Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
My apologies for getting the XRP rate wrong earlier--and not noticing for 8 days. (Talking about using CredEarn here, to loan out coins purchased with Uphold.)
Let's try that clarification thing again: CredEarn's highest offered interest rate* on XRP went from 9% (when I got into the XRP game about five months ago) down to 5% and then dropped again to 3.5%. It did not go all the way down to 3%, which I incorrectly stated in a post which MS replied to; and it is his post I am using to "reply" off of now. MS did not contradict me in his post, but I realized the mistake and wanted to set the record straight. I had just remembered that the rate was less than 3.57%, my minimum for mortgage arbitrage purposes.
Now CredEarn's XRP rate is up to 6%. That is much more like it. You can get over 5% with finprefs (at par), so 6% is that much more enticing. Hmm... so is 8%. That is CredEarn's rate on Litecoin. I do not have any Litecoin yet... where do I get in on that one? Somewhere with an 88 handle, maybe.
*You have to hold 10,000 LBA to get the higher rates. LBA is kind of cheap now... compared to four months ago. Right now it would cost you less than 250 bucks to get the needed 10K.
Big whale moves usually precipitate a drop. Might be time for me to buy on the next big XRP dip. Have not done that in a while; just been moving USD to Uphold, to then loan out with CredEarn at their current 10%. (Next strike date is 8/15.) Thanks to that seemingly 2G2BT interest rate, I have not been tempted to bother converting dollars into any other currencies or cryptos, but if I could time a dip, I would not mind grabbing some XRP and loaning it out at a mere 6% next week as long as the value is equal or greater come next Thursday morning.
Shucks, it got to 3 too quickly. Pretty soon it will be in the middle of options no man's land. Wish there were more strikes between 2.50 and 5.
I thought the only FUD was the escrow, but dayum! The escrow is nothing compared to your FUD, europa7. The monthly programmed release of XRP from escrow is a chance for alarmists (and short-term traders) to get all worked up about "effing BS dumping" (or dilution). That would bother me, too, except then I notice that only 30% of the available XRP was actually left out last quarter. At that pace, and at the pace at which that pace is accelerating, we are still looking at a minimum of at least 67 months before the escrow is completely depleted, and it is more likely closer to 10 years, than 6.
But the FUD is really everything else besides Ripple's 55 escrow accounts, in other words, everything that is much less certain. It is how much Ripple can do in those six, ten, maybe more years. From partnerships to competition to how many coins the users (banks, Moneygram, IMF?, the Fed?, who knows?) will actually need in circulation at any moment.
I should note that your FUD is dated from a year and a half ago. It may all still apply, but it has not killed XRP yet.
What goes up on light volume goes down just as easily, G Street. All yesterday's "gains" in DOMR disappeared today. I tried getting some more a couple months ago at the Bid price, but got only a small portion of a partial fill. Maybe the spread will narrow down a bit. I will keep an eye out.
Meanwhile, I cashed 20% of my VSTR holdings today near the morning peak. We shall see how I do going forward with the house's money. That might be the best stock I have played since finding these boards five months ago. (Which is why I was able to book a 50% profit, while still holding 80% of my original stake.) Wish I could say whom my guru was on VSTR, but it may have just been one on the Hot Board that looked good. Its chart certainly looked better than most (i.e., not on a constant downtrend).
Winners are too few and far between here. Need a few more pinkies to wake up. CWNR, IDNG, MGI and ... maybe (jury still out) BNGI and IGMB cannot be expected to shoulder the whole load.
Happy to be "playing with the house's money" on this one. Even happier I waited until this morning to take any profits; only had to sell 20% of my stake.
Of course, the last time I sold between the 1.5 and 1.6-cent handles, I regretted not holding out for 2 cents later that day. But then, if history rhymes, let alone repeats, a spike to 6 cents by Thursday would not surprise me. Not sure I want to see a spike. Slow and steady has worked so well for VSTR.
Would you believe my account was green today on a day like today? I thought it was because I bought Diamond puts on Friday, but no, it is because DOMR traded up 127%. (Note: that may have been on just one trade.)
Any chance we will see another run on that one, Gary? I could use some more good news, after BNGI and CWNR had theirs.
Got an email from Maxine Waters' husband's bank. Subject is: Uncover The Myths of Cryptocurrency. Should I bother reading it? : - )
Myth #1 Cryptocurrency is not bitcoin
Hmm, did an ihub fuddy-duddy write this email?
