Topic: Accumulating coins - page 2. (Read 2852 times)
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.
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.
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.
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.
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.
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).
The Stock Index of Altcoins, you guessed it, is Bitcoin.
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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).
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.
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.
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.
no, you get fiat by whatever means and buy bitcoins
selling "high" and buying "low" is just a lottery in this extremely volatile market.
selling "high" and buying "low" is just a lottery in this extremely volatile market.
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.
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.
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.
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?
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/
What is your strategy for accumulating coins?
Buy low and mine.
What is your strategy for accumulating coins?
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