As cryptocurrency prices have climbed over the past several months, it’s only natural that some investors would have made huge gains. Now, in a report from Futurism, it’s confirmed that one anonymous Ether trader has managed to make more than $200 million in profits from his or her trades over the course of a period of time of just over a month. The trader, whose identity is unknown, raised the assets in a particular virtual wallet from $55 million up to $283 million, constituting a 413% accumulated profit thanks to the performance of Ethereum’s digital currency.
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Amazing Gains, But Believable Ones
Earning $200 million in one month might sound outrageous, but it’s actually quite possible, provided that you are a savvy (and lucky) trader who is starting out with a substantial asset pool. The values of Ether and Bitcoin have been steadily climbing throughout the year, although in recent days they have tumbled. The total value for the entire cryptocurrency field reached an all-time peak on June 6th when it passed $100 billion.
A post on Instagram, purportedly by the trader in question, said that “I get many private messages asking how much Ether I have. One of the cool things about Ethereum is that all wallets around the world are transparent and open for everyone to see. And this is my wallet’s savings,” posting a photo of the wallet’s contents as well.
Questions of Security
This particular trader highlights the growing debate about anonymity and security in the cryptocurrency space. Spencer Bogart, the research head for venture firm Blockchain Capital, said that “one of [cryptocurrency’s] more important features it that you don’t have identities tied to this.”
At the same time, the anonymity built into the decentralized platforms is also troubling to some. There have been several cyberattacks which have capitalized on this feature of the crypto world, and some analysts believe that it could spread farther as digital currencies continue to gain in popularity. A draft of new currency legislation by the European Parliament recently noted that “the credibility of virtual currencies will not rise if they are used for criminal purposes. In this context, anonymity will become more a hindrance than an asset for virtual currencies.“
With this in mind, there are many who push for linking individual persons to digital wallets. Supporters of this viewpoint argue that it would deter cyberattacks, which could further strengthen Ethereum’s reputation in comparison with Bitcoin. Ethereum seems poised to take over as the dominant cryptocurrency on the market, with more and more initial coin offerings taking place and continuous updates to transaction processing speeds happening, too. For the time being, though, users should be careful, as the cryptocurrency world is still young and largely untested.