I have bought into over two dozen pinkies (mostly stinky) since finding these boards five months ago. Many of those discussions eventually turn to dilution scam FUD. I should be so lucky that XRP is the worst performer among them. Surely an increase in shares (or coins in this case) of 2% per month is not the ugliest dilution of share value you have ever seen in your long and varied experience as a trader.
And slow down. No need to type so fast. I review everything I type before I post, and again after I do during the 15 minute window. I cannot bear the thought of being unintelligible
Based on current distributed supply of XRP (Ripple's numbers as of July 21) and the max amount of XRP, eventually there will be an increase in XRP of 133%. Is that really worse than any dilution anyone has ever seen with a penny stock? Not to mention the time it will take to achieve this increase in outstanding shares (or coins, that is).
At the current pace of XRP being released from escrow, it will take 14 years to clean out those escrow accounts. However, one should note that there was an increase of about 28.57% in the velocity of XRP release from 2019 Q1 to Q2 (from 700 million to 900 million). If that percentage increase continued quarter over quarter, by this time next year we would be seeing the entire 1 billion per month coming out of escrow and staying out. In which case, the time it would take to empty out the escrow would be 55 months (as it turns out, the exact number of monthly escrow accounts first set up nearly two years ago). That seems unlikely*, so it should be somewhere in between. I think we are still looking at closer to 10 years than 5 years before the escrow accounts are exhausted.
*Indeed, it will be nearly mathematically impossible for it to take less than 70 months.
Concern is we are investing in the cryptocurrency, XRP, not Ripple, which made the deal with Moneygram. We would like to think good news for Ripple translates (eventually) to XRP HODLers, but just in case, I have been playing MGI, too, selling puts and calls. Fortunately the stock is near an option strike price (2.50 in this case), with potential to go to 4 or 5.
To clarify CredEarn rate for XRP was down to 3%, but went back up to 6% for tomorrow's loan strike. You get that percentage if you also hold 10K of their LBA coin, which was cheap last time I looked, less than 3 cents. I goofed when I bought my LBA a few months back and ended up getting more than 10K, so I am loaning my extra out every two weeks, laddering just in case it also goes up in value; back to 6 cents, and I will lump the remaining in one loan.
MS has been my guru for getting paid while holding XRP long term with CredEarn (bought through Uphold). My first interest payment is tomorrow. Paid in USD. Goodie, looks like I can get more XRP cheap here in the low 30's.
Reminder: based on last quarterly report, XRP staying out of escrow for Q2 was 900 million (out of a possible 3 billion), up from 700 million in Q1. We handled the increase...kinda...barely. Each month, the potential impact will be fractionally less, but as of now, since less than half of the total 100 billion XRP is in circulation, those drops in the bucket still create large enough ripples (so to speak) to provide for plenty of angst. I hear the FUD, but proceed knowing some is reality and as much of it is perception and emotion, but then markets are not robots.
I would regard selling here as selling cheap. Need another 100% before I would consider taking anything off the table.
For a while there, XRP was worth 50% more, so do we care about the dollars in the quarterly report or the XRP? I thought we cared about the escrow.
If I read it right, 900 million XRP came out of escrow, with 2.1 billion returning to be put at the end of the line of 50+ months of escrow accounts. That is an increase from 700 million, or 28.57%. I was kind of hoping it would be more, because we (XRP) were able to handle it ... barely, with all the FUD.
Imagine how much worse it would be if it had been less.
This price is a good spot for options. MGI is right near the strike of 2.50. (The next strike available is 5; not so useful.) I can write covered calls here and sell more cash covered puts on sizable dips. Way to pocket some premiums while we wait for the Ripple impact.
Boy, I cannot wait for next quarterly report. We know based on the last one that the effective "dumping" of additional coins from escrow in Q1 was an average of 233,333,333 XRP per month. If that pace continues, adding that much to 41,169,202,069 XRP (number given by ihub crypto page) would be an increase of 0.5667%. If only the stinky pinkies diluted by so little.
So, if you believe in XRP, buy on the dips, don't you think?
Looking at VSTR chart, +14% might be boring for most sub-pennies, but no pump needed here. Adding an uptick to what has been a steady climber all month. Out of two dozen pinkies I have played since finding these boards, this might be the only one that has never given me grief. Anyone who became a bag-holder within the last year saw green today.
When BNGI was COBI not too long ago, its most recent spike (and about the only spike it has had all year) was 0.0008. That would be the resistance/breakout in my amateur opinion.
For those celebrating the 5/6 Bid/Ask right now, keep that in mind. If you got in at 2 or 3 and already flipped out at 5 or 6, I understand. But just think of the possibilities if you patiently waited for 8.
Just a thought. Go Co-- I mean, Bangi!
