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Lifestyles of the Crypto Rich

Millard

Millard

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Everyone Is Getting Hilariously Rich and You’re Not

In 2017, the cryptocurrency Bitcoin went from $830 to $19,300, and now quivers around $14,000. Ether, its main rival, started the year at less than $10, closing out 2017 at $715. Now it’s over $1,100. The wealth is intoxicating news, feverish because it seems so random. Investors trying to grok the landscape compare it to the dot-com bubble of the late 1990s, when valuations soared and it was hard to separate the Amazons and Googles from the Pets.coms and eToys.

The cryptocurrency community is centered around a tightknit group of friends — developers, libertarians, Redditors and cypherpunks — who have known each other for years through meet-ups, an endless circuit of crypto conferences and internet message boards. Over long hours in anonymous group chats, San Francisco bars and Settlers of Catan game nights, they talk about how cryptocurrency will decentralize power and wealth, changing the world order.

The goal may be decentralization, but the money is extremely concentrated. Coinbase has more than 13 million accounts that own cryptocurrencies. Data suggests that about 94 percent of the Bitcoin wealth is held by men, and some estimate that 95 percent of the wealth is held by 4 percent of the owners.

There are only a few winners here, and, unless they lose it all, their impact going forward will be outsize.
 


Making a Crypto Utopia in Puerto Rico

Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter. They are selling their homes and cars in California and establishing residency on the Caribbean island in hopes of avoiding what they see as onerous state and federal taxes on their growing fortunes, some of which now reach into the billions of dollars.

And these men — because they are almost exclusively men — have a plan for what to do with the wealth: They want to build a crypto utopia, a new city where the money is virtual and the contracts are all public, to show the rest of the world what a crypto future could look like. Blockchain, a digital ledger that forms the basis of virtual currencies, has the potential to reinvent society — and the Puertopians want to prove it.
For more than a year, the entrepreneurs had been searching for the best location. After Hurricane Maria decimated Puerto Rico’s infrastructure in September and the price of cryptocurrencies began to soar, they saw an opportunity and felt a sense of urgency.

So this crypto community flocked here to create its paradise.
 


Crypto Rich and Paranoid: Threats Prompt Radical Security in Bitcoin Land - CoinDesk

As cryptocurrency values have climbed, many users have suddenly become very wealthy – and consequently turned into prospective targets for offline criminals as much as online ones.

A number of investors are on high alert and trying to keep low profiles, realizing that not only their money may be at risk, but also their personal safety...

But there's growing concern that not enough users are being so cautious in light of the heightened hazards.

"People, time to change the dialogue," cryptographer Ian Grigg recently tweeted, adding:

"Never ever ask someone how much crypto they have, or what crypto they have. Lives are now in danger."

 
crypto-cover.jpg

Forbes' First List Of Cryptocurrency's Richest: Meet The Secretive Freaks, Geeks And Visionaries Minting Billions From Bitcoin Mania/

The winners of this digital lottery differ from those in previous manias. The shadowy beginnings, at once anarchistic, utopian and libertarian, drew an odd lot of pioneers who ranged from antiestablishment cypherpunks and electricity-guzzling "miners" to prescient Silicon Valley financiers and a larger-than-usual assortment of the just plain lucky "hodlers" (the typo-inspired crypto jargon for "buy and hold" investors). As in any gold rush, selling the pans and pickaxes—in this case, running exchanges—is proving a more reliable path to riches than speculation. And, of course, easy money—especially if it's viewed as a bearer asset—attracts scam artists and thieves
​
The Richest People In Cryptocurrency/

Given this universe’s opaqueness and hyper-volatility, we’re presenting our first-ever list of the richest people in cryptocurrency in net-worth estimates in ranges. We based our numbers on estimated holdings of cryptocurrencies (a few provided proof), post-tax profits from trading crypto-assets and stakes in crypto-related businesses, and locked in our estimates using prices on Jan. 19, 2018.

It’s a near certainty that we’ve missed some people and that some of our estimates are wide of the mark. But this was equally true when we launched the first Forbes 400 list of the wealthiest Americans in 1982...

Prophets Of Boom: Meet Crypto's Richest
  • Chris Larsen
  • Joseph Lubin
  • Changpeng Zhao
  • Cameron & Tyler Winklevoss
  • Matthew Mellon
  • Brian Armstrong
  • Matthew Roszak
  • Anthony Di Iorio
  • Brock Pierce
  • Michael Novogratz
  • Brendan Blumer
  • Dan Larimer
  • Valery Vavilov
  • Charles Hoskinson
  • Brad Garlinghouse
  • Barry Silbert
  • Vitalik Buterin
  • Tim Draper
  • Song Chi-Hyung
Why Forbes Created Its First-Ever List Of Cryptocurrency's Richest People/

While even the biggest crypto bulls will privately acknowledge that 95% of initial coin offerings are hype, scams or worse, a blockchain-enabled financial system of some kind is here to say. As in the dot-com boom in 1999, some of these crypto billionaires will bust, the Pets.com of their era. Others will weather the inevitable reckoning and morph into something stronger, crypto's eBay or Google. Our list provides a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as the favorite currency of drug dealers and into the adolescence of a legitimate asset class.​
 
Millard Baker said:
crypto-cover-jpg.84812


Forbes' First List Of Cryptocurrency's Richest: Meet The Secretive Freaks, Geeks And Visionaries Minting Billions From Bitcoin Mania/
Click to expand...
 
Millard Baker said:


Everyone Is Getting Hilariously Rich and You’re Not

In 2017, the cryptocurrency Bitcoin went from $830 to $19,300, and now quivers around $14,000. Ether, its main rival, started the year at less than $10, closing out 2017 at $715. Now it’s over $1,100. The wealth is intoxicating news, feverish because it seems so random. Investors trying to grok the landscape compare it to the dot-com bubble of the late 1990s, when valuations soared and it was hard to separate the Amazons and Googles from the Pets.coms and eToys.

The cryptocurrency community is centered around a tightknit group of friends — developers, libertarians, Redditors and cypherpunks — who have known each other for years through meet-ups, an endless circuit of crypto conferences and internet message boards. Over long hours in anonymous group chats, San Francisco bars and Settlers of Catan game nights, they talk about how cryptocurrency will decentralize power and wealth, changing the world order.

The goal may be decentralization, but the money is extremely concentrated. Coinbase has more than 13 million accounts that own cryptocurrencies. Data suggests that about 94 percent of the Bitcoin wealth is held by men, and some estimate that 95 percent of the wealth is held by 4 percent of the owners.

There are only a few winners here, and, unless they lose it all, their impact going forward will be outsize.
Click to expand...

Not gonna lie, I kindve want that Bitcoin sweater...
 
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