Official Cryptocurrency Thread (4 Viewers)

[seremify007]

gl with that.

 

[Graney]

I'm in it for the long haul mate

Remember when Ripple was $2.27 usd, and you said it would grow to at least $18-20 by the end of 2018, and today it's $0.37.

 

[Graney]

Jokes on you guys, just put another $2000 into the market, spread across different alts. IOTA (42c), NEO ($15.40), OMG ($3.43), ZRX (66c). Remind me in December when I make a small fortune )

Just quoting this for posterity

 

[galaxys2000]

The fundamentals haven't changed since bitcoin was at 19k, and if anything there has been improvements (reduced fees & transaction times) and greater development & advancements in the space (ETF Proposals, greater regulation). If you're looking to get into crypto, now is the time to get in, when no one is talking about it, the hype has died down, and the market has returned to equilibrium. There is always going to be people like cosmo, who are against crypto & will gloat at you when you lose money, but the next bull cycle will eventually return & so will the FOMO - basic market psychology. Whether Bitcoin stays at 6k, or drops to 5k, 4k or 3k (I personally don't think it's going to pass 5k), it will return back to 20k, and even make new highs.

 

[cosmo 2]

Growing older, I definitely realised that fast/quick money is not the way to go. Honestly it's mostly luck anyways, unless you pump and dump (clearly illegal). All the fundamental and BS can not be relied on. Cryptocurrency is dead (due to people who used it as a tool solely on the basis to make cash) but luckily it brought about blockchain technology which is continuously developed today. Kids, just put your cash in a High Interest Savings Account and buy Vanguard. You'll thank me in 10 years. Never beat the market, you're in it for the long game.

this is good advice, listen to this guy

 

[galaxys2000]

@si2136 do you have any idea what you're talking about? "Unless you pump and dump," Bruh commercial investors aren't multinational funds with billions dollars of liqudiity in their pockets. Whilst yes, Pump and Dumps do happen within Cryptos, its expected to an extent with an unregulated market Right now, whilst I agree there is more speculation than actual adoption, its important to understand that adoption takes time, and we're already on the road to legitamizing it, Eg. Increased regulation by the SEC, Introduction of futures, Planning of an ETF.

"Cryptocurrency is dead because people used it as a tool to make cash," That has perhaps got to be the most stupid argument I've heard. Why do people invest in the stock market, into major indexes, into any sort of investment opportunity? I see what you're saying in that a lot of people who bought early have already sold, but theres always gonna be changing market dynamics, and just because the price has gone down, it doesn't mean theres not going to be greater demand in future. Major institutional money hasn't arrived yet, and uhm no, just because prices have gone down doesn't mean its dead. "The fundamentals and BS can't be relied on?" What do you exactly mean by this? The act to solve real world problems - Just take a look at the recent collapse of the Turkish Lira. Why has this happened? Poor monetary control & high rates of inflation - the result when you place such high trust in a ineffective principle monetary authority, and as a result the people have turned to a currency that is known for its volatility & instability. ironic right, that people have more faith in bitcoin than their traditional fiat currency which is backed by nothing. Like I said before adoption takes time, and just because prices have gone down, doesn't mean everything is dead. tbh I see this as a good sign, as a lot of overvalued alts based on hype have lost their value, and only promising projects will recover.

Whilst I do agree that you should invest in the long-term, & I understand cryptos are highly volatile, it still doesn't mean you shouldn't diversify your portfolio into other industries. Whilst a lot of projects in the Crypto market are doomed to fail because they don't solve any real world issues, you choose the ones that you believe are going to be successful in the long-term. (Just take a look at the dotcom boom, but promising projects such as Amazon went from 20$ to nearly $2000 now). You're not investing in every single project out there, you're investing in the ones you believe show promise and will become successful in the long-term.

 

[Graney]

All cryptocurrencies will go to zero.

The SEC has already rejected three separate bitcoin ETF applications due to concern about fraud and manipulation. They will never approve an ETF. The only regulation will be to make cryptocurrency harder to use. It's not used for anything significant but speculation. The technology doesn't work for a mass payment system, it will never be viable.

