Discussion Cryptocurrencies!
- Thread starter IDIG
- Start date
Hey IDIG
I’m dabbling but didn’t have a lot of spare cash so on a small scale. Without much trouble I have played ripple since it was 80c and have a 250% return over 2 weeks which is astounding.
Right now I’m holding some ripple for the longer term and have minor plays in Raiblocks, TRON, AION and KIN.
I’m dabbling but didn’t have a lot of spare cash so on a small scale. Without much trouble I have played ripple since it was 80c and have a 250% return over 2 weeks which is astounding.
Right now I’m holding some ripple for the longer term and have minor plays in Raiblocks, TRON, AION and KIN.
Great stuff mate. Not familiar with any of those ones except for TRON which I know has had a ripping little period just now.
I’m just holding ripple atm, purchased at a much higher price than what I sold it at (which is sick) and have seen it go to 4.30 odd down to now 3.60 odd. Hope it doesn’t drop any further!
How did you get into cryptos? Which sites are you using? I’m just on BTC markets at the moment and have had a look at cryptopia, which looks to be a trading only site.
I’m just holding ripple atm, purchased at a much higher price than what I sold it at (which is sick) and have seen it go to 4.30 odd down to now 3.60 odd. Hope it doesn’t drop any further!
How did you get into cryptos? Which sites are you using? I’m just on BTC markets at the moment and have had a look at cryptopia, which looks to be a trading only site.
This is a serious post, and not meant as being derogatory at all.
I have little or no financial nous, I admit.
Can someone tell me the difference between cryptocurrencies, and the sportscard fad of the 80's, apart from the scale it is being played on?
Safe investments are meant to be done in something that actually produces something. I'm not talking about producing profits from the investment, but the "company" itself produces something. Invest in BHP, they produce steel, diamonds etc. Invest in a bank, and they produce a money lending service, and financial services.
Invest in a cryptocurrency, and they produce ........ ?
Like investing in sportscards in the 80's, the wealth is artificially generated by a supposed demand, and the demand is produced by a frenzy of people seeing others "doing well", and wanting to get in on it. But it is just a big balloon, and the more air pumped into, the more likely it will burst, and the more likely we will see other people making bigger and better balloons (supposedly). The number of cryptocurrencies now numbers in the 100's, and is heading towards the 1000's (I could be wrong, I haven't checked). But just like all those pyramid schemes and chain letters that aslo created nothing, but still some people got rich from them, these cryptocurrencies seem to be at the mercy of the founders, who really actually have control over if the price will crash or not.
The founders hold the biggest stakes, and can decide to start selling at high points, to cash in which is their right, but how are mom & pop investors protected against this? The bottom line is, they are not. You can point to "the rules" and say they prevented from doing it in their constitution/by laws whatever, but only a fool would not acknowledge there are no ways around this.
So in 1981 Upper Deck produced a Magic Johnson Rookie card (this is just conjecture), it sells for $1 on release, and is limited to a print of 10,000 cards.
Upper Deck release 8,000 cards into general circulation.
The boom on sportscards hit's in the late 80's and early 90's and people are selling their Magic Johnson Rookie cards for $200-$300.
Others see the profit being made, and want to ride the wave.
They buy the card, ride the frenzy, and sell it a few weeks later for $500.
The frenzy continues, and months later the card is selling for as much $800-$1,000.
That card now sells for $20-$25.
So what went wong?
Other sportscard producers quickly entered the market, wanting to cash in on the "boom". This watered down the market, as there is a finite pool of collecters/investers, and a finite number of cards that can generate that much interest.
At that same time, Upper Deck see others trying to cash in on their little dominance, and decide they need to maximise their return. They are sitting on 2,000 pristine Magic Johnson Rookie cards, that currently have a street value of $1.5-$2 million. They start selling them through "back door sources", because they don't want to spook the market. This still causes the price to drop a bit, as the supply starts to catch up to the demand. They end up selling 1,500 of their 2,000 card stock, and achieve an average price of $500. They have effectively created a price drop of 50%, that will now cause the street investors to panic, and sell before they lose their investment. This drives the price down further, until it eventually falls to $80-$100. Today, 25 years later, that price is $25 (this part is true, and researched).
