meme magic
Member
Offline
Activity: 115
Merit: 10
|
|
March 09, 2016, 12:20:05 AM |
|
Guys I recently bought some monero for the first time. Is it smart to keep these coins for the long term? And if so how long term should I think, because this coin has been here for a long time now. And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange? Or is monero easy to transfer to your wallet and keep it safely there?
first - do you have a boat? if you do, never take your moneros with you. were awful mariners. second - i bought for three years 2 years ago, im happy. its always a risk to keep coins on an exchange - find your core position and cold wallet it, and find your trade position and either put it out for loans or trade it. my ratio has been about 50/50 here, and ive always come out on top holding rather than trading never invest more than youre prepared to lose, and do lots of reading. yes its very easy to transfer so long as you can spend ten minutes learning how to properly copy/paste from cli. i have wallets from the first few months that ive upgraded along the way and they seem to still work so its probably pretty safe to transfer to your wallet and keep it there.
|
|
|
|
|
aminorex
Legendary
Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
|
|
March 09, 2016, 12:35:25 AM |
|
Is it smart to keep these coins for the long term?
I think it is a very cheap hedge on the looming risk of a "global reset" event. If global economics and politics have stabilized in 5 years without a massive ramp-up of financial repression or a global pandemic of hyperinflation, other investments might outperform, but if not, I know of nothing else which I consider more likely to appreciate by several orders of magnitude (with the exception of Andrea Rossi's patent portfolio, in which neither of us have the opportunity to invest). So yeah. Plan on keeping at least a portion for 3-7 years.
|
Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
|
|
|
BitcoinNewsMagazine
Legendary
Offline
Activity: 1806
Merit: 1164
|
|
March 09, 2016, 01:01:41 AM |
|
Holy crap those instructions on github would scare away anyone with an interest in Monero. I use LightWallet2 on Windows, works well enough but better wallets with GUIs should be a priority. At least there is MyMonero.com for getting started.
|
|
|
|
luigi1111
Legendary
Offline
Activity: 1105
Merit: 1000
|
|
March 09, 2016, 01:13:51 AM |
|
Holy crap those instructions on github would scare away anyone with an interest in Monero. I use LightWallet2 on Windows, works well enough but better wallets with GUIs should be a priority. At least there is MyMonero.com for getting started. Those cold wallet instructions are like the super paranoid version. For the less paranoid, who are confident their current system isn't compromised (nor the website), just go to https://moneroaddress.org/ and print off a seed/viewkey(optional)/address. Most anyone planning to store medium-to-large amounts long term should do so via paper wallets. You bypass *so* much risk doing so.
|
|
|
|
slapper
Legendary
Offline
Activity: 2044
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
|
|
March 09, 2016, 01:38:14 AM |
|
Sold because no GUI China shift in yet? Why did you buy? I lost all of mine in a boating accident Loose lips lose ships
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
TrueCryptonaire
Legendary
Offline
Activity: 1092
Merit: 1000
|
|
March 09, 2016, 03:59:51 AM |
|
Guys I recently bought some monero for the first time. Is it smart to keep these coins for the long term? And if so how long term should I think, because this coin has been here for a long time now. And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange? Or is monero easy to transfer to your wallet and keep it safely there?
Pretty much rest of your life and keep adding on regular basis (like you probably are doing in fiat also). Really there is no reason not to hold your wealth in XMR other than very low market cap which is the reason XMR is pretty volatile. As marketcap gows, the volatility should stabilize since it also means there are more people willing to trade with XMR and if there is someone willing to dump larger amounts, there will be several takers to the bag. Personally I am buying XMR without intention to sell despite I might sell if people insist me to do so. 2 years is not long term IMO. Even 10 years is not a long term... And many things will happen in the coming 2 years not to mention 10(+) years. I do not see any reason to dump XMR other than buying something else and what else I would buy? When I am able to do so, I think XMR is used more widely and I do not even need to pee on the pockets of the other members of XMR community and I can simply unload some of coins just using it directly to buy gold bullion or other assets (liabilities I do not need).
|
|
|
|
phishead
|
|
March 09, 2016, 04:38:50 AM |
|
Guys I recently bought some monero for the first time. Is it smart to keep these coins for the long term? And if so how long term should I think, because this coin has been here for a long time now. And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange? Or is monero easy to transfer to your wallet and keep it safely there?
