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How I Made $15,000 / Day as a Fresh College Grad
- HillaryBriss 8y agoI found this worth reading. It features a number of interesting quotations from famous people I was not aware of. (e.g. "Competition is for losers") Usually a story with a title like this is bullshit, but this one does detail how they guy actually was raking in a load of cash through online arbitrage. I was surprised.
- leinad520 8y agoThanks man! I appreciate it
- gmiller123456 8y agoLooks like it's missing a lot of the details about the "how". "This was a more complicated operation with tighter spreads, and required a net long position in crypto" Based on this, it sounds a lot like gambling, and this experience is survivor bias.
- leinad520 8y agoWe were actually bullish on crypto (we do fundamental valuation), and with the crypto we were already holding, was able to create more with arbitrage
- nradov 8y agoIt's not possible to do fundamental valuation on crypocurrency. You're just fooling yourself. But congratulations on timing the market correctly and identifying an arbitrage opportunity.
- leinad520 8y agoEverything can be fundamentally valued, my friend. Even if that valuation means 0. Why don't you start here, and come back when you know what you're talking about :) https://multicoin.capital/2017/08/24/rep2017/ https://multicoin.capital/2017/08/24/rep2017/
- nradov 8y agoI understand fundamental valuation just fine. You simply don't know what you're talking about, but thanks for playing.
- leinad520 8y agoCare to explain why? / Any experience to suggest you know what you're talking about?
- gmiller123456 8y agoThat's cool. What was your fundamental valuation of concurrency? How did you do it? How did you know you were correct? The link you provided is for a prediction market, and not really useful for fundamental valuation.
- leinad520 8y agoThe link I provided has a link to a pdf that goes through fundamentally valuing augur, including with a discounted cash flow model. Finance lesson 101 is that all assets are ultimately valued by its cash flow, or as a store of value. P/E, EV/EBITDA, DCFs, etc. You just try to apply those concepts to crypto, which is what Multicoin does
- nradov 8y agoI mean you can apply astrology to predicting the future but that doesn't make it any more valid than applying those valuation methodologies to cryptocurrencies. Call it "fundamental" if that makes you happy, but the reality is you're effectively just picking numbers out of a hat.
- dev_dull 8y agoMy thought as well. This wasn’t some awesome arbitrage algo, but rather buy and hold arbitrage that requires the price to go up. Why not just bet it all on black?
- sodafountan 8y agoAs you mentioned everyone knew about the arbitrage opportunities at that time, the problem was getting a Korean bank account if I remember correctly. How did you do that? Did you have connections in Korea? If so, why are you marketing this article as some sort of self-help piece that anybody can follow? This just seemed to be all over the place, it started out with a very rare opportunity that you capitalized on and then went into leaving the corporate world, starting a startup and blah blah blah but you haven't done anything substantive. You very clearly claim that you don't know how to code well enough to run a startup without foreign help, maybe if you take a job in the industry and get the mentor-ship you clearly need you'd be able to code well enough to be able to run your startup without delays. This just all seems like half-assed advice from someone who's probably too young to be giving it. No offense OP
- leinad520 8y agoSo if everybody knew about it, why didn't they do it? If connections in Korea is all that's needed, I'm sure the opportunity was enticing enough that a foreigner could find that connection. But appreciate your opinion! You're right, I have yet to prove myself
- dev_dull 8y agoPeople did do it. It just wasn’t yet on enough people’s radars.
- sodafountan 8y agoYeah exactly, many people did it. And the people with family and friends in Korea could have done it much more easily and closed that window out much sooner than someone in America who didn't speak the language and didn't have the connections.
- sodafountan 8y agoOh idk, the whole Korean language that most people speak in that country may have had something to do with it. It's not hard to look at two different exchanges and see a gap, it was hard to create an account on those exchanges and execute on the opportunity because it required an understanding of the language and the laws as well as a physical presence if I remember correctly. And no you can't just "Find a Connection" lol, you have a lot to learn. I still don't see how any of those skills translate into a viable business, maybe you could explain that?
- asdfjwlkjefsdl 8y agoI was expecting mediocrity, but this a good share. Thanks.
- cmuguythrow 8y agoYou should have known better than to try and impress HN. You could have made $1M/day as an infant and people here will still poo-poo it. I, for one, enjoyed the article. Wondering if you have any recommendations for discovering opportunities like this in a repeatable/systematic way.
- leinad520 8y agohaha, I have learned I think just having a wide network and staying connected will give you opportunities As I mentioned in the article, I think being an entrepreneur is a huge arb. That crypto fund alumni msgd me after seeing the article and agreed with that as a big arb