My Plan To Make $1 Million With STEEMIT
I see a lot of people say to devote all rewards to powering up, and I get that -- people are really excited about the prospect of STEEMIT and the new asset class of user-generated-tokens. And so am I!
However, my plan is to do a 50/50 split, and every Monday I'll skim my SBD into Bitcoin.
Diversify... or something.
And then, eventually, 100 years down the road, I'll be a millionare from steemit.
I'm not claiming it's a good plan, or that it'll even last for more than a month, but that's the working train of thought over here @shayne.
When it comes to aquiring bitcoin, I find that doing big buy-ins just isn't my style. I don't have the skill, time, or money to buy the dip and sell the peak. So I like to collect a little bit on a regular basis and hodl with the assumption that Bitcoin will be worth $3000 by years end and $10,000 by the next halving.
What do you think? Is this dumb? I'm not an investor, so yeah -- it's probably dumb lol
Follow me @shayne
I always recommend diversification and dollar cost averaging. I think you're plan is right on. Especially since your capital comes from a consistent source (your work put into Steemit which returns income in SDB).
Full STEEM Ahead!
Awesome!
Love your avatar, lol
Any other coins your are interested in next to Steem or Bitcoin? The 50/50 approach for powering up seems the best way to go. I agree!
I like litecoin also. LTC earned me a pretty penny because I was able to hit its latest pump before it happened. But other than that, not really.
My plan is too withdraw 50% of steem earnings every month and rest invest in steem power
Right, that's what I'm doing too.
You'd be surprised of how well that might turn out.
Recently i got into the tokencard https://tokencard.io
But their partner is launching too https://bancor.network
Also diversified into some other diversification-tokens lol.
If you think about ICO flipping, consider that 1,000,000 will take:-
a) 10 times to double-up on every ICO with a capital of 1k
b) 3 times to 10x-up on every ICO with a capital of 1k
But ICOs are kinda tricky and risky.. so far been doing quite well for me though..
I don't wanna hype cryptos up, but IMO we're just at the beginning. National currency movements total to about 8-15 trillions, and cryptos market cap at ~30 billion is nothing at all lol.
I wish I understood this!!!
This has been my plan as well with my alt account @cryptochannel.
Unfortunately I didn't have much time to spend on it properly and do re-search on more currencies and missed the recent pumps, but hopefully once I do get the time for it again it won't be too late. :)
Sounds like a plan. I am in no way technically savvy enough to do that altcoin arbitrage stuff. I'm just gonna hodl. :)
I don't do arbitrage either, I hodl altcoins and try to get in as early as possible on ones with potential. Of course there is a lot of risk involved though since most of the stuff early on is flat-out scams, but the ones that do turn out to be legit usually reward you pretty well for hodling. ^^
I've got plans for a crypto in the near future. I'll be attending a coding bootcamp in a few months so I can become proficient at developing generally, and then I'll be working on a new crypto. I have no idea what the timeline will be for it, but I plan to become quite wealthy off of this. ;)
50/50 is good, but I think there are other investment opportunities than bitcoin, I mean other cryptos better than bitcoin. Bitcoin is really a gateway, it has changed how money and values work, but as time passes the successors are always on their way. Bitcoin is great, still is, but there are many other cryptocurrencies greater than bitcoin. So, a better option would be to invest in for say ethereum, nem, dash or others with great potential and future. I think bitcoin won't last in the near future, cauz it will be ditched by some other futuristic cryptos.
Anyway, it's just my opinion, I don't have counter-arguments for bitcoin..just imposing my thoughts.
In many ways I agree with your assessment of the future. But for the time being, bitcoin is the crypto-standard. In a way, all the other cryptos are kind of backed by Bitcoin, with the exception of maybe Etherium because its on Coinbase and some other major exchanges. And I don't see much practical development happening on any cryptos besides Bitcoin right now. So, because I'm a dumb person, I'm going to stick with a simple plan.
Thanks for your input!
I agree! ...yeah but changes are happening and will be too, other great cryptos are backed by great teams of developer
Anyway for the time being I really like your idea :)
How do these comments have 135 votes?
I'm interested. Is there more information about this? or is it like a don't talk about fightclub thing.
For sure. I'm really looking forward to what the innovation of independent blockchain developers can produce.
Every idea is dumb until it's not. Steem on (you might be onto something)!
That's a great quote!
Thanks! I hope I came up with it but I'm not 100% sure...
I like your style my friend!
Thanks a lot, you old dog, you!
sounds like a great plan to me! I just started investing in cryptos, that is how i found Steemit (I just started posting and am trying to figure it all out). Feels a little weird to know I am probably the only one of my hundreds of FB friends to be using this platform but I'm going to give it a shot. Blockchain tech is the future and I'm not going to miss this train!
It's a good time to get in on this experiment through STEEMIT. The payouts are getting pretty good, the price of STEEM is still cheap but shows good upward trends, and the place is still in beta and far from mass adoption. If you play your cards right you should be able to build up a following of not-so-small users so when this thing really breaks out and the price moons, you'll have an army of influential early adopters to vote up your stuff. :)
Every Steem I earn today, I don't tally as Steem at its current price. I see each Steem as being AT LEAST a dollar per unit, if not +$10.
Thus, averaging between 60 and 100 Steem in weekly curation rewards, I already consider myself to be making between $60 (low end) to over $1,000 per week in curation, alone.
That's a very nice long-term vision. And quite honestly, it might be correct.
There are still many barriers to the kind of adoption that would cause the price of steem to go beyond $10/token, but that should give us a good year or two to build up a Smaugs-worth of steem ;)
For sure. But I feel like we've got enough strong hands and determined, talented enthusiasts to weather future storms and it feels like we're only now starting to gain real, sustainable, momentum (off of the July/ August bubble pop).