Crypto Assets Tip Thread
Discussion
Thought I'd add my two pennies.
No ones mentioned ripple (XRP) yet, I've been invested in that for a couple of years now. I think it's got a long way to go, it's one of the few currencies that's actively seeking regulatory approval in numerous countries and courting the banks. In my book that's got to count for something.
However, I also have some bitcoin and eth, to spread the risk a little. I do believe it's a bit like the wild West at the moment, but that means there are fortunes to be made if you're quick/lucky.
No ones mentioned ripple (XRP) yet, I've been invested in that for a couple of years now. I think it's got a long way to go, it's one of the few currencies that's actively seeking regulatory approval in numerous countries and courting the banks. In my book that's got to count for something.
However, I also have some bitcoin and eth, to spread the risk a little. I do believe it's a bit like the wild West at the moment, but that means there are fortunes to be made if you're quick/lucky.
fishseller said:
Hi what is the best way to get exposure to crypto currency I have had a look at purchasing some through coin base buy they want me to upload Id etc I just want to purchase with a credit card without uploading driving license or passport ?
localbitcoins.com might allow that, or you can buy small amounts through bittylicious.com without ID, but remember, you are buying a financial instrument, so most sellers will apply all the same KYC requirements as for any similar transaction.fishseller said:
Hi what is the best way to get exposure to crypto currency I have had a look at purchasing some through coin base buy they want me to upload Id etc I just want to purchase with a credit card without uploading driving license or passport ?
For smaller amounts, Bitbargain allows this. You will always pay a hefty premium when buying direct from holders through sites like Localbitcoins & Bitbargain.Edited by Behemoth on Saturday 10th June 21:09
The Spruce goose said:
what is xrp, is it s stok a money transfer unit etc. they want to go legit and probably will, but xrp coin will become worthless overnight if they get listed on a legit exchange.
The below is from xrp chat and may help.....BTC is slow, cumbersome, tied to illicit funds and has no intrinsic value apart of that given by 'believers' or speculators who continue to hold it. XRP's underlying tech is a generation above BTC. XRP could be viewed and possibly managed like a FIAT currency. FIAT currencies are inflationary and have no quantity limits. Governments are free to issue how ever much they want and it's value is thus tied to the competence and integrity of the issuer.
I quote myself again regarding this - "FIAT money is the centralized "nonsense" that everyone uses on a daily basis, have their savings in, valuate items and networth with. Many bitcoiners are FIAT currency antagonists, but yet measure their wealth in FIAT dollars. The irony and hypocrisy. The value of any FIAT is totally dependent on the issuing authority's competence and integrity. FIAT in itself is a tool. But if you look at XRP, one advantage over FIAT is that it is deflationary, while most other cryptocoins and FIAT monies are inflationary. So if Ripple holds a large amount, the question you should be asking is - are they competent enough? Do they seem like honest folks? The incoming lock-up via the escrow feature will be testament to that."
The pros that XRP has over FIAT currencies - decentralized & deflationary. Ripple has already hinted at a possible lock-up of their large stash of XRP. This guarantee to the market will alleviate fears of a dump. It is in all hopes that they present the lock-up arrangement in detail with the timeline and purposes for release over the coming decades.
" Explain that me? Why would the unit price have to be higher in order to bridge a transaction?
XRP transactions are instantaneous, so when bridging between, say, dollar and some exotic coin, the buy and sell would happen at the same time. It wouldnt impact the price of XRP, nor be dependant on it. Even if Im wrong on that, this wouldnt drive up the price, it would just mean its not usable as a reserve currency until some day it becomes very valuable for some other reason. That doesnt make much sense to me. "
Here, you would have to understand order-book sizes and liquidity depth. Market-makers need to bridge the currently large quantity of global remittances. To do that, they need sufficient funds to capture these profit making opportunities. Just by looking at the size of remittances, you could guess that MMs would need funds in the millions. This need by market-makers would drive the demand for XRP due to it's ideal role/choice as the bridge currency on RCL. In turn, the price of XRP would appreciate. This price increase would give earlier market-makers more profits as well as a better value pool of XRP. 'The early bird catches the worm' accurately describes what will happen, and thus you see the mad rush by the Japanese to get things moving along quickly.
eth can do million transactions a day now, and in near future looking to beat visa card level of txs. so ripple USP becomes less. i made some money off xrp, but wont go near it again, don't like what it stands for, and there are loads of better projects out there to invest. i will only invest in minable coins.
weak stability as well probably due to the constant xrp labs sell off a month, i think it is 300 million xrps. yes they offered some sort of escrow function but can still sell off 500 million a month. probably why the rest of the market is up but xrp has lost nearly10% this week.
weak stability as well probably due to the constant xrp labs sell off a month, i think it is 300 million xrps. yes they offered some sort of escrow function but can still sell off 500 million a month. probably why the rest of the market is up but xrp has lost nearly10% this week.
