Bitcoin Forum

Hello. I have a goal of owning 10BTC by the end of 2014, hopefully sooner. I currently have 1.70 Bitcoin which I paid USD for, but my goal is to capitalize on the ups and downs of the market, sell high and buy low. My hope is that slowly over time, I will amass more and more. If it ever crashes, I will inject more USD into my investment, but for now I just want to try and parlay the BTC I have.

I have had great experience with Coinbase, and have accounts at Cryptsy, BTC-E and Mt-Gox. I've also checked out a bot site called Butter Bot, but this seems a bit complicated.

The problem I'm having is that transactions take too long. As far as I can tell, there is no "ETrade for a bitcoin" where I can move money into and out of the market in a matter of seconds. Coinbase is pretty awsome, but I am still at a .10 BTC /week instant buy limit, and in a few days should hopefully have 1BTC/week instant. This just isn't quick enough!

Can someone guide me with some recommendations? Should I make multiple Coinbase accounts and let them all mature for 30 days? Should I shuttle BTCs from one service to another? Is there another site I am missing?

Thanks!

What you want to do is very risky. You can earn 1 BTC/week or you can lose it.

If you're willing to gamble, I'd recommend trading alt coins. It's risky too, but at least the process is easier and faster.

Try buying alt coins low and selling high.

Both are risky as you could lose all if you time the markets wrong or one doesn't recover.

Try sell some stuff for coins on the marketplace here or earn them other ways as well as trading.

I find it absolutely wonderful that if someone posts from my IP that it forces me, on a separate computer to wait an additional 6 minutes to be able to post my new comment on the newbie section...which then allows me to start the wait to post in normal forums. Boy oh Boy this is just so incredibly awesome. I love the way this is set up and hope every single forum that exists today begins to implement this method.

Causing frustration is the greatest power there is and it seems to be utilized so well right now. It makes me want to obtain a second IP just for me so that I can post without having to worry if someone else is on it. God forbid someone else use the same IP to make a post eh? OH BOY MY FIRST POST IS DONE

The person posting for you IP was you. You need to wait a full 6 minutes before you post after you log-in. Attempted posts also count.

try eBay! 

Two ways:

1) Crash the bitcoin market (ha! ..somehow) and buy up 10BTC for $1.
2) Get a job that pays about $100k yearly (after taxes), blow all of it on bitcoins.

So in all seriousness, what you're doing amounts to day trading. Super risky, but with risk there's the possibility of a huge payoff.

Good luck!

Try buying alt coins low and selling high. This is a good advice!!! and U can sell BTC at high and buy at low, do more times

1) I wish I had that kind of power
2) I make over $100K, but I just bought a house and my disposable income is less than it used to be.

I don't mind some risk, but if I can't quickly sell at 900 and quickly buy at 799, it's hard to get any sort of momentum.

I work in the dental field, perhaps I can trade some sort of teeth whitening kit for a bitcoin? Not sure what else  I can barter?

You would have better luck selling drugs on silk road

I think this is a very good goal, and I am also really trying to get 10 BTC, trading on BTC-E.  I have had quite a bit of luck, any tips from some of you veterans reading this post?

Thanks,

CH

Great idea. I'm doing something similar myself. Looking at all the ways I can to earn coin. There are tons of resources but look round the forum for ideas.

The best way to get Bitcoins is to earn them, if you dont like to risk your fiat balance.

Work or sell stuff you no longer need for BTC.

Moving USD internationally is very slow, so when you try to do arbitrage it can become painfully slow especially because some exchanges delay the typical 3 business days  internationall bank wire transfers to weeks

Also be aware that MtGox price has such huge difference for a reason...

try buying 1BTC and gamble to see if you get 10btc :)

Yup. Throw it into PrimeDice or some dice game and see if you get it back :)
Or you could send me 1 BTC, i'll give you 10 BTC by the end of this year xD

Really? You'd do that for me? You're such a good internet friend!

I never thought of selling stuff around my house that I don't need. But I can also sell stuff for USD on eBay, then convert the USD into Bitcoin. More fees yes, but at least eBay has a sound infrastructure so I don't get burnt.

I would love to accept Bitcoin at my dental office, but I know that 99.9% of my patients will have no clue what it is, and I can just as easily take their USD and convert it to BTC on Coinbase.

Eye on the prize: 10 BTC in 2014. 1.7, 8.3 to go!

Any other newbies taking on this challenge too?

I understand Dr.Btc and his desire, especially if he did some e-trade trading. Obviously he understands risks and willing to risk, also there are quite a few businesses that accept bit coin / litecoin for their services.
i belive somone on this four has made a dynamic map for those similar to google maps where you can zoom in/out to particular area to find them.
So i think accepting bit coins for services is normal, specially if you are trying to gain some BTC without getting cash involved.
8)

I don't think you can get 10 BTC without buying it for USD, well..not within a year, or you get super lucky by solo mining.

