(SSS) - A Sane and Simple bitcoin Savings plan

[BitChick]

Everyone preparing their variations of SSS cashing out charts?

Yes but hubby wants to sell at a lower price than I do.  He reminded me that he wanted to sell earlier but we didn't.  It seems to always be my fault in hindsight.   I will try my best this time not to stop him from selling.  I admittedly have talked him out of selling before.  But I think if we get a good bubble going the price will go well over our previous ATH.  I guess having a plan in place is wise.  We really don't know for sure what is going to happen.

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[JayJuanGee]

Everyone preparing their variations of SSS cashing out charts?

Yes but hubby wants to sell at a lower price than I do.  He reminded me that he wanted to sell earlier but we didn't.  It seems to always be my fault in hindsight.   I will try my best this time not to stop him from selling.  I admittedly have talked him out of selling before.  But I think if we get a good bubble going the price will go well over our previous ATH.  I guess having a plan in place is wise.  We really don't know for sure what is going to happen.

Even though you have somewhat differing inclinations, working with some kind of plan will probably benefit your sanity considerably to come to some compromise as to the various triggering points.

If I were in your situation (having to share in some of my BTC decision making with another person), then I think that it would be good to play around with the whole matter a bit.

For example, lets say that hypothetically you have 100 BTC between you.  Maybe you could come to some kind of compromise to treat 80% or 80 BTC as subject to joint decisions?  10% or 10 BTC strictly for you to have final determination and 10% 10BTC for him to have final determination. 

Surely you could play around with this, and in the end, you would likely still be sharing all of the proceeds, but you would just allow some additional discretion to each of you to be able to play around with it, and maybe even jokingly be able to say "I told you so."  hahahahaha


You may also be able to learn more about the whole bitcoin experience by dividing it up a bit... and maybe even one of you may be more active than the other... ?  and maybe hahahaha Bitchick's Husband is worried that Bitchick will end up gambling away all of her BTC proceeds (so Bitchick may have to receive a relatively small BTC play allowance).

[rpietila]

Yes but hubby wants to sell at a lower price than I do.  He reminded me that he wanted to sell earlier but we didn't.  It seems to always be my fault in hindsight.   I will try my best this time not to stop him from selling.  I admittedly have talked him out of selling before.  But I think if we get a good bubble going the price will go well over our previous ATH.  I guess having a plan in place is wise.  We really don't know for sure what is going to happen.

Just that you have a plan. If your analysis of the expected value turns negative, my advice is to sell at regular intervals instead of SSS, because then the investment gets sold in your base case (price going down) yet gains are somewhat dollar-averaged in the happy case (price going up).

In other words: SSS should be used so that the rake price points are multiples of original entry point. Otherwise you take the risk yet cap the gains. It is bad luck that if you(s) almost did not hit your rake last time. I did. My first cashout ever in 15 years of investing... Luck plays a role.

[BitChick]

Yes but hubby wants to sell at a lower price than I do.  He reminded me that he wanted to sell earlier but we didn't.  It seems to always be my fault in hindsight.  I will try my best this time not to stop him from selling.  I admittedly have talked him out of selling before.  But I think if we get a good bubble going the price will go well over our previous ATH.  I guess having a plan in place is wise.  We really don't know for sure what is going to happen.

Just that you have a plan. If your analysis of the expected value turns negative, my advice is to sell at regular intervals instead of SSS, because then the investment gets sold in your base case (price going down) yet gains are somewhat dollar-averaged in the happy case (price going up).

In other words: SSS should be used so that the rake price points are multiples of original entry point. Otherwise you take the risk yet cap the gains. It is bad luck that if you(s) almost did not hit your rake last time. I did. My first cashout ever in 15 years of investing... Luck plays a role.

Some of us just get a bit greedy and set the starting point too high (This is what I am guilty of.)  Although I talked hubby out of selling coins on multiple occasions, we did sell some coins off, just to be in the black at about $400, but certainly didn't take advantage of the bubble cycle like we should have, or could have, had we followed the plan a little better.  Emotions are a dangerous thing!  I am learning though, I think.   I really think we should buy some more coins right now, but with too many expenses it really isn't feasible. 

