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OK, now Catherine Coley @cryptocoley is my NEW latest crypto/internet crush.
PS below is from Ripple's Q1 report. Can hardly wait to see what percentage of escrow actually remained in circulation from Q2's 3 billion.
Q1 ESCROW ACTIVITY
In Q1 2019, three billion XRP were again released out of escrow (one billion each month). Additionally, 2.30 billion XRP were returned and put into new escrow contracts. The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem.
I do a few transfers every two weeks from my funding account to Uphold. So that is $1500 every half month. I use the bank regulations (and Uphold's daily max) to regulate the amount of USD I risk as I build this six month CredEarn ladder. It is not a standard looking ladder by any stretch. It is a patchwork, beginning with a base of Slow and Steady (that means XRP), and then a mix of CredEarn's token (LBA), Bitcoin Cash (BCH) and now USD.
No, I would not get a HELOC or personal loan, either, to try to arbitrage the interest, but rather than pay off the mortgage early, I am happy to move savings getting little interest into something earning more. You get no interest for a week while moving the money, but 10% makes the wait for the next 1st or 15th worth it.
As an exercise in patience, I continue to loan out my LBA 1k at a time until I have no more to lend. The interest is inconsequential, of course, but sadly LBA was valued at less than 4 cents at the moment the loan locked in a price. If it ever looks like it will be well over 6 cents at loan time, I will throw all my remaining LBA into one loan. I would have done likewise with my remaining XRP if it (and the rest of crypto) had not fallen from last week’s highs. I am also holding out for higher on my meager Bitcoin Cash holdings.
And then, because for some crazy reason USD gets 10% from CredEarn, I loaned out most of that, leaving just enough to buy some more BCH or XRP if they go down more. I will start the transfers from my funding bank to Uphold tomorrow to account for the 5 - 7 business day delay, so I have more for July 15. Remember the 4th is a not a bank business day.
Congratulations on a 5% boost just in time before your loan goes through ... knock on wood. I assume you are doing a July 1 loan, albeit I am guessing it will be a fraction of the size of your loans over the last 3 months. I want to know the strike price for today and June 15.
And of course, curious as to how much of the escrow release stays out and how much goes back in for another 55 months. If I am not mistaken, last quarter the amount staying out was less than 25%. Looking forward to the next quarterly report—due in a couple weeks maybe? My guess is 30%. Is that counterintuitive? Maybe there was actually less news this quarter; it just seems like it was more, because it was more recent. Then again, MGI deal seemed like a big one.
If you believe in crypto, a buying opportunity is there for all coins and tokens that are down, which would be ... most of them? I might bite on XRP below 40 cents.
Where does one buy LINK? ... and don't effing say Binance! : - )
PS My bad for saying we might not see XRP under 40 cents again. That sailing ship returned to harbor a day after I said that.
I'm sorry, ETFM is a crypto play now?!?
All I see is that this thing was over 60 today and I missed it.
That is over my IGMB average, G D it. Now we are looking at a close down 6%. Double dang it.
Thanks for the options reminder, Neb. Bought a few out to November (that is a ways out for me; been over a decade since I have held options that long). And if MGI pulls back, I will sell cash covered puts.
Is Binance even available right now to US customers? Heard Maxine "Muddy" (and Corrupt) Waters and the rest of the idiots in DC making regulatory noise forced some of the exchanges to hit the pause button. Is that not true?
Appears that short-termers will rule closing minutes. Nothing new. Can't blame 'em. If my cost basis was 6 or 7, I would have taken 13 today, too. As for tomorrow, there might be a first hour+ dip to buy. Have seen those kinds of daily charts, too.
I need this to get over 21. Glad I doubled up last week, but this one has a long way to go to be a winner. The typical ihub one day on the Hot Board stuff will not cut it; need multi-day run.
If you folks want volatility, try the Grayscale Ethereum Trust that just started trading on Thursday. You could have already made a fortune, lost it all, and then made another fortune today. And lost most of it all over again.
Even though MS has been my guru on this one, and led me to squeeze some money out of XRP (and LBA and BCH and USD) while I hold it, using CredEarn to loan out what I accumulate with Uphold every two weeks, I am doubtful XRP will ever be the biggest crypto gainer on any given day, even out of the top 100 cap-wise. It is not designed that way.
