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Thread: Is there still a possibility of making a lot of money investing in cryptocurrency

  1. #21
    There's definitely alot of hype around XRP as of late and it does sound promising. The overhead associated with digital-mining of traditional cryptos has certainly been a drag on their value, and that probably goes a long way in explaining why crypto's like BTC have been flat or gradually declining for the last 6 months.

    Also, it does make sense that mining shouldn't be a requirement for trust across a network or validation per se, given the proven track record of SSL/TLS (or any other form of end-to-end encryption for that matter). But I just can't help but to wonder if there isn't a vulnerability in the Ripple protocol or elsewhere that couldn't be exploited, altering the 'unique node list' that the network relies upon for validation. I suspect that if that DOESN'T happen within the next year or two, it will probably turn out to be a very good investment.
    Last edited by heliarc; 10-25-2018 at 09:42 PM.
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  3. #22
    I am super new to this whole bitcoin thing as well, I am trying to understand all of it. I actually just got a coinbase setup today, I have not transferred any money into it yet. I actually set it up because I see where some online pharmacies offer a good discount for paying in bitcoin. But I still do not understand what the exchange rate is for US currency. Is IT ACTUALLY CHEAPER TO BUY AND PAY WITH BITCOINS, OR JUST PAY in US currency?? At this point, Im still TRYING TO FIGURE IT OUT..... Sorry for the caps, I didnt realize I kept hitting it, and too lazy to delete and retype, lol
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  4. #23
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    I truly admire those of you who have chosen to pursue the online currency markets as investment opportunities, not kidding. But I am also reminded of several of my family's friends who decided to retire from their fulltime jobs and become stock market "daytraders" in the mid 1990's - only one of many of those folks ended up in better financial shape after the big finance companies entered the markets, than they were before, and many ended up BROKE. After a couple of decades of watching these markets, I am skeptical, in general. And for @NastyNateDogg, whoever you are, if you don't understand Bitcoin exchanges, I would strongly suggest you avoid them for the time being (& pay in US currency, yes,) and do a lot more research on e-currencies before you jump into the pool.

  5. Quote Originally Posted by Japaholic View Post
    Just to be clear, it IS a centralized crypto. Some people dont like that idea saying its againts the principals of crypto currency.

    I disagree, XRP has a clear mission, to digitalize, speed up and reduce cost of cross currency transactions. Its target? Swift/Iban.

    For me to transfer $1000 from the UK to Japan by SWIFT takes 4-5 working days. Cost is $50

    Same value, transferred using XRP takes less than a second and costs 0.005 cents.

    If you plan to invest a minimal amount, say $100 then I advise the use of toast wallet on your smart phone.

    If you want to invest a significant amount, the buy a ledger nano s hardware wallet.

    Each address costs 20xrp to reserve. So keep your accounts minimal.

    If you want to add to your investment over time, get a nano s.

    That way you will only pay 1 fee and have one ripple wallet, that is on your nano s hardware wallet.
    Thank you. I thought Ripple was centralized which does go against the principles of crypto-currencies. But I do understand what you're saying. I definitely don't disagree. I'm not against holding some XRP that's for sure. It's so cheap right now, why not?

    I do have a hardware wallet where I store most of my crypto. I'll have to check and see if XRP can be held inside of it. I've checked into toast wallets but I'll have to look again.

    I appreciate the heads up.

    - - - Updated - - -

    Quote Originally Posted by NastyNateDogg View Post
    I am super new to this whole bitcoin thing as well, I am trying to understand all of it. I actually just got a coinbase setup today, I have not transferred any money into it yet. I actually set it up because I see where some online pharmacies offer a good discount for paying in bitcoin. But I still do not understand what the exchange rate is for US currency. Is IT ACTUALLY CHEAPER TO BUY AND PAY WITH BITCOINS, OR JUST PAY in US currency?? At this point, Im still TRYING TO FIGURE IT OUT..... Sorry for the caps, I didnt realize I kept hitting it, and too lazy to delete and retype, lol
    If your gonna use coinbase. Buy it there and move it into a software wallet like Exodus. Then from there (bc you hold the private keys to your wallet) you can move it wherever you want. I recommend buying ETH or LTC and transfer to your software wallet. The exchange rates are cheaper than BTC.

    Once you buy the ETH or LTC move it to Exodus on your PC. Buy more than you need. Then from Exodus you can shapeshift (aka change currency from ETH or LTC to BTC).

    After moving funds away from Coinbase and into your software wallet, be cautious and send to who needs it. Ask them first though if they'd accept ETH or LTC first before shapeshiftng into BTC. Most vendors should be able to accept ETH or LTC.

    Just calcalute the cost of the coin vs what you're buying. Also, ask the vendor how much EXACTLY in ETH or LTC will they require for the purchase. Make sure the math checks out on your side. If it's $5-10 bucks more or less. Go for it.

    Just be careful and only send the the correct vendor address. It's pretty simple but make sure you got everything correct. No mistakes.

    Whatever you do... DON'T transfer from Coinbase to a vendor directly. Use a 3rd party wallet like Exodus, something you hold the private keys for.

