Author Topic: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion  (Read 167630 times)

ketchup

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #650 on: December 19, 2017, 08:28:47 AM »
Now the scary part: I'm torn between FOMO and FUD! I'd never invest this much in something this volatile if I wouldn't have it already (=the FUD part), but I also don't want to miss out on a possible x10 in the coming years (=the FOMO part). I realize this isn't rational, but it has kinda grown on me.
If I would never have sold any crypto, my net worth would be 8% higher now.
My way of tackling this concern is cashing out a bit along the way.  I'm already ahead (on a USD basis) after my mining experiment, what I have left in BTC/BCH is just extra gains.  With what remains I think I'll cash out 25% of present holdings if it doubles from when I last sold (at $11,600), and if it keeps going, continue doing that.  This way, I've already more than made back my investment, I get to keep riding it in case we get to $1M/BTC by 2020 like John McAfee wants, but I get extra cash out along the way in case this whole thing is a bubble that pops down to $1/BTC in a month or a year.

hgjjgkj

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #651 on: December 19, 2017, 10:07:35 PM »
Let's say you had $10,000 of short term capital gains income in 12/31/17. So you get taxed on that. But then on1/2/2018 bitcoin crashes and your 10K (which you plowed back into BTC) then goes to 0. You still owe the tax from the prior year's gain right? Does the IRS offer some way to balance this out?

FrugalSaver

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #652 on: December 19, 2017, 11:44:45 PM »
Let's say you believe John McAfee and wanted to buy a bit coin that today was trading about $16,000.


How do you recommend to buy it?

Finallyunderstand

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #653 on: December 20, 2017, 05:56:10 AM »
Let's say you had $10,000 of short term capital gains income in 12/31/17. So you get taxed on that. But then on1/2/2018 bitcoin crashes and your 10K (which you plowed back into BTC) then goes to 0. You still owe the tax from the prior year's gain right? Does the IRS offer some way to balance this out?

only in the sense that you could then write off that loss on your 2018 taxes

thenextguy

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #654 on: December 20, 2017, 09:21:38 AM »
Let's say you had $10,000 of short term capital gains income in 12/31/17. So you get taxed on that. But then on1/2/2018 bitcoin crashes and your 10K (which you plowed back into BTC) then goes to 0. You still owe the tax from the prior year's gain right? Does the IRS offer some way to balance this out?

You can apply the loss against 2018 taxable income and capital gains.

sherr

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #655 on: December 20, 2017, 09:52:46 AM »
Let's say you had $10,000 of short term capital gains income in 12/31/17. So you get taxed on that. But then on1/2/2018 bitcoin crashes and your 10K (which you plowed back into BTC) then goes to 0. You still owe the tax from the prior year's gain right? Does the IRS offer some way to balance this out?

What the other guys said, but I want to make sure there's not a more fundamental misunderstanding here. You would only have any short-term capital gains if you sold your bitcoin ("realized" the gains). Just having the value of an asset appreciate on paper means nothing tax-wise, you only get taxed on the gains when you sell it. So in your scenario you're talking about having the value of your bitcoin appreciate $10k, selling it, and then buying bitcoin again with that money, and then watching it crash, and then selling it again (to "realize" the loss).

calpolyjohn

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #656 on: December 20, 2017, 11:08:19 AM »
Let's say you believe John McAfee and wanted to buy a bit coin that today was trading about $16,000.


How do you recommend to buy it?

You could make a coinbase account, sync your bank account, and use use that to process the buy.  I believe it takes about a week to actually "get" your bitcoin into your coinbase vault, but you will get it for the price it was the day you bought.

Aggie1999

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #657 on: December 20, 2017, 11:29:21 AM »
Let's say you believe John McAfee and wanted to buy a bit coin that today was trading about $16,000.


How do you recommend to buy it?

You could make a coinbase account, sync your bank account, and use use that to process the buy.  I believe it takes about a week to actually "get" your bitcoin into your coinbase vault, but you will get it for the price it was the day you bought.

Comments:

- The week to get the bitcoin is because Coinbase for some reason takes around a week to process an ACH bank transfer. No clue why it takes them so long when bank to bank, bank to brokerage, etc is 24 hours. Note if you buy with a credit card (just a small amount) then I think you get the bitcoin right away.

