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What Is Your Exit Strategy?


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@QuizPops @Raekwon @Javim777 I enjoy these kinds of discussions because they promote the thought process necessary to properly prepare for the next parabolic rise. More specifically, setting proper ex

In fact one has to have 4 exit strategies : sell strategy, convert to fiat strategy, cash out to your bank strategy and last but not least: what to do with all that money strategy:  > set fixe

First off, nobody - not one person - will do what you describe. That being said, let's say I held my 100K XRP to $10 with the mind to cashing out.   I click "sell" at $10, now I have $1,000,000 U

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On 8/1/2019 at 3:52 PM, XRP_Almighty_Q said:

I'll keep this short and simple.

Ok.  Let's say you have 100k XRP and the price hits $1,000.  You move half (or whatever you like) of your XRP holding to a stable coin and you now have 50 MILLION DOLLARS USD! :D

What do you do?

Call Ripple's travel agency "XRP Hodlr" and book Unicron riding lessons.   

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On 8/3/2019 at 6:51 AM, Spekul8 said:

Call Ripple's travel agency "XRP Hodlr" and book Unicron riding lessons.   

so smiling. much witty.

On 8/2/2019 at 4:30 AM, Direboarder said:

I'm sorry but this discussion is akin to discussing what one would do if one won the lottery.  A toxic mentality if you ask me.  A large portion of people here holding stacks are going to cash out, or at least take substantial profits if we ever hit ATH high again.

so nice you read the op. very smart.

On 8/2/2019 at 11:21 AM, ripplewaytogo said:

Still talking about that $1000 price when we can’t get it up to $0.50.......

Dreams are just that, dream lol

i have many dream. one for you to become smile.

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Thanks all who participated and had a little bit of fun.

The purpose of this thread was to see what others would do with a large sum of cash.

It just seems daunting to suddenly have even 1 million, but is a good problem to have.  Most have a much bigger stack than me so I was thinking what would I even do with 50 million?  Kind of scary... Anyway...

I've imagined ways to get the money back to the money 1.0 world and how to keep it safe, over the weekend I thought by the time XRP shoots up banks should have an option for wallets.

I think (I posted this in another thread),  if banks had wallets, it would be much easier for people like us to transfer profits and for the banks to maintain control. If I was king of the hill I wouldn't give my spot up so easily, no one would.  Regulations are inevitable and wallets are just another part of the crypto ecosystem.  Ripple has money settlement, money transfer, why not provide wallets to replace "accounts" also?

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1 minute ago, baobeiiiii said:

Is there any way for banks to deal with the finality 'problem' though? That's one thing I'm not keen on, that if you xfer your XRP and make any mistake, bye bye funds. Needs to be reversible. 

I personally don't know.

...but I would think that at a lower level the current banking system isn't much different from a digital wallet other than the blockchain.  If this reaches retail (or when) I'm sure it will be much more user friendly.  It will have to be.  People just want to go open up an "account" and put money in it. 

Crypto early adopters are driving a bare bones car obsessing over the speed and usefulness, but you have to source parts and build it yourself.  I came in when their was a kit to to help you build the car.  A guide... Connect A1 to A2 like the picture...  More will come when someone else builds it for them, even more will come when there is air conditioning, soft seats and a decent sound system.

The ability for a bank "account" to have more robust functionality is really all I'm talking about.  I think digital assets inherently provide that.  They'd just add it as another tier of banking.  Platinum Asset Checking or something.

Today I feel like digital wallets, cold wallets, etc. are just really low level accounts.  By "low level" I mean, users have to manage everything and are fully responsible.  This level exists in banks, but the banks are responsible for the low end of it.  The user really doesn't have to remember anything (name, address, social security number and have ID).

As far as reversing transactions, I think that's possible within the system (bank to approved entity).  If you want to send outside of the system, there will probably be no guarantees (band to unapproved entity).  The difference between an XRP address and a bank account number is nothing to a computer.

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7 hours ago, baobeiiiii said:

Is there any way for banks to deal with the finality 'problem' though? That's one thing I'm not keen on, that if you xfer your XRP and make any mistake, bye bye funds. Needs to be reversible. 

That's actually simple. Banks use a single wallet with destination tags like exchanges do now. As long as the wallet address is correct, they can find a mistaken deposit and correct it because they own the wallet.

Another solution would be to use a convention the way that IP numbers are associated with domain names. Or in Australia, our local faster payments system associates your account details with an email address or phone number.  Say you're out with friends and want to split the bill at a restaurant but they don't allow it. One can use PayID, say your friend's phone number, to instantly transfer money to them. That way you can give out something you can remember simply and the transaction is executed seamlessly in the background using correct wallet addresses.

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12 hours ago, OzAlphaWolf said:

That's actually simple. Banks use a single wallet with destination tags like exchanges do now. As long as the wallet address is correct, they can find a mistaken deposit and correct it because they own the wallet.

Another solution would be to use a convention the way that IP numbers are associated with domain names. Or in Australia, our local faster payments system associates your account details with an email address or phone number.  Say you're out with friends and want to split the bill at a restaurant but they don't allow it. One can use PayID, say your friend's phone number, to instantly transfer money to them. That way you can give out something you can remember simply and the transaction is executed seamlessly in the background using correct wallet addresses.

Essentially that is how our bank accounts with fiat work. The bank has a single "wallet" and we each have a piece of the fiat in that wallet. I think that makes a lot of sense.

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On 8/1/2019 at 8:52 PM, XRP_Almighty_Q said:

I'll keep this short and simple.

Ok.  Let's say you have 100k XRP and the price hits $1,000.  You move half (or whatever you like) of your XRP holding to a stable coin and you now have 50 MILLION DOLLARS USD! :D

What do you do?

