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28 minutes ago, XRP_Almighty_Q said:

 


THIS!

People are mad because they haven’t hit the lottery yet, lol. Where else can you even dream to put up 5k and possibly get back six figures in 10 years?

 

KENO!!!!!!!!!!!!!!!!!!

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I bought my 50K XRP in May 2017 at $0.322 After waiting for more than two years I sold at the same price today. This XRP is going nowhere as long as no banks are going to use it, Ripple and

Never understood the point of these threads.

Bullish 

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5 hours ago, XRP_Almighty_Q said:

Where else can you even dream to put up 5k and possibly get back six figures in 10 years?

Its where you did not invest yet and did not dream of possibly looking.  

Edited by Spekul8
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On ‎7‎/‎26‎/‎2019 at 9:15 PM, Zerpaholic said:

I don’t know if you’re referring directly to me when you say you get the pain from your point of view but maybe I forgot the /s at the end. I’m more than fine with my investment because of the knowledge that Ripple is such an amazing organisation from top to bottom as I described.

When I bought my first XRP 2 years ago I knew I was in for a 3 - 5 year investment, possibly even 10, and I too have sympathy for those who bought high and have held since without much reward. But sorry, I don’t have a lot of sympathy for those who have lost money due to greed. Clearly crypto is speculative, isn’t magic and is loaded with uncertainty so an investment in it needs to be treated as such from the start.

Oh I wasn't calling out anyone on here in particular.  Honestly, I don't know the personal story behind each one of you well enough to know if your personal investment is painful or not.  I was just referring in general to people that for one reason or another viewed XRP as a no risk way to quickly increase the value of their money and retire well.  There are people on this forum that come across that way, and several of them make the same comments of people that I do know in real life who are not financially educated, and have unreal expectations of the markets and the risk that their various investments carry.  I know several people in my workplace alone that were talked into buying cryptos when I did.  There was a guy in another department that thought it would be fun for us to start a small social group, each pick some cryptos to invest in that we liked, put a small bit of money in, and then keep up with the businesses over time as a way to discover and learn about the blockchain technology and how it was being used.

 

The original idea of the social group was awesome, and fun, and carefree.  We had great discussions over a few lunches.  Then, 3 months in, the market is rolling, I'm the only one with XRP, and one of the guys starts talking about how he is building a mining machine to 'make money' for 'free.'  Then the conversation goes to another guy who admits that he's been flipping his crypto holdings between different currencies all this time, and he's been making 'a killing' (note: all cryptos were rising at the time).  Before long the whole group was uber excited about buying into coins they hadn't researched, talking about how they felt like they were a micro VC fund, and how they were all going to make a ton of money off an 'investment' that we all originally planned to be only a conversation piece about a technology that we didn't understand. 

 

I'm an economist.  I've worked in finance for a long time.  I immediately tried to reel everyone back in.  I talked about the tax implications of flipping between coins, the risk versus reward metrics, the history of prolonged droughts for BTC, etc.  It didn't matter.  Good people, who thought they found a foolproof way to make money, pumped way too much of their money into the coins.  They higher the values got, the more the bought, driving their DCAs up.  2019 came, and to a person they basically lost it all.  There is no more social group.  Only one of them even talks to me about the coins.  The miner is $30K in debt on equipment, and can't afford to run them cause of the electricity cost.  Everyone else either ate the tax bills, or sold out to declare the losses against the taxes for next year.  Those are the people I feel sympathy for.  People who should not be playing in this market to begin with, but don't understand why they shouldn't.  People without the education and training.

 

And I know probably 90% of the forum will say something to the effect of "We shouldn't feel sorry for other people's dumb decisions..." or "Even if they didn't study finance you warned them and you turned out ok.." (which I did).  However, there is a reason the average Joe isn't allowed to walk down to the floor of the NASDAQ and trade like a series 6 license holder, or trade on margin, or be a VC funder, etc.  There are rules that either require you to demonstrate extreme financial competence, or enough collateral to be able to afford to take those kinds of risks.  We should feel lucky that we can buy into ICOs and cheap crytpos right now.  We have a rare chance to take on risk that would never normally be afforded to us legally, and for some of us that will pan out to great rewards.  But when the crypto market matures, don't be surprised when the average Joe's of the world aren't allowed to invest in it at this risk level because if we're being honest, the average Joe should not be investing in it.  It should be gated just like other extremely risky investing opportunities are.

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12 minutes ago, Kalarie said:

...

Some people just don't know how to quit when they're ahead.  I bought some and plan to hold it.  I'd planned to spend my tax return and any other "extra" money that I came across on "investing", but during my short 2 month tenure I learned quickly that isn't a wise thing to do.  I have a number of coins that I am happy with and we'll see what happens.  If I lose it, I'm ok with it... but...

WE'RE GOIN TO THE MOOOOONNNNN!

space cowboy GIF

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28 minutes ago, Kalarie said:

But when the crypto market matures, don't be surprised when the average Joe's of the world aren't allowed to invest in it at this risk level because if we're being honest, the average Joe should not be investing in it.  It should be gated just like other extremely risky investing opportunities are.

It strikes me as extremely paternalistic that people think like this.  

Its not rocket science.  An investment absolute is that Risk is proportional to Reward.  Any normal person can understand that.  

The so-called Accredited Investor is nothing more than a barrier at the gate to keep the vast swathe of the un-wealthy permanently that way.

It is the most brutish of clubs used to ‘solve’ a non-problem.  

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17 hours ago, Tinyaccount said:

It strikes me as extremely paternalistic that people think like this.  

