Hi there!
My name is Sabin and I'm a cryptoholic :P ... they call me a software developer, but I like to describe myself as a badass miracle worker :D
Just kidding ... I'm slightly above average as a software developer, but I found myself an excuse: it's because my dream is not to become the best software developer out there. Instead I hope that one day I'll be a successful entrepreneur and making money by doing what I love (playing table tennis and travel).
I might even have a plan and please don't hesitate to comment on it as I'm fairly new to blockchain technology and decentralized design and if my approach is a bit naive I would like to find out sooner rather than later.
If only I could generate an income of 3000$/month by putting my money to work for me and NOT the other way around, I would then manage to focus my time and energy on making my dreams come true.
People might say this sounds like a fairy tale, but I'm a numbers guy and if my estimations are correct I might reach that point in about 2 years (BTW I'm 28).
Now let's follow the plan :)
I first heard about Bitcoin and I thought ... "ok, but how do you make money out of it? because you can't just buy and hold, that's boring and your certainly don't get the results others brag about". I started digging and soon became a miner. I joined a mining pool and bought my first 2 years contract of Bitcoin hash power for 500$
You should never invest more than you can afford to lose especially without doing your "homework" first. Of course ... after stumbling upon https://www.coinwarz.com/calculators I found out that it will take more than 400 days just to brake even compared to other cryptocurrencies like Dash which will take (back then) only 200 days to brake even.
After that I've bought several other 2 years contracts of Dash, Ethereum and Monero hash power with daily payouts. I make this payouts to my exchange account and trade there around 25-30 different cryptocurrencies. I buy in average 100$ worth of VEROS, Litecoin, Creditbit, Emercoin, Zilbercoin, Namecoin, Chronobank, Octanox, PIVXCoin, CryptoCarbon, DIBCOIN, SoarCoin, BlackCoin, ArcticCoin, First Bitcoin, BITPARK COIN, Burst, PutinCoin, PoSWCoin, Minereum, WINGS DAO, UnityIngot, E-Dinar Coin, Doge etc. when I expect them to grow and immediately after the purchase I make a sell order for 150% of the buying price (i.e. I buy 1 Doge for 0.00000134 BTC and I place a sell order of 1 Doge for 0.00000201 BTC). I use Bitcoin Checker and set one alarm for each sell order so that I only open the trading platform when I have what to buy with. I usually buy with Bitcoin or USD
This means aprox. 50$ for each successful trade (buy low - sell high)
I know it might not seem a lot, but in the last few weeks I had on average 1 successful trade every 3 days (=500$/month) + what I get from mining I think I already hit 1000$/month.
All those winnings remain in my trading account for future trades until I top the amount I have in mining contracts, when I buy some more hashing power.
I think now it's pretty clear how payouts from mining contracts increase the amount I use for trades (and that helps me decrease the selling price or increase the number of pairs I trade with) and then all those successful trades help me buy more mining contracts.
What do you people think?
Can this be a long term strategy? Because I feel like most of the new cryptocurrencies won't use PoW and some of the old ones opt out of it.
What other opportunities am I missing out on?
