I'm afraid of the crypto craze in Korea.

wxa7115

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Quote from: magneto on April 01, 2021, 09:16:11 PM

100% agree with this sentiment.

Not just in Korea, but pretty much everywhere else as well.

The NFT craze is simply unsustainable. Altcoin valuations are through the roof. And even the most fundamental (and sane) asset in the cryptosphere, BTC, is arguably entering frothy territory.

There will be a time when this speculative bubble comes crashing down, although it is not entirely certain when that will be. It could well be years given the current sentiment.

We know that markets have the tendency to move on two emotions and those two emotions are fear and greed, once the growth of bitcoin stopped and failed to cross 60 dollars definitely the people instead of just accepting it decided to take a look at other coins and other forms of investment to see if they can keep making money and to their surprise they found out that they can in fact make even more money with those other coins because it is way easier to move them compared to bitcoin.

The problem comes with the fact that there is nothing behind many of those projects and once the bubble pops then the price of bitcoin will go down significantly but the price of those other coins is going to crash so hard that it is going to be impossible for anyone holding the bag to ever recover.

Fatunad

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Quote from: nightxglow on April 03, 2021, 09:19:06 AM

Quote from: Theb on April 02, 2021, 08:11:46 AM

Quote from: tygeade on April 02, 2021, 03:55:18 AM

I think Korea is no different than others because anyone who invests in bitcoins will look to cash at some point and will speculate.

Well there is a big difference unfortunately OP have failed to bring some data to back up his comment on why it is getting "dangerous" in South Korea now. Like what I have said on my first post South Korea as of right now has a bigger volume on their crypto exchanges rather than their own stock market which means that a lot of their citizens' savings and capital are in a riskier market. Just imagine a whole nation will have their whole economy fall sharply when majority of their traders got victimized by a correction or a bearish reversal maybe some of them won't recover as their entire life savings is inside the crypto market. This is why the OP is worried about the crypto craze happening in their country.

Ah so that's what happened. Kinda confuses me when i first read what op stated. Like, isn't that what happened in a lot other places as well? Why is it that dangerous? because korea is just joining the trend? i don't think so.
But well, it might be worrying if people really prefer crypto instead of their stock market, especially because cryptocurrency is really volatile and risky, if a very huge amount of money is stored in cryptocurrency, and in worst case, it collapsed, then of course a huge uproar might happened there, the economy will really at the worst.

They wouldnt really be just making out those kind of decisions if they arent able to picture out on what are the probabilities of things that could possibly happen if they do able to do so.
Switching up fully to crypto is really that risky compared on dealing with their stocks.They are just been hyped too much with the craze? Everything should really be in controlled
because not all things that do looks good would really be already good on others as well. Always take out those second thoughts and think up carefully
on the possible actions that could be made.

omone1

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The richer will always get richer, it's the people financial management that determines what they can save after their expenses. Some good number of persons lack financial intelligence and they never seek to take a course on that. The crypto massive interest is not limited to the Koreans it's a worldwide human psychological trend.

just_Alice

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I think the general idea of Bitcoin and other cryptocurrencies is first and foremost freedom, independence from the established system, not to make the poor rich. It is no wonder that the gap is growing, everyone who knows how business works should've seen this coming.
On the other hand, you have to admit that it is much easier to invest in crypto than capital project investments, so, in a way, cryptocurrencies open doors for lower-class individuals to participate in at least some sort of investment. But naturally, the rich have more opportunities in all senses, so they can buy more coins and various types of crypto, increasing the chances of gaining profit significantly, and I guess it will continue on like that.

Fesatmas

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Quote from: jrrsparkles on April 02, 2021, 10:50:15 AM

Price of bitcoin on their local exchanges is getting more expensive which is actually bad for the rich people there since people can register on those exchange can make profits from those price difference. Crypto market has no borders so everyone who is having money can invest and reap their profits.

however, the amount of money invested will be the benchmark for all the benefits that will later be obtained. so in investing in crypto, when we understand all the flow of price movements, then the nominal money that is ready to spend to invest has become a benchmark that will later count the amount of profits that will be obtained.

nightxglow

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Quote from: Theb on April 02, 2021, 08:11:46 AM

Quote from: tygeade on April 02, 2021, 03:55:18 AM

I think Korea is no different than others because anyone who invests in bitcoins will look to cash at some point and will speculate.

