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-That’s Reese, <도박> Chinese 368p, translated by Kim Young-sun
Gurdar Reese, a professor of sociology at the University of Glasgow, received the UK’s Philip Abrahams Prize for Sociology for a historical and sociological analysis of the game that has existed with humanity from ancient times to modern times.
In this book, he says, “The structure of the game has reflected the socioeconomic changes of the time.” Humanity has enjoyed the reduced position and role of the “accidental” in the life of the times in which it lives in the form of a game called “gambling.” Rather than dismissing “gambling” as mere pathology, he sees understanding the historical and social context reflected in “gambling” as a more essential approach.
Last week, the Violent Crimes Bureau of the Seoul Central District Prosecutor’s Office (Prosecutor Won Ji-ae) announced that it had prosecuted a gang for cyber gambling crimes in a somewhat unusual way. He created a futures trading site that removed the margin required for formal futures trading, lured the ants into Hantang’s temptation, and then manipulated the results in an unfair way for profit. According to Professor Reese’s approach to a historical and sociological analysis of the game, there are many social implications for the criminal behavior of this gang.
● People who believe they can manipulate chance.
-The futures market entered the game board
Futures and options markets, in which large gains and losses through the effect of leverage, are often compared to an arena and a game board. Still, the reason this market is not treated as a full game is because it remains connected to the real market. A formal futures market participant enters the market with a margin of 5-30 million won and then makes investments by predicting the price of the commodity subject to futures trading. Of course, the ‘accidental’ factor has a big impact, but the investment is made according to its own logic of analysis and prediction.
The gangs caught this time used the futures market somewhere between “accidental” and “necessary” as a shell of crime. First of all, unlike the official futures market, they opened a similar futures site that only requires a small margin of 300,000 won. In addition, he promoted that the investment gains and losses in this futures site are determined in conjunction with the formal futures market. According to prosecution investigations, up to 10,000 ant investors believed this and participated in similar futures trades on the site. For some users, it was investigated that the direction of the official futures market was well predicted and that the site was also quite profitable.
So far, it is similar to any cyber gambling crime. However, there was a difference in the crime of the gang. He promoted the site through famous BJs in the field of stock options and futures, explained the direction of investment to users and induced investment. People who entered similar futures sites made investment decisions after watching BJ broadcasts explaining the flow of the global futures market and the position to take now with their own logic. Rather than being a gaming table completely dominated by ‘accidentals’, the table in which he participated was led to believe that it was an ‘investment market’ in which logic and the inevitable elements intervened.
● Loss is inevitable … Creation of criminal profits from evolving gangsters
The users’ belief that logic and necessity are involved was partially correct. However, the inevitable problem was that users were always working in the direction of losing money. As a result of the survey, the profit structure of a similar gifting site was both user loss and user transaction fee. The more users see the loss after putting money in, the higher the profits of the criminals who opened the site. To this end, the management team leaked information contrary to the direction of the forecasted futures prices through the BJs they had recruited. Users saw BJ’s broadcasts speaking with their own logic and bet against the actual direction of the futures market. The ants’ losses increased and the crime team’s profits increased by that amount.
There were gangsters behind this criminal gang, who borrowed information from the financial market and futures trading structures. It was investigated that everyone who invested their involvement in the crime, prepared a cannon account, and provided dividends from the site were all members of the Daegu area gangster. In the past, gangsters who profited through complete forms of “cyber gambling”, such as illegal sports toto and cyber horse racing, now seek a more advanced form of profit model disguised as trading options options. futures.
● ‘The game is a miniature version of society’ … Daily roundup of illegal gifting sites and fund fraud
In the world of advanced finance, the economic system is subject to increasingly extreme forms of speculative trade fluctuations due to trading in futures and stocks, the absence of actual production, and the reliance on accurate predictions of the future of the market. In light of this, some concluded that “the Western financial system is quickly looking like what will surely be a great casino.”
-That’s Reese, <도박> Chinese 181p, translated by Kim Young-sun
This year, private equity scams, including Lime and Optimus, declined. The global pandemic (a global pandemic) that follows the regular global economic crisis. They were scams aimed at people trying to find even a small solid return in an increasingly uncertain real world. In an era of uncertainty, when assets turn to scraps of paper overnight and scraps of paper turn to gold, the 3% to 5% return that promised to be “safe” was a powerful stimulus to the desire. The trillions of investments thus recruited went to completely different places than promised, sometimes unrelated to the real economy, shifted back and forth, and eventually evaporated. What appeared to be a financial “market” actually looked more like a gaming table.
Reese, the author of the book mentioned at the beginning,
The modern, large, commodified form of gambling is said to resemble highly developed modern capitalism. It is based on his thesis that “the games of chance that appear at one time are miniature versions of social life.” From their perspective, the criminal element of this fake gang member gifting site in the form of pseudo finance resembles the pathological signs that occur in today’s financial market. In the era of the 1% interest rate, large financial companies confidently announced that “the fund is based on commercial and financial bonds and accounts receivable from public institutions, so it can safely increase a rate of return of four or five times. ” The supervisory authorities had facilitated the supervision of private capital under the labels of “deregulation” and “financial advance”, but the supervisory authorities did not know what was happening in them. Investors who have lost their livelihood have no choice but to think of BJs who colluded with criminals in front of employees of large financial firms who claimed ‘guaranteed return’ and called for ‘guarantee future performance of the investment’. Supervisory authorities who have neglected to create a private speculative capital market will also be more like gangsters setting up fake giveaway sites for victims of this huge gambling game rather than “market supervisors.” ‘We were also deceived. That is why the plea that he did not know what was happening is empty.
The Seoul Central District Prosecutor’s Office for Violent and Delinquent Crimes plans to continue the provision of cannon accounts that have been suspended. It is very nice that the Prosecutor’s Office has announced its achievements in relation to the investigation, which is its own business, in which the struggles reminiscent of the political contest continue. I hope the truth is revealed as soon as possible about what happened in the venture capital market, which has been in the form of a game board, and what many victims have long been curious about.
