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XRP Chat Millionaires (Paper & Real!)

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On 10/17/2018 at 4:53 AM, automatic said:

 

  • hodler mentality will be a detriment during hard pumps as you will have a really hard time selling and may miss your chance altogether.  Get used to parting with your zerps in advance and you will be much better off.  Practice makes perfect, and without practice ...well, you will suck.

This one is freaking me out.
I've done some trading in the past, but it's been a while now.
I sometimes think about the moment I'll have to hit a button to trigger an action which might be worth a few million $. And this scares me..

I've for example also forgotten in which Exchanges I'm verified ?.
So I tried logging into a few, and also found out I've lost a password for one of them. And the request new password doesn't work.

So I'm thinking I should make a list of them, but that might be dangerous :D

So, and I repeat myself here, this freaks me out ?

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1 hour ago, DD_XRP said:

This one is freaking me out.
I've done some trading in the past, but it's been a while now.
I sometimes think about the moment I'll have to hit a button to trigger an action which might be worth a few million $. And this scares me..

I've for example also forgotten in which Exchanges I'm verified ?.
So I tried logging into a few, and also found out I've lost a password for one of them. And the request new password doesn't work.

So I'm thinking I should make a list of them, but that might be dangerous :D

So, and I repeat myself here, this freaks me out ?

I've made sure i am registered on as many exchanges as possible.

Will make it easier to cash out when i can take the max from each daily if i have issues with trying to withdraw huge sums all from one.

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I'm plugged into the "Financial Independence" community and should hopefully be able to retire in 7 years at 35 on a humble amount using 3% withdrawal (IT and frugality). Doesn't mean I won't 'work' or earn from future endeavors. Just means I'll be done with the traditional 40 hour corporate bullcrap.

 

XRP is icing on the cake. I believe in the long term potential so I tell myself that I'll hold 10-20% of my portfolio long term. I think there is a strong possibility in the next few years that 80% could get me to that 1.5 - 2 million target. I'd also like to pay off my parents house if I can.

I'm certainly not against driving a BMW and having a nice place, and being able to throw around some money and really just not have to worry about what I spend. But I also realize the importance of having some humility, and realize that money is primarily for freedom.

In any case, it has been an interesting ride and I'm sure there will be interesting times ahead for many of us. This bear market is really starting to get on my nerves though. Just have to keep things in perspective in times like this.

I would suggest everyone focuses on bettering their lives with what they can control, rather than hoping XRP saves them from whatever is ailing them.

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On 10/17/2018 at 2:07 AM, Tinyaccount said:

I disagree.  If it succeeds it will become the new blue chip investment.  And although some small profits on way up is smart, you might find you never need to exit.  And it might be dumb to do so. 

 

The number one rule of investing is not to hold all eggs in one basket. If you had 200k in equities and 6 million in XRP, I'd call it unbalanced and foolish.

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17 minutes ago, mrhat75 said:

The number one rule of investing is not to hold all eggs in one basket. If you had 200k in equities and 6 million in XRP, I'd call it unbalanced and foolish.

I'd partly agree & partly disagree with this. Sure if you have a decent amount in the millions then it is probably worth spreading your risk & diversifying your portfolio to avoid some risk BUT when we are yet to get there, ie we're all still far from rich & working hard then sometimes it takes balls of steel & yes a bit of a gamble to go all in on something if you think it's a winner. I think that with XRP & happy to go 90%+ into that basket until we get top life changing FU money status :)

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41 minutes ago, scoobysi said:

I'd partly agree & partly disagree with this. Sure if you have a decent amount in the millions then it is probably worth spreading your risk & diversifying your portfolio to avoid some risk BUT when we are yet to get there, ie we're all still far from rich & working hard then sometimes it takes balls of steel & yes a bit of a gamble to go all in on something if you think it's a winner. I think that with XRP & happy to go 90%+ into that basket until we get top life changing FU money status :)

To follow up on this, I feel like a lot of the diversification strategies that people bring up were created for the stock market.  There it makes sense, where you are protecting yourself for moderate increases or decreases.  I don't think it applies quite as well to high risk, highly variable assets, where success/failure isn't measured by a swings of 5-10%, but by swings of 80%, and more, and where failures amount to $0, and wins through the moon.  In those situations, you're probably better thinking in terms of bankrolls, or your initial cash outlay, and cashing out not to diversify, but if you feel like your returns are maxed out.

