Pass Me The Ripple

[Tugg Speedman]

Their fees are high. They need to get more competitive and I say that as a Coinbase user.

Switch to GDAX.  Your coinbase credentials will work on GDAX.  If you enter a limit order (market-maker) they have no fees.  If you enter a market order (market-taker) then the cost is 0,25% to trade.

[Hards Alumni]

https://twitter.com/binance_2017/status/950285496172789760

Market back open to new accounts

https://www.binance.com/?ref=11937510

[🏀]

Raiblocks, thoughts? Thinking about jumping in after lots of reading.

[Hards Alumni]

Raiblocks, thoughts? Thinking about jumping in after lots of reading.

I'd do it if it was on a decent exchange.  Should be on binance soon.  And it'll shoot up once it arrives in binance.

[Benny B]

Not sure if this should go in the Bitcoin thread or here, but I think it applies to both (i.e. all cryptos).

Probably among the most famous of Warren Buffett's one-liners is "Be fearful when others are greedy and greedy when others are fearful."  Admittedly, I don't know that Buffett actually said this or used these words, but generally, anyone who's been around market-making and investments for a material period of time will see some truth in the adage.

With that said, the vast majority of the hype around cryptos is FOMO, crystallized 99.9% purity FOMO.  People are so concerned about missing out on something that they are completely abandoning basic diligence & research, not to mention sound investing philosophies.  I have no problem with people allocating a certain portion of their liquid investments (<5-10%) into cryptos on a short-term basis - in my opinion, it's analogous to buying cheap out-of-money options (i.e. there's a place for it, but it's not a stand-alone strategy) - but anyone who's investing more money in cryptos than they would be willing to burn or thinking about staying in cryptos for the long run are fooling themselves.

Here's the rub.... a lot of people are justifying the leap by the prospect of getting in on the ground floor not realizing that there are a bunch of sublevels below them where the miners have been working for decades.  That's not to say you can't make money on cryptos in the short-term... if you bought a couple months ago and sold today, you're sitting pretty.  But if you're buying today, or even if you bought a year ago, and your strategy is to hold, that's another story.  (Aside: since you can't short cryptos, I'm currently seeking 'crypto investor default swaps' if anyone knows someone who's selling.)

China has essentially banned cryptos, but they are just now starting to crack down... the backpressure to enforcement has been in that local gov'ts have been partnering with the miners to monetize excess electrical capacity, but -- right or wrong -- the idea that cryptos are a major threat to the Yuan is sweeping through Beijing right now, and it doesn't take a Rick and Morty fan to understand what happens when the value of a sovereign currency goes from 1 to 0.

When China does whatever it is they're going to do, 75% of the world's crypto demand is going to dry up within a matter of days.  And if your best counter to that is along the lines of "how can the gov't crack down when it's totally anonymous," I present case in point to the bolded portion above.  So if you believe lack of rationalization is an element of greed, then my advice to you is be fearful of those who are fearful of missing out.

And if China doesn't do anything, rest assured that the Paris Climate Accord - or some new iteration of it - will.  Bitcoin alone is currently consuming more electricity than the countries of Ireland or Denmark (i.e. either country, not in the aggregate), and with the vast majority of that processing coming from areas with coal-fired electric plants (*cough* China), well, it doesn't take long to do the math on what basically boils down to unnecessary carbon emissions, which makes it a likely future target of Al Gore & Friends, GmbH.

If you're going to invest in cryptos, please bracket your buy with a time/price to sell and/or put a stop-loss order on it.

[Hards Alumni]

Not sure if this should go in the Bitcoin thread or here, but I think it applies to both (i.e. all cryptos).

Probably among the most famous of Warren Buffett's one-liners is "Be fearful when others are greedy and greedy when others are fearful."  Admittedly, I don't know that Buffett actually said this or used these words, but generally, anyone who's been around market-making and investments for a material period of time will see some truth in the adage.

