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Day 4 Without XRP - The Delay Saga


XTRA_HRDCOR_XRP
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Hello Everyone,

I am new to XRP, Ripple, and this excellent chat community. 

I would like to bring up an issue I am having when attempting to purchase XRP.  I feel this is having an impact (although it may be very small) on the current price and downtrend.

I recently purchased a nice portion of XRP on the Poloniex exchange using BTC.  This process was extremely easy because I am familiar with the exchange and had BTC available for the trade.  I got in at .36 and am very happy in my long position.

After my initial purchase I decided I wanted to make another XRP purchase.  Keep in mind this was at least 3 days ago when the price was much higher than it is right now.  Unfortunately I am running into the following roadblocks: 

My first plan of action was to open an account with Kraken as they offer USD to XRP transactions. I was and am still very excited about this.  I followed all the steps to get my account verified... and it is still pending 4 days later.  On their website they say account verification typically takes 48 hours. Searching the forums and support it appears some people are still waiting for account verification 9 days later.  I continue to patiently wait as this is my preferred method to purchase XRP.

So patience aside and with the dip in XRP to the low/mid 20's this morning I decided to try option #2.

I've had a Coinbase account for a long time and went there to purchase BTC.  The plan was to then transfer the BTC to Poliniex and make the XRP trade.  

Should be easy right? Nope - Coinbase had a disclaimer stating newly acquired BTC will take 7 days before showing up in my account... yikes.

So now I am back to square one lol.  I am standing here with a large wad of USD and I cannot purchase XRP.  I am patiently waiting on Kraken and now considering other exchanges that offer USD to XRP purchases.

Of course I am all ears for a better solution if you have one.  

I wanted to bring up my dilemma because as someone trading altcoins the past few years I did not expect to be in this position.  

Now imagine someone looking to purchase XRP for the first time... yikes.  

So what now?

What if BTC continues going through the roof as some people predict?  Will all of the excitement and new purchases push the 7 day delay even further? If so how long will a BTC purchase take in the future? What about the exchanges and the rush of new accounts?  I have now idea how long before my Kraken account is fully verified but they are already behind schedule in a major way.  

If it takes a person over a week to purchase XRP right now... any ideas on how long it will take in the future?  It seems crazy to word the question in this way but XRP is at the mercy of these things unfortunately.  I would love to walk up to a Ripple machine right now and buy XRP directly... at its current price, without delay.

I wanted to share my experience and bring up these questions because I believe this having a negative impact on the value of XRP.  I am not necessarily looking to have my questions answered but am bringing up questions someone new to the BTC XRP ALTCOIN world may have.

Please keep in mind I wanted to purchase additional XRP days ago when the price was much higher... hopefully I can make a purchase sometime this or next week... who knows what the price will be then.  I believe in Ripple and XRP and want them (and us) to succeed.

Have a great day everyone and thank you in advance for the great insights and information already provided on this site.

 

 

 

 

Edited by CryptMagic
typo
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Post this on /r/Ripple and tag /u/jespow

It might speed up things, but again, as you said, it is very busy for them too. Or as JK said earlier this week (transcript of their workshop):

On 5/23/2017 at 11:06 PM, Eik said:

51:35
DAVID SCHWARTZ:
I think you can see an analogy in the early days of the internet where a lot of people were early adopters and they were using you know the earliest technology and there was not broad adoption and it was institutional adoption that drew the people in. It was this idea that that everybody could play on this platform. That there wasn't one company that controled it. I think that was what brought it to the point where it made sense to launch consumer facing products on that platform. The problems that we have today in blockchain are just not there yet.
They just don't provide the basic features that ordinary people want. Customer support is very difficult to do because the underlying systems are so complex I think I think if you talk to any company that has a retail facing blockchain product at this conference, and you ask them how's their customer support been the past couple weeks, I think you'll hear a uniform story. Many of you quit smiling and probably have your own personal issues because you work for those types of companies. [...]

 

 

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49 minutes ago, CryptMagic said:

So what now?

