Hacker News Reader

Comment by stickyricky | Hacker News Reader

[flagged]

We have a hard time believing it ourselves too. I did leave out that around 25M of it is profits reinvested over time and it did do well because we are in a bull market. Binance forces you to hold 11k BNB to be vip9 to get the best fees, we started buying it at around $15, it's worth now around $300 per BNB, and we also hold other cryptos as a side investment. The rest is algotrading profits.

The initial investment was 40k, no other funding rounds or money laundering.

> it did do well because we are in a bull market

You're not in a bull market. You're in fucking Wonderland.

Please take this reply as an opportunity to provide evidence for your tremendous wealth. Nobody makes $100m without a footprint.

Agree. Should be straightforward with blockchain and cryptographic signing.

Indirectly we can follow the progress of their research institute.

Why would he/she feel obliged to defend him/herself in some random HN thread?

Ego or malice.

You'd be surprised, a lot of wealth creation happened with crypto.

wealth transfer* it's a zero sum game and a ponzi scheme because it has no intrinstic value for the most part since most cryptocurrencies fail as currency.

Sounds like any other investment.

Just out of curiosity, how does one even custody 100M dollars in crypto markets?

In equities/traditional trading anything above 8 figures allow you to have prime brokerage access (e.g., Archeogos).

For the type of arb trading and yield harvesting OP is referring to (and not throwing shade; just curious), how do you even find any broker or exchange in the crypto space that are willing to custody 100M worth of cash and crypto for long term stat arb, yield harvesting and fund harvesting. Do even the most established crypto exchanges allow you the covered margin to short sell futures and participate in funding harvest and custody the coins for you?

I get OP might be just market making across decentralized exchanges. That scares me honestly more. As you are dealing with more exchanges some of which have more security and exit scam risks.

Don't get me wrong I def. believe there are opportunities in crypto. Just curious if the infrastructure in place makes the type of trading OP talks about safe and accessible to retail.

> how do you even find any broker or exchange in the crypto space that are willing to custody 100M worth

You definitely do not put all your eggs in one basket.

The mature legal and insurance infrastructure in the fiat markets encourages this kind of all-eggs-in-one-basket in order to get better treatment from your brokers. In crypto the incentive is precisely the opposite.

> more exchanges some of which have more security and exit scam risks.

That is a very, very important risk that must be mitigated. Doing so is part of what separates success from failure. The residual unmitigatable risk is treated as a cost of doing business.

It's still the wild west in many ways. Some people like that. Most people who've spent a lot of time on Wall Street won't.

I too call BS. Probably an attempt to draw up interest in the fund, which people will fall for, some will even send crypto to some address in hopes of these 'unbelievable' numbers.

Very likely BS, but it is at least consistent with a prior Who is hiring? post.

[link redacted]

You can probably make 100M out of 40k with a single trade just by being lucky and holding while the gigantic crypto bubble is being blown up. But this story isn't over yet and for every lucky idiot like OP there are thousands who lose everything.

I make ~0.4x-1.4x+ per month from crypto trading. This isn't far from not-a-cat's experience of ~1.75x per month.

Not affiliated with not-a-cat.

Reply on news.ycombinator.com