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Did not have to wait quite so late. CredEarn locked in 43.75 cents at 12:57 eastern time for my XRP loan. And they even are rounding up to the nearest penny on the quarterly interest. Woo-hoo. To spare you looking back through earlier posts, price was 42.613 cents on May 15 and 30.456 on May 1. It has been a heck of a ride this month.
FYI, LBA notice just came in priced at 4.141 cents
Next: how much XRP is coming out of escrow and will it be delayed until Monday by the weekend?... or... does the rule “crypto never sleeps” apply?
PS the difference in my loan reference numbers was about 1.7 million, much less than the 8 million last time, but I set up my May 1 loan with a lot more time before the deadline. These last two times, I have waited to set up with about 7 hours to go until the strike price was locked. I won’t be able to gauge the volume until I have another reference point two weeks from today.
Is that the guy from a month ago? I think that would be rubbing it in, wouldn't it? You ended up having a one-sided conversation, because it looks like the posts from the other person were all deleted. I only saw your half of the posts on whether or not discussing this particular use case for XRP was appropriate.
Frankly, the CredEarn angle is why I am buying XRP from Uphold, period. Thanks to you explaining it two months ago. I have yet to go through the steps to set up with Coinbase or Binance or any of the other sites advertised here and elsewhere.
If early June 1 XRP is worth more than it was at the same time on May 15, that would be quite all right with me. Still 7 and a half hours to go. : - )
Since it is Friday, I should be up, yes. I may even be out. I just put in and confirmed my XRP and LBA loans with CredEarn. Less than what I loaned out on the 15th, which in turn was half what I loaned on May 1. I have to pace myself now, as I will only buy in the next four months what I have bought up already in these first two of accumulation.
Looking for patterns on these Loan Eve days. On the previous two, we got boosts, last time just in time as it turned out. Today feels like a down day, which a glance at the 24-hour chart shows to be the case, and yet a closer look shows we are up 6% from today's low... depending on your time zone. Oh, well, you gotta sleep sometime!
Yeah, but did they prematurely release escrow? Or do those Ripple wallet moves not count? Still getting a bunch more dumped on Saturday?
Still, XRP holding at 42 cents at moment. Kicking myself I did not get more every time I have had the chance below 40, not to mention the price was as low as 33 cents just hours before I wanted to load up for my May 15 Uphold/CredEarn loan. Ow, that hurt. Had to settle for last dips to mid 39 handle on May 14.
Wonder if there might be some profit-taking pre-escrow time. Was kind of hoping the price would stay above 44 cents until Saturday.
Also saw this news story from the same site europa linked: Whale Alert?
Maybe somebody liked MS's idea of moving a lot of XRP to get people to notice. Unfortunately, if the goal was to send it to new highs...not so much.
Or if these transactions are from Ripple themselves, would that be them jumping the gun on releasing XRP from escrow, or am I misreading this?
The interest on one thousand LBA is inconsequential of course, but I am going to ladder it (just in case it does go up, too) like MS is doing with his XRP loans, so that once they start maturing, I will have some available again every 1st and 15th of the month. Assuming I am still interested in crypto 5 months from now. : - )
I will probably lend 4000 XRP tomorrow night. That is late tomorrow night, so late it will be June 1 on the East Coast. I expect to still be awake to see what XRP price we lock in for the six-month loan. Also I plan to start a loan on 1000 LBA, since I have extra of that. As long as I can get 9% and 10% respectively for those from CredEarn, that is a viable real world use for me.
Note: you need 10K LBA to get 9% on your XRP, otherwise it is a mere 5%. It will take a while before the LBA pays for itself; either it or XRP needs to keep going up.
Was not completely gone. Sold first lot, but have been holding my second lot for nearly as long, just in case it kept flying. I would never hear the end of it from pb if I was left without any position. : - )
As it turned out, UCPA stayed rather range-bound for nearly 3 weeks. Perhaps that explains the precipitous drop. People lose interest, move on.
That second lot was cheaper than the first. Needless to say this third one was even cheaper.
Dang, I just looked at MJTV, another one where I sold some over a month ago. Up 50% today, but that is still way down.
Short holiday week not kind to share prices so far. I took some profits off table over a month ago. (Wow, already a month, and that was my very first pinky buy--a month before that.) Now I am clear of wash sale rule and back in much more cheaply. Here's hoping I have no regrets that my sale date was not 29 days ago.
Hope we are in stronger hands now, with more lions in the UCPA pride.