 

[astroman]

All cryptocurrencies will go to zero.

The SEC has already rejected three separate bitcoin ETF applications due to concern about fraud and manipulation. They will never approve an ETF. The only regulation will be to make cryptocurrency harder to use. It's not used for anything significant but speculation. The technology doesn't work for a mass payment system, it will never be viable.

The idea of a crypto ETF is interesting but I don't see it ever growing in the future. It was a quick cash grab for the people that were in it in the right time and right place. Just invest in regular ETFs like IOO, VGS that show steady returns and be in it for the long run. Dump a regular deposit in every month and let compounding do it's thing, a FIRE mentality is what's crucial, save up and only invest in individual companies once you have a secure enough nest egg to fall back on if things do go bad.

 

[Neil_]

@Graney,

Ripple (the company) ≠ XRP (the token on CoinMarketCap).

You just wait buddy. xRapid isn't released yet. It will kill SWIFT, and be the standard for all cross-border payments between banks, remittances, and many more problems. Ripple's XRP is the only crypto that has an actual use case. All other coins are shit coins.

Today there are > 100 production contracts signed. When the FIs and banks get involved, market makers (liquidity providers), it is only natural that the volume goes up driving the price too. (big named companies, SBI, Santander, Mitsubishi Financial Group to name a few)... Metcalfe's Law, network effect.

Been buying during dips to ease the sting.

tl;dr - XRP will be number 1 by market cap in due course.

 

[Neil_]

ETFs like VGS

Vanguard Index Fund > Vanguard ETF cos less buy/sell spread fees.

 

[Graney]

Ripple (the company) ≠ XRP (the token on CoinMarketCap).

Yeah I know, hence why XRP is so shit.

xCurrent is Ripples flagship product, on which almost all their partnerships are based. It doesn't use XRP.

xVia does not used XRP.

xRapid has far lower adoption than xCurrent, and does not require XRP

Today there are > 100 production contracts signed. When the FIs and banks get involved, market makers (liquidity providers), it is only natural that the volume goes up driving the price too.

"Remember that impressive 100+ list of financial institutions Ripple is working with? Guess what, they are all using xCurrent. And xCurrent does not use XRP. Of the 100+ partnerships Ripple has, ONLY ONE actually uses XRP the cryptocurrency. There is just one small “non bank financial institution” from Mexico called Cuallix that is using xRapid."

https://hackernoon.com/4-alarming-reasons-ripple-might-not-be-what-you-think-9debc3c86985

Even if banks adopt XRP, it will not increase the price. Banks will hold XRP for the absolute minimum amount of time possible.

At any time Swift, and other startups such as R3 can introduce a competing product that kills Ripple. R3 and other firms are doing the same thing as Ripple, the only reason they have less hype is they don't have a token attached.

The Ripple company can become a huge success without XRP, they don't need XRP.

tl;dr - XRP will be number 1 by market cap in due course.

Can you give a more specific prediction of value and time? At least an approximate date?

It was easy to laugh at you when you said XRP would be $18-20 by end of 2018, and they it dropped from $2.20 to 0.57. It was easy to laugh when it then went to 0.37 . And today, as 2018 draws nearer to a close, it's still easier to laugh as XRP trades at 0.269

This new prediction won't provide lols

I predict Tether will reach top 5 in market cap some time during 2019

 

[Neil_]

xVia does not used XRP.

- xVia actually can use XRP (optional), or their own ledger (bridged by ILP - Inter Ledger Protocol)

- All banks that use xCurrent can easily switch to xRapid as easy as clicking their fingers for additional savings (a shit tonne of savings and less waiting time). It's a no brainer reason for the 100+ banks to switch.

xRapid has far lower adoption than xCurrent, and does not require XRP

That's because xRapid isn't officially released. Expected to be released by EOY.

Even if banks adopt XRP, it will not increase the price. Banks will hold XRP for the absolute minimum amount of time possible.

