Crypto Exchange Crypto Exchange
Ctrl+D Crypto Exchange

Don't want to work and just want to speculate in coins, Koreans are crazy



When you mention Korea, what is the first impression that jumps out of your mind?

In addition to the characteristics that are very familiar to the public, there are still many incredible things in this "small" country with a land area of only 100,000 square kilometers.

They have the "most dangerous job" in the world: President of South Korea.

Almost none of South Korea’s previous presidents died a good death. Some were ousted by the people and died of depression, some were shot to death, and some were imprisoned by girlfriends. All of them were miserable.

South Korea's suicide rate ranks first in the world, with an average of 37.5 people dying every day, and 26.6 people per 100,000 people choose to commit suicide.

They are also the first country in the world whose total fertility rate is lower than 1, that is, the newborn population is completely insufficient to make up for the number of bearing women and their partners. This also once made everyone think that South Korea may be the first to "disappear". Countries on Earth.

In addition, even in a very small currency circle, Koreans are also unusual.

South Korea is recognized as the most fanatical country in the world for currency speculation.

How crazy are Koreans speculating on coins?

Uncle Jian will show you some sets of data.

Grayscale and DCG Founder: Don't Want to Merge with SPACs: Barry Silbert, founder of Grayscale and blockchain venture capital firm DCG, just tweeted, "I don't want to merge with SPACs (Special Purpose Acquisition Companies), but these companies ( DCG’s investment portfolio) may.” It is reported that DCG’s investment portfolio includes hundreds of companies such as Bitpay and Coinbase. [2021/3/19 18:58:52]

According to a survey by Koreanclick, a South Korean Internet market research agency, as of January 2018, the total number of users using digital currency services in South Korea reached 5.09 million, which is 2/3 of the total number of shareholders in the same period.

That is to say, at that time, the currency speculation population in South Korea reached 9.8% of its total population.

Since the beginning of this year, nearly 2.5 million users have newly opened real-name accounts on Bithumb, Upbit, Korbit, and Coinone, four local digital currency exchanges in South Korea.

Among them, users aged 20 to 29 accounted for 32.7%, or 816,000, and users aged 30 to 39 accounted for 768,000 (30.8%). The two age groups accounted for 63.51% of new users.

Local banks in India: Don't want to 'get their hands dirty' without central bank encryption regulations: Although India's central bank, the Reserve Bank of India (RBI), has lifted the cryptocurrency ban in an attempt to bring good news to the development of the country's cryptocurrency industry. Local banks still seem reluctant to work with cryptocurrency companies. Due to the lack of clear regulations and lack of understanding and awareness of the encryption industry so far, some private banks and commercial banks are reluctant to deal with encryption transactions. Siddharth Sogani, founder of blockchain research and rating company Crebaco, said that Indian local banks do not know how to deal with bitcoin transactions, and the central bank of India has not issued new encryption regulations or notified banks that they can restart cooperation with encryption companies. In this case, Indian banks do not want to "get their hands dirty". (cointelegraph)[2020/6/28]

In addition, from the perspective of trading volume, the 30-year-old age group occupies the main force. According to the statistics of Coinone, from January to February this year, the average daily trading volume of people in their 30s accounted for the largest proportion, accounting for 39%, reaching 60 years old twice the age group.

Through these data, it is not difficult to see that the Korean coin speculation group has grown explosively, and more and more young people are participating in it.

Under such an upsurge in currency speculation, a phenomenon unique to South Korea has even appeared in the digital currency circle, called "kimchi premium".

Voice | Cai Weide: If you try Bitcoin once, you don’t want to go to the bank to send money: The Science and Technology Expo "2019 China Financial Forum" will be held in Beijing on October 23-24, 2019. Cai Weide, National Distinguished Professor, Director of Beihang Digital Society and Blockchain Laboratory, and Honorary Dean of CCID Blockchain Research Institute of the Ministry of Industry and Information Technology attended and delivered a speech. He pointed out that digital fiat currencies are fast and fast. He also mentioned that some people say that if you try Bitcoin once, you don’t want to go to the bank to send money. Banks now use SWIFT to send money. Customers now choose, and customers will use stablecoins because of convenience, and then go to the bank to do things that are now impossible for slow remittances. So the International Monetary Fund said the bank must be reformed. (Sina Finance) [2019/10/23]

The so-called kimchi premium refers to the difference between the price of cryptocurrencies on South Korean crypto exchanges and other trading venues around the world.

This phenomenon appeared as early as the initial coin offering (ICO) boom at the end of 2017. At that time, the average price of Bitcoin in South Korea was 4.73% higher than the global price. It reached the peak of "kimchi premium" in January 2018. 54.48%.

