Accumulating coins

[Joe200]

What is your strategy for accumulating coins?

[Sitarow]

What is your strategy for accumulating coins?

Buy low and mine.

[MicroGuy]

What is your strategy for accumulating coins?

Find the best altcoins with the biggest upside potential then 1.) slowly average in, 2.) support the community, 3.) work to help the coin. Last night Max Keiser mentioned Litecoin on his show. In a month or two he might discover something even better.

References:
http://rt.com/shows/keiser-report/episode-526-max-keiser-025/
http://coinmarketcap.com/

[MGUK]

I use my belly button fluff to lure out fairies . I then capture them, liquidise them, and sell the resultant green product as a dish washing agent. I then use the fiat profits to buy cryptocurrencies - but that's how everyone does it, right?

[Joe200]

Buy low and mine.

Alright. To buy low, you need fiat. So you try to sell high to get fiat, then wait for the price to drop, then buy coins? Or you always keep fiat on hand? Which is it? Details please.

[Pruden]

You don't gamble the way to bitcoin wealth by picking altcoins. That is like picking shares in the stock market. Good luck with that (which you will not have).

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.

[Shak]

no, you get fiat by whatever means and buy bitcoins

selling "high" and buying "low" is just a lottery in this extremely volatile market.

[Joe200]

Find the best altcoins with the biggest upside potential then 1.) slowly average in, 2.) support the community, 3.) work to help the coin. Last night Max Keiser mentioned Litecoin on his show. In a month or two he might discover something even better.

So instead of selling bitcoins for fiat you sell them for altcoins? And then wait for the price of altcoins in bitcoins to increase? That sounds like an idea...

Details please.

[Joe200]

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.

[Pruden]

Picking altcoins vs buying bitcoins is like picking shares vs Stock Indexes. In the long run, you are better off by buying a Stock Index Fund. It has the same long-term profitability but you save the time of studying the market to choose your investment.

The Stock Index of Altcoins, you guessed it, is Bitcoin.

The "problem" with it is that, as the price of coins goes up

As you seem to imply, that is hardly a problem. Soon 1 BTC will be a great amount of wealth, people will have to get used to owning less than a hundred million satoshis (when is the decimal point moving, by the way? It is long overdue).

[NUFCrichard]

All you can do it buy when you think the price is good, there are no shortcuts, mining is just as expensive as the difficulty makes your miner worthless in about 17 seconds.

[SlipperySlope]

Interesting that 2013 is probably the last year in which speculators will typically buy whole coins.

As new funds become available to me, I try to buy fractions anytime there is not a bubble underway. Bubbles are easy to see and widely predicted here. I do not buy in the week leading up to the bubble peak, rather I wait until the bubble crashes to ensure that my purchases are made at a better valuation.

For example, I bought fractions from 300 to 488 using Coinbase earlier this month, then waited for the bubble to peak, then bought more from 511 to 622. If prices fall below 675 I plan to buy more, otherwise I will wait a bit.

[chalidore]

cex.io is good for mining and day trading. The price dipped a bit yesterday, so it may be a good time to get in. Just make sure to get out while you are ahead so that the coins you make mining are worth more than the diminishing value of the mining shares.

[Nemesis]

OP, if someone has an answer to your question, do you think they would share? Really? 


Welcome to La La Land,

[Boxman90]

After day-trading for a few months to make an amount of USD i'm decently happy with, I'm now day-trading and leaving all my profits in BTC.

It's just one of the strategies.

[vokain]

loans

[vendetahome]

Best way to accumulate is buy. I miss the days of GPU mining, I would make small GPU farm even in early 2012

[crazy_rabbit]

What is your strategy for accumulating coins?

BUY. Day trading will only do the opposite.

[Mirsad]

loans

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

[Qoheleth]

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.

So? If and when we get to $10/minicoin, "adding a coin every month" is an unreasonable expectation anyway, because everyone will be thinking in minicoins (or mBTC or whatever term catches on). And in any case, how do you know the price of coins will increase monatonically? This is a super-volatile market, and we're still taking bubble baths; the point of buying in slowly is that that way you don't worry too much about what the price is at any given buy-in timestamp, because if it's unusually high it'll be averaged out by the times you accidentally bought low.

(when is the decimal point moving, by the way? It is long overdue).

Just start talking in terms of minicoins/mBTC/whatever synonym you prefer. Sooner or later people will pick up the habit.