Edited by The Spruce goose on Sunday 11th June 09:29
My take on the crypto currencies right now (and as I said in a previous thread) is that they are still a long way from being in any kind of usage for day to day legit transactions. I've done very well from BTC as an early adopter, but I actually use it quite regularly to make transactions that I would rather keep mostly under the radar. This, imho, is why BTC became so popular in the first place because it is the perfect currency for the darknets which are a HUGE market. Any crypto that touts itself as being anonymous is worth a punt as the darknets will leap on the path of least resistance to move their funds around. Consequently I'm in quite heavily with BTCD, XMR, XZC and ZEC (ZEC has recently been accepted on AlphaBay) and am doing well from all 4 at the moment but I also keep a close eye on the darknet reddits watching for transaction problems or other issues as once the word gets round they'll get dumped like a hot potato in favour of the next crypto. I am aware of the rather chequered history with XZC but I bought in cheap enough that if it goes tits I won't have lost much.
I wish I'd had a punt on ETH but, welll, that ship has sailed now. My gut tells me that ETH isn't going to hold out long term though. It seems to me like everyone is in just to ride the wave rather than actually USE it. Remember, if people don't actually use the currency then it's going nowhere and there's only so much hyping that can be done before people start to question it. It is accepted on the darknets though so maybe it will continue to fly. I think if/when it starts to tank it'll happen very fast so be prepared to move quickly if any of you have a stash.
My gut isn't giving me a warm fuzzy feeling with XRP either. Seems like a fad crypto to me and while the claims of it being the first legit crypto make nice sound bites, like I said earlier, I don't think the world is ready for them yet and there's certainly no use for it in the short term at least. Again, I feel that the only people who are 'in' on XRP are simply in it to ride the wave and that is not going to help it gain any traction by simply sitting on it. It's definitely not got any interest from the darknets anyway, for obvious reasons. It could go either way but it's not appealing to me right now, even at the price it is.
It's all very much wet-finger-in-the-air stuff. No-one knows what direction any of these cryptos are going to go and there's a HUGE amount of bias and hyping by the respective owners and fanboys all over the net which further muddies the waters
.
I wish I'd had a punt on ETH but, welll, that ship has sailed now. My gut tells me that ETH isn't going to hold out long term though. It seems to me like everyone is in just to ride the wave rather than actually USE it. Remember, if people don't actually use the currency then it's going nowhere and there's only so much hyping that can be done before people start to question it. It is accepted on the darknets though so maybe it will continue to fly. I think if/when it starts to tank it'll happen very fast so be prepared to move quickly if any of you have a stash.
My gut isn't giving me a warm fuzzy feeling with XRP either. Seems like a fad crypto to me and while the claims of it being the first legit crypto make nice sound bites, like I said earlier, I don't think the world is ready for them yet and there's certainly no use for it in the short term at least. Again, I feel that the only people who are 'in' on XRP are simply in it to ride the wave and that is not going to help it gain any traction by simply sitting on it. It's definitely not got any interest from the darknets anyway, for obvious reasons. It could go either way but it's not appealing to me right now, even at the price it is.
It's all very much wet-finger-in-the-air stuff. No-one knows what direction any of these cryptos are going to go and there's a HUGE amount of bias and hyping by the respective owners and fanboys all over the net which further muddies the waters
.Edited by NoIP on Sunday 11th June 10:47
NoIP said:
BTCD, 7[/footnote]
i thought btcd devs have moved to another coin kommodo?the thing is no one knows that is why the btc holders keep saying it is a bubble. etc. you say eth isn't used in the real world, yes, but it is nearly double daily txs at btc so used as a medium of exchange. i have a mix of coins, but i don't believe anonymity is the key, it is a mixture oif ideas. i don't get too hung up on coins i swap about a lot as still learning. i make money mining really.
it was interesting that btc was used to blackmail the baby boss company after a copy was found. the police traced the ip address through bitcoin to the perp, so even coins that say they are truly anonymous are not really.
The Spruce goose said:
i thought btcd devs have moved to another coin kommodo?
the thing is no one knows that is why the btc holders keep saying it is a bubble. etc. you say eth isn't used in the real world, yes, but it is nearly double daily txs at btc so used as a medium of exchange. i have a mix of coins, but i don't believe anonymity is the key, it is a mixture oif ideas. i don't get too hung up on coins i swap about a lot as still learning. i make money mining really.
it was interesting that btc was used to blackmail the baby boss company after a copy was found. the police traced the ip address through bitcoin to the perp, so even coins that say they are truly anonymous are not really.
ETH is being used where? Name me some places where the average holder can use it. I know it's accepted on AlphaBay for example but take up has been tiny in comparison to XMR and BTCD purely because it has no anonymlty aspect to it by default. Sure, you can still trade with it but it's a hassle. BTC was never designed to be anonymous so if you spend enough tme monitoring the block chain you can work out the origin and destination, but the stuff you mention all happened before tails and tumblers came along.the thing is no one knows that is why the btc holders keep saying it is a bubble. etc. you say eth isn't used in the real world, yes, but it is nearly double daily txs at btc so used as a medium of exchange. i have a mix of coins, but i don't believe anonymity is the key, it is a mixture oif ideas. i don't get too hung up on coins i swap about a lot as still learning. i make money mining really.
it was interesting that btc was used to blackmail the baby boss company after a copy was found. the police traced the ip address through bitcoin to the perp, so even coins that say they are truly anonymous are not really.