Pretty much rest of your life and keep adding on regular basis (like you probably are doing in fiat also). Really there is no reason not to hold your wealth in XMR other than very low market cap which is the reason XMR is pretty volatile. As marketcap gows, the volatility should stabilize since it also means there are more people willing to trade with XMR and if there is someone willing to dump larger amounts, there will be several takers to the bag. Personally I am buying XMR without intention to sell despite I might sell if people insist me to do so. 2 years is not long term IMO. Even 10 years is not a long term... And many things will happen in the coming 2 years not to mention 10(+) years. I do not see any reason to dump XMR other than buying something else and what else I would buy? When I am able to do so, I think XMR is used more widely and I do not even need to pee on the pockets of the other members of XMR community and I can simply unload some of coins just using it directly to buy gold bullion or other assets (liabilities I do not need). I actually agree with you here... as most people who frequent this thread hope, I hope that XMR will appreciate up to $100+/XMR by 2020; and since there is nothing that I really need to spend moneros on (besides the occasional funding of projects) just accumulate as much as I can at any given price. Then when that time comes where it hits a triple digit figure, I'm definitely planning on purchasing a couple ounces of gold and silver to diversify my portfolio of investments. Until that time comes, I'm happily accumulating as much cheap coins as I can whether thats $10 a week or maybe even less.
|
|
|
|
LucyLovesCrypto
|
|
March 09, 2016, 04:53:44 AM |
|
Holy crap those instructions on github would scare away anyone with an interest in Monero. I use LightWallet2 on Windows, works well enough but better wallets with GUIs should be a priority. At least there is MyMonero.com for getting started. Those instructions look great. Being paranoid is a good thing in crypto.
|
|
|
|
explorer
Legendary
Offline
Activity: 2016
Merit: 1259
|
|
March 09, 2016, 05:30:48 AM Last edit: March 09, 2016, 06:20:57 AM by explorer |
|
Holy crap those instructions on github would scare away anyone with an interest in Monero. I use LightWallet2 on Windows, works well enough but better wallets with GUIs should be a priority. At least there is MyMonero.com for getting started. Those instructions look great. Being paranoid is a good thing in crypto. Paranoia is why many are looking for anon to begin with. Just because you're not paranoid, doesn't mean they're not after you...
|
|
|
|
|
elrippo
Legendary
Offline
Activity: 1008
Merit: 1001
|
|
March 09, 2016, 08:25:58 AM |
|
I know you've said many times now that the GUI won't cause wider adoption outside of our crypto bubble, but do you have any suggestion for how that adoption might be achieved?
EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?
Off the top of my head: A general use wallet could exist in the form of a messaging app built on top of XMR, with the ability to send money to friends' accounts, just like WhatsApp or Venmo. The intimidating 94-character addresses should never be visible to the user but associated with every user's account. Payments could be sent to other user accounts or even to email addresses of non-users (side note: it would be great if MyMonero would allow me to send a payment to any email address ... not talking about open alias). A great service I'd like to see would be a payment gateway that assumes the risk of instant/0-conf transactions for a fee (say 1%), for point-of-sale purchases.
I think a major obstacle is the address. Addresses need to be abstracted away from the end user. Also, the great thing about cash is that nothing is simpler than handing your friend a ten dollar bill. The first device/app/tool that comes close to that level of simplicity with digital money will win big. Shapeshift.io is doing exactly what you want on the fly if you use it correctly
|
For Advertisement. PM me to discuss.
|
|
|
explorer
Legendary
Offline
Activity: 2016
Merit: 1259
|
|
March 09, 2016, 08:31:33 AM |
|
I know you've said many times now that the GUI won't cause wider adoption outside of our crypto bubble, but do you have any suggestion for how that adoption might be achieved?
EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?
Off the top of my head: A general use wallet could exist in the form of a messaging app built on top of XMR, with the ability to send money to friends' accounts, just like WhatsApp or Venmo. The intimidating 94-character addresses should never be visible to the user but associated with every user's account. Payments could be sent to other user accounts or even to email addresses of non-users (side note: it would be great if MyMonero would allow me to send a payment to any email address ... not talking about open alias). A great service I'd like to see would be a payment gateway that assumes the risk of instant/0-conf transactions for a fee (say 1%), for point-of-sale purchases.
I think a major obstacle is the address. Addresses need to be abstracted away from the end user. Also, the great thing about cash is that nothing is simpler than handing your friend a ten dollar bill. The first device/app/tool that comes close to that level of simplicity with digital money will win big. Shapeshift.io is doing exactly what you want on the fly if you use it correctly How painful is their cut? Do they take it as a percentage, or pad the exchange rate, or both?
|
|
|
|
elrippo
Legendary
Offline
Activity: 1008
Merit: 1001
|
|
March 09, 2016, 08:41:03 AM |
|
I know you've said many times now that the GUI won't cause wider adoption outside of our crypto bubble, but do you have any suggestion for how that adoption might be achieved?
EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?
Off the top of my head: A general use wallet could exist in the form of a messaging app built on top of XMR, with the ability to send money to friends' accounts, just like WhatsApp or Venmo. The intimidating 94-character addresses should never be visible to the user but associated with every user's account. Payments could be sent to other user accounts or even to email addresses of non-users (side note: it would be great if MyMonero would allow me to send a payment to any email address ... not talking about open alias). A great service I'd like to see would be a payment gateway that assumes the risk of instant/0-conf transactions for a fee (say 1%), for point-of-sale purchases.
I think a major obstacle is the address. Addresses need to be abstracted away from the end user. Also, the great thing about cash is that nothing is simpler than handing your friend a ten dollar bill. The first device/app/tool that comes close to that level of simplicity with digital money will win big. Shapeshift.io is doing exactly what you want on the fly if you use it correctly How painful is their cut? Do they take it as a percentage, or pad the exchange rate, or both? Take a look at their Terms
|
For Advertisement. PM me to discuss.
|
|
|
explorer
Legendary
Offline
Activity: 2016
Merit: 1259
|
|
March 09, 2016, 08:55:23 AM |
|
I know you've said many times now that the GUI won't cause wider adoption outside of our crypto bubble, but do you have any suggestion for how that adoption might be achieved?
EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?
Off the top of my head: A general use wallet could exist in the form of a messaging app built on top of XMR, with the ability to send money to friends' accounts, just like WhatsApp or Venmo. The intimidating 94-character addresses should never be visible to the user but associated with every user's account. Payments could be sent to other user accounts or even to email addresses of non-users (side note: it would be great if MyMonero would allow me to send a payment to any email address ... not talking about open alias). A great service I'd like to see would be a payment gateway that assumes the risk of instant/0-conf transactions for a fee (say 1%), for point-of-sale purchases.
I think a major obstacle is the address. Addresses need to be abstracted away from the end user. Also, the great thing about cash is that nothing is simpler than handing your friend a ten dollar bill. The first device/app/tool that comes close to that level of simplicity with digital money will win big. Shapeshift.io is doing exactly what you want on the fly if you use it correctly How painful is their cut? Do they take it as a percentage, or pad the exchange rate, or both? Take a look at their TermsNothing there to indicate fees or rates. Just that it's not available in New York or North Korea
|
|
|
|
nickenburg
|
|
March 09, 2016, 09:56:37 AM |
|
Guys I recently bought some monero for the first time. Is it smart to keep these coins for the long term? And if so how long term should I think, because this coin has been here for a long time now. And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange? Or is monero easy to transfer to your wallet and keep it safely there?
