Bitcoin & Bitcoin Mining

[Power Raid]

It's definitely the future but it will be interesting who are the winners and losers.

Further how will govts try and regulate it or shut it down

 

[NitroFan]

Jeezus. Just looked up Ripple for the first time in a few weeks

I got in at around 3c but only with a few k. Was going to buy some more but my dumb ass never got around it.

 

[Rustin Cohle]

Talk that Ripple's parent company may lock up their share of the coin. Could have an interesting impact on the price.

 

[Smoooothy]

makes interesting viewing - ripple got upto nearly $0.24 on the 9th. now back to $0.16

https://coinmarketcap.com/currencies/ripple/

 

[ash_1050]

makes interesting viewing - ripple got upto nearly $0.24 on the 9th. now back to $0.16

https://coinmarketcap.com/currencies/ripple/

Of course, every market that goes through rapid growth has a contraction at some point and settles at a new price floor. This appears to be the 16-18 cent mark for Ripple. The lockup mentioned above will have a huge impact on price, I'm expecting XRP to hit at least 50 cents inside the next two months assuming the lockup comes in June as predicted.

 

[Freak Dodgeball Accident]

Ah man, wish I had noticed this thread had been bumped a few months ago. I'm subscribed to it from a few years ago, never saw the notification. I'd have been all over XRP if I'd known about it.

Wow, it kills me seeing the BTC price at the moment. $2500!! Few years ago I was buying a few hundred at a time for $2.50.

Sent from my HTC 2PS6200 using Tapatalk

 

[kickazz]

It's definitely the future but it will be interesting who are the winners and losers.

Further how will govts try and regulate it or shut it down

This is a key point, regulation.

Just in the news today we see the biggest ransomware outbreak in history. Random payable in Bitcoin.

India have banned and recalled high denomination notes. Euro thinking of doing the same with the 500. All because of criminal activity.

I don't know enough about it but Ripple seems to be more traceable, could be the significant factor going forward.

 

[ash_1050]

Big news expected for Ripple May 22-24 and then again in mid June. Bookmark this post, 22 cents is cheap compared to what the price will be in 6 weeks time.

 

[SugarShane]

Big news expected for Ripple May 22-24 and then again in mid June. Bookmark this post, 22 cents is cheap compared to what the price will be in 6 weeks time.

What would you suggest as the best way/site to buy some? Feel free to PM if you'd prefer.

 

[NitroFan]

What would you suggest as the best way/site to buy some? Feel free to PM if you'd prefer.

Heres how i do it

Open an account at site that deals with XRP.

gatehub.net
kraken.com
Poloniex.com

are the bigger ones. I have accounts with all 3 and find gatehub easiest to use. i cant recall what level of validation you need to send/recieve coin but at the most youll need to send pics showing proof of address (bank statement or bill) + drivers licence.

Buy bitcoins. Theres lots of ways to do this if youre not doing it already. I find buyabitcoin.com.au to be the easiest way. No signup. Just input the details and pay a cash deposit (no online transfer) at either ANZ or Commonwealth banks and get the BC almost instantly.

Have the Bitcoins sent to your wallet address at gatehub (or whatever site you choose). When you have your account setup youll be able to see what your wallet address is. Its a long set of randomly generated numbers and letters.

When they arrive in your wallet exchange the Bitcoin to XRP.

 

[Rustin Cohle]

You could also use Coinspot. Instant bank transfers through Poli. Does require validation though.

 

[ash_1050]

What would you suggest as the best way/site to buy some? Feel free to PM if you'd prefer.

Several possible ways but Nitrospot nailed it in his post above. Buy BTC and then convert it to XRP. He's also correct that Gatehub is the way to go, I've only ever had good experiences with them. Be prepared to wait up to two weeks for verification though as there's a giant backlog at the moment for KYC requirements.

I wouldn't touch Poloniex with a 10 foot pole it's horribly unstable.

 

[Always Ballin]

I'm looking to invest in Bitcoin currency. What department store may I purchase them from? I have a $50 gift voucher to Dick Smith that I have not used yet.

 

[ash_1050]

Interesting Huffington Post article on Ripple that clarifies a lot of points.

 

[ash_1050]

An absolute bloodbath in the crypto space today. Bitcoin down from US$2465 to a low of $1538 on Polo, Ethereum down from $186 to $100 and Ripple down from $0.308 to $0.12. Great time to buy in if you see a long term future in crypto.

 

[The Slitherin' Snake]

For there to be long term value, there needs to be utility in crypto currency. I still don't really understand what that utility is

 

[ash_1050]

For there to be long term value, there needs to be utility in crypto currency. I still don't really understand what that utility is

Here's a good write up from a VP at JP Morgan about the utilities of Ripple and Ethereum. In a nutshell though:

➾Ethereum : A contract based cryptocurrency, where execution of contract code is guaranteed (Code is law). ➾Use cases : { Casino, coupons, shopping vouchers, game and prize exchanges, lotto and lotteries, hotel reservations, service vouchers, loyalty card & points, short term insurance contracts, enterprise contracts base settlement etc..}

➾Ripple XRP : A transaction based cryptocurrency designed to unlock IOV (Internet of value). It enables congestion free global value movement & extends ultra-low transaction cost to payments of all sizes (micro & macro) - in near real time. ➾Use cases : { Payments, Remittances, Forex, Trades Settlements, Banking Platforms (some have dubbed this Fintech 2.0), exchanges, Next-gen Trading platforms, Ultra-low cost real-time money/IOU movement, Domestic and International transfer services, Complex trust and intermediary channels, Real time global pay outs etc. }


Another key example Ripple is already demonstrating is bank to bank transfers that happen in 5 seconds or less and cost a fraction of the amount you would currently pay for a money transfer.

