Steamed Bun without Angko, Bank without Loans, Blockchain without Cryptocurrency
Steamed Bun without Angko, Bank without Loans, Blockchain without Cryptocurrency
  • Kim Hyoung-joong
  • 승인 2019.05.11 08:13
  • 댓글 0
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Kim Hyoung-joong, Head of Korea University's Cryptocurrency Research Center
Prof. Kim Hyoung-joong, Head of Korea University's Cryptocurrency Research Center



Have you ever heard the patriotic explanation that angko (red bean sauce in Japanese) was pulled out from the steamed buns because it was originated from Japanese? (Steamed bun without angko is, in meaning, equivalent to the earth without sun.)  Have you ever heard of banning perishable angko in order to protect the health for the people? 

Some people say that gold or silver coins have intrinsic value, but banknotes are not, so they are bubbles and frauds. Is it true? Is it safe if issued by the government? The German bills were worth less than toilet tissue and thereafter World War II broke out with Hitler's instigation. There is nothing to believe in the world.

The scheduled plan of adding the cryptocurrency functionality to the Hyperledger is a sign that the company will put an angko into the non-angko steamed bun, and put the balance in a bank account without any balance in cash to loan. 

Someone said, there's no cryptocurrency without a blockchain. Is that true? There are blockchain-free cryptocurrencies. There will be more in the future. Bitcoin is not a Bible for cryptocurrency. Bitcoin only showed its potential as programmable money and technology that prevents double spending.

This world has evolved with the dedication of the insane. Like the Wright brothers who made the plane, or Ji Seok-young who gave his two-year-old brother-in-law a vaccine injection

What they say that if stocks fail, it becomes in vain. So, isn't stock fraud a bubble? However, the government does not make stocks illegal, saying it protects investors.

The Netherlands initiated the Dutch East India Company in order to receive enormous capital from the people to explore the New World. The Spanish royal family was rich, so it pioneered the New World with its own extra funds and monopolized the profits. The Netherlands shared its profits with its shareholders and the risks as well.

The Netherlands has become a wealthy country because it has laid the foundation for the modern financial industry. The financial industry led to hold hegemony of the world from Spain in the 16th century, the Netherlands in the 17th, Britain in the 18th and the United States in the 20th.

What can be done if the government says it will ban the growth of genuine steamed bun?

Kim Hyoung-joong, Professor of Graduate School of Information Security, Korea University (

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