The sportscards companies actually did produce something. The card itself.
Cryptocurrencies produce nothing. It all appears to be air, and there are more and more balloons being made, and popping up, and there is still a finite number of money and investers to go around.
You can't go to Bitcoin, and borrow money to buy a house.
So what are they producing, except a concept that there is currently a demand for, that like the sportscards, is being copied and replicated, and really at the mercy of the biggest stake holders, it's creators.
As I first said, this is a genuine question.
Apart from scaling on a whole different level, what is the difference between cryptocurrencies, and sportscards?
I have little or no financial nous, I admit.
Can someone tell me the difference between cryptocurrencies, and the sportscard fad of the 80's, apart from the scale it is being played on?
Safe investments are meant to be done in something that actually produces something. I'm not talking about producing profits from the investment, but the "company" itself produces something. Invest in BHP, they produce steel, diamonds etc. Invest in a bank, and they produce a money lending service, and financial services.
Invest in a cryptocurrency, and they produce ........ ?
Like investing in sportscards in the 80's, the wealth is artificially generated by a supposed demand, and the demand is produced by a frenzy of people seeing others "doing well", and wanting to get in on it. But it is just a big balloon, and the more air pumped into, the more likely it will burst, and the more likely we will see other people making bigger and better balloons (supposedly). The number of cryptocurrencies now numbers in the 100's, and is heading towards the 1000's (I could be wrong, I haven't checked). But just like all those pyramid schemes and chain letters that aslo created nothing, but still some people got rich from them, these cryptocurrencies seem to be at the mercy of the founders, who really actually have control over if the price will crash or not.
The founders hold the biggest stakes, and can decide to start selling at high points, to cash in which is their right, but how are mom & pop investors protected against this? The bottom line is, they are not. You can point to "the rules" and say they prevented from doing it in their constitution/by laws whatever, but only a fool would not acknowledge there are no ways around this.
So in 1981 Upper Deck produced a Magic Johnson Rookie card (this is just conjecture), it sells for $1 on release, and is limited to a print of 10,000 cards.
Upper Deck release 8,000 cards into general circulation.
The boom on sportscards hit's in the late 80's and early 90's and people are selling their Magic Johnson Rookie cards for $200-$300.
Others see the profit being made, and want to ride the wave.
They buy the card, ride the frenzy, and sell it a few weeks later for $500.
The frenzy continues, and months later the card is selling for as much $800-$1,000.
That card now sells for $20-$25.
So what went wong?
Other sportscard producers quickly entered the market, wanting to cash in on the "boom". This watered down the market, as there is a finite pool of collecters/investers, and a finite number of cards that can generate that much interest.
At that same time, Upper Deck see others trying to cash in on their little dominance, and decide they need to maximise their return. They are sitting on 2,000 pristine Magic Johnson Rookie cards, that currently have a street value of $1.5-$2 million. They start selling them through "back door sources", because they don't want to spook the market. This still causes the price to drop a bit, as the supply starts to catch up to the demand. They end up selling 1,500 of their 2,000 card stock, and achieve an average price of $500. They have effectively created a price drop of 50%, that will now cause the street investors to panic, and sell before they lose their investment. This drives the price down further, until it eventually falls to $80-$100. Today, 25 years later, that price is $25 (this part is true, and researched).
The sportscards companies actually did produce something. The card itself.
Cryptocurrencies produce nothing. It all appears to be air, and there are more and more balloons being made, and popping up, and there is still a finite number of money and investers to go around.
You can't go to Bitcoin, and borrow money to buy a house.
So what are they producing, except a concept that there is currently a demand for, that like the sportscards, is being copied and replicated, and really at the mercy of the biggest stake holders, it's creators.
As I first said, this is a genuine question.
