Crypto

Just getting my feet wet by investing in some alt-coins. Anyone else invest out there? Have any solid figures to follow? Taking it slow since I’m so novice at it, but my friends pretty well versed helping me through it.
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Comments

  • HatorianHatorian Dagobah
    edited January 1
    Yea I’ve put a few grand into it. My portfolio is 6x in about a month. 

    Ardor(ardr): bought at 0.23 now at 1.61
    cardano(ada): bought at 0.12 now at 0.73
    Ripple(xrp): bought at .21 now at 2.22

    Note: the prices have been fluctuating widely so the prices I put might be completely different in a few hours. 

    Wish I bought more Ripple though. Very high on this one. 
    GredalBee
  • Is ripple worth buying now you think?
  • gguenot said:
    Is ripple worth buying now you think?
    Well all of these coins are risky. But Ripple has a real great used case. It is designed to replace SWIFT. The international transfer system banks use. Ripple is faster, cheaper and more secure than SWIFT.

    SWIFT does trillions of dollars of transactions daily so if that goes through Ripple instead you could be talking huge price increases on Ripple. 

    Definitely read up on all all of this. I am not giving investment advice. Please make your own decisions
  • Yea for sure. I’m reading as much as I can before I invest and I know how volatile this market is 
  • Mofojones333Mofojones333 Fort Worth, Texas
    Market is extremely volatile. Don't invest what you can't afford to lose. Right now litecoin is somewhat stable. You may want to look at that. 
  • MrXMrX CO
    edited January 1
    I invested some in Ripple/XRP last week. I still think it's worth considering. Wanted to get in earlier at ~$0.90 but was travelling and hadn't gotten up to speed on how to buy it. I'm gonna hold it through 2018 and see where it lands, from what I've been reading up on it there is potential for it to move more in the next year. 

    I also put a little bit in Tron (TRX) at like $0.04 yesterday. they apparently have brought on talent from AliBaba (biggest online retailer in the world) and could have some interesting partnerships coming up.

    I've traded on Binance as they don't require SSN and ID to trade up to a certain amount like some other altcoin exchanges do. To get money in I used Coinbase to buy Bitcoin, transferred that to GDAX, and then into Binance. Apparently there GDAX step cuts down a bit on fees. Once I bought XRP I transferred it to a wallet using the Toast app on an old phone. Figured safer to keep it offline in case the exchange gets hacked or something. If my investment ever really gains value I'll probably buy one of those more secure hardware ledger wallets.

    As others have stated, only invest money you're willing to lose, as there is a ton of uncertainty and volatility in these markets. But it is fun to get in the game!
  • Yea I’ve been looking at Tronix, Ripple, and Stellar
  • A good friend of mine is a financial advisor of some note (he used to be one of the head guys at Bank of Montreal and is now working for a private firm).  His advice on crypto currency is to treat it like a lottery, not an investment - expect to lose, but you might win.  He believes that in the end, there will be just 1 currency that will dominate the space...the way Youtube is the default site for watching videos, Amazon is the default one-stop shoping site, Google is the default search engine... Netflix, iTunes, Spotify, Instagram etc. all have competitors but they've emerged as the brand that dominates their field.  He thinks that this will happen with crypto currency, there will be many but 1 will emerge as the default one.  Many people think that will be bitcoin, but in his view bitcoin is a massive bubble and if it pops it will end it...bitcoin might be the MySpace to whatever becomes the crypto Facebook.

  • Not all of these are aiming at the same markets though.
     XRP is designed to facilitate big transactions between banks, not aiming to become a currency that is used for end user transactions. Bitcoin has different aims. There is certainly a lot of redundancy with alt coins, but I don't think it'll be a winner take all situation anytime soon.

    And just like we don't have and haven't really had one global currency ever, I don't think we'll have one global crypto at least on the near-term. 
  • MrX said:
    Not all of these are aiming at the same markets though.
     XRP is designed to facilitate big transactions between banks, not aiming to become a currency that is used for end user transactions. Bitcoin has different aims. There is certainly a lot of redundancy with alt coins, but I don't think it'll be a winner take all situation anytime soon.

