Chapter 184: Monopoly

Bit Trading office.

Choi Gichul asked Jung Jinsup, “You think we should make our own coin too?”

Jung Jinsup answered quickly, “It’s called ICO (Initial Coin Offering). It’s how funds are raised for a new cryptocurrency offering. The only available digital coins now are bitcoins and Coconut, so we have a good chance to make a lot of money.”

“Hmm.”

“I even have a specific use for it. We will create our own SNS Service and whenever a user uses it to comment or ‘like’ it, we will give our coin as a reward.”

Choi Gichul asked bluntly, “Do you really think people will buy it?”

“It will be like tulip mania. People don’t think clearly when they speculate. You know this very well.”

Jung Jinsup glanced at Choi Gichul. Woosung ordered Jung Jinsup to convince Choi Gichul on this idea. If he didn’t, Jung Jinsup would get in trouble.

Choi Gichul thought out loud, “I guess. Bitcoin went up from a dollar to 40 bucks just because Kang Woosung mentioned it.”

Jung Jinsup waited quietly. It was better to let Choi Gichul think alone.

Choi Gichul continued slowly, “It’s not a bad idea. The government just announced it will be promoting the blockchain business growth. There will be a cryptocurrency boom.”

Jung Jinsup nodded slightly.

Choi Gichul added, “Can’t we also incorporate the new coin into the international money transfer? Like Coconut?”

“Well, not really…”

Choi Gichul asked sharply, “Didn’t you say you learned all the necessary technology when you worked at Bitmain?”

“International transfer system was created by Coconut development team. I was responsible for the cryptocurrency trading system.”

“Oh, too bad.”

“But I can look into it. I know a few people in Coconut.”

“What do you think? Do you really believe your idea will work?”

Jung Jinsup nodded.

“Right now, what’s most important is to be one of the first.”

This was a huge gamble, but Jung Jinsup sounded sure of himself. He thought perhaps this new coin could be used in Daeyang like Coconut Coin was used to buy KND products.

Choi Gichul replied, “Let’s make some money. I will ask Daeyang for help too.”

***

Suk Jinmyung walked into the office and stated, “We were right. He has a sponsor in America.”

Choi Taemin’s eyes widened. “What?”

“It sounds like it’s JP. We learned that Kang Woosung met with JP Morgan’s CEO.”

Choi Taemin couldn’t believe it. “Are you sure it’s JP?”

“Positive. It looks like they are helping him. Julia White, who now works for Kang Woosung, was also an employee at JP.”

Suk Jinmyung was sure of it, but Choi Taemin asked doubtfully, “We can’t assume that just because he met with someone from JP.”

“I thought so too at first, so I called JP’s Korean branch CEO.”

“And?”

“He seemed like he was waiting for my call. He said he couldn’t give me the details on the phone. He wants to meet with you.”

Choi Taemin rubbed his chin and replied, “Arrange a meeting then. When does he want to meet?”

“He said whenever.”

“Then let’s go now.”

“I thought you might say that, so I already invited him here.”

The door opened and JP Korean CEO Steve Yoo walked in.

Steve sat down on the sofa rudely. “I can’t believe you made me wait.”

Choi Taemin’s face hardened.

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Suk Jinmyung started to sweat nervously and replied, “Sir… But you promised…”

“I never promised you anything.”

Suk Jinmyung got even more anxious at Steve’s aggressive tone.

Choi Taemin looked calm as he said to him, “Let’s not get into a power play. I am ready to listen.”

Steve’s expression relaxed. “Good. I need this conversation to happen too. I am glad you are ready.”

Suk Jinmyung finally sighed in relief.

Choi Taemin asked, “Is it true that JP is helping Kang Woosung?”

Steve thought quickly. He already heard about the situation from Suk Jinmyung. He knew Daeyang was making a wrong assumption, but he didn’t plan on correcting them.

“JP supports many companies in the world.”

Choi Taemin frowned. “Then why don’t JP help Daeyang?”

“I thought we already are doing that.”

Choi Taemin asked loudly, “Why did you come here? It sounds like you won’t tell me anything.”

Steve bit his lips. This was important to him too. He couldn’t go back empty-handed.

“I came here so JP can work with Daeyang on something.”

“We don’t need any more money. Daeyang doesn’t need financial help.”

“We already know.”

Choi Taemin pointed at the clock. “I don’t have time for this game. If you don’t have anything important to say, this meeting is over.”

Steve realized he needed to be a bit more honest.

He replied, “The truth is, JP and Kang Woosung aren’t on good terms. Kang Woosung can’t be controlled. We can’t let him continue this way.”

“So you will help Daeyang.”

“Yes. US will soon sue KND for a patent issue. This will hopefully cause some key members to leave KND. We will get your company to hire them.”

“That’s not enough to destroy KND.”

“You are probably aware that Kang Woosung spent a lot of money on M&A. Not all of this money came from his personal funds. He borrowed most of it from different banks. Billions.”

“I thought President Kang Woosung had unlimited funds.”

“That fund comes from a US hedge fund Right Capital with a CEO named Alex. We are already talking with Right Capital about this. We will soon be putting pressure on KND.”

“Won’t he sell Coconut or KND stocks to raise more funds?”

“Coconut stock price will drop very soon, same for KND stock.”

Steve had answers for all of Choi Taemin’s questions.

Choi Taemin asked again, “I thought JP supported Kang Woosung. Is that not true?”

“As I said, JP supports companies all over the world. The only thing I can tell you for certain is that this time, JP will help Daeyang.”

“Is it because of Coconut Coin? I heard he hopes to replace the dollar system.”

Steve frowned.

Choi Taemin continued, “Some experts think it’s possible. Kang Woosung probably made an offer to JP, but you obviously didn’t accept it. Now you hate Kang Woosung, so that is why you are helping Daeyang. Did I get it right?”

“What’s important is the future. If you accept our help, Daeyang will soon return to its glory days of being the top company in Korea.”

Choi Taemin bit his lips. “Daeyang is still at the top of its game.”

“But not for long if this continues.”

Choi Taemin frowned angrily.

Steve continued, “My assistant will provide you with the details of this plan.”

Steve then walked out. Outside the building, he took out a phone and sent a text.

“It’s done.”