Good grief. $65? Come on. Bad enough Cryptomaniac101 says chart like 2017 would get it to 5 - 10 dollars in June. That is next month. Darn it, I was not done accumulating. : - )
Let's just see how much stuffing is knocked out by escrow next week.
I only have a debit card for my main (or, if you will, hub) bank account. And I sure as heck do not use that one to link to crypto sites that attract hackers like flies to fertilizer. It is bad enough I set up with Uphold before creating a new email just for crypto, but I jumped in to start accumulating without delay when I heard I could earn interest as I build my position over the next few months. I am also looking at Voyager and Crypster; perhaps those are a little too obvious, as I believe they advertise on this site.
XRP holding up well (on BTC coattails I guess) even now; usually peak in late to check for overnight dip.
Just so you’ll be prepared before you visit the Uphold website, I should note you want to take a picture of your ID (presumably your drivers license) both sides and then a picture of yourself holding that ID up to your face, then have those pictures ready to upload on whatever computer or device you will be using to sign up with Uphold. You probably want a two-factor authentication program already on your smart phone as well. And of course be ready with which bank account you will use to fund your account.
Speaking of bank limits: Note you may not have enough additional identification and paperwork to give them to lift their limit of $500 a day. I was happy to dollar cost average that much every day, but keep in mind that bank regulations will limit the number of ACH transfers per month (or statement cycle) to 6 per, so I am only adding $3000 next month, starting some time next week when and if I see a dip. As MS said, the transfer, once confirmed, locks price immediately but takes 5-7 business days, which frankly seems excessive in this day and age. Quite the opposite of the promised speed of the use case for XRP itself, perhaps ironically.
If this gets back to 0005 any time soon, I will walk or strut anyway you want me to, COBI
As much as I like to be right immediately when I buy something that I hope will appreciate in value, something tells me that a slow climb, with even some retracing, serves this particular altcoin well. It has a use case that we think banks and others can buy into. If we really believe in it, I am not sure moon shots, wild swings, or even constant inflation will draw in as many users as something more stable.
Wild runs that appear to be unsustainable FOMO bubbles are not our speed, and maybe that is a good thing.
Again, waiting to see the impact of the coming month's escrow versus the demand, which certainly ought to be increasing. Could be quite interesting, perhaps more so than ever.
Oops, almost forgot to add "Go XRP!" to make sure this post is not ruled off-topic.
Really scrooooed the pooch by not buying yesterday. Had the limit order typed in, but by the time I hit the Preview button it basically would have been a market order, and because of that, I changed it, lowering my price. That priced me out of the stock and out of the gains to be had overnight (and the dividend, I am pretty sure). Oh, well, IP, I will check back with you next quarter.
What the bleep?!? Half my gains disappeared in that drop. I already have enough positions that are going nowhere; I don't need this one to suck, too.
Patience, Grasshopper. A watched pot never boils. I have been moving my Uphold USD into XRP, a little at a time, under 38 last night, under 37 this morning. But I want to pace myself and see the effect of a holiday weekend and then the effect of the escrow supply versus the demand from all the recent good news.
The new month is less than 9 days away. Then we see how much of the gains of this month have held.
As for LINK, 90% trading on Binance, which makes sense if it is a Binance token. Binance... the people who got hacked for 7000 BTC two weeks ago. I cannot be ruled by FOMO. There are thousands of alts; always going to be some on a crazy steep upslope.
These boards are mostly for penny stocks. But I like to see if there is any chatter here on the blue chips in my dividend capture rotation. Monday this week was like last week although not as harsh. Both good opportunities for bottom fishing. (As they say, "Never sell on Monday.") I collected the premium on a cash covered put on IP while it was down, with a strike of 44, I think. That was a quick score with the option expiring at the end of the week. I might have done that again this Monday (with a strike this time of 43 or 43.50), except I am getting conflicting info on when the ex-div date is. Finance.yahoo and every broker I check says not May 28, but May 24, this Friday, so an option expiring that day would leave you out of collecting a dividend if you get stuck with the stock finishing the week under the strike price, leaving you to start next week as a proud owner of shares.
So, this week, looks like just buying it outright (particularly on Never-Sell-On Monday) was the way to go. Or even if you got it early Tuesday, still under 44 within the first hour, you could then have already sold it outright if you were pleased enough with your short-term gain (hopefully at least 50 cents a share, since that is the equivalent of a quarterly divvy). Or you could have sold a covered call expiring as soon as Friday on the nice positive open today before things turned south, maybe with a strike price of 45, or 44.50, if you wanted to lock more of your potential return into your premium (and have more protection against a retrace).
