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What I have learnt as a 12 month hodler


Leprecoin

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13 hours ago, Leprecoin said:

XRP is far more scarce than most people realise relative to Bitcoin. Most think that it is 100 billion : 21 million. It's not, as both ledgers operate in drops and satoshis. Bitcoin is divisible down to 2 more decimal places than xrp is. So basically xrp is 100x more scarce than most people think when they compare it Bitcoin. This is hugely important and is why I believe xrp could potentially reach $2,000 in the next few years. I had previously thought it would reach maturity at the $200 mark but it can actually go way higher. 

This is nonsense. Cutting a pizza into 8 slices doesn’t give you 8 pizzas. 

Edited by ringer2
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23 minutes ago, Ripple-Stiltskin said:

Exactly the same here, the danger of having high expectations. What’s your target for retirement? Mine is around $ 50 ( if I can hold 75% of my stack until then). 

I don't really have a number....  Of course like most of us 100 would mean I had a ok retirement....   but essentially I think it will keep going up for ages while it becomes the world reserve currency.  So maybe I can have a wealthy retirement not just a comfy one.

So I would be willing to spend my superannuation (which is tiny and pathetic) while it makes its climb upwards if I was ever convinced that it was solidly on its way.  Of course my wife has a different view but that's a problem for another day...  :) 

I'm nearly at retirement age now, and have nowhere near enough superannuation, so I'm all in with XRP as my only hope.  So if it fails it will be a case of both my wife and I sharing the one tea bag and afraid to turn the TV on because of electricity cost.   :) 

But if it succeeds like I expect it to, then our money worries are dealt with at the least,  and we maybe even become well off.  Let's hope so.   

On another note....  I reckon I could become a multimillionaire if I wasn't held back by my anchor   wife.   :)  I would second mortgage the house and become a whale if she didn't stop me.   So maybe it's a good thing she does...  I dunno....   but I do like to tease her that she is stopping me from living the high life....   :) 

 

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8 minutes ago, Tinyaccount said:

On another note....  I reckon I could become a multimillionaire if I wasn't held back by my anchor   wife.   :)  I would second mortgage the house and become a whale if she didn't stop me.   So maybe it's a good thing she does...  I dunno....   but I do like to tease her that she is stopping me from living the high life....   :) 

Same sort discussions over here, although I wouldn’t advise buying XRP with loaned money ( being a “trusted advisor”  banker ... I have enough stories about clients where it went terribly wrong). So I’m with your wife on that aspect.  But my wife always want to take profits much earlier than I do.  I’ m thinking that with an excellent pension plan I can afford to wait till much higher prices. But......back on OP’s topic, what I’ve learned is that you absolutely must take profits in time ( very difficult, but after a rise of 1000% in several weeks, why not??).  If it’s not for the money, then for buying back in the inevitable dip and increase your stack.

Hodl isn’t the target, profit is. Rather some missed profits than loss made. 

Anyway: I remember you and I discussing this very same topic october last year,  funny how it goes, here we are still going strong ( and waiting..). 

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3 minutes ago, Ripple-Stiltskin said:

Anyway: I remember you and I discussing this very same topic october last year,  funny how it goes, here we are still going strong ( and waiting..). 

And that's why I love this site....  the support here keeps many of us strong...  who knows how weak my hands might be if there weren't so many wonderful folk here spreading knowledge and good cheer.    :JC_doubleup:

Thanks guys...  I know I'm not the only one who really appreciates the camaraderie here.

That twinkle in your eye as you salute with your glass tells me you are on to a good thing with this Ripple caper,  so I'm just gonna tag along until we are both rich.   :) 

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14 hours ago, Leprecoin said:

2. XRP is far more scarce than most people realise relative to Bitcoin. Most think that it is 100 billion : 21 million. It's not, as both ledgers operate in drops and satoshis. Bitcoin is divisible down to 2 more decimal places than xrp is. So basically xrp is 100x more scarce than most people think when they compare it Bitcoin. This is hugely important and is why I believe xrp could potentially reach $2,000 in the next few years. I had previously thought it would reach maturity at the $200 mark but it can actually go way higher.  

 

What would that mean for NEO, which is indivisible (at least in terms of transactions)? There are only 65 million NEO out there.

