Crypto I'm conducting some research on Bitcoin

Discussion in 'Other Asset Classes' started by Dan Donoghue, 9th Feb, 2018.

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  1. Dan Donoghue

    Dan Donoghue Well-Known Member

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    So after the GC meetup, I wanted to know what's going to happen and what crypto is all about and the only way to do that is get involved.

    Yesterday I bought $150 of Bitcoin, $50 of Litecoin and $50 of Ethereum.

    I will add this same amount every month on the 15th(ish) of the month for 12 months. This comes out of my monthly pocket money so it has zero impact on my house or investing future, I feel this was the only way I could approach such a highly volatile investment.

    After 12 months I will then do up a spreadsheet with the monthly movement and plot it against a bank account.

    It's a small enough amount that I really don't care too much if I lose it, in all reality to run this experiment I am going without a nice bottle of scotch each month (I am sure my body will thank me ;))

    One of 3 things is going to happen:

    1) It will go up massively again and I won't be looking back in a year thinking "Damn I should have gotten involved"

    2) it will go up slightly, down slightly or stay static which really will be the most boring outcome but at least I still have the cash.

    3) It will crash and I will be left with close to nothing, This will show the massive volatility of crypto and how anyone who leverages everything to "get on the train" has not really thought through the risks but rather just had their eyes on the possible returns. Get rich quick is very very risky.

    No matter which outcome eventuates, I think this is going to be really interesting and I am looking forward to how much I will learn about Crypto along the way :). I would love to hear everyone's thoughts on what they think will be the outcome (good or bad).

    Value aside, if Crypto and decentralised currency becomes a standard in 10 or 20 years time* I hope to not be caught up in the big rush from people to convert their old dying currency at a heavily reduced rate.

    *This may or may not happen and I have absolutely ZERO knowledge of this, I am not predicting anything.
     
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  2. Propagate

    Propagate Well-Known Member

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    Add an amount of C20 (Crypto20) tokens to your monthly basket, that gives you easy exposure to the top 20 coins by market cap. It auto rebalances every Friday as coins drop in and out of the top 20
     
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  3. hammer

    hammer Well-Known Member

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    C20 is expensive though....total no brainer if you're looking at holding over 5 years or so. Less so if you're only in for a year.

    @Dan Donoghue the real value in crypto, especially the way you're planning to go about it is in the education. It's like a turbo charged trading school.

    Have a read of the cryptocurrecies thread and join the discord.

    Good luck!
     
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  4. Jamesaurus

    Jamesaurus Well-Known Member

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    what are your thoughts on the nature of that.. selling/buying cycle when a coin fluctuates around 20th by mkt cap?
     
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  5. Xenia

    Xenia Well-Known Member

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    Adding some play money per month is a great approach - that’s my strategy too.

    But for me, it stops there

    Spreadsheets and analysing and predicting however would make me go insane.
     
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  6. Ed Barton

    Ed Barton Well-Known Member

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    I'm putting a grand on the trifecta at flemington.
     
  7. JDM

    JDM Well-Known Member

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    I've learnt to stop watching the price of my crypto...far too stressful. I've never seen an investment that can move +- 100% in one day.
     
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  8. Dan Donoghue

    Dan Donoghue Well-Known Member

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    almost 1 week in:

    upload_2018-2-13_7-55-59.png

    Of course this can go back down in a matter of seconds, in fact it did, it moved 4 times in the time it took me to type in the values, short of coding an automatic ticker, Excel is not a good medium to track this but I will put a line in the sand and say midday on every thursday (initial investment was a Thursday) is when I will update my sheet to see what is actually happening.
     
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  9. Dan Donoghue

    Dan Donoghue Well-Known Member

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    This weeks update :)

    upload_2018-2-15_8-30-33.png
     
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  10. Ross Forrester

    Ross Forrester Well-Known Member

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    The guys at Bamboo Blockchain offer a similar type of service and are really helpful on the information dissemination.
     
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  11. hobartchic

    hobartchic Well-Known Member

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    It will fluctuate wildly up or down. There is not a single reason for it to become a standard currency in the future.
     
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  12. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Forgot to do an update last week, so here is now:

    upload_2018-3-5_8-12-6.png

    What I want to point out though is that last Thursday it was down to $508 value for $500 investment, I really wish I had captured that because it highlights how volatile this investment is.
     
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  13. inertia

    inertia Well-Known Member

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    Did your bitcoin deposit change? (edit) looks like $50 moved to litecoin?
     
  14. Dan Donoghue

    Dan Donoghue Well-Known Member

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    it did, I am favouring Litecoin at the moment, I am tempted to not put more into eth also.
     
  15. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Here we go, This shows the volatility, big drop this time round:

    upload_2018-3-16_11-33-54.png
     
  16. Dan Donoghue

    Dan Donoghue Well-Known Member

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    This months update :)

    upload_2018-4-18_14-1-39.png
     
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  17. Dan Donoghue

    Dan Donoghue Well-Known Member

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    May, back to a positive total increase. With this level of volatility, if you had the know how and a big set of kahunas, there is some serious coin to be made, I however am not prepared to dabble for anything more than fun in this market.

    upload_2018-5-15_10-42-24.png
    Edit sorry about the ##### I needed to expand the column, Total in is 1,214.34
     
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  18. chylld

    chylld Well-Known Member

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    A common problem with crypto spreadsheets back in Nov/Dec last year.... :D
     
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  19. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Well I guess there will be no surprise with the results to anyone who watches the crypto market:

    upload_2018-6-18_11-18-0.png
     
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  20. Possumcreek

    Possumcreek Well-Known Member

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    So Dan are you saying in 4 months your dabble has increased in value from $240 to $1104 without any further investment? That's pretty good. Better than my Vanguard Indexed Fund :confused:
     

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