My Steemit Strategy for Crypto - Week 1
Hi everyone, so I had an idea that I wanted to share, a journey that I'm going to be going on in order to try to generate some money for mine and my wife's future (like a 401K with Cryptocurrency). Here's the situation, and I'm not guaranteeing that I'll post in any routine fashion this quest: I'm going to use my SBD earnings to begin funding a variety of Cryptocurrencies in an attempt to grow my wealth, as meager as it currently is.
(Ideas, suggestions, tips & techniques, and strategies are welcome in the Comments)
My journey began about a week ago, starting with ~17 SBD (I believe, I don't recall the exact amount). Follows is what I did:
- Transferred the SBD amount to my bittrex account from my wallet page.
- After confirming the transfer, I set an order to purchase BTC with all of the SBD (I'll make more and leave some as SBD later on)
- I bought Ripple (XRP) in the amount of 25 @ ~$0.235/unit.
- I bought Cardano (ADA) in the amount of 160 @ ~$0.0235/unit.
- This leaves me with 0.00001186 BTC (YES, I'M RICH!!!!!! Wooohooooooo!!!!! I can retire to a Caribbean Villa now!!! Ok, maybe not)
At this point, I have a full-time programming career and a writing career that I'm pursuing. I don't have the excess funds, though, to pile in using my own money (and why would I want to when I can use Steemit as the engine to fund those accounts).
So the progress so far (11/11/2017 7AM EST -> Supporting Veteran's Day):
BTC: $6361.84/Unit
XRP: $0.207549/Unit
ADA: $0.027734/Unit
Notes and next steps:
I'm going to try and fund further XRP if the price falls further or stays the same, as an increase back to my original buy-in price will start to pay for the transfer itself and increase my profits.
I'm going to buy further ADA as it is dirt-cheap and could be a potential explosion (think of this, if I buy 500 shares and it blows up to like $10/Unit then I'm sitting on 5 Grand without effort).
I will try to ensure that I never transfer out more BTC than I started with and, in addition, will attempt to increase the baseline as I go forward. If BTC truly has the potential to go to $100K, then all I need is 10 BTC in order to become a Millionaire... yeah, I'm awesome!!
Using MinerGate since May/June, I have 3 small Cloud Contracts for BTC (bought in at $76.96 and am currently at $33.93 mined) that are not yet at break-even for the buy-in cost; and I also have some small amounts of Monera (XMR), FantomCoin, ByteCoin, QuazarCoin, Dash, Aeon Coin, Infinium-8, Etherium, and Etherium Classic.
Following are my next possible Cryptocurrencies to buy (no rhyme or reason other than I like the codes or I like the value): Golem (GNT), Dogecoin (DOGE), ParkByte (PKB), and I'd like to find a way to invest in FedoraCoin (TIPS) since it's super cheap per unit.
I'm going to try to put together this short analysis every week or better, so keep an eye out and upvote if you want it to continue... every upvote counts towards growing my SBD to invest, and that's what this is all about after all.
Thank you for reading.
Interesting. I am new here and still learning. Posts like yours help. Thank you.
I'm glad to help. I'm not super savvy regarding the market, but I'm trying my hand and using my SBD basically means I'm out no money of my own. I'm paying for my exploits with my writing, which is very cool to me.
Kinda looking forward to see how your choices play out. I have some of the coins you have, and although I based some of my choices on research, some were just 'gut feelings' or a casual mention by someone else. It feels like luck and chance have as much to do with success here as any kind of skill or knowledge.
Good to talk to you neg, glad you stopped by!
My thinking with it is this: if I play the odds by buying a whole bunch over time, then even if most flop then I'm not really out anything short of the profits from my own Steemit work; and if one of them or more skyrockets then I can invest in my future.
Thanks.
I’ll keep following. I’d like to see your exploits make you some crypto. I might even try to emulate. Smiling.
J.
Nice to see your interest Jhagi. I'm hoping this will make me some great earnings and show others how to do something similar.
I missed something! How did you turn 17 SBD into 10 BTC?
I didn't. Here's where you're getting confused:
I will try to ensure that I never transfer out more BTC than I started with and, in addition, will attempt to increase the baseline as I go forward. If BTC truly has the potential to go to $100K, then all I need is 10 BTC in order to become a Millionaire... yeah, I'm awesome!!What you were reading isn't what was said... I said that if BTC went upwards to $100K per Unit, all I need is 10 BTC units to become a Millionaire. I could only wish I had 10 BTC units.
I hope that clears it up.
Totally! it must have been auto suggestion.
Haha, it must have been the hope that I had done this and you could follow the path. I'm hoping I can do just that in some way, but it'll still be a long road and I think I'm going to have to do some strategic Crypto movements in order to advance earnings towards more BTC.
The problem with small crypto movements/trades is frictional cost particularly as it often involves bitcoin. Also sorting out the tax is going to be a nightmare next year! Personally i have resolved to build up a portfolio of currencies and add to it when I can. That said i like those that pay you to hold them like my favorite NEBLIO and NEOs too. Steem gives us the chance to learn to write and read better and make a small income stream too. ... (really small :)
True, unless you can Whale up and average a couple hundred per post. The strategy, especially as what you say is true regarding the ties to BTC, is that you'd have to really watch the fluctuations and buy trade in low and trade out high, again and again, making a little profit each time to increase what you can buy in with.
The fact that Steemit allows you to buy in with Crypto that you earn through a trade (blog posts) allows you to "use House money", so to speak, and therefore allows you to create your own "Ground Zero" revenue-wise.
Then you may wish to follow what @me-tarzan is doing. He has several BTC strategies that he updates daily. He is not particularly chatty but will respond to questions and he has several different strategies so you may find one that you like. For now at least his information is free as he makes his money from the Blog post itself.
Sounds good, I'll look him up.