But... The more banks the require XRP = more liquidity pools/market makers = more volume. Add human speculation into the mix which already which got us to $3.8. The derivatives market is a $1.2 quadrillion market, nostros/vostros ~$30 trillion. If XRP could even capture 2% of these staggering numbers (assuming only nostro/vostro initially), the market cap would be $600000000000 and each XRP token would be worth $15...

At any time Swift, and other startups such as R3 can introduce a competing product that kills Ripple. R3 and other firms are doing the same thing as Ripple, the only reason they have less hype is they don't have a token attached.

Very good point you bring up there, and I must say SWIFT has already made SWIFT GPI. They call it the 'global payments innovation', but it's a shoddy product made reactively, to counter the threat of Ripple's growing presence. It is by far, the worst solution thought of. By the end of the decade, 'SWIFT' will become a term associated with how quickly they fell.

Benchmark test:
- GPI sends $475,000 in 11 hours for a fee of $70. Sure better than the current 1 week time frame for cross border payments.
- Ripple sends $50 million (Arrington XRP Capital test) in 5 seconds, for a fee of $0.30.

Not only did xRapid save a shit tonne of money and time, but it also operates during weekends. Less staffing costs, etc. etc.

it's still easier to laugh as XRP trades at 0.269

Sadly, one of the highest volume trading pairs is XRP/BTC - making BTC-whale-manipulators the causitive agent for all these wild fluctuations (along with the everyday speculators). Ripple's value is still not reflected through XRP's price, it will be, given time.

Can you give a more specific prediction of value and time? At least an approximate date?

I tend not to fixate on price as so much I do value. I can only make a prediction when I see xRapid in full swing. What's your prediction on XRP?

I predict Tether will reach top 5 in market cap some time during 2019

I'm 100% with you on this one.

 

[Neil_]

XRP hit 50c today from 28c yesterday. ~40%+ growth in two days. This is small compared to what's about to come @Graney.

 

[seremify007]

@si2136 do you have any idea what you're talking about? "Unless you pump and dump," Bruh commercial investors aren't multinational funds with billions dollars of liqudiity in their pockets. Whilst yes, Pump and Dumps do happen within Cryptos, its expected to an extent with an unregulated market Right now, whilst I agree there is more speculation than actual adoption, its important to understand that adoption takes time, and we're already on the road to legitamizing it, Eg. Increased regulation by the SEC, Introduction of futures, Planning of an ETF.

"Cryptocurrency is dead because people used it as a tool to make cash," That has perhaps got to be the most stupid argument I've heard. Why do people invest in the stock market, into major indexes, into any sort of investment opportunity? I see what you're saying in that a lot of people who bought early have already sold, but theres always gonna be changing market dynamics, and just because the price has gone down, it doesn't mean theres not going to be greater demand in future. Major institutional money hasn't arrived yet, and uhm no, just because prices have gone down doesn't mean its dead. "The fundamentals and BS can't be relied on?" What do you exactly mean by this? The act to solve real world problems - Just take a look at the recent collapse of the Turkish Lira. Why has this happened? Poor monetary control & high rates of inflation - the result when you place such high trust in a ineffective principle monetary authority, and as a result the people have turned to a currency that is known for its volatility & instability. ironic right, that people have more faith in bitcoin than their traditional fiat currency which is backed by nothing. Like I said before adoption takes time, and just because prices have gone down, doesn't mean everything is dead. tbh I see this as a good sign, as a lot of overvalued alts based on hype have lost their value, and only promising projects will recover.

Whilst I do agree that you should invest in the long-term, & I understand cryptos are highly volatile, it still doesn't mean you shouldn't diversify your portfolio into other industries. Whilst a lot of projects in the Crypto market are doomed to fail because they don't solve any real world issues, you choose the ones that you believe are going to be successful in the long-term. (Just take a look at the dotcom boom, but promising projects such as Amazon went from 20$ to nearly $2000 now). You're not investing in every single project out there, you're investing in the ones you believe show promise and will become successful in the long-term.

