Topic: can't understand why Korea is in speculation - page 2. (Read 132 times)

First of all, you are just 19 years of age and you are questioning their way of investment. We don't know exactly what the reason why they prefer to invest in altcoins and there is a reason behind that. Investing in Bitcoin is safest way to invest but the profit potential is a little bit lower compare to altcoins. Altcoins is a risky type of investment because of their volatility but the potential gain is so high and that's what I think why people in your Country prefer altcoins. By the way, if you do a screening, doing a deep research about a coin, investing in them really worth it.

I think that, above all, one should respect other people's decisions to invest their money in what they want, as long as such investments are not illegal and do not contribute to endangering other people. If some people (and even the majority) think that investing in something other than Bitcoin is more profitable for them (and that is the main reason for their investment), I don't see why they would be seen as someone who is doing the wrong thing.

Theoretically, if you invest in BTC, it is realistic to expect that you will earn x5 or in the best case x10 in the next 2-5 years, and some altcoin can result in much more than that in the same period. Of course, there is always a risk that things will go downhill, whether it is Bitcoin or even more so with altcoins. People simply like to gamble in a way that they invest a little and get a lot, and that is exactly what the owners of these altcoins promise them.


Is that your opinion or is there any research to back it up? It's kind of hard for me to believe that most people don't know the difference, but I guess there is some truth in that, because a lot of people have a very wrong perception of what Bitcoin is.

It's not that I'm an expert on South Korea, but I watched a documentary a few years ago and it seems to me that it's the only country where, in addition to knowledge, young people must also have a certain physical predisposition to get a job, which means that many go for medical procedures to look more acceptable to the employer.

I tend to agree with franky1's said.
Bitcoin is for those who want a long-term investment like a retirement plan and those who want to make a quick profit for a short time but it's involves risk, investing in altcoins might their choice.

Correct me if I'm wrong because ain't Korean, in South Korea, gambling was strictly probihited right?
So I'm thinking about how people in Korea decide their money to take a risk and it seems like gambling.  Invest in altcoins and hope to gain a profit in just a few weeks or months, they might be aware of the pump-and-dump tactics and how they will ride on it.  If you have a lot of money you know how to play with it.

But who knows, there are also Bitcoin holders in your country that you didn't know since this thread is a baseless story.

They are investing in altcoins based on the perception for them. Bitcoin is good but not everyone will invest in it and use it. And if anyone invest in altcoins and do not invest in Bitcoin there means they don't understand the value of Bitcoin. And as you said Korea is one of the country that have the highest awareness in Bitcoin and they invest in dogecoin and other coins more than Bitcoin then they don't understand Bitcoin and they are the people promoting dogecoin and others. And really $50,000 is very big amount of money that some civil servants will not see through out their service years. There is a very big different among them. Even between or among the altcoins there is is a different. Like the ones you mentioned, dogecoin is more valuable than the other.

bitcoin plays the long run (retirement) where people hold for 4-#0years
altcoins are the pump and dump, where people hold for 1day-1 year

PoW mined coins are more of the long run if the coin has real world utility
PoS minted coins is the pump and dump short term plays

Ten years later, right? most of the current generations can't wait so that long because they're FOMO and want to achieve financial freedom before 30 years old, that's why they take risk to gamble their money in shitcoins.

Also not all people want to learn about Bitcoin, if they're still hold their coins in CEX and prefer to stake their coins rather than hold in their non custodial wallet, what we can expect from them?

I am 19 years old Korean. I am little sad because of people's mind here. I think Korea is an advanced country and I think Korea has a higher perception of cryptocurrency than other countries. However, I think Korea is investing(I think almost speculating) more in altcoins (Dogecoin, Ripple, EOS, Quantum, Solana, etc) than Bitcoin.  Their investment is around $50,000 (average Korean adult income per year). I don't understand why they spend all their investments on trashy altcoins with the money they can get from saving a year without spending a penny. $50,000 is money that adult men have to save for over 10 years in most countries except developed countries. If Korea focuses more on bitcoin investment, I think there will be a lot of new rich people in 10 years. What do you think? Koreans don't buy bitcoin, thinking there's no difference between bitcoin and altcoins.