The young millionaire who never wanted his money

The young millionaire who never wanted his money

No matter how you look at it, one of the topics of discussion in recent years is the issue of digital currencies – cryptocurrencies in general and Bitcoin in particular.

Yes, that currency or ‘non-currency’ remains high and remains one of the most talked about topics in the financial world, rich and poor. Because we’ve never heard of Bitcoin and the like, “one day we will only use one such currency” and “this is the biggest Ponzi scam in history.”

Bitcoin Currency (Photo: Shutterstock)


But one thing is undisputed. The one who took advantage of this opportunity earlier, has now made the deal of his life. One of them, he Sam Bankman-Fried – made history and became the youngest billionaire – second in the world (after Mark Zuckerberg).

Who are you, Sam Bankman-Fried?

Profile Image:

• There: Sam Bankman-Fried
Age: 29
Born: Stanford, California
• Primary employment: Founder and CEO of FTX
Equity: 22.5 billion
An interesting story: If you see him on the street, he will show you homelessness. He walks with excessive simplicity, which is another ideology in his life

    (Photo: Shutterstock)

(Photo: Shutterstock)

Sam Bankman-Fried, perhaps one of the last remnants of a well-known proverb about the US – the land of unlimited possibilities (are opportunities today limited or not? This is already a topic of discussion. More than just ‘good opportunity’.

How did it all start?

Until four years ago, Sam Bankman-Fried was just another typical American citizen (or ‘you’ if you will) ‘, but always excelled in his abilities. He graduated from the prestigious MIT University with a Bachelor of Arts degree in Physics. He was soon kidnapped for his first job at Jane Street Capital, a well – known investment firm.

Although he worked in an investment house and Bitcoin was with us for years, Bankman was not convinced of the product and did not see the need to invest in it.

Years later, as a billionaire from Bitcoin, Bankman-Fried repeatedly stated that he “does not believe in currency”.

How can a person who does not believe in a particular product become a billionaire from that product? The answer may be Bankman-Fried’s “effective philanthropy”, which means doing the best he can for someone else, which is probably the only reason Bankman-Fried found it appropriate to invest in Bitcoin.

Because you can make a lot of money from anywhere – in a short amount of time, donate to the company at the same speed, if not out of Bitcoin under any circumstances …

Big money

Apparently “effective philanthropy” (assuming this is true) motivates people to do the greatest things possible.

In 2017 – eight years after the first currency came out, Bankman-Fried’s business sense was awakened by the high volatility of the currency and he invested himself.

But even in the case of Bitcoin, Sam proved to be extraordinary, and instead of investing like a regular trader – buying and selling currencies, Sam mediated. He discovered that there was a Japanese bitcoin that traded for ten thousand dollars in the United States, and in Japan it was traded for fifteen thousand dollars, and you already understood what he did alone …

Bitcoin and Ethereum (Shatterstock) coins

Bitcoin and Ethereum Coins (Photo: Shatterstock)


Soon after he began trading currencies in various trading platforms, bankman-fried trading platforms became scarce and did not allow the user to increase profits and set up FTX – currencies, the public trading platform for free trade in digital.

In a short time, FTX became one of the five largest currency trading platforms in the world with a daily trading turnover of approximately $ 20 billion. 750 million revenue from transactions and 350 million transactions from the company’s free trade.

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FTX (Shutterstock)

FTX Company (Photo: Shatterstock)


In addition, Bankman-Fried launched its own private currency trading company last year alone when it announced a net profit of over $ 1 billion.

So what is Bitcoin?

Many people talk and talk about Bitcoin. How a short line of mathematical code hit the billionaires, because companies are growing and growing at record speeds, is still unknown how many countries in the Western world, based on the modern economy, can legally and constitutionally intervene. With the subject. Still, a few words about Bitcoin …

Bitcoin currency first appeared in our lives in 2009 by a group of Japanese programmers led by a man under the pseudonym Satoshi Nakamoto.

The programmers’ aim to expose the currency was to reward the maintenance and operation of the bulkchain network. (* Benefactors include a brief description of the blockchain network at the bottom of the article) Thus, when any programmer who helps to fix and expand the blockchain network achieves the goal of bitcoin currency or a portion of it (actually acquiring a new code that represents the currency he has just created), only the currency value will be determined. With a mining ceiling of up to 21 million coins, depending on the physical valueless demand. It is no longer possible to mine more Bitcoin coins

US Stadium FTX $ 153 million (Shutterstock)

FTX $ 153 Million US Stadium (Photo: Shutterstock)

But Bitcoin’s inventor never thought that demand would be so great and that it would reach out to the programmer community.

“Effective philanthropy”?

To date, Sam Bankman-Fried has contributed only 0.1% of his fortune to $ 25 million, but he declares that this is his only goal.

When asked in an interview if he would leave Crypto in a situation where he thought he could make more money than anything else, he did not even stop to say, “I will do it, yes” by trading orange juice futures.

What is a blockchain network?

At the end of the fork: If you decide to open your own bitcoin or a digital wallet, you actually have digital assets that are only registered on the blockchain network, as it is probably the safest digital network in the world and is unlikely to be robbed. Theft.

Why? Let us try to explain: The blockchain network is a network of blocks that is fully distributed for banking and data storage. In each block you can store codes representing objects, digital assets, contracts and more.

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The network is maintained by code-based solutions to mathematical problems, so each correct solution leads to the opening of the current block and the revelation of the next mathematical problem, so that the next block can be opened on a network that allows. More people to store information.

Digital Wallet Payments (Shutterstock)

Payment in a Digital Wallet (Photo: Shutterstock)


Each solution must be a continuation of the previous solution, so any way to hack or modify the code to steal the property will result in the current block and all subsequent blocks being blocked due to incorrect code solution. Permanently prevented from using blockchain network.

Complicated? of course.

Imagine ten cubes, with numbers from one to ten each. All dice can only be used in the order of the current numbers. When someone tries to change the number in cube number three, the order of the dice will be beaten and all the dice from cube three will be useless.

Although the blockchain network is a network overseen by a government or private body, it is by far the most secure information storage network in the world.

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