- Don't use Coinbase to buy/sell any big amount (1 BTC certainly counts). Coinbase takes a ~1.5% commission when buying and when selling. Use GDAX (Coinbases actual exchange). Google their maker/taker fee structure on how to trade for free.

phil22

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #658 on: December 20, 2017, 05:24:15 PM »
Let's say you believe John McAfee and wanted to buy a bit coin that today was trading about $16,000.

How do you recommend to buy it?

You could make a coinbase account, sync your bank account, and use use that to process the buy.  I believe it takes about a week to actually "get" your bitcoin into your coinbase vault, but you will get it for the price it was the day you bought.

Comments:

- The week to get the bitcoin is because Coinbase for some reason takes around a week to process an ACH bank transfer. No clue why it takes them so long when bank to bank, bank to brokerage, etc is 24 hours. Note if you buy with a credit card (just a small amount) then I think you get the bitcoin right away.

- Don't use Coinbase to buy/sell any big amount (1 BTC certainly counts). Coinbase takes a ~1.5% commission when buying and when selling. Use GDAX (Coinbases actual exchange). Google their maker/taker fee structure on how to trade for free.

if you're ok with the price on coinbase i think it's fine to just buy/sell with coinbase and not on GDAX.  the price on GDAX swings way more then 1.5% daily so you may or may not benefit from the lack of fees depending on the exact day/hour/minute you buy/sell.

and if you want to put ~$X into bitcoin, i would seriously consider buying the same unit value of both BTC and BCH right now (0.1 or 0.5 of both), or wait a few weeks/months for the craziness to play itself out.
« Last Edit: December 20, 2017, 05:26:39 PM by phil22 »

thenextguy

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #659 on: December 20, 2017, 05:41:38 PM »
Yeah, you could easily lose 1.5% by chasing a limit order. Not discouraging anyway, but just be aware of that.

talltexan

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #660 on: December 21, 2017, 11:15:25 AM »
I read a lot of criticism of GBTC (disclosure: no position) because of the premium over NAV.

I think it's useful to think about what that premium buys you: same-day liquidity in an investment account. As long as the market continues to value that premium in a constant way, you buy it going in and sell it going out.

And if that investment account is tax-deferred, you get the ability to rebalance that money in a tax-deferred way.

thenextguy

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #661 on: December 21, 2017, 11:55:52 AM »
I read a lot of criticism of GBTC (disclosure: no position) because of the premium over NAV.

I think it's useful to think about what that premium buys you: same-day liquidity in an investment account. As long as the market continues to value that premium in a constant way, you buy it going in and sell it going out.

And if that investment account is tax-deferred, you get the ability to rebalance that money in a tax-deferred way.

There are reasons for investing GBTC. People just need to be aware of the risks.

Yes, if the premium stays the same while you get in and get out, it's not an issue. But if an ETF is announced, the premium could vanish in an instant.

maizeman

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #662 on: December 21, 2017, 12:02:47 PM »
"As long as the market continues to value that premium in a constant way, you buy it going in and sell it going out."

I think you've hit the nail on the head. My concern with the GBTC is indeed the stability of the premium. If things go great for bitcoin the premium should decline (because you'll see things like ETFs and futures launch). And if things go terrible the premium should also decline (because people will stop wanting to buy bitcoin in their retirement accounts if the price is declining). It seems a relatively safe prediction that a few years from now, things will either get better or get worse than they are today.


PDXTabs

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #664 on: December 21, 2017, 07:55:03 PM »
I went ahead and built a mining rig. Parts as follows:

 $$$ - Description
 118 - ASRock H81 PRO BTC R2.0
  53 - Intel Celeron G1840 Processor
  33 - 4GB RAM
 176 - EVGA SuperNOVA 1000 G2 power supply
  40 - 6 x PCIe riser cable
1380 - 6 x SAPPHIRE NITRO Radeon RX 470 4GB "video cards"
  40 - Home made case/frame
  20 - 15A surge suppressor
------------
$1860

...

I wanted to do a quick update. Since the beginning of August this hardware has mined 3.0 ETH which is currently worth (as of this moment) ~$2160. I think I have spent ~$250 on electricity to do so, so I've now broken even on my hardware investment. Also, it has definitely been fun.

seattlecyclone

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #665 on: December 21, 2017, 07:59:52 PM »
I went ahead and built a mining rig. Parts as follows:

 $$$ - Description
 118 - ASRock H81 PRO BTC R2.0
  53 - Intel Celeron G1840 Processor
  33 - 4GB RAM
 176 - EVGA SuperNOVA 1000 G2 power supply
  40 - 6 x PCIe riser cable
1380 - 6 x SAPPHIRE NITRO Radeon RX 470 4GB "video cards"
  40 - Home made case/frame
  20 - 15A surge suppressor
------------
$1860

...

