
Traders with Pockets Full of Crypto Quit Wall Street - lnguyen
https://www.bloomberg.com/news/articles/2018-05-30/traders-with-pockets-full-of-cryptocurrencies-quit-wall-street
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lexapro
>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)

He saved just $180 per month?

>he said Ether cost about $10 when he invested

So he got lucky by buying in early... not because of successful trading. Yet
he gives advice as if he was an expert trader.

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uptown
There’s a lot of that on Wall Street too.

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exelius
Bingo; if you’ve ever met successful traders they’re usually not that smart.
Most were just in the right place at the right time.

They try to justify their exceptionalism by giving advice, but it boils down
to “be a WASP and get a job at an investment bank”.

~~~
cm2187
I suggest you go on a trading floor and revisit your wasp comment.

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retrogradeorbit
There's no trading floor any more, mate. Well at the very least said floor is
a quiet place. Its all hft and electronic trading these days.

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ironcan
> “You’ve seen a bifurcation internally at many larger houses where senior
> managers are very skeptical about crypto, while graduates and younger team
> members are very positive,” said Grimsley. “The youngsters may have less
> intellectual baggage and may be more open-minded, but they also have less
> responsibility for managing risk and working out the practicalities of
> bolting on crypto to the existing business.”

It's a very telling quote and you are left wondering to which extend bitcoin
suffers from youthful exuberance instead of the sometimes boring pragmatism of
making it profitable.

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DrNuke
The universal single currency for a truly global and peaceful world is an
intriguing prospect for many but we are so far politically it can’t enter the
mainstream just now. It’s almost there technologically, though, so in the long
run, maybe.

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reacharavindh
They made enough money in a volatile unregulated market that their salaries
seem minuscule. So, they go and burn more of their money in the same volatile
market at this time. What can go wrong?

May be they took some money out of their quick earned profits, and saved
enough for their life. The rest is what they are going out to gamble with. Now
that doesn't seem unreasonable.

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nikanj
Lottery winners quit day jobs

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Ftuuky
How do you trade crypto? I'm not well versed in this but find it fascinating.
I mean, you can make a good profit of volatility on the way up but how do you
profit when the markets are bearish? You go long/short on currency pairs? I
bet there are dozens of different ways of profitably approaching these markets
but I have no idea how people actually find a strategy and then decide to quit
their jobs and day-trade all day every day without needing institutional money
from accredited investors. Do you use machine learning to obtain insights that
create those strategies?

If anyone knows good books on this subject, please do recommend them!

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cutler
The brightest minds of our time dedicated to getting something for nothing
while, according to recent statistics, nearly half of the American population
has less than $400 in savings. Says everything about our sick society.

~~~
swarnie_
> The brightest minds of our time

Would you rather they went back to doing what they have been for the last 15
years? Pushing adverts and hoarding data.

~~~
lmm
Yes - if nothing else that burns much less of our limited energy supplies.

~~~
nscalf
Are you aware that many coins don't involve mining the way that bitcoin does?
There's more than one way to skin a cat with just about every aspect of
crypto.

