
Byung-Jun Oh withdrew 40 million won from a negative account to buy more roulettes. If you ride water, the purchase unit price will be lowered, and you will be able to recover the principal much faster in the event of a rebound.
Conversely, if it falls further, it will be over… … .
Oh Byung-jun cried out in earnest prayer.
“Ruple Gazah!”
* * *
Golden Gate’s Korean branch immediately disposed of its stock and earned more than $100 million in profits.
And Sangyeop senior also continued to dispose of the coins he had. The coins held by K Company are not at a level that can be afforded by domestic exchanges.(Read more @ wuxiax.com)
Even after giving up the Kimchi Premium, it continued to be sold on exchanges in the United States and Japan with high trading volume. Still, the uptrend was unstoppable.
A bubble burns its last spark when it thinks it’s over.
On overseas exchanges, Bantecoin stopped just before $20,000, but on the Korean exchange, it temporarily reached 28.8 million won.
The moment when everyone was inflated with the expectation that it would exceed 30 million won.
Various bad news broke out and it started to collapse. In less than ten days, Bantecoin fell to 14 million won, less than half.
Nevertheless, on the Vantcoin bulletin board where cryptocurrency investors gathered, everyone shouted ‘Gazah’ with one voice.
In the meantime, the cryptocurrency has plummeted whenever an issue arises, but quickly recovered to its high point. So this time, everyone was expecting a rebound.
Individuals who entered the market belatedly were the ones who suffered the most from the crash.
Just as individuals who invest in stocks prefer the KOSDAQ with high growth potential rather than the KOSPI, which has sufficiently risen in price, so was the cryptocurrency investment.
Most of them bought altcoins worth several hundred won or several thousand won, such as Fadex or Stellmenta, rather than Bantecoins that cost more than 20 million won.
In fact, the growth rate of these coins has overtaken Vantcoin. The problem is that when it goes down, the opposite happens.
Bantecoins still stopped plunging at 14 million won and temporarily formed support, but altcoins fell endlessly. In the meantime, coins that have been cut in half by returning all of the increase have appeared one after another.
I asked Taek-gyu, who was looking at the Bantcoin bulletin board.
“How is the atmosphere there?”
“It changed from Kazua to Han River Gaza. Han River Jeongmo is recruiting personnel.”
“… … .”
Generally speaking, “Hangangjeongmo” means eating chimaek on a mat at Hangang Park, but in this case, it means jumping into the Han River.
Most of them are jokes, but there are often people who actually jump. That’s why there is a helpline on the Han River Bridge.
The bulletin board was truly abysmal.
Looking at it, I remember back when Mountain Hill went bankrupt. For reference, the market price of BANTCOIN at that time was only 1.2 million won.
But now it has plummeted to 14 million won. I think you can see how crazy it has gone up so far.
Thinking so, Taek-gyu, who kept looking at the bulletin board, said:
“Ah! In the meantime, a good thing has emerged.”
“What?”
“The water temperature of the Han River has risen a bit.”
“… … .”