Actually, while 6 is 300% of 2, 4 (the increase from 2 to 6) is 2 doubled (200%, not 300%)... but I will take it, BNGI! : - )
I was not sure two months ago when I tripled my position (at a cost half that of my original stake) that it would ever break free from 0.0004 and see 0.0005 again. (First got in at 8, re-entered at 2.)
I am happy I doubled up again two weeks ago. Happy and lucky. I wish I could say that was some brilliant move on my part, being able to read the Same Old COBI, Same Old BNGI comments (both positive and negative...mostly negative) and calculate that a move to the upside was due, but no. Actually I just accidentally hit the back button at some point during the process of setting up an exit price, and so I accidentally bought more shares. First time I have done that in 10 years, and the first time that mistake has worked in my favor. :-}
From your lips to God's ears, cj; 20 to 30 cents on CWNR would make up for a lot of mistakes I have made in pinkyland.
There are many lessons in patience on these boards, but once in a while, you learn this lesson: If you are immediately proven right, take some profits. CWNR falls under the former, not the latter category; been holding for 102 days.
"Cut your losses" would be another good lesson, but I am not well-practiced at that.
Ah, April... the month of BBUCQ and DOMR ... and a certain reinstatement play that went by the ticker CWNR. Oh, well, 1 out of 3 is a great batting average for baseball, and not bad for these boards, either. Glad we are finally on a winner here, G Street.
Took profits (200% gain and now playing with the house's money) today. I will kick myself later when we get over 4 cents. Go CWNR!
And who knows, maybe next week we can get DOMR started again. (You still stuck in that one, Gary, like I am?)
No cheapies allowed. Under 0.015 a steal today. Do not get ripped off by selling low into the Bid. When Ask number is much smaller than Bid, I definitely want to set my price higher than the current Ask. If I am going to take profits, want to lift the boats while I do it. Can always curse not perfectly timing the exit later. And if I held on to some in case it runs, all the better if it keeps going.
Go CWNR! Have been waiting 100 days for this.
Travis at CredEarn replied that 10% on USD and the rest of their rates on your Uphold holdings will remain the same for Aug 1.
Well, crud, that is nice, but I would have held onto some USD to buy the weekend's dip on XRP (and maybe BCH) if I knew July 15 was not the last chance to get 10% on USD. Curse their stupid email!
PS To answer the question I asked earlier, the 6 ACH transfer limit per billing cycle out of a savings acct is 6 total, no matter how many different transferees. In my case, of course, it was just one, Uphold. So I have to leave that sixth one open for another exchange, maybe ShapeShift or, god forbid, Binance. : - )
With everything down, I am only loaning USD tomorrow morning with CredEarn while the 2G2BT 10% lasts. I did not convert any more of my dollars held with Uphold into XRP, BCH, or even LBA despite these bargain prices as it looks like July 15 is the last day for the generous 10% on USD. Next week we will know the new interest rates.
We should also soon find out how much of the XRP from escrow actually stayed in circulation last quarter. Indeed it might be good to know when exactly that report drops. Compare that to the 700 million (out of a possible 3 billion*) in the first quarter.
*That is 23 1/3 % for those of you playing at home. So previous statements (by me) that the 55 escrow accounts will take closer to 100 months than 50 months to exhaust at the rate we are going were actually conservative. At the current pace, it will take over 200 months to release the remaining 51 billion XRP. Although many think that pace will pick up.
Interest rate 2G2BT turned out to be 2G2L. (Too good to last, that is.) Disappointing, but not surprising.* We will see what the new rate is Monday; if it is over 3.57%, it still works for me mortgage-arbitrage-wise. Although I would prefer 3.75% or more, of course, the 3.5 on XRP definitely would not cut it. Whatever their next rate is, I should note that CredEarn is not the only place that lets you loan out XRP, BTC, ETH, USD, etc. I will look around this weekend. Maybe our tokens and dollars are needed more elsewhere.
MS, since you are a banker, I will ask you: The bank I was using to fund Uphold (at $500 per day) said the limit on transfers per billing cycle is six; but is that six total, or six to the same transferee?
*Do we have J-Dove, head of the Fed to thank for this? More likely, it was probably inevitable anyway.
Anybody trading crypto in a self-directed IRA? That appeals to me. Having various governments take a third of our profits (should we have any) does not. We watch the paint dry on XRP and a dozen other coins, agonize over our entry points and exit strategies on a daily basis, fuss with all the paperwork, and then some ne'er-do-wells are going to waltz in and take a big chunk of that? The idea makes me sick to my stomach. Right now, all I can trade in an IRA are the Grayscale trusts, some of which have steep premiums, especially the most recent Ethereum one (and pity the poor SOBs who have already lost 90% while it finds its fair price.)
