Low-Income Koreans Got Rich on the Blockchain, Then Lost it All

Low-Income Koreans Got Rich on the Blockchain, Then Lost it All
The cryptocurrency market made a ton of people rich during its early years, with the value of Bitcoin reaching incredible heights.

But what goes up must come down: 2018 was a harsh wake-up call for those invested. Many Koreans who invested in cryptocurrencies lost many thousands of dollars in the crash, the New York Times reports — but still hope for a rebound.

South Korea remains the third-largest market for cryptocurrencies after the U.S. and Japan, with a side dish of crypto pop culture that hasn’t been diluted by the market meltdown. For instance, contestants compete to build blockchain businesses on “Block Battle,” a TV show that calls itself the “world’s first blockchain survival TV show,” with viewers at home voting in real-time like “American Idol.”

“Who’s the next Satoshi?” the moderator asks rhetorically at the top of the show, a nod to the nebulous forefather of blockchain tech.

The show aired its first episode back in October 2018 — a terrible period, ironically, for crypto prices.

While many Koreans are still counting their losses, the dreams of becoming rich through cryptocurrencies is still very much alive.

But the harsh reality — including numerous hacks and scandals involving South Korean crypto exchanges — should really be a sobering wake up call.
News Topics :
Dubbed by long time crypto investors as “the noobs”– online lingo for “newbies” – they are ordinary investors hopping onto the latest trend, often with little understanding of how cryptocurrencies work or...
For months now, much of the media attention on the crypto space has been directed at ebbs and flows in the price of bitcoin on one side, and whiz bang ICOs...
TechCrunch has learned through a company fundraise overview that Beijing based mining equipment seller Bitmain hit a quarterly revenue of approximately $2 billion in Q1 of this year. Despite a ,...
Ripple and its token, XRP, have dominated the crypto currency market during the first half of 2017 as XRP finished the second quarter up 3, 977 percent. This is an example...
Since bitcoin first started drastically increasing in value, fears spread that the bubble would soon burst. In what investors may see as a boost to cryptocurrency s legitimacy, three other...