Official BGOL Crypto Currency Thread ★★★★★

[Matt Beesy]

I have posted a complete tutorial on how to get in and invest in ripple from start to finish, I will post it here below but from here on out we can refer anyone new to the original post at the beginning of the thread.

Tutorial On How To Invest In Ripple Or Bitcoin

 

[blaze13]

Hey if you have XRP that you wanna make more off of go to polo and lend it. Trades are getting crazy interest right now.

Also to all the newcomers that do bank transfers. Use bitstamp. You can send your USD straight there and buy XRP. I did this when it was low and it was way easier than the Kraken process to me as it was straight USD to XRP...just putting it out there if anyone is thinking about it.

How does lending work? I thought about it but im not sure how it works l, can I lose any of my xrp. How much would I gain? Am I able to lending without losing my xrp?

 

[xxxbishopxxx]

Hey if you have XRP that you wanna make more off of go to polo and lend it. Trades are getting crazy interest right now.

Also to all the newcomers that do bank transfers. Use bitstamp. You can send your USD straight there and buy XRP. I did this when it was low and it was way easier than the Kraken process to me as it was straight USD to XRP...just putting it out there if anyone is thinking about it.

Also bitstamp is offering reduced fees for XRP transactions until the end of April.

 

[kbanna]

you can transfer to your bank by transferring back to coinbase (as BTC) and then onto your bank. Note that any amount over 5k these days will get you flagged. it used to be 10k, but now banks are trying to meet there reporting requirement. so if you bank isn't used to seeing large amounts transferred between your accounts, be ready for some questions and maybe a review from treasury/IRS people.

Ok so this might be a silly question, but lets say we hit the big one, meaning our million Ripple coins are finally equal to a dollar. How do you get the full million out ? I know coinbase, but do you just take out 5000 a week at a time for years? How would this work?

 

[kbanna]

Ok so this might be a silly question, but lets say we hit the big one, meaning our million Ripple coins are finally equal to a dollar. How do you get the full million out ? I know coinbase, but do you just take out 5000 a week at a time for years? How would this work?

 

[kbanna]

Ok so this might be a silly question, but lets say we hit the big one, meaning our million Ripple coins are finally equal to a dollar. How do you get the full million out ? I know coinbase, but do you just take out 5000 a week at a time for years? How would this work?

Sorry for double post

 

[daman200]

If Bitstamp is the way to go.......why are we doing coinbase then poloniex??? Explain please thanks ive read the whole thread thanks

 

[Notorious P.I.M.P.]

Also bitstamp is offering reduced fees for XRP transactions until the end of April.

I just checked Bitstamp and I saw "0% fees (100% discount) until 1 July 2017". Did they change?

 

[daman200]

I have posted a complete tutorial on how to get in and invest in ripple from start to finish, I will post it here below but from here on out we can refer anyone new to the original post at the beginning of the thread.

Tutorial On How To Invest In Ripple Or Bitcoin

 

[xxxbishopxxx]

I just checked Bitstamp and I saw "0% fees (100% discount) until 1 July 2017". Did they change?

I am a little confused about this. On the original post from the Ripple site I believed it said "reduced" fees. I can't seem to find it that quote now. I just saw the fee schedule you are talking about. As of now, I am not sure what to tell you. I made three transactions using bitcoin and they were all charged fees. I sent an email to support to find out if I was charged incorrectly or not. I will update this post accordingly.

For what is worth, I did the math on fees. If my math is right, all the fees combined were about $1, give or take.

 

[Mack1052]

Ok so this might be a silly question, but lets say we hit the big one, meaning our million Ripple coins are finally equal to a dollar. How do you get the full million out ? I know coinbase, but do you just take out 5000 a week at a time for years? How would this work?

Not a silly question. For me, it depends on the capacity in which Ripple can be used. If it becomes globally recognized, you may not even have to exchange it for USD.