 

Also, people keep talking about how they would cash out on like 20 different exchanges in the case of a runaway success.  While that isn't a bad option for withdraws up to maybe $100-$200k, anything larger, you'd probably want to work through an OTC firm, like Cumberland or Circle.  You run a much smaller risk of crashing out the market and hurting your returns.

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2 hours ago, mrhat75 said:

The number one rule of investing is not to hold all eggs in one basket. If you had 200k in equities and 6 million in XRP, I'd call it unbalanced and foolish.

That is a good point.   If you are thinking of the XRP as an investment it certainly applies.  However in the scenario where XRP becomes central and significant in world commerce (which is pretty much the most likely way it will gain the sort of value we are discussing) then it has moved somewhat away from an investment towards a store of value.

I think your point still applies...   you don't want all your wealth in cash or gold or XRP but the risk of the XRP losing value will have significantly reduced if it does succeed enough to make us as wealthy as we hope.

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10 minutes ago, Tinyaccount said:

That is a good point.   If you are thinking of the XRP as an investment it certainly applies.  However in the scenario where XRP becomes central and significant in world commerce (which is pretty much the most likely way it will gain the sort of value we are discussing) then it has moved somewhat away from an investment towards a store of value.

I think your point still applies...   you don't want all your wealth in cash or gold or XRP but the risk of the XRP losing value will have significantly reduced if it does succeed enough to make us as wealthy as we hope.

I'd counterpoint by saying that portfolio balancing is not a money gaining strategy, it's a risk mitigation one.  If you engage in risky investments, you are going to quickly become unbalanced.  Whether or not that's a bad thing depends on a lot of other factors that play into your risk tolerance.

If that $6.2 million is all the money you have to live on for the foreseeable future, I agree.  It's super foolish to keep that high of a balance of XRP.  You'd want to sell the majority of it, and balance the remainder between stocks and bonds, to guarantee money to live off of.

However, if you're in your mid-20s, you got no debt, with a good job who's pulling in 6 figures per year, that $200k represents your retirement savings that you put your money into every paycheck, and you have no intention of quitting your job, maybe you let that $6 million ride. 

Neither of these choices is wrong, it just represents two very different risk tolerance scenarios.

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20 hours ago, thekiyote said:

However, if you're in your mid-20s, you got no debt, with a good job who's pulling in 6 figures per year, that $200k represents your retirement savings that you put your money into every paycheck, and you have no intention of quitting your job, maybe you let that $6 million ride. 

I am pretty close to what you are describing but a few years older (and except for the 6 million in crypto part :unsure:).  Hypothetically, had I invested long ago and had 6 million in crypto sitting on the Nano S today, it would be incomprehensible not to cash out any of it right now, at the very least enough for financial freedom. 

Sure, if something catastrophic happened to my digital asset investments and I lost it all, I can continue what I have been doing the last decade.  As with the same considerations when analyzing crypto, we can't always assume the past will mirror the future personally.  Simply put, I cannot take things for granted in my own life.  It has been a been a growing economy for most parts of the world for a long time now.  Will something happen out of my control with the economy that will put my high paying job at risk where I no longer earn what I am currently making?  Will I be as healthy as I was the last 10 years?    Will someone else get sick that I have to take care of?

Life can change at the blink of a second.  Way too much greed and reckless behavior in this example, however I don't think you meant it that way.  If you have a million or two in the bank, then you could certainly afford to lose more and allocate a larger percentage of you portfolio to high risk investments.

 

Edited by ManBearPig

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23 hours ago, scoobysi said:

I'd partly agree & partly disagree with this. Sure if you have a decent amount in the millions then it is probably worth spreading your risk & diversifying your portfolio to avoid some risk BUT when we are yet to get there, ie we're all still far from rich & working hard then sometimes it takes balls of steel & yes a bit of a gamble to go all in on something if you think it's a winner. I think that with XRP & happy to go 90%+ into that basket until we get top life changing FU money status :)

Buffet says you diversify to maintain wealth, but concentrate to accumulate wealth.

