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Showing 20 of 33 results by grintsch
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Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 29/10/2019, 15:18:06 UTC
Well, I understand that it's for good purpose but basically these kinds of forms have been popular in the forum. We're just curious asking about the purpose of it, nothing controversial with that.

Are you going to post the results here as well?

Sure, as soon as there's a bunch of people who have filled it in I'll be publishing it. So far traffic has been rather low ;-)
Post
Topic
Board Altcoin Discussion
Re: 8 reasons to start playing blockchain games
by
grintsch
on 29/10/2019, 12:01:28 UTC
I played and I`m still playing bunch of these games that pays some cryptocurrency, but I didn`t find any game that pays enough to be worthy of my time and energy. I play a game and I lose interest very fast. Until now I didn`t find any crypto game that keeps me playing for hours like I can play a game that I like. I still wait for something big to come in crypto gaming industry!

That's the biggest issue - games need to be fun! It's nice if players don't lose all the assets they've earned through their time spent, but in the end they'll only keep playing if the game is actually fun.
Post
Topic
Board Altcoin Discussion
Re: Altcoins to go crazy again once Bitcoin reaches 20k?
by
grintsch
on 29/10/2019, 09:35:19 UTC
Is it possible that we see another altcoin season, if Bitcoin breaches the all-time high and go above 20k? Do you find a direct correlation?

So far this typically was what happened. Times are changing, though, so it's not easy to predict whether alts will see a similar pump as in late 2017. After all, more people are somewhat educated nowadays and chances are they won't be pumping all kinds of shitcoins next time. Otoh, every new ATH brings crypto to the attention of new people, so all kinds of alts may find new fans. Wouldn't surprise me either.

Traditionally, also alts have had higher leverage on an overall market movement (both ways, up and down), which imo is correlated with the fact that most alts are traded mostly against BTC (or ETH, for that matter). Therefore, if they want to buy, let's say, STEEM, they would have to buy BTC with USD first (which would bring the USD/BTC price up), and then the would buy STEEM with BTC, pushing the STEEM / BTC price. This obviously only happens if a lot of people do that, but could explain why we've been seeing that a lot in the past.
Post
Topic
Board Announcements (Altcoins)
Re: Idena is the first Proof-of-Person Blockchain
by
grintsch
on 29/10/2019, 09:27:08 UTC
Idena democritizes mining: any person on the planet (who able to solve flips) can mine the coins.

But what is the economy behind the coin?

Consider the use case of Sybil-protected maketing on the blockchain
1. Assume that Idena participants voluntarily agree to consume ads published on the blockchain by an advertiser.
2. However such an advertiser has to burn coins in order to reach a certain group of users attention.
3. Burnt coins are removed from the total supply. Thus multiple advertisers competing with each others will always have a shortage of coins.
4. Due to that assumption the newly minted coins which are equaly distributed amoung the people and can be sold to advertisers.


So you mine coins by watching ads and solving captchas?

And why would you democratize earnings by burning coins from advertisers rather than paying them to consumers of ads?
Post
Topic
Board Altcoin Discussion
Re: 8 reasons to start playing blockchain games
by
grintsch
on 29/10/2019, 09:08:13 UTC
yes I also agree with your statement, I personally am also a lover of the Blokchain game including investing in it to get a lot of profit, you can see the project that I am promoting, Agareum is a breakthrough of new games and very interesting games. many communities are involved in it too.

Haha, that's great - we've also been toying with the idea of an open-world game where you could find, mine and loot tokens that get airdropped. How are you doing the gamedrops at the moment? Is the game live already?
Post
Topic
Board Altcoin Discussion
Re: 8 reasons to start playing blockchain games
by
grintsch
on 29/10/2019, 08:02:52 UTC
I like that you're promoting blockchain gaming. I love blockchain games! Many of them get boring after a while, but the later ones have gotten better and better. There's also an increasing number of games that are actual free-to-play games, with the difference that you keep control of your assets and you could even make money from playing.

A good example is https://www.cryptoswordandmagic.com/, and a whole bunch of similarly high-quality games are in the making like https://www.chainclash.com/, https://www.csc-game.com/ or https://blankos.com/. Awesome times ahead!
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 29/10/2019, 07:36:24 UTC
What is the purpose for compiling people who have been cost averaging all of the time? Isn't this just going to make a sort of database that anyone can benefit out of it? I have taken a look at the spreadsheet and it contains only two forms.