Up 50%? Yes, 3/100ths of a penny is 50% more than 2/100ths. And you could have got that lower price in the waning minutes of the day, so good luck selling for a quick 50% profit. Indeed, if you want this to go nowhere, keep setting your GTC lower than 0.0005. As far as I am concerned, this needs to break its last recent high of 0.0008 to justify its existence, whatever the ticker symbol is going to be. Otherwise, just a waste of space.
Oops, forgot what day of the week it was yesterday. It was a Never-Sell-On Monday, followed by a Turnaround Tuesday (so far); so much for getting IP quite so cheap today.
At 44.44, this thing pays 4.5%. Small consolation if you just lost over 4% today, but not bad for a stodgy blue chip. Looking to put in a crazy low bid for tomorrow around 43 and if I catch, I get a dividend within a week, yielding around 4.65% APY. I would sell another cash covered put, but, while press release says next week, broker site says XD is Friday.
Not sure what price the whale got on his sales. I would think a high price at first, much more than the 6250 bottom, but unless he unloaded most above 7400, I am not sure how much money was made on the drop since it was so short lived. Any mention from Bit-whatever exchange that the same customer bought back at the low or even anywhere in the 6000’s? Perhaps it was just an experiment.
When the down-spike began, Bitcoin had already fallen into the 7700’s, well below the sometimes quoted 8200 starting point for this dumping of coins. The day to sell was the day before. I sold half my GBTC position early Thursday, missing the high (and the last 3.3% to be had) by about an hour.
As for shorting, how would one do that with crypto coins? I know with stocks, you basically borrow stock you do not have to sell. So how does one borrow crypt—? oh, yeah, that’s right, those of us who use Uphold and CredEarn loan out our coins every 1st and 15th of the month. Hmm, are we market makers now?
I see XRP was below 40 cents again yesterday. I tried to buy exactly $260 worth on Friday in honor of you, MS, but could not get a round 700 for that price. Came close, but when including Uphold’s 1.4% fee (or even splitting the difference), could not quite get my target. Looks like dips below 40 are buying opportunities, like dips below 30 were two weeks ago. Hope so. Still have powder this month. More next.
Now that is me telling friends (well, anonymous acquaintances at least) that I am buying. Is that worse than telling friends and family you are selling?
I do not mind them investigating big move on their site. It happened on their site. I was a big move. And it was a big move down. Or a big spike down. If it was a big spike up, would we be having this discussion? The price quickly recovered, which I hear tell was bullish and a needed gap fill anyway.
Did the seller accidentally sell? I hear that can happen. (Sorry, MS, I could not help it.) Was the price of 6200 a typo? Was it meant to be 8200? Oops. I guess trailing stops are a good idea* ... except when they are not.
I often see posts on these boards when the price is down that they are accumulating. ("...loading more...averaging down...thanks for the cheapies...I will buy more on payday..." etc.) Are people obliged to unload their positions at the same pace?
An investigation might mean a crime happened, but indictments are not guaranteed. Just ask President Mike Pence. He will tell you sometimes it just means a lot of people were on the losing side of a headline. Boo hoo.
*Trailing stops might have kept Martha Stewart out of jail.
Criminals as in... they stole the Bitcoin? Or are we suggesting that the act of selling in and of itself is criminal? If the act of taking profits is criminal, why did I bother googling "penny stock breakout" two months ago? Not that I have cashed in many multi-baggers, but the idea of investing in cryptos or equities big or small is not to lose money. It might be the more likely result, but not the goal when you bought at a point lower than where you hope to sell.
Who knows? Maybe it was someone who just REALLY needed 31 million dollars before the weekend.
So, your subconscious was telling you to sell when you "accidentally" sold $260 worth, MS. Maybe it knew something you did not. Patience is just as important on dips as it is during what look like FOMO situations.
I have been putting off a question, but I will ask it now that we have lost some steam anyway. If we have news which we have been anticipating actually happening now and there is more interest in XRP, that is good for demand, but does that not increase the chance that more of the XRP supply in escrow that can come out on June 1 will come out and stay out?
I guess we should be glad we got a spike just before our CredEarn loans locked in a price early May 15. I mean, just an hour earlier and we would have lost out on a nice percentage of about 7.5%. Even our much less valuable May 1 loans got a little boost before XRP slid below 30 cents again. I will be able to move more money during the last week of May, so I am very interested in how far we might retrace and when we might spike, although my plan was to only do a small loan on June 1 (maybe loan out my LBA then) and build up for June 15.
