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[VIDEO NEWS] Shattered Dreams of a “Big Win” … Bitcoin Investors Mentally Cornered

Jan 22,2018
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1) “How’s the temperature of the Han River? I’m not joking … sorry, Mom.”

2) This post was uploaded last Wednesday night on an online forum about cryptocurrency.

3) After another user read the post and notified police, they began a search around the river in case someone had jumped in.

4) That day, the price of some cryptocurrency had plummeted to as low as half of its previous value.

5) Fortunately, no suicide attempt was discovered, but one policeman said, “We are concerned that the frequency of such incidents may increase as the price of cryptocurrency continues to drop.”

6) The price of one bitcoin, which was as high as 25 million won ($23,250) at the beginning of this month, dropped to 12 million won last Wednesday.

7) As a result, investors experienced great emotional distress.

8) One student surnamed Jang, who had been on a scholarship, invested his tuition and monthly rent in cryptocurrency. When the price collapsed, he posted, “I need a 5 million won deposit and 350 thousand won for monthly rent to get my room back. Please help.”

9) Another post said, “I put my house up as collateral to get a two hundred million won loan, but failed. Now my wife wants a divorce.”

10) Some investors are even showing violent behavior, such as breaking doors or destroying laptops, out of frustration due to the sudden and drastic fluctuation in prices.

11) “You see, blockchain technology is a form of architecture, and bitcoin is a house. They built this house to use it as a village assembly hall, but as it turns out, people are using it as a gambling house. So, we’re trying to regulate the gambling, and people are protesting about oppressing the architecture. That’s what’s going on now.” —writer Rhyu Si-min

12) Just as writer Rhyu Si-min said, the cryptocurrency market is now indiscernible from a gambling house. People everywhere seem to have dreamt of big wins, but instead saw their life savings turn to ashes in moments.

Video sourced from JoongAng Ilbo
Directed by Lee Jeong-bong
Produced by Kim Su-hyeon
Translated by Kim Hyo-jung
Edited by Matthew Silberman