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Author Topic: Accumulating coins  (Read 2686 times)
Walter Rothbard
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November 22, 2013, 07:19:28 PM
 #21

My best suggestion is to take a second job, and put all of the money from that job into Bitcoin.

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November 23, 2013, 06:07:28 AM
 #22

I don't personally do this, but "optimal lazy portfolio rebalancing" (as described here: http://optimalrebalancing.tk) may work well with a Bitcoin/alt-coin "investment portfolio." It's a portfolio rebalancing strategy where you only rebalance your portfolio when you purchase or sell assets. So, if you get paid every week, and want to add money to your portfolio every week, you purchase assets in a way that tends to balance out your portfolio.

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November 23, 2013, 06:13:30 AM
 #23

Mining for personal profit is long dead, unless you somehow have access to a very large initial investment fund and free electricity for the foreseeable future. Buy your BTC when you can afford to; don't buy because you need money, buy because you want to be a part of the currency. Don't treat bitcoin as an investment! We need people to spend their BTC if it's going to become a viable currency!
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November 23, 2013, 06:17:47 AM
 #24

Personally, I mine litecoins with the spare gpus I have lying around. Unless you already have the hardware or have access to free electricity, mining probably isn't a good idea at this point. If you want to invest more, buying BTC is your best bet.

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November 23, 2013, 06:26:14 AM
 #25

Personally, I mine litecoins with the spare gpus I have lying around. Unless you already have the hardware or have access to free electricity, mining probably isn't a good idea at this point. If you want to invest more, buying BTC is your best bet.

Same here. It's not much (Radeon 4870) but mines ~1LTC/week. Earlier this year I made 0.1BTC in a month with it.

Anyway, just take what money you have set aside to invest, and buy at set intervals. Dollar cost averaging. Coinbase has a feature for it.
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November 26, 2013, 03:38:38 PM
 #26

loans

Best way. And then use the BTC go gamble -> max profit.

I don't know if you took my answer sarcastically but my answer was a serious one. Credit has been cheaper than ever.

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Sindelar1938
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November 26, 2013, 03:54:40 PM
 #27

Keep buying with fiat

But don't hoard it all

Remember you are investing the coins you spend I.e they make your core btc portfolio more valuable

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November 26, 2013, 04:00:07 PM
 #28

Spend as little as you can (blogs like mrmoneymoustache.com help to achieve independence from consumerism), buy Bitcoins with a share of what you have left (being young, I invest everything into Bitcoins, but I am not recommending it to anyone). This way you are dollar-cost-averaging with a monthly period (assuming monthly paycheck).

You might want to space the buys weekly or something like that.

That's a good general recommendation. The "problem" with it is that, as the price of coins goes up, and your fiat salary stays constant, the amount you are adding every month diminishes. Once coins are $10,000 each, you won't even have enough savings to add a coin every month.

If you can't buy one coin better not do it? lol.. You are basically asking for a way to get $$$$, and unless you have a valuable asset at your disposal which you can sell, you will have to work for them, or work for fiat to buy them. Or you could just go win the lottery of course.

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November 26, 2013, 11:32:13 PM
 #29

I quit smoking cigarettes, and buy coins instead.

Unwanted BTC? Dispose of them safely here:  1PrdnbsRrv5fvpg2LAGCroBMqJGgp3pDRW
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November 27, 2013, 03:07:58 PM
 #30

loans

Best way. And then use the BTC go gamble -> max profit.

I don't know if you took my answer sarcastically but my answer was a serious one. Credit has been cheaper than ever.

OK, I don't get it though - I've never borrowed or lent coins.

So you borrow BTC and gamble them. If you win, great, you can repay. If you lose, you can't repay. So you lose your collateral? Which was worth what your BTC was worth. So what's the point?
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November 27, 2013, 03:18:54 PM
 #31

I quit smoking cigarettes, and buy coins instead.

Excellent attitude! Round of applause just for you.



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November 27, 2013, 05:30:29 PM
 #32

loans

Best way. And then use the BTC go gamble -> max profit.

I don't know if you took my answer sarcastically but my answer was a serious one. Credit has been cheaper than ever.

OK, I don't get it though - I've never borrowed or lent coins.

So you borrow BTC and gamble them. If you win, great, you can repay. If you lose, you can't repay. So you lose your collateral? Which was worth what your BTC was worth. So what's the point?

borrow fiat. I left a large margin to make sure I could pay the interest no matter what happens within x amount of time.

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thetopham
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November 27, 2013, 05:31:39 PM
 #33

I've done really well with alt currencies, although I'm not sure how long the recent spike will last

once I sold, now I hold: 1NmPGsSFQdRYbBQbYyBhVs7aiqYF7mpbAB
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November 27, 2013, 05:49:15 PM
 #34

I've done really well with alt currencies, although I'm not sure how long the recent spike will last
I've always tended to be wary of altcoins, but with the recent action, I couldn't help but jump in. More than tripled my bitcoins in recent days. Very risky, though. Only willing to hold LTC at this point.

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