XRP is a long term slow and steady play, as you can see by looking at recent charts, with the exception of the two days where it gained 34% and gave up the lower 30-cent range to get to its new mid-40's trading range, spiking briefly as high as 47 cents intraday as I recall. There have been opportunities to buy on dips below 40 cents since then, including as recently as two weeks ago. That ship may have sailed.
PS to MS (and others who might use Uphold/CredEarn), BCH rate down to 6% from the 10% I got on the 15th. ETH down to 3.5%* (matching what you can get from XRP), while BTC, LBA, USD, and Euro remain at a seemingly 2G2BT 10%.
*Unfortunately I need 3.57% (before taxes) to fully arbitrage my mortgage.
Imgur Raises $20 Million From Ex-Ripple CTO’s Micropayments Startup
https://www.coindesk.com/imgur-raises-20-million-from-ex-ripple-ctos-micropayments-startup
This today from Daniel Kuhn (linked from the latest crypto news on TradingView)
Imgur, a popular image hosting site, revealed it has received $20 million in venture equity from Coil, a micropayments tool for content creators.
In addition to the funding, Imgur has agreed to build Coil into its platform, which receives 300 million monthly users, to provide micropayments to users who view content, according to a report from TechCrunch.
The partnership will also be marked by a forthcoming premium Imgur membership with exclusive features and content for Coil subscribers. A $5 per month Coil subscription funds creators per second that the subscriber spends consuming their content at a rate of 36 cents per hour.
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we’ve built one of the largest, most positive online communities, based on our core value to ‘give more than we take’” Alan Schaaf, founder and CEO of Imgur, said in a press statement. “Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
Coil was founded last year by Stefan Thomas, the former chief technology officer of Ripple Labs, as a means to pay creators for their labor. It’s subscription service is now in open beta, and it provides extensions for Chrome and Firefox.
Comparable to Spotify, Coil’s Web Monetization API automatically pays creators in XRP based on usage, while the user enjoys the flat subscription fee.
Thomas will join Imgur’s board. Imgur previously received $40 million Series A from Andreessen Horowitz and Reddit.
Coil’s investment stems from Ripple Labs’ Xpring Initiative, which aims to fund proliferation of the Ripple XRP ecosystem. Imgur received US dollars in the funding deal.
I had to highlight that last sentence; let the FUD continue! : - ) But keep it clean. No reason for FUD slinging to become mudslinging.
All right, who is the knucklehead who cleared the 30-day Wash Sale period last week and could have reloaded IDNG at the bargain price of 0.0009 on Friday and yet failed to pull the trigger?
Oh, yeah...
And now the thing is #1 on the Hot boards!
Crap...
I would call Chris Hughes an idiot, but he has 430 more millions than I do. Smart or dumb, he sounds like a pro-war, pro-slavery type, i.e., a socialist. That particular "ism", currently popular for some crazy reason, has already proven to be an awesomely good one for a few, at the expense of everyone else.
Freedom is for the greater good. Is this token called Libra freedom? Considering the rogues gallery involved (FB at the top of the list), probably not. I understand not trusting the corporations, but governments and central banks...? Really? They have been reducing the value of the currency their people carry in their pockets throughout their history. If socialism, fascism, central planning, and the like were as terrific as the politicians promise, there would be no demand for cryptocurrencies. Instead there are thousands of them; we think one of the best of those is XRP.
Slow and steady XRP is not ever going to be the one that appreciates the most in one day. Which leads to some not appreciating it. But it is here, we hope, for the long run.
There should be a moratorium on Maxine Waters. She is a textbook example of the corruptibility of a "safe seat." The question is which cryptocurrencies would have appeal even if ne'er-do-wells like Congress and the Fed* were not urinating away the value of the dollar. XRP with its cross-border payment use case would still be of value, I would think, even if fiats did not stink to high heaven.