In this round of bull market, the "kimchi premium" struck again, reaching nearly 21% at its peak.

Voice | Vice President of Calibra Products: Calibra will not be Libra's only wallet, and we don't want to be the only wallet: According to Techcrunch news, if there are fraud or money laundering problems when unbanked users without government IDs access Libra services, Libra will How to stop?" This question, Kevin Weil, vice president of products of Calibra, said: "There are indeed a group of people who do not have IDs. For example, people in refugee camps may not have them, but we hope Libra can serve them. So , which is one of the important reasons why Calibra is not the only option for users who want to participate in the Libra ecosystem. User authentication can be handled by local operation service providers, who have methods to verify the identity of customers and provide services to people, such as In a face-to-face way with customers, even if we do not perform KYC verification on these customers...Calibra will not be the only wallet for Libra, and we don’t want to be the only wallet. This is why we set up a non-governmental organization like the Libra Association in the first place One of the reasons, if these operators become members of the Libra Association, then we hope that they can issue certificates for more people by working with the government, and at the same time, they can use new information types for identification and authentication. We hope this process can solve the last problem. The mile problem." [2019/7/13]

In addition, according to data from Coinhills, the South Korean won has always been the second highest in the proportion of bitcoin-to-fiat transactions, only after the US dollar.

South Korean millennials are caught in the Bitcoin vortex: Young people don’t want to work and just want to speculate in coins: According to foreign media The Verge, Korean millennials are caught in the Bitcoin vortex. Young people don’t want to work and hope to get rich overnight by speculating in coins , or known as the hidden dangers and bubbles of the Korean economy. In South Korea, a country with a population of about 52 million, Bitcoin transaction volume accounts for 17% of Ethereum, which is a staggering figure. Among them, 80% are young people aged 20-30. According to the survey results of Korean psychologists, this situation has led to high mental tension among young Koreans and even increased the divorce rate. "Once I rest, I will lose money." This is the common psychology of young Koreans speculating in coins. [2018/4/4]

All this tells us that the Koreans are getting excited in the cryptocurrency market!

I don’t know if you have the same doubts as Uncle Jian. Why are Koreans so obsessed with speculating in coins?

As we mentioned earlier, the main force of Koreans participating in currency speculation is the young people at the moment, and they choose to speculate in currency, but it is actually a helpless move, because it is too difficult for them, they are short of money, and they hope that through investment Make yourself rich overnight with cryptocurrencies.

Do you find it strange that South Korea, as one of the few developed countries in Asia, should have a high income level!

However, according to the "2021 Ordinary People's Financial Life Report" issued by Shinhan Bank, Korean unmarried people aged 20 to 34 think that their income level is below the average level, and it is even difficult to save money. They originally hoped that their income could double in 10 years , but the reality is far more cruel than the ideal.

So what's wrong with them?

You read that right, not only our domestic housing prices are ridiculously high, their housing prices in South Korea may be even more exaggerated than ours.

In recent years, although the South Korean government has been regulating housing prices, it has become more and more controlled, especially in their capital Seoul.

The area of Seoul is only 0.6% of South Korea's land area, but nearly 20% of South Korea's population lives. As the socio-economic and cultural center of South Korea, Seoul has gathered a large number of well-known companies, providing many high-paying jobs and business opportunities , which has attracted countless young people.

The frantic demand for housing has also led to the average transaction price of Seoul apartments rising from 606 million won (approximately RMB 3.521 million) per unit in May 2017 to 947 million won (approximately RMB 5.502 million) in December 2020. The increase was as high as 56%.

How many young people can bear this?

So you will find that more than 50% of unmarried people over the age of 30 in South Korea live with their parents because they cannot be independent from their parents.

Another important reason why they cannot afford high housing prices is the high unemployment rate.

According to data released by the Korea Statistics Office at the beginning of the year, South Korea’s employed population will decrease by 218,000 year-on-year in 2020, the largest drop since 1998. Among them, the unemployment rate of youth aged 15 to 29 is as high as 9%, much higher than 4% in their country average unemployment rate.

Even employment has become a big problem, and the lives of young Koreans are full of stress and frustration. If they want to be successful, they must either be admitted to the civil service, or find ways to squeeze into the chaebol enterprises that control the national economy and people's livelihood, such as Samsung, Hyundai and Kia, etc. However, if they want to enter the doors of these companies, they must first be admitted to a few top universities in China, which also makes South Korea's pressure to enter a higher school the highest in Asia.

This series of chain pressures has forced young Koreans to find other ways to find opportunities to make themselves rich.