Its not rocket science.  An investment absolute is that Risk is proportional to Reward.  Any normal person can understand that.  

The so-called Accredited Investor is nothing more than a barrier at the gate to keep the vast swathe of the un-wealthy permanently that way.

It is the most brutish of clubs used to ‘solve’ a non-problem.  

I understand where you're coming from.  I mean, any rational, normal person wouldn't smoke weed, drink alcohol, eat McDonalds, gamble for a living....etc.  And that is where you run into a fundamental flaw in economics, people are not rational, normal, long-term thinkers.  They are not collectively highly educated and fully aware of all of the risks.  I know I've seen posts in this forum from a couple folks in India that threw their life savings into XRP expecting greatness.  That country watches tv on their phones, and the vast majority of people don't even get to access the internet.  Those folks making those posts were either lying about who they were, or never understood the risks that you're assuming the 'normal' person understands when they buy cryptos. 

I grew up, and still live in a community where having a Master's feels like barley enough to get an entry level job.  There are tons of people around me who are very well educated, strategic thinkers, and don't qualify as accredited investors that could probably effectively mange the money if they did qualify.  However, I've also made plenty of business trips into the heart of West Virginia, and Southeastern Georgia, downtown Chicago, and New York, etc.  Places where the education system simply passed people by, and there are far more of those people than there are people with solid educations in finance, or even college educations period.  The last time I helped coach hiring practices for a retailer was in Austin TX, about has highly educated per capita you can get.  The retailer wanted to hire cashiers, but they had a simple problem, out of every 100 people that applied, only 1 was passing the math portion of the automated application system.  Math that was just addition and subtraction with decimals.  It was such a problem they decided the best solution was to program the registers to spit out the change instead of having the cashiers add it up.  That my friend, is closer to the 'normal' person in this world.  If you can't do basic math, you won't understand the actual risks versus reward situation with crypto, and since you don't understand it, you shouldn't be throwing your life savings into it.

That's a very painful statement for me to type because it flies in the face of the natural rights philosophies I grew up on, but giving uneducated masses easy access to make very risky decisions with their wealth always leads to one thing, wealth concentration, exactly what's behind your complaint about accredited investor barriers.  Remove those barriers and the argument shifts from the barriers keeping the people down, to unequal education, to un-level playing field via inherited wealth, to unfairness based on the IQ you're born with....etc.  It'll always be another excuse.

The "accredited investor" barriers feel like they are set up to keep people un-wealthy because you're educated enough to even know that those barriers exist, and if your had the ability to meet those requirements (which you might, I don't know), you are probably going to make rational investing decisions.  That level of financial understanding and competence is simply not the norm.

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On 7/27/2019 at 3:15 AM, Zerpaholic said:

. I’m more than fine with my investment because of the knowledge that Ripple is such an amazing organisation from top to bottom as I described.

Where do you get that view? They clearly have a lot of smart people and interesting ideas and technology but the most fundamental information about any business, their financials are not released to the public.

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18 hours ago, Tinyaccount said:

Its not rocket science.  An investment absolute is that Risk is proportional to Reward.  Any normal person can understand that.  

 The so-called Accredited Investor is nothing more than a barrier at the gate to keep the vast swathe of the un-wealthy permanently that way.

Yes. How many people have gotten all sorts of great “buy” advice for stocks from highly accredited people? And how many got great sell advice? My experience has been all buy advice.

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2 hours ago, Kalarie said:

and if your had the ability to meet those requirements (which you might, I don't know), you are probably going to make rational investing decisions

Nah I’m in the great unwashed ordinary Joe camp...  I could never qualify unless XRP comes in as a win.

And that’s where (in my opinion) the barrier is just as I described... “a brutish club”.  It’s doing the two things you don’t want this paternalistic barrier to do...   keeping out people who should be let in, and letting in people who should be kept out (if you accept this proposition that people need protecting from their folly).  It’s a fallacy to assume simply because they pass the wealth requirements they will be rational investors.

In what way does being born into wealth make you better able to understand risks and manage your investments?  So a rich idiot is an accredited investor but a poor genius is kept out to protect her?

And I reject completely the proposition that people need that protection, and that they are not capable of understanding risks.

The ordinary person can understand all this if it’s not disguised, and therefore hidden,  risk.  So instead of making it impossible to invest in for poor old Joe why not instead make it illegal to deceive by misdirection on the actual offerings.  Make risk disclosure a requirement and not in the fine print as now,   but in clear plain English text.

But I would prefer not even that...  in my country there have been laws along those lines and they have resulted in volumes of trees wasted making loan contracts and investment product documentation enormous and achieving nothing because no one reads it.

Thank you for your thoughtful and lengthy posts but I do not think I can ever accept your views.  The Accredited Investor concept is only one step away from deciding that only the wealthy can understand the economy enough to be able to vote.

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40 minutes ago, Tinyaccount said:

...

Thank you for your thoughtful and lengthy posts but I do not think I can ever accept your views...

"We can agree to disagree, but we don't need to be disagreeable." - John Wooden

You're a great example of a thoughtful person @Tinyaccount.  I have nothing but respect.  I hope you get your chance to blow way past the accredited investor barriers, and the sooner the better.  #XRPtheStandard

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10 minutes ago, Kalarie said:

...  I hope you get your chance to blow way past the accredited investor barriers, and the sooner the better.

Thank you for the kind words.   I absolutely respect you and your posts and am grateful for all you’ve shared over a long period.  We also share the hope of good things to come for all of us invested in XRP.

Edited by Guest
Tidying up
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