im aware of the supply of XRP vs BTC. however, many people thought BTC wouldnt get this high either.
once digital currency becomes mainstream in the US and EU the volumes will increase exponentially and there are really no price limits for anything.
The math doesnāt work like thatā¦
how does it not work like that?
$100 is something like 3.8 trillion
All crypto is something like 600 billion
People are fucking with Ripple because they can wrap their minds around buy large numbers of whole coinsā¦Rumors have continued to grow the hype.
Ripple is supposed to be something banks use for transactions however its still centralized and there isnāt a cap on coins either.
I guess youāre looking at am I trying to make quick money or back tech that actually solves a problem.
im not looking at it either of those ways.
the more people that enter this space the higher the volume and increasing volume will increase prices of the respective coins. This is likely a large part of what is happening right now. All the major coins are significantly higher in price right now than they were 6 months ago. While there are many major factors to that the increased volume of money flowing into this asset class is likely the primary reason for all boats rising.
having a superior use-case makes the coin a stronger store of value and a stronger investment relative to peers. If ripple has the better use-case and the superior capabilities people will buy more of it and the more people who buy it the higher the value will go.
i do understand that if the supply is not limited then the value will be constrained.
Iām saying if youāre buying Ripple expecting it to hit $1000 like BTC did that canāt happen because of the total amount of money involved at that point.
The majority of people just look at a coin and go OH WOW this ones cheap and its gaining in value its going to be $1000 $10000 $20000 just like bitcoin.
i donāt āexpectā it to hit any value. this is all speculative. But it is possible for any coin to hit any value from $0 to infinity based solely on demand. it doesnt even have to make any logical sense given what has already happened.
you are looking at things from a technical perspective which i think makes great sense given your background. to be honest, i value your input. but to me the strongest bull-case for the value of digital coins is based on how difficult and confusing it is to buy and hold right now vs. decreasing difficulty, less confusion, higher participation and thus higher volumes of money flowing in over time.
i think that this is one of the key factors in all of the values getting to where they are right now. as the apps and exchanges get better, more efficient and more secure more people will put money in to digital currencies. I assume that the use-cases will strengthen in select coins and those coins will benefit the most but it is not entirely tech or use-case driven. It SHOULD be that way, but even in the stock market not all prices are based on fundamentals, earnings or any one methodology. there are dozens of different methodologies being applied at the same time across markets.
itās happening right now with weed stocks. they are surging based on hype, catalysts and volume. crypto will be exactly the same in that regard.
What are the most likely cryptos for offshore banking? That market alone is worth at least 40 trillion? Monero? Its not a matter of if but when and what platform they will choose
Its all a matter of time. In 2015 if somebody said crypto would be at a market cap of $600 billion they would be called insane.
Anyway isnt Ripple at 30k% overall growth? Thats insane if you had some at the start.
Btw i own exactly 1.9 xrp lol
decent 2018 outlook / use-case / catalysts for Ripple / XRP: https://xrphodor.wordpress.com/2017/12/30/xrps-trajectory-for-2018/
and @LZ, some dudes on Reddit having the same argument you and i were just having, even though i wasnāt arguing: https://www.reddit.com/r/Ripple/comments/7n4ckp/one_last_time_number_of_total_tokens_does_not/
Lol somebody bought $981 million dollars worth of ripple at $2.18 (450,000,000). 5 hours later ripple was at $2.70+ so letās imagine this same person started selling around the $2.55 mark, they would have made over $160million on it. Crazy. whales like that are somewhat concerning. If the market cap of Ripple was $1trillion, it wouldnāt matter but thisā¦
The speculation is that the purchase of all that ripple is coinbase.
Ripple doesnāt have a good use caseā¦Itās aiming to replace SWIFT for banks are not going to drop SWIFT and jump on some random new tech the world doesnāt work like that.
If you can make money off Ripple goodā¦I haveā¦but long term its not really useful for anything.
@bing any tips on getting cdn funds into btc and binance? was getting btc through netcents and transferring but fees killed it and cant even do it anymore. or are you just purchasing with usd through coinbase and then transferring to binance?
