Venezuela.
The official name is the Bolivarian Republic of Venezuela, a country with a population of 30 million in South America.
The famous one is definitely oil, and at one time, one-third of the country’s total GDP depended on oil exports.
However, after nationalizing the oil industry and continuing lax management, disaster began when shale gas dragged down oil prices.
The economy of a country that depended only on oil exports collapsed in an instant, followed by politics, administration, and security. All sectors of the country were experiencing a crisis.
‘I don’t know much about South America because I’m not interested in it, but it’s certain that Venezuela will become a more serious country in the future.’
It’s very hazy, but I do remember seeing the number 10,000,000,000% in an old newspaper.
What is 10,000,000,000%? This means that the inflation figure that will hit Venezuela is a whopping 10,000,000,000%.
The units are so large that I can’t get a sense of it. Even 10% inflation is going to be tough, so what happens when you experience inflation of 10,000,000,000%?
“… … It’s terrible.”
I lay in bed for a while and then got up.
The time is already 11 am. Right next to him, Jesse was asleep, hugging the white blanket tightly.
Seeing her sleeping face reminds me of what she said last night.
‘I asked Venezuela for a virtual currency payment service. Even adding that it is urgent.’
The virtual currency payment service under development is a simple payment, remittance, and exchange service.
There would be no way for Venezuela to survive with this alone, so why did Jessie urgently ask for the service to be opened from Venezuela?
If we have to find the reason, Venezuela will soon experience hyperinflation of 10,000,000,000%, so if we convert all our cash into acorn coins before that, we will be able to minimize the damage.
‘Anyway, it’s so unique. How could he have thought of making such a request?’
I told Jessie to be honest about what she wanted.
If she wanted a reward like a special bonus or officetel or apartment, I would have gladly accepted it.
While running the WHTS Company, she has received a lot of help from her public opinion management skills.
But who would think of the stability of the motherland first, rather than personal gain?
Swoop.
I suppress the urge to pinch the sleeping Jesse’s cheek, and quietly put on my clothes.
I wanted to spend more time at the hotel, but the missed calls piling up on my cell phone pushed my back.
‘When Taesik was in Korea, he was still generous, but he’s dying to do all the work by himself.’
In the future, as we progress to overseas expansion, the busier we get, the busier we become, and nothing will become easier.
I need to find someone to help me with the work as soon as possible.
* * *
When SoftPow’s $100 billion fundraising was announced, the industry was shocked.
The media and the financial world debated where $100 billion would be invested every day, and the tech industry drew a rosy outlook in anticipation of a rise in ransom prices.
However, the atmosphere on the side of Softpaw, which was the actual party, was not so good.
This is because investors who invested in the 100 billion dollar fund protested against the decision of Chairman Jeong-eui Shin.
“President Shin, you are really too much. To disclose a $100 billion fund without consulting us.”
“Chairman Shin was careless in this matter.”
“Let’s assume that it is true that we made a hundred concessions and disclosed it in advance. The fund was scheduled to be released by the end of the year anyway. But why is it a virtual currency issuing company that the first hitter has never even heard of!”
As investors raise their voices, Chairman Jeong-eui Shin, who is sitting in the top seat, hardens. I expected that there would be opposition, but it was because I did not know that there would be such fierce opposition.
Then, the man sitting across from me knocked on the desk.
“I am not the only one who has doubts about this investment decision.”
It was Mohammed of Saudi Arabia who invested $40 billion in a $100 billion fund.
“WHTS Company? I think the company is promising and I can invest in it. However, buying virtual currency rather than equity investment? I have never heard of such an investment before.”
Mohammed was the representative of the investors.
As long as he stepped forward himself, even Chairman Jeong-eui Shin couldn’t push it recklessly.
“It was a decision worth making.”
“I want you to explain it enough so that we can understand its value.”
“Hasn’t the explanation already been enough? WHTS Company, Acorn Coin, and a new concept payment service under development. What further explanation do you need here?”
As Chairman Jeong-eui Shin said, all information was disclosed on the same day that the investment was announced.
However, the problem was that virtual currency was very unfamiliar to me, and even if I understood the concept, there was no way to measure its value.
“Is the technology developed by the WHTS Company combining cryptocurrency with payment services to increase transmission speed?”
“That’s incidental, really, it’s a transfer fee.”
When you send 1 million yen to the US, you have to pay a fee of about 20,000 yen with the existing bank transfer method.
However, if you use the cryptocurrency transfer method, the fee will be reduced to 200 yen, 1/100th.
“It may save tens of thousands of yen for individual remittances, but it could be an innovative technology for transactions between companies that transfer millions of yen each time.”
