Erik Finman dropped out of school at age 15 to pursue a career as an entrepreneur. Now, he’s a bitcoin multimillionaire. Finman
19-year-old Erik Finman made headlines last year when the value of his bitcoin holdings hit the $1 million mark meaning he won a bet with his parents and didn’t have to go to college.
Now, thanks to the recent surge in the cryptocurrency markets, Finman’s personal bitcoin hoard is worth about $4 million, even after the slump of the last few weeks. And he’s diversified into other cryptocurrencies, as well as more traditional investment vehicles he’s even started a 401(k) retirement account.
And yet, Finman is disappointed with the state of cryptocurrency, he tells Business Insider. The cryptocurrency boom has brought with it an upswing in scams and dirty dealings. And the bitcoin community, in particular, is too caught up in its own self-interests to modernize the underlying technology so that it can deal with the increasing crush of users, he says.
He refers to the larger cryptocurrency market as “corrupt,” and says that it’s led to most cryptocurrencies serving more as an asset, like gold, rather than a politics-free replacement for money, which was the original idea. He suggests that the first wave of digital tokens might be about to buckle under its own weight paving the way for something new.
“You’re seeing the first generation [of cryptocurrency] live and probably die,” says Finman.
Finman’s next project is bringing on that next generation. He tells us that he’s been flying around the world, recruiting a “consortium” of fellow bitcoin millionaires around the world (he says that they call themselves ‘”bitcoin whales”), from Dubai to San Francisco. And within the next few months, Finman says, they’re going to debut their master plan for a new cryptocurrency.
The technical details will be revealed down the line, says Finman. The big idea, though, is that Finman says this new cryptocurrency will be everything bitcoin currently is not:
These solutions are easier said than done, according to cryptocurrency experts. These problems are well-recognized in the cryptocurrency world, but many view them as inherent limitations of blockchain, the technology underpinning bitcoin and other cryptocurrencies.
The problems are solvable, but require middlemen like banks to centralize pieces of the underlying infrastructure, streamlining the process. That, in turn, undercuts what Finman sees as the “beauty of cryptocurrency”: It’s decentralized, not under the control of banks or governments, theoretically freeing it from political interference.
There have been efforts to thread that needle. Notably, bitcoin cash, a cryptocurrency that split from the main bitcoin community late last year, has hyped itself as offering low-cost, high-speed transactions. But Finman is skeptical of their approach, fearing that the currency is too beholden to the past (and past grudges) to make a real difference.
“I just don’t know they’re the people to do it,” says Finman.
And yet, Finman says, “cryptocurrency is here to stay.” Which is why Finman’s consortium of whales wants to step back and rethink the whole thing.
They were early adopters to bitcoin Finman met many of them on message boards after buying his first bitcoin at age 12, when it was $12 a coin and they were very much alone in their faith in cryptocurrency. Finman says that those other investors prefer to maintain their privacy; his high profile in the press made him the natural face of the project, he says.
That long experience gives the consortium both an acute sense of the shortcomings of bitcoin, as well as lots of ideas for how it can improve, Finman says. Similarly, Finman says that he has a certain degree of credibility as an early believer in cryptocurrency.
Finman is maintaining his considerable investments in existing cryptocurrency, out of his belief in the concept, if not the execution. But he predicts that amid all the drama, there will be a better cryptocurrency out there, built either by his consortium or someone else. And he says that the benefits of that new cryptocurrency will be so obvious, it won’t even require consideration.
“As soon as there’s something better, I’ll move over,” says Finman.
Go here to see the original:
Bitcoin millionaire Erik Finman on new cryptocurrency …
- Get ready for Big Bitcoin: Cryptocurrency industry opens a D ... - September 12th, 2018
- Iran, North Korea and Venezuela turning to cryptocurrency to ... - September 12th, 2018
- Cryptocurrency: Advantages And Disadvantages Explained - September 9th, 2018
- Cryptocurrency News, ICO Reviews & Blockchain Updates ... - September 9th, 2018
- Cryptocurrency Bubble Measuring Tool - Admiral Markets - September 1st, 2018
- Crypto Finder | Compare exchanges, wallets & learn cryptocurrency - September 1st, 2018
- cryptocurrency affiliate Archives - The Industry Spread - September 1st, 2018
- Trading examples I Cryptocurrency I Learn| CMC Markets - September 1st, 2018
- Venezuela orders banks to adopt cryptocurrency - September 1st, 2018
- Why Brisbane is the cryptocurrency capital of the country - September 1st, 2018
