Bitcoin Buyers Club - page 3. | Bitcointalksearch.org

grintsch

newbie

Activity: 33

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Quote from: jakelyson on October 28, 2019, 09:44:57 AM

This is good initiative. More will be interested in doing cost-averaging if they are seeing somebody getting successful or getting good profit in doing it.

I have just one concern. If it is going to be a club, some information might or will be exposed. I do not want to expose my identity or how much BTC I have. How do you propose to keep each individual anonymous?

Thanks! I don't at all want to publicly inform anybody about the amount of crypto anyone holds. I would just display some kind of nickname (or just a number) and the amount of $ equivalent they announce they buy every month. Would that be okay for you?

grintsch

newbie

Activity: 33

Merit: 0

Quote from: Lucius on October 28, 2019, 08:18:17 AM

I personally do not see any meaningful reason to share (even anonymously) investment in something. The only benefit might be to encourage others to get into something if they see it in other people's examples. Some sort of group on the Telegram that could be made is no technically demanding task, and also spreadsheet with everyone who would participate in one such club.

That's exactly the reason why I would do it :-)

I know a Telegram group is technically not difficult to set up, but the whole point of that is to have
1. A funnel where like-minded people / club members could actually find one another (could be a small landing page or this thread)
2. An overview of how many people are committed to the cause

I can obviously take care of all of this myself (or have people help), but definitely want to check how much interest there is for such an initiative before actually moving forward.

jakelyson

legendary

Activity: 2240

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This is good initiative. More will be interested in doing cost-averaging if they are seeing somebody getting successful or getting good profit in doing it.

I have just one concern. If it is going to be a club, some information might or will be exposed. I do not want to expose my identity or how much BTC I have. How do you propose to keep each individual anonymous?

Febo

legendary

Activity: 2744

Merit: 1288

Quote from: grintsch on October 28, 2019, 06:28:39 AM

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

Who's in?

When you start a club you need to offer advantages. What are the advantages for someone to join this club? will he be able to get coins cheaper? Will his coins be more secure? What?

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: grintsch on October 28, 2019, 06:28:39 AM

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases. Who's in?

I am suggesting that you start implementing this idea with your close friends, family, relative and even neighbors where there is a higher degree of trust all because you all know each other. Getting other people somewhere half-way around the world may not be that viable and feasible. At least, for me. However, i love the idea you are presenting here and anybody can actually do the same without being a part of the group. This is akin to regularly putting up a certain amount of money to your bank's saving account but this time with cryptocurrency. I think there is actually a company offering this same service while just using their app conveniently. A good idea like this if implemented by many people can make cryptocurrency more popular and easier to reach and accumulate.

Ucy

sr. member

Activity: 2674

Merit: 403

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Quote from: grintsch on October 28, 2019, 06:28:39 AM

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

Who's in?

Good idea. I wouldn't mind buying regularly though. By regularly I mean buying when Bitcoin is down and selling some/all (if you want to) when it's up.
I believe this can be done automatically now as I have seen few members promoting services like that here

Lucius

legendary

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I personally do not see any meaningful reason to share (even anonymously) investment in something. The only benefit might be to encourage others to get into something if they see it in other people's examples. Some sort of group on the Telegram that could be made is no technically demanding task, and also spreadsheet with everyone who would participate in one such club.

I agree that it is wise to invest in Bitcoin, realistically, the whole thing is still at a very early stage, though it may not seem so. But let's be real, there are few who really recognized the potential that Bitcoin has in the first 5 or maybe 7 years. I think 2017 has shown that the value of Bitcoin in one year can be increased up to 20 times, which is a good enough warning for the future. Although there is always a risk, an investment of a total of $1000 this year may mean xx more in the next few years.

I realize that it is easiest to buy Bitcoin every first or fifth of the month, but I personally would still do a little calculating and buying at any dip. The last dip to $7400 was a great chance for buying, much better than at today's price.

grintsch

newbie

Activity: 33

Merit: 0

Quote from: teosanru on October 28, 2019, 07:29:16 AM

Quote from: grintsch on October 28, 2019, 06:28:39 AM

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

Who's in?

The thing is that $5 is a pretty minute amount as that means $60 an year which really is considerably low if you even consider the various fees exchanges charge even coinbase has also been known for charging high fees. I think the strategy which you are saying is good but the problem here is execution. Averaging is really good but if you are thinking of something which has a great life over larger term of 20-30 years but I think bitcoin is still not that much mature.

That's true. 50$ per month is probably more like it, but I've also seen people buying tiny amounts of crypto (literally 5$) with credit card repeatedly.

