Crypto-millionaires: Underdogs rise to the top

2018/1/19 12:30:14

The surge in cryptocurrency value enticed many to invest in it. Some have made millions of dollars, but at the same time, precautions must be exercised.


NOTE: See disclaimer below*


By Arturo Garcia for Born2Invest, Jan 18, 2018


Cryptocurrencies are on the rise lately, and they ended 2017 breaking through the ceiling as Bitcoin and Ether both skyrocketed to high levels. People initially refused to invest in them because of the potential danger they bring to the wallets, but their minds may change, with some flocking with the intention to ride along with their upward trajectory.


For those who do not know, cryptocurrencies are digital currencies that utilize cryptography to enhance their security. Because of cryptography, it would be hard to accomplish the act of counterfeiting. One should also know that governments and banks have no jurisdiction over them because they did not issue this particular kind of currency.


The New York Times talked personally to those who made investments in cryptocurrencies to see where their investments got them and chronicled their stories. It showed that they indeed have improved their lives significantly.


James and Julian Spediacci

Twin brothers James and Julian Spediacci purchased ether when it was only worth 30 cents. But when ether flourished, they also rose with it, and they now operate a popular cryptocurrency trading community.


Before the twins arrived at this peak of their lives, James posted a status on Facebook urging his friends to invest in ether. Most people ignored his post, and it received one like.


Jeremy Gardner

A 25-year-old investor named Jeremy Gardner co-founded a commune for cryptocurrency investors and entrepreneurs named the “Crypto Castle.” When newcomers come in, he gives them a house tour and teaches them the ropes.


Gardner focuses on initial coin offerings (ICO) and even ushered in one for Augur, a startup dedicated to providing market forecasts with blockchains. He developed and sold “Augur tokens.” The sales went high pretty fast, and Augur even reached a point where its value went beyond $1 billion.


Aside from ICOs and Augur, he works as an editor-in-chief of a cryptocurrency magazine named Distributed, which is released annually. He is also working on fundraising for Ausum Ventures, his hedge fund, with a target of $75 million.


Grant Hummer

There is also a similar house near the Crypto Castle which people dubbed as the “Crypto Crackhouse,” and SF Ethereum Developers Meetup co-founder Grant Hummer reside there. Along with his co-founder, Hummer invested $40 million, which was also accumulated through cryptocurrency, in Chromatic Capital, a hedge fund they established.


Despite earning a lot of money from their ventures, his room does not boast the wealth he has as it is only filled with a bed, a futon and a TV.


Daniel Colosi and Stephen Lenoci

In the Australian city of Sydney, The Daily Mail reported that friends and investors Daniel Colosi and Stephen Lenoci made their investments in cryptocurrency in 2017 after spending a year and a half watching its performance in the market.


Colosi recalled his first investment and said that he started investing when bitcoin was valued at AU$5,100, which is equivalent to £2,942, and a few months later, the virtual currency grew to its current status.


They work in construction projects and mines in Sydney, but they intend on moving to Thailand this February to establish their bitcoin business and become millionaires.


Colosi urges those who are interested in cryptocurrency investments to make their move, saying that “it’s not too late to get into now, but it soon might be.”


Some tips for smart investing in cryptocurrencies


If their stories inspire you to finally invest in cryptocurrency, you might as well heed these following tips to make smart investments, per Forbes.


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* Disclaimer: UBO is NOT a buyer, seller or promoter of cryptocurrencies. We publish articles that may provide information on this issue but caution that no article appearing in UBO should be considered competent financial advice. To the extent that we have any comment on the current cryptocurrency craze, it is BUYER BEWARE

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