If it doesn't, I would increase my verification on multiple coin websites/wallets and withdraw that way.

 

[tonystarks1]

Anybody has tier 4 verification on Kraken yet? I just applied and hope I get approved. When XRP blows up I need a way to take as much cash out as possible in the least amount of time.


Tier 4
100k. daily cash deposit.
100k Daily cash withdraws
500k. Monthly cash deposits
500k. Monthly cash withdraws

 

[TIMEISMONEY]

Anybody has tier 4 verification on Kraken yet? I just applied and hope I get approved. When XRP blows up I need a way to take as much cash out as possible in the least amount of time.


Tier 4
100k. daily cash deposit.
100k Daily cash withdraws
500k. Monthly cash deposits
500k. Monthly cash withdraws

I am

 

[tonystarks1]

I am

Was it difficult to get? will I need to provide any special docs?

 

[TIMEISMONEY]

Not really. They just email you a pdf file to fill out

 

[Moving Target]

well there are a couple of specuated ways to remove cash esp considering the tax penalty.
1) get a mobile wallet, download all your ripple to it, take trip to caymen islands, open up account. buy offshore property, use that money when you are out of the country only.
2) create a trust with the ripple as a verified asset and take out the loans against the trust's asset. talk to mixd and legalmoney for more info. they seem to be ahead of the game on this.
3) if you earned over 100 million, renounce citizenship, eff the taxes and move abroad to southern Europe, Malaysia, west africa, or south america.
4) talk to a CPA to see how you can minimize the tax liability...but if it takes more than 3 years, you can avoid capital gains taxes OR
5) the IRS still allows like a 1.2 million dollar gift to your wife , tax free, or course she has to be a trustworthy woman. otherwise you would find yourself a lonely guy with a zero bank account. but double check all this stuff.

if anybody else has any bright ideas, I am open to suggestions. I plan on seeing what options are out there...legally. but I don't want to pay 30% of my hard earned dollars to someone who aint do squat but pimp my ass since age 14 (uncle pimp send them 3 goons, its a done deal. Mr I Mr R Mr S) I aint trying to talk to none of them.

 

[tonystarks1]

well there are a couple of specuated ways to remove cash esp considering the tax penalty.
1) get a mobile wallet, download all your ripple to it, take trip to caymen islands, open up account. buy offshore property, use that money when you are out of the country only.
2) create a trust with the ripple as a verified asset and take out the loans against the trust's asset. talk to mixd and legalmoney for more info. they seem to be ahead of the game on this.
3) if you earned over 100 million, renounce citizenship, eff the taxes and move abroad to southern Europe, Malaysia, west africa, or south america.
4) talk to a CPA to see how you can minimize the tax liability...but if it takes more than 3 years, you can avoid capital gains taxes OR
5) the IRS still allows like a 1.2 million dollar gift to your wife , tax free, or course she has to be a trustworthy woman. otherwise you would find yourself a lonely guy with a zero bank account. but double check all this stuff.

if anybody else has any bright ideas, I am open to suggestions. I plan on seeing what options are out there...legally. but I don't want to pay 30% of my hard earned dollars to someone who aint do squat but pimp my ass since age 14 (uncle pimp send them 3 goons, its a done deal. Mr I Mr R Mr S) I aint trying to talk to none of them.

Moving Target, you read my mind! I am also trying to plan an exit strategy ahead of time. I have been thinking about this ever since we hit .02 yesterday. All the legal tax experts on the board please provide us with some of your expertise.

