Cryptocurrency trading in South Korea, the world’s third-largest market, is a huge deal in the country.
So huge in fact, that when the country’s largest cryptocurrency exchanges were recently raided by authorities on suspicion of tax-dodging, and when the government proposed a bill to ban cryptocurrency trading through its exchanges, the global cryptocurrency market took a nosedive.
Since then, more than 220,000 people have signed an online petition against the proposed plan that they say infringes on their “happy dream” of cryptocurrency trading, something that has eluded them “until now.”
“Buying my own home is difficult in South Korea, I don’t know how I could even buy one,” the petition said. “I don’t know how I could live doing the things that I want to do.”
Following the crypto “bloodbath,” users from the South Korean online community “dcinside” displayed their frustrations by posting profanity-laced stories and uploading images of broken items, which apparently resulted from their anger over the valuations.
Although the user comments and images may be amusing for some, it underscores the implications of the South Korean government’s approach to cryptocurrencies, especially for those who invested heavily in the market.
Cryptocurrency trading in South Korea is a lucrative venture, especially when over 11% of people aged 15 to 29 in the country are reportedly unemployed, and the lump-sum deposit for an apartment skyrocketed by 73% from 2007 to 2016, according to government officials.
Here’s how some traders reacted:
“Just lost 45% and shattered the monitor,” one user said.
This user said he was not going to trade anymore and allegedly threw his laptop. After calming down, he opened it up to discover it was broken.
Another user posted a picture of a single tear: “Why. I said I was going to earn some money. Why are you blocking that.”
This user claimed to hit his desk five times in anger and said his monitor fell down.
One user allegedly went to the bathroom to rant: “S**t. Where do I take a shower now?”
This Ripple trader took a 50% loss and reportedly broke his monitor. “If I trade cryptocurrency again, I am not a human.”
This trader claimed to have taken a 35% loss and said he broke his monitor and desk …
… and another view.
This user said he was eating when he reacted. “Why is my life always like this,” he said. “I don’t even feel like cleaning.”
“Don’t bother me. I will kill you all,” said one trade who lost around $US75,200.
This user said they hit their own door with a chair: “Should I just commit suicide?”
This individual said he felt bad and went to go wash his face, only to find himself breaking his faucet, he claimed.
Another user said: “F**k. Nothing is f*****g working. I feel like s**t. Abandoning everything.”
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