The unprecedented increase of blockchain technologies and cryptocurrencies have made lots of people overnight millionaires, however the smartest executives in the market are beginning to depart their imprints in the worldwide scene too. Six executives from main bitcoin mining companies and cryptocurrency exchanges now keep a net worth greater than $1 billion each, while, 13 executives from the made it to the set of 1,893 people. The ranking contains Micree Zhan Ketuan, co-founder of computer chip producer of and software strong Bitmain Technologies, in the very best 100 richest individuals in China, having an estimated wealth of 29.5 billion yuan ($2.4 billion). Bitmain co-founder Wu Jihan arrives next, taking the 204th location, with a personal worthy of of 16.5 billion yuan ($2.3 billion). Binance founder Zhao Changpeng ranked 230th, having an estimated wealth of 15 billion yuan ($2.1 billion). Zhao is accompanied by OKCoin crypto exchange founder Star Xu and founder of Huobi Li Lin. Zhang Nangeng, founder of computers manufacturer Canaan Creative, and Hu Dong, founder of Bitcoin (BTC) mining machine producer Ebang International Holdings are listed in the Hurun report aswell. The list also contains Li Xiaolai, li recently said he has done buying future projects, “So, 99% isn’t an exaggeration),
Bitmain Domination
Six from the total 13 crypto executives who managed to get to the list are from Bitmain, while three result from the firm’s rival chip maker Canaan Creative. Since its inception in 2013, the business has risen meteorically in value and established itself because the biggest manufacturer of cryptocurrency mining equipment on the planet.
Reports published in June pointed to a potential launch of an intended initial public offering (IPO) on the Hong Kong STOCK MARKET by Bitmain, scheduled for September. These reports were predicated on comments from Wu, who had hinted at the chance of an IPO by the firm. Investment analysts were speculating that the business could raise ranging from $3 to $18 billion.
Subsequently, investment firm DST Global, and Japan’s SoftBank, The firms promptly denied their involvement. Nor the SoftBank Vision Fund were at all mixed up in deal.”
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Bitmain has taken the IPO one step nearer to life by filing a draft application for listing on the Hong Kong stock market late in September.
Crypto Industry
An increasing amount of great minds from the blockchain and crypto industry has been giving company to the elite available, technology, and financial world recently. Forbes, which is renowned because of its annual rich list, has even compiled la ist of the very most wealthy in the crypto industry.
Fortune’s 40 under 40 features four innovators from crypto, who’ve been extremely influential in the development of blockchain technology and cryptocurrencies. Fortune too released a 40 under 40 of the wealthiest influencers in the crypto world
As Anthony Pompliano suggested in his Off The Chain newsletter, the rise of the web saw many innovators profit from it, while now crypto appears to be another big thing. “The richest people nowadays built their fortunes on the trunk of the web. It wouldn’t surprise me if the richest folks of tomorrow build their fortunes on the trunk of crypto.
West Crypto Show
This is a common question: How do you choose which crypto currency to invest? Aren’t they all the exact same? It is clear that Bitcoin has dominated the crypto currency (CC), market. This is in large part due to its FAME. This phenomenon is similar to what is happening in national politics around world. A candidate wins the majority of votes based solely on FAME and not any proven abilities or qualifications to lead a country. Bitcoin is the market leader in this space and continues to dominate the headlines.
This FAME does NOT mean that Bitcoin is perfect for the job. It is well-known that Bitcoin has limitations that need to be addressed. However, there is some disagreement within the Bitcoin community about how to solve these problems. There is an opportunity for developers to create new coins that address specific situations and stand out from the approximately 1300 coins in this market.
Ethereum (ETH)
The Ethereum coin is called ETHER. The main difference between Bitcoin and Ethereum is that Ethereum uses smart contracts. These are account-holding objects on the Ethereum blockchain. Smart Contracts can interact with other contracts and make decisions, store data, and even send ETHER to other people. The Ethereum network provides the execution and services for these smart contracts. This is far beyond what Bitcoin or any other blockchain network could do. Smart Contracts can be used to act as an autonomous agent and follow your instructions for spending currency or initiating transactions on the Ethereum network.
Ripple (XRP)
Ripple and the Ripple network have unique features that make them more than just a digital currency such as Bitcoin. Ripple has created the Ripple Transaction Protocol, (RTXP), a powerful financial instrument that allows exchanges on Ripple to quickly and efficiently transfer funds. The basic idea behind the Ripple Transaction Protocol (RTXP) is to place money in “gateways”, where only those with the password can unlock the funds. This opens up a world of possibilities for financial institutions, as it simplifies cross border payments, reduces costs, provides transparency, security, and allows for more efficient and secure transactions. This is possible through the creative and intelligent use blockchain technology.
Since December 11, 2017, the 5 crypto/blockchain stocks have seen an average increase of 109%. The wild swings continue, with daily gyrations. Yesterday, China and South Korea were the latest to attempt to stop the rise in cryptocurrencies. Park Sang-ki, South Korea’s justice Minister, caused bitcoin prices to temporarily plummet and virtual coin markets to erupted when he reportedly stated that regulators were preparing legislation to ban cryptocurrency trade.
South Korea and China
Later that day, the South Korea Ministry of Strategy and Finance came out to say that they disagree with the Ministry of Justice’s premature announcement about a possible ban on cryptocurrency trading. Although the South Korean government claims that cryptocurrency trading is gambling, they are concerned about the impact on tax revenue. This concern is shared by all governments. China has become one of the largest sources of cryptocurrency mining. However, the government is now rumoured be looking at regulating the electricity used by the mining machines.
China is responsible for more than 80% of the electricity used to mine Bitcoin. The government could make it more difficult for Bitcoin users to verify transactions by shutting down miners. China is a popular destination for mining operations due to its low electricity and land cost. China may follow through on this threat. This will result in a temporary loss in mining capacity.
Conclusion
Bitcoin users would see longer transaction verification times and higher transaction verification costs. The wild ride will continue and, much like the internet boom we will see some big winners and eventually some big losers. Similar to the internet boom or the uranium explosion, those who get in early will prosper. However, mass investors always end up at the top, buying in at a premium.