I have invested $10K on ripple. Purchased all at around 0.89 now its roughly sitting at 3K.
Is there other people around that is going through the same pain.
Any suggestions or chances it will come back soon.
Cheers
My Investment in Ripple Crypto
Mentallysick on 04/01/2021 - 10:30
Last edited 04/01/2021 - 10:55 by 1 other user
Last edited 04/01/2021 - 10:55 by 1 other user
Comments
Crypto is a fraud, they are just electronic tokens that don't represent anything, you have to sell to a greater fool than you. Crypto is full of people holding the bag for someone else.
There is only one Gold, there is only one Silver, they are sturdy low risk investments which have stood the test of time in times of trouble.
Ok, Peter Schiff. Enjoy your trip to Puerto Rico.
The Peter Schiff show!
Lmao the ignorance of your comment is so real.
The ignorance is real here.
Look at what US just announced. They sanctioned the use of public blockchain and stablecoins for bank settlement. This puts it on the same rank as the SWIFT system.
I think the guy who invented BTC should be awarded Nobel Economic Prize. The best of crypto is yet to come. Wait till Afterpay, Zippay and banks and what not announce their integration with cryptos.
Who created Bitcoin?
3 years ago when I was dating my ex (she's a trader) she was talking about Crypto every day, it got to a point I was like wth is wrong with you.
I almost put $10k savings into Crypto but after reading heaps into Crypto I still don't 100% understand how it works. My investment philosophy has always been if I don't understand it, I won't invest.
I'm almost certain my ex is in the same boat as you if not worse, she bought a lot of random "coins"…
Good for you, all this crypto mining is fraud, they don't actually mine anything of value. They pretend what they mine is valuable but it's not. Gold and Silver mining companies actually mine something of value that people are willing to pay big bucks for, special valuable metals people love to adorn themselves with for thousands of years, the ultimate in luxury for the wealthy and that high sort after value makes it real money.
Lots of people know how it works technically and tell you it is valuable.
Unfortunately nobody understand how it is valued.
You know the old formula where your P/E ratio for companies. If the denominator is zero then it is an error but I guess people can do quantum mechanics will tell you something else.
Then we get to gold. Simply because people can wear it and willing to pay for the shine is different. Plus there is also the fact there is a real industry working on extraction for profit.
I feel your pain.. $1600 @ $3.42 (literally the highest it got back in 2018) and now it's worth (profanity) all - ended up cashing most of it out at $1 and investing in altcoins like Doge, Lend, etc. it's a slow process but slowly i'm earning my money back!
I experienced abit of XRP FOMO in 2018 and "invested" $500 @ 0.90… Within a couple of weeks it peaked around $4… I still kick myself for not cashing in!
Reality hit when within weeks it slid back around 0.20 and sat there for the next couple of years til the most recent rally where it tipped $1.. I thought of cashing in again and at least getting my money back but by now it's already a good lesson learnt to not put any money towards anything that I can't explain… so I've decided to just leave it in the very slight chance to does a bitcoin one day and explodes.
The reason you havn't made money is because you never sell, people are really good at buying, they are very bad at selling, you need to pull profits when you see them, if you do that you will make money.
I'm the opposite. I'm bad at buying and good at selling (at a loss of course).
Actually that makes you bad at both.
@Mitch889: I'm bad at both. I never know which are the good cryptos to buy. I see various cryptos that are 20-35% or more up over the last 24 hours and just think god I wish I'd known that was going to happen so I can jump on board.
Anyone know the secret and wish to share?
I put 2k in an now its 1k, crypto so volatile so hold it it will probably go back up especially if the SEC drop what their doing
The OP has 'invested' more than 6x what you did, I don't think you're in a position to say you can 'feel his pain'
2k may feel like 10k to some people. Everyone is different
Agree but it's a bit rich to say 'I feel your pain'.
Maybe they make 6x less. Pain is relative.
How does one "invest" in something that doesn't actually do anything?