Iāll be honest, I still donāt get crypto. Itās almost like you guys are playing with Pogs, there is no real reason to own them other than perceived value and desire to own more, you canāt really do anything with them other than sell them to other people who want them and every so often new ones come out and people freak out and buy them.
What isnāt like that? stocks are the same thing. cant do anything but buy and sell them to others.
yeah im just using coinbase and transfering into binance.
iām only messing around with low 4-figures. liquidity is not a concern. if it goes to $0 it goes to $0. mind you, iām still up about 300% even with this dip.
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oh yay, i just got approved for Bittrex.
gents, seeing a bunch of people lament that crypto gains will be taxable in 2018.
if that is the case with the new tax bill then i think a major part of why we are seeing this pullback is due to profit-taking in the 2017 period to avoid future capital gains. If you were a trader if would make good sense to lock in gains right now, rebuy at a similar price tomorrow (Jan 1) and then in the future only pay gains from the higher price ($13k range vs. whatever you averaged in at).
if that is the case then weāll likey see a surge through January as money flows back in.
https://futurism.com/estonias-plans-build-digital-nation-using-blockchain-taking-shape/
Like I said, itās all going one way. Iāve been following Estonias e-residency since inception. Also interesting to read the linked article in this one about Russias central bank and Ethereum.
People need to be a bit more imaginative about all of this instead of sticking to old ideas.
I have to pay taxes on 1300$ worth of trades, this isnāt cashing out, crypto to crypto. Avg ethereum price for me was 250, sold two at 800 a piece to buy into IOTA. DāOH TAXES ASSHOLE.
The word is do not let your accountant treat crypto as ālike kindā even though you can technically do that for this year (trading one thing for a similar thing to avoid taxes). Like @JayS said I wouldnāt worry about binance but coinbase lost a lawsuit to the IRS earlier this year and they have to give up taxpayer info if requested.
In 2016 only 800 people in the united states reported trading crypto, because prices were so small (like ripple .000000000000000000001) maybe this is believable, but still 800? LoL
If I were the IRS Iād wait till 4 years passes on people that donāt report crypto activity, then on year 5 audit them for the past 5 years. Iām just playing devils advocate here.
Stay off GDAX if doing constant trading and all is well. If they wonāt recognize these as currencies itās their problem although this is clearly an attempt to kill crypto and try to scare people off. It is sad when places like Belarus and Russia are embracing new concepts while the USA which should try to be at the forefront is trying to stifle it instead. If China couldnāt do it, the US certainly wont. It doesnāt surprise me though considering how much power Wall Street and the Banking sector with ancient ideas has here. Still sad.
If Japan and other more advanced countries are getting onboard, do they really think they can stop it?
Hereās another questionā¦ All the IRS has to go on is possible info from Coinbase on people they suspect have made profit based on large sums going into the bank account. Thatās it, thereās no way for them to know Joe is trading on his basement. So they are relying on people to self report. Why in the world would you? They do not recognize it as ārealā currency so why would you even bother? Thereās a lot of fear mongering going on especially on youtube by ātax prosā pushing their own apps that supposedly help. Unless somebody is dumb enough to post their wallet address on facebook or something.
So basically when you trade your collection of swords for some armor and potions in World of Warcraft, itās a taxable event. That stuff can be bought with US dollars. Shouldnāt Timmy have to report on his 50 Magic cards he scored for his Holographic Charizard? Granted thereās more money in it but officially crypto is no more accepted as ārealā than tokens with Shreks face on it.
Iām still up in the air about it. No matter where you trade money has to start from a bank account somewhere. @choko would def be someone iād wanna ask since he has been confirmed in this thread to trade in the 7 figure arena.
Another scenario for @nermoria Now I canāt speak for you, but how does anyone explain a 5 figure or more cash deposit from coinbase to the IRS if audited?
EDIT: I guess you could do it in pieces less than 10 grand but idk, the IRS isnāt stupid.
Forgot about that^^