Can't believe I missed this gem of a post.

That all being said, I think some of si2136's arguments were just expressed using less formal language - ie. instead of "used it as a tool to make cash", it could've been clarified as "used it predominantly to make short term speculative gains".

And reading both your post and si2136 again, I don't think you are actually at different positions... there's just a lot of heat in the articulation.

 

[Graney]

XRP hit 50c today from 28c yesterday. ~40%+ growth in two days. This is small compared to what's about to come @Graney.

BREAKING: POSSIBLE PARTNERSHIP WITH COMPANY IN 12 MONTHS

^{goes up} 68%

XRP hit 50c today from 28c yesterday

I got in on ripple at 75c

Sorry for your loss

 

[Neil_]

-FUD-

FUD^^^

Firstly: 12 months? Rubbish timeframe. Ripple's been making massive partnerships with big banks all year long: Banco Santander, Mitsubishi Financial Group... R3 Consortium's banks... etc... Those didn't budge the price at all.

Secondly, I dollar cost average to lower my average acquisition (my average price is now = 0.35 USD). We're currently at $0.63 USD. After hitting nearly 80 cents yesterday, just a minor correction. It will find its support line eventually and rise again from that. 5 billion in volume! Almost rivalling BTC's volume, and surpassing ETH.

XRP will outshine every crypto's shitty 'store of value' purpose with actual.. drum roll... UTILITY

----

On another note. Monero is also a superior coin, due to its fungibility. No coin atm is as fungible as Monero (XMR).

 

[Graney]

Secondly, I dollar cost average to lower my average acquisition (my average price is now = 0.35 USD). We're currently at $0.63 USD.

How did you dollar cost average down to $0.35?

Since you claimed you got on at $0.75c on January 1st, the only time XRP has traded at less than $0.35 is from 9 Aug 2018 to 20 Sep 2018.

If you were dollar cost averaging since January, it's impossible for your average purchase price to be $0.35, since it's traded under that value only about 1/9 months.

You're obviously lying.

Sorry for your loss.

It would be easy for you to disprove me if you're not lying, but it's not possible to have averaged under 0.35 buying XRP since January on a dollar cost averaging plan.

Prices per coinmarketcap in USD.

 

[Graney]

I just looked at your excel image attachments.

You've got 15 purchases listed, and only 2 are less than $0.34.

I don't know how your calculated your average price was 0.35, but it can't be right, 2/15 does not make it so.

If you're using dollar cost averaging, how are half of your purchase prices $0.34 USD or less, when XRP has only traded <$0.35 USD for ~1/9 months this year?

 

[Neil_]

There were more rows on that spreadsheet my screen capture tool couldn't capture. (21 rows in total)

Since you claimed you got on at $0.75c on January 1st, the only time XRP has traded at less than $0.35 is from 9 Aug 2018 to 20 Sep 2018.

If you were dollar cost averaging since January,

I got in @ $0.75 US in December, I posted that in January I think. I was supposed to get in at 0.19 USD, but I was on a holiday on a farm with crappy cellular internet w/ my family in rural NSW and wasn't 18 so I couldn't register a trading account, but I told a lucky moderator here to get in at 0.19/0.20 and he sold at 2.40, making like a nice 1.2k AUD. (Ask pikachu975 here for proof).

 

[Neil_]

How did you dollar cost average down to $0.35?
You're obviously lying.

Sorry for your loss.

I'm not lying lol, my bank shows me how much I've poured into XRP. And according to my XRP wallet, I have 20,606 XRP which is roughly ~16,000 AUD atm after that great pump we had.

Now I know for a fact I didn't pour more than >16k AUD (or anywhere near) that into XRP, because I never had that much to begin with. (I'm a uni student lol)

Can I ask why you're so against XRP & Ripple? All your arguments are centred on the common theme of a better competitor taking the cake. Can you at least acknowledge this will be a revolutionary idea in settling international money transfers?