Wanchain CEO Jack Lu Says Crypto Market Will Always Over-Correct, Come Back Stronger than Ever
Jack Lu, Wanchain’s CEO has quickly become one of the biggest names in the crypto ecosystem. He recently had an interview with crypto influencer Lil Uzi Vertcoin in which he discussed his background, peers in the industry, Wanlabs, Wanchain 4.0 and the crypto ecosystem.
Jack Lu On His Background
Jack fell in love with fintech at a young age, as he studied economics and computer science at Ohio State University in the earliest stages of his career. Following his twenty-year tenure as a software developer at firms like Xerox and Hewlett-Packard (HP), Lu cautiously stepped into the crypto industry in 2012. After seeing growing value in Bitcoin and other digital assets, the now-crypto expert purchased his first crypto assets in 2013, with the help of one of his friends.
On the CEOs he looks up to within the crypto community
“The technology in this space changes very fast and we all must remain humble and respectful of others; especially the young guys. The young guys have fresh ideas and when new tech comes out, I go talk to go to any of their teams.”
Following his first capital allocation into crypto, friends of Lu asked him to look into Ethereum, which was in its earliest stages at the time. After some time researching the project, he fell in love with Ethereum, quickly realizing that he could utilize his experience as a software developer to code on Ethereum. At the same time, Lu was offered a position as the chief technology officer (CTO) of Factom, which would become his first crypto-related job.
While at the Factom project, the Jack Lu met Ethereum co-founder Vitalik Buterin, with the CTO quickly garnering respect for Buterin in a friend and coworker capacity. On his relationship with Buterin, Lu said:
“I would say that I look up to Vitalik Buterin, I read almost everything about him when I invested in Ethereum’s ICO… I worked with him for a long period of time, in fact, he helped Factom a lot on the whitepaper and technical solutions. He lived in China for about 9 months and we had a lot of opportunities to collaborate, both online and offline.”
On the changes he would like to make to the crypto ecosystem
The cryptocurrency market has been plagued by scams, pump and dump schemes and security breaches. People with malicious intentions have taken advantage of the ICO funding mechanism to raise funds and disappear. Millions of dollars have been wiped from ICOs due to lack of proper security measures. New tools, measures, and procedures need to be implemented to ensure investors are safeguarded from future project funding rounds.
To conclude the interview, the crypto industry veteran noted that a belief in the underlying technology (blockchain) is important for any long-term investor.
“If you believed in it back in 2013 and 2014, even investing a little bit of money and leaving it for several years would have made you super rich… The market will always over-correct. Stick with the good projects that have a good vision and enough resources. They will survive the winter and come back even stronger.”
He also noted that short-term speculation isn’t the best investment strategy, elaborating by briefly highlighting his ideology of “sticking to very few (cryptos) for the long run.” Although this statements sure sound bullish, Lu remained cautious, noting that nobody can predict the price of action of any market and that prices could continue to lower.