Forbes Publishes First "Richest People In Crypto" List

The cryptocurrency market is currently mired in what certain evangelists of the technology would characterize as a gully, with bitcoin prices down more than 60% since the beginning of the year. After years of being wary of this new technology, governments in some of the world's largest markets for crypto are finally beginning to impose their will, whether its an outright ban of all cryptocurrency-related activity - like in China - or the practical desire to regulate and reform markets whose opacity makes them rife with fraud and abuse. 

So perhaps its fitting that, in the midst of all this upheaval, Forbes has decided to release its first-ever list of the richest people in cryptocurrency.

The list ranges from the hardcore "hodlers" who had the temerity to place big bets on bitcoin, ethereum and other popular coins while their networks were still in their infancy, to crypto miners who profit by powering the distributed ledgers that allow systems like the bitcoin network to function.

Officially, Forbes divided its crypto rich list into five groups: idealists, builders, opportunists, infrastructure players and establishment investors. Many fit into more than one category.

Of course, given crypto's volatile nature and the difficulty of tracing wealth, Forbes relied mostly on rough estimates - though a few provided proof in the form of post-tax profits from trading crypto-assets and stakes in crypto-related businesses. Forbes' figures are current as of Jan. 19, though, of course, the market has erased tens of billions of dollars in market capitalization since then.

Below are a few highlights from the Forbes list (all estimated net worth includes only crypto holdings):

* * *

Cameron & Tyler Winklevoss:

Estimated Net Worth: $900 million-$1.1 billion

After their portrayal as the antagonists to Facebook founder Mark Zuckerberg in the movie "The Social Network", the Winklevii have staged a staggering comeback. They bought bitcoin in 2012 and held on - with their combined fortune at one point being estimated at over $1 billion. Their crypto exchange, Gemini, recently surpassed $300 million in daily transaction volume.

* * *

Mike Novogratz:

Estimated Net Worth: $700-$1 billion

Novogratz' hedge fund was an early investor in crypto. After shelving plans for a dedicated crypto fund late last year, Novogratz today revealed that he has raised about $250 million for his cryptocurrency merchant bank during one of the biggest routs yet in Bitcoin, according to a person familiar with the deal.

* * *

Vitalik Buterin:

Estimated Net Worth: $400-$500 million

Buterin created ethereum - the first cryptocurrency that wasn't a bitcoin clone a la Litecoin. With Ethereum, Buterin introducd the idea of smart contracts operating on a blockchain. These contracts are capable of automating if-this-then-that-type systems that could someday be used in finance, real-estate and beyond.

* * *

Barry Silbert:

Estimated Net Worth: $400-$600 million

Silbert made his name as the founder of SecondMarket, which helps facilitated trading in private company shares. His second act was founding Digital Currency Group, which owns Greyscale - the operator of the bitcoin investment trust - and CoinDesk, the bitcoin news website. Silbert invested $100,000+ during the early days of bitcoin and, according to a recent Reuters story, he "cheerleaded his way to...riches."

* * *

Chris Larsen

Estimated Net Worth: $7.5 to $8 billion

For a brief period early last month, a short-lived rally in Ripple brought Larsen's net worth to approximately $55 billion - more than Facebook founder Mark Zuckerberg.

Of course, that wealth existed solely on paper, and Ripple swiftly spiraled lower, and, like the rest of the space, is currently trading at less than half of its peak. Larsen founded Ripple as a payments network to help facilitate global payments. But though there have been some flirtations with the app Moneygram saying it would experiment with Ripple's software (which is separate from the digital tokens) few others have followed suite.

* * *

Joseph Lubin

Estimated Net Worth: $1 billion to $5 billion

The former Goldman executive was one of the first people to join Buterin in helping to build the Ethereum network. He later went on to found Consensys, which has partnered with Microsoft to provide the building blocks for distributed systems through MSFT's Azure platform.

