RE: STEEM Price Analysis – May 20, 2017
Yeah no you are definitely correct. I recently did a Hail Mary I put my remaining 2.4 BTC into Ripple and cashed out 24 hours later for 3.15 BTC. Ripples a great way to make quick profits because of its volatility but BTC is tried and trusted and it's not going anywhere. I actually fumbled the deal too. If I had traded 40 mins earlier I could have walked away with 3.6 BTC! Ripple is a great way to make quick profits but definitely not a good long term investment. The current Ripple bubble was created by the company locking up something like 90-95billion of the XRP tokens (don't quote me on the numbers but it's a lot). By creating artificial scarcity the company has managed to boost the value of the XRP in circulation. But at any instant the company could wipe by releasing all of their locked up XRP and using it to buy BTC and other crypto. Thus destroying the value of the XRP in an instant and boosting what ever tokens they buy into. The name of the game with Ripple is PUMP AND DUMP! XRP trades primarily in Japan and South Korea so a great time to buy is in the off hours when the markets are closed over there and than try to sell for a good price when the markets open and the price usually spikes. Good luck in your trades and always remember no risks NO PROFITS!
With all of the day trading, how do you account for tax gains?
Yeah I mean any "decentralized cryptocurrency" that has one major owner is basically a fiat currency in and of itself. It has all the same risks. BTC and absolutely every other currency will always follow the same rule. How much money do people have invested in having it versus a more stable currency and does it have unique value. I guess thats two rules. But international I think is the only way BTC is holding fown any gains especially beyond $1,000. I think fair value is $500.