Gotcha. The ol' default setting got me back in 2009. I went to Trade, but then must have hesitated and backed out, and when I went back in, I did not realize I was now set on Buy to Open rather than Sell to Close.
For buying XRP with Uphold, I am pretty much programmed to tap the middle button for ADD FUNDS and then select the upper left gray button for FUND from U.S. Bank Account. If the screen does not have that button configuration, I know something is wrong. So I take it back, MS, I think you have me beat. And not just because 300 shares of GM at that point (post-bankruptcy ticker was MTLQQ for Motors Liquidation Co*) was probably less than $260. : - )
*Note to those who wonder if some of these boards carry discussions about things traded that have no value except what people are willing to pay for them: I could have continued trading that stinker for many months after the bankruptcy, probably due to speculation on where shorts would close their positions.
I got you beat, MS. Ten years ago I finally went to take my losses on GM, and accidentally bought another 300 shares. I noticed right away, but it was embarrassing ... an embarrassment I relived the next year when I filled out my Schedule D.
I noticed with Uphold, when you want to move money internally from one "card" (or currency) to another, you start on the card you want to use to fund the other, the target card, which you select from a drop down list. And then you specific which currency/ denomination you want used for the transaction. (I assume you were transferring from USD card to XRP card, not adding from an outside bank.)
Congrats on your arbitrage of XRP today, Bayou. Did you buy back as much as you sold? Looks like you might have shaved 15% off your cost basis.
Your story of how difficult it is to sell is not to be overlooked (or underplayed); buying only makes sense if you can sell. I have only used Uphold. Still looking to set up all the security measures before I deal with any other exchanges. Crazy to think it has been a month, but it seems like there are a lot of hoops, and I have yet to jump through the first one.
Meanwhile I have no plans of getting my XRP through any place except Uphold since it has that use case of 9% loans through CredEarn. Again, not sure how long that offer will be around, but plan is to continue to load for another 2 to 5 months about 3k per month as long as that yield stands.
The other exchanges, wallets, etc,. will be for the purpose of diversifying into other cryptos, taking into consideration their use case, including maybe just using them to buy and sell stuff, which was kind of the original idea way back when Bitcoin was under 50 bucks.
So, technically GBTC is not an ETF. Still, Grayscale Trust thing worked pretty well as a proxy for Bitcoin. More than doubled since December. Curse me for not doubling down after the Brexit On/Brexit Off dip. Missed it by... that much! Or am I thinking of the February buying opportunity, caused by what? The partial gubmint shutdown... and the last SEC delay.
Wondering what effect these soon-to-be ETF's will have on the price of GBTC. Gotta compete now for market share; but it sure did very well today.
IP ex-div is not until May 28? Hmm, I just needed it to not be today. Was calculating for some day next week; that is why I wrote a cash covered put that expires Friday (wrote that when we were down on Never-Sell-On Monday). Oh well, if it dips again, I can sell another for next Friday.
Digital currency is currency for the digital age. The major ones have or should have a purpose, or a use case as we say, like we discussed with CredEarn doing loans every 1st and 15th of the month. (MS, you basically are just asking them for the option of having the USD go back into XRP without the 1.4% cost.)
While many cryptos serve a purpose, the proliferation of them suggest most are, if not scams, just opportunities to take advantage of the latest craze, if you will, just like the explosion of internet companies up through March of 2000. Their value equals perhaps nothing more than the excitement around cryptos and the willingness for people to speculate on their value. And that is the part that is tough to figure out: what is a crypto worth, other than what people are willing to pay for it? When I heard about Bitcoin, it sounded very interesting and useful. And it was $12. After the Cypress banking crisis hit, it was $48. OK, that made sense. To see the price now, it sure seems like it is in a speculative bubble, but it has been so before, so when do you decide when to get in and when to get out?
At the urging of some paranoid emails, I entered the market in late December 2018, using a Bitcoin proxy, GBTC (The Grayscale trust, ETN, whatever you call it). I sold half yesterday. That gives me a little profit, and the remaining shares are what one would call "the house's money." Considering I bought much more XRP in dollar terms than what I sold in BTC, yesterday was not really a day where I reduced my exposure to crypto; but I did put all the XRP I bought yesterday and then some to use ASAP by doing a CredEarn loan at 9%, and was lucky enough to have that loan execute at a price 7% over what I paid just hours earlier. (Kicking myself for not buying half a day earlier, but snoozers lose... to the tune of the better part of 30% in this case.)