Before you start comparing the "dumping" of XRP from Ripple's majority holdings to the dump the government takes on our future every day (nearly $2 billion in overspending, not spending, but overspending), I would compare the monthly controlled release of XRP from escrow more to the actions of a company producing what it is selling. Coca-Cola advertises its fizzy drinks and then makes more of them to meet demand.
Only for XRP holders, it is better than that. If they make too many Cokes, those become "loss leaders" on sale at your local store. But as you can see from the last quarterly report, more than 3/4 of the XRP released monthly (1 billion per) from escrow went back into escrow. With all the news in this quarter, we can hardly wait to see the next quarterly report, to see how much supply remained out of escrow to meet demand.
*I actually kinda liked Janet Yellen, but the destruction of the dollar since the advent of the IRS and Federal Reserve is undeniable.
Finished over 2 cents is OK with me. (I must have looked before the dust settled.) That means my VSHC losses for the day were only $6.46. Now the only question is do I hold out for 5 cents, the second strike price in the "friends and family" deal.
Seems market thinks VSHC is worth two cents at the moment, based on the "friends and family" price and it does not want to pay more than that just yet. That is why I put my order in below 0.018, leaving 10% wiggle room. Momentum made that an easy fill, a little easier than I expected.
Am I miss-reading this? Is it really any more complicated than that?
With a 0.0185 close, doom-and-gloomers can feel vindicated, but if you think any price under 0.02 is a bargain...there's some good news.
Guess putting GTD on my order was unnecessary. Executed in no time below 0.018; that lowers my average considerably.
VSHC, you now have my permission to run.
Darn, kind of hard to pick up more if the spread is 69%. Anyone else want to give up on DOMR at 0.0062? I am not slapping 0.02. If I am loading more, I want my average DOOOOOOOWN.
Again, the Moneygram news is good news. Immediately. For MGI. As you can see, they held their 100% over night gains. The fact that people think it is good news for MGI reflects well on XRP.
Do I need to tell my Kraft Went Down When It Bought Cadbury story a third time? Markets are not that confusing; just unpredictable enough to not get too boring.
In case you did not notice, Facebook has news that does not IMMEDIATELY benefit a lot of our favorite cryptos. That might be why 12 of the top 15 coins/tokens are down.
https://ambcrypto.com/libra-greeted-with-mixed-reactions-as-facebook-takes-a-giant-leap-into-the-cryptocurrency-space/
But I can only speculate. Eventually it may benefit some of the better cryptos, like XRP. Many more people who have never used a crypto are going to soon, whether they planned on doing so or not.
Oops, guess I should have saved my anecdote (about Kraft initially going down when they announced they were buying Cadbury) for now.
Although this was more like ‘Sell on the News’ profit-taking. Just think, this was 33 cents not that long ago. I remember checking the price on the eve of setting up one of our CredEarn loans, so it must have been late May 13 or early May 14.
So if you bought at 33 cents, you could have sold yesterday at a nice short-term 33% gain and taken your profits elsewhere to chase some shooting star. Then you would never have to agonize over Ripple’s slow and steady business plan of balancing liquidity with building more partnerships for the future.
That would be like achieving Nirvana on Earth. Good luck out there.
The Moneygram news was better for Moneygram, than for XRP, that is why they are up so much, lots more than XRP. They needed it more. Is that really so hard to understand? Yet it reflects well on slow and steady XRP that it could impact shares of another company by over 100%.
I remember back about ten years, I was looking to invest in Kraft. (The whole "buy what you know, buy what you buy" theory.) Then Kraft bought Cadbury. Good news for somebody, right? M&A always making it rain somewhere. Did both tickers go up on the news? What do you think? Kraft went DOWN, because... anyone?... Bueller?... hel-lo-ooo?... they were SPENDING MONEY. So it was good news for me, too. I got to buy in at a lower price.
Conversely, if Facebook came out with a big XRP announcement, which of them would feel a greater immediate upswing in price? If you guess correctly, your prize is... well, that depends. If you put some money behind your guess now, and you are proven right later... hmm, that is what speculating in the markets is all about, isn't it?
