Good evening everyone, checking in from Australia I hope you're having a great day.
I'm writing today for some advice. I jumped into Crypto late in 2017 and got involved in Steem Jan 2018. I lost a fair bit to the market as I didn't know what I was doing.
A mate introduced me to BitCoin years earlier when they were AU30c and he spent $2000. My wife told me to stear clear. Advice I will never let her live down as now my friend is jet setting the globe only returning because he got kicked out of Greece due to COVID19.
He just purchased a mansion to ride out COVID.....he is 29 :(
That has passed and I'm keen to claw back some of the thousands of dollars I have lost but I haven't been investing as much due to mortgage and kids now. I put all my assets into HIVE (I know you shouldn't put all your eggs in one basket. But Hive has been the only decent thing for me.
Which brings me to ripple. Where I initially lost all my cash. I bought at $AU5 a coin when it was at a peak. I thought it would fly but then it came out it wasn't community run but centrally controlled. Plummeting to nothingness and wiping my acct.
I recently invested in purchasing XRP (not much) but my game plan was to get the Spark drop and then sell it off for Hive and bring it over here.
After the snapshot was taken I sold XRP and then bought Hive and brought it across here. I've been reading what Spark is. It seems to be not so much a fork but a tool to use XRP on other networks. Spark is designed to be cheaper than ripple to support ripples endeavours.
Was this a smart move? Do you think Spark will just peak initially and just disintegrate or does it have the potential to peak to allow XRP to perform. I can't see XRP's value climbing as if it does it loses it's functionality and becomes to costly for financial institutions to use. Thus rendering the coin useless. Spark as an inbetween will always need to be of lesser value than XRP to function.
What are your tips and will we ever see a new Bitcoin?
This is difficult to predict, I am not an expert on matter but I think Spark will not be able to get over it. I think the xrp has more potential but that only time will tell.
The most prudent thing to do is HOLD and wait, although I am optimistic and I believe that we will see a new and very positive Bitcoin That will surely happen in the first quarter of 2021(or so I hope).
Interesting approaches 👍
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Good points. HOLD seems safest option. Except my XRP lost heavy from when I purchased to what it's at now. Although alot of people seem to be holding
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Spark perspectives are questionable. On the one hand it has decent team and roadmap, on the other hand the inflation rate during the first year is 10% of total supply (not excluding blocked XRPs). This really seems too much to stay at a decent price (hope I'm wrong hear and spark will be bullish). I hope you bought/sold XRP without loses.
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Nothing has made up the losses as yet and I didnt have enough to invest to cover my huge losses from the first time :(
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