http://www.businessinsider.com/crypto-trader-hedge-fund-making-so-much-money-2018-6/ Lawyer John Lore advises hedge funds and has seen a spike in specialist crypto funds asking for help. He said the background of his crypto clients is much more diverse than traditional fund managers. Some people approaching him about setting up funds are amateur traders who made it big. One would-be fund manager was so embarrassed by his new found wealth he apologised for turning $600,000 into $8 million. LONDON — Cryptocurrency traders have become well-known for conspicuous displays of wealth. Rows of Lamborghinis were parked outside the recent Consensus conference in New York and some attendees blew off steam at after parties in exclusive clubs with champagne, vodka, and even drugs. But not all crypto enthusiasts are so ostentatious. John Lore, a lawyer who has advised over 30 cryptocurrency hedge funds, said one trader who approached him about setting up a fund, in fact, apologised to him, embarrassed by his crypto riches. "Some of them make me feel bad about my own net worth and what I’ve done with my life," Lore told BI. "I even had a fund manager apologise for making so much money and said he’d donate a lot to charity. "They’d put in approximately $600,000 and they, in January, were sitting at over $8 million. My son took one look at that and decided he’s going to be a cryptocurrency manager." Lore is the founder of Capital Fund Law Group, a New York firm that specialises in advising hedge funds and asset managers. Lore told BI he has seen a huge spike in the number of inquiries from people looking to set up cryptocurrency hedge funds. "There’s a lot of demand but I think right now there’s a lot of need for education," Lore said. "Never has there been a more diverse group of potential managers come to us. These aren’t just all former buy-side analysts at investment banks, they’re coming from all different aspects." Bitcoin rose over 1,000% against the dollar in 2017, while other cryptocurrencies booked similarly staggering gains. Lore said that this huge rally has created overnight wealth for even casual bitcoin enthusiasts, many of whom now believe they can replicate this success in fund management. "I would say right now most fund managers are not looking to necessarily grow a large fund, they’re looking to grow a track record," Lore said. "In 2017, the market’s the track record — anyone who’s in is doing great. No one would form a cryptocurrency fund without absolutely fantastic performance returns." Bitcoin has slumped from a high of $20,000 in December to around $7,500 and the wider cryptocurrency market has followed a broadly similar trajectory. Lore said funds he advises are still seeing strong returns despite the market slump. "There are funds in 2018 that have consistently had very high returns, often from this quantitative strategy," he said. "We have other funds that are poised now to do more long-term investing. But performance has not been the issue for most emerging fund managers."
My understanding is that in England the term for someone who pleasures himself is called a wanker. Perhaps readers who might be compelled to buying the lifestyle the above article is selling might find wanking off while reading this article appropiate. If all these hedge funds are involved in cryptocurrencies, who are they eventually going to need to sell to in order to take their profits?
600k to 8MM in what time frame? Probably a few years, right? That’s a nice living but hardly an obscene return. Good for them. But stories like that were a dime a dozen in the .Com bubble. Let’s see how much they hang onto when the fake internet money nonsense is over.
They did? 8MM pre tax is ~5MM depending on which state you live in. 5MM gets you a 3 bed 2 bath without reserved parking in NYC and if you’re lucky enough left over to furnish and pay a year or two of RE taxes. Or you can be a big swinging dick in the swamps of Louisiana.
In the article: One would-be fund manager was so embarrassed by his new found wealth he apologised for turning $600,000 into $8 million. "They’d put in approximately $600,000 and they, in January, were sitting at over $8 million. My son took one look at that and decided he’s going to be a cryptocurrency manager." My response: In january the bitcoins high was 17K. At today’s prices the 8 million is now reduced to just above 3 million and still going lower. Just illustrates the manipulation of reality. In the article: Lamborghinis were spotted parked outside New York’s blockchain conference Consensus this week. My response: Bloomberg reported the cars had been rented by the cryptocurrency exchange BitMex, and it’s speculated that the company paid $1,000 a piece for the flashy stunts. The staged Lambos weren’t the only part of Consensus that was fake, either. A group of bankers protesting cryptocurrencies also turned out to be a marketing stunt for a mining company. Just illustrates the manipulation of reality. Newspapers have to write spectacular things to attract the attention of readers. Whether what they write is correct or not doesn’t matter.
So you have given up on any fundamental reason to be bullish on BTC, and are now just going with stories of those on the fringe obviously talking their own book (legal services).
The Goal is to be able to keep it and not get suckered into thinking you actually know how to trade. I know plenty of guys who made it big in some nuance of the markets only to have to return to a job cause they thought they had some special gift and the "gift" went away along with all their profits or even worse divorce and bankruptcy. Similar to flipping houses in Florida in 2007/2008,the ones getting in late buying a few cause their cousin been doing it for years and now retired in huge mortgaged house, and all came crashing down.
Hello Handle...in my case the goal is to spend it I hope you are well..Earlier I tried to amass large balances...forget it...money is for spendin' then you die. I have nobody to leave it to...so the reverse mortgage made sense...call it reversevesting hehe es