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Sounds great. Getting paid interest on crypto was an unexpected possibility when I first came to this board. I had already got my feet wet in the crypto sector with GBTC, the Grayscale Bitcoin Trust, something I could simply buy through a broker, no tutorial about exchanges, wallets, or dodging hackers required. But I knew I wanted to diversify beyond the 800-pound gorilla and, heck, XRP was in the top ten, but cost less than a buck. Then, MS, your discussing Uphold and CredEarn pretty much guided how I would take my deeper dive into cryptos.
Congrats on finding a place to move your XRP—and one that gives you something you were looking for anyway: to not just collect interest on crypto, but to have the yield paid in kind. Seems like, if not a too-good-to-be-true dream, the next logical step, especially if you actually want to use it, not just trade it.
Shall I follow my guru? Daily compounding AND liquidity sounds tempting, but maybe I need the discipline of locking up the money for a time period, kind of like Ripple escrowing the bulk of XRP and pacing its availability. In any case, before signing up for any more exchanges, I want to take potential tax complications off the table. Been meaning to roll over an old tax-deferred account into a Self-Directed IRA to be focused on crypto. Just as soon as I figure out how to do that.
PS Looks like we locked up a price at closer to 26 cents than 25. (Pardon the loose use of the word “we”, MS.)
Yes, please keep the 25 handle through midnight, XRP.
As for loaning out my Uphold holdings via CredEarn, I am choosing the option to not roll over any of the loans, MS. That is why I will have 13 rungs to my ladder(s), not 12, so that once the six months expire on Rung 1, I will have the extra coins to fund continuing the ladder without a pause. If CredEarn would just offer to roll the money into another 6-month term with compounding, I would not have to do that; then I could avoid having a 13th of my money sitting for 2 weeks not earning anything.
Of course, right now I am still moving funds, $500 a day, so until some time after Labor Day, it is academic, as that new money has to wait however long it will be until the 1st or the 15th of the month anyway to be put to use.
Am I going to sign up with Nexo so I can increase my yield on XRP by 33.3%? Well, to be honest, I have not been converting that daily $500 into XRP like when I first started with Uphold. And as long as rates on crypto are half what CredEarn is offering on USD (and while they offer 10% on UPUSD), I am only occasionally adding cryptos. I will enjoy the broad rally as I have a little stake in a lot of coins—and a decent amount of XRP (or it will be decent once the price gets decent, somewhere between 50 cents and a dollar, maybe).
Go... XRP!
Back to pandemic bottom prices; CoVid pump next?
That could mean a quick 50% gain like last time, but wait—history does not exactly repeat... but can I get a rhyme on the beat?
Head of CDC says kids ought to go back to school. Weren’t our SANDD units supposed to be in some of those schools? So, the timeline for a recovery and possible breakout is 96 days. [Wink, wink, nudge, nudge] Plenty of time to slowly load. No rush.
PS I’m not Jelly. Does somebody think I am Jelly or am I just looking at a casual click on Public Reply? But I will try to answer the question. No news. Boredom. Players looking elsewhere. Why play this when you could be playing ATDS or CAPR? Or what is today’s hot stock? Revive something.
Not to mention crypto.
Speaking of call options, I was able sell August 7 26.00 for over 50 cents. Thanks for the rally. It has been a long wait for this recovery. I bought back in too early in 2013 (after selling a chunk of silver in 2011 right around the top*), and then lowered my average last year with some trades. Because of last year's action, my broker shows me a big gain for my remaining shares, but I know better. I still remember my entry strike price from 7 years ago. Happy to be able to risk giving someone the option to call these away for more than that. In ten days we will find out if I should have been even more patient.
*that is a story in itself (thanks a lot, Great Britain, for making me miss timing the top perfectly).
Thanks for the opening dip. August puts at 7.5 strike still provided a nice premium this morning. At the rate this is going, maybe I should have sold some 10s. Only time will tell.
When do those Grayscale trusts come into play? I plan on waiting for the dust to settle when they do. I would hate to be the guy who paid first day prices on ETHE. If that is a template for what is to come from a Grayscale LITE or Bitcoin Cash, you could wait six months before getting in.
So maybe not until NEXT alt season. : - )
Would I joke about XRP being in 3rd place again? I think not. I should note now Tether is 99, up from 97, so you missed out on most of that easy 3%, MS.
: - )
So now Tether and XRP are neck and neck. If we can get above 22 cents and stay there, we should be solid from here on out. As for catching up to Ether ... forget about it. Seems the renewed interest in crypto begins there. I definitely sold my Grayscale Ether Classic holdings too soon. But a profit is a profit and I have plenty of other cryptos rising with the tide. (Except for ChainLink, of course; wish I had jumped on Cardano first and then picked up Link at a discount.)