I currently follow the same goal - earning 10 BTC - but I got some money to play with on the exchanges.
I made my first BTC within the last 4 weeks from daytrading but it is risky and time consuming.

You can still accept both :). 99.9% of your patients can still pay in USD.
Well, I've started with only 0.35 BTC, so 10 BTC may be a bit unrealistic. I've also assumed some learning costs, so initial losses are unavoidable. And in fact I have 0.32 now... Anyway I've learned a lot. Now I'm writing my own trading bot, as it seems to be necessary for proper risk management.

Although risking to repeat answers of others:

It's definitely a gamble what you're planning. I hope you don't put any "real hard cash money" in this that you have been saving for something important.


There's a French saying:
Those who want to become rich within the coming year, will be hung in 8 months.

So take your time with those 10 BTC ;)

I am in the same boat, have about 1.5 with 8.5 to go!  I would be interested in some knowing some of the marketplaces besides ebay, that people buy merchandise with BTC?

Regards,

CH

I'm aware. I see it this way: many people buy a game console + some games, then have fun getting some virtual achievements. A decent console + a few games is much more than my 0.35 BTC. Let's say I prefer to gamble on an exchange and try to get some BTC denominated achievements ;). Even if I loose it all, well, I'm just another $300 fool, but had some fun for these money.

In the meantime my bot is now able to trace the market and place limit orders on my exchange of choice. I've implemented some simple, rather bearish, trading algorithm. I'll see how it works in the next days...

As I always say, never invest more than what you can afford to lose. Just be careful.

I think that it is great idea and goal. We do not know what will bring us 2014, no one even dreamed at the beginning about Bitcoin being so high. Who knows... Maybe good aim is to have $8.500 in BTC at the end of 2014. ;)

"my goal is to capitalize on the ups and downs of the market, sell high and buy low"

Don't mean to be a dick, but you do realize that is what all stock market speculators say right before they lose it all, right?
If you speculate for a living, be it on wall street, real estate, or BTC, eventually you will get your head handed to you unless it's a rigged game and you've got a seat at the top of the pile (think wall st. investment banks).

Be careful and have the humility to realize that market timing (which is what you want to do) is impossible to do consistently. If I were you I'd start a business that accepts BTC. That's a better way to achieve your goal IMO.

I'm thinking of extending my hosting company, or creating a new arm that accepts bitcoin only. That might bring in some, but will be a while before 10 is achieved for me.

Prostitution

Go to PrimeDice, and gamble it to 10 BTC lol. It's so easy to do, but easier to lose it all.

Take it steady and trade on shorts, keep ear to the ground for news etc.

I would also suggest alt coins. There is enough movement in daily prices to make 10-500% per day. I play conservatively and manage 10-20% per week tough I don't have time to trade daily. I maybe spent and hour every other day and 5 minutes on other. If you manage make and maintain 10% per week and start with 1 bitcoin you will have 142 bitcoin at the end of the year. Probably not realisticly possible as it will become harder as your volumes increase as your buys and sell will impact the market.

I'd like to get better with this. Any tips?

I am still new to this too and only just learning how to trade. I guess, practise on smaller amounts and work your way up. I am still trading high volume and I don't think my strategy will work as well on higher volumes. But as I increase my volumes I figure out new strategies and hope to adapt.

Or you could try mining at a multicoin pool.

I would suggest buying some NXT.  It is the most innovative crypto-currency on the market.  Some argue that it is actually more innovative than bit coin

Some will argue that it's not as well  ;D.

You don't need instant buy on coinbase.  You can buy 50 BTC per day (week?) non-instantly.  It locks in your price, just takes a few days to get you the coins.  Since you have 11.5 months left in 2014 I'm sure you can wait a few days.

Mine alternative currencies and trade for BTC. That is what most people do.

just wait with that 1 account, it's not so urgent that you can't wait for it to mature ;)
I guess :D

Make accounts for your whole family

I don't know.  Maybe you should invest (a small amount) into something innovative with a huge growth potential and small risk, such as NXT.

coinbase sucks btw.

i'd watch the altcoin markets. they go through hype cycles like bitcoin.

Two options (as mining is not going to help you at this late stage in the game without significant investment):

1. Buy bitcoins now as they have a good chance to double by year's end.
2. Offer services to other community members (either offline or online) in exchange for bitcoins.

You can buy it directly.
You can sell your goods and services for bitcoin.

 :D

you can sell your house.
you can sell your car for bitcoin ;D

Trading alt coins is risky too, but at least the process is easier and faster. So try them

Just buy them over time, and you will reach your target

No short cut is risk-free ;)