global standard
“Bitcoin price is rising terribly. Like he said before, I think it’s possible to shoot 20,000 dollars.”
Yooseong, who had been frantic to build a cryptocurrency exchange for two years and to create a global cryptocurrency exchange association, has now become an expert in cryptocurrency that cannot be compared to Eugene.
“And there are a lot of people who think it will go beyond $20,000 and go up to $100,000.”
However, unlike other experts, experts in the field of investment simply have more knowledge in the field than the general public, and they can never see the future.
This may be because, in general, experts have the ability to objectively look at a target regardless of their own profit or loss, whereas investment experts can never take an objective position regardless of their investment.
Even now, many cryptocurrency experts are talking about a rosy future for cryptocurrencies through various media, but no one says how long the cryptocurrencies will rise.
And just like an inflated balloon blows out at any time, the fact that there is a moment when the bubble bursts, which also ends with cryptocurrencies, is also never said.
Just as stock experts always say that stock prices rise in the long run, and real estate experts say that real estate is the safest and most reliable investment target, experts in cryptocurrencies are also claiming that it will rise unconditionally.
Fortunately, since the cryptocurrency market is generally booming right now, it is only going up without an end, so they could say they are experts and give them a lot of strength on their shoulders.
Entering June, the price increase of cryptocurrencies is accelerating, and the media is increasingly covering this situation.
The more the media deals with cryptocurrencies, the more people who have not yet participated in the investment are afraid that they are missing out on this great opportunity, resulting in an increase in the number of people participating in the investment.
Whenever the media dealt with a specific currency, it was not uncommon for the price of that currency to fluctuate.
“Ripple was the scariest thing.”
Ripple, which fluctuated between 0.4 cents and 0.6 cents for a long time, suddenly began to surge in March.
At the end of March, it rose five-fold to $0.03 in a month, and again in mid-May, to $0.3, showing a 50-fold increase compared to the beginning of the year.
“Based on yesterday’s price, it’s $3.1 billion. Selling now is a huge profit. Ripple revenue alone is enough to make up for all the money invested in exchanges so far.”
Eugene and Yooseong brothers both own 10 billion ripples.
With a purchase price of only $0.006, the profit was more than 50 times that of $60 million.
Of course, if you don’t sell it, you can’t call it a profit, but Yooseong, which already dominates the cryptocurrency exchange, is an asset that can be turned into cash.
“We will hold it until the end of the year, and then liquidate it all at a suitable time.”
“Rippleman? Or other currencies?”
“If possible, I think it would be better to liquidate most of it. But you decide for yourself.”
Eugene no longer says when to buy and when to sell.
No, I can’t say exactly, but it would be more correct.
Eugene’s intervention may have changed the future of the cryptocurrency market considerably.
So, it was difficult to determine where the price was right, or which moment was a good moment to throw away.
If it was originally, Bitcoin peaked at $20,000 at the end of understanding and collapsed brilliantly.
However, given the current trend, there is no way to know if the $20,000 will end or if it will rise above $30,000.
Maybe it’s possible that the price won’t be that high and it will collapse.
Supporting the price of cryptocurrency is only the psychology of investors, and it is impossible to predict the psychology of millions of investors.
For that reason, Eugene suggested a guideline to the extent of gradually disposing of half of the cryptocurrencies that he owns from the time Bitcoin reached the $10,000 level.
Eugene was not too concerned about the profits that could be obtained with cryptocurrency.
Rather, the profits that can be obtained through cryptocurrency exchanges are much greater.
In addition to the fees for cryptocurrency trading, the supply of numerous new currencies to be listed in the future, and the valuation of cryptocurrencies developed independently by major cryptocurrency exchanges, as well as profits from trading various types of derivatives. not many
“I think we will be able to bundle the prices of all exchanges into one by the next quarter.”
That is the part that Yooseong is working hard on the most. In this year, in addition to the cryptocurrency exchanges managed by Yoosung, numerous exchanges began to appear around the world.
And since the prices of cryptocurrencies traded on the various exchanges were different for each exchange, investors were feeling confused about the price difference between the cryptocurrency exchanges.
In the case of securities, stocks of the same company are traded at the same price at either A or B, but in the case of cryptocurrencies, they are traded at different prices on each exchange.
This is because the cryptocurrency exchange does not act like a securities company, but acts like the KOSDAQ or the KOSPI.