I have nearly a dozen alts, and by alt, I mean alt to XRP, not the big boy. (I have a little play on that, too, again courtesy of Grayscale.)
Speaking of ADA, MS, you can buy that now at Uphold (well, I can ... for now). I do not believe that was the case a year ago when you expressed interest. It has been tearing up the charts, past Bitcoin Cash and SV now.
Do not count on your broker or software to keep track of your cost basis, even though you would think they should. Do it yourself. Lesson learned from transfers, buyouts, mergers, and, of course, reverse splits.
If you are lucky you would only get taxed once on the interest with this new exchange/wallet/whatever you are using—assuming they provide a 1099. (Cred did send us one of those; I almost missed it.) Of course, if you are collecting interest in kind (i.e., XRP for XRP) wouldn’t they need to provide a dollar equivalent? You should probably inquire as to how it is reported so you are prepared. Do not be shy about using that Chat feature. Hope it is responsive like the Uphold one is (and not like the Cred one). Hmm, come to think of it, if Cred knew to send you a 1099, that means they knew you were a U.S. citizen; that would be hard to overlook, but maybe it is just your state (CT) that messes you up.
And watch your sales within 30 days, before AND after. I got stuck last year. I thought I had been careful to avoid wash sales, but one pair of transactions qualified. (Good thing we had an extra 3 months to do our taxes. Thanks to just one broker, who always has to send at least one corrected 1099, I was not ready in April.)
Meanwhile, speaking of Tether, did you notice XRP is in 3rd place again. Yay! Although I would prefer that was because we were above 22 cents, not because Tether is down to 97. Here is your chance, MS; didn’t you say you wanted to play those pendulum swings?
Speaking of reshuffling the top ten cryptos, while Link is pausing to refresh (and facing more competition in the DeFi space), it is getting passed by Crypto.com. Of course, I am not set up to buy Crypto.com. Hmm, smart choice in name. Figure that picks up some newbies just searching the net for crypto.
Did have date w/8, but car broke down and we just got passed by Crypto.com. Oh, well, it’s good to take a little breather once in a while. Stop to smell the roses.
Dare I say, "Thanks for the cheapies"? Picked up some shares today and might pick up some more. (I almost always have a standing limit order at a buy low price on SNDD.) If it goes up from here by 20% in short order, I will unload them (tax free in an IRA, and mostly commission free, too). Meanwhile, my core (now a long term position for tax purposes) remains unsold, looking for a price greater than last year's ATH.
That makes me a flipper and a long & strong holder. Been holding most of my shares since before the ticker change and Dr. Drew boost. Heck, in 5 months, another 10% of my holdings will be of the long-term variety. And that long-term pile should continue to grow as long as we stay below 0.0125, especially if we stay below a penny. In other words, yes, we do get bored at times. Sorry.
Sounds like it's time to cash your LINK gains in for more XRP, everybody. Ha ha ha! I pity those Buy on the Fact, not on the Rumor bubble chasers, don't you? (oh, wait... aw, cr*p!)
Great, figures that Ripple is getting into DeFi just as I finally got some ChainLink... because LINK is finally available on Uphold* (and ShapeShift, too). So, for now, I am calling the top on LINK at around 8 bucks. I was going to say I singlehandedly stalled the speculative run in LINK just by buying a handful, but Ripple (and maybe BAND and what’s the other one... or two, or a dozen DeFi players?) might have something to do with it, too. Not to mention, what goes up too much too fast must always correct.
Go slow and steady (i.e., XRP)!
*I hope Mindless Self can get back to taking advantage of Uphold and CredEarn. Meanwhile, I should probably keep a low profile and not bother trying to chat with them. I was going to tell the Private Client Associates I was qualified for their services, but I guess I will keep that to myself.
Feel like I am buying a speculative spike, but I figure get a little now and average in on any correction to support. When we woke up to a 3% drop this morning, thought maybe it was a case of “buy on the rumor, sell on the fact” as I just got notification of LINK being added to an exchange or two yesterday (and luckily I already use one of those).
At least I hope it is my lucky day.
FYI: 2500K is two and a half million. Just sayin’
If that were a gain in dollars, or even shares, I would not sneeze at that. But if you do, be sure to cover your face.
: - )
I am going to assume dr d2 meant twenty-five hundred. (Common typo to add a K after typing 2500.). A nice trading profit for a day or two. Meanwhile, 600 thousand shares is also a considerable commitment. Good luck to you on that. Hope you get your 5 cents. (For my sake, too.)