Investing in electronic monopoly money/tokens is likely going to end up like the baseball cards bubble of the 1990's. Let me generate this electronic token for you on my computer, don't worry it's valuable there can only be 21 million of them (Thou identical type coins can be produced which can perform the same thing). There is no hope in cryptocurrencies because it is flawed and fraud, gold & silver is the answer if you want to move your savings into something else.
Keep holding on those shiny coins. Or are they paper coins?
https://www.bloomberg.com/news/articles/2020-12-09/jpmorgan-…
JPMorgan Says Gold Will Suffer for Years Because of Bitcoin
By Eddie Spence
December 9, 2020, 8:06 AM EST
Bank says investor adoption of Bitcoin has only just started
Gold ETFs are bleeding cash while Bitcoin funds absorb flowsah, so now we know where u get ur financial advice lol. JP morgan, nice pick
@whooah1979: for every pro crypto bloomberg article i can find 2x negatives. Nature of news, your selectivity is impressive nevertheless
@cloudy: He/She doesn't even know why they are buying it, just following the crowd as you noticed as evidence a pjmorgan (alarm bells) article to support their position instead of them personally stating their own reason to buy in.
@cloudy: Widely known that if Goldman tells you to do something, you do the opposite.
I do like how Goldman Sachs lost $1.2bn of Libya's money under Gaddafi and no one had to leave their mortal bodies
https://www.economist.com/finance-and-economics/2020/10/03/j…
Don't ever listen to what JPMorgan says
Lmao judging by this guys comments, he clearly is salty he didn’t get in early into the crypto boom and is now spreading FUD wherever he can. Also it’s pretty clear he has zero idea about crypto and it’s applications.
“Let me generate this electronic token on my computer for you” looool what are you smoking? Are you generating a unique cryptographically secure token that has a decentralised ledger used and shared by millions of users and computers in the world?
Clueless
Crypto is not bitcoin
As soon as crypto has a valuable application, the banks will make their own coins
If you can make money buying tulips, go for it, but don't pretend it has real value
Crypto is not bitcoin
What are you even talking about. The banks have made their own coins. There are thousands of cryptocurrency coins and BTC is one of them. Please stop spreading your opinion if you clearly either do not understand the topic or have no idea in the first place.
@Smol Cat: What else is there to understand?
BTC is worth 40K per coin, and the rest are worth very little. Why?
What does the 'benefits of crypto' have to do with this very simple observation, comparing one coin to the other.
The 'benefits of crypto' is always spouted by people who are infatuated with these coins. It is irrelevant, it doesn't explain why they have value. I will keep spreading my opinion as it's based on logic.
@greatlamp: If you need to ask that question then you haven't spent much time researching it. Go to google with your exact question and read the first 5 results.
It's good to be sceptical and cautious but don't spread your FUD around when you haven't got a basic understanding yourself.
As soon as crypto has a valuable application
Crypto advocates don't realise it is open source and nobody in the private sector would run their mission critical stuff on open source.
As an enterprise why would I want to pollute my blockchain will records of people buying coffee, money laundering, paying for illegal stuff and trading. I'm just wasting my electricity on other people's stuff.
Investment banks have already invested in their own blockchain
Lmao judging by this guys comments, he clearly is salty he didn’t get in early into the crypto boom and is now spreading FUD wherever he can. Also it’s pretty clear he has zero idea about crypto and it’s applications.
“Let me generate this electronic token on my computer for you” looool what are you smoking? Are you generating a unique cryptographically secure token that has a decentralised ledger used and shared by millions of users and computers in the world?
Clueless
Couldn't agree more with this comment. I've realised majority of the people simply can't get a grasp of how blockchains work, and cryptos are simply virtual coins to them, nothing more. I don't blame them cuz the concept of blockchains is super technical. However, not being able to understand blockchains past the simple "virtual coin" is really stupid IMO given how much resource we already have on this subject.
A revolutionary new thing is always treated like this. Look at the interweb a few decades ago.