Apart from scaling on a whole different level, what is the difference between cryptocurrencies, and sportscards?
To understand cryptocurrencies and their potential value, you should understand blockchain technology. WEF predicts 10% of global GDP would be stored on blockchain by 2025.
If you believe that blockchain is a valid technology, by default a currency within that is required. That can be bitcoin, it may be something else.
For what it’s worth, I’ve long preferred to focus on technologies (e.g. Ripple, ETH, etc.) than the coins. Ripple, for example, can replace SWIFT payments.
That said, I don’t doubt that there are bubble like / pyramid scheme aspects to many of he investments.
If you believe that blockchain is a valid technology, by default a currency within that is required. That can be bitcoin, it may be something else.
For what it’s worth, I’ve long preferred to focus on technologies (e.g. Ripple, ETH, etc.) than the coins. Ripple, for example, can replace SWIFT payments.
That said, I don’t doubt that there are bubble like / pyramid scheme aspects to many of he investments.
Just catching up with the "Cryptocalypse" now.
I hope none of our members were too adversely affected.
Interesting line in the Herald-Sun
"FEJL is as powerful motivator as FOMO".
They were talking about why a lot of funds won't go near the crytptos.
FEJL = Fear of Embarrassment and Job Loss
FOMO = Fear Of Missing Out
What I found funny about it is, I had never heard of FEJL before, but it is also actually the Danish word for mistake!
I hope none of our members were too adversely affected.
Interesting line in the Herald-Sun
"FEJL is as powerful motivator as FOMO".
They were talking about why a lot of funds won't go near the crytptos.
FEJL = Fear of Embarrassment and Job Loss
FOMO = Fear Of Missing Out
What I found funny about it is, I had never heard of FEJL before, but it is also actually the Danish word for mistake!
Yep! It’s been crazy watching it all unfold before my eyes.
Ripple, one of the more popular ones amongst my circle has gone from 30c to $4-$5, back down to $1.30 and it’s anyone’s guess where it ends up. I’m tippin back to less than $1 but I’m no expert.
I managed to jump off ripple before it crashed but also before it peaked so playing with the house’s money but I know of ppl who are quite heavily invested and have taken some big hits!
For me it was always a bit of fun but for others they saw it as an opportunity to make some easy quick cash...which we all know is easier said than done.
Ripple, one of the more popular ones amongst my circle has gone from 30c to $4-$5, back down to $1.30 and it’s anyone’s guess where it ends up. I’m tippin back to less than $1 but I’m no expert.
I managed to jump off ripple before it crashed but also before it peaked so playing with the house’s money but I know of ppl who are quite heavily invested and have taken some big hits!
For me it was always a bit of fun but for others they saw it as an opportunity to make some easy quick cash...which we all know is easier said than done.
I just read a Facebook post from a random group I'm in from this guy that looks about 70yo who posted about his sleepless night or two as he has the majority of his wealth tied up in them and he has already lost more than 50% of his wealth. I then clicked onto his profile only to read that his former occupation was "Financial Planner"!!!!
I'm not surprised. It is widely regarded as the future and many feel it's a matter of getting in early. Unfortunately alot of the cryptos aren't governed and are prone to insider trading and manipulation, which explains the massive swings.
In my crypto circle, i have some very smart people with their toes wet. Both finance and non finance people and have managed to make some very decent money (on paper). Unfortunately with the almost crash, that money on paper is not what is was a week ago!
In my crypto circle, i have some very smart people with their toes wet. Both finance and non finance people and have managed to make some very decent money (on paper). Unfortunately with the almost crash, that money on paper is not what is was a week ago!
None at all. The only small complaint i'd have is that getting signed up is a lengthy process as they post out a letter via snail mail with a code for verification. By then, ripple had almost tripled lol I understand they want to be safe but gee that's just painful.
Also that you can't deposit funds immediately and it's a 24 hour process.
Also that you can't deposit funds immediately and it's a 24 hour process.
Just poked my head in here after a long time e between visits.