Go ATDS longs!
Sorry, thought this was the XRP message board as I was replying to MS, whom I often see there. MS, you have been my Uphold guru, even more than my XRP guru for over a year.
Instead I will say “Go MGI!” (Although I would not mind another dip this week.)
Yikes, I just read this post of yours, MS, after posting my reply to your previous one. Sounds like it is time for me to take my kid for a walk* and not worry about it right now.
*Even I get a day off once in a while.
Oh, and I’m not sure this was the regulatory clarity we wanted, but... Go XRP!
Talking about Uphold funds loaned out by CredEarn ... MS, I did notice a trickle of notifications throughout the day, rather than everything coming over night as we went from the 14th to the 15th. Usually when I log on to move another daily $500, I see everything (principle and interest) already back where it belongs, but I was getting messages and emails (there is a lot of notification redundancy with Uphold/Cred) until just before 5 PM Eastern.
I have quite a few coins and tokens, from BAT and BCH to XLM and XRP, making for a lot of clutter on the 1st and 15th of every month. Already set up loans for the 1st with BAT (too bad I could not lock in the price—ouch!), LBA, XRP, and USD. That leaves UPUSD yet to fund, and my meager holdings in OMG sitting, waiting on a decision. I got that OmiseGo six months ago when Uphold was letting you buy some new offerings at no commission. Wish I had been more aggressive in taking advantage of that.
Good news is we locked in 19 point something cents on XRP, better than the 17 point something we got two weeks ago. Frankly, the rungs in my XRP ladder are not my biggest interest payers. I ended up doing what you talked about doing last year, MS, moving savings from banks paying low interest (now 1% at best). Not sure how long the 8% for USD (and 10% for UPUSD) will last, but my principle goal is a nice round figure (no, not that one; even higher) that by next year will exceed my remaining house payments.
Slight problem. My latest calculations say I can only afford to move $500 every day until about Labor Day. After that, I may have to do it only twice a week through October. Thank goodness for steady employment.
Simple question: when is this split happening?
I just unloaded all but a fraction of free shares on the bump today.
As for recent reverse splits: Inspyr went through with its split today. We will see how that goes. Maybe my broker will refund the 38 dollar reorg fee like it has been doing. I did come out ever so slightly ahead after the BRK r/s. Since iGambit became Clinigence, I believe my remaining shares are free. As for MVNT, I don't even remember what it was called before. It has been up recently, but I doubt I am back to even on that one. It would be nice if my broker remembered my cost basis. (Thank goodness that is in an IRA, but the rule still applies: keep note of your costs; do not count on your broker.)
You could get more from the put premium at the $3 strike. You would need the cash to cover, of course. I did that play for June; that contract is up at the end of the week. It will either expire worthless or I will be the proud owner of more shares.
Go MGI
How soon? Looks like we are stuck between 3 and 4 for the time being. I will be surprised to see it break free this week. Or does somebody have a chart that says differently?
There are limits for transferring money to Uphold per day from your funding bank account. If you have only one gov-issued picture ID, it is $500 a day. That is my slow and steady route.
When I first started I tried to get as close to $500 worth of XRP as possible, but then I wised up and just transferred exactly 500 USD and then, from my stash of USD, bought XRP at my leisure, along with seven or eight other coins/tokens.
Did that yesterday when XRP was on the low end of the 19 cent handle. Wish I had done that again when it was below 19; I want some more to even out the rungs on my loan ladder (six-month loans via CredEarn).
I have yet to make a big purchase of coins with my USD, but I assume I could buy one BTC in one transaction from within Uphold. That would take a lot more than 500 USD. ; - )
Side note; XRP is a cryptocurrency, it is not a subsidiary of Ripple.
Not long yet; will be in two weeks. That is my core position. It is in a taxable account, so not about to sell now. If this continues to hold a penny and change, will I cash out and give Uncle Sam 15% of my 1000% profit? Or will I hold out for 4 cents? (I feel like I was promised 4 cents nine months ago.).
Fortunately I have nearly as much SNDD in an IRA. Been buying and selling those shares (at virtually no commission). Need to break out of the current tight (much tighter than half a penny) channel we are in now, either on the downside to buy more, or on the upside to sell more.
I suppose I should hold out for 0.017, since somebody here says they will buy at that price. Heck, everybody with an Ask below that should raise it up if that is the case. Could give us that long promised 'hawk takeoff.