...

 

Let's take a break from the usual daily contention and DREAM a bit! :lol:

 

XRP at US$1000 would put me close to 200MM if my balls were made of unobtanium and I chose to hodl all the way up (I undoubtedly won't). In dream mode, the question is actually quite intruiging. What to do? How to exit? Do you want to exit? Is fiat higher risk than crypto? Would I dare live off of the XRP?

- I'd follow @Ripple-Stiltskin advise to have multiple FIAT exit routes. I actually already have two.

- I liked the idea of forewarning my bank that an unusually high amount of cash would enter my bank account (explore the option of private banking etc).

- Although taxes on wealth are easy in my country of residence, professional advise would be needed to help paying as little as possible. Investing in crypto, I risked my own money that was already heavily taxed.

- Will try to keep 20-30K XRP for the very long haul (20plus years), just to see where it goes.

- Would liquidate most of my other crypto holdings. Enough is enough.


You would say that this is where the fun starts, but will it? With that new found wealth, different headaches will surely emerge very soon. Diversify in real-estate? I don't see myself as a landlord. Yes there are agencies that can handle that for you. Precious metals? Where and how to store them safely? A swiss vault? My own or some family/friends business venture? No experience with that, so a sure way to lose money methinks.

Nah, I most likely will need a serious talk with a financial advisor on how to create a stable and secure income, and more importantly, how to store the riches safely. My bank advertises with Private Banking on their website, so this known and trusted route seems more than likely for me to take.

The fun part:
Being in my mid fifties, my wishes are simple; A small and easy to maintain home in a very quiet area in my country. A rented or owned home abroad, near the ocean, with an art studio and sizeable acreage of land. I like flowers and fruit trees. On the land, I'd plan for a magnificent antenna tower holding a 4 element full size directional antenna for 7MHz HAM radio. The Canary Islands come to mind.

No cars, yachts or motorcycles. Well, maybe a sea worthy power-boat to explore the coast.

Final point: Those dear to my heart already have a letter with instructions waiting, should I croack before moon...

 

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32 minutes ago, phcc said:

 

XRP at US$1000 would put me close to 200MM if my balls were made of unobtanium and I chose to hodl all the way up (I undoubtedly won't). In dream mode, the question is actually quite intruiging. What to do? How to exit? Do you want to exit? Is fiat higher risk than crypto? Would I dare live off of the XRP?

- I'd follow @Ripple-Stiltskin advise to have multiple FIAT exit routes. I actually already have two.

- I liked the idea of forewarning my bank that an unusually high amount of cash would enter my bank account (explore the option of private banking etc).

- Although taxes on wealth are easy in my country of residence, professional advise would be needed to help paying as little as possible. Investing in crypto, I risked my own money that was already heavily taxed.

- Will try to keep 20-30K XRP for the very long haul (20plus years), just to see where it goes.

- Would liquidate most of my other crypto holdings. Enough is enough.


You would say that this is where the fun starts, but will it? With that new found wealth, different headaches will surely emerge very soon. Diversify in real-estate? I don't see myself as a landlord. Yes there are agencies that can handle that for you. Precious metals? Where and how to store them safely? A swiss vault? My own or some family/friends business venture? No experience with that, so a sure way to lose money methinks.

 

This is what I was talking about.  I feel the same way.  I really don't know what to do, I have the basic ideas like everyone else, but I don't have confidence in those decisions.  Like who I'm going to contact, how I'm going to do it.  When you imagine, "what if this thing actually blows up... tomorrow.  What am I going to do?" 

I feel like if I got 10 million, I'd tell my wife I got 500k.  She gets really good with math when it comes to my money. :lol:  Now I have 9.5M (taxes I know, but just...)  A quick google doesn't help much. Ledger Nano supports stablecoins.  Maybe just move it to a stablecoin and setup something to transfer a set amount to my bank account every month or so... I don't know.

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6 hours ago, XRP_Almighty_Q said:

This is what I was talking about.  I feel the same way.  I really don't know what to do, I have the basic ideas like everyone else, but I don't have confidence in those decisions.  Like who I'm going to contact, how I'm going to do it.  When you imagine, "what if this thing actually blows up... tomorrow.  What am I going to do?" 

I feel like if I got 10 million, I'd tell my wife I got 500k.  She gets really good with math when it comes to my money. :lol:  Now I have 9.5M (taxes I know, but just...)  A quick google doesn't help much. Ledger Nano supports stablecoins.  Maybe just move it to a stablecoin and setup something to transfer a set amount to my bank account every month or so... I don't know.

Most wives are good when it comes to doing the math on their spouse's accumulations :) I am right there with you. Having obviously never been rich, handling a large and sudden wealth is daunting in my view. Moving into a stablecoin may be the way if you want to avoid or are afraid of volatility. If XRP should reach US$1000 though, should we still fear that? For sure seeing your value going up and down with staggering amounts at that level will give you sleepness nights, but how about if that stablecoin turns out not so stable after all? With that level of XRP maturity, I expect it would not be extremely volatile, but rather much like it is now, but just at a higher scale. I think I could handle that, if at least a large enough portion was already liquidated into a pile of "safe" FIAT or other non-crypto assets guaranteeing an income.

Initially there would be great euforia at XRP moon and beyond, but the reality of the arduous task handling that wealth would set in pretty quick. Private Banking including a personal account manager/team is very high on my list. I would most definitely seek professional guidance at 1MM+ realised gains, and discuss with my significant other which direction to steer in order to de-risk and feel safe. Hopefully that day will come for you, me and all retail XRP holders.

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