 

[Power Raid]

What's the chances a system designed to work around currency, regulation and tax will succeed out of Oz?

Zero......therefore make your margin and run

 

[The Slitherin' Snake]

Here's a good write up from a VP at JP Morgan about the utilities of Ripple and Ethereum. In a nutshell though:

➾Ethereum : A contract based cryptocurrency, where execution of contract code is guaranteed (Code is law). ➾Use cases : { Casino, coupons, shopping vouchers, game and prize exchanges, lotto and lotteries, hotel reservations, service vouchers, loyalty card & points, short term insurance contracts, enterprise contracts base settlement etc..}

➾Ripple XRP : A transaction based cryptocurrency designed to unlock IOV (Internet of value). It enables congestion free global value movement & extends ultra-low transaction cost to payments of all sizes (micro & macro) - in near real time. ➾Use cases : { Payments, Remittances, Forex, Trades Settlements, Banking Platforms (some have dubbed this Fintech 2.0), exchanges, Next-gen Trading platforms, Ultra-low cost real-time money/IOU movement, Domestic and International transfer services, Complex trust and intermediary channels, Real time global pay outs etc. }


Another key example Ripple is already demonstrating is bank to bank transfers that happen in 5 seconds or less and cost a fraction of the amount you would currently pay for a money transfer.

Based on my understanding of that, the actual value is as transfer mechanism / payment platform. The currency itself still doesn't really make sense. The article gives an example

"Conversion between exotic currency pairs, might involve multiple internal currency conversions ( Ex: INR to MXN might actually go through INR->USD & USD->MXN ), bridging XRP directly, can avoid and save such convoluted costs and settlement delays associated."

But in reality the conversion is INR > to XRP & XRP > MXN. So the same amount of steps.

What's the chances a system designed to work around currency, regulation and tax will succeed out of Oz?

Zero......therefore make your margin and run

I tend to agree with this

 

[Power Raid]

Based on my understanding of that, the actual value is as transfer mechanism / payment platform. The currency itself still doesn't really make sense. The article gives an example

"Conversion between exotic currency pairs, might involve multiple internal currency conversions ( Ex: INR to MXN might actually go through INR->USD & USD->MXN ), bridging XRP directly, can avoid and save such convoluted costs and settlement delays associated."

But in reality the conversion is INR > to XRP & XRP > MXN. So the same amount of steps.



I tend to agree with this

it also makes me smile, that some of the dodgiest guys in a certain industry have also been the same guys to get heavily involved bit coin

 

[JuddyBuddy]

Came across a receipt in my email the other night for 6Btc that i purchased a few years back, so that i could buy some "goods" online. Would be worth nearly 20k now. Kicking myself i didnt hold on to a few!

Anyway, got me some xrp now and will look at getting some eth as well (Hopefully it takes a dip soon.). Let's see if they can repeat a little of what btc has done.

 

[kickazz]

For there to be long term value, there needs to be utility in crypto currency. I still don't really understand what that utility is

You could say the same about fiat currency. The advantage of fiat currency is that you can use it to pay your taxes to the government and they have to accept it. The disadvantage is that measures like QE (printing more money) devalues it.

I think the recent QE and risk of further is one of the reasons cryptos are increasing in value.

The other "utility", if you can call it that, is the anonymity bit. Great for crime and other nefarious dealings.

Finally, blockchain is peer-to-peer in nature. So with conventional money, the bankers take their cut via transaction, account fees etc. It is fair they take some because labour and capital (mainly software and hardware) is required to conduct and verify this in a manner that is fair and trusted. The problem though with leaving it up to central authorities like this is that they can abuse the position and garnish more than their fair share for these services. Bitcoin transactions have no fees as such. This is because peers who contribute to the blockchain get rewarded (in BitCoin) for transaction processing. As we approach and then reach the cap on issued BitCoin though I think this advantage will disappear. There will need to be transaction fees otherwise why would you bother participating in blockchain transaction verification.

 

[King Elvis]

Buying some of both tomorrow..

Been monitoring for a fortnight, researching the last week. Shame I was cautious.

ash_1050 - I've only got a couple of grand cash ATM; reckon it's worth buying some (like, 5) ETH, or throwing it all at Ripple?

 

[ash_1050]

Buying some of both tomorrow..

Been monitoring for a fortnight, researching the last week. Shame I was cautious.

ash_1050 - I've only got a couple of grand cash ATM; reckon it's worth buying some (like, 5) ETH, or throwing it all at Ripple?

Why not both? 75% Ripple 25% ETH. Personally I'm currently only holding Ripple as I believe it's the much stronger play but diversification is always good.

Also it goes without saying that's my opinion only, do your own research etc.

 

[King Elvis]

My own call, my money to loser etc

I thought ETH looked the stronger play - the technology and potential behind it sounds insane; but with the cash I have to lose at present, the volume I'd get would be so small it might not be worth it, where as I can load up on Ripple.