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many people at work at "investing" in ripple, they all got rather excited when the value spiked 25% this afternoon. "This time next year Rodney, we'll be milli

many people at work at "investing" in ripple, they all got rather excited when the value spiked 25% this afternoon. "This time next year Rodney, we'll be millionaires."

aphextron 9y ago
Yep. Moreso the MoneyGram announcement is not new news, this is their business model. I suspect the well timed press release had something to do with XRP sinking over the past few days.
- newsbinator 9y ago
  The entire market sank over the past few days. MoneyGram couldn't have predicted the drop, and I'm not sure why they'd rush the press release to coincide with it.
yvesmh 9y ago
For that to be true, Ripple's market cap would have to be in the trillions unless they invested half a million or even a quarter of a million dollars.
ben_jones 9y ago
Same, pretty sure the whole team is buying (small) amounts of bitcoin. Reminds me of the story of the guy who dodged the great depression because he pulled his stocks when his taxi driver starting giving him tips.
- TearsInTheRain 9y ago
  That was Joe Kennedy. JFK's father
  - davidkuhta 9y ago
    and the tips came from a shoeshine boy.
  - joeax 9y ago
    Not only did he pull out of stocks but he was shorting the market.
- locusm 9y ago
  I heard recently of form workers/construction workers giving a friend crypto tips. Its everywhere.
- gotrecruit 9y ago
  don't pay too much attention to stories like that, there are easily countless stories that serve as counterpoint. example, warren buffett mentioned several times in his writings that very often, it's the regular folks who are more capable of spotting potential new investments rather than institutional investors, because they can see businesses succeeding in the real world much sooner than institutional investors spot them on balance sheets.
avenoir 9y ago
I think the price of 1 XRP is going to be somewhere between $5 and $10, $5 being more reasonable. The time to buy in was when it was less than a cent and nobody believed it would go anywhere. On a sidenote, I believe Ripple is made primarily by banks and I think the idea was to make it as close to USD as possible. If this is in fact true, it obviously will be overvalued even at $5.
- bcruddy 9y ago
  With 100B XRP eventually in circulation, $10 would give it a preposterous market cap. The current price is based on only 38B tokens in circulation.
  - dumbfounder 9y ago
    That's only about 12x the market cap now. I am sure the people investing don't think it's anywhere near preposterous to have a $1T market cap.
  - avenoir 9y ago
    1. Nothing is preposterous in crypto. 2. Yes, I said $5 is more reasonable.
oil7abibi 9y ago
I think one thing people, especially on HN, need to remind themselves of is the price isn’t determined by what _you_ think, it’s determined by what _everyone else_ thinks.
- sremani 9y ago
  This is the best comment. People here know the "value" but the market determines the "price". I understand why people see the value proposition here and think these things are over-priced, its because people "trading" do not really have the depth and they are playing the market psychology game. For something new, this is more akin to Poker, at this time too many people are playing the people. The question is when the river card show up, who will remain standing.
  - erikpukinskis 9y ago
    The river card?
    - jaaames 9y ago
      Last card in Texas Hold'em, after a final round of betting, if two players have not folded the winner is determined at showdown.
- ThrustVectoring 9y ago
  The most apt description I've heard for cryptocurrency markets is that it's a Keynesian beauty contest for blank drawings.

many people at work at "investing" in ripple, they all got rather excited when the value spiked 25% this afternoon. "This time next year Rodney, we'll be millionaires."

aphextron 9y ago

Yep. Moreso the MoneyGram announcement is not new news, this is their business model. I suspect the well timed press release had something to do with XRP sinking over the past few days.

newsbinator 9y ago
The entire market sank over the past few days. MoneyGram couldn't have predicted the drop, and I'm not sure why they'd rush the press release to coincide with it.

yvesmh 9y ago

For that to be true, Ripple's market cap would have to be in the trillions unless they invested half a million or even a quarter of a million dollars.

ben_jones 9y ago

Same, pretty sure the whole team is buying (small) amounts of bitcoin. Reminds me of the story of the guy who dodged the great depression because he pulled his stocks when his taxi driver starting giving him tips.

TearsInTheRain 9y ago
That was Joe Kennedy. JFK's father
- davidkuhta 9y ago
  and the tips came from a shoeshine boy.
- joeax 9y ago
  Not only did he pull out of stocks but he was shorting the market.
locusm 9y ago
I heard recently of form workers/construction workers giving a friend crypto tips. Its everywhere.
gotrecruit 9y ago
don't pay too much attention to stories like that, there are easily countless stories that serve as counterpoint. example, warren buffett mentioned several times in his writings that very often, it's the regular folks who are more capable of spotting potential new investments rather than institutional investors, because they can see businesses succeeding in the real world much sooner than institutional investors spot them on balance sheets.

avenoir 9y ago

I think the price of 1 XRP is going to be somewhere between $5 and $10, $5 being more reasonable. The time to buy in was when it was less than a cent and nobody believed it would go anywhere. On a sidenote, I believe Ripple is made primarily by banks and I think the idea was to make it as close to USD as possible. If this is in fact true, it obviously will be overvalued even at $5.

bcruddy 9y ago
With 100B XRP eventually in circulation, $10 would give it a preposterous market cap. The current price is based on only 38B tokens in circulation.
- dumbfounder 9y ago
  That's only about 12x the market cap now. I am sure the people investing don't think it's anywhere near preposterous to have a $1T market cap.
- avenoir 9y ago
  1. Nothing is preposterous in crypto. 2. Yes, I said $5 is more reasonable.

oil7abibi 9y ago

I think one thing people, especially on HN, need to remind themselves of is the price isn’t determined by what _you_ think, it’s determined by what _everyone else_ thinks.

sremani 9y ago
This is the best comment. People here know the "value" but the market determines the "price". I understand why people see the value proposition here and think these things are over-priced, its because people "trading" do not really have the depth and they are playing the market psychology game. For something new, this is more akin to Poker, at this time too many people are playing the people. The question is when the river card show up, who will remain standing.
- erikpukinskis 9y ago
  The river card?
  - jaaames 9y ago
    Last card in Texas Hold'em, after a final round of betting, if two players have not folded the winner is determined at showdown.
ThrustVectoring 9y ago
The most apt description I've heard for cryptocurrency markets is that it's a Keynesian beauty contest for blank drawings.