* * *

Tim Draper

Estimated Net Worth: $350 - $500 million

A longtime Silicon Valley VC and founder of Draper Associates was an early investor in bitcoin. Though recently he has made some high-profile missteps, investing in Tezos and Bancor - two ICOs that are bedeviled with problems. Bancor's tokens have plummeted in value, while Tezos hasn't yet released the tokens it promised investors who participated in its crowdsale over the summer.

* * *

While they didn't make the Forbes list, it's important to remember that some of the original blocks of bitcoin are thought to be controlled by its mysterious creator, the pseudonymous Satoshi Nakamoto.

When bitcoin peaked at $20,000 last year, it was estimated that bitcoin in the accounts purportedly controlled by Satoshi were worth some $20 billion.

But nearly a decade after bitcoin's creation, Satoshi's identity remains a mystery.

Read Forbes's full list - complete with interactive graphics - here

Comments

_SILENCER Thu, 02/08/2018 - 19:27 Permalink

While they didn't make the Forbes list, it's important to remember that some of the original blocks of bitcoin are thought to be controlled by its mysterious creator, the pseudonymous Satoshi Nakamoto

 

I've wondered for awhile if that name is an anagram

adr DownWithYogaPants Thu, 02/08/2018 - 19:57 Permalink

Hey, those coupons have a cash value of one hundredth of a penny. That's more than some cryptocoins.

We need to start bidding up expired toothpaste and maxwell house coupons. No reason they can't be worth $25k each. After all they have to be printed and mined from a newspaper. They're even scarce. Who knows how many of the 2017 August Depend undergarment coupons got thrown in the trash.

In reply to by DownWithYogaPants

DrLucindaX californiagirl Thu, 02/08/2018 - 19:45 Permalink

Did you see the story on Brock Pierce in last weekend's New York Times? The reporter didn't bring up his history AT ALL. He and a bunch of bitcoin pals are starting a "Utopia" amid the ruins of Puerto Rico....it's called "Puertopia," which translates from Latin as “eternal boy playground." You can't even make this shit up.

https://www.nytimes.com/2018/02/02/technology/cryptocurrency-puerto-ric…

In reply to by californiagirl

californiagirl DrLucindaX Thu, 02/08/2018 - 20:06 Permalink

That is horrible!  Local parents better be watching their kids closely.

I wonder if Reeve Collins, Brock's RealCoin partner, is related to Collins-Rector of the DEN pedophile cesspool. I read that Collins-Rector's last know address was in the  human-trafficking hotbed, the Dominican Republic, the same place thay Laura Silsby tried to smuggle all those stolen Haitian kids, twice. Didn't help that she hired a pedophile, whose wife was also wanted for running a human trafficking ring, as her lawyer.  Didn't the Clintons buy a vacation villa there?

In reply to by DrLucindaX

Harry Lightning _SILENCER Thu, 02/08/2018 - 22:57 Permalink

Satoshi was paid for all the bitcoins he mined and sold, which probably was quite a significant chunk in order to get the ball rolling in the cryptocurrency world. Satoshi Nakamoto is probably a name for a group of people who worked togetehr on this project. Whever they are, there better be at least a few Japanese people among them or the pseudonym is going to be considered racist or at the least, culturally stereotypic.

I noticed that the Twinkle-Toe twins are on the list...which virtually assures that Bitcoin will prove the old adage of the investment community true : "Small fortunes can be made, usually out of large ones."

What all of these bitcoin brainiacs must remember is that the last price bitcoin will trade is 1 cent.

I know a lot of people in both the investment and technology communities who had high hopes for the blockchain technology upon which the cryptocurrency world is build. Their hope was that blockchain technology provided a quick, easy and accurate way to transmit large amounts of data and information in a unique and fast way. 

To their dismay, the mechanics of blockchain are becoming intolerable to work with. Being able to create a new blockchain that correctly points to new fields of data that have been added to old fields and are stored in someone's database is a time-consuming and laborious task. It requires a great deal of electricity and computer power. The transaction speed is insipidly slow, so as to make it obsolete as a replacement to present methods of transaction in the credit card and branch banking businesses. Even with powerful and fast computers, it still takes at least one seventh of a minute for a computer to perform all of the calculations and actions necessary to update an existing blockchain for new information that you want to record, such as the details of a credit card transaction. As a comparison, VISA can process and record something like 7000 credit card transactions of it users every minute, while to do the same tasks of updating a blockchain permits only 7 likewise credit card transactions per minute.