 

[LSN]

well there are a couple of specuated ways to remove cash esp considering the tax penalty.
1) get a mobile wallet, download all your ripple to it, take trip to caymen islands, open up account. buy offshore property, use that money when you are out of the country only.
2) create a trust with the ripple as a verified asset and take out the loans against the trust's asset. talk to mixd and legalmoney for more info. they seem to be ahead of the game on this.
3) if you earned over 100 million, renounce citizenship, eff the taxes and move abroad to southern Europe, Malaysia, west africa, or south america.
4) talk to a CPA to see how you can minimize the tax liability...but if it takes more than 3 years, you can avoid capital gains taxes OR
5) the IRS still allows like a 1.2 million dollar gift to your wife , tax free, or course she has to be a trustworthy woman. otherwise you would find yourself a lonely guy with a zero bank account. but double check all this stuff.

if anybody else has any bright ideas, I am open to suggestions. I plan on seeing what options are out there...legally. but I don't want to pay 30% of my hard earned dollars to someone who aint do squat but pimp my ass since age 14 (uncle pimp send them 3 goons, its a done deal. Mr I Mr R Mr S) I aint trying to talk to none of them.

ya man...I was doing some math and someone earning 25 mill from this shit would have to cough up about 7.5 mill (30% right?) in taxes for no fucking reason other than some bullshit rules

 

[kbanna]

well there are a couple of specuated ways to remove cash esp considering the tax penalty.
1) get a mobile wallet, download all your ripple to it, take trip to caymen islands, open up account. buy offshore property, use that money when you are out of the country only.
2) create a trust with the ripple as a verified asset and take out the loans against the trust's asset. talk to mixd and legalmoney for more info. they seem to be ahead of the game on this.
3) if you earned over 100 million, renounce citizenship, eff the taxes and move abroad to southern Europe, Malaysia, west africa, or south america.
4) talk to a CPA to see how you can minimize the tax liability...but if it takes more than 3 years, you can avoid capital gains taxes OR
5) the IRS still allows like a 1.2 million dollar gift to your wife , tax free, or course she has to be a trustworthy woman. otherwise you would find yourself a lonely guy with a zero bank account. but double check all this stuff.

if anybody else has any bright ideas, I am open to suggestions. I plan on seeing what options are out there...legally. but I don't want to pay 30% of my hard earned dollars to someone who aint do squat but pimp my ass since age 14 (uncle pimp send them 3 goons, its a done deal. Mr I Mr R Mr S) I aint trying to talk to none of them.

I'm sure that peeps have been making money off of stocks for years. There must be a way to get your money if a stock hits. These are all good suggestions. Thanks

 

[blaze13]

well there are a couple of specuated ways to remove cash esp considering the tax penalty.
1) get a mobile wallet, download all your ripple to it, take trip to caymen islands, open up account. buy offshore property, use that money when you are out of the country only.
2) create a trust with the ripple as a verified asset and take out the loans against the trust's asset. talk to mixd and legalmoney for more info. they seem to be ahead of the game on this.
3) if you earned over 100 million, renounce citizenship, eff the taxes and move abroad to southern Europe, Malaysia, west africa, or south america.
4) talk to a CPA to see how you can minimize the tax liability...but if it takes more than 3 years, you can avoid capital gains taxes OR
5) the IRS still allows like a 1.2 million dollar gift to your wife , tax free, or course she has to be a trustworthy woman. otherwise you would find yourself a lonely guy with a zero bank account. but double check all this stuff.

if anybody else has any bright ideas, I am open to suggestions. I plan on seeing what options are out there...legally. but I don't want to pay 30% of my hard earned dollars to someone who aint do squat but pimp my ass since age 14 (uncle pimp send them 3 goons, its a done deal. Mr I Mr R Mr S) I aint trying to talk to none of them.

 

[GianoJuan]

How does lending work? I thought about it but im not sure how it works l, can I lose any of my xrp. How much would I gain? Am I able to lending without losing my xrp?

It's a loan just like when you go to the bank and take out a loan, but with this it's your funds you're loaning. You're loaning your XRP to others to use it margin trading. They guarantee your XRP and return it back to you at the end of the loan terms (2-60 days time), plus the interest rate you set minus their fee, interest rates fluctuate but with XRP on a pump now a lot of people are betting on it falling and trying to short it on the margin trading side.