I wanted to do a quick update. Since the beginning of August this hardware has mined 3.0 ETH which is currently worth (as of this moment) ~$2160. I think I have spent ~$250 on electricity to do so, so I've now broken even on my hardware investment. Also, it has definitely been fun.

Of course if you had just spent the $1,860 on ETH in August instead of mining hardware you would have about $7,000 worth right now.
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maizeman

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #666 on: December 21, 2017, 08:00:53 PM »
Congratulations, PDXTabs!

I checked today and a recent run up in the price of zcash combined with a decline in difficulty (I think a lot of GPU rigs jumped over to ethereum), means the earning on my own mining rig has jumped back $300/month, numbers I haven't seen since last June. (For most of the fall it was bringing in closer to $100/month).

Considering the effect of price appreciation I broke even a while ago, but I'm hopeful now I may yet manage to do so on mining profits alone.

PDXTabs

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #667 on: December 21, 2017, 08:03:03 PM »
Of course if you had just spent the $1,860 on ETH in August instead of mining hardware you would have about $7,000 worth right now.

Where's the fun in that ;) ?

EDIT - just to add a twist to this: I purchased the hardware on a 0% CC (I have the money to pay it off before they start charging me interest) that I opened to possibly sell future tradelines on.
« Last Edit: December 21, 2017, 08:05:36 PM by PDXTabs »

FrugalSaver

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #668 on: December 23, 2017, 05:57:03 PM »
After the crypto crash, is it time to buy again?

Syonyk

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #669 on: December 23, 2017, 08:48:34 PM »
After the crypto crash, is it time to buy again?

Boingy, boingy, boingy!  Bounce, bounce, bounce!

Just because a dead cat bounces a few times doesn't make it a live cat.

Realistically, I expect there is a ton of "BTFD" ("Buy The Fine Dip") going on which means that prices will bounce along, for a while.  How long?  No clue.

This is acting entirely like the fizzy, fluffy, foamy froth at the top of a bubble.  I think buying now would be quite stupid.  IMO.

... so, uh, watch as it hits $50k or something before heading down.
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FrugalSaver

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #670 on: December 25, 2017, 07:05:14 PM »
I guess that's a no

Syonyk

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #671 on: December 25, 2017, 08:55:13 PM »
I guess that's a no

That would be a firm "Oh hell no."

Bitcoin, currently, is acting a ton like "late stage bubble."  There may be some growth left in it, there may not, but investing into this stage of the bubble is comically unwise, historically.
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powskier

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #672 on: December 26, 2017, 12:01:39 AM »
Anyone buying XRP ?  Supposed to be the next big cc

No, it's ridiculously overpriced. Centralized. Ripple owns 50%+ of supply. Ripple doesn't even use XRP for their protocol.

It's a useless vehicle based purely on speculation, IMO.

I purchased Ripple as a hedge against all the other crypto currencies. Ripple is working with the banks rather than trying to replace them, they have agreements with Standard Charter, American Express, Japanese bank consortium and many more. I bought the majority of my stake at 0.17, and some  at 0.60.Currently up to $1. Ripple has performed very, very well for me and currently looks on track to take over some of Swift's market share.

Saying "something is overpriced" in the crypto world is really silly, unless you can back up that statement with hard math.

sisto

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #673 on: December 26, 2017, 05:49:03 PM »
I've been trying to buy some Ripple, but account verification is taking forever. I only plan to invest $1K and it I make that back I'll likely pull it out and keep some invested.
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shadow

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #674 on: December 26, 2017, 09:09:56 PM »
Ripple is centralized. Why will it be adopted over a decentralized crypto? What's the value proposition? What do you guys know that I don't?

I have no ripple. I would feel anxiety holding it.


powskier

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #675 on: December 27, 2017, 12:12:16 AM »
It is 500 times faster than bitcoin and a tiny fraction of the cost in fees. It is already being used by financial institutions. Pay closer attention to decentralized cryptos and you will notice a trend of centralization through mining cartels taking place.
Like I said , I purchased Ripple as a hedge against my other crypto holdings ( centralized/decentralized), it turns out to be the one looking most likely for widespread adoption because banks are already using it for it's speed and low cost.
My understanding is that Ripple uses  verified validators . As this trusted network grows it will be more  decentralized/distributed which will be the longer term future.