With that said, the vast majority of the hype around cryptos is FOMO, crystallized 99.9% purity FOMO.  People are so concerned about missing out on something that they are completely abandoning basic diligence & research, not to mention sound investing philosophies.  I have no problem with people allocating a certain portion of their liquid investments (<5-10%) into cryptos on a short-term basis - in my opinion, it's analogous to buying cheap out-of-money options (i.e. there's a place for it, but it's not a stand-alone strategy) - but anyone who's investing more money in cryptos than they would be willing to burn or thinking about staying in cryptos for the long run are fooling themselves.

Here's the rub.... a lot of people are justifying the leap by the prospect of getting in on the ground floor not realizing that there are a bunch of sublevels below them where the miners have been working for decades.  That's not to say you can't make money on cryptos in the short-term... if you bought a couple months ago and sold today, you're sitting pretty.  But if you're buying today, or even if you bought a year ago, and your strategy is to hold, that's another story.  (Aside: since you can't short cryptos, I'm currently seeking 'crypto investor default swaps' if anyone knows someone who's selling.)

China has essentially banned cryptos, but they are just now starting to crack down... the backpressure to enforcement has been in that local gov'ts have been partnering with the miners to monetize excess electrical capacity, but -- right or wrong -- the idea that cryptos are a major threat to the Yuan is sweeping through Beijing right now, and it doesn't take a Rick and Morty fan to understand what happens when the value of a sovereign currency goes from 1 to 0.

When China does whatever it is they're going to do, 75% of the world's crypto demand is going to dry up within a matter of days.  And if your best counter to that is along the lines of "how can the gov't crack down when it's totally anonymous," I present case in point to the bolded portion above.  So if you believe lack of rationalization is an element of greed, then my advice to you is be fearful of those who are fearful of missing out.

And if China doesn't do anything, rest assured that the Paris Climate Accord - or some new iteration of it - will.  Bitcoin alone is currently consuming more electricity than the countries of Ireland or Denmark (i.e. either country, not in the aggregate), and with the vast majority of that processing coming from areas with coal-fired electric plants (*cough* China), well, it doesn't take long to do the math on what basically boils down to unnecessary carbon emissions, which makes it a likely future target of Al Gore & Friends, GmbH.

If you're going to invest in cryptos, please bracket your buy with a time/price to sell and/or put a stop-loss order on it.

This is simply not true.

[Benny B]

This is simply not true.

Listen, there's no shortage of BTC and crypto propaganda out there, but facts are facts.  China is planning an "orderly exit" from BTC, and according to documents from their Finance Ministry leaked online, that exit is imminent.

https://twitter.com/cryptovenus/status/949405526315716608/photo/1

Notice from China special rectification on risks in Internet Finance department to local government to make a plan before Jan 10th - ? lead mining factories quit gradually? #btc #bitcoin #BitcoinMining with Central Bank official Chop. Prepare for the roller coaster!!!!

https://techcrunch.com/2018/01/08/china-is-reportedly-moving-to-clampdown-on-bitcoin-miners/

The situation is complicated by the fact that many miners, and particularly those in China, make use of cheap power, or flock to locations where there?s excess capacity. In some cases, mining businesses partner with local governments to ensure a steady supply of electricity at discounted rates, with a portion of the profits returned to the local authorities. That?s offered a welcome economic boost in regions where more traditional industries are struggling.

https://www.bloomberg.com/news/articles/2018-01-09/how-china-s-stifling-bitcoin-and-cryptocurrencies-quicktake-q-a

There?s been no explicit explanation, but cleansing risk from financial markets has been the government?s mantra for more than two years now. Last year saw regulators clamp down on everything from excessive borrowing to equity speculation and in October, at the Communist Party Congress, leaders again pledged to make controlling risk a top priority. Among the main concerns is the booming shadow banking sector, a potential source of unregulated loans to speculators in whatever the latest craze happens to be. Mark McFarland, chief economist at Union Bancaire Privee SA HK in Hong Kong, said the clampdown moves ?suggest a longer term process of tightening scrutiny of activities that aren?t in the normal sort of monetary realm.?