 

[tonystarks1]

http://echeck.org/open-offshore-bank-account-cayman-islands/

 

[Matt Beesy]

New video showing you how to loan your Ripple out without any risk on Poloniex for automatic returns and profit! Get in the game people!



How Do I Offer Loans and Earn Interest?
If you prefer to earn interest on your funds instead of trading with them, you can lend them to other users. Click on the Lending tab at the top of the page, then select the coin you wish to offer in the My Balances box on the right. You will need to transfer funds to your lending account to offer them, which you can do from the "Quick Transfer" link in the offer box.

• Rate: The daily interest rate you are offering your funds at.
• Amount: The amount of funds you are offering.
• Duration: The maximum number of days your funds will be held in a loan.
• Auto-renew: Check this box if you want your funds to automatically be offered again at the same rate after the loan they are used in closes.

Once you have placed your offer, it becomes available for margin traders to use. Margin traders will consume lending offers starting with the lowest rate. If a lower rate becomes available after a margin trader's loan has been opened, the contract may be transferred to the lower rate. Remember, a loan can always be closed early by the taker, so be sure to offer competitive rates if you want the best chance of your offers being taken.

When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.

Although you cannot cancel an active loan, you can disable Auto-renew, which will ensure that your funds return to you no later than the number of days listed under Duration.

 

[Matt Beesy]

Ripple CEO interviewed at Bloomberg #2

 

[Matt Beesy]

Here is my 2 cents on why ripple will be considerably higher,

There is not enough ripple in the world to keep up with banks demands once this become mainstream. Banks will be forced to buy more and more ripple once there ripple networks begin to grow and expand through out their institutions. Right now it takes 1,000,000 ripples to move $10,000 that is nothing to a bank who wants to move hundreds of millions a day, or a government who wants to purchase military equipment, How many ripples would it take to send one 100 millon dollar payment? The answer is 5 BILLION ripples, well banks send a lot more then that, but right now thats how many they would need to have to make that payment. So the value has to go up considerably to match the amount of money being moved everyday.

 

[kuu]

New video showing you how to loan your Ripple out without any risk on Poloniex for automatic returns and profit! Get in the game people!



How Do I Offer Loans and Earn Interest?
If you prefer to earn interest on your funds instead of trading with them, you can lend them to other users. Click on the Lending tab at the top of the page, then select the coin you wish to offer in the My Balances box on the right. You will need to transfer funds to your lending account to offer them, which you can do from the "Quick Transfer" link in the offer box.

• Rate: The daily interest rate you are offering your funds at.
• Amount: The amount of funds you are offering.
• Duration: The maximum number of days your funds will be held in a loan.
• Auto-renew: Check this box if you want your funds to automatically be offered again at the same rate after the loan they are used in closes.

Once you have placed your offer, it becomes available for margin traders to use. Margin traders will consume lending offers starting with the lowest rate. If a lower rate becomes available after a margin trader's loan has been opened, the contract may be transferred to the lower rate. Remember, a loan can always be closed early by the taker, so be sure to offer competitive rates if you want the best chance of your offers being taken.

When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.

Although you cannot cancel an active loan, you can disable Auto-renew, which will ensure that your funds return to you no later than the number of days listed under Duration.

Damn good looking out man! Just made .02 already. Keeping this shit ON.

 

[Matt Beesy]

Damn good looking out man! Just made .02 already. Keeping this shit ON.

No doubt, Learned it from another dudes post figured the video would help

 

[invasor]

New video showing you how to loan your Ripple out without any risk on Poloniex for automatic returns and profit! Get in the game people!



How Do I Offer Loans and Earn Interest?
If you prefer to earn interest on your funds instead of trading with them, you can lend them to other users. Click on the Lending tab at the top of the page, then select the coin you wish to offer in the My Balances box on the right. You will need to transfer funds to your lending account to offer them, which you can do from the "Quick Transfer" link in the offer box.

