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XRP Chat Millionaires (Paper & Real!)

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13 hours ago, Tyrell said:

47 is old?  600K is not a lot to retire on depending on your location.  Also depends on age.

 

But I understand your point and agree.

You're right, it's all about location.  I have just about 10 years left until I hit retirement the normal way, and I'm putting aside money every month to ensure a retirement account at that time to be about $4-500K.  Beyond that it'll be pension money, and then social security eventually.  Access to a healthcare plan is probably the largest hurdle after finishing the 10 years of employment.

My XRP is something that just adds to that cake, but isn't counted on at all.  If XRP turned me into a millionaire overnight, you can bet I would have sold $400K worth an funded that retirement account now, then left the rest in XRP.  I didn't hit $1M in Jan though, so I'm still holding everything.

And to those pointing out that people simply knowing how much money you have causes problems, I second that.  If they even think you have money then you'll be asked to give it to them.  I've told many friends and family that I don't actually have any savings and I buy stuff on credit all the time.  If they knew I had cash sitting around for early retirement and my kids college funding, they'd ask me for it.  I've seen them accuse other people of not sharing enough, being selfish, complaining about how unfair their own lives are, etc.  My wife is the only person that even has an idea of how much we've saved.  My mother, siblings, kids, etc. all have no idea.  They think I live on credit and drink away my earnings, and get paid far less than I really do.  Bright side, I can drink a lot at family parties and they all just accept it as me being who I am.  They don't know that I only drink at parties XD

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6 hours ago, XRP-JAG said:

Cheers all, especially those who were on topic ? ?

The theoretical exit plans are fine, but there is plenty of that on the forum about. I was / am more keen to hear from the voices of experience. We must have a mix of people on here.

What interests me most I suppose is those that cashed out for great profits at $1, $2 etc, how do they feel about that, how much (if at all) does / did it bother them they could have had $3+. Also those who did not cash out at ATH. Did they exit later, continue to hold, and how they feel in it too.

Personally I really have no exit strategy, mainly because my buys were later, so pretty much been in the red since day one. I break even at $1.22, and need $30+ to pay off the mortgage. At some point I’ll need to exit, and at that time will have to reconcile with what happens next.

Well if I have sold my stash back in the January, I would have made quite a profit. Looking at it from this perspective, I should have sold and bought when it went down (very smart ha?). But the situation in December/January run was that the price went up from $0,20 to $3,89 in less than 4 weeks and most of the people thought it will go up even further (lot of hype, exchanges crashing because everyone wanted to buy some crypto, even the local sites in my country have been writing about xrp...).

And then it crashed...they left out Korean prices out of the CMC, bad news from Korea, China and India. And most of all, people who bought at ATH have started panic selling and then talking sh!t.

I don't feel sorry for not selling at ATH because the price didn't hit the target I have set. My exit plan is to sell quarters of my stash at certain price level, the first one is at $10. If I had sold in January at $3,89 and the price went up to $10 instead down, that would be the reason to feel sorry because once in a lifetime opportunity would go down the drain because I didn't stick to my plan. This way I have learned to be even more patient (also couple of extra wrinkles on the forehead but who cares).

So, first of all, you need to have exit strategy. Second of all, stick to it.

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The speculative price doesn't matter to me at all. Why? I'm waiting until a handful of major banks use XRP for cross-border transactions. At that point I'll check the price and see if it makes sense to sell anything.

We are on the cusp of the most profound change to the financial system that has taken place since the invention of money. Give that a second to sink in. This change will happen exactly once in the history of the human race, and possibly never again.

We don't even have digital fiat yet -- that's how early this is. Don't underestimate that. Imagine someone selling Amazon stock in 1999.

Edited by ADingoAteMyXRP

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1 hour ago, ADingoAteMyXRP said:

The speculative price doesn't matter to me at all. Why? I'm waiting until a handful of major banks use XRP for cross-border transactions. At that point I'll check the price and see if it makes sense to sell anything.