Well, this proves we are all financial imbeciles. Should have been accumulating MGI all this time, not XRP. Heavens to Betsy, what is wrong with us?!? : - )
I must admit, I do not think I knew about how liquidity is added from a large escrow account every month. I was just looking for a crypto that was not thousands of dollars per coin. Hence XRP. And this board is one of the most active crypto boards here on ihub. That is how I learned how I could earn interest on my coins while I wait for a life-changing price increase.
I do not see any reason to get upset about how much XRP is made available every month, especially if Ripple is creating demand to meet the supply, not with moon-shooters, but with financial institutions around the world.
I decided to look up how much of the escrow actually stayed out and how much went back in last quarter. This is what I found: “In Q1 2019, three billion XRP were again released out of escrow (one billion each month). Additionally, 2.30 billion XRP were returned and put into new escrow contracts. The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem.”
So the amount that went back into escrow for another 5 years was 3x more than what remains in the market, adding liquidity. When we get the next quarterly report, will we be upset to find out more stayed in the market? Or will that be a good thing, because we were able to absorb it, because there was more demand.
Frankly, a business model that includes an orderly increase in supply does not worry me. Somebody else building a better mouse-trap, on the other hand... that is why we diversify.
Maybe my third question is why 10% interest on USD? That definitely smells of 2G2BT. Does CredEarn or Uphold need USD that much more than they need XRP? You're a banker; you can explain the supply/demand better than I. Liquidity? Protection against a sudden sell-off in crypto? Or, if they are loaning it right back out, what rate are they getting? Something in the 20's?
As for your wife's life savings, I would advise her to give you no more than $3000 per month to move into Uphold, or a total of 9k, a reasonable will-not-make-or-break-you amount of risk, to complete the last 3 months of your six-month loan ladder. Three thousand dollars a month is my limit, set, not by Significant Other, but by bank regs (absent that second state-issued ID card). I have three more $500 transfers I can do this month. Since Uphold takes as many as 7 banking days to tap my funding bank account (IMHO inexcusably long for this day and age*), I guess I should do the first of those three today.
*the exact opposite of the use case for XRP.
Take the interest rate reduction as a compliment. Maybe. Why not? Perhaps CredEarn thinks XRP is reasonably stable. Which it is. You have had an opportunity to buy it between 30 and 40 cents for months now, even this last month on dips.
I know your entry price was higher than mine, I think higher than where XRP is now at 43 cents, so that extra 9% yield helped make up the difference. The good news for you is you are done with setting up your loan ladder for the next three months. At least the big rungs of the ladder. You could do what I am doing and add some non-XRP rungs in the meantime, like I did with Bitcoin cash, dollars, and a paltry amount of LBA on Friday night.
While we wait for the next crypto shoe to drop, MS, if you do not mind, I have a few questions:
What XRP price did your June 15 loan get?
How much XRP was released from escrow? More than usual, or do we have to wait to find out how much was the net amount released? (One billion minus whatever returns to escrow.)
I had a third question, but now I forgot it. Something about CredEarn and the interest rates or maybe a question about the last thing you said in your post saying the USD "will hold its value." Really? That was a joke, right? Yes the USD/USD chart holds steady at a 1/1 ratio. A steady flat line. : - )
Diversity? Diversity?!? Meant to say diversify, of course. Dang it, that post was so nearly mistake free after revising it over and over again, before and after posting it. And then two goofs in one sentence, the second to last. Ugh, embarrassing.
Well, come to think of it, and maybe it is worth mentioning again, I do mean to diversify. I will keep holding, and watching XRP, and probably loaning, since I have some still waiting for a higher price. But as to what I buy on dips, it might be XRP, it might be Bitcoin cash. Heck, I may finally get some Ethereum, or one of its many alts.
As always, remember there are thousands of coins and tokens out there. Chances are yours was not the biggest gainer today.
Why are we cursing Ripple and the escrow release of XRP every month? Is that not the plan? That is the schedule; that is what is going to happen, an orderly release of more XRP every month over the course of years. If only Congress and the Fed were as reliable. (Oh, wait, they kinda are.) In the meantime Ripple is supposed to grow their business to keep up with the demand. Indeed, some of the XRP goes back into escrow (for another 5 years, I guess, according to demand maybe), so...this is not a flash-in-the-pan; no matter how many people bemoan the plan, I think they are sticking to it.
