30 Day Doubling A Penny Experiment - Introduction
What is a Penny Experiment and why would anyone give it a try?
Chart from @lydon.sipe post here!
After reading this post and looking at the chart it got me thinking if this was even possible to do and weather it could be done with cryptocurrency's doubling penny's every day for 30 days.
Reading thru the comments, I noticed others had the same idea flipping Crypto at 1-2 penny's back and forward.
I wanted to try an experiment seeing how far on the chart one could get just using one penny trades thru Crypto.
- What exchange could you use to start trading at one penny?
- How would you get one penny to an exchange?
- Which coin would you start trading with?
- Would this be pumping and dumping?
- Where would doubling the penny get harder?
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Exchange
Exchanges have a limit to how many sats you can buy and sell for and most are between 20000 to 50000 sats, There is only one exchange that I know of that you can start out with just over a penny, (It is an exchange that has an affiliate program so I wont say which one.) which lets you do trades for as little as 500 sats.
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Penny to an Exchange
Some different ways I thought of - (these are just some idea's)
Don't have BTC -
- Collect some BTC from some faucets - that could take a few weeks and time clicking
- Collect some alt coins from different faucets and send to the exchange to sell for BTC - same as above
- Write on Steemit and see if your posts get voted up and you may be able to earn that way - would take 7 days to get the profits.
- Ask someone if they would donate to your experiment - you could gift them a part of what you get from your experiment at the end of the 30 days.
- May have Altcoins - sell one penny off one of the coins if possible.
- Sell a service/task you can offer on a BTC platform site that offers peer to peer services - writing blog posts, emails, logos, art work, photography, etc.
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Coin to start trading with
- It may be a coin your already involved with
- You would need to check all the coin movements on the exchange each day to see which coin or coins would be viable to flip each day - you might trade one then trade another in the same day if you see movement.
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Pumping and Dumping
What is pumping and dumping?
Pumping - Pushing a coin up really high in value so that you can make gains short time
Dumping - After pushing that coin high, dumping down on the orders.
Giving a coin a false value so the market buys high so you can drop down on people wanting to buy so you can make a profit when you may know the coin has no value or real project, but others don't have this information.
Pumping and Dumping can be a fine line, but would love to hear your thoughts on what you class as pumping and dumping?
Would this be classed as pumping and dumping -
- In a way no as your letting the market decide if they want to buy and sell to your order.
- In a way yes only if you don't continue to put in buy support to back that coin/token.
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Where would doubling the penny get harder
Looking at the chart from my point of view would be around day 18 when we start getting into the thousands to double.
Have already started day one and on day two, will write up day one shortly after posting the introduction, I just wanted to be one day ahead so that orders can be left over night if I do buy and sell orders to get ready for the next day.
Thanks for stopping by, have a Fabulous Day/Evening!
We also hang out over on our website giving idea's of living with caviar taste on a budget among product reviews, and our Cafe blog chat of general chit chat.
This sounds really interesting @biglipsmama... I will be curious to see your post on day 30!!!
Thanks @woman-onthe-wing... I'm also curious about day 30 post!
Ha ha! It will be interesting :-)
By the way I'm posting your theme this Fri... I had to make a slight change though, I sent you a message in Chat. Hope its ok :-)
Good luck, as you said, when you get into signicant numbers it may become hard, if not , welcome to the next Super Whale.
Thanks Len, lol Super Whale I think not, will just go along and see what it may bring, I'm thinking a whole lot of lessons.
just think. if you ae a Super Whale then you can tell the other whales how to vote properly, skim the cream off the barrel, and make even more money to pay for your leasons
Very True!
Great idea, but this would get harder and harder as your principal rises. It's much easier to double 25 cents than $25 let alone $25,000. That said, I am glad to finance your endeavor with a shiny new penny for 70% of the profits.
Thanks for stopping by @superskillz.
Were on day 5, I was thinking it would be easy at the start and harder at the end, but I've noticed some pros and cons to work on. It's much harder with just one penny than having a few extra.
Thanks for the kind offer, I was working with more than one penny, but have come to the conclusion for the sake of the experiment to just focus on that one penny at the moment to see where my flaws are.
Thats definitely something worth giving a shot. With the right foundation and strategies someone could pull it off!
It surer is worth trying.
I'm not surer it's me that will pull it off but I'll give it a try.
No harm in trying and trying again to right the mistakes.
They call it In the early days of bitcoin or cryptocurrency in general :)
yes that would be trading everyday, but not holding.
Even those that brought BTC at one penny would not of made 5 mill within 30 days, it's a longer wait.
I know there are going to be flaws, but it's seeing where the flaws are and what is possible.