Is this just a sort of survey or study?

It's a bit of an educational purpose, combined with herd mentality arguments why more people should be buying Bitcoin. It was just an idea, seems it's being taken kinda controversially, but that's exactly what I was trying to figure out :-)
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 29/10/2019, 07:34:00 UTC
But who will hold my bitcoin and ensure it is safe and I am the owner? If you have an accident or lost your wallet, who will compensate me for bitcoin?
I think this should only be done on our own and we should not work together to avoid bad situations.

You. I really don't want to touch or facilitate your money or your purchases :-)
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 29/10/2019, 07:25:18 UTC

This is too risky and not sure if this will work out in this volatile environment as what you are planning involves money from a group of people and you will be held responsible if things don't go well because most of them might not invest small amount due to the transaction fee as you have already mentioned and there are some people who might be concerned about their anonymity as well. Anyways all the best with your project but please do give it a second though to eliminate the risks and start with a small group of users like your friends and then grow the group gradually if it works.

I don't want to touch your money - it's simply a bunch of people who say "hey, I'm buying BTC every month". I'll update OP to reflect that better :-)
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 29/10/2019, 07:23:30 UTC

It's the exact idea on which mutual fund houses are functioning and the monthly purchasing is called "SIP". But anyway, why do you want to create a group?

Does that mean, you will first create pool of funds and then buy the bitcoin in one go, and then distribute the proportionate amount of bitcoins to the investment of the group member? Am I understanding it correctly?

It's just a group (actually it's more like just a board) to be able to display crowd activity. If someone sees that many people are doing something they might be more encouraged to do the same thing, too. It's not about facilitating that at all - I don't want your money :-D
Post
Topic
Board Altcoin Discussion
Re: Idena is the first Proof-of-Person Blockchain
by
grintsch
on 28/10/2019, 17:04:27 UTC
Is there anything the mined coins can be used for? What's the economy behind the coin? Why should anyone actually *use* Idena?
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 16:45:52 UTC
So, for anyone interested I've set up this Google Form. As soon as I find the time I'll link that to a Google spreadsheet and we'll see how far this will get us:

https://forms.gle/rjD81677yipAVhtaA

Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 16:37:25 UTC
Instead of a monthly purchase I'd probably set a total annual amount I'd like to invest in Bitcoin. (I ain't that rich enough to regularly buy) Then I'd just sprinkle them out throughout the year during crashes.

Everybody should do whatever they think is best and what they feel comfortable with. I prefer the automation; if it's about long-term investing it's the equivalent of buying ETFs or stock regularly. However, never put any money in crypto that you can't afford to lose (at least up to this point).
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 16:35:05 UTC
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.
That's smart and good for you for committing to buying bitcoin on a regular basis.  

Personally I have no way to buy bitcoin with cash from an exchange, because I'm not going thru kyc procedures to do it.  However I do have someone I can buy it from when I want to, and it works out well.  Don't count me in the club because right now I don't have enough disposable income to keep buying bitcoin, though I would really like to.

Good luck with your club.  Not sure if you'll find members here who would really get into it, but you never know.



Thanks a lot. Which country are you based in? This sounds bad. Do you have a credit card? You could try a service like https://buy.carbon.money/ that doesn't require fully-blown KYC.
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 15:52:13 UTC
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

Yeah, that's what you'd ideally do, but this gives people room for excuses like "it's not low / high enough to buy / sell" or that they simply didn't think about it or didn't pay attention. Automation is the beauty of the entire thing. Coinbase is a pretty legit player that offers recurring purchases. I'm not affiliated with them, I was just very happy when they started offering this.
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 15:46:05 UTC
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?

"Club" is very much said. I don't want this to be a formal club, so there isn't gonna be any benefits, nor would there be any cost associated. You can view this as a group of lobbyists simply expressing they're doing a certain thing to show others that there's a lot of people doing that thing.
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 15:42:02 UTC
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?
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 15:37:54 UTC
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.
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 12:44:34 UTC
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.
Post
Topic
Board Economics
Re: Bitcoin Buyers Club
by
grintsch
on 28/10/2019, 12:31:33 UTC
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 ;-)