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The Annoyed Man wrote:

bbhack wrote:

Russell wrote:What are yalls thoughts on Ripple?

We have a little Ripple. Bought some back when you could buy it on their website (2 years ago?). Recently picked up a few more.

Ripple is a commercial payment infrastructure, so it is different than all other things out there, even though they look deceptively similar. Past that, I don't know. I guess it's as good for speculating as other things.

The deal with Ripple is that a few banks are using it now to process their transactions. The hope is that it will become sort of universal to the banking industry. If it does, then those that got in cheap will get rich pretty quick. I had some Ripple (XRP).....not too much, maybe $100 worth. I bought at about $2.35, watched it go up to around $3.75, said to my self “yippee, and we’re off”, and then watched it go back down to $2.35. I bailed and converted it to Ether, all except for 0.918 XRP that Binance wouldn’t let me convert for some reason. Right now, XRP is trading at $1.98 on Binance.

I’ve been browsing the Reddit XRP/Ripple forums to see if anyone has an explanation for that price drop than Coinbase’s announcement that they would not be adding XRP to their stable this year, and for some kind of intelligence on future projections. OR, will XRP turn out to be another dud? Who knows. In the meantime, I’ve just deposited my Christmas cash by wire transfer to Coinbase/GDAX and plan to invest it in 2 or 3 other coins which I’m doing research while I wait for the transfer to complete.

Ripple (and every currency really) just had a huge correction. Everything dropped except ether, probably because that’s where people sheltered when things dropped. It’s a normal cycle, especially after the kind of bull run we just had.

Get a token of BNB on Binance, then it will use that currency to pay your transaction fees, and at half price. You have to turn on that option in your user profile.

As for learning and getting insight, I read https://cointelegraph.com/ https://www.coindesk.com/ https://bravenewcoin.com/
And https://www.reddit.com/r/CryptoCurrency/ along with currency specific subreddits. Take things with a grain of salt on reddit though

rotor wrote:

Liberty wrote:

rotor wrote:

The Annoyed Man wrote:

The Annoyed Man wrote:Now I’m up $670 since 12/22, and up $181 since 6:30 this morning. A friend of mine made a little over $4000 in the last 24 hours.

It’s up to $723 of profit now.

It's only a profit when you sell. The question is.......... when do you sell? Still a Ponzi.

I don't think you understand what a Ponzi really is. Trading cryptocurrencies is commodity trading, it's no different than pork bellies or precious metals.

What is the commodity? Show me the pork belly. There is no commodity. You own nothing material. No silver, gold or strength of a country. There is money to be made during the frenzy but I don't believe it is sustainable.

I'll give you that. But on the flip side I would challenge you to go pick up the oil or gold you bought on a commodities exchange as well.
As long as others will give me money for 1's and 0's, I'll play

Keep in mind that every transaction is a taxable event now. Before the new tax bill passed, some people believe that you could shelter yourself until you transitioned back to fiat through like-kind exchanges. This is no longer the case, as real estate is the only like-kind exchange you can make anymore.
https://townhall.com/columnists/lindsay ... g-n2428153
Don't be the guy that doesn't report, the IRS will come looking: https://www.theverge.com/2017/11/29/167 ... rs-records

I'm using a site called https://bitcoin.tax/ to prepare my reports since exchanges really aren't doing 1099's and such yet; we are in the wild west right now. I, of course, did *not* put any data like SSN in that site, I will simply add it to the PDF and/or import into my tax software.

Also, I'm with you TAM. I got in on a stash of Ripple at $.81 before Christmas -- it was a fun ride to $3.30, but today is not so happy at around $2.50. Ethereum is by far the best currency to buy to move into other exchanges or currencies, very fast network and low fees (when I bought it the network was fast, but I've read of delays recently). Bitcoin's fees are high and the network is slow. Litecoin is also a good one to buy to move around. Litecoin is also what I made my first big return on back in early December.

This is exceptionally volatile, and I wouldn't suggest putting in anything that you don't feel like you can flush down the toilet and be OK on the other side.

I bought a small amount of Bitcoin and Litecoin last weekend. Allegedly, I've made over 50% on the small investment. I'm not going to be someone putting up a mortgage though... That's insane. https://www.cnbc.com/2017/12/11/people- ... -borg.html

Now the real problem is the addiction that I can see in trading currencies, crypto or otherwise...

AndyC wrote:Well, he could be correct - it *is* a finite resource after all, with only 21 million going to be created (and 4 million of those are estimated to be already lost, so 17 million at best).

http://fortune.com/2017/11/25/lost-bitcoins/

Yeah, I have a few of those somewhere. When it was new and I was just playing around, I didn’t care that I lost them.

I kick myself daily now.

AndyC wrote:This has nothing to do with doomsday scenarios, guys - it's investing

Crowd sourced investing:
http://mashable.com/2017/05/31/twitch-p ... tockstream

I had a wallet with a bitcoin or two back when it was worth nothing. I was mining for them. I lost it because it was worthless.

I've kicked myself several times over the last few months because of that. Thanks for reminding me... :P