THE UNPOPULAR CRYPTOCURRENCY BILLIONAIRE

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Let's discuss a crypto trader that eventually succeeds in creating one of the biggest crypto exchanges in existence today. Sam Bankman-Fried joined one of the biggest trading companies in the world after receiving his college degree, and they are continually purchasing securities to support the stock market's liquidity. Since they began trading securities years ago, Jane Street has generated billions of dollars in profits. They don't just trade in the US; they also serve as international market makers for several other nations, and their ETFs list a wide variety of individuals from numerous distinct nations. With the use of Jane Streets' features, US investors can learn about what's happening on the global market in regard to the Stoke Exchange market. International trading can certainly bring in a lot of money, but investors will still have to cope with obstacles like time zone and exchange rate discrepancies.

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Sam Bankman-Fried stumbled onto a crypto market flaw that could have made him a fortune back in 2017. He learned that there was a significant pricing difference between the US and Korea for Bitcoin, and he decided to capitalize on this. He raised roughly $1 million, but there was a difficulty because foreign transactions were restricted by Korea's capital control. Because it wouldn't scale, he was unable to use the Korean exchange, but he did find the similar flaw with the Japanese exchange, namely that the premiums were smaller. Even though there wasn't much of a difference, you can still profit greatly from it. He teamed up with his college buddy because he realized the chance wouldn't last forever. Even though they formed a trading company with the name Alameda Research, there were numerous challenges to overcome before this business was able to profit from pricing discrepancies in the market.

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Sam ran into trouble with his bank when he first tried to deposit money into his account since at the time, banks didn't want to deal with cryptocurrencies. Creating bank accounts was a challenge for Alameda as well. But they were able to find a solution. The first step is opening a bank account in Japan, and they had to take advantage of the market because the pricing disparity couldn't continue indefinitely. Their business wanted to make the trade again before the opportunity vanished. To complete the transaction, they had to go through a number of steps, including purchasing Bitcoin at a discount in the US, sending it to Japan, and selling it for Japanese Yen. They also had to convert YEN to USD. They had to endure this, and they had to do it several times every day. The trade chance was only available for a few weeks before it vanished.

With the aid of his team, he developed software that could speed up trading, and together they built a business that now generates $1 billion year and $5 billion per month. Some exchange platforms had a flaw, which Sam Bankman-Fried found. Liquidation issues and time-wasting trading methods. He also took the effort to research the methods used by some exchange platforms to fabricate trading volume. So, despite not knowing if anyone would utilize his exchange platform, he made the decision to build it. He made the decision to move to Hong Kong in order to launch a cryptocurrency exchange platform because it takes time to build one.

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Sam's team relocated to Hong Kong to launch FTX, writing the necessary programming and completing all other tasks in less than six months. Sam's reign was brief, but the caliber of their platform was unaffected. FTX offers the lowest trading fees and includes interest-related features. By the end of 2021, FTX has helped facilitate over 1 trillion dollars, up from carrying out just 30 billion dollars at the beginning of 2020. Due to the sharp increase in trading volume, FTX is now making $200,000 every day. Because of the Bahamas' excellent cryptocurrency regulation, Sam's relocated Alameda and the FTX company. Due to strict laws, FTX was not operating in the US for a long time, but in 2020 they launched FTX.us.

Additionally, they are diversifying their business into other business lines including FTX pay and FTX nft marketplace. Not to mention, they have VC funds that would invest in companies related to gaming, web 3, and cryptocurrencies. A representative token for various stocks, like as Tesla, Google, and others, is called FTX. Sam and his group are doing a fantastic job at improving the planet. Each team member decided how they would support the neighborhood, and FTX additionally donated 1% of their net trading commissions. Without a question, Sam and his group are intelligent.