Do you feel anxiety holding other crypto?

I made an initial $10k crypto purchase last summer, pulled back $13k into my savings in November ( original investment plus a little profit). My current holdings are over $20k in value all without adding a single penny. Because this is "play money" I have zero anxiety. I hold Ripple, Monero, Bitcoin cash and Ethereum. One should never feel anxious about investments.

JuicyCrab

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #676 on: December 27, 2017, 12:47:08 AM »
Been reading this thread eagerly with the craziness of the crypto market this year.

Wondering what exposure people are placing in cryptos compared to other invested assets?

For me I'm only comfortable with about 5% in cryptos, which is probably too hot for some, but would love to see what others are doing.

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shadow

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #677 on: December 27, 2017, 09:56:40 AM »
It is 500 times faster than bitcoin and a tiny fraction of the cost in fees. It is already being used by financial institutions. Pay closer attention to decentralized cryptos and you will notice a trend of centralization through mining cartels taking place.
Like I said , I purchased Ripple as a hedge against my other crypto holdings ( centralized/decentralized), it turns out to be the one looking most likely for widespread adoption because banks are already using it for it's speed and low cost.
My understanding is that Ripple uses  verified validators . As this trusted network grows it will be more  decentralized/distributed which will be the longer term future.

To me, how fast it is or how they burned their fees or how they own 60% or how they are locking it up for over 4 years, or how they exhibited a use-case with Mexico, or that it rose 220 times in one year -- it's all offsetted by the fact that it's not a true decentralized cryptocurrency. This single point negates for me essentially all the benefits ripple would have. It is a permissioned network. It is not clear how verified validators in ripple get around their centralization; what is the incentive/reward to secure the network? 

If you think it has value and will continue to rise, there's not much for me to say. It may have value as a permissioned network for fast transactions and low fees for banks. But as a cryptocurrency to be used by individuals, that's a question up in the air.

Quote
Do you feel anxiety holding other crypto?

I made an initial $10k crypto purchase last summer, pulled back $13k into my savings in November ( original investment plus a little profit). My current holdings are over $20k in value all without adding a single penny. Because this is "play money" I have zero anxiety. I hold Ripple, Monero, Bitcoin cash and Ethereum. One should never feel anxious about investments.

I feel more peace of mind holding the ones that I do have. If there's a huge crash, I have more expectation they will rebound or surpass their ath. I'm less certain that ripple could recover back to its ath.
   
You may feel confident in ripple, but I consider it too much risk.



 

gp_

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #678 on: December 27, 2017, 02:28:04 PM »
Ripple is centralized. Why will it be adopted over a decentralized crypto? What's the value proposition? What do you guys know that I don't?

I have no ripple. I would feel anxiety holding it.

no, it's not (certainly not anymore than bitcoin).

ripple provides a utility asset which decreases transaction costs for banks regarding cross-border settlement. this is also accomplished within 3-7 seconds and at a cost less than $0.01. why exactly would you feel anxious about holding it? it's one of the most legitimate tokens in existence solving a real world problem. i would have more anxiety holding bitcoin.

there's a wealth of knowledge at xrpchat.com. you can learn a lot there.

powskier

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #679 on: December 27, 2017, 05:36:06 PM »
Ripple is centralized. Why will it be adopted over a decentralized crypto? What's the value proposition? What do you guys know that I don't?

I have no ripple. I would feel anxiety holding it.

no, it's not (certainly not anymore than bitcoin).

ripple provides a utility asset which decreases transaction costs for banks regarding cross-border settlement. this is also accomplished within 3-7 seconds and at a cost less than $0.01. why exactly would you feel anxious about holding it? it's one of the most legitimate tokens in existence solving a real world problem. i would have more anxiety holding bitcoin.

there's a wealth of knowledge at xrpchat.com. you can learn a lot there.

Bolded to agree 100%. It was fun riding BTC on the bubble ride up but clearly the actual utility of BTC is nothing ( except as a store of "value"), Ripple on the other hand......
« Last Edit: December 27, 2017, 07:53:57 PM by powskier »

frozen

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #680 on: December 27, 2017, 07:44:47 PM »
I've been trying to buy some Ripple, but account verification is taking forever. I only plan to invest $1K and it I make that back I'll likely pull it out and keep some invested.