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2 hours ago, Tinyaccount said:

I don't really have a number....  Of course like most of us 100 would mean I had a ok retirement....   but essentially I think it will keep going up for ages while it becomes the world reserve currency.  So maybe I can have a wealthy retirement not just a comfy one.

So I would be willing to spend my superannuation (which is tiny and pathetic) while it makes its climb upwards if I was ever convinced that it was solidly on its way.  Of course my wife has a different view but that's a problem for another day...  :) 

I'm nearly at retirement age now, and have nowhere near enough superannuation, so I'm all in with XRP as my only hope.  So if it fails it will be a case of both my wife and I sharing the one tea bag and afraid to turn the TV on because of electricity cost.   :) 

But if it succeeds like I expect it to, then our money worries are dealt with at the least,  and we maybe even become well off.  Let's hope so.   

On another note....  I reckon I could become a multimillionaire if I wasn't held back by my anchor   wife.   :)  I would second mortgage the house and become a whale if she didn't stop me.   So maybe it's a good thing she does...  I dunno....   but I do like to tease her that she is stopping me from living the high life....   :) 

 

I am in the same situation as you Tiny. Started my own cell tower consulting/brokerage business after being laid off this past November. Not exactly job security for someone my age. 

I started with a small amount of Zerps and keep adding to the coiffer whenever I can. Price is really immaterial at this stage because XRP is grossly undervalued in my estimation. I’m all in at this point and while I try to be realistic and temper my enthusiasm, I hope this will be a life altering experience for everyone here. 

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6 hours ago, Ripple-Stiltskin said:
6 hours ago, Tinyaccount said:

On another note....  I reckon I could become a multimillionaire if I wasn't held back by my anchor   wife.   :)  I would second mortgage the house and become a whale if she didn't stop me.   So maybe it's a good thing she does...  I dunno....   but I do like to tease her that she is stopping me from living the high life....   :) 

Same sort discussions over here, although I wouldn’t advise buying XRP with loaned money ( being a “trusted advisor”  banker ... I have enough stories about clients where it went terribly wrong). So I’m with your wife on that aspect.

Have to agree with your wife and @Ripple-Stiltskin here @Tinyaccount ;) If things were to go south (knocking on wood) you will still need a place to not watch TV :lol:

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On 4/21/2018 at 8:02 AM, Leprecoin said:

Today is my 1st xrp "birthday", having bought my first coins on 20th April 2017. Here are a few points I have learnt so far...

1. Holding is the way to go, I have never traded nor sold a single coin and have accumulated throughout the last 12 months. It has given me a low average buy in price. Never be afraid to buy the dip! 

2. XRP is far more scarce than most people realise relative to Bitcoin. Most think that it is 100 billion : 21 million. It's not, as both ledgers operate in drops and satoshis. Bitcoin is divisible down to 2 more decimal places than xrp is. So basically xrp is 100x more scarce than most people think when they compare it Bitcoin. This is hugely important and is why I believe xrp could potentially reach $2,000 in the next few years. I had previously thought it would reach maturity at the $200 mark but it can actually go way higher. 

3. It's great fun watching xrp being destroyed on https://xrpcharts.ripple.com/#/ .  

4. The true market cap of xrp is what you see on the above site,  and not what you see on coinmarketcap. Right now we are comfortably in 2nd position with a market cap above $92 billion.

5. Market cap doesn't mean anything, all it is useful for is ranking cryptos in a specific order. It in no way implies the amount of money invested nor the value of all coins. 

6. Sometimes it's best to to take a break from the price. I have seen a roller coaster year since I first started investing and have experienced fear and euphoria like never before. Price shouldn't matter unless you are thinking of selling which I don't plan on doing anytime in the next 2/3 years.

Feel free to add your own lessons you've been thought below..

Edited just now by Leprecoin



 

Quote

 

Edit

Happy Birthday Leprecoin - I bought my first XRP 22nd April 2017 - am a very happy HODLer too!

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On 4/21/2018 at 12:02 AM, Leprecoin said:

Today is my 1st xrp "birthday", having bought my first coins on 20th April 2017. Here are a few points I have learnt so far...

