Chapter 10: Ethereum and Ripple
Chapter 10: Ethereum and Ripple
Buy this and it’ll skyrocket.
A Gangnam apartment with a view of the Han River.
Around 4 a.m., I woke up on my own.
‘I didn’t sleep much, but I don’t feel tired.’
The ease that comes with material wealth.
The sixty-pyeong apartment was still unfurnished, so I’d slept on a blanket laid out on the floor instead of a bed.
Yesterday, when Lee Jong-yeop and Jo Soo-ah came to see the place, all I could do was order them jajangmyeon and sweet and sour pork.
The place felt vast, but the thought of filling it up promised to be a simple pleasure.
‘Money really does change a person.’
The mindset of the rich.
Before, I thought having a lot of money just meant more freedom in spending.
The ability to make necessary purchases without having to save, to not feel worried or guilty about the future.
But after getting a hundred million dollars, my entire perspective on the world shifted.
‘Where should I invest? Which stocks are promising?’
I found myself contemplating how the world would change, where I should put my money.
And now, a decision had been made.
‘Crypto still seems the most promising.’
I turned on the computer, temporarily set up on the dining table in the living room.
I felt like a soldier returning to the battlefield.
I logged into the crypto exchange I hadn’t visited in days.
Bitcoin, Litecoin, Steem, Ripple, Ethereum, Tron. The prices of various coins rose and fell by the second.
The crypto exchange is a space where people's greed for money converges.
Even though crypto had recently taken a huge hit, people’s greed continued to pour in unabated.
Funds flowed in endlessly as people chased after a life-changing jackpot.
- To the mooooooon!
- Successfully scooped up 20 million won worth of Ada in the 300 won range!
- This is the start of a financial revolution through virtual currency.
- A message to the crypto pessimists!
- Is there anyone who still hasn't boarded the rocket?
- The start of a massive bull run!
- A crash is good news. You need a healthy correction to break through the ceiling.
People full of hope and faith in making money posted on the message boards.
‘People’s greed hasn’t died down. The embers for a rebound are definitely still there.’
That was the conclusion I’d reached after watching for the past few days.
‘Analyzing a coin’s intrinsic value is meaningless. You have to understand people’s desires.’
I remembered the fish I’d caught while rock fishing with the Senior Managing Director back when I was new to the company and couldn't refuse any of my superiors' requests.
The price of Bitcoin fell, then leaped up.
It was like the bait cast to catch a big fish, wiggling its tail enticingly.
[ Everyone who invested in me made this much money. Don't worry. Even if it drops, it'll go right back up. Want to make money? Get in now. ]
I believe in people’s greed.
After seeing all the articles about people who made a fortune investing in Bitcoin, how could anyone resist dipping their toes in?
‘What matters is which coin you buy.’
Bitcoin accounted for over 80% of the entire crypto market cap.
Newer coins like Ethereum, Ripple, Litecoin, Monero, and EOS were also rising ferociously.
Rather than the expensive Bitcoin, these newer coins were more suitable targets for speculation and greed.
While Bitcoin’s asset value might increase by 10%, smaller altcoins and shitcoins could multiply by tens of times in a short period.
Then again, the probability of them becoming worthless was also much higher.
‘They’re behind Bitcoin, but technologically, they’re more advanced coins.’
They were created with clear objectives and were actually pursuing concrete business plans.
Bitcoin had its inconveniences, like high transaction fees, due to technical limitations.
The more transactions that occurred, the more delays it caused.
It wasn't feasible for widespread, daily use. But other coins were technologically superior.
‘Though improved technology doesn’t necessarily guarantee a price increase.’
The investors who had made money on Bitcoin.
The investors who had missed the big wave and were looking for the next opportunity.
As they turned their attention to other undervalued coins, the prices of altcoins began to fluctuate wildly.
The market frenzy driven by greed had not disappeared.
‘What coin offers both stability and growth potential?’
Creating a coin wasn't technically difficult or expensive.
With all sorts of junk coins out there, I needed something at least somewhat reliable.
I had to pick a stock that the media or investors would pay attention to.
‘Ethereum or Ripple seem promising.’
Beyond its function as a currency, Ethereum also supports transactions, contracts, and emails based on blockchain technology.
It was technologically superior and, as a bonus, had the second-highest name recognition after Bitcoin.
There were even rumors that it would surpass Bitcoin over time.
Ripple, on the other hand, had a clear goal of supporting international interbank transactions.
Most importantly, I liked that its price hadn't risen as much as other altcoins so far.
‘It feels like it’s bound to catch fire at some point.’
Ultimately, after choosing between the two, I decided to split my investment, putting half into Ripple and half into Ethereum, the leading altcoins.
This called for the heart of a beast.
The patience I’d shown while waiting for my 22 million dollars in Bitcoin to turn into 100 million helped with the decision.
* * *
In the morning, I drove to work.
It was early, so traffic wasn't bad, but I felt other cars on the road giving me a wide berth.
‘Then again, I wouldn’t want to drive next to a car like this either.’
No other vehicles tried to cut me off.
Some cars in the adjacent lanes even moved far away.
When we bought our first car after getting married.
I remembered how nervous I’d been driving in Gangnam.
Luxury cars and foreign cars everywhere. Some were worth hundreds of thousands of dollars.
The cost of a single side mirror or bumper was more than my entire car.
“Welcome, sir!”
The security guard at the company parking lot saluted as he greeted me.