Are some cryptocurrencies scams? Certainly, and even those that are not were begat by another scam. That scam or, if you prefer, craze has lasted a long time; it has to this date so far outlived Peggy Lipton, Doris Day, and Tim Conway (RIP), and may yet outlive us all. But then again, if China, Russia, and maybe the IMF have their way, the craze for Federal Reserve Notes may not survive another generation. I do not mean to be a doomsayer regarding fiat currencies, but then I do not need to. There is a number (that "don't matter") now over 22 trillion dollars that does that for me.
Simply put, crypto innovators and their coins and tokens serve a growing need. Absent a US president willing to veto unbalanced budgets, that growth continues unabated.
Seems our loans went out earlier than usual, MS, about 1am eastern. I wish I could say that bought me 45 extra minutes of sleep, but here I am up typing this post, so ... so much for that.
Dividing the amount of XRP in my loan (smaller than my first loan, unfortunately) by the stated dollar value, the price per XRP works out to be 0.42612987. Looking at the Interest Schedule, each Payout Amount (the one paid 3 months from today and the one paid 6 months from today) should be 2.25% (a quarter of the 9% annual yield) of the dollar value of my loan ... and it is, so it jives... 42.613 cents is our locked in price; beats the heck out of 30.456 cents, no?
Of course, someone looking in on this discussion might be asking what is so great about 2.25% in 3 months when we got around 30% in one day, but this is for long term holders, allowing them to get paid while holding. Kind of wish we got paid in kind, though, rather than in dollars, at least if the trend is up. If this is a momentary unsustainable spike, then I guess I will take the USD.
Note: the numerical difference in my Reference numbers (May 1 vs. May 15) is 8,400,384. Does that mean they do about 8 million loans every two weeks? Wonder what the average value is; in the future, mine will only be around 3k monthly, $500 daily limit times six days (the bank regulation preferred limit per month, which I just found out recently). [Insert look of chagrin here]. Anyway...
Congrats on a heck of day, everybody. Now get some sleep.
Since this is the busiest crypto board here, I hope I can ask a broader crypto question: Does anyone have a favorite app for setting price alerts on coins? I am looking in the App Store and scrolling down the list: Blockchain Info, ZeroBlock, Blockfolio, etc. Any clear winners? Thanks
Yeah, nobody breathe for about 40 minutes, please. Holding on to 42 cents would be sweet; would make me look like a downright stable genius.
Not too mention make MS very happy, too. : - )
So I sold a bit early today, missed the top by 35 cents. Feel somewhat relieved to be playing with the house's money, but I will set my 30-day Wash Sale Timer, just in case we do not actually hit the moon before a June swoon.
Sorry, forgot to check my clock adjustment math; yes, it was well over an hour and a half after midnight your time before the price locked, so we have nearly 14 hours of price movement to go.
I chatted with Uphold weeks ago when I missed a daily deposit deadline and so I asked them what clock they use. Looks like their day changes at midnight UTC (fka Greenwich Mean Time), hence my reference to Iceland.
PS Apologies to anyone who doesn't think a crypto use case discussion belongs on the ... what are we? ... the third or fourth most active crypto board on i-hub, I think.
Took some money off the table this morning. I was up more than 110% with the Grayscale fund (ETF? ETN? Trust, whatever you call it) $GBTC, so discipline said take profits and play with the house's money. That is a bullish sign for the rest of you, as who the heck am I to think I can time the market?
Looks like yet another good flippin' day. Two in a row; too bad I am not a flipper. I would happily take 50% on a day trip (while still holding my initial entry lot for the long term) without any compunction.
Would have loved to have picked up some more at 0.012, but spent the early part of the day focused on crypto. Oops, this is partly a crypto play. Duh!
Like I said, I bought that tiny dip under 40 cents with only half the money I wanted to commit to a May 15 loan today. Basically saved me the dollars to cover the 1.4% transaction cost. Will look for another dip even lower today. Oh, why, oh, why did I not just load up last night?!? I could already have my loan of XRP set up with CredEarn. Instead I am on the clock, assuming I have until 8pm eastern, but going to call it closer to 2pm EDT just to be safe.
Either way it is still a waiting game as to what the strike (or locked in) price will be; we find that out after 10:30 pm eastern if I am not mistaken.