• Rate: The daily interest rate you are offering your funds at.
• Amount: The amount of funds you are offering.
• Duration: The maximum number of days your funds will be held in a loan.
• Auto-renew: Check this box if you want your funds to automatically be offered again at the same rate after the loan they are used in closes.

Once you have placed your offer, it becomes available for margin traders to use. Margin traders will consume lending offers starting with the lowest rate. If a lower rate becomes available after a margin trader's loan has been opened, the contract may be transferred to the lower rate. Remember, a loan can always be closed early by the taker, so be sure to offer competitive rates if you want the best chance of your offers being taken.

When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.

Although you cannot cancel an active loan, you can disable Auto-renew, which will ensure that your funds return to you no later than the number of days listed under Duration.

Man I just open a bittrex account I wondered if we can do that too even on ripple

Here is my 2 cents on why ripple will be considerably higher,

There is not enough ripple in the world to keep up with banks demands once this become mainstream. Banks will be forced to buy more and more ripple once there ripple networks begin to grow and expand through out their institutions. Right now it takes 1,000,000 ripples to move $10,000 that is nothing to a bank who wants to move hundreds of millions a day, or a government who wants to purchase military equipment, How many ripples would it take to send one 100 millon dollar payment? The answer is 5 BILLION ripples, well banks send a lot more then that, but right now thats how many they would need to have to make that payment. So the value has to go up considerably to match the amount of money being moved everyday.

Interesting that means i need to buy lot more ripple

 

[Matt Beesy]

Man I just open a bittrex account I wondered if we can do that too even on ripple



Interesting that means i need to buy lot more ripple

You used Bittrex because its allowed in New York? Or just curious why you used Bittrex, I have heard other cats speak on it.

 

[invasor]

Naw I'm in Bay Area I have ripple account and I just opened bittrex I think I'm going to open a polo account too

 

[LegalMoney]

Here is my 2 cents on why ripple will be considerably higher,

There is not enough ripple in the world to keep up with banks demands once this become mainstream. Banks will be forced to buy more and more ripple once there ripple networks begin to grow and expand through out their institutions. Right now it takes 1,000,000 ripples to move $10,000 that is nothing to a bank who wants to move hundreds of millions a day, or a government who wants to purchase military equipment, How many ripples would it take to send one 100 millon dollar payment? The answer is 5 BILLION ripples, well banks send a lot more then that, but right now thats how many they would need to have to make that payment. So the value has to go up considerably to match the amount of money being moved everyday.

Banks can't use Ripple as a bridge currency in settlements because banking regulations prohibit using anything than fiat based currencies.

When that ever gets settled is one issue, but for money payments transactions it takes 10 ripple to complete 1,000,000 payment transactions. And that's what banks are using Ripple for right now and its lighting fast!

I'm reading a Ripple whitepaper its mad interesting and very technical but Ripple as a payment conduit is already super successful for banks.

 

[Matt Beesy]

Banks can't use Ripple as a bridge currency in settlements because banking regulations prohibit using anything than fiat based currencies.

When that ever gets settled is one issue, but for money payments transactions it takes 10 ripple to complete 1,000,000 payment transactions. And that's what banks are using Ripple for right now and its lighting fast!

I'm reading a Ripple whitepaper its mad interesting and very technical but Ripple as a payment conduit is already super successful for banks.

I dunno the interview with Ripples chief marketer says its going to be a bridge currency....... Video is in the original post..... I would be curious to know how 10 ripples complete 1,000,000 payment transactions..... its one thing to record a transaction its another to actually send value, the interview with ripples staff speaks on them having to open exchanges in different countries just so banks can get there liquidity out of ripple...... Which means they have to send ripple to an exchange and then cash out , however the process will be fully automated for the banks. All of this is included in the video interview in the original post.