What are you using to buy Ripple? I am thinking of buying $1000 as well but canít decide what to use to buy it.

forgerator

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #681 on: December 28, 2017, 11:24:30 AM »
I've been trying to buy some Ripple, but account verification is taking forever. I only plan to invest $1K and it I make that back I'll likely pull it out and keep some invested.

What are you using to buy Ripple? I am thinking of buying $1000 as well but canít decide what to use to buy it.

Here's a YouTube video explaining how to buy ripple using currency transfer between BTC and XRP.

https://youtu.be/1L5L-bjZ3fA

In summary you will need to have accounts in both Coinbase and Binance. You will withdraw your existing BTC from Coinbase and deposit the BTC into Binance.  You can do this directly which is easier but has a transfer fee or via GDAX (video shows that).

Finally once the btc is in Binance you can exchange it for XRP (Ripple coin). Hope that helps.

sisto

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #682 on: December 28, 2017, 11:39:42 AM »
I've been trying to buy some Ripple, but account verification is taking forever. I only plan to invest $1K and it I make that back I'll likely pull it out and keep some invested.

What are you using to buy Ripple? I am thinking of buying $1000 as well but canít decide what to use to buy it.
Planning to use Kraken, but still waiting on final verification.
Jack of all trades, master of none

powskier

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #683 on: December 28, 2017, 11:52:02 AM »
Kraken takes for ever and when the market is crazy will frequently crash but it is what I have used. Transfering LTC or ETH from Coinbase.
I have had more success using it very late at night for  what it is worth, even on crazy days.

Ripple is frequently either stable price wise or in the green when the broader crypto market is tanking.

shadow

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #684 on: December 28, 2017, 11:53:11 AM »
Ripple is centralized. Why will it be adopted over a decentralized crypto? What's the value proposition? What do you guys know that I don't?

I have no ripple. I would feel anxiety holding it.

no, it's not (certainly not anymore than bitcoin).

ripple provides a utility asset which decreases transaction costs for banks regarding cross-border settlement. this is also accomplished within 3-7 seconds and at a cost less than $0.01. why exactly would you feel anxious about holding it? it's one of the most legitimate tokens in existence solving a real world problem. i would have more anxiety holding bitcoin.

there's a wealth of knowledge at xrpchat.com. you can learn a lot there.

I don't hold bitcoin. However, with bitcoin, anyone can purchase asic and immediately start mining. With ripple, you have to be added as a trusted validator. In bitcoin, there is far greater distribution of the coins. In ripple, the creators own 60%. 

I could be completely wrong about its architecture and future potential, and I am fine with that. I can't catch them all.

gp_

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #685 on: December 28, 2017, 10:26:02 PM »
In bitcoin, there is far greater distribution of the coins. In ripple, the creators own 60%. 

the top 3 mining pools control 51%+ of the BTC hash... there is definitely not a greater distribution. only 1/5 of the total supply is held by the creators (not 60%). 80% of what was held by the founders were given to ripple labs with the intention to incentivize market maker activity and to increase XRP liquidity.

i trust ripple more than BTC or ETH as they're working with regulators and are far more transparent than any other project. anyone remember when the ETH dev's premined an additional 17% of the 72m at launch?

sol

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #686 on: December 28, 2017, 11:33:06 PM »
I can't catch them all.

Wait, are they like pokemon? 

trollwithamustache

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #687 on: December 29, 2017, 09:02:33 AM »
Not a lot of talk about Monero here.... any thoughts?  while there appears to be some privacy advantages, the marketing to the music industry as a way to get wider adoption is what tickled me.

I guess I am not that bullish since I am planning on firing up a couple GPUs to get back into mining with Monero, so more hobby time than a money investment. Bubble Warning: the Dear Lady Troll has seen enough crypto news to know its the new thing and thus I am allowed to run "loud" computers all day and night again.

In other news, when coinbaise gave me my bitcoin cash, I moved some to the Kraken Exchange and established my Ripple position, so I've thrown in with that crown as well.

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #688 on: December 29, 2017, 09:34:00 AM »
Yup. In the past couple of weeks I've had bitcoin come up in discussions with investors in their late 50s who I'm reasonably sure don't actually use e-mail, and with family members both one and two generations older than me. Pretty clear that the price of bitcoin specifically is currently being driven by news about how much the price has gone up in the past (the classical definition of a bubble).

