Good luck to those of you who invested in XRP (Ripple tokens)
For those of you who have been reading this space for quite some time, you know that I don't often write negative stuff here. However, I make an exception when I feel that it is something in the public interest to know, or it is an important expose to make because people are getting misled.
If you're new to crypto, please read these first:
- A step-by-step guide to buying (and owning) your first Bitcoin
- A step-by-step guide to buying alt coins
- Understanding crypto speak
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| Source: Twitter (first shared by my friend G) |
I don't doubt that the Ripple system is being used by banks to great success. I also think that they have a long runway to grow in terms of acquiring more clients and attracting more financial institutions onboard. But I'm wary about the XRP tokens, which are presently not being used as much as the Ripple system is.
My other concerns about investing in XRP can be found in an extensive analysis here so I won't be repeating myself.
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| Source: Twitter and CNBC where over USD 30k was spent on buying XRP during the show |
I also know of someone who bought XRP because of this:
So to all of you who bought because you saw it on mass / social media without really understanding how disconnected the XRP tokens are from the Ripple system...I can only wish you good luck, especially if you bought Ripple at $3 or higher believing that its value will only go up.
Take a look at XRP today:
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| Look at all those people who panic sold without understanding why XRP's price was reduced on CMC. This is what happens when you buy a coin you don't believe in, or when you buy shitcoins. |
Can it go up higher? Sure. Can it go down? Yes, because my opinion is it is an absolute travesty that a coin with barely any utility value right now has a $100 billion market cap.
You're free to disagree with my opinion. In the meantime, I'm staying far, far away from XRP.
Ain't no love for XRP.
Signing off,
Dawn
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17 Comments
might want to do abit more research on the utility of XRP tokens before ripping so much into it.
ReplyDeleteYes, the ripple system and the ripple tokens are not the same, but they are designed to be utilised in the same environment.
They're designed to be used but barely any of their clients are using it now, save for one Mexican bank whose size is but a drop in the ocean compared to the other clients Ripple has.
DeleteI'm highlighting the fact that the XRP tokens are barely being used, and not that they have zero utility at all. Am open to being corrected.
At the end of the day, from our point of view of an investor (or speculator should I say), there are no shitcoins, only shit timings which you buy those coin. We don't buy cryptos with the end goal of using them, but to sell them at a profit do you not agree? =D Good luck to everyone and stay safe!
Deletecan you please make another post on how bitcoin is extremely useful too? would love to hear what you have to say about it, considering you bought it and it has proven to be nothing more than a store of value (as of now).
DeleteMM86: for sure. timing is key, but how many people are good at timing the market? I'm part of trading groups and I'm even seeing these experienced traders get burnt, because if it was that easy then every trader would be a millionaire.
DeleteI'll be the first to admit that I'm really bad at timing the markets, so my strategy is usually to simply invest in fundamentally strong coins and hold them for the long-term. I'll sell only when I think its price starts to be a little overhyped and overvalued. in fact, the only investment I've sold so far is Litecoin, which I bought at $70 and sold half at $320 to recoup my capital. I intend on keeping the remaining LTCs I have forever, well unless price shoots up too high again or if I find a better opportunity to redirect my funds to :)
if you're a good trader, please feel free to buy XRP and trade it. I don't deny that it has made some traders very very rich in the past months. but from the perspective of a long-term investor, XRP isn't a coin that will let me sleep comfortably at night should the markets tank.
can you please make another post on how bitcoin is extremely useful too? would love to hear what you have to say about it, considering you bought it and it has proven to be nothing more than a store of value (as of now).
ReplyDeleteI do have a post on Bitcoin which is still being drafted. will probably put it out in a few weeks once I'm done consolidating my thoughts, which are all over the place now.
DeleteI'm not bullish on Bitcoin, by the way. I invest in it, but I think its main appeal is really in it being a store of value (and as prices stabilize, this may become stronger than ever) and its branding. Plus, I've found something I prefer wayyyyy more than Bitcoin, and will probably write about that soon (have already disclosed it to some of my closer readers).
also it's awkward to see someone with no programming knowledge talking shit.
ReplyDeletethat's too bad, but perhaps if you only want the opinion of a programmer in crypto investments, there are a few around whom you can follow (one being part of a massive pump and dump group as well, FYI).
Deletenot all programmers make good investors, and not all good crypto investors are programmers
Actually Old Chang Kee sells fried unhealthy food making tons of profits ... people still buy coz its a relatively a cheap stomach filler.
ReplyDeleteProbably ripple is cheap and thus affordable so many people jump in without understanding it.
Which Coin is best to invest then ? :)
OCK
DeleteI try to avoid making investment recommendations after seeing what other influencers have done : buy cheap then start promoting their coin--> readers follow their calls blindly --> lose money --> the influencer cashes out and the price tanks --> readers lose money
don't take my word for it, just go on social media and compare the timing of those shills with the charts. history (and the blockchain) doesn't lie.
people buying ripple have been misled by mainstream media whose journalists don't seem to know the difference between Ripple's tech and the utility of XRP tokens in the system. that's why I felt compelled to do this post, but readers are free to believe whoever they want. why believe an Internet blogger when there's more reputable mainstream media sources anyway, right? right...
Deletefor OCK, it may be unhealthy but they are a good business. they address a real world problem of fuelling your stomach when you're on the go and in a rush - their curry puffs are a lifesaver for me in between my appointments when I don't have time to sit down and eat a proper meal.
Disclaimer: OCK is on my stocks watchlist.
Actually Old Chang Kee sells fried unhealthy food making tons of profits ... people still buy coz its a relatively a cheap stomach filler.
ReplyDeleteProbably ripple is cheap and thus affordable so many people jump in without understanding it.
Which Coin is best to invest then ? :)
Hi Budget Babe
ReplyDeleteI hv btc, eth n litecoin, recently just add on bch and xmr, what do u think of my portfolio, No worry, just comment as freely, I want honest opinion. Thanks and God bless you
I'm on the fence about BCH but I think the rest of your portfolio are super great picks and I have all of them as well (but no BCH).
ReplyDeleteJust curious, do you all think xrp is still a good buy now? Or is it still a shitcoin?
ReplyDeleteI still think it's a shitcoin. You're free to invest based on your own opinion.
Delete