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South Korea's bitcoin depression patients are increasing, and many people may commit suicide due to the sharp drop in the currency market

South Korea is the third largest cryptocurrency market in the world. According to public reports from South Korea in February this year, South Korea, with a population of about 52 million, accounted for 17% of global Ethereum transactions. Among cryptocurrency workers, about two-thirds of South Korean salaried workers had invested in electronic currencies before December 2017 (data from a survey by South Korean recruitment company Saramin), and 80% of them are young people in their 20s and 30s.

At the beginning of this year (January 6-16), the price of Bitcoin against South Korean won plummeted from $25,065 to $13,503, a drop of 53.8%. The halving of the currency price has caused many young people who entered the circle to suffer double financial and spiritual damage.

The resulting number of Bitcoin depression patients is increasing, and even suicides have occurred. According to Times Weekly citing South Korean media reports, a college student who spent more than 20 million won in virtual currency and lost everything committed suicide.

The plunge in currency prices at the beginning of the year also caused countless investors to fail. According to a CCTV survey, 70% of bitcoins are produced in Chinese mines. Coupled with the outflow of news about the central bank’s “holding a closed-door meeting to request restrictions on the closure of Bitcoin mines”, it directly led to a sharp increase in digital currencies including Bitcoin, Ripple, ACT, BCD, and DNT starting from January 7 this year. Shrunk, the price of mainstream encrypted digital currencies nearly halved within three days.

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Encrypted digital currency has high speculative attributes and frequent fraud

Regarding investing in encrypted digital assets, Buffett said in an interview with Yahoo Finance recently that Bitcoin and other digital currencies cannot be regarded as a real investment, but a game or a gamble. When you buy Bitcoin, you are not investing, you are speculating.

Although the facts may not be exactly what Buffett said, but the stock god’s attitude towards cryptocurrencies means to a certain extent that when choosing a financial product with a high identification threshold and strong speculative attributes such as cryptocurrencies, one must be more careful and beware of being deceived .

A fierce turmoil of cryptocurrency rights protection that eventually turned into dichlorvos has not yet subsided. The director of a bitcoin mining company in India was imprisoned for a multi-layered marketing scam. 21 cases of digital currency fraud in London under the guise of celebrities were exposed...

Incidents related to digital currency ICO fraud, digital currency futures fraud, and founders running away with money have followed one after another. However, due to the virtual characteristics of cryptocurrencies and the lag in supervision at the beginning of the emergence of new things, hackers and economic fraud are in the gray area of ​​the law. Freely" shuttle and walk.

Behind the ups and downs of the currency market prices, the vast majority of projects have not yet landed. Selling is expected to become the main magic weapon for many players in the currency circle to collect money. The white paper at the core of the project can also be easily written by someone through the shopping website...

In the white paper fraud case exposed by CNR today, Mr. Huang, who specializes in selling ICO white papers, said, “Writing a white paper is basically a template. If you want to make up a story in any field, just say that a certain problem can be solved through blockchain technology. "

Not only the falsification of the white paper, but also the falsification of various links including the "white paper rating" has been relatively complete, and the entire digital currency ICO black production is taking shape.

As an ordinary investor, in the face of the temptation of the recent recovery of mainstream cryptocurrencies, we still need to remain rational and cautious.