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I am curious no know whether any other forum members have dived into the Crypto market. I am on vacation in Florida but spend most of my time monitoring price movements on my laptop and mobile! With the meteoric rise of Bitcoin over the past couple of years it seems that Crypto's are becoming more mainstream (and are here to stay for the foreseeable future at least). I am betting on Ripple to be the next "thing" - any thoughts?

Edited by Superkruz

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I have a few friends who have delved into the Crypto market and I'd say the responses in the last month have been mixed.

If you're looking in to mine Bitcoins, I think it's safe to assume that unless you are willing to drop a stupid amount of money into a machine (or a warehouse of them) then that ship has sailed for now. Ripple can't be mined so it's purely a trading market, from what I can tell. 

If you're looking to buy/sell/trade, then it's best to follow any normal trading rules, do's and don'ts. Do your research, track the market, leave emotion and hype at the door, use only reputable outlets and don't bet the house or put all your eggs into one basket.

Bitcoin value has exploded since mid Nov, but with such explosions come the risk of a bubble burst or implosion. The adjustments in the last month have seen fluctuations of from $11,000 to just under $20,000 to around $15,000 this week! That's some serious high risk volatility right there! Yes, anyone who got in before Dec 4 has most likely seen a profit, but anyone after that has most likely seen marginal, if any, returns and in some cases losses. Some say it is looking suspiciously like a bubble right now, other argue differently. I personally think it looks far too risky an volatile as of now and personally would jump on that train in the current environment.

Ripple XRP is very enticing right now. The value is relatively low and the movement has been very promising this week. Which means the entry point and risk right now is relatively low and there is a notable potential for profit. It works totally differently to Bitcoin, though. It is more centralized, controlled and prone to less volatility in regards to supply and demand. They company behind it are also looking to market XRP and integrate more with the banking sector, so you will probably see better stability and more growth if they make any progress on that front. It may be worth a longer term investment if you're willing to stick with it and give it a chance. I'm guessing it will perform similarly if not exactly to normal currency fluctuations and trading, with possibly a little more stability and less volatility but not being tied directly to one single nation's market, politics, economy etc. It will also probably have less of a tendency to explode and adjust with the volatility we are seeing in Bitcoin right now.

 

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I get what you're saying about the risk and volatility - virtually all currencies (except XRP) nosedived dramatically during the past 2 weeks, making it a good time to buy. I did and so far my endeavours are showing handsome gains- fingers crossed! 

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Good stuff! Hope those babies pay you handsomely!

Get in, get something out, leave some behind, rinse and repeat = free money :-)

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I know some peeps in SA back in dec/jan who were lured in by the "buy bitcoin - nothing can stop it - get rich quick" frenzy and were touting it to everyone who would listen.

Needless to say, they have since lost their shirts.

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3 hours ago, marcjvr said:

I know some peeps in SA back in dec/jan who were lured in by the "buy bitcoin - nothing can stop it - get rich quick" frenzy and were touting it to everyone who would listen.

Needless to say, they have since lost their shirts.

Yup, not just that but the platform that everyone was touting (something with an L, can’t remember the full name) apparently has a *massive* bid-offer spread, so you lose even more when you sell. Of course saffers were even more affected because the rand has strengthened too so rand value of bitcoin has fallen faster than usd since late last year. There were some interesting debates on Facebook ...!!!

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