And the worst part of the story is the slow time problem will not go away easily though the development of hardware or some other tech advance, because the bitcoin problem is one of process. There are a set of time consuming steps that must be performed to validate a new bitcoin, and this issue is the same across the entire spectrum of really fast modern computers. They already puts seven processors and a million transistors on one computer chip, yet updating a blockchain still cannot get beyond the physical limitations of the rest of the computer hardware.

Bottom line is that the promise contained in the hopes of several years ago is fading quickly. The more that computer scientists work on the inherent problems that blockchain techologies present, the more they realize their worst fears come true.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

In reply to by _SILENCER

Mr_Potatohead Thu, 02/08/2018 - 19:30 Permalink

So, where is Satoshi on this list?  Seems to me like this is a list of the top people who are going to feel like total Schmucks because they didn't sell everything at $20K.

Endgame Napoleon Mr_Potatohead Thu, 02/08/2018 - 19:57 Permalink

They are still richer by millions of multiples than most of us, but OMG, in the coin reliefs, they appear to be mostly middle aged or near-middle-aged men, not youthful, anti-Establishment programmers, investing in the renegade BitCoin in their garages. To avoid sexism charges, they need to add a coin head with the token female BitCoin millionaire. If one is not available, they need to superimpose a drawing of Harriet Tubman on one of those coins. 

In reply to by Mr_Potatohead

HRClinton lester1 Thu, 02/08/2018 - 20:18 Permalink

"You only have gains when you sell!"

"Sell" for what?  Sell for CB fiat chits?  That's a good one. No "Debt Plantation Currency" for me, bitch.

I had monstrous gains when I converted some of my 2013 HODLed BTC for AU Philharmonik coins (while abroad) and traded some for other CCs in the Top 10 (via an offshore P2P site).

Note that "No Baby or Elderly Fiats were used or harmed in the process". No commissions are therefore to the Fiat Kabal. They get... bubkuss.

Got any more Red Herrings to shoot in a barrel? 

In reply to by lester1

Son of Captain Nemo Thu, 02/08/2018 - 19:41 Permalink

Are the Winklevoss' twins spooning each other in that cameo?...  for a $340,000 (https://www.rt.com/business/418215-winklevoss-twins-bitcoin-forecast-go…) along with the uneaten "dick" of John McAfee...

Where is the cameo of Janet Yellen and Steve Mnuchin that made all those "wealthy" digital wallet holder(s) "possible"?!!!

Even though it's left China for Canada https://www.zerohedge.com/news/2018-01-05/bitcoin-miners-migrate-china-…) and the Russians are backing their own with 1 kilo gold bars that can be traced within the "blockchain" (https://www.rt.com/business/416838-gold-kilobars-standard-coming/) the theft everywhere else will continue cause you see...

The Federal Reserve is a much bigger heroin addict then you might think!!!

TeethVillage88s Thu, 02/08/2018 - 19:46 Permalink

Forbes Publishes First "Richest People In Cyprus" List
- fixed it, but Forbes Failed, who are the richest People?
- George Soros
- Rothschilds
- Royal Families
- Rockefellers
- Families behind US Federal Reserve, Central Bank

alphasammae Thu, 02/08/2018 - 20:25 Permalink

The list is missing Bitconnect British crown developer-owner that ripped over $2.5 Billion USD collecting BTC and BCH coins from lenders in exchange for useless BCC coins. Although referred as a Ponzi, the main problem was that its developers manipulated the POS and literally disappeared with all the lent coins in 2017.

Yen Cross Thu, 02/08/2018 - 20:39 Permalink

  There's some pretty wide spreads in those estimates.

 

 Out of curiosity, why isn't North Korea and a few Ukrainian hackers on that list?