Chapter 43: Source Coin
Chapter 43: Source Coin
< Source Coin >
The Source Coin project.
The coin development team, which started with 30 people on the first day, had now grown to 80.
We'd hastily secured an office that was larger than necessary, and now more than half of it was filled with employees.
“The basic framework for the coin is complete.”
“Already?”
“Yeah. Right now, we’re focusing on developing the mining and platform aspects, along with the programs the company will use to manage it all.”
For a business that started almost by accident, things were moving incredibly fast.
There were no major setbacks; it was all smooth sailing.
“We have to build a lounge for the employees, and it absolutely must have a place for them to play games.”
Oh Myeong-woo insisted.
“Huh?”
“How can people just come to work and do nothing but work? They need some culture in their lives. It’s the CEO’s job to keep employee satisfaction high.”
“And by ‘culture,’ you mean video games?”
“Of course. Nothing else covers every genre of fun and story like games do.”
I took Oh Myeong-woo’s advice. We built a lounge and installed twenty brand-new, top-of-the-line computers.
Game consoles and large screens were a must.
We made sure to stock it with classic masterpieces and highly recommended game titles.
Considering it an employee benefit, it wasn't a huge expense, but the game room still felt... empty.
“Something’s missing.”
After thinking it over, I decided that something Korean would be best.
In Korea, just going to a PC bang makes you feel cozy, comfortable, and somehow, healed.
It's a place where, since adolescence, you can savor freedom, dreams, fun, and hope.
Sitting down in the chair and logging in always brought a thrill of anticipation for the good times ahead.
I’d worked part-time at a PC bang during college, so I understood how the customers felt.
“Tear it all down.”
I brought in workers to remodel the computer room. Then, I personally took charge to create a perfect, Korean-style PC bang.
From the desks, chairs, and partitions to the slightly cramped feeling of the space—it was a completely authentic Korean PC bang.
We installed thirty computers, built a counter with a refrigerator, and set up a kitchen.
For part-time staff, I hired two very pretty and slender Korean-American college students.
It might draw criticism for lookism, but a pretty female employee was an essential element for any hit PC bang in Korea.
“Welcome aboard.”
“Yes. You can count on us, sir.”
After being called “CEO” for a while, hearing “President” felt a little strange.
The PC bang was hastily set up just four days after the Source Coin project began.
“Whoa… I can’t believe a place like this exists.”
“Ahem. I don’t think I have anything I need to go home for today.”
The lounge was almost always empty, but the PC bang, on the other hand, was constantly packed with employees.
And I hadn't forgotten Oh Myeong-woo's advice that it would be good to get close to Eddie, the genius developer.
“Eddie. Thank you so much for agreeing to help with this.”
I made a point to personally thank each developer who had joined the project, and Eddie was no exception.
One by one.
Having invested in startups, I knew just how powerful the founding members could be.
For now, these were temporary helpers, hired before we brought on full-time staff.
Eddie spoke without taking his eyes off the monitor.
“I’m only going to work here for a few days. I like the PC bang, but if you bother me, I won’t be back tomorrow.”
He wasn't a social person.
As the CEO who had founded the company, I knew Eddie’s contribution to the project’s smooth progress was significant.
*‘As long as he does his job well, that’s all that matters.’*
Trying to force a friendship could backfire, but could he really resist a gift offensive?
I took out the gift I’d originally intended for Oh Myeong-woo.
“Here, this is for you.”
“What is this? I feel like quitting already. If you think you can win me over with money or a check, you’re sorely mistaken.”
“You know Jennifer from BlackRed, right?”
“Of course, I do! I went to see their performance at Coachella in person. The crowds were exhausting, but it was a show worth waiting for! She winked at me.”
“It’s Jennifer’s autograph and some photos.”
It was a gift I’d acquired for Oh Myeong-woo while meeting with producers and various agency officials for the production company I’d set up in Korea.
Eddie opened the gift box and was moved as he looked at Jennifer’s autograph and the seven photos.
“Oh. Such a treasure… How did you get something like this?”
“I own a broadcast production company in Korea. If BlackRed ever performs in the US, I can even reserve front-row seats for you.”
“So you’re in a pretty impressive line of business.”
Eddie’s attitude became more respectful.
I never would have thought being the CEO of a Korean production company would carry so much weight in Silicon Valley.
While working to boost employee satisfaction, I also began one-on-one employment negotiations with the proven talents on the team.
It was best to have the people who started the coin project handle its future development and management.
“I’d expect a salary comparable to my previous job.”
“Of course. We can do that.”
“And I’d like you to keep your promise.”
“Promise?”
“The front-row seats for the BlackRed concert.”
“I’ll write it into your employment contract. And if they have any fan meetings or events in the US, I’ll do my best to make sure you can attend.”
I succeeded in hiring Eddie first.
Truthfully, there was something that had been bothering me.
*‘This isn’t a business funded by investors. I’m doing this purely with my own money.’*
The difference between this and other Silicon Valley startups was that I had founded it with my own capital.
Blockchain technology, cloud systems, and so on.
The original goal was to harness personal computer resources for the medical AI, but somehow, the project had grown larger than I’d anticipated.
*‘Doesn’t a business need to generate profit to be sustainable?’*
It felt like a company I’d created just to spend money.
But my conversation with Eddie resolved that concern on its own.
“Kim Shin. I know about the ambition you hold.”
