Crypto Currency Thread

[g4ry13]

NickCQ said:

g4ry13 said:

More Bitcoin forks and concerns about transaction speeds.

Dash to gain traction and go over $1000 mark.

I'm positioning myself in Ripple, that's the one which seems to make most sense to me and has highest chance of doing a Bitcoin and going up multiples. Ripple is well positioned and even today had some positive news, it's just a case of implementing XRP.

I thought the problem with Ripple was that there was no cap on the number of coins the dev team can create, meaning the value of your holding could get inflated away to nothing (just like non-crypto money I suppose)?

Coins are pre-mined and there are 100 billion coins. Although only 38 billion are currently in circulation. Coins can be dumped on to the market and it could devalue the price. One thing about the coin is with transactions they are destroyed in the process so the total number of coins will actually decrease.

Doesn't that Satoshi guy own 1 million bitcoins? Granted that 1 million out of 16 million coins in circulation is a much smaller percentage but that's still a person sitting on an amount of coins which could move a market.

Maybe XRP will become totally worthless, i'm happy to sit on them for a year or two and see how it goes. Ripple seem to be signing up more and more people to the network. Perhaps at some point the coins will come into play.

I have been thinking about investing in some other coins. Only thing is i'm unconvinced they're going to go up multiples and i'm not really interested in trying to double my money - I can do that elsewhere where I perceive the risks to be lower.

[anonymous-user]

xrp destroyed in txs is very very small.

[g4ry13]

The Spruce goose said:

xrp destroyed in txs is very very small.

Yes, but what if billions are moving through those coins on a daily basis? (hypothetically speaking)

[anonymous-user]

g4ry13 said:

Yes, but what if billions are moving through those coins on a daily basis? (hypothetically speaking)

0.00001 XRP are burned per transaction

daily txs(at a million) are about 10 xrps burned a day or 15p, 55 quid a year, not sure where you get billions from?

https://xrpcharts.ripple.com/#/metrics

Since 2012 i think about 5 million have been burnt against a 100 billion.

edit yes hypothetically a billion txs would burn 10000 xrps a day, but it also adjusts the burn rate to txs, so as to not burn through all coins too quickly so would burn less coins. Still take 30 years

Edited by The Spruce goose on Thursday 23 November 20:26

[Behemoth]

The Spruce goose said:

Still take 30 years

And that's the long term business plan of Ripple Labs. It's effectively a tx fee they earn in greater numbers over time, because they retain 60% of all XRP. People are being hoodwinked by this crazy idea XRP is somehow safe because it's somehow supported by banks. Hogwash.

[Ted2]

Behemoth said:

And that's the long term business plan of Ripple Labs. It's effectively a tx fee they earn in greater numbers over time, because they retain 60% of all XRP. People are being hoodwinked by this crazy idea XRP is somehow safe because it's somehow supported by banks. Hogwash.

99% of people don't care and have no interest in crypto currencies, nor do they care how they work, nor what they're used for. All they care about is "will it make me a ton of money?". Call it the BTC Effect if you like. It's like all the people that keep banging on about BTC and keep pouring their life savings into it because Doris from Accounts said that she made $1000 in 1 month. It has no real world use anymore due to transactions taking days or you needing to set $100 as the fee if you want your transaction to confirm the same day. The only people still singing its praises are those that are already in deep and want to get even more gullible saps onboard the pyramid hype train so that they can continue profiteering. It's become one giant Ponzi scheme but no-one cares as all they're seeing are the $$$ signs rolling around in their eyelids.

[Behemoth]

Ted2 said:

It has no real world use anymore due to transactions taking days or you needing to set $100 as the fee if you want your transaction to confirm the same day.

I made a BTC tx a couple of days ago. The fee was so negligible I don't remember what it was. Arrived safe & sound within 10 mins.

[Ted2]

Behemoth said:

Ted2 said:

It has no real world use anymore due to transactions taking days or you needing to set $100 as the fee if you want your transaction to confirm the same day.

I made a BTC tx a couple of days ago. The fee was so negligible I don't remember what it was. Arrived safe & sound within 10 mins.

Are you sure about that? The current last 100 BTC transaction fees from the fee tracker :

TRANSACTION FEES PAID (LAST 100 TRANSACTIONS)
Txn fee (BTC) Txn fee USD
Bitcoin (lowest) 0.000896 $ 7.3229
Bitcoin (median) 0.002614 $ 21.3661
Bitcoin (highest) 0.100000 $ 817.2840

Given that on r/bitcoin people are reporting transactions made 3 days ago with the lowest fee still haven't confirmed (unsurprisingly), I am curious to know what your definition of a "negligible" fee is. Looking at the blockchain data for confirmation times from "a couple of days ago" shows an average confirmation time of 420 minutes and that is based on median fees for the period which have typically been around $7-10. In order for it to have confirmed and arrived within 10 mins would have required a ridiculous fee to move it that fast. I think you're being rather economical with the truth Mr. B !