Range for 2020 has been 60 to 125. Six tenths of a cent to one and a quarter cent, that is. That is a double for those who can time the bottoms and the tops. No small feat, but then again, that trick is not impossible to do, at least on the bottom side. I bought some at 0.006 simply because I kept buying as it went down, believing the future was brighter than the desperate present.
I have been trading this since before the ticker change and the addition of Dr. Drew, so I am not in the position of a bag-holder who bought at the top and only at the top. I was a seller on the way up, and then began reloading when it got back to 0.008.
In other words, even though this is by far my best pinkie, simply buying and holding would have been terribly boring here, for what has been almost a year. (Just 15 days away from that anniversary.)
PS the channel has tightened and risen. I have not had a chance to reload @ 0.008 in what seems like ages (so... about six weeks maybe).
No reverse split would be great news. Could easily get back to 0.7 cents just like that. [finger snap]
Western Union also up this week. How? When one company buys another, the buyer usually goes down (you know, because they are spending money). My classic example being when Kraft bought Cadbury. Kraft went down 1 or 2 points. Of course, we are still in the rumor phase, so maybe both tickers get a buy-on-the-rumor effect, with the drop in WU coming after they buy. Or maybe it does not, if the market thinks WU is making a good move to avoid becoming a dinosaur. Or...
Maybe traders think one or the other of these tickers are undervalued. If MGI is cheap at under 4, where it is now, and WU can pick it up inexpensively, that can help them dodge the sell-on-the-news effect. Although with it being up 15%, I am not betting on that. I will stick with playing options on MGI, as long as it lasts.
Then again, both Schwab and TDA up today, so what do I know? But I will be surprised if this gets back to last year's high of $6.70
While we were chatting, UPUSD went from under a dollar to over. But still, with Uphold, 1 for 1 either way. (He said, redundantly.)
Did I mention?... go XRP!
I checked the UPUSD price here at iHub and reviewed the chart just now at Trading View. I used to use Trading View a lot more last year, reading some of the crypto posts, and all of the ones on XRP. (Of course. Go, baby!)
As for the arbitrage strategy, I think I would want a better return for all the effort, like the effort I am putting in to move money every day from an account paying 1% to Uphold and then loaning it out through Cred Earn at 8%. I will stop at some point, about 4 months from now. Or sooner if CredEarn drops the rate from its current 2G2BT levels.
And as long as XRP loans get you 4%, that arbitrages the interest on my house* (including factoring in the tax bite). Let’s hope it is not under 3.5% after tomorrow.
*That is another reason I keep moving the daily max to Uphold; I want at least as much money available for CredEarn loans as the remaining principle balance.
I paid flat 1 for 1 for UPUSD the other day, and today Uphold was willing to trade me back dollars at 1 to 1. (I did not do that; I went ahead and got more UPUSD to get the extra percentage point.) If you look at the open market, yeah, I overpaid when it was 0.998 or something like that, but if it is worth a dollar to them, than I won’t worry about it.
Let’s see a climb in XRP for the next 5 hours, please. Slow and steady wins the race.
You must have locked in 5% on XRP on April 15th not long after the previous loans set, because I committed my next rung on the 16th and it was already 4%. Lesson learned. Tomorrow, maybe even tonight after I hear my phone go *ding* to let me know the loans are active, I will log on and set my next loan for May 15.
Remember we want XRP higher for loans tonight, MS. Then it can pull back for your next purchase. Four percent of more ... is more. I want more.
BTW, I stand disabused of the idea that CredEarn rates will stay the same for the whole two weeks between the dates of the their loan programs (1st and 15th of every month). I swear we were discussing they would give you 10% on your UPUSD Uphold holdings a couple of days ago, but I just locked some up for late tonight/early tomorrow at 9%. Better than 8%, but still, ouch! And especially annoying as they are pushing all the stable coins now. They couldn't leave the rates alone until tomorrow? C'mon!
I guess maybe they will make an exception whenever the Fed Chair announces that he will continue to earn his nickname, J Dove.
(and, as always, go XRP!)
If my lot size was bigger, I would. : - )
Heck, if I had filled my entire order yesterday, I would have been in the position to bid whack for a quick 25%.
Oh, well, back to more current P&D's. This one is over a year old now.
Putting what I bought yesterday up for sale. Some changed hands today a little under 8 cents and that is the current ask as I type this. I might round that up to 8 pennies for my exit, mind you just for the shares I got Wednesday in a partial fill at 0.0008. Ha ha ha. The commission was more than half the cost of the transaction. So much for averaging down.
Selling on the news, a common market move. Who wouldn't sell some today if they loaded up cheaply in the last couple of weeks? I love playing with the house's money. Wish I was doing that here, but I basically just forgot to buy some already.