https://www.rt.com/business/415338-china-clampdown-bitcoin-miners-exodus/

China?s regulatory clampdown on cryptocurrencies is sparking a mass exodus of bitcoin miners from the country, which has the potential to radically alter both global bitcoin and energy markets.
According to a document leaked online, China?s internet-finance regulator has recommended that local governments squeeze bitcoin miners out of the country through electricity pricing, taxation, property law and environmental regulations.

https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world

The documents suggest the decision to ban mining was taken in November. It?s an unsurprising move given that Pan Gongsheng, deputy governor of the People?s Bank of China, recently predicted the death of bitcoin.

EDIT: Sorry... forgot the most important part of this:

https://www.youtube.com/v/vptO6fsFWdU

[Hards Alumni]

[🏀]

I'd do it if it was on a decent exchange.  Should be on binance soon.  And it'll shoot up once it arrives in binance.

I wanted to get in before binance picked it up. It is also being rebranded as Nova, apparently. Let's see how this goes.

[Hards Alumni]

I wanted to get in before binance picked it up. It is also being rebranded as Nova, apparently. Let's see how this goes.

That is where the smart bet is.  I just can't see myself going to a shady exchange. 

[🏀]

That is where the smart bet is.  I just can't see myself going to a shady exchange. 

I went BitFlip, reddit had good things to say about it...

[g0lden3agle]

JB what'd you end up buying XRP at?  Seems to have a pretty serious correction since you got involved. 

[Tugg Speedman]

JB what'd you end up buying XRP at?  Seems to have a pretty serious correction since you got involved. 

Coinbase/GDAX denied rumors they are going to list Ripple.  That hurt.

These markets are going ballistic because they are speculative mania.*** 99+% of the planet is NOT involved and wants in.  A few weeks ago everyone was salivating at the potential of tens of millions of new accounts and all the big exchanges like coinbase/GDAX listing all the promising smaller cryptos like Ripple, Stellar and Raiblock.

The reality is these exchanges are struggling with the geometric increase in traffic and are just trying to make it through the day with crashing.  So they are slowing down both the acceptance of new accounts and listing new cryptos.

It will happen, just looking like it will take more time.

I traded out of Ether today and bought Raiblock and Ripple.

*** speculative manias are the best markets to play in.  You can make a sh!t ton of money in a very short time.  The problem, and it is a big one, is you can lose a sh!t ton of money in a blink of an eye.  Understand this is a take no prisoners way to play.

[Jay Bee]

JB what'd you end up buying XRP at?  Seems to have a pretty serious correction since you got involved. 

I have not ever been in XRP. Still very interested; need time to understand wallets, exchanges, etc.

[g0lden3agle]

I have not ever been in XRP. Still very interested; need time to understand wallets, exchanges, etc.

Well lucky you!  You missed out on quite the drop that started pretty much right when you started this thread.

I've recently created Coinbase and Binance accounts.  So far everything has been very easy and straightforward to set up.

[MU82]

Stocks

South Korea is planning to ban cryptocurrency trading via exchanges, according to Justice Minister Park Sang-ki, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil. It's a major development as the country is one of the biggest markets in the crypto space. The news also follows yesterday's warning from Warren Buffett that speculation in bitcoin, and other cryptocurrencies, "will have a bad ending."

[Tugg Speedman]

Well lucky you!  You missed out on quite the drop that started pretty much right when you started this thread.

I've recently created Coinbase and Binance accounts.  So far everything has been very easy and straightforward to set up.

It's reversing on this

Ripple's XRP is exploding after announcing a partnership with MoneyGram to speed up transfers
http://markets.businessinsider.com/news/stocks/ripple-price-surges-after-company-partners-with-moneygram-and-the-stock-is-soaring-2018-1-1012922729?tk

Shares of Moneygram, the second-largest money transfer company in the world, spiked 13% Thursday after the company said it had signed a partnership with Ripple to test using the company?s XRP cryptocurrency to improve transfer settlement times and costs. XRP is climbing as well, up 2.42%.