Well there is a big difference unfortunately OP have failed to bring some data to back up his comment on why it is getting "dangerous" in South Korea now. Like what I have said on my first post South Korea as of right now has a bigger volume on their crypto exchanges rather than their own stock market which means that a lot of their citizens' savings and capital are in a riskier market. Just imagine a whole nation will have their whole economy fall sharply when majority of their traders got victimized by a correction or a bearish reversal maybe some of them won't recover as their entire life savings is inside the crypto market. This is why the OP is worried about the crypto craze happening in their country.

Ah so that's what happened. Kinda confuses me when i first read what op stated. Like, isn't that what happened in a lot other places as well? Why is it that dangerous? because korea is just joining the trend? i don't think so.
But well, it might be worrying if people really prefer crypto instead of their stock market, especially because cryptocurrency is really volatile and risky, if a very huge amount of money is stored in cryptocurrency, and in worst case, it collapsed, then of course a huge uproar might happened there, the economy will really at the worst.

KryptoKings

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Quote from: manul888 on April 01, 2021, 05:49:42 AM

I'm also a crypto industry worker, but these days, the Korean crypto market seems to be really too dangerous. It is becoming more speculative than investment, very concerned. Along with the frenzy of cryptos following real estate and stocks, the gap between the rich and the poor is getting wider and wider, and this seems to flow in the opposite direction to the value we hoped for through bitcoin, which is very frustrating.

Btc and most crypto are global hemce local and regional markets can not make big price difference.
Every where in the world, crypto market is mostly highly speculative but you can avoid this by buying btc and holding it for at least few years.
If majority of us stop selling whenever we are in profit, we can get rid of this speculative nature of crypto.

jrrsparkles

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Quote from: manul888 on April 01, 2021, 05:49:42 AM

I'm also a crypto industry worker, but these days, the Korean crypto market seems to be really too dangerous. It is becoming more speculative than investment, very concerned. Along with the frenzy of cryptos following real estate and stocks, the gap between the rich and the poor is getting wider and wider, and this seems to flow in the opposite direction to the value we hoped for through bitcoin, which is very frustrating.

Price of bitcoin on their local exchanges is getting more expensive which is actually bad for the rich people there since people can register on those exchange can make profits from those price difference. Crypto market has no borders so everyone who is having money can invest and reap their profits.

Fesatmas

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Quote from: mk4 on April 01, 2021, 07:26:54 AM

Just like how it's been.. since forever? Tongue

We've been through such hype cycles in the past, and like it or not it will happen again some time in the future. Some people will make money by holding long-term, and some will get burned by buying the top and panicking when it goes down temporarily. It's unfortunate, but that's how the market works.

This hype has sparked a very common perspective among cryptoners who are just starting out in the world of crypto. We are very concerned that they have to compete with large institutional owners in the country while bitcoin prices are soaring and continue to target six digits this year. it is inevitable that we will see a bubble that will only get bigger in the coming year. bitcoin is not favoritism, anyone who is able to survive in the long term, be prepared to enjoy the benefits at a later date.

RealMalatesta

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Quote from: amishmanish on April 02, 2021, 05:22:56 AM

I like how you are always open to opinions TP. I need to add that for all the hate that is reserved for "shitcoins", the only thing related to Bitcoin that has actually made the "poor" better off in the last few years is this forum. That again is not because the forum introduces people to bitcoin but because it introduces them to crazy alt-coins and blockchain games where you can farm crypto.

With the airdrop season on Ethereum and other chains, people who have been engaged have gotten fair rewards compared to those who just stuck to bitcoin. Those who ventured past gained better understanding and are earning better. The maximalist position of denial has really been shitty for those who believe in it.

The fact that poor could still end up winning something from crypto matters, look at so many altcoins that have gone up a lot in the recent months, chilliz, holo and many other stuff, if you are lucky you could make a great profit from altcoins. Bitcoin is good as well you could make a decent profit from that, not as much as you used to but you could still double your money here.