1. Holding is the way to go, I have never traded nor sold a single coin and have accumulated throughout the last 12 months. It has given me a low average buy in price. Never be afraid to buy the dip! 

For people just starting with XRP purchases I agree. Others who know the market a bit better my advice would be to sell a % when the 2 highs are reached. There are 2 periods of bull in the market ending before the summer starts (appr. end May) and appr. the first week of January.

A time will come for larger and longer runs and more risk of loosing on your investment when you follow this advice imho but for the next 2 years the risks will be minimal but there is a small risk nonetheless. So don't push your luck to be on the safe side.

Always nice to buy some more XRP with the gains you can harvest ?.

My 2 drops...

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6 minutes ago, Ripplezzzz said:

For people just starting with XRP purchases I agree. Others who know the market a bit better my advice would be to sell a % when the 2 highs are reached. There are 2 periods of bull in the market ending before the summer starts (appr. end May) and appr. the first week of January.

A time will come for larger and longer runs and more risk of loosing on your investment when you follow this advice imho but for the next 2 years the risks will be minimal but there is a small risk nonetheless. So don't push your luck to be on the safe side.

Always nice to buy some more XRP with the gains you can harvest ?.

My 2 drops...

I spent 4 years working as a commodities trader and the frustration and risks come from having the option to buy or sell. What I love about crypto is that you don't really have to make this decision, just buy and buy more on the dips. I don't ever think about selling. A big fear of mine would be to trade out and after I have sold a huge bull run starts. This has happened to many people many times so far. 

 

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Since everyone is in the sharing mood, here are my tips for those looking to semi-actively trade the market:

1. Never chase mooning coins.   Trying to jump aboard a runaway train may work 2 out of 3 times, but the one time it doesn't work you are going to get positively ran over.  Realize that you make money when you buy and not when you sell;  if a coin is mooning and you are not already on board then look for some other train to board.

2. Never look at coins in isolation, look at market as a whole.  The overall market sentiment is the driving force behind price movement;  coin-specific sentiment merely indicates how much of the overall market sentiment will be captured by any particular coin.  For the most part, top 20 coins will all rise and fall largely in unison.

3. Large portion of market price movement is nothing more that money sloshing about in the market.  Follow this action and you may just be able to figure out where it is about to slosh next.  For starters, realize that most of the coins our there can still only be traded in and out of BTC;  this means that BTC will act both as a mini basket index of all other cryptos as well as a counterweight to all.   ALT moons are usually followed by a profit flush into BTC (which causes BTC price increase), and BTC moons eventually cause ALT bull runs (as BTC traders look to distribute their gains into better yielding assets). 

4. Like it or not, BTC behaves as the "safe" asset of the cryptocurrency world and as such will outperform most ALTs during market downturns.  When crap hits the fan, your best options will be Fiat or BTC.  The underlying theme here is that the market likely views ALTs as being high risk investments as compared to BTC.  If you are looking to make explosive gains, ALTs will be the name of the game;  if you are looking to preserve those gains then BTC will be your friend.

5. What goes up must come down + Faster they rise, faster they fall.  Stagger your sells into the appreciating price, take your profits and look for another train to board.  Otherwise, prepare to see your paper riches evaporate as everyone else jumps onto something else thus causing the inevitable price pullback.

6. Money management is far more important any TA.  Control your risk, be mindful of tax implications (every trade is a taxable event if you are in the US), and again remember that you make money when you buy.  Looking for favorable entry points in the single most important thing you can do now to be profitable in the future.

7. If you live in the US, and most of your trades are short-term trades, then consider closing all of your positions before the end of the year, settling your taxes, and re-entering after new year.  This should ensure that your gains are taxed according to your actual and anticipated tax rate, rather than levied on some phantom balance that existed before the market tanked (in case it should happen again) and that you can no longer cover.

8. Last but not least - don't get too hard on yourself for losing money, making stupid decisions, or generally getting creamed.  The only way to learn is by getting burned.  Think of it as training;  each time you get burned you learn what not to do.  Get burned enough and eventually you will only be left with good habits.  The key is to persevere and not blow all your money, so that once you get there you still have some funds to play with.

I wish you all the best of luck, and Moons and Lambos to all.

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