With regards to monero, it offers the privacy a lot of folks seem to assume bitcoin offers but doesn't. I've heard the consumer wallets available for monero are a bit obnoxious GUI wise, but that's hearsay, not first hand knowledge and easily fixed even if true. The nerdy part of me gets really excited about the zero knowledge proofs which underly zcash/zclassic/zencash, but right now using those systems to actually make transactions is a much bigger pain and as a result, they aren't accepted much of anywhere while monero is maybe in the top five in terms of businesses that actually accept it in payment (btc, bcc, ltc, and eth are all clearly more widely accepted).

FrugalSaver

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #689 on: December 29, 2017, 12:20:53 PM »
Anyone buying XRP ?  Supposed to be the next big cc

You're welcome

shadow

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #690 on: December 29, 2017, 01:57:51 PM »
In bitcoin, there is far greater distribution of the coins. In ripple, the creators own 60%. 

the top 3 mining pools control 51%+ of the BTC hash... there is definitely not a greater distribution. only 1/5 of the total supply is held by the creators (not 60%). 80% of what was held by the founders were given to ripple labs with the intention to incentivize market maker activity and to increase XRP liquidity.

i trust ripple more than BTC or ETH as they're working with regulators and are far more transparent than any other project. anyone remember when the ETH dev's premined an additional 17% of the 72m at launch?

The claim that they hold 1/5 is disingenuous. If you want to be particular about semantics: they issued out less than 40% and control more than 60%. That they control it means it is still under their ownership. No matter how they plan to distribute it, at their whim, that's a huge percentage they retain control over.

Multiple sources indicate the percentage held/controlled by ripple founders:
https://www.cnbc.com/2017/05/26/bitcoin-rival-ripple-is-sitting-on-many-billions-of-dollars-of-xrp.html
https://www.reddit.com/r/Ripple/comments/69emtr/question_what_of_all_xrp_are_now_being_held_by/
https://coinmarketcap.com/currencies/ripple/#charts
https://steemit.com/cryptocurrency/@boxmining/dear-ripple-investors-do-you-even-know-what-ripple-is

There's nothing stopping people from joining or creating pools in btc and btc isn't premined. This is not an equivalent comparison with ripple's trust validator and premined. Ripple is not permissionless and it's concept of decentralization doesn't hold in crypto.
« Last Edit: December 29, 2017, 02:01:33 PM by shadow »

forgerator

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #691 on: December 29, 2017, 02:10:18 PM »
I've been trying to buy some Ripple, but account verification is taking forever. I only plan to invest $1K and it I make that back I'll likely pull it out and keep some invested.

What are you using to buy Ripple? I am thinking of buying $1000 as well but canít decide what to use to buy it.
Planning to use Kraken, but still waiting on final verification.

hope you were able to get in on the action today. Ripple up almost 50% to above $2 today !

seattlecyclone

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #692 on: December 29, 2017, 03:14:42 PM »
I've been trying to buy some Ripple, but account verification is taking forever. I only plan to invest $1K and it I make that back I'll likely pull it out and keep some invested.

What are you using to buy Ripple? I am thinking of buying $1000 as well but canít decide what to use to buy it.
Planning to use Kraken, but still waiting on final verification.

hope you were able to get in on the action today. Ripple up almost 50% to above $2 today !

Is there any news behind this rise? I've been holding a few XRPs since Ripple had a promotion a few years ago to give some away in exchange for doing some grid computing. XRP was worth about 2 cents at the time. I haven't been following the technology much since then. The coins I own are now worth enough that I should come up to speed again...or just sell them like a hot potato.
I made a blog! https://seattlecyclone.com/

The Roth IRA was named after William Roth, who represented Delaware in the US senate from 1971-2001. "Roth" is a name, not an acronym. There's no need to capitalize the final three letters.

forgerator

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #693 on: December 29, 2017, 04:52:54 PM »
Ripple may end up rendering the current SWIFT system of international bank transfer obsolete and that is a trillion+ dollar industry. I'm not sure what the big news was though

powskier

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #694 on: December 29, 2017, 07:02:21 PM »
Anyone buying XRP ?  Supposed to be the next big cc

No, it's ridiculously overpriced. Centralized. Ripple owns 50%+ of supply. Ripple doesn't even use XRP for their protocol.

