(SSS) - A Sane and Simple bitcoin Savings plan

[JayJuanGee]

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 

You are living in a fantasy world explorer if you are spewing out nonsense about the bitcoin system supposedly being "bloated" currently.  That is nonsense and you should know it.

Sure in recent months there had been various attacks on the bitcoin network that caused transactions to be delayed, but in recent weeks transactions have been going through pretty timely.. and also it is quite likely that segwit is going to be of considerable assistance, once it is activated... so we will be looking good if seg wit ends up getting activated within the next 10 months.. or hopefully sooner...

With the recent price appreciation, we should be thinking...

This is Gentlemen, no?  or at least gentlemen may be coming soon^Tm

[1714064089]

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[1714064089]

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[Pente]

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.

You can still use the OP_CHECKLOCKTIMEVERIFY parameter.

https://www.reddit.com/r/Bitcoin/comments/3yoa47/you_can_now_create_op_hodl_address_to_lock_your/

[Victorycoin]

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.

This informative thread has seen no fewer than 3 years, do we have any witness in the house? For me a reason I can't fit into this is that tons of patience is highly needed and so is the discipline to stay focused irrespective of goings-on in the market.

[zuyfg888]

It is easy to say to save bitcoin savings, for our future or for our plan where we will going to use our money for the future. We cannot predict where will our savings will be going ? We must see what the future, and what we will be the long term goals.

[JayJuanGee]

It is easy to say to save bitcoin savings, for our future or for our plan where we will going to use our money for the future. We cannot predict where will our savings will be going ? We must see what the future, and what we will be the long term goals.

Zuyfg888 - It looks like you are reading the title of the thread, and missing the point - maybe because you did not read anything else in the thread (including OP).

I don't think that the point of OP or the points of this thread is only about saving, but instead about having a plan, and a plan specifically to rake some BTC profits along the way, otherwise if you save too much of your BTC and you do not take out some profits at certain points, then you may end up with a plan that is too overly invested in BTC.

I do agree with a lot of the overall points being made in OP and in this thread, yet over the past few years, I have tweaked a system that is quite tailored to myself that has some of the same ideas of OP, but maybe  with a bit smaller intervals and NOT necessarily waiting for 10x profits.. I personally think that a more prudent move (especially with a more mature investment such as bitcoin is today as compared with its earlier days) is to take profits at smaller increments and smaller amounts all the way up the chain as the price goes up, but don't take out so much profits that you will deplete your bitcoin stash if the price goes up to $3k or $10k or even $50k or more.  We gotta keep those kinds of high end numbers in mind, too.

[molecular]

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.

you can actually do just that.

[mmortal03]

...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.

This informative thread has seen no fewer than 3 years, do we have any witness in the house? For me a reason I can't fit into this is that tons of patience is highly needed and so is the discipline to stay focused irrespective of goings-on in the market.

Like I said, no further doubling has occurred, so there hasn't been anything to witness or stay disciplined on, other than hodling.

[KeyJockey]

Just giving this thread a BUMP since BTC's finally up in the $1K area (i.e. maybe for folks who have dollar-cost-average buy prices in $500-range over the last couple years of this thread...?  You're *finally* lookin' at hitting your first-doubling-point in the SSS plan!  )

Also I was bummed out to see that the http://www.bitcoinsavingsplan.com/ site seems to have disappeared?

It still works via Internet Archive "Wayback Machine" fortunately...

https://web.archive.org/web/20161002124812/http://bitcoinsavingsplan.com/

...but I think it'd be nice to maybe revive the site if the owner is around here and needs to run a crowdfund campaign?  I'll kick in a couple bucks if so...

[Beta-coiner1]

Seeing as how there are more and more users, and the halving has already passed it's obvious that it will become more and more complicated to gain bitcoin and have a decent amount in a reasonable time.

[d9000]

Just giving this thread a BUMP since BTC's finally up in the $1K area (i.e. maybe for folks who have dollar-cost-average buy prices in $500-range over the last couple years of this thread...?  You're *finally* lookin' at hitting your first-doubling-point in the SSS plan!  )

Also I was bummed out to see that the http://www.bitcoinsavingsplan.com/ site seems to have disappeared?

It still works via Internet Archive "Wayback Machine" fortunately...

https://web.archive.org/web/20161002124812/http://bitcoinsavingsplan.com/

...but I think it'd be nice to maybe revive the site if the owner is around here and needs to run a crowdfund campaign?  I'll kick in a couple bucks if so...

Revived  .

I got a heads up that the site was being discussed again... I had originally planned to pull it into a larger site and add some more calculators and tools, but haven't had time to work on it.  So for now, it's back up as it was.

[mmortal03]

Finally there's been another doubling.

[farl4web]

I was surprised it was working again. Thanks for this!

I have been doubling, but I am doubting to continue, maybe sell a bit at 50% raise... any ideas? What are your strategies?

[aesma]

HODLING is the strategy for winners.

No seriously, I'd say it really depends of how much BTC you have and your objectives. Personally I'm not putting all my money into BTC so that I can still live, buy a house, have a car, travel, etc., so BTC is a long term investment. Once my stash is worth enough fiat to buy an island and retire or something like that, I won't have any hesitation and will sell everything (or almost everything).

[David Rabahy]

By the time I would want to sell any to use it will be time to use it directly and not convert through fiat.

[JayJuanGee]

HODLING is the strategy for winners.

No seriously, I'd say it really depends of how much BTC you have and your objectives. Personally I'm not putting all my money into BTC so that I can still live, buy a house, have a car, travel, etc., so BTC is a long term investment. Once my stash is worth enough fiat to buy an island and retire or something like that, I won't have any hesitation and will sell everything (or almost everything).

By the time I would want to sell any to use it will be time to use it directly and not convert through fiat.

Seems to me that the substance of each of the two above posts from today is very similar, and that is to HODL your bitcoins.

However, I think that the point of the substance of this thread and OP is to make a plan in order to take BTC profits along the way, and that plan might differ for folks, but selling some BTC along the way up can be helpful in realizing profits and to keep you from having too much value tied up in an historically strongly appreciating asset, namely bitcoin (although the same plan could be utilized for any other crypto that has similar realized expectations of price appreciation).

[David Rabahy]

Agreed; my "HODL in all situations" is emotional.  The original SSS plan is non-emotional.  I have a small enough basis that I don't care if it all goes to zero in a flash; well, I will be disappointed but ok.  Anyone taking more than an insignificant portion of their wealth into such risky investments should do it with a plan like SSS.

[mmortal03]

I'd like to see this plan eventually implemented as a smart contract portfolio. The following reminded me of this: https://www.reddit.com/r/ethereum/comments/6eq2up/update_on_prism_fees/did77ym/

[gabmen]

Wow this makes a whole lot of sense and puts things in the right perspective when looking at how you handle btc and alt investments. First time i've a post from you dude and would be following future posts

[aesma]

Agreed; my "HODL in all situations" is emotional.  The original SSS plan is non-emotional.  I have a small enough basis that I don't care if it all goes to zero in a flash; well, I will be disappointed but ok.  Anyone taking more than an insignificant portion of their wealth into such risky investments should do it with a plan like SSS.

SSS is non emotional but it starts with a lot of money and only sells from there, each time the price doubles. That's not a realistic scenario for today. That's for people who bought/mined thousands of BTC when it was worth a few dollars or less.

[TroubleMaker]

Wow this makes a whole lot of sense and puts things in the right perspective when looking at how you handle btc and alt investments. First time i've a post from you dude and would be following future posts

My eng is not enough, just I agree with all of you said Really Good Topic...