We are on the cusp of the most profound change to the financial system that has taken place since the invention of money. Give that a second to sink in. This change will happen exactly once in the history of the human race, and possibly never again.

We don't even have digital fiat yet -- that's how early this is. Don't underestimate that. Imagine someone selling Amazon stock in 1999.

And a little bit further in time you won't have to worry about ways to cash in anymore, because you can transfer your XRPs directly to your local bank.

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There are still plenty of members here with large quantities of xrp who could care less about current price. Some might even be concentrating on schoolwork rather than refreshing the page.  Personally, even at $3 I didn’t bat an eye.  Was it cool? Hell yes, but not nearly as cool as it’ll be a couple years from now. 

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3 hours ago, princesszerp said:

There are still plenty of members here with large quantities of xrp who could care less about current price. Some might even be concentrating on schoolwork rather than refreshing the page.  Personally, even at $3 I didn’t bat an eye.  Was it cool? Hell yes, but not nearly as cool as it’ll be a couple years from now. 

Bloody Show off.

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I'll show my cards:

During the height of the pump, I was at around $250k, all of my XRP bought throughout the previous nine months, with a cost basis of around $0.23/XRP.  That amount of money would have been enough to pay off my mortgage, with a very healthy percentage left over. 

I didn't sell any of it.

Prior to the pump, I developed an exit strategy.  I figured that that with just the single use case of remittances, significant progress from Ripple would lead to a minimum XRP value of around $44, while a resounding success would be above $100.  There's also a very good chance that it will never reach that.  Also, I have a good job, a really low interest rate on my mortgage, am fully funding my 401k, am still pretty young, and am generally doing all right.

So I decided to apply angel investing logic to this investment, all prior to the pump.  I know that there is a likely chance of me losing most of my money, but I'm betting on things that have a massive return that can pay back all the failures.  If it ends up that XRP doesn't go anywhere, I haven't over-extended myself, so I can invest in the next thing with a potential huge return, until one finally hits.  (Though, I do have an exit strategy for if it looks like Ripple starts ******** the bed, which they don't look like they will do, but it's good to be prepared).

I will say, though, actually holding to this strategy was a much much worse feeling during the pump than the lags in the market, either before or after it.  The chance to cash out loomed over my head, but I knew my strategy was sound.

Edited by thekiyote

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4 hours ago, princesszerp said:

There are still plenty of members here with large quantities of xrp who could care less about current price. Some might even be concentrating on schoolwork rather than refreshing the page.  Personally, even at $3 I didn’t bat an eye.  Was it cool? Hell yes, but not nearly as cool as it’ll be a couple years from now. 

Always find bizarre the American version of "I couldn't care less" which for some reason when on ur side of the pond (i'm assuming you are from ur wording of that) actually means the complete opposite to what you are actually trying to say.

Surely if you COULD care less its indicating that its something that you care about more than other things. When you COULDN'T care less, it means when its high or low in price you couldnt care any less about it than you do, you literally couldn't care any less about the price than you do.

Just an observation and peversion of the English language hidden in plain sight that seems odd to me.

Oh yeh where were we MOOOOON LAMBOOOO ?

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As someone who works with wealthy families, high net worth individuals, and endowments and foundations, i can tell you the best thing to learn is behavioral finance. Pick up any book on the topic and you will literally read word for word descriptions about past feelings and emotions that triggered a poor decision somewhere along the way. Sophistication or education about markets and investing does not matter when emotions take over, i have seen it all (for worse). I'm partial to Richard Thaler ( 1: Nudge,  2 : Misbehaving)  and Daniel Kahneman (1: Thinking, Fast and Slow), both Nobel winners. Michael Lewis also just wrote a book called The Undoing Project that details Kahneman. I have studied Modern Portfolio Theory (hot pile of garbage) and behavioral finance and the behavioral aspect is by far more applicable and extremely useful as a decision making tool. If you can learn about what makes you tick, you have a chance to slow down and make more rational decisions! 

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