Re: (SSS) - A Sane and Simple bitcoin Savings plan

[David Latapie]

Hi rpietila

In my opinion you should apply this method only to things that can go really high. Most things cannot

Someone mentionned you initial post on the Blackcoin thread

If you want to be rich by investing in BlackCoin or any other promising coin read about this simple investing system:

https://bitcointalk.org/index.php?topic=345065.0

TL;DR:
1. Buy coins for as much money as you can afford to lose
2. Wait for the price to double
3. Reward yourself by selling 10% of your coins
4. Go to point 2

If at any stage something bad happens to the coin you should still have plenty of cash.
Don't sell all your coins - don't repeat mistakes of the people who were selling bitcoins for 1$ or worse.

Good luck

What do you think of 1) Blackcoin (look at this chart on the three month lenght or else on mintpal) and 2) the poster's summary? Do you thing, to related with your answer, that Blackcoin is one of those "things that can go really high."?

[rpietila]

What do you think of 1) Blackcoin (look at this chart on the three month lenght or else on mintpal) and 2) the poster's summary? Do you thing, to related with your answer, that Blackcoin is one of those "things that can go really high."?

I don't know what is blackcoin so that I could have an opinion on it.

It is obviously one of those things that "can go really high". Real estate and gold are examples of things that cannot, I meant that you should not buy them with an intention to cash out your original investment, rather they are to be accumulated and never sold. Also stocks I don't recommend the method because you cut your winnings and let the losers run, the opposite of what is prudent.

The spirit of my plan is also that you start selling only after bitcoin/whatevercoin has become a significant part of your portfolio. Then periodic selling also satisfies the Kelly criterion.

EDIT: Blackcoin resembles Quark in that it is practically premined and its price can be decided by the preminers. Quark made the preminers rich when the premine ended and pump began, but it has been going down since taking the sheep with it. Don't buy blackcoin.

[David Latapie]

I don't know what is blackcoin so that I could have an opinion on it.

Maybe the most consistently rising altcoins for the last three months (I arrived in the crypto scene in 2014). Presently #9 at coinmarketcap.

The spirit of my plan is also that you start selling only after bitcoin/whatevercoin has become a significant part of your portfolio. Then periodic selling also satisfies the Kelly criterion.

I'll take a look at this Kelly criterion. I will start to cash out at 10 % once 100% of my amount would allow me to pay back my expenses. Then at each doubling, I will cash out 10 more % until my initial investment is paid off.

[zwiggelbig]

What do you think of 1) Blackcoin (look at this chart on the three month lenght or else on mintpal) and 2) the poster's summary? Do you thing, to related with your answer, that Blackcoin is one of those "things that can go really high."?

I don't know what is blackcoin so that I could have an opinion on it.

It is obviously one of those things that "can go really high". Real estate and gold are examples of things that cannot, I meant that you should not buy them with an intention to cash out your original investment, rather they are to be accumulated and never sold. Also stocks I don't recommend the method because you cut your winnings and let the losers run, the opposite of what is prudent.

The spirit of my plan is also that you start selling only after bitcoin/whatevercoin has become a significant part of your portfolio. Then periodic selling also satisfies the Kelly criterion.

EDIT: Blackcoin resembles Quark in that it is practically premined and its price can be decided by the preminers. Quark made the preminers rich when the premine ended and pump began, but it has been going down since taking the sheep with it. Don't buy blackcoin.

You my sir.. Are absoluty the biggest idiot on this forum I have come across so far.
What the fuck. I bet since you have so much status here you think you can tell BULLSHIT like this and people will lissing to you so you can buy all the coins up. Blackcoin WAS NOT PREMINED. Go check your facts. At the exact time it was announced that people could start mining it. It started. 1 week of full mining. The DEVS DID NOT EVEN MINE COINS!!!! And when the coins were all mined. Soepkip did not even had more then 25k coins.

So go away with your stupid fud.
You just can't have it that you missed it or you had trust in another coin like ltc or ppc but nothing happend.
We are FAR superior to bitcoin. Bitcoin just has the advantage of being the first and having the media attention behind it that it has head. Blackcoin can't be mined anymore, has a multipool to support buy support. And it has 10 second comfirmation times

[Adrian-x]

@zwiggelbig slow down on the visceral response, think about this? How many early adopters are there? What will the adoption cycle look like? Is the adoption cycle subject to technology interruption? (I.e. is this the definitive cryptocoin - nothing better will come along) if new innovation is to happen how long before it is copied and improved on? Given it is mined out why should I invest in this one and not the better copy and promote that one?

In short trade this all you want but it's not a long term investment.  I will only invest in altclones that use incomplete the Bitcoin blockchain as a spin-off.

[Peter R]

Blackcoin resembles Quark in that it is practically premined and its price can be decided by the preminers. Quark made the preminers rich when the premine ended and pump began, but it has been going down since taking the sheep with it. Don't buy blackcoin.

You my sir...

Risto is correct.  Blackcoin will likely fail because the initial distribution of coins was economically inefficient and will not be perceived as legitimate by the larger cryptocurrency community.    

For developers interested in experimenting with PoS coins, consider using the "spin-off" technique: https://bitcointalk.org/index.php?topic=563972.0

The "spin-off" technique is a method to distribute an initial pre-mine based on the distribution of unspent outputs in the bitcoin blockchain at a pre-defined point in time.  This bootstraps the coin with the largest potential user base and results in a coin distribution that is known to be efficient for bitcoin.  

[Peter R]

@zwiggelbig slow down on the visceral response, think about this? How many early adopters are there? What will the adoption cycle look like? Is the adoption cycle subject to technology interruption?

LOL, we must have read the same zwiggelbig post at the same time and came up with the same response!

[kdrop22]

The BlackCoin developers have done something really clever.
a) The developers + mining cartels + some independent miners have instamined the coin in one week
b) Switched the coin over to a Proof of Stake system, constricting the supply.
c) Created a mining pool that mines other coins and uses the proceeds to buy Blackcoin. There by pumping up the price.
It is an excellent pump and dump scam. While the price might go up for a day or two, it is too late to get in. If you buy now you will end up being dumped on.