If anyone is interested I am posting on steemit about my recent foray into crypto. Trying to log my trials and tribulations ans whilst doing so analyse the emotions of trading. It really can mess with your head chasing the highs and lows.
I started in Dec like many other with a small dabble. Got on BTCmarkets and threw 1.2k in Ripple at 81c. Then day traded through December adding $800 of really money also to put me 2k in total. By the Janiary crash I had traded out of Ripple pulling $3.3k out of the market back to the real world and holding $3k of various currencies. A tidy result but still no Lambo
Today that portfolio is at $1.8k and recovering slowly. I hold the following Nano/raiblocks. EOS, ACT, ICX and a few others. I am trying to only hold Tech I believe in but made plenty on shill coins like KIN and TRON (I am still not sure of the legitimacy) I love the tech of NANO but feel they are having a PR disaster!
Anyway I'm no amazing writer and still have a lot of experiences to write up but if you interested find my posts here
https://steemit.com/@coolisland/
Let me know if you drop by
If anyone is interested I am posting on steemit about my recent foray into crypto. Trying to log my trials and tribulations ans whilst doing so analyse the emotions of trading. It really can mess with your head chasing the highs and lows.
I started in Dec like many other with a small dabble. Got on BTCmarkets and threw 1.2k in Ripple at 81c. Then day traded through December adding $800 of really money also to put me 2k in total. By the Janiary crash I had traded out of Ripple pulling $3.3k out of the market back to the real world and holding $3k of various currencies. A tidy result but still no Lambo
Today that portfolio is at $1.8k and recovering slowly. I hold the following Nano/raiblocks. EOS, ACT, ICX and a few others. I am trying to only hold Tech I believe in but made plenty on shill coins like KIN and TRON (I am still not sure of the legitimacy) I love the tech of NANO but feel they are having a PR disaster!
Anyway I'm no amazing writer and still have a lot of experiences to write up but if you interested find my posts here
https://steemit.com/@coolisland/
Let me know if you drop by
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Just poked my head in here after a long time e between visits.
If anyone is interested I am posting on steemit about my recent foray into crypto. Trying to log my trials and tribulations ans whilst doing so analyse the emotions of trading. It really can mess with your head chasing the highs and lows.
I started in Dec like many other with a small dabble. Got on BTCmarkets and threw 1.2k in Ripple at 81c. Then day traded through December adding $800 of really money also to put me 2k in total. By the Janiary crash I had traded out of Ripple pulling $3.3k out of the market back to the real world and holding $3k of various currencies. A tidy result but still no Lambo
Today that portfolio is at $1.8k and recovering slowly. I hold the following Nano/raiblocks. EOS, ACT, ICX and a few others. I am trying to only hold Tech I believe in but made plenty on shill coins like KIN and TRON (I am still not sure of the legitimacy) I love the tech of NANO but feel they are having a PR disaster!
Anyway I'm no amazing writer and still have a lot of experiences to write up but if you interested find my posts here
https://steemit.com/@coolisland/
Let me know if you drop by
If anyone is interested I am posting on steemit about my recent foray into crypto. Trying to log my trials and tribulations ans whilst doing so analyse the emotions of trading. It really can mess with your head chasing the highs and lows.
I started in Dec like many other with a small dabble. Got on BTCmarkets and threw 1.2k in Ripple at 81c. Then day traded through December adding $800 of really money also to put me 2k in total. By the Janiary crash I had traded out of Ripple pulling $3.3k out of the market back to the real world and holding $3k of various currencies. A tidy result but still no Lambo
Today that portfolio is at $1.8k and recovering slowly. I hold the following Nano/raiblocks. EOS, ACT, ICX and a few others. I am trying to only hold Tech I believe in but made plenty on shill coins like KIN and TRON (I am still not sure of the legitimacy) I love the tech of NANO but feel they are having a PR disaster!
Anyway I'm no amazing writer and still have a lot of experiences to write up but if you interested find my posts here
https://steemit.com/@coolisland/
Let me know if you drop by