Pretty much rest of your life and keep adding on regular basis (like you probably are doing in fiat also). Really there is no reason not to hold your wealth in XMR other than very low market cap which is the reason XMR is pretty volatile. As marketcap gows, the volatility should stabilize since it also means there are more people willing to trade with XMR and if there is someone willing to dump larger amounts, there will be several takers to the bag. Personally I am buying XMR without intention to sell despite I might sell if people insist me to do so. 2 years is not long term IMO. Even 10 years is not a long term... And many things will happen in the coming 2 years not to mention 10(+) years. I do not see any reason to dump XMR other than buying something else and what else I would buy? When I am able to do so, I think XMR is used more widely and I do not even need to pee on the pockets of the other members of XMR community and I can simply unload some of coins just using it directly to buy gold bullion or other assets (liabilities I do not need). Ok, I will then, I don't Have a lot of monero at the moment, but I will increase my monero wealth as you say And you are right there are a lot of things that can happen in 2-10+ Years! Holy crap those instructions on github would scare away anyone with an interest in Monero. I use LightWallet2 on Windows, works well enough but better wallets with GUIs should be a priority. At least there is MyMonero.com for getting started. Those instructions look great. Being paranoid is a good thing in crypto. And I will take a look at the Wallets, and decide where I will store my coins! A paper wallet is pretty safe and it is kinda cool to show other people who aren't in to cryptocurrency. So you can show them a way to store there coins.
|
|
|
|
Bicmac1973
|
|
March 09, 2016, 10:33:35 AM |
|
Looks as if the price could go down below 230 sat before the next leg up. Good buying prices coming ... Disclaimer: to evaluate the quality of my trading skills, look at my footer.
|
signatures lie!
|
|
|
aminorex
Legendary
Offline
Activity: 1596
Merit: 1030
Sine secretum non libertas
|
|
March 09, 2016, 10:55:20 AM Last edit: March 09, 2016, 11:22:24 AM by aminorex |
|
It does make sense to have an infinite horizon, if you anticipate benefit from the pillar traits of monero on an ongoing basis, i.e. if you value your personal freedom very highly. It doesn't make much sense to keep operating capital in XMR right now, because of the volatility, but as a fraction of savings, I think the rational share (Kelly) is no less than 10%, if your goal is pure optimization of expected savings value - rational self-interest. (But keep in mind that my estimation of distribution of outcomes may be very different from yours.)
I am certainly not the largest XMR hoarder, so my intentions are not a dominating factor for other investors. But, for them, a disclosure: I do not have an infinite horizon, simply because my freedom, my life even, is less important to me than other goals - over 12 ounces Au per XMR, certain of those goals may become feasible, and I will sell ruthlessly, if so. Until then, not so much.
In fact, if it seems useful, I might buy a lot more. (And that 12 oz number would fall proportionately.) But never to manipulate price in a way that increases volatility. (I might "manipulate" with a view to decrease volatility however -- that is called market making, and is a respectable profession.)
And never increasing to the point where it seems likely to harm the value of XMR due to excessive concentration. Although, given the divisibility of crypto, I am convinced that stable reserve use can never actually harm the economy due to money supply issues, yet the optics could be damaging during early phases. Unfairly so, however, as XMR distribution seems quite good, considering the stage of development.
|
Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
|
|
|
Bassica
|
|
March 09, 2016, 11:26:26 AM |
|
30k xmr wall at 0.0027. Any takers?
|
|
|
|
owm123
|
|
March 09, 2016, 11:41:59 AM |
|
30k xmr wall at 0.0027. Any takers? xmr rose to fast, so it went down equally quickly. I doubt anyone will buy this wall now. It will be interesting to watch.
|
|
|
|
|