It's a useless vehicle based purely on speculation, IMO.

It was between $0.50 and 0.78 when you called it "ridiculously overpriced". Two weeks later and it is around $2.40 at the moment and has displaced bitcoin in daily volume. Displaced Ethereum in market cap. This "useless vehicle" is used by Japanese bank consortium, American Express and Standard Charter among many others and Venture backed by Google among many others.

frozen

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #695 on: December 29, 2017, 07:11:28 PM »
Forbes recommends Bitstamp, Kraken, and Gatehub to purchase Ripple. Anyone have a preference for any of the 3?

http://fortune.com/2017/12/27/ripple-buy-how-to-cryptocurrency-bitcoin/


seattlecyclone

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #696 on: December 29, 2017, 07:14:40 PM »
Forbes recommends Bitstamp, Kraken, and Gatehub to purchase Ripple. Anyone have a preference for any of the 3?

http://fortune.com/2017/12/27/ripple-buy-how-to-cryptocurrency-bitcoin/



Recommendations on the best way to convert XRP to USD would also be appreciated. I got my XRPs for free and have never sold any.
I made a blog! https://seattlecyclone.com/

The Roth IRA was named after William Roth, who represented Delaware in the US senate from 1971-2001. "Roth" is a name, not an acronym. There's no need to capitalize the final three letters.

forgerator

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #697 on: December 29, 2017, 07:19:21 PM »
Forbes recommends Bitstamp, Kraken, and Gatehub to purchase Ripple. Anyone have a preference for any of the 3?


http://fortune.com/2017/12/27/ripple-buy-how-to-cryptocurrency-bitcoin/

Tried all 3 and couldn't get beyond verification.
Went with Binance and was glad I got in before the big jump today. Go with Binance

powskier

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #698 on: December 30, 2017, 12:31:23 AM »
Binance is quicker apparently.
Kraken takes many days and is a PITA to set up but is US based, Binance is in Hong Kong. Fees at Kraken are smallish.

If you just want to sell your XRP open an account at Kraken, sell your XRP into BTC, then BTC to LTC ( quicker and less fees to send to other exchange then send to Coinbase ( open Coinbase account first) trade your Litecoin for USD direct deposit into your bank account.
 
Why not trade directly xrp to USD in Kraken instead of this convoluted and fee heavy method you ask? Even though I am tier 3 verified the bank deposit or withdrawl has NEVER worked, but Coinbase has worked every time, hence the run around.....yeah the exchanges need some serious oversight IMO, it 's the wild west out there, makes pink sheets look stable.

You could just open an account at Coinbase and wait and believe the rumor that XRP will be listed there soon. In which case you should wait for that spike. Heads up that opening any of these accounts takes numerous days and several hoops to jump through.
« Last Edit: December 30, 2017, 12:42:28 AM by powskier »

seattlecyclone

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Re: OFFICIAL: Blockchain / Crypto-Currency Portfolios and Discussion
« Reply #699 on: December 30, 2017, 07:21:27 AM »
Binance is quicker apparently.
Kraken takes many days and is a PITA to set up but is US based, Binance is in Hong Kong. Fees at Kraken are smallish.

If you just want to sell your XRP open an account at Kraken, sell your XRP into BTC, then BTC to LTC ( quicker and less fees to send to other exchange then send to Coinbase ( open Coinbase account first) trade your Litecoin for USD direct deposit into your bank account.
 
Why not trade directly xrp to USD in Kraken instead of this convoluted and fee heavy method you ask? Even though I am tier 3 verified the bank deposit or withdrawl has NEVER worked, but Coinbase has worked every time, hence the run around.....yeah the exchanges need some serious oversight IMO, it 's the wild west out there, makes pink sheets look stable.

You could just open an account at Coinbase and wait and believe the rumor that XRP will be listed there soon. In which case you should wait for that spike. Heads up that opening any of these accounts takes numerous days and several hoops to jump through.

For a "currency" that claims to aspire to act as a bridge between every other currency, this seems unnecessarily convoluted. Is there really no way to convert XRP directly to USD with an organization that will actually pay out USD (you know, the most important part of a currency conversion)?
I made a blog! https://seattlecyclone.com/

The Roth IRA was named after William Roth, who represented Delaware in the US senate from 1971-2001. "Roth" is a name, not an acronym. There's no need to capitalize the final three letters.