@Leeroy Jenkins: Yeah seriously, I don't care if people want to talk negatively about crypto - I am frustrated by how confident these people are who clearly do not have a proper grasp of the topic. I will happily listen to critics who are well informed. But people like this seem to have SO much confidence in their ignorance.
@Smol Cat: Most critics of crypto probably didn't read the white papers and used their "common sense" and "native intelligence" to render an opinion.
@Bunnyburger: White papers are like patents. Churn them out but most of them never get to commercialisation.
Unless you have read all the white papers for everything otherwise you've just selectively seduced yourself with white papers on stuff you are interested in.
It is very easy to talk yourself into stuff. That is like the white paper that comes up to your and tell you how much of an opportunity it is: con man / women.
@netjock: So you mean I have to read every white paper that has been produced in living history (for everything) in order to validate Bitcoin? Otherwise that's just selective bias? That's ridiculous.
You read a white paper critically in order to understand how a concept or invention works. Not reading it and just saying it's a con is plain dumb.
Like you said, it's very easy to talk yourself into stuff…goes both ways
So you mean I have to read every white paper that has been produced in living history (for everything) in order to validate Bitcoin?
You think equity investment firms only read financial reports for a particular sector? Unless you know how it interacts with other sectors you have no hope.
You read a white paper critically in order to understand how a concept or invention works. Not reading it and just saying it's a con is plain dumb.
Reading all the instruction manuals for IKEA furniture doesn't make a furniture designer, neither does it make you experts in supply chain and marketing.
You guys are over your heads. Nobody reads all the policies & procedures and manuals for Woolworths to derive a value for the shares. Apparently for bitcoin it is different.
You know price / earnings. What happens when you divide something by zero earnings? Like gold, bitcoin always goes up when markets tank. Then you just have years of bitter low prices and cost of ownership (at least you don't have physical storage costs, just missed opportunities).
@netjock: Lol so to understand what Bitcoin is I have to know how it interacts with lean hog and orange juice futures?
Also, are you actually advocating against reading to inform oneself then?
That's right nobody reads all the policies & procedures and manuals for Woolworths to derive a value for the shares but a sane investor would at least read the financial prospectus and conduct due diligence whether it be fundamental/technical analysis.
There is no harm in actually trying to understand what Bitcoin is by reading the white paper instead of summarily dismissing it.
There is no harm in actually trying to understand what Bitcoin is by reading the white paper instead of summarily dismissing it.
You assume anyone dismissing it hasn't read the white papers.
You can read all the white papers you want but the problem is whether it is a technology to a present problem or just a solution to a problem that will never arrive:
The problem is government money printing and inflation (which is there, no inflation right now, people believe it will happen). People forget money is not pegged to a finite resource (ie Gold) therefore it can be devalued but other currencies also devalue to stay competitive or relative. Notice how the Australia dollar's been trading between 55c - 75c US for the last 30 years and the Japanese Yen is pretty steady against the USD.
The solution is already their, floating currencies that adjust based on interest rates (notice how most developed economies have zero interest rates in following to US because that is how to devalue the currency and stay relative).
The only inflation is in bitcoin. It is like QE using bond buying by the central bank. If the Central bank is buying bonds from banks which means banks have more money to lend out for spending but they will only lend to people with good credit ratings (finite supply) therefore you won't have inflation.
A revolutionary new thing is always treated like this.
To be fair, I don’t think it necessarily has to be revolutionary(and I dunno if cyrptocurrneyc is or not) for it to garner skepticism.
I remember articles like this that makes me skeptial. Now I recognise it’s been a couple of years now, but in the few years since the last bust I’ve not seen much commercial use of it. In fact, I’m trying to get a better understanding, hence my last poll.
https://www.cnbc.com/2018/01/10/bitcoin-conference-stops-acc…
@cloudy: All the stuff is happening with Ethereum and other platforms that have better scalability and processing capability. Most of the stablecoins that US OCC has sanctioned banks can use are built on Ethereum. Ethereum is not without its shortcomings, but it's been constantly improved upon.