[g4ry13]

Ted2 said:

Behemoth said:

And that's the long term business plan of Ripple Labs. It's effectively a tx fee they earn in greater numbers over time, because they retain 60% of all XRP. People are being hoodwinked by this crazy idea XRP is somehow safe because it's somehow supported by banks. Hogwash.

99% of people don't care and have no interest in crypto currencies, nor do they care how they work, nor what they're used for. All they care about is "will it make me a ton of money?". Call it the BTC Effect if you like. It's like all the people that keep banging on about BTC and keep pouring their life savings into it because Doris from Accounts said that she made $1000 in 1 month. It has no real world use anymore due to transactions taking days or you needing to set $100 as the fee if you want your transaction to confirm the same day. The only people still singing its praises are those that are already in deep and want to get even more gullible saps onboard the pyramid hype train so that they can continue profiteering. It's become one giant Ponzi scheme but no-one cares as all they're seeing are the $$$ signs rolling around in their eyelids.

So which coins are you investing in?

[M511]

The Spruce goose said:

that's like saying wait until bitcoin is 5k to invest. Makes no sense you are hedging on the coin losing value, when a coin like ltc most likely won't drop to 35, half its value. it is used and has a strong history.

I think with any coin you will make money(besides the scam stuff stc), the question is it is how much you make. I mean in a bank you get maybe 3%. Cryptos can do 10% a day for a month.

I'm sure you're a seasoned trader but I'm sure you will know that all markets move in waves, and if you look at the price action of Litecoin $35 is a nice support point if it ever dropped back. Before Bitcoin went to $8K it dropped to $5K. I could further explain this but I don't want to bore people.

Why would I suggest you wait for $35? because most people on here seem very bullish and are just interested in the value going up rather than taking advantage when it goes down. So if you didn't get in at $35 you wont get much as much of a profit if you go in now...

For those interested in how I got to this (seemingly dumb conclusion) check out Candlesticks and Elliot Wave Theory.

[M511]

sgtBerbatov said:

I've been in it since then, so far so good!

When you look at the chart, $35 was the last meaningful support point so if it drops, which it will (before going up) you will be safe.

Much safer than someone who goes into it now...

It's not unreasonable for it drop from $75 to say $40/50. But if you are on the side, then you can make a massive profit on the next drop.

[anonymous-user]

i'm no way better trader(gambler) than the next fool, i actually got it wrong a lot of times(as evidenced on the many threads), but enjoy the tech side, and never wanted to get into it to make thousands, even though i did..

I have started again but i think a coin like ltc is a pretty stable investment in this very unstable market. i used to sit and wait until the market drops but i think as more money gets in there is more confidence in certain coins.

Edited by The Spruce goose on Thursday 23 November 22:31

[M511]

Ted2 said:

Are you sure about that? The current last 100 BTC transaction fees from the fee tracker :

TRANSACTION FEES PAID (LAST 100 TRANSACTIONS)
Txn fee (BTC) Txn fee USD
Bitcoin (lowest) 0.000896 $ 7.3229
Bitcoin (median) 0.002614 $ 21.3661
Bitcoin (highest) 0.100000 $ 817.2840

Given that on r/bitcoin people are reporting transactions made 3 days ago with the lowest fee still haven't confirmed (unsurprisingly), I am curious to know what your definition of a "negligible" fee is. Looking at the blockchain data for confirmation times from "a couple of days ago" shows an average confirmation time of 420 minutes and that is based on median fees for the period which have typically been around $7-10. In order for it to have confirmed and arrived within 10 mins would have required a ridiculous fee to move it that fast. I think you're being rather economical with the truth Mr. B !

Bitcoin transaction and fees have always been its weakness, that's why you would use another blockchain technology suited to micropayments. People on reddit like to complain about anything. There are plenty of crypto alternatives for these transactions that take seconds, with much smaller fees. Bitcoin is just the gold standard now and I don't think people have found a good use for it other than hiding vast sums of surplus cash at the moment.

[Ted2]

g4ry13 said:

So which coins are you investing in?