In other words, the reality is that there are dozens of cryptocurrencies on the KOSDAQ in Korea, and thousands in the world.
Of course, the price difference between exchanges tends to gradually converge to the average due to various factors and investors who want to profit from arbitrage over time, but if there is a sharp price difference within a short period of time, it can cause serious problems.
In fact, Yoosung, which occupies more than half of the cryptocurrency trading market, was trying to make it act like a single exchange by tying the prices between each exchange into one.
After this work, small exchanges other than the exchanges managed by Yoosung will have no choice but to be subordinated to the exchanges of Yoosung.
For investors, there is no reason to use an exchange that is deeply separated from where most of the cryptocurrency trades are traded.
Yoosung called it the Cryptocurrency Alliance, and called the transaction price within the alliance a global standard.
“How about working with the PayPal mafia?”
“Everyone has great execution skills, and they are very smart. He is good at generating new ideas from time to time, arranging the necessary resources to make them a reality, and creating an organization. They have a lot to learn.”
It was a very good opportunity for Yoosung. They are people who have already achieved remarkable achievements in one field, and they are people who have a strong obsession and desire for success.
If Yoosung had not completely mastered the cryptocurrency exchange market, he would not have had the opportunity to work on an equal footing with them.
“We are preparing a wide variety of derivatives. And it looks like there will be several new types of cryptocurrencies.”
“Not bad.”
“uh. I also started supporting leveraged trading and created an inverse fund.”
“You don’t do leveraged trading in the Korean market, do you?”
“of course. They said they would also operate leveraged products at Coin Zero, but they said that it is better not to take any risky actions because the Korean financial authorities and prosecutors are very conservative. It was very uncomfortable there.”
Businesses that are implemented without major problems in other countries are not necessarily only happening in the cryptocurrency business if there are various difficulties in Korea.
If it’s not Eugene, there’s nothing wrong with leveraging cryptocurrency trading.
If it’s a growing company, it’s worth taking the risk of being investigated by the prosecution.
It is enough to generate sales through it, increase the scale, and pay the fine according to the results of the investigation.
However, if Eugene and Yooseong are connected, the problem is different.
Even so, there are many large companies that are hostile to Eugene.
If the company in which Eugene invested was under investigation by the prosecution, there was a concern that it would incite the media and escalate the problem.
Although the influence of Cheil Group and Dasan Group in the media industry is considerable, there are also quite a few media under the influence of other companies.
If the media raises the problem by making a big deal out of it, and if it continues to attract even if it is not directly related, it will be detrimental in the end.
For that reason, Eugene cautioned that all business in Korea should be prepared for the worst.
“I think some new exchanges have decided to offer leverage. As the CEO of Coin Zero, it seems pretty unfair. At the best, I had an opportunity to make money, but I missed it even after thinking about it first.”
“If you don’t like it, there’s nothing you can do about it. If you want to make a decision, tell them to break up and do it.”
“Even so, I was notified. If you don’t follow our guidelines, there’s nothing you can do. But anyway, since our stake is so large, it won’t be a big deal. And if you leave the Alliance, you lose the biggest advantage because you are kicked out of the global standard.”
“You will figure it out on your own.”
There are five cryptocurrency exchanges managed by Yoosung in Korea alone.
And those five exchanges relay more than 90% of cryptocurrencies traded in Korea.
It is true that CoinZero is the largest exchange in Korea, but even without it, Yoosung is not very impressed.
After all, the biggest markets right now are the US, Japan, and China. Korea is still only on the edge of the coin trading market.
“The deal to hand over two Russian exchanges to Alexei Fyodorf is nearing completion. We also decided to hand over three Chinese exchanges to Jiang Xiewei.”
Anyway, the cryptocurrency market has a lot to do with the governments of each country.
No matter how well the exchange managed by Yoosung performs, it can collapse in an instant if the country imposes sanctions.
Especially not to mention in dictatorship countries like China or Russia, Eugene decided to hand over an appropriate stake to those associated with the leaders of each country and continue the business together.
This deal will be of great help to each other.
They can make perfect slush funds on their own, and Yoosung can run a stable business.
“Instead, the management decided to keep it on our side. They don’t have the know-how, so they can’t save people right away.”
“It won’t last very long. In two years at the most, we will completely take over from there.”
Eugene knows how greedy the people there are.
If Eugene didn’t have enough backseat, they would rush to eat it raw.
But fortunately, Eugene had enough background to not just eat raw.