At the moment, Bitcoin is more treated as an indestructible storage of value that'll most likely only appreciate over time due to limited supply and its decentralised nature, and of course fluctuation is inevitable.
Edit, if you look at the gas/transaction fees (every transaction incurs a fee) on the Ethereum network, it's close to $10m daily. It's getting relatively heavily used.
Edit, if you look at the gas/transaction fees (every transaction incurs a fee) on the Ethereum network, it's close to $10m daily. It's getting relatively heavily used.
im uneducated, could u link me to where i can see this? and see how much are fees and who keeps the fee?
@cloudy: https://etherscan.io/chart/gasused
As whooah said, it's paid to miners who verify transactions. It's a peer to peer network after all and miners need to be incentivised to contribute to the security and stability of the network.
To make themselves feel good. Like that BMW high yield investment.
Watch "upload" on Amazon Prime.
If only that was 10k in BTC… Don't worry, I have made some similar calls. Just HODL…
Well I can comment on this as my brother invested in the Ripple and he is now out with a lose of 53% after bought some at all time low as well as many at the last boom which saw ripple went to $4.20 AUD
My question is can you live without the $3k? If you can just hold and wait for the SEC ruling.
Set an automatic on it to sell at $0.90 and dont look at it for another 5 years.
Ride it out and HODL… you haven't lost anything if you dont sell.
In the real world you could have been swimming in real coins for for the same period you've been holding.
I "invested" $75 in XRP earlier this year when it was low and now it's at $82 LOL.
That's the absolute max I'm willing to loose!
When dot com boom started, out of many companies
Only one company share was needed to make one wealthy.
Like Amazon or apple or google.
Same I look at Crypto. BTC is god currency within Crypto. But what u need is just one currency which can boost and make one wealthy.
For me, all my currencies are down. Roughly about 30%-80%. But just one currency hit like 1600% which made break even and more. Others are picking the pace and overall positive.
So this may not be that bad for u as well. If u have diversified or can diversify.The problem is. The world only needs one crypto currency. So if you are "invested" in 20 of them. You'll eventually lose money on 19 of them.
You only needed to have bought Tesla to do the same.
Look at XLM, this gone nuts in past 48 hours. Or ADA. But this should not be criteria to judge NOW. And u know what, are related to XRP going down.
Again, u need to assess why a currency is there and is it really solving any problem. If yes, diversify portfolio.
For me, I really need one to shoot up which can recover all my other costs.
Again, u need to assess why a currency is there and is it really solving any problem
It is like why have you got a garage full of toilet paper. Does it solve a problem? No. It is just panic buying on perception of a threat. That threat is devaluation of said fiat currency.
I don't see price of toilet paper going nuts in 48hrs. It might go out of stock but it won't go up. People buying crypto believes it will protect value of your fiat money but actually the inflationary problem is in crypto. Your bitcoin went from $10k to $30k but toilet paper and most products in the real world prices have stayed the same.
People have just created their own problem. If crypto crashes there might be a few million people impacted for the rest toilet paper is pretty much the same price.
@netjock: So u don’t see the difference between toilet paper vs say flying fleet?
Or say flight travel vs super sonic speed flight travel?
U chose toilet paper conveniently for the sake of argument. Good luck. But what I say is innovation and problem solution will win anytime. Now go back and think for a moment what I meant. Rather bringing toilet paper like crap again.But what I say is innovation and problem solution will win anytime
What is the problem. Clearly define the problem? I work in IT and you don't need to look and there will be 1000 initiatives when you ask for 100, then only 10 is worthwhile and the top 1 or 2 end up being over time and budget.
The problem is government money printing and inflation (which is there, no inflation right now people believe it will happen). People forget money is not pegged to a finite resource (ie Gold) therefore it can be devalued but other currencies also devalue to stay competitive or relative. Notice how the Australia dollar's been trading between 55c - 75c US for the last 30 years and the Japanese Yen is pretty steady against the USD.
