8 - 31/Jan/2021

Dear Koreans

As of today, I have a whopping 482 unique visitors to this site. (In case you couldn't tell, the whopping was sarcastic.) I know it's peanuts, but I also know achieving success can take time and patience.

Anyway, the reason I bring it up is because out of those 482 people, just over ten percent of them are from Korea, making it the geographic area with by far the highest concentration of readers:

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This isn't surprising since I see so many Korean BCHA investors online complaining about everything from the price, to Binance not opening their withdrawals, to accusations of the ABC developers not doing any work. And while I sympathize with your frustration since I'm also heavily invested in this project, allow me to ask what you think you're accomplishing by berating the moderators of a Telegram channel, or making unsubstantiated allegations about the development team?

Basically I'm just another investor like you. I know as much as you do as far as the new name goes, or when Avalanche post-consensus will be activated, or when the GNC will be announced. We're all waiting for the same things.

I also know many of you are frustrated because you are struggling due to the state of the Korean economy. I'm guessing you work long hours just to get by while having almost no work life balance. While the rest of the world sees Korea through the lens of Netflix Korean dramas and BTS and Blackpink music videos, the reality is that for the vast majority of Koreans, life is hard. So you see crypto as your only way out, and some of you managed to find BCHA and placed all your hopes and dreams on this fork.

I believe the Korean crypto community is an important demographic with a significant number of early adopters, or risk-takers. Back in 2017 when Bitcoin Cash briefly flipped Ethereum, my understanding is it was mostly due to the Koreans jumping on board.

Again, I ask what did that accomplish other than a short-lived pump and dump? If all you're looking for is to increase the amount of Won you own by gambling on a project, you might as well try your luck with Dogecoin.

But I do think you have the right idea to be investing in crypto. Korea has a long history of corrupt politicians at every level, and I believe cryptocurrencies offer a potential solution to that problem. By separating money from the state, it takes power out of the hands of the political elite. This is the ultimate goal, but understand it's not going to happen overnight. This isn't about picking a couple of shit coins and pumping the price and hoping to make a quick return. It's about building up the protocols, and the infrastructure, to the point where cryptocurrencies can eventually support the global economy.

 

As I said at the beginning, achieving success takes time, and I'm telling you now that making a bunch of noise in some chat room is not going to accomplish anything other than to annoy other BCHA investors in that channel or discourage new potential investors from wanting to stick around to learn more.

Bitcoin ABC already has all the motivation they need without people on the internet yelling at them. As of this writing, their wallet address contains nearly 5,000 BCHA. By the end of the year that number will be close to 30,000. And while the value of those coins aren't worth much today, they can quickly go up if ABC is able to execute. Think of it like stock options given to employees of a start-up company. If BCHA does well, the people working at ABC do well (or as the redditors say, ABC gets tendies).

So while many of us are waiting to hear some positive news out of ABC, we're all free to make our own choices. This is what makes crypto unique. You have no choice but to use the Won whether you like the monetary policies of the Korean government or not, but with crypto, we all have the ability to sell our coins and choose to invest in a coin we like better. 

The bottom line is either you believe in Bitcoin ABC, or you don't. If you believe they will execute, this could be a rare opportunity to invest in a project that might one day become electronic cash for the entire world. If you don't believe they can execute, the best thing to do would be to sell. Because if you're right about Amaury and his team being as lazy as you say they are, then simply complaining isn't going to change that, and you're only going to lose more of your capital. In that situation who should you be blaming other than yourself?

Let me tell you that I hold a significant amount of BCHA. And as with any investment, I know the risks involved. But that is the nature of investing. There are no guarantees in life. And with each day that passes without any news on the rebrand, or the GNC, or Avalanche, it's natural to wonder if you've bet on the wrong horse. But I also know that no one forced me to make this bet. I have chosen BCHA based on the information available to me. I believe in the roadmap, I believe in the incentive model of the new coinbase rule, and most of all, I believe in the team at Bitcoin ABC. I've followed their work for the last several years and am confident they are working hard to accomplish our shared goals. If anything, they want the price of BCHA to go up more than anybody in the world.

But obviously I could be wrong. The success of this project is far from certain, and even if ABC works as hard as it can, the team can still come up short. So if you're frustrated by the situation, rather than blaming everyone else, how about looking for ways to contribute to the project in a positive way? You can educate yourself on what this project is trying to achieve and use that knowledge to educate others. It's not about relying on some billionaire to tweet about BCHA in hopes of making a short term windfall, or even about fucking over the hedge funds by squeezing their short positions. It's about building a better future by out competing the legacy systems and breaking free from those chains.

But to me it's also about much more. It's about holding ourselves accountable. It's about treating each other with respect. It's about putting in the work rather than merely hoping to get lucky. It's about investing, not trading, and assuming good faith in others, and while everyone on r/wallstreetbets is talking about GME and diamond hands and fucking over the hedge funds, I choose to hold BCHA with the hope that one day we can use it to fuck over the state.

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