This is why I think it is quite important that we end up realizing what we are looking for in crypto. I believe it is quite obvious that we do not end up with something unrealistic, if you are looking to turn 1 into 500 that is not going to happen but if you are looking to turn 1 into 3 that could be possible. This is the reason which pushes me to think that we should be focusing on that instead of trying to achieve something that will not come at all. Of course you could shoot for the skies if you want to but you are not going to get it unless you are super lucky.

cabron

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Quote from: goldade on April 02, 2021, 09:39:23 AM

The crypto craze is not particular to Korea alone. It happens everywhere. The rich always have money to invest in things like this which makes them to benefit the most. This is not just about bitcoin. Take a look at gold and oil. The rich have more investing capital and so made the most benefit of it.
I think the only reason the crypto craze is so evident in Korea is because there are quite a lot of people who have the capital to invest in bitcoin. This is not to say that there are no poor people there.

I do believe that there is nothing anybody can do to the fact that they see bitcoin as a speculative asset and not ass a currency.

I think Korea is different as far as I know they are using USD over their own currency. That's what I heard according to my sister who works with Korean students. It could be that the people there are hedging their USD to BTC and other altcoins.

But its true that almost everyone today already knew crypto, the apps they are using now are connected to BTC. Media had made it very popular so its not just in Korea.

goldade

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The crypto craze is not particular to Korea alone. It happens everywhere. The rich always have money to invest in things like this which makes them to benefit the most. This is not just about bitcoin. Take a look at gold and oil. The rich have more investing capital and so made the most benefit of it.
I think the only reason the crypto craze is so evident in Korea is because there are quite a lot of people who have the capital to invest in bitcoin. This is not to say that there are no poor people there.

I do believe that there is nothing anybody can do to the fact that they see bitcoin as a speculative asset and not ass a currency.

BIT-BENDER

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Quote from: manul888 on April 01, 2021, 05:49:42 AM

I'm also a crypto industry worker, but these days, the Korean crypto market seems to be really too dangerous. It is becoming more speculative than investment, very concerned. Along with the frenzy of cryptos following real estate and stocks, the gap between the rich and the poor is getting wider and wider, and this seems to flow in the opposite direction to the value we hoped for through bitcoin, which is very frustrating.

Speculation in crypto-currency is widely one sided in favour of alt-coins, although the are speculation in Bitcoin price, but the speculation that a so called alt-coin will be the next bitcoin is occurring fervently, and the long list of De-Fies, I think what a crypto-currency user in Korea should do is stay up to date on real news and when investing they see speculation as a buy-over schemes or slander if speculation is to tarnish the reputation of any one or coin.

RazerCrypto25

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Crypto has always been very volatile not just in Korea, but all over the world. The newest trend in the world is probably NFTs, and if this is what you meant, Korea has one also called Piction.

uneng

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Quote from: Theb on April 02, 2021, 08:11:46 AM

Quote from: tygeade on April 02, 2021, 03:55:18 AM

I think Korea is no different than others because anyone who invests in bitcoins will look to cash at some point and will speculate.

Well there is a big difference unfortunately OP have failed to bring some data to back up his comment on why it is getting "dangerous" in South Korea now. Like what I have said on my first post South Korea as of right now has a bigger volume on their crypto exchanges rather than their own stock market which means that a lot of their citizens' savings and capital are in a riskier market. Just imagine a whole nation will have their whole economy fall sharply when majority of their traders got victimized by a correction or a bearish reversal maybe some of them won't recover as their entire life savings is inside the crypto market. This is why the OP is worried about the crypto craze happening in their country.

Koreans might be betting high in crypto currencies success, but that is actually the tendency the world is going to follow from now on. Does anyone still doubt crypto, lead by bitcoin, is the future of financial system? On short run everything can happen, these investments can lose value for a while of course, but on long run they will most probably recover and hit new ATHs.
If people are putting so much money in crypto market it's because they see potential and benefits on it. South Korea is a technological pole, they must know what they are doing.

Theb

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Quote from: tygeade on April 02, 2021, 03:55:18 AM

I think Korea is no different than others because anyone who invests in bitcoins will look to cash at some point and will speculate.