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On 10/18/2018 at 5:37 PM, Dinoizzy said:

I've made sure i am registered on as many exchanges as possible.

Will make it easier to cash out when i can take the max from each daily if i have issues with trying to withdraw huge sums all from one.

If youve got a decent amount , you should consider OTC and forget exchanges all together. 

An OTC desk will generally deal with anything above $25k.

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4 hours ago, ManBearPig said:

I am pretty close to what you are describing but a few years older (and except for the 6 million in crypto part :unsure:).  Hypothetically, had I invested long ago and had 6 million in crypto sitting on the Nano S today, it would be incomprehensible not to cash out any of it right now, at the very least enough for financial freedom. 

Sure, if something catastrophic happened to my digital asset investments and I lost it all, I can continue what I have been doing the last decade.  As with the same considerations when analyzing crypto, we can't always assume the past will mirror the future personally.  Simply put, I cannot take things for granted in my own life.  It has been a been a growing economy for most parts of the world for a long time now.  Will something happen out of my control with the economy that will put my high paying job at risk where I no longer earn what I am currently making?  Will I be as healthy as I was the last 10 years?    Will someone else get sick that I have to take care of?

Life can change at the blink of a second.  Way too much greed and reckless behavior in this example, however I don't think you meant it that way.  If you have a million or two in the bank, then you could certainly afford to lose more and allocate a larger percentage of you portfolio to high risk investments.

 

Yeah, but you're still describing a risk tolerance scenario. 

A lot of people (probably most) wouldn't risk 6 million in order to potentially gain 50 million, but some would.  But a higher risk tolerance isn't stupid, making bets without being aware of the risks is.

When you see people who say "If I make $X dollars, I'll sell Y%, to lock in my gains," they all think that they have the 'right' answer, but there are just as many opinions on what X and Y should be as there are investors, all bickering over the values.  The reason why nobody can agree is because the moving variable is everyone's risk tolerance.  People with higher risk tolerances are willing to risk more for a lower rate of return, and that's fine, as long as the person is willing to accept a failure scenario.

Where people get stupid is when they start saying things like XRP's success is a given.  Really, no it's not.  Ripple is very well run, and there is a clear market case, all of which makes XRP a much safer investment than most other cryptos out there, but the space is still risky, and if you invest without acknowledging that risk, and measuring it up against your own personal risk tolerance, that's when you are making a mistake. 

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On 19 October 2018 at 2:37 AM, Dinoizzy said:

I've made sure i am registered on as many exchanges as possible.

Will make it easier to cash out when i can take the max from each daily if i have issues with trying to withdraw huge sums all from one.

If it ever moons to the degree that we have these sorts of problems,  then just contact the exchange and ask for an OTC contact.  

I keep saying this but no one seems to get it...  if you do become a big player the the various exchanges will assist you to trade any sized amount.

From my reading here and elsewhere I believe the trades are often done at middle of spread current price with you simply paying the lowest rate fee they offer.   This is the absolute last thing I worry about.

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On 10/19/2018 at 12:31 AM, scoobysi said:

I'd partly agree & partly disagree with this. Sure if you have a decent amount in the millions then it is probably worth spreading your risk & diversifying your portfolio to avoid some risk BUT when we are yet to get there, ie we're all still far from rich & working hard then sometimes it takes balls of steel & yes a bit of a gamble to go all in on something if you think it's a winner. I think that with XRP & happy to go 90%+ into that basket until we get top life changing FU money status :)

I think a lot of people essentially go all in on one asset and just do a token gesture diversification of maybe 20% of the remaining capital spread over a bunch of random assets. To me, XRP represents a one-off opportunity. I’d rather go all in and be wrong than put 20% into bluechip shares that are already overbought to high hell because nobody knows where to put their money. I’m happy to increase my risk for that higher reward.

Edited by 2ndtimearound

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