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Crypto31

Is There an XRP Based Business We Can Start?

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Hello,

Hope this finds you well.

I am an XRP hodler and an entrepreneur. I am fairly "young" at 31 years old and started my first business in 2011 after college. It was in sporting goods and I did well for a first crack. I ran that business for 6 years and since then have had several "failed" startups. I've also been employed as a salesperson at a few different companies. I have advanced experience and skill in web design, Internet marketing, social media marketing, and graphic design. I've read dozens of books on business and it is a serious passion of mine. I will probably be starting, investing in, and running businesses until the day I pass, God willing.

The reason I tell you this, is because I see a potential opportunity for us. It is certainly not to brag, as my resume is not worth bragging over. It is only to tell you that I am a serious entrepreneur committed to one day being successful in the business field. And if we come up with something good, I can be a contributor.

It came to my mind that we have a number of bright minds on this forum. 

If we are right and XRP becomes a prominent part of the global economy, will there not be several highly successful businesses that exist as an off-shoot?

Who better than us to start and own those businesses? For example, XRP based investment firms, accounting firms, banks, etc. It doesn't have to be just limited to XRP, either.

I thought maybe this thread could serve as a brain storming session if any of you are interested in this project. What needs will there be? What value could we bring?

Any thoughts welcome and by the end maybe it could evolve into a real opportunity. Why not combine your investing passion or hobby with a real business that you own/operate (or own a stake in) as well?

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Guest

Well CasinoCoin is based off of Rippled and their service aims to solve (or perhaps better) an existing infrastructure.

Edited by Guest

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I am interested to start a business and work on something more interesting than my 9-5 work. I do project management now but I also got a developer background when I first start my career.

These days I am studying some auto trade bots development, having some tiny workers that will work for you 24x7 and earn crypto definitely sounds like an interesting concept.

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12 minutes ago, jockeyng said:

I am interested to start a business and work on something more interesting than my 9-5 work. I do project management now but I also got a developer background when I first start my career.

These days I am studying some auto trade bots development, having some tiny workers that will work for you 24x7 and earn crypto definitely sounds like an interesting concept.

Cool. Can you elaborate please? Any credible evidence that this is actually a profitable endeavor or could be? Who makes the bots currently and generally how do they work? 

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1 hour ago, Crypto31 said:

Cool. Can you elaborate please? Any credible evidence that this is actually a profitable endeavor or could be? Who makes the bots currently and generally how do they work? 

Algo trading, algorithmic trading, quants and high frequency trading wouldn't be industry standards today and high paying proprietary "secret sauce" making jobs if it wasn't profitable. But you need a few special ingredients to do it profitably and in a way that lowers risk. There is a decent Reddit sub on the topic, and while the field evolves rapidly there are a few classic texts worth reading on the topic.

Basically you need an exchange with a timely API access route, plenty of volume, reliable historical data for back testing and ideally a platform for doing so. Finally, you need some market analysis skills to be able to detect a few profitable patterns to start with. Many analytical indicators have been developed over the years - you have a great sampling on just about any technical analysis trading tool.

It doesn't have to be super complex to make money. The aim is to have a high win rate with as few trades as possible - otherwise you lose too much to spreads and exchange fees. There is usually a cost associated with low latency data sources and trading apis that you also need to factor in.

It's a great thing to get into during your 20s-30s and try your luck if you can find a trustworthy partner and/or seasoned knowledgeable trader who has a system they've watched for awhile and want to see if their 'hunch' could pay off with an automated system.

I've done a little work in the area but have FTE and so I haven't had a chance to really lock myself in a room for a few months and crank something out.

Crypto doesn't really have a mature dataset either, very volatile (which is good) but highly manipulated and controlled. I would think you could make money but you'd have to watch the markets carefully as they matured. Def not a "set and forget" right now. There's a whole mythology of threats that exist in the culture too. It's an intriguing world.

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1 hour ago, RippleGambler said:

I run a profitable xrp bot. I have some other ideas I want to role out but time my boy, time. 

Just curious. How does one show that they run a profitable bot? Not doubting you but there's a lot of garbage out there claiming they what they have works. I always like doing my own additional homework.

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9 hours ago, RippleGambler said:

I run a profitable xrp bot. I have some other ideas I want to role out but time my boy, time. 

I would be curious to know which exchanges you use for bot trading and what factor latency (ms) plays in your case? You only trade XRP against fiat or other cryptos?

(No competition here, just trying to get some insights to decide if I should start developing one for myself or it's not so much worth it).

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