Well there is a big difference unfortunately OP have failed to bring some data to back up his comment on why it is getting "dangerous" in South Korea now. Like what I have said on my first post South Korea as of right now has a bigger volume on their crypto exchanges rather than their own stock market which means that a lot of their citizens' savings and capital are in a riskier market. Just imagine a whole nation will have their whole economy fall sharply when majority of their traders got victimized by a correction or a bearish reversal maybe some of them won't recover as their entire life savings is inside the crypto market. This is why the OP is worried about the crypto craze happening in their country.

Myleschetty

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Quote from: manul888 on April 01, 2021, 05:49:42 AM

I'm also a crypto industry worker, but these days, the Korean crypto market seems to be really too dangerous. It is becoming more speculative than investment, very concerned. Along with the frenzy of cryptos following real estate and stocks, the gap between the rich and the poor is getting wider and wider, and this seems to flow in the opposite direction to the value we hoped for through bitcoin, which is very frustrating.

I don't understand what you mean by the Korean market is too dangerous because cryptocurrency is already known for been volatile and the market price is determined by the level of demand and supply but if you feel there's something strange about the exchange you're using you could change to Binance.

amishmanish

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Quote from: The Sceptical Chymist on April 01, 2021, 07:38:16 AM

Quote from: manul888 on April 01, 2021, 05:49:42 AM

the gap between the rich and the poor is getting wider and wider, and this seems to flow in the opposite direction to the value we hoped for through bitcoin, which is very frustrating.

Yeah well, that doesn't surprise me. The rich are always going to have more capital to invest in things like bitcoin and they're the ones who reap the most benefit from doing so. I don't think the poor have much use for bitcoin at all, despite what a lot of people have said over the years about it being able to help the unbanked--and that's not exclusive to Korea or any part of the world, either.

I like how you are always open to opinions TP. I need to add that for all the hate that is reserved for "shitcoins", the only thing related to Bitcoin that has actually made the "poor" better off in the last few years is this forum. That again is not because the forum introduces people to bitcoin but because it introduces them to crazy alt-coins and blockchain games where you can farm crypto.

With the airdrop season on Ethereum and other chains, people who have been engaged have gotten fair rewards compared to those who just stuck to bitcoin. Those who ventured past gained better understanding and are earning better. The maximalist position of denial has really been shitty for those who believe in it.

stompix

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Quote from: Lorence.xD on April 01, 2021, 10:35:03 PM

If you know what to do more than just whine about how it is going crazy, then you might be able to profit from the frenzy that is happening, yes people are saying that NFT is a bubble but we don't know when it is going to pop and with that knowledge we can be able to make money while it is still growing and not yet popping up.

So, this has nothing to do with the gap between poor and rich, it has nothing to do with decentralization, being your own bank, freedom, you explained it quite clearly although you probably did this unwillingly.
Make money before the bubble pops!
In one single line, you managed to align NFT with ponzi schemes and brought to the surface what everyone knew about those, practical use zero, 100% way of making a quick buck out of nothing.

Quote from: magneto on April 01, 2021, 09:16:11 PM

The NFT craze is simply unsustainable. Altcoin valuations are through the roof. And even the most fundamental (and sane) asset in the cryptosphere, BTC, is arguably entering frothy territory.
There will be a time when this speculative bubble comes crashing down, although it is not entirely certain when that will be. It could well be years given the current sentiment.

I doubt it will take years for it to come down, in the past collectibles like these have made it through a long period because there was a manufacturing process, there were limited things to produce, communication channels were not that effective, right now it's a different game.
Every single useless thing can become a NFT, transactions are instant, collectors can follow trends in minutes, this of the tulip many but in a digital form where bulbs take seconds to create. It will a ot faster than the beanie babies craze.

tygeade

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I don't quite get it. Rich and poor theory never works because let's be honest, Bitcoin was not made to make the poor richer or vice versa, it was simply designed to bring freedom into the markets and remove trust from the trades. And as far as speculation goes, everyone invests into bitcoins because they have some expectations from the investment obviously.

I mean if you are looking at the value of Bitcoin through sheer use of "real-life use" then actually it is not as much and frankly, I would still prefer my credit card over Bitcoins when shopping or making any transfers because it is cheaper and way faster. Bitcoin's value comes from speculation of the demand and supply in the market.

I think Korea is no different than others because anyone who invests in bitcoins will look to cash at some point and will speculate.

Topic: I'm afraid of the crypto craze in Korea. (Read 359 times)