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“What do you need $9,678 for? $7,345 is a lot of money, I don’t think a kid can use $6,297.””
The rise and fall of virtual currency is a hundred times more epileptic than the stock market. This second are going to be the big ups and downs of the trend, attracting a lot of gold seekers to risk.”
Some people want to get virtual currency through hard mining, but find that the cost of electricity and maintenance of the machine room are heavy burdens; some people want to speculate like stocks, buying and selling bitcoins to earn the difference, but were surprised by the roller coaster-like trend out of cold sweat.
When everyone is digging for gold in a frenzy, selling mineral water and shovels at the edge of the gold mine becomes a sure-fire deal.
Every editorial noticed that a Chinese guy who knows this well has amassed a fortune of $2 billion (about RMB 12.5 billion) by providing virtual currency asset trading platform services.
Zhao Changpeng (CZ in English), who is not well known in China, also made the latest cover of Forbes magazine as a result. Amazingly, he went from being a “coder” to a billionaire in just 180 days. The
sold his house All in Bitcoin, Zhao Changpeng ranked third in the rich list
every editor noted that on February 7, Forbes magazine published the first ever list of “virtual currency startup billionaires”.
Zhao Changpeng’s wealth is estimated to be around $2 billion (as of the end of January this year), ranking third among the 20 listed billionaires. The top of the list is occupied by Ripple founder Larson, but his fortune has shrunk from a peak of $20 billion to $7.5 billion.
In total, 1,500 virtual currency assets currently exist worldwide, with a total value of $550 billion, 31 times higher than at the beginning of 2017.
In its cover article, Forbes magazine lamented, “In this gold mine of last year’s wildest wealth creation, speed is the lifeline.
Zhao Changpeng, a Chinese programmer, went from creating the Binance platform to becoming rich and famous in just six months.”
Per the editorial, born in Jiangsu, educated in Vancouver, Zhao Changpeng is a standard programmer origin, like to study technology, usually and Zuckerberg, Steve Jobs and others like casual dress.”
Per the editorial, born in Jiangsu, educated in Vancouver, Zhao Changpeng is a standard programmer origin, like to study technology, usually and Zuckerberg, Steve Jobs and others like casual dress.
According to public sources, Zhao Changpeng’s main business in his early years was building online trading systems for exchanges. in 2014, Zhao sold his home in Shanghai and took all his money to bet on bitcoin. He then became the co-founder and chief technology officer (CTO) of OK Coin, China’s largest bitcoin trading platform at the time.
Zhao Changpeng then left OK Coin due to a series of controversial events.
In July 2017, Zhao Changpeng led a group of digital asset enthusiasts to create the Coin On platform, which really kicked off his road to riches.
platform explodes with 1.4 million transactions per second
According to the information, CoinSec is a platform for digital asset traders, where users can trade more than 200 virtual currencies and exchange them for bitcoins or dollars.
CoinSec also issued its own blockchain currency, “BNB”, claiming a constant total of 200 million units, guaranteed never to be issued in increments. According to the official website, the founding team, including Zhao Changpeng, holds 40% of the total number of BNB coins.
As of the early morning of February 8, one Coin On Coin is worth about $8.76, which can be exchanged for 0.00106 Bitcoins. Users can enjoy a 50% discount on the CoinAid.com fee with CoinAid.
Every editorial notes that the profit model of Coinanet relies mainly on the fees charged for platform transactions and withdrawals. According to the official website, the handling fee rate is one thousandth.
Amazingly, Coinsafe is currently able to process 1.4 million transactions per second, and on the busiest trading days, Coinsafe can process 3.5 billion transactions a day. According to statistics, on the day of January 10 this year, Cryptocurrency.com’s transaction volume reached $6.1 billion, and 240,000 people flooded into registration within an hour, causing the site to have to suspend new user registration.
Currently, CoinSec has 6 million users, making it the world’s largest comprehensive trading platform for virtual currencies, with about 30% of speculators playing coins in the US using CoinSec.
Since CoinSec’s revenue depends on active virtual currency trading, Zhao Changpeng also makes frequent media appearances and makes wild “calls” for digital cryptocurrencies like Bitcoin.
For example, the day before yesterday (Feb. 6), Zhao Changpeng retweeted a status on his personal Twitter account “with a lot of meaning”. The original text reads, “US stock market value evaporated $1 trillion last week, which is higher than the total value of all virtual currencies.”
Zhao Changpeng retweeted the comment, “That’s how many people are still advocating that ‘bitcoin is a bubble’. I think the real question is, ‘Who is the bubble, the stock market or bitcoin?'”
Dodging regulation, the Coinan team is “touring” multiple countries.”
Over the last month, the price of Bitcoin has dropped about 56%, Ripple has fallen 65%, and the price of Coinancoin has dropped from $13 to about $8.”
It is doubtful that Zhao Changpeng’s fortune will last long due to the strong regulation of virtual currency trading by China’s central bank and the plunge in the value of various virtual currencies over the recent month.
On February 1 of this year, the official website of Coinan issued an announcement “to Chinese users” with only a few words: “According to the relevant policies and regulations in China, Coinan no longer provides services for users in mainland China.”
Industry insiders believe that this shocking news is related to China’s central bank strengthening the regulation of virtual currency asset trading.”
On January 20, the Central Bank’s Business Management Department issued the “AboutNotice of Self-Inspection and Rectification of Payment Services Provided for Illegal Virtual Currency Transactions”, requiring each corporate payment institution under its jurisdiction to carry out self-investigation and rectification work, strictly prohibit the provision of services for virtual currency transactions, and take effective measures to prevent payment channels from being used for virtual currency transactions.
Once the news came out, both Alipay and Tencent said they would launch an inventory and adhere to the principle of not providing services for the trading of virtual currency assets.
On January 26, the Internet Finance Association of China issued “Tips on Preventing the Risks of Overseas ICO and “Virtual Currency” Trading”, informing that “according to the relevant national management policies. The internet access channels and payment channels of domestic investors may be affected and investors will suffer losses.”
In response to the increasingly stringent domestic regulation, the CoinSec team moved its staff and servers overseas and dispersed them to a dozen different countries and regions.
BitcoinNews reported, “Zhao Changpeng changed his location about as often as someone changes their clothes.” And Zhao Changpeng explained, “I don’t want to put the team in a particular country because there is a lot of uncertainty about the future regulation of virtual currencies in various countries.”
However crypto news noted that Japan, which has the loosest regulation of digital currencies, seems to have become Zhao Changpeng’s favored office location recently.
According to Forbes magazine, because CoinAid has no tax records in Japan, they are heavily restricted in renting office space.
Currently, Coinan’s Tokyo office is a cramped cubicle near a toilet, which seems very crowded during work hours. Zhao Changpeng laughs at himself,
“I turn around in the office to move my muscles, at least to rub against four people.”