I trade and receive payment in XMR daily and have also kept 300 XMR in my wallet since I bought them at just under $0.50 each nearly 2 years ago. At the current price of $164 my stash is worth just shy of $50,000. As I write I currently have 362.77 XMR in total but the shrapnel has been received at different times and different values and I sell bits off when I need some fiat to pay for bills, food etc so it's too much like hard work to figure out what their appreciation is. I am slowly increasing my 'hold' stash and try to add $2k per month if funds allow.

What coins do you hold G4ry13?

[anonymous-user]

i look at a few coins that could hit 1000 dollars and xmr has to be high up there, you have done well.

[M511]

The Spruce goose said:

i'm no way better trader(gambler) than the next fool, i actually got it wrong a lot of times(as evidenced on the many threads), but enjoy the tech side, and never wanted to get into it to make thousands, even though i did..
I have started again but i think a coin like ltc is a pretty stable investment in this very unstable market. i used to sit and wait until the market drops but i think as more money get in there is more confidence in certain coins.

Yes but they are so volatile, if you can spend 30mins a day learning one Technical Analysis you will save yourself more pain in the future. I haven't read your threads but would be interested to hear about it.

I too came from a background where I got burned once, but only because I was trading on the price going up rather than when it also goes down.

[anonymous-user]

i used to trade off the troll box, after that went it all went downhill.

i started the bitcoin et thread back in feb i think when i bought 30 eth for 15 dollars a piece. i was 'trading' when bitcoin went from 3.32k to 800 dollars in 5 minutes(i actually bought 2 at 900 dollars). I've seen bitcoin plus do 3000% in day(a record, someone was complaining he couldn't withdrawal the million he made due to account limits, after that day) . Never read books i just read about the coins and choose what i like.

Edited by The Spruce goose on Thursday 23 November 22:49

[Behemoth]

Ted2 said:

Are you sure about that? The current last 100 BTC transaction fees from the fee tracker :

TRANSACTION FEES PAID (LAST 100 TRANSACTIONS)
Txn fee (BTC) Txn fee USD
Bitcoin (lowest) 0.000896 $ 7.3229
Bitcoin (median) 0.002614 $ 21.3661
Bitcoin (highest) 0.100000 $ 817.2840

Given that on r/bitcoin people are reporting transactions made 3 days ago with the lowest fee still haven't confirmed (unsurprisingly), I am curious to know what your definition of a "negligible" fee is. Looking at the blockchain data for confirmation times from "a couple of days ago" shows an average confirmation time of 420 minutes and that is based on median fees for the period which have typically been around $7-10. In order for it to have confirmed and arrived within 10 mins would have required a ridiculous fee to move it that fast. I think you're being rather economical with the truth Mr. B !

Yes, 100% certain. Just for you, I am looking at the tx right now on the blockchain. 0.002 & block explorer confirmed 5 minutes

[g4ry13]

Ted2 said:

g4ry13 said:

So which coins are you investing in?

I trade and receive payment in XMR daily and have also kept 300 XMR in my wallet since I bought them at just under $0.50 each nearly 2 years ago. At the current price of $164 my stash is worth just shy of $50,000. As I write I currently have 362.77 XMR in total but the shrapnel has been received at different times and different values and I sell bits off when I need some fiat to pay for bills, food etc so it's too much like hard work to figure out what their appreciation is. I am slowly increasing my 'hold' stash and try to add $2k per month if funds allow.

What coins do you hold G4ry13?

Currently, it's just XRP as I said earlier. I'm new to 'investing' in these coins but have been watching/reading from the sides for quite a few years.

I would consider investing into Dash as that appears to be a good one. Maybe i'll pick up some Ethereum, and trade Ethereum classic - if they retrace to something i'm comfortable buying. In the current market it seems that buying on big drops and some of the 'lesser' coins such as IOTA/NEO/Monero are profitable strategies but who knows for how long that will be?

My main gripe about the Crypto stuff is in the back of my mind I think it screams of a bubble and I guess i'm a bit old school. I don't mind putting £10k into some shares, but I can't see myself putting £10k into coins for the foreseeable future. I'm not really interested in 50% ROI or even doubling it. I put in an amount I am happy to write off and will be hoping to get multiples back from it. In hindsight i'm thinking maybe I should have diversified with other coins. I'm up a measly 10% over the last week or so from XRP.

[anonymous-user]

DASH has masternodes which does lead to a limit of available coins to trade (limited supply) as a vast majority of coins are locked up, and there is an evolution update which which will be interesting, but it is the original premined coin, something that people don't seem to care about with icos, but old timer coin people did/do.

it is built on btc code.