Thursday, October 25, 2012

Bitcoins: Round 2 | Stock Trades

Almost a year ago I made an investment in bitcoins. I bought 6 of them and then the bitcoin market took a nose dive. I was so angry that I sold all of my coins at a loss and said "NEVER AGAIN!" Well, today I'm here to tell you that I've changed my mind, but this time it's going to be different.
I'm not going to trade bitcoins I'm going to act as an intermediate. I'm going to sell them on eBay at almost 2x their going rate, and then use the profits to turn around and buy more (I'm using the same model as the Linden Dollar trades I did a few months ago).
The current going rate for bitcoins currently hovers around 11 dollars per 1 Bitcoin (It makes my blood boil thinking about the profit I could have made if I held onto those Bitcoins a year ago). People are paying 20-40 dollars on eBay for ONE BITCOIN.
It sounds crazy I know, but getting these bitcoins in a massive pain in the butt, so a lot of people would just rather pay the premium and receive the bitcoins via a Paypal payment. Here's the process I'm going to use to get the Bitcoins:
The process alone may deter someone from buying bitcoins
Using this process I've calculated that I should be able to make anywhere from 1.5-1.8x my initial investment. This is all dependant upon how much the consumer is willing to buy the bitcoins for!
I'm going to take 70$ and put it into the bitcoin cycle and see what happens.
Stock Trades
FB Sold: $93.06
Facebook had an amazing day yesterday. The stock was up 20% after it reported better than expected earnings this quarter. I decided to not get greedy, and sold all 4 of my shares and gained 9.86$ for 10tothe6th blog. It's a good thing I did because today it went down 4%. I guess that's to be expected though with the stock market. One day you're a winner, the next you're house is getting foreclosed.
There's a lot of cash in my portfolio, so I'll have to buy up some more stocks ASAP. After all, money sitting in the bank doesn't make money these days.
Stock Portfolio:
Cash: 128.06$
Stock: 217.60$
  • Intel -- 217.60$
Cash: 1.40$
Ven: 192.00V
Bitcoin Fund : 70.00$
1 Snowboard


  1. I hope everything goes well in you planning. Good luck!