    And just like we don't have and haven't really had one global currency ever, I don't think we'll have one global crypto at least on the near-term. 
    I think the 'winner' will be the one that does or can do everything.  All of this is still in its infancy (remember when Amazon was just a bookstore?)...national barriers don't apply to the online world, there are real-world reasons why we don't have a global currency (although the American dollar is almost effectively that) - those reasons don't exist online and by in large those lack of barriers is that's driving the demand.
    MrX
  • MrXMrX CO
    edited January 4
    Tron starting to get some mainstream coverage:

    https://www.cnbc.com/2018/01/04/another-tiny-digital-coin-leaps-into-the-top-10-cryptocurrencies.html

    Plus they have crypto-doggies ... lol. http://tron.game.com/




  • Bought some Ethereum over the summer, made a few grand in profit. Used that money to buy 1 bitcoin at $10k, sold that at $20k. Made a little more after that, lost a little too. I am now fully invested in Ripple (XRP), which is killing it right now. 
  • Yea I got in on tron at .06, kicking myself I didn’t pull the trigger at .04
  • podcartfanpodcartfan Cincinnati

    I have been looking into crypto investment and holy shit crypto has a huge barrier to entry.  I'm having trouble finding an exchange to use.  Coinbase seems to be the most reputable, but they only have Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic.  This is the criteria I’m trying to meet.

    1. Reputable/not shady, 2. Available in the US, 3. Allows USD as a deposit, 4. Has the major coins and some alt coins.

    Does anyone have a recommendation?

    JoshuaHeter
  • Look into Binance. It has the most available currencies to exchange/purchase although not all of them. They don’t deal in usd so you would have to use a site like Coinbase to purchase ETH or LTC from USD and then send it to Biance to then exchange into another crypto. Beware of Coinbase though if you’re funding it from your bank account via ACH— it took me 5-6 business days for it to clear and my funds to become available to transfer to Binance. 

    If if you are able to get an account, check out Gemini in place of Coinbase. Supposedly Gemini isn’t taking new enrollees, but it’s worth a shot. GL!
    podcartfan
  • LukeLuke Central Illinois
    IMO it is the beanie babbies of this decade.  

    No one is buying or mining this stuff thinking of how they will use them.

    Don't fool yourself this isn't the next Amazon, YouTube, Netflix etc.  

    Why would I use cryto to buy stuff? Because unless I'm buying something illegal it actually takes more steps and is way riskier due to how the value fluctuates.  

    Hell if it ever did get to the point of rivaling any countries currency they will indeed make it illegal and way harder to trade.   Bet on it.  

    This has all the classic halmarks of a bubble.  Tons of amateurs are rushing in and buying as much crap as they can.  

    The second the people at the top of this sell it will all crumble.  

    I have yet to see a reputable story of someone who didn't get into bitcoin years ago getting any serious money out of this.  

    Yeah their wallet says they have 10k worth of coins but how many people have tried actually cashing out?


  • It’s definitly a gamble. But to answer your last question- my friend made a profit of 300K and withdrew it last week. Saw the withdrawal myself
  • gguenot said:
    Look into Binance. It has the most available currencies to exchange/purchase although not all of them. They don’t deal in usd so you would have to use a site like Coinbase to purchase ETH or LTC from USD and then send it to Biance to then exchange into another crypto. Beware of Coinbase though if you’re funding it from your bank account via ACH— it took me 5-6 business days for it to clear and my funds to become available to transfer to Binance. 

    If if you are able to get an account, check out Gemini in place of Coinbase. Supposedly Gemini isn’t taking new enrollees, but it’s worth a shot. GL!
    2nd the Binance recommendation. Go with ETH as your initial purchase on Coinbase as it has more altcoin trading pairs than Litecoin and lower fees than Bitcoin.

    I would recommend to transfer your ETH to GDAX before sending to Binance. GDAX is Coinbase's trading platform and it's free to move money back and forth with Coinbase, and then you're going to save on fees when transferring to Binance.

    Also when you want to cash out, transfer back to GDAX first; if you do a limit order to sell there are no fees and then you're can transfer your USD wallet back to Coinbase for free and cash out to your bank account.

    All sounds complicated, and it took me a bit of research to figure out, but it's pretty easy once you have a handle on it; transferring funds is as simple as copying an address (or scanning a qr code) for your account
    gguenotpodcartfan
  • LukeLuke Central Illinois
    I'm not saying no one can make money.  I'm saying that in my opinion now isn't the time to get in.  