“In the report I received, the target of use was designated as an individual.”
“That’s because the old man looked too far. Even if this technology is only applied to companies, it will be well worth the money.”
Even though Chairman Jeong-eui Shin diligently explained, the response from investors was still lukewarm. President Shin Jeong-eui, who could not stand it, threatened him.
“If you guys don’t want to invest, I’ll be investing alone, so let them know.”
Now, if you turn to SoftPow alone, the $100 billion fund is effectively dissolving.
That was not the result that investors also wanted, so the Saudi side presented an arbitration proposal to Chairman Shin Jeong-eui as a representative.
“You invest in shares of WHTS Company, not in virtual currency. If so, we will follow the will of the president without hesitation.”
“I want to do that too, but what if the other person has no intention of offering it?”
“Pay more ransom. Or we can try to pressure them to withdraw their investment.”
“It is useless. Won’t he blink an eye?”
Investors continued to persuade them, but Chairman Jeong-eui Shin was stubborn.
As the situation is like this, each other only presents parallel-like opinions, and consultations rarely take place.
In the end, both sides end up taking a step back.
“There are still three months left until the official launch of the fund. In the meantime, let’s wait and see what results the WHTS Company produces.”
* * *
“Ah-oh! What kind of investment postponement is this all of a sudden? If you just listen to the interview, you acted as if you would invest in it right away tomorrow.”
After the news of the postponement of Softpow’s investment was delivered, Park Tae-shik held me from the first meeting and vomited his anger.
The Japanese branch has already completed all preparations for the new pay service, but it is regrettable that it suddenly becomes an all-stop.
“I heard from Softpaw that they are sorry.”
“Are you sorry? It’s an atmosphere of withdrawing from that side, so all the companies affiliated with us have been put on hold.”
A new payment service, Watts Pay, was originally developed as an online-only remittance service.
However, during development, opinions emerged that it would be better to use both online and offline pay services at the same time.
It was planned to modify the strategy accordingly and carry out promotions with local offline companies.
However, the plan itself went awry as Softpow delayed the investment.
“Would it be difficult if we conducted promotions alone?”
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“I can do it, but it won’t be easy until I settle down. Especially in Japan, where conservative tendencies are strong.”
“A convenience store? Are all of them on hold?”
“Convenience stores are so competitive that only one place has received a hold request.”
“Then make sure to grab a convenience store.”
In Japan, there are many single-person households, so the rate of using convenience stores is very high.
So, even if the payment service is only available at convenience stores, it will be able to attract a large number of users.
“Would people want to use a payment service that only convenience stores can use?”
“You don’t have to. The important thing is to give the impression that our service can be used offline.”
The core of Watts Pay was the offline payment of Acorn Coin, a virtual currency.
Until now, virtual currency has been an ‘investment product’, but from the moment offline payment is activated, it has the status of a real ‘money’.
You might think what a difference this is, but it was a huge difference indeed.
‘Investment products are literally just products, but currency is a kind of bill guaranteed by the state.’
In other words, the WHTS Company, which can print an unlimited number of bills called acorn coins, will have power equal to that of a country that prints real money.
“If things don’t go well, we have no choice but to give out rewards like Watts did before and increase the number of subscribers.”
“Social Mining?”
“You have to go the same way. The important thing is to secure subscribers.”
A strategy to promote Acorn Coin with the money of Acorn Coin investors.
We already had a precedent of successful social mining with Watts, so we had no hesitation in using the same strategy.
* * *
After the meeting, I hurriedly got into the car and headed to Incheon Airport. It was to go to Venezuela, another service area of Watts Pay.
“Woohyuk! here it is! here!”
Jesse had arrived at the airport first. She sees me and jumps up and down like a rabbit.
Then I quickly snatched the carrier I was dragging.
“I can listen.”
“no. I am the guide for this trip. It’s okay for guests as long as they feel comfortable.”
Jesse draws a V with his hand to see what he likes so much.
“hmm… … I’m sorry that it seems like a second, but we haven’t confirmed the launch of pay service in Venezuela yet. You go and see the situation and make the final decision.”
“know. Still, I’m grateful for your concern.”
The reason I went to Venezuela was because she asked for it, but more than that, the spirit of experimentation was stronger.
What would happen if a country with 10,000,000,000% inflation would use cryptocurrency instead of its own currency?
Similar examples have already existed in the near future.
In the same South American country, El Salvador designated Bitcoin as an alternative legal currency as the value of its currency repeatedly plummeted.
As a result, the national economy was ruined thanks to Bitcoin’s fluctuating market price.
‘If the market price of virtual currency can be artificially raised upward, what will be the future of countries that use virtual currency as currency?’