He didn't greet every car, but he saluted the luxury ones.
“Hello.”
“Oh. It’s you?”
Since I used to ride my bike into the parking lot every day, I saw the security guard often.
“Yeah. I got a new car.”
“My goodness. What’s an office worker doing driving such a nice car?”
There were cars behind me waiting to enter, and as I was about to move forward, the guard said.
“Don’t park in the underground lot. Park here.”
“Pardon?”
“An expensive car like that should be parked next to the security booth. I’ll keep a good eye on it.”
I was able to park in the VIP section, which had space for five cars.
* * *
The rumor that I was driving a Ferrari seemed to have spread quickly through the company.
Employees came to see me more often than not.
“Assistant Manager Kim, I heard you got a new car? That white Ferrari in the parking lot, that’s yours, right?”
“How does it feel to drive it? Is it like the parting of the Red Sea? Do other cars really make way for you?”
“Ferrari insurance must be expensive, right? Wow. A Ferrari at thirty.”
I used to sit quietly at my desk until break time.
Now, even employees who had never spoken to me before came over to say a word or two.
I’d been a loner through middle school, high school, and college.
Even at work, I rarely talked to colleagues about anything outside of my duties.
It felt like one car had suddenly made me the most popular guy in the office.
During a break on the company rooftop, Team Leader An asked me.
“Assistant Manager Kim. That new Ferrari you bought. You made the money from crypto, right?”
These days, if someone suddenly came into money, people assumed they’d invested in crypto rather than won the lottery.
Stories of people making 10 or 20 times their investment were everywhere.
“Um. Yes, that’s right.”
“I knew it. Just how much did you make to be able to buy a Ferrari? Over 500 million won? A billion?”
“I made more than that.”
“You hit the absolute jackpot. Didn’t you say you sold everything last time?”
“I sold when Bitcoin hit 19,000 dollars. And I’m still trading crypto.”
“Wow. Assistant Manager Kim. That’s amazing. How much did you invest?”
“I invested more than 99% of my entire assets. I went all in.”
It was difficult to be completely honest, but I wasn't lying.
From the moment I discovered a balance of over 25 billion won, it was true that it was more than 99% of my assets.
“You were always so quiet, but you had it in you. You seized the opportunity and made a real fortune. I have complete respect for you.”
This was Team Leader An, who rarely praised anyone for their work, no matter how hard they tried.
Team Leader Seo put out his cigarette and spoke.
“It might be weird to say this, but I’m a little envious of you, Assistant Manager Kim.”
“Pardon?”
“You know, I thought being alone after forty would be really lonely. But I was wrong. You can be lonely even when you’re married.”
“So true. I got married, and at some point, I looked around and realized I didn’t have a single person on my side. It’s fine to get chewed out at work. But when you work hard all day and then get chewed out at home, it makes you so angry and sad.”
“I’m starting to feel what it’s like to be miserable at this age. Your kids and your wife looking down on you. It’s easier to live alone in this life.”
“...”
If that’s what marriage was like, you should have told me sooner.
Was this one of those ‘I can’t be the only one to suffer’ things?
Kim Sang-gi, who had been quiet until now, opened his mouth.
“My dearest friend.”
“Huh?”
“What coins are you in now? Can’t you let me in on it?”
It was a desperate plea.
It wasn't a lottery number; with crypto, the more people who buy, the higher the price goes.
A few of my colleagues buying wouldn't be enough to change the market price, so there was no reason I couldn't tell them.
“Half in Ethereum, half in Ripple.”
“Ethereum and Ripple, you say.”
Not just Kim Sang-gi, but all my colleagues' eyes lit up.
* * *
After work, Kim Sang-gi returned to his studio apartment in Gwangmyeong.
He wasn’t from a dirt-poor family, but his parents back home weren’t in a position to offer him substantial support.
Housing prices in Seoul were so exorbitant that it was hard to afford a place on an average salary.
‘Ethereum and Ripple.’
Kim Sang-gi repeated the names of the coins Kim Shin had recommended earlier.
He hadn't explained why, but Sang-gi, having studied crypto diligently, had a rough idea of his reasoning.
‘The problem is, that doesn’t mean they’ll actually go up.’
The prices of altcoins were completely erratic.
Coins that had been dormant for ages would suddenly shoot up.
And coins that had risen several times over would plummet to the ground just when you thought you could trust them.
Many people had made money in the crypto market, but countless others had lost their entire principal.
He had bought Bitcoin but failed to sell it at its peak.
When it surpassed 15,000 dollars, he’d held on tight, thinking it would soar to the sky.
When the price started to fall, he saw it as an opportunity and scraped together every last penny he had to buy more.
Then it fell further.
Unable to hold on any longer, he sold at a loss, only to see it rebound.
‘Why me…’
At work, Kim Sang-gi confidently acted like an investment expert, but looking at his account statement filled him with depression.
Was he the only one missing out while everyone else was feasting?
‘My luck has already run out.’
His friend, Kim Shin, was popular with women, and his bosses liked him.
He was the type of person who seemed like he could overcome any hardship or difficulty that came his way.
‘Huh?’
While he was looking at the exchange, Ripple went up by 4%.
‘I should have invested the second I got off work! I’ll trust his luck before it’s too late.’
He had 80 million won left.
He used all of it to buy Ethereum and Ripple.
“Kim Shin, my fellow hire. I’m counting on you. To the mooooooon!”