Crypto $$$

[Outbackjack]

Does any one else here dabble with crypto currencies ?? I'm a late starter but a definate convert. The risks are real but the returns are fantastic....

Cheers all.

[GO FURTHER]

Yes.... Here's the trick;

Buy them... Wait till the price doubles... Then sell half of them.

That way you get your money back, leaving only the profit to gamble with.

If it collapses afterwards... You've lost nothing.

[Outbackjack]

Originally Posted by GO FURTHER

Yes.... Here's the trick;

Buy them... Wait till the price doubles... Then sell half of them.

That way you get your money back, leaving only the profit to gamble with.

If it collapses afterwards... You've lost nothing.

Thats exactly what I have done with ripple. It only took 2 weeks for my money to triple. Took out my original amount and now watching my profit grow like a McDonalds addict....

[nstg8a]

I wanna be a sceptic but I'm intrigued at the same time.

[Outbackjack]

Originally Posted by nstg8a

I wanna be a sceptic but I'm intrigued at the same time.

I was very sceptical. But I have done a heap of research on ripple and have come to the conclusion that it could go the path of bitcoin. In fact the technology is so different and smarter that it could make bitcoin redundant one day.

[naddis01]

How do you even buy Ripple? Or Bitcoin for that matter?

[smoo]

If you're on Facebook join the group Crypto Australia, a lot of info on how to start off.

[Lunch]

I’m trying to start, ripple and litecoin, just don’t know how to start or who to trust

[data_mine]

there's plenty of guidelines on line, google will help heaps here.

essentially there's two ways to start.

- mining the coins - using your computer power (and electricity) to generate the coins, there's upfront costs here that will eat your profit. and the chinese have this all sewn up with cheap electricity and entire warehouses filled with computers doing the job - it's difficult requiring hourly (or more) adjustments to keep a mining system profitable. with a small setup and aussie power costs. (if you have excess solar power you can be in front easily)

- buying coins with real cash via an exchange. there's lots of exchanges.

who to trust - no one currently - it's very much in the wild west phase still. lots of scams and hackers trying to make it big at the expense of others. unfortunately the "if it sopunds to good to be true" test is hard to apply because the gains all do sound too good to be true, you have to research anything before you put your money in it - and play knowing you could lose it all - so only play with what you can afford to lose.

[Iggle Piggle]

Know nothing of all this stuff...if looking to play with only a few hundred of secret fund stashed away for go-fast bits, is it even worth it? I'm not a gambler at all, and taking advice from post earlier to only invest what you would be willing to lose, I'd only be looking to drop $500-$600.

Little reading I have done in last 10 minutes suggests only safe way to play is buy a Nano wallet or similar, which is $130+. That's about 20% of all I would be looking to play with. How unsafe is it leaving it in the Exchange or whatever it is - do they get hacked regularly?

Never looked into this before - for those that are into it, if you were starting from scratch and only playing with $600, and looking to get into Ripple likely by transfer from bank account, who would you buy through, and how would you store it? Can you even get into it with that small an amount?

[Outbackjack]

Originally Posted by Iggle Piggle

Know nothing of all this stuff...if looking to play with only a few hundred of secret fund stashed away for go-fast bits, is it even worth it? I'm not a gambler at all, and taking advice from post earlier to only invest what you would be willing to lose, I'd only be looking to drop $500-$600.

Little reading I have done in last 10 minutes suggests only safe way to play is buy a Nano wallet or similar, which is $130+. That's about 20% of all I would be looking to play with. How unsafe is it leaving it in the Exchange or whatever it is - do they get hacked regularly?

Never looked into this before - for those that are into it, if you were starting from scratch and only playing with $600, and looking to get into Ripple likely by transfer from bank account, who would you buy through, and how would you store it? Can you even get into it with that small an amount?

Yes you should get a wallet. But I wouldnt worry until you account has hit 5K or higher... The exchange will store it for you. The risk there is that exchanges can be hacked. Chances are low but real. North Korea is the worlds largest financial thief.

[data_mine]

If you're not a gambler crypto isn't for you. it's like day trading shares, but you have to minute trade, things change that fast.

[raised by monkeys]

I don't want to be judgemental or subjective in any manner but the sceptic in me has noticed; in my social media experience, the people banging on about crypto $ have never held down a steady job or been on a career path

[data_mine]

Originally Posted by raised by monkeys

I don't want to be judgemental or subjective in any manner but the sceptic in me has noticed; in my social media experience, the people banging on about crypto $ have never held down a steady job or been on a career path

That's certainly a biased view.

There's many people and investment companies with millions invested.

It may have started as some nerds in basements, but it's proper big business now.

[raised by monkeys]

Originally Posted by data_mine

That's certainly a biased view.

There's many people and investment companies with millions invested.

It may have started as some nerds in basements, but it's proper big business now.

I don't disagree, but like I said that's just my social media experience and my social media group isn't that big; and I know everyone personally in it (well FB anyway). I'm sure theres some genuine gains to made somewhere, regardless of size. I do just hope though that its not at the expense of those easily led small players who see this a genuine way to make income and their outlay sees a genuine return, not just making some cheeky bugga in a basement rich in the process... a pyramid scheme connotation comes to mined but I know nothing of crypto $ either.

[Outbackjack]

I wont give anything like financial advice. But this is what I did three weeks ago. I went to BTC Markets and opened an account. It took about three days to be approved. You will need 100 points of ID verification. When account approved I put in 10K at about 26 cents average over 5 days.

Last night ripple peaked at $1.49 and has since settled back at around $1.10. It will likely stay there for a few days. Australias big four banks are currently experimenting with it for electronic finds transfer. American Express and some other international banks have already adopted it as their primary funds transfering currency. If you research Ripple you will see why big financial institutions and even governments (South Korea and Japan) have started using it.

