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Whether cryptocurrencies and the technology that powers them will reshape the financial system remains to be seen. What’s not in doubt is their ability to transform the career paths of bright young minds on Wall Street.
Adrian Xinli Zhang was climbing the ranks at Deutsche Bank AG in New York when he discovered Bitcoin. The 29-year-old made enough money trading digital currencies in his spare time to leave the German bank in March, the same month he was promoted to director, people familiar with the matter said.
At Goldman Sachs Group Inc., Jonathan Cheesman, 36, and Justin Saslaw, 28, are among at least three front-office employees in New York who quit the bank this year after making personal profits from cryptocurrencies, said people with knowledge of the situation, asking not to be identified. In London, Asim Ahmad pocketed enough from investing his savings in Ether to walk away from BlackRock Inc.
“I’m in a position where it doesn’t make sense to work at BlackRock anymore,” said Ahmad, who advised pension funds on investments in alternative assets and hedge funds while at the world’s largest asset manager. “The one-day volatility of my portfolio is higher than my salary, so if I get a few investments right then I’ll have made the same as my yearly wage and everything else on top is a bonus.”
Officials for BlackRock, Deutsche Bank and Goldman Sachs declined to comment on their employees’ investments or their departures.
I really feel that cryptocurrencies are creating a new group of very smart, very wealthy, very young people who are bypassing the established and entrenched institutions that control the financial, technological, and social aspects of society.
People scoff at this industry and its ideas, but it just continues to expand and attract talent.
I really feel that cryptocurrencies are creating a new group of very smart, very wealthy, very young people who are bypassing the established and entrenched institutions that control the financial, technological, and social aspects of society.
People scoff at this industry and its ideas, but it just continues to expand and attract talent.
No doubt some people have made millions, even 10's of millions from buying and selling cryptocurrencies, it's not rocket science, you know; buy low, sell high, pretty basic stuff!
The example in the article talked about a guy who invested all of his savings $13,250, when Ether was $10, so just do the math, if he got out when it was worth $1,400 earlier in this year, he made over $1.8 million! The real "trick" is knowing, I mean guessing when to maximize your profits, do you stay in, to get that little extra still on the table or do get out before the price crashes.
The article also mentions crypto traders buying on one exchange low and just turning it around and reselling on a different exchange where it's going for a higher price. That's already been discussed in this forum as well.
I really feel that cryptocurrencies are creating a new group of very smart, very wealthy, very young people who are bypassing the established and entrenched institutions that control the financial, technological, and social aspects of society.
People scoff at this industry and its ideas, but it just continues to expand and attract talent.
Tulips
Beanie Babies
Why would someone buy Bitcoin when someone can just make more of them.
Sorry, had to beat a couple of the regulars to the punch lol
No doubt some people have made millions, even 10's of millions from buying and selling cryptocurrencies, it's not rocket science, you know; buy low, sell high, pretty basic stuff!
The example in the article talked about a guy who invested all of his savings $13,250, when Ether was $10, so just do the math, if he got out when it was worth $1,400 earlier in this year, he made over $1.8 million! The real "trick" is knowing, I mean guessing when to maximize your profits, do you stay in, to get that little extra still on the table or do get out before the price crashes.
The article also mentions crypto traders buying on one exchange low and just turning it around and reselling on a different exchange where it's going for a higher price. That's already been discussed in this forum as well.
Be very careful trying to make a business out of flipping cryptos or playing arbitrage. In many states this makes you a money transmitter and your at risk of getting hit with money laundering charges, running an unlicensed money transmission business, running an unlicensed money services business, etc.
Okay, so someone bought Ether at $10 and sold at $1,400, making $millions. It now trades around $570.
Business journalists write stories about that "winner". Cool. "You too can do that."
But wait. Who bought at $1,400 and now holds it at $570? Are the journalists going to write about that "loser"? Can you eat an Ether? Will Joe's Bar-B-Cue pit take it in exchange for a brisket sandwich?
I am sure that the Dutch guy who dug up the tulip bulbs for basically nothing and sold them for 1,000 Guilders each was a winner. What about the fools who bought at 1,000 Guilders?
No doubt some people have made millions, even 10's of millions from buying and selling cryptocurrencies, it's not rocket science, you know; buy low, sell high, pretty basic stuff!
The example in the article talked about a guy who invested all of his savings $13,250, when Ether was $10, so just do the math, if he got out when it was worth $1,400 earlier in this year, he made over $1.8 million! The real "trick" is knowing, I mean guessing when to maximize your profits, do you stay in, to get that little extra still on the table or do get out before the price crashes.
The article also mentions crypto traders buying on one exchange low and just turning it around and reselling on a different exchange where it's going for a higher price. That's already been discussed in this forum as well.
Quote:
When Ahmad first came across Ether in 2016, the same year he joined BlackRock in London, he invested all the savings he had available from six years working for an investment consultancy in Northern England, or 10,000 pounds ($13,250).
^^
That's luck, not skill. If he was skillful, he'd have more than $13,250 after 6 years working in investment consultancy.
Okay, so someone bought Ether at $10 and sold at $1,400, making $millions. It now trades around $570.
Business journalists write stories about that "winner". Cool. "You too can do that."
But wait. Who bought at $1,400 and now holds it at $570? Are the journalists going to write about that "loser"? Can you eat an Ether? Will Joe's Bar-B-Cue pit take it in exchange for a brisket sandwich?
I am sure that the Dutch guy who dug up the tulip bulbs for basically nothing and sold them for 1,000 Guilders each was a winner. What about the fools who bought at 1,000 Guilders?
You could really say that about anything. Who bought gold at the all time high. Who bought blockbuster before it went bankrupt. This article is simply sharing a story of some of the successful people.
It's no more or less valid an "asset" than the US dollar. You can make more of them, too. You actually can't make more bitcoin. You can make altcoins and even make forks of bitcoin but the amount of actual BTC is fixed. Of course there's not much of a difference between BTC, LTC, or other altcoins except perception, but it's also perception that keeps gold trading where it's at. Supply and demand.
The only reason big government haven't squashed cryptos like a bug is because money talks, no matter what the source of that money. It can actually be a good way to track down criminals as well, at least ones that don't cover their tracks very well. Bitcoin is quite traceable unless you use a mixing service, so less savvy/intelligent users of it are apt to get caught if they try to do illegal things. I see a government going through the blockchain tracking people down.. it might actually do them a favor....
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