The solution is already their, floating currencies that adjust based on interest rates (notice how most developed economies have zero interest rates in following to US because that is how to devalue the currency and stay relative).
The only inflation is in bitcoin. It is like QE using bond buying by the central bank. If the Central bank is buying bonds from banks which means banks have more money to lend out for spending but they will only lend to people with good credit ratings (finite supply) therefore you won't have inflation.
Must be shocking to you but bitcoin is a solution for people who have no idea how the economy works.
@netjock: Mate, agree to all your points and in fact these are pointers which have been here since ages and hence we have the same cycle.
As u rightly said, govts printing money is the biggest issues. Which is why this becomes important to understand there has to be infinite resource to deal. Sometimes there is positive effects as well but as a whole not good.
Bitcoin is not a solution and cannot be. But to me, this has started debate about 1. alternate currencies 2. Use if block chain as a solution and enormous possibilities 3. A way shift where decentralisation (only in currency) can play major role in the way we think or act.
This is truly globalisation at least to some portion.
As we move, problems will arise. However we better be willing to come up with really solution as well.
Or say flight travel vs super sonic speed flight travel?
Concorde vs Boeing 747.
Both bought with different amount of currency. Only difference is cost of flights due to price of the aircraft and additional fuel burn. It isn't inflation. It is two different solutions to covering a distance. Trade off is time for money, distance stays the same. Nothing is inflating because it is relative. Swapping money for time. Time can't inflate therefore only thing that can go up is price of supersonic flight but it is capped by competition from 747.
Problem with bitcoin is you have made finite number 21m. Therefore only thing that can inflate is price. Today you put $100 in, tomorrow someone wants it and how much you want for it? $200 okay. That next day who wants it at what price.
Meanwhile at Aldi they sell out of 100 loafs of bread today at $2, tomorrow they order 200 and see how it goes for $2. Only if you can make finite bread can you have price inflation. Problem is nothing is going 4x in the real world. Bitcoin is going 4x on what? It isn't solving my inflation problem, neither is it fixing yours because it doesn't exist.
@netjock: Exactly the same way when u dig some gold, it gets over a bit from finite amount of supply. This finite amount gives the Value what gold has. Right?
That’s y Bitcoin (and only this coin) is considered gold of cryptos. Else other currencies are trying to solve/come up as differently.
Not all dot com boomers became Amazon. Right. But one who solves some problems and genuinely innovates would stand. So thus in crypto world.
This finite amount gives the Value what gold has. Right?
No. Gold and silver became currency because it was finite, also easy to carry (they probably tried lead but ended up with poisoning, it is heavy and more abundant and it could have more uses than just to carry, same for bronze, copper, zinc etc) but also hard to counterfeit but also because there is uses for it such as jewellery. Nature is not making anymore of it.
Bitcoin doesn't have the jewellery option. Bitcoin is only finite on it's own but in terms of technology (blockchain etc) there is plenty of competitors and some of them are trying to commercialise like Golem (it actually uses the blockchain to do work tasks that companies hopefully will pay for).
Bitcoin is like MS Office 365. Except Microsoft isn't saying there is limited copies (if there was like concert tickets there will be a secondary scalping market).
Rise in price is just finites quantities with more people who want to put more money into it.
Don't confuse the pedigree of gold (I don't hold gold) with bitcoin. There maybe a permanent place for bitcoin but it won't be widely accepted until the price is stable. If the USD was worth $1 AUD today and $4 AUD in 12 months you will have a shortage of currency to trade for goods because everyone will be holding onto it. Liquidity is a big deal in currency markets. No point asking a buyer to pay you $1m in Tuvalu dollars when it is hard to find and exchange.
My suggestion is sell it before it's delisted from all exchanges
no way it would happen, the worst case, it won't list in the US
It's pretty much like shares. Goes up and down. I feel your pain man as I'm pretty much in the same boat investing in shares.