But as has been said in this thread, dont buy anymore than you can afford to loose. It is very volatile but I think that ripple is as legitimate as a crypto currency can get.

Good luck eberyone.

[Lunch]

Originally Posted by Outbackjack

I went to BTC Markets and opened an account. It took about three days to be approved.

Followed your lead, btc being an ‘Australia only’ market helped me decide, only took 2 mins for my approval, now just gotta work out how to deposit the $

[NTF6]

Originally Posted by Outbackjack

I wont give anything like financial advice. But this is what I did three weeks ago. I went to BTC Markets and opened an account. It took about three days to be approved. You will need 100 points of ID verification. When account approved I put in 10K at about 26 cents average over 5 days.

Last night ripple peaked at $1.49 and has since settled back at around $1.10. It will likely stay there for a few days. Australias big four banks are currently experimenting with it for electronic finds transfer. American Express and some other international banks have already adopted it as their primary funds transfering currency. If you research Ripple you will see why big financial institutions and even governments (South Korea and Japan) have started using it.

But as has been said in this thread, dont buy anymore than you can afford to loose. It is very volatile but I think that ripple is as legitimate as a crypto currency can get.

Good luck eberyone.

Can you explain the bit in bold?

[fordomatic]

Originally Posted by raised by monkeys

I don't want to be judgemental or subjective in any manner but the sceptic in me has noticed; in my social media experience, the people banging on about crypto $ have never held down a steady job or been on a career path

Held my current job for 12 years and i live comfortably.

I started with $500 4 months ago, went down to $120 over a month but I held. My CVC went up 300% overnight and i sold it all as i didnt want to be greedy. I slowly started building up my little stash. On Wednesday last week I sold ALL my coins and went all in on on LTC on a whim from a tip off from a mate. I bought 27 @$130 a piece. I had cashed out my initial $500 so thought who cares what happens. On Tuesday I sold my 27 LTC for $403 each.

I now have it all sitting as BTC as i'm still realising how much money I made in such a short time. I'm planning on cashing out half and putting the other half back into something.

I have single mates who are sitting on over 200k from an initial 10k investment. Im literally just copying one of my mates now but on a smaller scale.

[CFOUR]

tripled my initial investment. pulled it all out and put 1/3 back in for the long haul.

[PHATAL]

Just created an account. Now I have to wait for the letter. Probably be weeks away now with the xmas break etc. Watch everything increase ten fold now before I am verified. Then I wont be able to afford to buy anything lol.

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[Outbackjack]

Do research....

https://cointelegraph.com/

[raised by monkeys]

Originally Posted by Outbackjack

Do research....

https://cointelegraph.com/

Lol I'm quite rehearsed in research. I prefer to reply on reputable sources though not websites which promote products. Maybe when I know somebody, or have an article sitting in front of me demonstrating real life and substantial rewards; then the sceptic in me will take a back seat.

[data_mine]

Originally Posted by raised by monkeys

Lol I'm quite rehearsed in research. I prefer to reply on reputable sources though not websites which promote products. Maybe when I know somebody, or have an article sitting in front of me demonstrating real life and substantial rewards; then the sceptic in me will take a back seat.

Well, my real life experience, is as follows.

started with BTC back in 2011 (a little after it initially started), tried it as a gag as the technology interested me, invested ~$1500 in computer gear to mine some. Mined several hundred of them.

Cashed out 100BTC when they were 100AUD/ea. (2012) = 10k, so 8.5k profit (excluding electricity, I haven't tracked that).

I then played around with trading on MtGox, turned 50BTC into over 350BTC, withdrew to my offline waller and kept 50BTC to continue playing with. Then lost that when MtGox went bust/hacked/stolen (whatever actually happened).

My holdings are now worth 24kea, so that's easily 8 digits. I've a nice retirement package. can't count chickens before they're hatched of course - it could all disappear tomorrow, but I've already made my initial investment back 550%. So I am in front.

[NTF6]

Originally Posted by data_mine

Well, my real life experience, is as follows.



started with BTC back in 2011 (a little after it initially started), tried it as a gag as the technology interested me, invested ~$1500 in computer gear to mine some. Mined several hundred of them.



Cashed out 100BTC when they were 100AUD/ea. (2012) = 10k, so 8.5k profit (excluding electricity, I haven't tracked that).



I then played around with trading on MtGox, turned 50BTC into over 350BTC, withdrew to my offline waller and kept 50BTC to continue playing with. Then lost that when MtGox went bust/hacked/stolen (whatever actually happened).



My holdings are now worth 24kea, so that's easily 8 digits. I've a nice retirement package. can't count chickens before they're hatched of course - it could all disappear tomorrow, but I've already made my initial investment back 550%. So I am in front.

My brother in law did exactly what you did. In 2011 he had a number of high power computers to do his video editing software and pirated movies. He got into mining them and he also got paid in BTC by some people for some work he did. He now holds 208 of them, a very tidy sum indeed.

[OzJavelin]

Seems to be a misnomer of a term it it's current, guise; i.e. its less a currency and more a pyramid scheme. Da monies seem to come from more people buying into it, not it's actual value as a reflection of anything in the real world.

[LG17]

Sounds just like Profitclicking...

[PHATAL]

I have zero real cash to speak of so I wouldnt be gambling any decent amount anyway. Will probably still give it a go. Even if it is only $100...

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[b0son]

Its easy to gamble in hindsight....

[data_mine]

got to be in it to win it.

trading shares or forex is a gamble too, yet people make plenty of money from it. some of course lose too.