--- title: "Low-Income Koreans Got Rich on the Blockchain, Then Lost it All" description: "Despite a plummeting cryptocurrency market, many young South Koreans are still dreaming of getting rich." date: "2019-02-11" modified: "2019-02-11" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/south-korea-cryptocurrency-blockchain-tv" categories: - "Blockchain" - "Future Society" tags: - "blockchain" - "cryptocurrency" - "South Korea" - "the digest" --- # Low-Income Koreans Got Rich on the Blockchain, Then Lost it All ![Despite a plummeting cryptocurrency market, many young South Koreans are still dreaming of getting rich.]() *\Image: AaronJOlson/Victor Tangermann\* ## Crypto Wake Up Call For many low-income young South Koreans, it was an an entirely new way of making a living. The cryptocurrency market made a ton of people rich during its early years, with the value of Bitcoin reaching incredible heights. But what goes up must come down: 2018 was a harsh wake-up call for those invested. Many Koreans who invested in cryptocurrencies lost many thousands of dollars in the crash, the [*New York Times* reports]() — but still hope for a rebound. ## Block Battle South Korea remains the third-largest market for cryptocurrencies after the U.S. and Japan, with a side dish of crypto pop culture that hasn't been diluted by the market meltdown. For instance, contestants compete to build blockchain businesses on "Block Battle," a TV show that [calls itself]() the "world's first blockchain survival TV show," with viewers at home voting in real-time like "American Idol." "Who's the next Satoshi?" the moderator asks rhetorically at the top of the show, a nod to the [nebulous forefather]() of blockchain tech. The show aired its first episode back in October 2018 — a terrible period, ironically, for crypto prices. ## Cryptopia While many Koreans are still counting their losses, the dreams of becoming rich through cryptocurrencies is still very much alive. But the harsh reality — including [numerous hacks]() and scandals involving South Korean crypto exchanges — should really be a sobering wake up call. **READ MORE:** [Cryptocurrency Was Their Way Out of South Korea’s Lowest Rungs. They’re Still Trying.]() \[*New York Times*\] ***More on cryptocurrencies: [Did a Crypto CEO Fake His Own Death to Abscond With $190 Million]()*** ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()