“Pardon?”
Ambition?
What kind of ambition could I possibly have?
“The reason you founded this company. I came because I heard you were doing good work, but I realized it while coding.”
What on earth did he realize?
“The world’s computing resources. Your plan is to monopolize them using Source Coin and then sell them to corporations that need them, right? Am I right?”
“Ah…”
We could acquire personal computing resources not just for Biolife to use alone, but to share with other companies for a fee.
Not just for medical AI, but for things like weather forecasting, natural sciences, and engineering—fields that require massive data analysis.
We could enter a market needed by countless corporations.
“I think it’s a brilliant ambition.”
They said Eddie wasn't a social person.
But after our talk about BlackRed, he seemed to follow my lead quite well.
*‘So this business has a business model now.’*
It felt like everything was falling into place by sheer chance. On top of that, a request came from the employees through Oh Myeong-woo.
“A lot of people are asking if they can get their daily wages in Source Coin.”
“Why?”
“They say Source Coin seems like it could be fun.”
Right now, there’s nothing you can do with it besides exchange it for cash.
But the employees took care of that on their own, too.
They stayed after work hours to build something, and it turned out to be a store page.
A shopping mall where you could buy various items with Source Coin.
They could sell items the company had on hand, and they also linked it to external shopping malls so that if you bought something unavailable here, it would be processed instantly.
*‘They made it so you can use Source Coin like real currency.’*
The business was expanding on its own, driven by the employees.
Amazed, I asked Oh Myeong-woo.
“Is this what Silicon Valley is normally like?”
“I have no idea. This company seems a little crazy, though.”
The CEO was just watching as his talented employees got things done all by themselves.
* * *
Earth Resource.
As I was founding the coin company, I saw news about Korea on American television and in the newspapers.
- CNN: COVID Cases Surge in South Korea and Italy
- Fox News: South Korea Confirmed Cases Jump to 556.
- NBC: Coronavirus Cases Double in One Day in South Korea
- US Raises Travel Advisory for South Korea, Israel Bans Entry from South Korea
- Eerie Silence Falls Over the Streets of South Korea
- South Korea Has Worst COVID Outbreak Outside of China
- The New York Times: The World Watches as South Korea’s Outbreak Unfolds
I could see news about Korea on American broadcasts day after day.
In Daegu alone, over 100 new cases were being discovered daily.
It was difficult to even estimate how many hidden infections there were in the region.
*‘It’s getting more serious. I’m anxious for Biolife’s sake, but I have to do what needs to be done.’*
The 2017 crypto boom was a once-in-a-lifetime opportunity, and I was lucky enough not to miss it.
I thought an opportunity like that would never come again.
*‘But the COVID crisis… this could be a huge opportunity in the stock market.’*
Historically, wars and financial crises have always produced people who either made or lost great fortunes.
Just reading the articles, it was clear that the situation in Korea was dire.
As COVID spread through China and South Korea, their stock markets plummeted, and their local economies were hit hard enough to be paralyzed.
In contrast, the US and European stock markets remained strong, not yet directly affected by the pandemic.
I didn't know the official stance of the public health authorities, but many ordinary people seemed to regard it as a disaster confined to Asian countries.
- Kim Shin: Is there any new information about COVID?
It was the middle of the night in Korea, but I received a reply to my text immediately.
- Lee Ho-yeon: It appears to be more severe than the swine flu.
- Lee Ho-yeon: The KCDC is projecting that the total number of infected in Daegu will exceed 3,000.
- Kim Shin: As many as 3,000?
3,000 was a number that shattered my expectations once again.
- Kim Shin: The US and Europe should be fine, right?
- Lee Ho-yeon: It’s not certain how the virus infects people.
- Lee Ho-yeon: My friend at Harvard says that within a year, 40% to 70% of the world's population could be infected with COVID.
- Kim Shin: Really?
- Lee Ho-yeon: That’s what their research indicates. The outcome will vary depending on each country's response, but Harvard University will make an official announcement tomorrow.
- Kim Shin: Isn’t it a bit of a stretch for that to actually happen?
It felt surreal.
To think that my own chance of being infected was over fifty percent.
I was worried about the severity of the infectious disease, but it hadn't quite hit home yet.
- Lee Ho-yeon: They say a massive wave of infections will appear within a month. Not just in China, South Korea, and Italy, where cases are high, but all over the world.
I thought this was just a crisis for Korea, with our feet to the fire.
What would happen if the virus spread across the entire globe?
The stock market would plummet to a historic low.
I might feel a pang of guilt about making money by taking advantage of the spread of COVID.
But strictly speaking, I wasn't taking advantage of COVID itself.
I was simply anticipating the fear people would feel before the situation escalated.
*‘If I didn’t have money, I wouldn’t have been able to do anything. I’d still be working at Arcor.’*
The investment in Biolife and the necessary support.
Even the Source Coin business.
In modern society, the more money, the better, and I knew I couldn't let an opportunity like this pass me by.
I stayed up all night thinking it over and came to a decision.
*‘I’ll bet on puts.’*
I decided to buy put options, which make money when stock prices fall.
If COVID-19 spreads rampantly, the New York Stock Exchange will crash, and I’ll make a fortune.
If COVID turns out to be nothing serious, I'll likely lose money, but...
*‘I’ll invest 200 million dollars. If I make a lot of money… I’ll be able to do more of the things I want to do.’*