All you can do now is wait.It's pretty much like shares
Quite unlike shares, mate. Yeah, they go up and down in value but the similarities end right there. There's an actual commercial entity behind every share that you could look at the balance sheet, profit and loss statement, cash flow statement, etc of.
But the whole "investing in crypto" is Russian Roulette and could only be compared to something like the tulip bubble.
Like shares that don't make a profit.
You know those shares can only last so long before being put into administration unless the shareholders tip more money in.
I put in $3k+ and now it's down by a similar ratio.
I'm not going to sell them. Even if I got all the rest of the money back, it wouldn't make a difference to my life. However, if Ripple come back, I expect the price to shoot up vertically, at least temporarily.
The rule is, only invest what your willing to lose. In this case, you were apparently comfortable with losing $10k.
Take that $3k and put it in litecoin right now. Litecoin is set to hit $2000 valuation by February.
On what basis?
None, lmao. This shit could go either way.
My cousin is going to invest in coin, he asks me for advices, what should i say? Don't, and should buy gold?
When society collapses, people will still want the gold.
is it possible to buy actual gold and store it somewhere ?
edit:
found this, https://www.perthmint.com/storage/perth-mint-gold-asx.html
any experience with this ?I think if you wanna buy gold, you go buy actual gold and store it. There are exchanges where you can trade virtual gold. That's pointless. If that exchange goes, they will take your money with it and It's not your money.
Therefore, whether you wanna buy gold or bitcoin, go buy the actual thing and store it. Don't put your long term investments on exchanges.
yes, abcbullion if you're in sydney
Buy crypto if you like rollercoaster rides and shitting on your money.
A fool and his money are soon parted.
You muppet
Hold. Wait till the SEC drama blows over.
I wouldn't be averse to investing a portion in XRP at the moment. It's extremely close to the bottom.
It can go as low as 0.1 to 0.12 just before the Court case.
Numbers
mate - The best advice I can give u is Currently XRP will be delisted from Crypto markets shortly - the only honest suggestion would be able to swap XRP to a different coin and wait till the markets pick up and work it out from there
I was in the same boat - bought a few when it was 30 cents and then bought once again for 80 cents and should have sold it so at least I can make some small profit - finally sold it around 30 cents and took a small loss - lesson learned and moved on to a different coin. that's all I can say - Hopefully, everything should work out for u - Good luckWasa wasa wasa waasssssup! Bitconnnneeeeeeeeect!
If it's negatively impacting your life, sell and move on. I caught FOMO a few years ago and lost probably 80% before cutting losses. It was only $2000, which is miniscule compared to my total portfolio, but it was taking up so much of my mental space. So glad I sold even if it meant that holding on until today would mean it would probably be worth $10k or so. It also helps that my other investments have more than made up the missed earnings (without the mental stress associated with gambling lol).
You're gambling mate. If you wouldn't normally put 10k down on a poker table, why would you put 10k into digital coins?
Losing $10k at Star casino isn't usually tax deductable while selling $10k worth of digital assets at a loss is.
https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-c…
If you have a net capital loss, you can use it to reduce a capital gain you make in a later year. You can't deduct a net capital loss from your other income.
People can also claim a capital loss on lost digital assets.
https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-c…
Loss or theft of cryptocurrency
You may be able to claim a capital loss if you lose your cryptocurrency private key or your cryptocurrency is stolen.On the other hand when you win $1M at the Star Casino you aren't taxed but if your $10k ripple goes to $1M well then you're out $440K LOL
No. A CGT event is only applicable when they dispose of the asset. They pay zero tax as long as they hold the asset.
@whooah1979: You're just being pedantic. The point is that when you realise a capital gain from bit coin you are subject to taxes. Winnings at an Australia casino or sports betting agency are not taxed
@harthagan: No. There are legal ways to enjoy the gains without triggering a CGT event. One option is to use an ELOC or CDP. Another option is to move to a country that doesn't charge CGT on the property and live there for 183 days.
I assume this must be only a tiny portion of your investment portfolio so just write it off as a bad pick. If not then may I suggest gamblers anonymous?