Then again, without the ne'er-do-wells and their cr*p fiat currencies and budget deficits, would there be a market for cryptos? In the case of XRP, there might still be. Either way, 33.3% seems like a steep finder's fee, especially if I can avoid some of it, and do so legally.
I wonder what impact selling 500000 XRP all at once would have on the price. Would we be able to characterize that as "dumping"? If so, would that qualify as part of the effing shizz FUD we hear about so often on this board?
Just food for thought on a Friday. : - )
Easy money = stock market up, crypto down so far this week since Mr. Powell signaled that he henceforth would like to be referred to as "J-Dove"
Added another 1000 XRP today as well. 37 cents or less was my re-entry point. Although, whenever it goes low, it can go always go even lower. (That is why I got only 1k more.)
I think 10-20 cents is not likely and sub-penny? Come on, you are confusing this with a empty shell of a penny stock company with no prospects. This is a coin with a use case. If it was fairly priced before the monthly addition of liquidity, then at worst it would be fair to price it after the influx from escrow at ... what? 97.7% of the previous fair price. Correct my math if wrong, but that would be the dilutive effect if you add a billion to an existing supply of 42.5 billion.
Since we are down 11.5% from July 1, there are clearly other factors at work besides dilution (what some people refer to as dumping, or F-ing BS when they are feeling particularly FUDdy-duddy). Liquidity, dilution, dumping, effing sh*z, whatever you call it cannot in and of itself drop this so low. Sentiment, whale-watching, buying the rumor and selling the news, etc., all those things that traders do are going to have much more effect on the price than the eventual 134.74%* inflation of the number of coins over the course of the next 50+ months.
And at the rate they are going, it will be closer to 100 months than 50. Keep in mind, the billion a month has not actually been a billion a month. Over Q1, it was an average of 233 million/month. The other seventy-six and two thirds percent went back into escrow for another 55 months. Anyone else looking forward to the next quarterly report ... due next week?
*57.4b over the 42.6b quoted in a post from David Schwartz from 2 days ago.
Greed kills: I would have happily taken high for the day. Ugh, just as I would have happily taken yesterday's high. Always a danger setting your exit price too high, because you forget to have an order already in place for the crazy early spike.
Unfortunately my broker does not let me put that many zeroes after the decimal point.
: - )
So I need two daily big gainers in a row, IDGC. Price fluctuations from 0.000001 to 0.0001 do me no good. Oh, well, I took a flyer on this one a while back. So far it's gone nowhere. If it turns out to be a loser, it will not be the biggest one of the year, sad to say.
IDGC up 9900% Just need that again one more time and I will be happy with this one.
If that is the case, then the premium is about 200% here for ETCG, versus the new kid on the block, ETHE, only trading at a 134% premium to ... NAV, for lack of a better term, if the numbers I have seen per share are correct. Again, that is a 134% premium, not a 34% premium. I see some on that board are holding out for 30%, so still a long way to go.
Hey, look at that enthusiastic last hour buy of 2 million shares! Things are looking up for BNGI.
Unless that just means some idiot hit the Buy button when they meant to click Sell.
Why is this up when underlying is down? And by so much. I understand ETC trades continuously while ETCG does not, but this seems way off. Does this mean yesterday's trades were all way undervalued?
I am holding out for a 0.37115 XRP and not a fraction of a penny higher. : - )
Still, any dip below 38 cents earns congratulations... if and when it quickly gets back over 42 cents.
Happy 4th of July; this is why XRP. This is why we are here and why crypto in general appeals to us. Because freedom is good. Freedom is for the greater good, not the systems and isms designed for endless war and slavery.
Go XRP and crypto! And to hell with fiat. (But not quite yet, because most of my money is still in fiat.)
* * * * * *
* * * * * * *
Now top ten are down except for Lite. And that will change, too. Do not let yourself be ruled by watching the paint dry.
I got the LBA so my XRP could earn 9% instead of 5%. Now it is 3.5% with the LBA, but at least I can now get 10% from my surplus LBA itself. (And 10% on USD, which is why I will send another $500 to Uphold today; it might just process in time for early Monday morning July 15.)
Not sure they would let you double-dip and loan out the 10k as well. At this point the interest is negligible. Which is why I am patiently laddering my LBA. It is valued at less than what I paid for it. : - (
Good for you. I missed the flippin' dip and bounce, darn it. Would have loved to bring my average down to a bargain price. Now I have to hold out for more. Come on, ETCG!