    I would also be concerned with the IRS getting wind of hundreds of thousands of dollars of cash hitting an account of mine in the US.  

    I'm an accountant and believe me when I say you don't want to be the guy who gets to go to court for the land mark cryoto case.  Unless you made hundreds of millions of dollars.  

    Getting $300k and being on the wrong side of the tax man is just enough money to ruin your life. 

  • Luke said:
    I'm not saying no one can make money.  I'm saying that in my opinion now isn't the time to get in.  

    I would also be concerned with the IRS getting wind of hundreds of thousands of dollars of cash hitting an account of mine in the US.  

    I'm an accountant and believe me when I say you don't want to be the guy who gets to go to court for the land mark cryoto case.  Unless you made hundreds of millions of dollars.  

    Getting $300k and being on the wrong side of the tax man is just enough money to ruin your life. 

    If you don’t claim it sure, as long as you claim it, you should be fine. 
  • Its ground level to get in altcoins— not BTC but there are a lot of emerging coins tied to different technologies— the majority of which likely won’t go anywhere, but that’s why it’s a gamble. My friend intends on claiming it as income, and there’s nothing illegal about trading in cryptocurrency so I don’t see what the issue is if he pays his taxes 
  • Any altcoin folks are high on now? I sold off my TRX for a decent profit. Holding some XRP & ETH for now. Seems as these altcoin markets get more popular there is potential for ETH to go up as it's used to trade with a lot of them.
  • I’m holding TRX and XLM for a long time to see what happens. I’ve also heard good things about LINDA and POE but I don’t have any of it
  • Yea I got a bit of cold feet when TRX started dropping, sold at like 0.2 and 0.15, so not a bad return when I bought at 0.04 and 0.08. doing some basement remodeling so couldn't risk losing it!

    You think XLM is worth buying now or it's already too high to get in?


  • Yea that’s a good return. 

    Im definitly not an expert— I thought XLM was a good buy at .86 lol and now it’s in the .60s so lol
  • podcartfanpodcartfan Cincinnati
    Luke said:
    Why would I use cryto to buy stuff? Because unless I'm buying something illegal it actually takes more steps and is way riskier due to how the value fluctuates.  
    While it may not be easy to use now, I've heard some smart folks talk about how there will be a use for it in the future (could be 10-15 yrs).  It may not even be one of the current coins.  The current coins could be the AOL of crypto and pave the way for the Google of crypto.

    Five years ago I wanted to buy a used car with cash ($9,000).  I had just moved to a new state and my bank didn't have a local bank branch.  I took a day off work and went to multiple local banks to try and get my hands on my cash, but couldn't.  Everything they tried hit a road block of some sort and I couldn't get my money for days.  I had to drive 4 hours round trip to get to a Wells Fargo and withdraw my money.  It shouldn't be that difficult to get and use money that is yours.  In the future I could see crypto solving this issue with a safe, reliable, and fast way to transfer funds.

    And the potential uses for crypto aren't just transferring funds.  Not that I fully understand it all, but there are smart contracts, de-centralized internet, de-corrupting charities, and even a de-centralized online casino.  
    gguenot
  • akritenbrinkakritenbrink Lynnwood, WA (Seattle area)
    You can actually use Bitcoin to buy all kinds of stuff around Seattle. I'm trying to remember now where I saw this but I was ordering food delivery recently and saw Bitcoin as an option.
    gguenot
  • HatorianHatorian Dagobah
    edited January 14
    Man. This crypto stuff is not for the faint of heart. One of my cryptos went from 0.23 to 2.20 down to 1.30 back to 2. With 20-30% daily changes. It’s hard to convince myself not to sell when these wild swings happen. 
  • Haha it’s such a sweat! My friends way more heavily invested in this thing and he’s had 25K swings some days. Idk how he sleeps
    Hatorian
  • Yea I would never stake a lot of $$ in altcoins, market is too volatile and also being manipulated by "pump and dump" groups and whatnot.

    I do think Ether has staying power because the technology is solid and it has a good foothold in the market, and am holding some XRP for a little while more at least (I don't think it'll go up long term like Bitcoin or anything but there's potential for speculation to drive the price up more).
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