There are two sides to every spike on a price chart. That's what makes it a spike. Only question is: you getting the sharp point today or later on when the price is far from this?
Thought they lowered the rate on XRP already, right after the April 15 CredEarn loans activated, so the 4% is no surprise to me. Indeed, I see I set up my next loan for May 1st (compounded interest all paid at the end of 6 months) on April 16th. The rate for 4/15 was 5%, none too exciting, and 4% is even less so, but anything over 3.57% covers my mortgage interest. (Last year when they got as low as 3.5% for XRP, then I was upset.)
At your prompting, MS, I moved some USD to UPUSD (enough to qualify for a raffle ticket with Uphold). I will do that again before Thursday night. Needless to say, would love to hold gains in XRP until then. A measly 4% is less measly if it is on top of a recent 10% bump.
Not to sound greedy. Heck, last year XRP went from 30 cents on May 1 to 42 cents on May 15, with most of that move in one day, and it held the 40's through the next month's you-know-what*, so I am really not asking for too much.
*Remember when the escrow was the source of constant FUD? Could the return of that silliness be a bullish signal? Oh...OK, that would be too much to ask.
What is their transaction fee for stable coins? I pay no fee for USD, because I am not changing it into anything else, and there I am currently getting 8%. Yes, 10% is more than that, but, for example, when XRP paid you 6% and USD 5, if you factored in Uphold’s 1.4% charge every time you converted USD to XRP, the comparison was less favorable. And with some of what they have to offer, the fees are higher than that. Of course, we hope our cryptos go up a lot and make us forget all about the transaction costs, but Stable by its definition does not offer that kind of appreciation.
Meanwhile, I am getting 1.5% from the bank, so it seems like a no-brainer to continue moving 3500 every week to build my loan ladder rungs, to chase higher rates, mostly with XRP and USD, but I have a scattering of 8 others (including CredEarn’s own LBA). No, I do not expect these higher rates to last, but right now I could even get 3% with Chainlink (if I had any LINK; it is not offered by Uphold, but CredEarn quotes an interest rate for it). I will probably do that for another 4 months (exceeding my original plans by almost a year), so as to consolidate into the compounded interest loans of six-month durations. I am lousy with loans, thanks to my having let many of them roll into 3-month terms with simple interest.
OK, now the 15's are tempting.
: - )
If you want to pay the least commish, try Fidelity or Schwab. Fidelity will not let you trade all pinkies, but it looks like Schwab will let you trade any and every bankrupt piece of junk just like E-Trade lets you do.
SNDD is far from junk, so you can trade it with either of those big brokers. Correct me if I am wrong, but the other two big ones, E-trade and TD will charge you full commission (3, 4, or 5 bucks?) on OTC companies. Schwab is supposed to be buying TDA, so maybe you will get the zero commission deal when they do. Note, even with the zero commission guys, when you sell, you do pay a penny or two for the privilege of collecting your profits.
Yes, profits, with SNDD. Should never be selling this one for a loss. If you have been a bagholder since 0.016, hang in there; soon we should test last week's intraday highs of 0.0125, then the resistance at 0.014, and then finally your bag will turn green, too.
Once it occurred to me I had money, enough to keep track of and leave to someone else, I made out a simple will (templates readily available online). I should update that. I should also probably look into doing a trust. By the way, there is only one little part of making out a will that might be off-putting; the rest is fun, because you get to count your money and total up all your stuff.
And I eventually got around to getting some life insurance. Nothing too big to tempt foul play, just enough to prevent putting one or two people who might be depending on me in a bind.
Although the quarterly report was a bit of a downer this month, it is a good idea to keep track of all your financial assets*, any and all IRA's, brokerage and bank accounts, and, of course, crypto holdings. (Not too mention access to same; just ask the heirs of Dave Kleiman.)
go XRP
*My spreadsheet even includes a row for cash in my pocket.
SNDD is my portfolio's Jolly Green Giant, too. It has the potential to make up for all the mistakes made elsewhere on the OTC. No pressure, though, Redhawk; take your time doing whatever you need to do.
You suggesting it's buy on the rumor time? One would think anticipation of government approval being the contents of the (perhaps) very next PR would be moving SNDD up now, and realization of that would both see some short term profit taking, but also ratchet this up to a whole new level. Stay above a penny consistently and maybe even breakout and run to two cents.
That would still leave 100% on the table (if indeed we are destined for the promised land of 4 cents). : - )
Must be why I like this one in the long term and in the short (i.e., will happily take the next boost whenever it comes...any time now).