There are (sorry, MS) not 2000+, but 3000+ cryptocurrencies and tokens out there. If I knew how to create one, there would be one more than there is now. Many are competing to simply be the flashiest flash in the pan. From what I can tell, XRP will never be that. If you were hoping it was a get rich quick scheme, you already know it is not, certainly not the get rich quickest.
I first learned of Bitcoin 7 years ago when it was $12 per. I immediately knew I wanted some, but did not put in the effort to get some then. It was not as easy as buying 100 shares of JP Morgan and heck, I have only had a smart phone for 4 years (the same one, I might add). Smart phone or not, I sure wish I had put in the effort. I would not be a millionaire, since I would have taken some profits at $48, quadruple my coulda-shoulda-woulda entry point (I want to say that was during the Cypress crisis, but I may be miss-remembering the Fiat and Banks Suck timeline), and again whenever it hit $1200 (100 times my Oh, Man, If Only I Had Bought Back Then price), little knowing it would reach ten times that.
So, as it turns out, yes, I could have been playing-with-the-house’s-money quick, within a year of Bitcoin entering my consciousness, but get rich quick? You had to patiently wait from the high of late 2013 until 2017 for new highs, and highs beyond our wildest dreams.* Would I have had the patience to continue to accumulate BTC all that time, at the pace that I have been accumulating XRP for only a couple of months? (Or even at the pace I have been on since my bank said, “Hey, Sparky, only six transfers per month.”) : - )
*Now we are all dreaming. (“Such-and-such coin will be the next Bitcoin!”) Good luck with that. You can be patient (or not) with this or any other currency you diversity into. The market will barely notice, and not give two plugged nickels if your patience is wearing thin... unless of course you are a huge BTC whale.
There are no minimums with CredEarn as far as I know. It is the maximums that have slowed me down. First, the $500 max daily transfer to Uphold, unless you provide more paperwork, including another state-issued picture ID; second, the six ACH transfers per statement cycle (month) allowed by bank regulation.
The fewest XRP I have loaned out is 4000. On Saturday morning, I did 2 BCH. (I was happy to see the price locked in at 419.90, over my cost average.). I also loaned out 1000 LBA (worth a total $54.04 at the time). The interest is inconsequential, but I will continue to ladder the rest of my LBA, unless it goes well above 6 cents, and looks like it will stay there on the morning of a loan origination date (either the 1st or 15th of the month); then I will lump my remaining excess LBA in one loan. Note that is the CredEarn token; holding 10k of them gets you a better interest rate, in some cases much better; in the case of XRP, 5% instead of 3%.
As for the loan strike price for XRP this time around, I do not know. MS will have to tell us. Looks like it was between 40 and 41 cents. For the record, here are the preceding XRP prices locked in:
June 1 - 43.75 cents
May 15 - 42.613
May 1 - 30.456
You may be wise to hold some XRP for July 1. While CredEarn allows the loans themselves to be rolled into another six-month term upon maturity, I figure the first mid-term payment of interest (in USD) you will not be able to use until the next loan date two weeks later. The deadline will have passed, since we basically have to set those up the day before.
You have a month's head start on me setting up these loans, and I am looking at this as a six month ladder, so I still have another 8 loans to initiate after this one, to make a total of 12...two per month for six months, before the rungs start rolling over. (Here's hoping with XRP earning me more interest, because the price is up.) Admittedly the first rung on my ladder is the heaviest, with more XRP in it than the rest combined so far, but I do want to be earning interest on principal (of at least $1500) every half-month, not just interest on interest, for the whole six-month term.
Does your first loan mature on July 1? Or not for another 3 months? Still a month and a half before my first half-way-through-the-loan interest comes. It will be nice once all the rungs in the ladder are installed, but I can be patient. Plenty to do in the meantime.
Like you, I am inclined to keep the small amount of XRP I have for when the price goes up. I do have 2 BCH (Bitcoin Cash ABC) to loan out tomorrow. I may even loan a portion of USD, maybe 500 or 1000, saving some to take advantage of dips in BCH or XRP. Ten percent is better than two percent, but I am getting zero percent while it sits with Uphold and waits to be converted to altcoins or be loaned through CredEarn.