    Good luck and happy holidays!
    Last edited by loveallpeople; 10-26-2018 at 01:01 AM. Reason: More info
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  6. #25
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    XRP or ripple is indeed centralized. Billions of coin are held by insiders which they will eventually cash out. XRP was over $3 a coin but dropped after people figured out the scam and it fell back to 46 cents presently

    Big institutional investors are making moves which will result in them getting into btc. Bitcoin is already traded on the stock exchange, I forget which stock it is that tracks it. It went into a bubble about a year ago on speculation and has fallen to only $6440 some odd dollar a coin. It is becoming more widely used and will appreciate greatly in the future. Don't buy it with the rent money thinking you will get rich. Or any coin, its a long term investment. Less than 2 years ago btc was around $600 and now more than 10x as much while ripple is floundering
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  7. I believe BTC is more valuable now bc of how little there is of it. It's also made by an unknown person with a name, who will never reveal himself. BTC is as decentralized as possible. No one can really control it. The guys writing code for Bitcoin blockchain are in it forever. The supply never changes much.

    XRP has alot of "tokens* to go around. It will take time for us to see what happens with it. I believe there's more than 40 billion tokens to go around where BTC has like 17.3 million.

    I believe ETH also was premined by the founders. I thought I heard something about Buterin and co, hold a buttload of tokens themselves. What's weird is a year or so ago I remember ETH had 95m or so tokens in supply but now, it's 102m? How did 7m more appear?

    I love the Ethereum blockchain and how smart contracts work. But an added supply of tokens makes me wonder....how often can they add to the supply? Is it mining thing?
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  8. #27
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    Quote Originally Posted by Gullible View Post
    while ripple is floundering
    is it though? I paid around 16cents for mine average, some less and some a bit more.

    Its 35cents today, thats a hell of an increase.
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  9. Quote Originally Posted by Japaholic View Post
    is it though? I paid around 16cents for mine average, some less and some a bit more.

    Its 35cents today, thats a hell of an increase.
    It's not really. Everything started to tank after December 2017. All crypto-currencies when back down around their ATHs and have stayed there since. It's only a matter of time before they go up again.
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  10. #29
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    It was 46 cents a week ago, too bad you didn't dump back when it was over $2, @Japaholic. Too bad I didn't dump my btc too in dec or nov '17
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  11. #30
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    Its volatile for sure, but my initial outlay is still there, I have a car/aircon unit/nikon camera/nura headphones and many other bits and bobs I bought. I dropped one BTC in December when it was at its high point. And my holdings still exceed my initial investment.

    Balls of steel? Yes you need a pair for sure.....
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    You can not define yourself in reference to other external coordinates, you must define yourself internally with your relationship with a higher entity. - Russell Brand.

  12. Yep very volatile, always has been. When I saw Charlie Lee dumping his LTC in December, I dumped 75% of my own portfolio. It worked out pretty well.

    Sometimes, Twitter is useful LOL
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  13. Quote Originally Posted by loveallpeople View Post
    Yep very volatile, always has been. When I saw Charlie Lee dumping his LTC in December, I dumped 75% of my own portfolio. It worked out pretty well.

    Sometimes, Twitter is useful LOL
    Good move on your part. I wish I had done that. Charlie is a fishy dude and his reasons for selling were questionable to say the least.
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  14. Quote Originally Posted by Funkyfish View Post
    Good move on your part. I wish I had done that. Charlie is a fishy dude and his reasons for selling were questionable to say the least.
    Yeah @Funkyfish I just figured he knew something that I didn't. When he blantently said he was selling all his LTC. I'm like HUH?... Ok... I'm selling now too. I just saw it was really high up there from what I paid and just piggybacked, so to speak.

    I use to read Charlie's and Vitalik's Twitter feeds everyday but stopped a few months ago. Buterin has me confused usually, with his genius math talk, you can tell his brain moves faster than his mouth.

    Ethereum is my personal favorite crypto-currency but with all the voilitily it's really hard to predict what's gonna do what and when... I just know blockchain tech is the future of the internet. However, I'm not smart enough to understand all key elements and variables.

    Charlie is always pretty straight forward as far as his Twitter feed is concerned. I think everyone, including all the big BTC guys are dodgy as hell. I don't trust no one. Everyone seems to be in it for one reason or another.
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  15. I just ordered a hardware wallet to get started. Whether crypto goes up or down, I figure it couldn't hurt having a little bit just in case.
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  16. #35
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    Omega_Human will become famous soon enough

    Watching history, I'm glad I didn't buy in a year ago. I had bought a small amount and by the time I got home to complete the transaction the value had gone down enough so I couldn't place the complete order. The remaining ~ $120 had shrunk to $90. Now I've watched the remaining amount fluctuate from $80 to $450 and it seems to be somewhat steady in the $170's for a couple of days. Nice it is such a small amount and I'm not completely attached to it, but seeing it as enough to place an order at times and at times just sort of "oh well" money.
    Have much to learn.
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  17. Hardware wallet finally arrived. Hoping to learn the steep learning curve (for me) soon. I plan on applying the "Don't spend more than you are willing to lose" concept to my Bitcoin endeavours as well so as not to be totally devistated if things go south by investing large amounts.
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  18. Is there still a possibility of making a lot of money investing in cryptocurrency
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