You are right about KMD but my stash is still BTCD right now. I've not used BTCD for a while as I've needed to trade with XMR but I should look at changing my BTCD. I've not used BTC for some time either, purely because of the transaction times which have reached silly levels. I do have long term concerns with BTCs value if they can't fix the issues soon as it could swiftly head south if there's a mass exodus of users to other cryptos. However I said the same thing to myself when it was $500
so at the current price it's the least of my worries at the moment. I would certainly have a squeaky bum hole if I'd bought in to BTC within the past month or so.The Spruce goose said:
you say eth isn't used in the real world, yes, but it is nearly double daily txs at btc so used as a medium of exchange.
Daily transfers are absolutely nothing to do with the real world, it is all speculative money at exchanges. Ethereum is still very much experimental and there remains no real world use of its contract features. The Spruce goose said:
the police traced the ip address through bitcoin to the perp, so even coins that say they are truly anonymous are not really.
Nobody of note has ever claimed Bitcoin to be anonymous. It is pseudoanonymous. The difference in these terms is huge. If you don't know this, you have quite a lot to learn in the cryptocurrency world.
The Spruce goose said:
Not sure on sc, seems a pump and dump. The storage network is used by 1.6% utilisation but worth 400 million, and as price goes up so does storage cost, which is about 2 dollars a tb now.
Pluton is an interesting one, I own iconomi, edgeless, and mine a coin called Sib coin. I swap my other coins weekly.
SC definitely has a product (one of my litmus tests generally) and they've overcome some problems with their wallet and transaction processing capabilities. However, I am with you in that I don't see this as a LT holder. I've made some decent gains on it in the last 8 weeks but the guys at Storj seem a lot sharper from comments I see on reddit/slack and having listened to their CTO (this is a good listen if you've got 50mins on your hands: https://youtu.be/fOvq_qdBDls). I plan to ditch SC and re-invest.Pluton is an interesting one, I own iconomi, edgeless, and mine a coin called Sib coin. I swap my other coins weekly.
I had a look at Pluton - interesting idea indeed. I've had Iconomi on the watch list of a while and never dived in, but it's a good model. Bitshares is a similar model and has a bit of a run recently and so I think ICN could do likewise.
fatmansan said:
I've had Iconomi on the watch list of a while and never dived in, but it's a good model. Bitshares is a similar model
It's a model that's sadly inscrutable. And so, thus far, almost impossible to market. I've had an enthusiast try explaining it to me and I'm still confounded. I'm sure the concept has value and if anyone cares to explain it well, I'm all ears.Behemoth said:
It's a model that's sadly inscrutable. And so, thus far, almost impossible to market. I've had an enthusiast try explaining it to me and I'm still confounded. I'm sure the concept has value and if anyone cares to explain it well, I'm all ears.
Currently I see them just like any ETF provider out there. This is a big enough market as a starter for 10.I guess with their future model of opening up the ability for Johnny Normal to create "My Awesome Fund" then, by using smart contracts on Ethereum, people can create some pretty flexible investment vehicles for distribution of performance. You could see a use case there it become a marketplace that drives fees lower. As Crypto futures become more widespread then there's a lot to attract would-be ETF providers where they think they can make even better spreads. Not sure if they are going to incorporate futures vs. underlying trading to manage it, mind...
That's my take on it at least.
fatmansan said:
Currently I see them just like any ETF provider out there. This is a big enough market as a starter for 10.
I guess with their future model of opening up the ability for Johnny Normal to create "My Awesome Fund" then, by using smart contracts on Ethereum, people can create some pretty flexible investment vehicles for distribution of performance. You could see a use case there it become a marketplace that drives fees lower. As Crypto futures become more widespread then there's a lot to attract would-be ETF providers where they think they can make even better spreads. Not sure if they are going to incorporate futures vs. underlying trading to manage it, mind...
That's my take on it at least.
Thanks for the explanation (though I'm still a bit fuzzy about how that'd work in practice). You are spot on about the sector opportunity, which can be extended to the whole financial sector for crypto generally. The world of finance can easily be disintermediated to a very large degree since the inputs & outputs are already digital and can be verified with little friction. I guess with their future model of opening up the ability for Johnny Normal to create "My Awesome Fund" then, by using smart contracts on Ethereum, people can create some pretty flexible investment vehicles for distribution of performance. You could see a use case there it become a marketplace that drives fees lower. As Crypto futures become more widespread then there's a lot to attract would-be ETF providers where they think they can make even better spreads. Not sure if they are going to incorporate futures vs. underlying trading to manage it, mind...
That's my take on it at least.
At launch, I have no idea why Ethereum banged on about hiring rooms with smart contract digital hotel keys as their primary use case (slock.it). They were way off target with that. A cryptocurrency could be used to verify I have funds in XYZ equities or commodities or futures, but which computer is going to check I left the hotel room undamaged?
Gassing Station | Finance | Top of Page | What's New | My Stuff