Against this background, the emergence of cryptocurrencies seems to be a life-saving straw for them to make a fortune, because in the currency circle, the most indispensable thing is the myth of making wealth.

Just last month, Korean media reported that a Samsung employee made more than 40 billion won (about 230 million yuan) by investing in virtual currency, and resolutely submitted a letter of resignation, which once again ignited the enthusiasm of Koreans for speculating in coins. .

However, in fact, there are still very few people who can really make money in this circle. The volatility of the virtual currency market is extremely high, with a single-day drop of even more than 50%, directly causing investors to fall from heaven to hell .

Many young Koreans also suffer from depression because of this, and even choose to commit suicide.

Previously, South Korean media reported that a Korean college student in his 20s invested more than 20 million won in buying virtual currency, which once skyrocketed to more than 200 million won, but soon after, the price of the currency plummeted. Not only did his profits return to zero, he even Even the principal was lost. He couldn't bear such ups and downs, and finally chose to commit suicide.

And similar tragedies have been staged all the time. After the carnival, there is only a chicken feather left.

South Korean prime minister candidate Kim Fu-kyeom raised his concerns at a parliamentary personnel hearing on May 6: "The government cannot let young people who invest in virtual currency be left alone. It is irresponsible for them to figure it out."

However, under the phenomenon of Koreans speculating on coins, it is actually the epitome of the entire currency circle.

No matter the people who are already in this circle or those who are about to step into this circle, most of them just come here with the mentality of getting rich. This is no longer a normal investment psychology, but the psychology of gambling and speculation. To make trouble, it is difficult for such a person to keep himself rational during the investment process, and he often loses miserably.

To borrow Pan Zi's words, the water here is very deep, and you can't grasp it.

For example, animal coins have become a hot topic recently, and the increase can be hundreds of times and thousands of times. How many ordinary outsiders will be attracted by the "myth" of this circle?

How many frustrated people will have the same idea as young Koreans, wanting to turn around with the help of currency speculation?

You can close your eyes and think for 5 seconds now. When you see those stories full of miracles of getting rich rushing to the trending searches, do you have the slightest urge to invest money in and make a fortune?

As a senior insider, Uncle Jian would like to remind all friends (especially those outside the circle) that the circle of coin speculation is indeed crazy, but coin speculation is actually an art, and what you see is often just As a result, some of those who make a lot of money by speculating in coins may be just "shit luck", but more of them are the results of mastering the routines. Don't think that others seem to have easily earned wealth and freedom. You think you can too , Before your cognitive level has not reached a certain level, this kind of thinking can easily lead you into various scams, such as the popular killing pig tricks, the scam of bringing a single teacher, and so on.

In the end, Uncle Jian ended with the most old-fashioned sentence that is most worthy of your deep thinking. We encourage you to never make money beyond your knowledge. Even if you make money, you will probably lose it back with your strength .


Binance App Download
Will Ethereum Overtake Bitcoin? The logic of Ethereum's continued rise?

In the past few days, more and more people seem to be discussing the possibility of Ethereum surpassing Bitcoin.The reason for this phenomenon, I think.

Why You Don't Need to Worry About a Bitcoin Ban

Worried about getting banned? Then You Need Bitcoin More Than You ThinkSkeptics often argue that when Bitcoin becomes too important and threatens U.S. sovereignty.

Golden Observation | Two heavyweights attended the Ethereum Summit

At the 2021 Ethereum Virtual Summit hosted by Decrypt, many guests gave wonderful speeches, including Daniel Roberts, V God, cz, Sergey Nazarov, Stani Kulechov, Joe Lubin and other well-known figures.Vitalik.

Don't want to work and just want to speculate in coins, Koreans are crazy

When you mention Korea, what is the first impression that jumps out of your mind?In addition to the characteristics that are very familiar to the public.

You can't learn the success of SHIB

The market crashed as scheduled, but the jitter of 5 points or 10 points is really not a big drop, it is completely normal fluctuation. And from the perspective of correlation.

The cottage season is coming: Ethereum and DeFi are ready for another hot summer

Runaway Commentary: Is the Shanzhai season already here? ETH, DOGE, and other altcoins rallied to new highs this past weekend, driven by DeFi and Ethereum’s promise of a London hard fork. Altcoins such as Ether (ETH).

Golden Morning Post | Digital RMB public beta upgrade MYbank (Alipay) officially listed

Headline ▌Digital RMB public beta upgrade, MYbank (Alipay) officially listedThe digital renminbi sub-wallet has been expanded again, and MYbank, one of the first Internet banks in China, has become an early adopter.