Patrick is an innovative entrepreneur and a lawyer passionate about cryptocurrencies and the business world. He is the CEO of Novum Global Technologies, a cryptocurrency quantitative trading firm. He understands the business concerns of founders and business people helping them to utilise the legal framework to structure their companies to take advantage of emerging technologies such as the blockchain in order to reach greater heights. His passion for travel, marketing and brand building has led him across careers and continents. He read law at the National University of Singapore and graduated with Honors in the Upper Division and joined one of Singapore’s top law firms, Allen & Gledhill where he was called to the Singapore Bar as an Advocate & Solicitor in 2005. He created Purer Skin, a skincare and inner beauty company which melds the traditional wisdom of ancient Asian ingredients such as Bird's Nest with modern technology. In 2010, his partner and himself successfully raised $589,000 from the National Research Foundation of Singapore under the Prime Minister’s Office. He has played a key role in the growth of Purer Skin from 11 retail points in Singapore to over 755 retail points in Singapore and 2 overseas in less than a year. He taught himself graphic design, coding, website design and video editing to create the Purer Skin brand and finished his training at a leading Digital Media Company.
Imagine you had US$5 billion. Just as a thought experiment, imagine that you had US$5 billion to do with as you pleased. What are the things you’d buy? Would you quit your job? Go on a lifetime holiday? Buy a new house? A plane? A yacht? A car? Seriously, close your eyes and imagine for just a few minutes, what you’d do with US$5 billion. Because late last year and towards the early months of this year, Consensys and Ethereum co-founder Joseph Lubin was worth about that much money. And according to Forbes, Lubin was the second-richest person in the cryptosphere, based largely on reports that he owned (personally) between 5% and 10% of all Ether in circulation, which at the time had a market value of US$100 billion and was trading around US$1,389.
With all the recent hype surrounding Ripple, I thought it would be timely to re-examine the cryptocurrency that’s since pipped Ethereum to be the world’s second largest cryptocurrency by market cap. Our firm has been studying and analyzing Ripple for the better part of its lifespan. In this piece, I will examine some of the challenges facing Ripple, its potential for future expansion and try to sieve out the wheat from the chaff when it comes to the world’s second largest cryptocurrency after Bitcoin.
If you were a rice farmer in Japan before the 17th century, your life was one of constant toil, uncertainty and suffering. Although the costs of rice farming were more or less fixed, seeds, fertilizer, water and manpower, the ultimate price that you’d get at the market was like a game of Pachinko (a Japanese recreational arcade game that is typically used for gambling). During periods of bumper harvests, price of rice would fall and farmers would sometimes be left with less than the cost of their production (there is only so much sushi you can eat) and at other times, during poor harvests, rice prices would soar and farmers would get rich (provided they had survived the previous good harvest).
Reach into your wallet and if you’re lucky, you probably have some crisp green notes inside. Take them out. Feel the cotton-linen blend between your fingers (that’s right greenbacks are not made of paper as the rappers would have you believe, they’re made of cotton and linen) and notice that unmistakable smell that is money. There’s nothing quite like having that tactile experience of money — better yet if that money has a portrait of Benjamin Franklin on it. From Rai Stones to seashells, mankind’s experience, encounter and regard for things of value has evolved throughout the ages and even today we’re evolving. Because that greenback that you just molested, is probably the closest you’ll get to government-issued money again as you go about your day.