What if BTC continues going through the roof as some people predict?  Will all of the excitement and new purchases push the 7 day delay even further? If so how long will a BTC purchase take in the future?

If it takes a person over a week to purchase XRP right now... any ideas on how long it will take in the future?  It seems crazy to word the question in this way but XRP is at the mercy of these things unfortunately.  I would love to walk up to a Ripple machine right now and buy XRP directly... at its current price, without delay.

i see bitcoin's network/ledger system as essentially analogous to AOL in the early days of the internet

it was a real pain-in-the-butt long-winded clunky method of getting online, but it worked better than the rest, it was the best way into the internet for most people -- and they used it even though it was highly restricted, slow, etc

AOL's market share steadily declined (as bitcoin's has) when new entrants (altcoins) provided better experiences and the idea of "reach" was levelled because of ISPs, new tech, better browsers, better search/directories, etc -- it meant people didn't want walled gardens anymore -- they wanted the "full internet experience"

well that's what ripple is building, and xrp will be the token of choice for providers of the IoV infrastructure -- xrp is fast and ripple/ilp give "full access" to the value web (or will in time) and do not delay for minutes/hours/days(?) like bitcoin (segwit or no!)

once people taste xrp they won't go back to btc -- and the "store of value" non-argument won't hold forever

in short: yes it SUCKS right now trying to get into the cryptosphere, but better tech and easier access is coming!!! :/

Edited by Guest
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You can deposit to Kraken without verification up to $2000 daily and $10 000 monthly. If you want to deposit more than that then yes you'll have to get verified.

Verification at Kraken will take a few weeks it seems. I'm still waiting and it has almost been 3 weeks since I requested verification. I also sent them an email and they told me that a lot of people are on the list to get verified so it will take some time.

Try verifying at Bitstamp, I know someone who got verified after a few days on there. You can also purchase XRP with credit card at Bitstamp.

 

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5 hours ago, zerpdigger said:

i see bitcoin's network/ledger system as essentially analogous to AOL in the early days of the internet

it was a real pain-in-the-butt long-winded clunky method of getting online, but it worked better than the rest, it was the best way into the internet for most people -- and they used it even though it was highly restricted, slow, etc

AOL's market share steadily declined (as bitcoin's has) when new entrants (altcoins) provided better experiences and the idea of "reach" was levelled because of ISPs, new tech, better browsers, better search/directories, etc -- it meant people didn't want walled gardens anymore -- they wanted the "full internet experience"

well that's what ripple is building, and xrp will be the token of choice for providers of the IoV infrastructure -- xrp is fast and ripple/ilp give "full access" to the value web (or will in time) and do not delay for minutes/hours/days(?) like bitcoin (segwit or no!)

once people taste xrp they won't go back to btc -- and the "store of value" non-argument won't hold forever

in short: yes it SUCKS right now trying to get into the cryptosphere, but better tech and easier access is coming!!! :/

Thank you for the comparison to AOL.  I can see your point and am accepting of the developing technology.  We have lots to look forward to in the future with Ripple & XRP!

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4 hours ago, JackTheRippler said:

You can deposit to Kraken without verification up to $2000 daily and $10 000 monthly. If you want to deposit more than that then yes you'll have to get verified.

Verification at Kraken will take a few weeks it seems. I'm still waiting and it has almost been 3 weeks since I requested verification. I also sent them an email and they told me that a lot of people are on the list to get verified so it will take some time.

Try verifying at Bitstamp, I know someone who got verified after a few days on there. You can also purchase XRP with credit card at Bitstamp.

 

Thank you I will give it a go with Bitstamp today.  Something said about people like myself wanting to jump through the rings of fire for this beautiful XRP :D

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5 hours ago, xebit said:

Isn't there instant buy on Coinbase with a credit card?

Honestly I never considered using a credit card for my investments but that is definitely something to keep in mind.  Of course hindsight being what it is, I can see the appeal when people doing this have large returns as of lately... and can pay off the Credit Card balance.  I always try to keep mine at a 0.00 balance :D  If it is easier to purchase using a Credit Card then it makes complete sense why some of the exchanges offers this option.  Thank you.

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