I bought Litecoin exactly 5 days ago, on December 7th, when the price was just under $100.
I had finally had enough of paying the fees for moving BTC, and the long wait times for both BTC and ETH. As both networks have become essentially unusable, it was clear to me that the only realistic fiat gateway has become Litecoin. It's the only other cryptocurrency available to buy instantly on Coinbase, that you can actually then use to move money around the cryptocurrency ecosystem. It was obvious to me that people will have to start buying much more of it.
After posting a few comments on other people's posts here on Steemit ranting about this, I put my money where my mouth is and it's since gone up 3x.
Yesterday I bought Ripple.
The argument for me is equally convincing. Ripple has been stuck around the $0.20 - $0.25 range for 7 months, since its all time high in May, while other cryptocurrencies around it have been making parabolic gains. In the same timeframe Bitcoin, Monero, Dash have all gone up nearly 6x. As a long term top 5 cryptocurrency, with no significant headwinds in front of it, plenty of room to grow in terms of use and capacity, I just cannot see how Ripple won't have another significant leg up in this bull market. Especially since it's now almost 1/30th of the market cap of Bitcoin, and currently sitting very close to its long term, multi-year lows in satoshis.
This is just my feeling, and it's not a significant position for me at all, but I always make it a rule for myself to only invest in cryptocurrencies that are heavily undervalued. I never chase coins that have broken out, or have started to go up 10%, 20% or 30% or more in a day. I like to buy at the tail end of long term corrections, and accumulate over a few months when a cryptocurrency is falling and its decay curve is flattening out.
This is exactly what is happening with Ripple. It seems to me that the downside is quite limited now, and it's reassuring to me that the price has remained stable in USD terms throughout this long correction. This says a lot to me. Even if Ripple doesn't move for months, I feel confident that I won't lose money, and I'm happy holding the bag. Particularly since it's such a major project, and certainly one of the most serious and professional in the cryptocurrency ecosystem, which is filled with scams, hype and amateurish teams.
This is obviously not financial advice, this is just what I'm doing personally, and I wanted to share my thoughts. Please do your own research and make your own decisions.
Let's see if I'm right again this time!
Ripple?
Ripple stink !
It's damn bankster's tool.
And I will not touch this even with 20 ft long pool.
Hi @onealfa! I definitely appreciate these criticisms, although I've not researched enough about Ripple to understand the project and team in a lot of detail, like I have with my main positions. I definitely don't want to support the banks, I only bought a relatively small amount because I couldn't resist at this price.
In a lot of ways though, I like to buy projects that most people hate, I'm a pretty extreme contrarian! But I also like to buy established projects, rather than new projects that may fail or go down a lot in a correction. With everything doing so well now it's hard to find any "blue chips" that are undervalued.
Thank you for your comment and support!
thanks for upvote and resteem
Ripple coin 60 sent........///////
$2.50 is my short term target!
This is a great post, and nice thinking on LTC bc that's EXACTLY what happened as everyone putting money into Coinbase were forced into LTC as the only real option, particularly if they were smaller accounts.
Ripple can recieve benefit simply bc it will begin trading on Coinbase next, as the most obvious next currency for them and BitFlyer to trade and establish. We posted an article on this very point we think you'd find interesting.
Thank you for your comment @harpooninvestor, I'll definitely check our your post on Ripple!
I think Ripple on Coinbase is the next logical step, and that's definitely something I had in mind when I was buying, I really hope it happens. The fees have gone up on Coinbase even for transferring Litecoin, and it's hardly super fast either, and not a long term solution for the kind of volume that's being moved around the cryptocurrency ecosystem now. After you use a cryptocurrency like Steem a few times, with instant transactions and almost no fees, it's hard to go back really.
I also only invest in really serious projects, with very professional teams, and that's another reason I was so bullish on Ripple. It's kind of scary how exactly I timed both of them!
If you're into serious projects, u might wanna check out Japan's version of Ether, since BitFlyer just got a BitLicense. This article will be a primer for you...
https://steemit.com/cryptocurrency/@harpooninvestor/bitlicense-new-york-state-s-typical-business-as-usual-crony-capitalism-ripple-xem-nem
Just read the article, very interesting. I think you're right about Dash for sure. I'm sure that's next on the list for Coinbase. A good 5x gain to be made from that if it goes to BCH levels.
Steem is what I dream of being added to Coinbase. I think it will happen next year, once the SMTs take off. They will just be forced to, there will just be too much demand to get into major SMT ICOs that will surely be coming out. Same for EOS.
What is an SMT?
Your instincts are probably correct on Dash, it's talked about 2nd to Ripple in gaining Coinbase market. Just think NEM might be quicker to the punch, as BitFlyer is heavy in Japan as is NEM, and BitFlyer SEEMS like it might be quicker on the punch than Coinbase. Plus for some reason the foreign investors seem to be a lot "crazier" shall we say, or perhaps "reactionary" is the right word?
We'll provide a fresh outlook on Steem soon, think you'll be interested in the fresh fundamental perspective on it. In short, stay long and strong the Steem, but not because it might get added to Coinbase someday!
OpenLedger: use this? Did a trial deposit and withdrawal, was charged 20% of funds to withdraw! Did a theoretical higher amount by 5x, and it appears the charge got down to 10% but that's still stupendously high just to remove money from an exchange. Maybe it's only built for REALLY large deposits? If so, no wonder the volumes on its exchange are so light. Thoughts?
Ripple coin price 80 Cent
Yes bro you are right litecoin price 330$
This is a great post, and nice thinking on LTC bc that's EXACTLY what happened as everyone putting money into Coinbase were forced into LTC as the only real option, particularly if they were smaller accounts.
Bro Ripple coin 1.20 sent..
It was a good call, I hope you made some gains!
Ripple coin sent 70 sent...///....///...///
I will not touch this even with 20 ft long pool.