[rpietila]

I really think we should buy some more coins right now, but with too many expenses it really isn't feasible. 

Buy Monero. If you ever dreamed of having 10,000 BTC, you can now buy 10,000 XMR for about $4k. Not too much, is it?

Total quantity of XMR is about the same as BTC, actually less, so this is a valid comparison.

Then just do the SSS plan methodically from the beginning 

[BitChick]

I really think we should buy some more coins right now, but with too many expenses it really isn't feasible. 

Buy Monero. If you ever dreamed of having 10,000 BTC, you can now buy 10,000 XMR for about $4k. Not too much, is it?

Total quantity of XMR is about the same as BTC, actually less, so this is a valid comparison.

Then just do the SSS plan methodically from the beginning 

I have thought about it.  I have mentioned it to BitchicksHusband.  Some of us are more "visionary" than others though.  The educated "risk takers" do get the greatest rewards in life.

[rpietila]

I really think we should buy some more coins right now, but with too many expenses it really isn't feasible. 

Buy Monero. If you ever dreamed of having 10,000 BTC, you can now buy 10,000 XMR for about $4k. Not too much, is it?

Total quantity of XMR is about the same as BTC, actually less, so this is a valid comparison.

Then just do the SSS plan methodically from the beginning 

I have thought about it.  I have mentioned it to BitchicksHusband.  Some of us are more "visionary" than others though.  The educated "risk takers" do get the greatest rewards in life.

If you dreamed of having 1,000 BTC, buy 1,000 XMR. Surely you can afford $400?  It is not even risk. Just set the rake thresholds 10x higher and the end result is just the same.

[thejaytiesto]

What do you mean with the 10.000 BTC = 10.000 XMR?
You mean it can reach the current Bitcoin price, or that it will reach parity with BTC whatever the BTC price is?
I don't see this at all. I think XMR is a good coin, im invested, but it will never reach parity with BTC. No coin is going to be more valuable than Bitcoin, when sidechains open the gates towards endless possibilities we are going to see some serious shit.

Im sure there is money to be made by selling during bubbles, but it's too hard to know when the price is bubbled. As a long term holder I would easily hold for 5+ years without selling any sensible amount of my stack. It's all or nothing with this. Even Satoshi said so.

[rpietila]

What do you mean with the 10.000 BTC = 10.000 XMR?
You mean it can reach the current Bitcoin price, or that it will reach parity with BTC whatever the BTC price is?
I don't see this at all. I think XMR is a good coin, im invested, but it will never reach parity with BTC. No coin is going to be more valuable than Bitcoin, when sidechains open the gates towards endless possibilities we are going to see some serious shit.

Im sure there is money to be made by selling during bubbles, but it's too hard to know when the price is bubbled. As a long term holder I would easily hold for 5+ years without selling any sensible amount of my stack. It's all or nothing with this. Even Satoshi said so.

Of course you may think so but the topic of this thread since 2 years ago is a method how to invest in crypto so that you gain from the volatility and stay in black even if the end result is "nothing".

What I mean is that BTC has experienced serious problems with fungibility, regulation etc. and does not have leadership. Price has suffered as a result. A widely disproportionate number of the smartest guys in crypto have moved to Monero, and the opportunity is very much available still - Monero price is about 10-20% of what is was last year. I threw in a 10k to Bitcoin when everyone in our club was buying silver, thinking that diversification can never be bad, and due to that, I am able to write this in the conference room of my castle, looking at the opposite wall 17 meters away. There just isn't anything to lose when you buy Monero (the amount required to scoop the number corresponding to 10,000 BTC is nothing, even less than I paid to enter Bitcoin). If you believe BTC will stay larger that is all fine, silver is also more valuable than Bitcoin marketcapwise, but what counts here is if you make money or not with it.

