Technology: Billion-Dollar-a-Day Crypto Trader Finds Accolades Are Better Than Anonymity - - PressFrom - US
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Technology Billion-Dollar-a-Day Crypto Trader Finds Accolades Are Better Than Anonymity

04:35  13 november  2019
04:35  13 november  2019 Source:   bloomberg.com

Bitcoin’s Monster Drop Has Indicators Warning of More Pain Ahead

  Bitcoin’s Monster Drop Has Indicators Warning of More Pain Ahead Many crypto investors are still struggling to explain the sudden plunge in digital assets this week. A look at technical indicators doesn’t paint a pretty picture going forward. While Bitcoin is holding above the $8,000 level, a breach below would test its 200-day moving average support, which sits around $7,000. In addition, the GTI Global Strength Indicator -- a measure of upward and downward movements of successive closing prices -- shows the coin hasn’t dipped yet into oversold territory, which could portend further declines.

But while many crypto exchanges offer 100 times leverage -- letting traders borrow 100 times more than they put down on bets -- Alameda never uses more than four times margin The firm had just opened an over -the-counter trading desk, and wanted to be better known to exchanges and clients.

Billion - Dollar - a - Day Crypto Trader Finds Accolades Are Bette Global Pollution Is Rising Again and Won’t Peak Before 2040. The world’s natural gas will deliver more of the fuel by tanker than pipeline as China’s thirst for it has grown by more than a third in the past two years.

(Bloomberg) -- In the murky world of cryptocurrencies, most traders stay under the radar, betting that anonymity provides some protection against getting hacked, exposing strategies or worse.

a red car: A cryptocurrency mining rig composed of Asus Strix machines operates at the SberBit mining 'hotel' in Moscow, Russia, on Saturday, Dec. 9, 2017.© Bloomberg A cryptocurrency mining rig composed of Asus Strix machines operates at the SberBit mining 'hotel' in Moscow, Russia, on Saturday, Dec. 9, 2017.

Alameda Research is taking the opposite approach, allowing the firm’s trading performance to be highlighted on a so-called leader board posted on the BitMex exchange where other users go by names such as Heavy-Autumn-Wolf and Honeysuckle-South-Rib. The results are eye-catching, with two Alameda accounts listed among the top 10 most successful traders by lifetime profits, boasting earnings of more than $60 million cumulatively.

Bitcoin Bulls Take to Twitter for Reassurance After Crypto Crash

  Bitcoin Bulls Take to Twitter for Reassurance After Crypto Crash As Bitcoin prices took a plunge this week, crypto evangelists were quick to take to Twitter to soothe frayed nerves and expound on why the drop is nothing to be concerned about. The swiftness of the declines took many by surprise and dozens of tweets were quickly dispatched in support of the nascent and highly volatile market. There’s no reason to panic, they said. Buy now and see it go to $50,000, they said. The worst thing you can do is miss the next wave, they said.But this week’s price swings were not for the faint of heart. The average daily change for Bitcoin over the past week is more than 4.

More than half of the crypto currency trading happens in Asia-based exchanges, according to data compiled by smart contract platform Aelf. All of the exchanges are privately held and only a few years old, which often means it’s difficult to find financial information or details on management.

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“It’s often very hard from the outside to have a good sense of who is doing things in crypto,” said Sam Bankman-Fried, Alameda’s 27-year-old co-founder and chief executive officer. “One of the things about a leader board is, it’s actually quantifiable and verifiable. It’s something that made it stand out from other firms.”

Focusing on arbitrage and other strategies, the two-year-old firm now handles about $1 billion in trades daily, accounting for about 5% of volume worldwide, according to Bankman-Fried, who often sleeps on a bean bag by his desk in his Hong Kong office so as not to miss moves in the volatile market.

Bankman-Fried hasn’t always wanted to stand out. Instead of something with crypto in the moniker, he named Alameda after the California county he was in while starting the firm in his Berkeley apartment in late 2017 with his own money and funds borrowed from family and friends. He had just finished a three-year stint at the quantitative-trading firm Jane Street Capital. One of the trades in his first year was taking advantage of the over 30% premium Litecoin was selling for on the exchange Coinbase. He would buy Litecoin elsewhere and sell it at the premium on the biggest U.S. digital exchange, he said.

Venezuela reportedly wants its central bank to hold bitcoin

  Venezuela reportedly wants its central bank to hold bitcoin Venezuela may not just be using its own cryptocurrency to dodge the consequences of international sanctions. Bloombergtipsters say the country's central bank is testing the possibility of holding on to cryptocurrencies in order to help the state-controlled oil company Petroleos de Venezuela SA. The firm reportedly has troves of bitcoin and ethereum, and moving that money to the central bank might let it pay suppliers and avoid "potential blocks"The bank is likewise considering proposals to count cryptocurrencies toward international reserves that have plummeted in recent years.