13:30 minute mark explicitly talks about banks buying and selling Ripple to send payments between countries....


https://ripple.com/insights/cme-group-executive-miguel-vias-joins-ripple/
CME Group Executive Miguel Vias Joins Ripple

Ripple is proud to announce another addition to our team: Miguel Vias, head of XRP markets. In his new role, Vias will utilize his considerable expertise building liquidity for new financial products by working with market makers, traders, investors and exchanges to strengthen the XRP markets and set the stage for large-scale institutional adoption.

Global financial institutions are increasingly looking for solutions to consolidate the liquidity tied up with the nostro accounts required to fund their overseas payments. Digital assets allow for banks to fund their payments in real-time, and in the process, cut down their dependency on nostro accounts. A strong XRP reinforces these economics.

Vias joins us from CME Group, where he was global head of precious metals and metal options at the largest precious metals desk in the world. Prior to the CME, Miguel honed his craft at the commodities desks of Morgan Stanley, Bank of America, and Mitsui. He brings nearly two decades of trading experience to our team.

 

[LegalMoney]

I dunno the interview with Ripples chief marketer says its going to be a bridge currency....... Video is in the original post..... I would be curious to know how 10 ripples complete 1,000,000 payment transactions.....

Its straight from Ripple Labs

"Current Transaction Cost
The current minimum transaction cost required by the network for a standard transaction is 0.00001 XRP (10 drops). It sometimes increases due to higher than usual load.

https://ripple.com/build/transaction-cost/#current-transaction-cost

This is their Ripple Consensus Ledger which is the public block chain. 1,000,000 transactions at a cost of .00001 XRP = 10 XRP.

The Ripple Banking Ledger is the settlement offering where banks have private ledgers and use Ripple as a bridging currency between two or more banks which are on the Ripple platform.

That's the revolutionary offering for settlements that I read they can't go live with until the regulatory landscape is settled.

But those Japanese banks are already using the Consensus Ledger to transfer money and that's a major key.

 

[LegalMoney]

I dunno the interview with Ripples chief marketer says its going to be a bridge currency....... Video is in the original post.....

Pen also check this post it's on point summarizing Miguel's interview:

https://ripple.com/insights/5-key-takeaways-from-miguels-epicenter-interview/

"Ripple believes that XRP will become the global institutional digital standard for international value transfer. Banks have already shown an appetite for running payments through Ripple’s technology because of the significant cost savings it can offer. But a key part of reaching this goal is further building the currency’s liquidity, which is supported by recent initiatives such as listing XRP on Bitstamp and other exchanges."

And when banks get on the Interledger Protocol then that's when Ripple shoots up in major value.

But I completely agree that once that happens the liquidity of Ripple will need to be significantly worth more than one dollar! Only 100 billion units to settle every international transaction makes it a much much more valuable asset than a fast transaction conduit!

 

[Matt Beesy]

1st, that is just the transaction cost and just the minimum.... kind of like the western union transfer fee..... It doesnt refer to the actual money being sent via western union just the fee to send it........

The hypothetical minimum cost for a million transactions however it doesnt include the actual money being transferred in those transactions. So yes the "COST" to send 1 million transactions could be a 10 ripple but the bank still needs to send actual ripples for the cash value of the money being transacted not just the cost of the transaction.

That is why in the video he speaks of banks needing to buy and sell xrp after every transaction.

So to send 100 million dollars it might only cost the bank .00001 ripple but they still need 5 billion ripple to send it at a price of .02 a ripple, which is bought and paid for by the sender when they give the bank the 100 million. So the bank makes the transaction for almost nothing, but the demand for ripple goes through the roof.

So person A wants to send 100 million to person b
Bank takes persons a 100 million buys 5 billion ripple at .02
Bank sends 5 billion ripple to another part of the world
Bank on that end cashes it out instantly
Gives it to person B the 100 million in cash,

Tranasaction cost = .0000001

PS I think we are on the same page , we all learning.... Shit is dope Congrats on diggin that deep