[JayJuanGee]

What do you mean with the 10.000 BTC = 10.000 XMR?
You mean it can reach the current Bitcoin price, or that it will reach parity with BTC whatever the BTC price is?
I don't see this at all. I think XMR is a good coin, im invested, but it will never reach parity with BTC. No coin is going to be more valuable than Bitcoin, when sidechains open the gates towards endless possibilities we are going to see some serious shit.

Im sure there is money to be made by selling during bubbles, but it's too hard to know when the price is bubbled. As a long term holder I would easily hold for 5+ years without selling any sensible amount of my stack. It's all or nothing with this. Even Satoshi said so.

Even if you are correct about the "all or nothing" dynamic of bitcoin and its success, that does NOT mean that you invest with "all or nothing" strategies... that would be foolish, because we know that there are going to be ups and downs along the way, and the realities is that you want to be taking out some profits at various times and even incorporating the enjoying of the fruits of your labor and life from time to time...

[JayJuanGee]

Currently, there appears to be quite a few indicators that BTC prices are transitioning into reversal - meaning that maybe this time for sure we are leaving the fairly long bear market.  Accordingly, it seems even more necessary to prepare for some upward BTC price surges (even though we will likely experience several ups and downs along the way to the moon).

I think that I have created a pretty decent tentative rake plan that draws from concepts in this thread and according to my own individual particulars, and that is going to involve both raking and reinvesting. 

Even though my tentative rake plan is NOT as "simple" as the one set forth by op,  it still borrows fundamental concepts from the principles of projecting ahead and then establishing various criteria and triggering points. 

For me, these criteria are NOT exactly set in stone, but they are pretty solidly predetermined in order that I am able to act quickly when the predetermined BTC price points are triggered. 

My current projected rake plan involves raking approximately 6% the first time when my overall BTC holdings are at approximately 66% profits.  Thereafter, my rake is projected to be 3.3% each time that my BTC portfolio reaches an additional 33% profits.

Furthermore, my rake plan involves completely taking out 50% of the rake proceeds and holding the other 50% of the rake proceeds in a BTC reinvestment fund that will be triggered in approximately three stages (of equal amounts) - in the event that BTC prices subsequently drop 9% then 7% and then 4% (which in essence would cause the total amount of the reinvestment portion of the rake proceeds to be reinvested by the time BTC prices dropped 20% lower than my rake price, if such a drop were to occur).

I would be interested to hear about any other interesting and/or individualized tweaks to the SSS plan that others may have made.






 

[rocks]

Everyone preparing their variations of SSS cashing out charts?

Yes but hubby wants to sell at a lower price than I do.  He reminded me that he wanted to sell earlier but we didn't.  It seems to always be my fault in hindsight.   I will try my best this time not to stop him from selling.  I admittedly have talked him out of selling before.  But I think if we get a good bubble going the price will go well over our previous ATH.  I guess having a plan in place is wise.  We really don't know for sure what is going to happen.

Have you thought about the 50/50 approach. You get 50% of coins to do as you will and so does he. If he sells early and BTC price then drops, he has his money to play with and he can take you out sometimes. If he sells early and BTC goes to the moon, you can let him visit your mansion or join you on trips from time to time.

[BitChick]

Everyone preparing their variations of SSS cashing out charts?

Yes but hubby wants to sell at a lower price than I do.  He reminded me that he wanted to sell earlier but we didn't.  It seems to always be my fault in hindsight.   I will try my best this time not to stop him from selling.  I admittedly have talked him out of selling before.  But I think if we get a good bubble going the price will go well over our previous ATH.  I guess having a plan in place is wise.  We really don't know for sure what is going to happen.

Have you thought about the 50/50 approach. You get 50% of coins to do as you will and so does he. If he sells early and BTC price then drops, he has his money to play with and he can take you out sometimes. If he sells early and BTC goes to the moon, you can let him visit your mansion or join you on trips from time to time.