Last week, Western Union spiked on an unverified rumor that it planned to also use XRP. Ripple said in a tweet that it has signed three of the world?s five largest money transfer companies, but did not elaborate on which.

[Jay Bee]

I am now on Binance. Let's go!!!!!!!

[Hards Alumni]

Stocks

South Korea is planning to ban cryptocurrency trading via exchanges, according to Justice Minister Park Sang-ki, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil. It's a major development as the country is one of the biggest markets in the crypto space. The news also follows yesterday's warning from Warren Buffett that speculation in bitcoin, and other cryptocurrencies, "will have a bad ending."

Terrible reporting again.  SK is not banning crypto.

[MU82]

Terrible reporting again.  SK is not banning crypto.

Thanks for setting the record straight. I was just passing along something I read; don't shoot the messenger. I don't invest in this stuff. I don't have the stomach for it.

[Hards Alumni]

Thanks for setting the record straight. I was just passing along something I read; don't shoot the messenger. I don't invest in this stuff. I don't have the stomach for it.

Absolutely don't blame you.  My wife does the same thing to me.  The speed at which news comes out, and the correction the next few hours or a day later really has a huge effect on the crypto market.

Almost like there is intentional FUD out there (FUD = Fear, Uncertainty, Doubt) from people... but realistically, I think the actual lack of knowledge and desire to get clicks leads to news agencies to create misleading headlines.

[Jay Bee]

Now that I?m on Binance (nh), would it be crazy to just send over a few g?s, and buy Ripple and let it sit there while I figure out what to do re: a wallet or other protection?

[WarriorDad]

Binance stopped accepting new accounts yesterday.  Bitfinex about 4 days ago.

They are overwhelmed.

This is supposedly bullish.  Less than 1% of the population has crypto accounts, a lot more want in, so many that the exchanges cannot keep up.  (Interestingly the place that lags is the US.  It is the developed country with the highest amount of skepticism.)

Without a 1099, the IRS does not know your holdings or gains.  So it is up to you to self report.

In this regard, it is like paying your internet sales tax.  You told to make up some number that cannot be audited.

That makes me nervous.  Washington Post article about this topic yesterday.  I plan on playing it straight.  My assumption is when we move bitcoins from Coinbase to Binance, is that considered a sale?  Must be, right?  There is a fee involved, but a bit confusing because I'm not actually selling the crypto per se, but the fee is coming from the crypto currency.

https://www.washingtonpost.com/news/the-switch/wp/2018/01/11/its-going-to-be-a-nightmare-some-bitcoin-investors-are-in-for-a-rocky-tax-season/?utm_term=.689942265607

[Hards Alumni]

Now that I?m on Binance (nh), would it be crazy to just send over a few g?s, and buy Ripple and let it sit there while I figure out what to do re: a wallet or other protection?

First off, tell me whatbyou want ripple.  If you can do this easily, then yes.

It's pretty safe on binance... but I'd get a ledger sooner rather than later.  And since your talking a few g's, sooner.

[Tugg Speedman]

That makes me nervous.  Washington Post article about this topic yesterday.  I plan on playing it straight.  My assumption is when we move bitcoins from Coinbase to Binance, is that considered a sale?  Must be, right?  There is a fee involved, but a bit confusing because I'm not actually selling the crypto per se, but the fee is coming from the crypto currency.

https://www.washingtonpost.com/news/the-switch/wp/2018/01/11/its-going-to-be-a-nightmare-some-bitcoin-investors-are-in-for-a-rocky-tax-season/?utm_term=.689942265607

I transfer Ether between coinbase (Gdax) and Binance.  No fee involved in the transfer.  The average time is about 20 minutes.  A fee to trade, about the same as Gax (which is much lower than coinbase).

Did two this week, including one yesterday.