The only question is how much LBA will I loan out. Do I lock it all up into what looks like a price between 5 and 6 cents, or patiently continue to ladder? Probably the latter (no pun intended).
Which exchange are you using to acquire LINK? Looking at the Crypto stats here at ihub, and of course Binance has the most volume, but I am not so sure about Binance. Any good alternatives?
Back up is LBA, what your XRP needs to earn 5%, instead of an even lamer 3%. Wonder if that is because it is the Eve of setting up loans with CredEarn once again. How time flies when you are having fun watching paint dry.
Curious to see if XRP still gets a bump like it did on loan days when it was yielding 9%. Me, I will likely hold out for a higher price. Below 40 cents is now the new Underwhelming Zone... or Accumulation.
If I can roll any of my XRP loans and still get 9% yield, I will take that. The first of those maturity dates are nearly five months away.
On a crypto side note, ShapeShift says beta is ready. I signed up for that more than a month ago. I was more enthusiastic about it a month ago, too.
Funny that I am looking at what you would consider more risky investments like altcoins and stinky pinkies as more long term holds (not always by choice), complete with long term investment strategies like dollar-cost averaging, while my trading in seemingly conservative blue chip stocks is short-term. In and out in a couple of months or less to capture dividends and/or pocket some option premiums. I started a play with Coke a week ago, and it looks like I will be out Friday, if any of the gains so far hold.
Meanwhile, looks like I am an XRP HODLer, for six months to a year, maybe more. Thanks for keeping up with CredEarn info, MS, the good and the not so good.
We are not flipping. Holding (or HODLing) XRP, riding it up or down for ... at least six months, so might as well have it earn some money in the meantime. At least that is the theory. That is the use case for me, since I am not an international bank. But with the interest rate for XRP from CredEarn less enticing than it was when I started accumulating two months ago, I am now itching to diversify into some perhaps more volatile cryptos. That will mean trying out some other sites besides Uphold.
This is where it sounds 2G2BT. 10%? USD yielding 10%?!? Even 3% without the LBA is generous for a six-month loan denominated in greenbacks. Sounds kind of boring versus dabbling in crypto, but I may do one loan in USD along with another in LBA, and maybe some BCH (Bitcoin Cash), as well as look for dips in XRP of course. The diversification begins. I will move $500 to Uphold every day for the first 5 days of the month, and worry about what if anything I buy with the fiat money later. This leaves me the 6th monthly transfer allowed by bank regs as an option, a hole card, maybe to be played later on a dip after the 15th.
I just looked to see what you meant, MS. That was my concern a month ago. At that time, I was confused, only seeing the loan yield offered if it was without LBA. But what previously had been a misunderstanding leading to some chagrin on my part is now reality. Sadly, CredEarn gives you only 5% on XRP even with LBA and 3% without (the same as what they offer for XAU).
This may change my accumulation strategy, and spur me to diversify into other cryptos sooner. The 9% made loading XRP a no-brainer. Yes, CredEarn offered--and still does offer--10% on BTC, but I wanted a cheap up-and-comer, not the expensive granddaddy of them all, where it would take 3 months of deposits before I had more than a fraction of a coin. (That is why I use GBTC to play Bitcoin.)
Part of me is not surprised. I was not sure if it was Too Good To Be True or Too Good To Last; I guess it is the latter. Might be a supply/demand thing. You and I and others have generously been loaning out our XRP to take advantage of the 9%, so much so that maybe they do not need any more. Perhaps they finally factored in the escrow, too.
Conversely, if XRP goes up 40% every month, like it did in May, or even 20%, then maybe 9% was chump change anyway. This is why you were laddering... and I was looking to do the same. We were factoring XRP price volatility, rather than the yield itself, which is the traditional rationale for laddering. Now things have changed. I was hoping the higher yield would last another month or so, and who knows, maybe it will be back. Meanwhile 5% is definitely not enough for me; I can get that from fin-prefs.
Oh, duh, so that would mean four to five hundred loans every two weeks. That makes more sense. : - )