The fact that Bitcoin isn't mature, yet, is exactly why I think it makes sense to invest small amounts continuously. If something like John McAfee's prediction (I know) ever happens, having bought BTC for a few hundred bucks over time will have tremendous impact.

grintsch

newbie

Activity: 33

Merit: 0

Quote from: NathanJB on October 28, 2019, 07:21:35 AM

Quote from: grintsch on October 28, 2019, 07:12:12 AM

Quote from: NathanJB on October 28, 2019, 06:58:53 AM

It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.

Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.

I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.

I agree, thanks for reminding me that Bitcoin is money first before it is an investment.

This is a good idea. So how would the club members prove that they are regularly buying? I am thinking of a Wall Observer type of thread that just continuously grow and grow everyday where members are talking about Bitcoin's price and everything related to it. I can even see a lot of memes in there. And they have their World Observer caps too. They look cool.

I'm not even sure they need to prove it, just commit to it. I was originally thinking about kind of a simple website (could even be a spreadsheet) where people submit an alias and their monthly $ amount, but having a social component (which could be as simple as a Telegram group) would also be great. We could also do it in here, but I don't have much experience with how to set that up ;-)

teosanru

hero member

Activity: 2114

Merit: 619

Quote from: grintsch on October 28, 2019, 06:28:39 AM

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

Who's in?

The thing is that $5 is a pretty minute amount as that means $60 an year which really is considerably low if you even consider the various fees exchanges charge even coinbase has also been known for charging high fees. I think the strategy which you are saying is good but the problem here is execution. Averaging is really good but if you are thinking of something which has a great life over larger term of 20-30 years but I think bitcoin is still not that much mature.

erickastella

sr. member

Activity: 826

Merit: 281

if you want to save bitcoin then you have to check each price if you want to buy because if one day you want to sell but it's still below the same purchase price you don't profit but lose, it's too risky but go back to yourself if you don't mind it continue only

grintsch

newbie

Activity: 33

Merit: 0

Quote from: blckhawk on October 28, 2019, 06:52:56 AM

Isn't it more riskier to do cost-averaging in bitcoin rather than in local stock market? Bitcoin, although solid as of now, has a higher risk of crashing down rather than companies, especially blue chip companies.It wouldn't be as effective in my opinion compared to cost-averaging in much lower risk stocks. Although your move, if large base is interested, could potentially increase market demand, and price, only if your number is significant enough to do so.

The cost-averaging is actually meant to reduce volatility risk. I started my monthly plan back in January and obviously was buying much more BTC every month than I do now. In case price crashes I'm actually happy because I can accumulate more BTC (which is obviously stupid, I know), if price goes up I'm happy because I got some already ;-)

And yes, I of course hope that a lot of people do that. The biggest issue the crypto market had back in the second half of 2018 was that hardly anybody was buying. Everyone who was bullish was already invested and didn't want to increase their risk exposure. This way, there would be actual constant demand and a certain amount of fiat flowing into crypto on an ongoing basis. I feel this is something the market needs, and I also think that this is the main reason why the ETF has been anticipated so much.

NathanJB

sr. member

Activity: 756

Merit: 251

Quote from: grintsch on October 28, 2019, 07:12:12 AM

Quote from: NathanJB on October 28, 2019, 06:58:53 AM

It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.

Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.

I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.

I agree, thanks for reminding me that Bitcoin is money first before it is an investment.

This is a good idea. So how would the club members prove that they are regularly buying? I am thinking of a Wall Observer type of thread that just continuously grow and grow everyday where members are talking about Bitcoin's price and everything related to it. I can even see a lot of memes in there. And they have their World Observer caps too. They look cool.

grintsch

newbie

Activity: 33

Merit: 0

Quote from: NathanJB on October 28, 2019, 06:58:53 AM

It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.

Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.

I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.

NathanJB

sr. member

Activity: 756

Merit: 251

Quote from: grintsch on October 28, 2019, 06:28:39 AM

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

Who's in?

It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.

blckhawk

sr. member

Activity: 1554

Merit: 334

Isn't it more riskier to do cost-averaging in bitcoin rather than in local stock market? Bitcoin, although solid as of now, has a higher risk of crashing down rather than companies, especially blue chip companies.It wouldn't be as effective in my opinion compared to cost-averaging in much lower risk stocks. Although your move, if large base is interested, could potentially increase market demand, and price, only if your number is significant enough to do so.

grintsch

newbie

Activity: 33

Merit: 0

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin

Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)

If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.

I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA

Again, I'm not planning on making money from that, just want BTC to have a healthy demand.

Topic: Bitcoin Buyers Club - page 3. (Read 570 times)