No, the successful trader is not me. I’ve gotten lucky a few times and I’m still refining and trying out strategies; on the other hand, I’m part of communities of people who trade on a daily basis to grow their portfolios, and while some of the results can be attributed to luck, a majority of it is based on

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Such simple arbitrage opportunities have since dried up, and Bankman-Fried’s operation has gotten more sophisticated. He has recruited former classmates from the Massachusetts Institute of Technology and friends from Wall Street to create an automated trading system tracking crypto prices worldwide and executing, on average, a trade per second. His co-founder, Gary Wang, 26, was a former MIT roommate, and previously developed price aggregation and serving systems for Google Flights.

Most of the 15 or so staffers working for Alameda -- from Hong Kong to Japan to Korea to California -- are also friends, or friends of friends. The private company still doesn’t accept outside capital, and invests only its own money and funds it has borrowed. But while many crypto exchanges offer 100 times leverage -- letting traders borrow 100 times more than they put down on bets -- Alameda never uses more than four times margin, Bankman-Fried said.

Coinbase Resumes U.K. Fast Payments After Breaking With Barclays

  Coinbase Resumes U.K. Fast Payments After Breaking With Barclays U.S. cryptocurrency exchange Coinbase Inc. has a new banking partner in Britain that will provide real-time payments for customers, three months after losing the service when it broke with Barclays Plc. The San Francisco-based firm, which lost its Barclays account in July, is now a client of ClearBank, a lender that started operations in 2017, according to a person familiar with the matter who declined to be identified.Since ClearBank in London is a direct participant in the U.K.

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Day trading cryptocurrencies may lead to outsized profits — but, if you don’t know what you’re doing, it can lead to outsized losses instead. The term “ day trading ” suggests manically executing on trades every few minutes. But, as many of these mistakes show, day trading success doesn’t necessarily

Manipulation Allegations

He is now trying to make 2 basis points per trade, and make lots of such transactions every day -- but that’s easier said than done. Some exchanges are hard to withdraw from. Others use a certain token symbol to mean one thing, while others -- another. Banks can be hard to work with as well.

The notoriety from being atop the leader board comes with some drawbacks. “We had internal discussions, are there countries I shouldn’t visit,” Bankman-Fried said, referencing examples of kidnapping and extortion in the crypto community.

And controversy. In a complaint filed on Nov. 8 in the U.S. District Court for the Northern District of California, Oakland Division, Alameda is being sued for $150 million and accused of manipulating the Bitcoin spot and derivatives markets and selling digital tokens to investors unlawfully. Bankman-Fried said the lawsuit has no merit, as trades the complaint cites as examples of violations don’t fit his firm’s strategy; he also said he didn’t offer the tokens to U.S. investors.

“When we get targeted for things, it’s a function of our increased brand size in crypto,” Bankman-Fried said.

Crypto Portfolio Will Analyze Twitter to Gauge Trader Sentiment

  Crypto Portfolio Will Analyze Twitter to Gauge Trader Sentiment The crypto market, known as one of the most rabid topics for discussion on Twitter, is getting a new tool to help gauge investor sentiment -- using tweets. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); On Tuesday, the trading platform eToro launched a sentiment-based portfolio that uses AI tools to analyze Twitter for the latest positive or negative perceptions of digital assets.

Welcome to the Trader A Emporium hosted by your friend CaptainA! Introduction I was raised in the world of small business. My parents owned and operated a second hand store from about 5 years of age to my College years. Now they run and own a successful gunsmith business.

Humans aren ’t infallible when it comes to trading . It’s becoming quite popular these days for people to invest money into trading bots, but how feasible is this A bot can do all that for you with fewer clicks. You can give your bot some instructions before you sleep and find that a few good trades have been

Alameda threw its anonymity to the wind in early 2019, when it decided to get listed on BitMex’s leader board. The firm had just opened an over-the-counter trading desk, and wanted to be better known to exchanges and clients. And it was preparing to launch its own crypto derivatives exchange, FTX, which debuted this spring.

“Exchanges all knew who we were, they saw our volumes; but other people didn’t,” Bankman-Fried said. The over-the-counter trading desk, which caters largely to Asian clientele, is trading in low eight figures a day, and has gotten more clients than expected, he said. The exchange is already trading a few hundred millions of dollars of derivatives a day, he said, adding that getting listed on the leader board definitely helped.

“For those companies that manage money, the leader boards can act as a type of track record that could be used to market their own services,” said Lex Sokolin, global financial technology co-head at ConsenSys, which offers blockchain technology. “While not as rigorous as an audited track record, it is still better than nothing.”

--With assistance from Luke Kawa.

To contact the reporter on this story: Olga Kharif in Portland at okharif@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Brendan Walsh

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Cryptosphere Courts Gold Bugs as Bitcoin Loses Some Luster .
The cryptocurrency world is seeing a surge in the issuance of gold-backed tokens, with some of the digital-asset industry’s biggest and most controversial participants joining in on the fresh gold rush. The throng behind the Tether stablecoin and the Bitfinex trading platform plan to issue Tether Gold before Christmas. The token will be backed 100% by bullion reserves, according to Paolo Ardoino, who serves as chief technology officer for Bitfinex and Tether.

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