Let him visit my mansion? That makes for a healthy marriage. LOL

I am fine with going with the "plan."  If I had gone with the plan we would most likely have a few more coins to play with now but in reality if and when BTC bubbles in price again we can make some gains just by sticking to the SSS and reinvesting if we choose to on the dips if they happen.  If not then it really isn't a problem.  We have made some gains and it is all good.

[the_poet]

I think this thread deserves a bump.

[molecular]

I think this thread deserves a bump.

bullish

[KeyJockey]

This thread definitely deserves at least a "monthly bump" 

Especially *now* I think, what with the 2nd Halvening successfully behind us (no big price jump yet but at least no big DROP either, and hashpower does not seem to have gone down, so apparently miners are not shutting off machines?) and HOPEFULLY maybe also *finally* a resolution to the block size battle IF next month the alleged chinese rebellion "Terminator" plan somehow forces an update to at least 2mb blocks...?

Remains to be seen, of course, and as always the next "two weeks are critical" LOL

But I'm optimistic that the blocksize problem will be solved one way or another and Honey Badger will then resume upward exponential trajectory.  Hope Hope.

P.S. But, yeah, if not I've personally taken Risto's advice and socked away an equal amount of Monero that I'd have wanted to have already saved in bitcoin: seems to me actually even if BTC does not fail, that of all the altcoins maybe only Monero could find it's own use/niche and also succeed independently.  MaidSafe is also very ambitious and potentially world-changer even outside of the cryptocurrency space alone... but I still have most hope and confidence in BITCOIN

[mmortal03]

I agree this is a great strategy and am using a variant myself.

However, for newcomers (people buying bitcoin for the first time), I think a slight variation on...

It is important to buy in as soon as possible, because waiting has in general not been a good strategy with bitcoin.

...can be used: The initial investment can be made in steps (dollar-cost average), albeit as quickly as comfortably possible. Of course this is subobtimal in situation like now when we're rallying, but it also protects the psychology of the investor in case of a harsh drop right after the buy-in.

...like a year after the original post was made.

Anyway, no further doubling of the BTC price occurred after the OP, but we *are*, at least, nearing $1 per mBTC again.

[Xester]

This is a very helpful guide to save. I can take some points and add it to my own savings plan. As of now bitcoin has continuously rise in price as its popularity and number of users are increasing everyday. Aside from that around a thousand bitcoins are being burned or lost annually and the demand is not decreasing but exponentially increasing. At this rate, there is no stopping bitcoin to take the center stage and reach a 1 million $ price for each bitcoin. We should save more bitcoins so we can be millionaires 5 to 10 years from now.

[silversurfer1958]

Shame we can't send BTC and Cryptos to an address in a way that we can only access them at some time in the future.
That way, we can't be tempted to spend them.
I know Bitcoin has a lock_time facility for this, but it's been switched off so as not to bloat the network with maturing
transactions.
How about maturing those investments in another network, whose purpose is solely to mature, time_locked cryptocurrencies.
Such an application could be built in to existing network nodes.
Eg, a BTC or Altcoin Node, could also act as a node for this network.
Transaction speed might not be that important, after all, If I send 1 Cryptocoin to myself to be accessed
in ten years time, do I care if I get it at 9:am or 23:00pm or even if it is a day or two late.

[explorer]

Shame we can't send BTC and Cryptos to an address in a way that we can only access them at some time in the future.
That way, we can't be tempted to spend them.
I know Bitcoin has a lock_time facility for this, but it's been switched off so as not to bloat the network with maturing
transactions.
How about maturing those investments in another network, whose purpose is solely to mature, time_locked cryptocurrencies.
Such an application could be built in to existing network nodes.
Eg, a BTC or Altcoin Node, could also act as a node for this network.
Transaction speed might not be that important, after all, If I send 1 Cryptocoin to myself to be accessed
in ten years time, do I care if I get it at 9:am or 23:00pm or even if it is a day or two late.

Let the system continue to bloat, and your transaction won't process til then anyway