- Cryptocurrency: Virtual money, real power, and the fight for ... - August 31st, 2018
- Cryptocurrency "miners," utilities look for ways to get along ... - August 31st, 2018
- After the Bitcoin Boom: Hard Lessons for Cryptocurrency ... - August 21st, 2018
- Have a Cryptocurrency Company? Bermuda, Malta or Gibraltar ... - July 31st, 2018
- Mastercard Secures a Potentially Game-Changing Cryptocurrency ... - July 29th, 2018
- 2018 Bahamas Blockchain & Cryptocurrency Conference - July 16th, 2018
- Cryptocurrency, Bitcoin, Ethereum, Ripple ... - RTTNews - July 7th, 2018
- Cryptocurrency TechCrunch - July 7th, 2018
- Bitcoin price drop live: Latest updates as cryptocurrency ... - July 4th, 2018
- 365 Markets Trading CFDs - June 20th, 2018
- What is cryptocurrency? - Definition from WhatIs.com - June 20th, 2018
- Cryptocurrency Rankings | CryptoSlate - June 20th, 2018
- CryptoCurrency Expo - June 20th, 2018
- What is Mining Cryptocurrency? What you need to know... - June 20th, 2018
- Apollo All-in-One Cryptocurrency - June 16th, 2018
- ATB Coin - The fastest and most secure payment system - June 16th, 2018
- Cryptocurrency Communities Just Cant Get Along - May 11th, 2018
- CoinLib - Cryptocurrency prices now - May 5th, 2018
- Cryptocurrency Market Capitalizations | CoinMarketCap - May 2nd, 2018
- Nasdaq open to cryptocurrency exchange in future, says CEO - April 28th, 2018
- One in five financial institutions consider cryptocurrency ... - April 28th, 2018
- The 4 Top Cryptocurrency Mining Stocks -- The Motley Fool - April 28th, 2018
- New hacks siphon private cryptocurrency keys from ... - April 28th, 2018
- CryptoCurrency Market , Coin Prices & Charts, Crypto ... - April 26th, 2018
- Cryptocurrency Market Surges to $365 Billion, Start of a ... - April 21st, 2018
- What Is Cryptocurrency? - dummies - April 21st, 2018
- BTCMANAGER | Bitcoin, Blockchain & Cryptocurrency News - April 16th, 2018
- How to keep your cryptocurrency safe - CNET - April 11th, 2018
- How do I report Cryptocurrency Mining income? - TurboTax ... - April 4th, 2018
- When do you report Cryptocurrency investments? - TurboTax ... - April 4th, 2018
- Trading Cryptocurrency in 2018: The Definitive Guide - March 14th, 2018
- Coinbase cryptocurrency index fund - Business Insider - March 10th, 2018
- Blockchain Energizer Volume 23 | Stay Informed | K&L Gates - March 9th, 2018
- Cryptocurrencies News & Prices | Markets Insider - February 19th, 2018
- Cryptocurrency News - Bitcoin, Ethereum, NEO, ICO startups - February 9th, 2018
- 7 Best Cryptocurrency Exchanges to Buy/Sell Any ... - February 9th, 2018
- Electroneum. The Mobile Cryptocurrency. - February 9th, 2018
- Cryptocurrencies trading | your guide in the world of trading ... - February 4th, 2018
- El Paso Cryptocurrency - El Paso Conference - February 2nd, 2018
- How and where do I report Cryptocurrency coin-to-coin ... - January 28th, 2018
- How do I report my cryptocurrency gains/losses when I ... - January 28th, 2018
- Robinhood adds zero-fee cryptocurrency trading and tracking ... - January 26th, 2018
- Cryptocurrency Price Prediction, Comparison, Analysis - January 22nd, 2018
- China Escalates Crackdown on Cryptocurrency Trading - January 21st, 2018
- Bitcoin-crazy South Korea may face a ban on cryptocurrency ... - January 13th, 2018
- South Korea's major cryptocurrency exchanges ... - reuters.com - January 13th, 2018
- Kodak launches cryptocurrency, stock pops 125% - January 11th, 2018
- Cryptocurrency boom: Why everyone is talking about ripple - January 4th, 2018
- Cryptocurrency stocks holding gains despite bitcoin pullback ... - December 26th, 2017
- MobileCoin: A New Cryptocurrency From Signal Creator Moxie ... - December 17th, 2017
- Cryptocurrency - IC Markets - December 13th, 2017
- Bitcoin: $64m in cryptocurrency stolen in 'sophisticated ... - December 13th, 2017
- Cryptocurrency Definition | Investopedia - December 6th, 2017
- Home - Cryptocurrency Brokers - December 2nd, 2017
- JSEcoin Website Cryptocurrency Mining - December 2nd, 2017
- Cryptocurrency Market Cap Rose Over 1,600% in 2017 - December 2nd, 2017
- cryptocurrency - coindesk.com - December 2nd, 2017
- ITEMS TAGGED WITH CRYPTOCURRENCY | HotHardware - November 27th, 2017
- '$300m in cryptocurrency' accidentally lost forever due to bug ... - November 11th, 2017
- Amazon might want in on cryptocurrency - mashable.com - November 6th, 2017
- What is Cryptocurrency - earnlite.com - October 29th, 2017
- Cryptojacking Lets Strangers Mine Cryptocurrency With Your ... - October 27th, 2017
- Cryptocurrency Investment Course 2017: Fund your Retirement ... - October 19th, 2017
- Cryptocurrency Alternatives to Bitcoin - due.com - October 7th, 2017
- Cryptocurrency Flash Crash Is Said to Draw Scrutiny From CFTC ... - October 7th, 2017
- Learn BitCoin and master the world of cryptocurrency - October 7th, 2017
- Money is no object: Understanding the evolving cryptocurrency ... - September 30th, 2017
- CryptoCurrency - The IQ Binary Options Trading Top Ranking! - September 30th, 2017
- Cryptocurrency Market The World's Leading Authority On ... - September 24th, 2017
- REcoin - the First Ever Cryptocurrency Backed by Real Estate - September 24th, 2017