I Bet On Crypto .:. Crypto vs Fiat Thoughts, LEO Power Over 7K, etc
This is a kind-of random thought about certain things regarding my investments, and thinking about the future... Trying to "see the future" without the crystal ball... :) I have mentioned a few days ago that I'm in the decision-making of going more into Ethereum mining, and as I currently still mine other coins, it should be easier to decide... But it's not... Let me explain...
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Some people think that GPU mining (and all other types of mining) are gambling... Well, if we want to look from that side, we can get to the conclusion that every investment is gambling... Maybe it is, but even in gambling, there is a difference between placing your bet on RED or placing a bet on SPECIFIC NUMBER on the roulette table... Probability isn't on the side of the second bet...
When I think about investing in certain things, I try to look at all the possible scenarios... Good and bad... and the third option is that boring one... that I like the most actually... :) So, I did a lot of possible scenarios in my head regarding expanding my mining business... I will not list all of them, but maybe some that you didn't think about (or did)...
When you want to start a GPU mining business there are some fixed expenses and a lot of variables regarding possible income... Like in every entrepreneur business, there is a risk, but if you are aware of the risk, you have some plan on how to make it less "dangerous"... But, I digress... So, fixed expenses should be hardware equipment (I will talk about 1 rig, but it's easy to multiply things), like motherboard, CPU, RAM, HDD, power supply, and of course, GPUs...
image source - tenor.com
I look at these fixed expenses as buying crypto with a future price that I don't know... It sounds complicated, but you can imagine it like dollar-cost averaging crypto in the next X months... So, at this moment, we are coming to the title of this post... By buying equipment and start mining, you are actually converting FIAT money into CRYPTO, as you are paying your expenses (hardware, electricity, Internet) with fiat money... (you don't have to, but it is usually the case)
The only and the biggest difference is that you are buying CRYPTO at a discounted price... Of course, if mining is profitable at the moment when you are doing it... And now we come to those variable part of the equation... If we are indeed at the beginning (or a bit before) of the next bull run, your GPU mining investment will be probably extremely profitable... If not, you will struggle to pay your bills for some time...
So, starting GPU mining requires a bit of craziness, a bit of knowledge of computer hardware, and a bit of courage and faith in crypto... But, we have survived the bears, so we don't have a lack of faith as we are still here...
And just a final thought and the question...
Crypto or FIAT? Where do you place your bet? If your answer is CRYPTO, what is your ACTION plan to make it happen?
In the end, I would like to make an update of my current numbers (November 30th, 2020 - monthly target 95%) on #MyHiveGoals:
HIVE POWER - 19,392 / 20,000 96.96%
CTP POWER - 140,211 / 150,000 93.47%
HIVE Followers - 383 / 400 95.75% --> GOAL REACHED (333)! Bumped to 400
LBRY Followers - 1144 / 1,500 76.26%
SPORTS POWER - 4.37M / 5M 87.38% --> GOAL ADDED 30.11.2020.
LEO POWER - 7,114 / 7,500 94.85% --> GOAL ADDED 30.11.2020.
As you can see, I have added 2 more goals on the list for this year, and those are my two favorite tribe tokens, LEO and SPORTS... I'm following closely those two gems, and buying on every dip a bit of the cake... On the last LEO dip, 3-4 days ago, I have added 150-200 LEO Power to my curation account!
Join us in this awesome #MyHiveGoals and let's grow together! You can find the original post about the challenge by @robwillmann here: https://peakd.com/myhivegoals/@robwillmann/new-challenge-myhivegoals-set-and-achieve-your-goals
Thank you for your time,
~ph~
The link to my initial post is here
These are my initial (and starting) goals for 2020 on June 1st, 2020, and this #MyHiveGoals Challenge
HIVE POWER - 12,092 / 20,000 60.46%
CTP POWER - 98,148 / 150,000 65.43%
HIVE Followers - 222 / 333 66.67%
LBRY Followers - 648 / 1,500 43.20%
Don't forget to follow, reblog, and browse my Hivepage to stay connected with all the great stuff!
You can also find me on LEO Finance .:. Twitter .:. LBRY
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Nice to see those goals set and some of them already reached, I am also target driven and that keeps me focused and motivated. Great to see also that you've diversified your portfolio and set specific goals to each of one. Another important aspect are the followers, which I take a peak to from time to time.
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It works for me, so I'm not changing it... Like you said, keeping the focus and working toward the goal!
I have to admit that I was struggling with followers in the beginning... I came to the blockchain relatively late (a bit less than 2 years ago), and all others had 4-5K followers from that crazy bull run... And I was adding mine one by one... :) But, on the other side, it's just a number... I like that most of them are active, and I see them in the comments... ;)
!ENGAGE 15
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ENGAGEtokens.https://twitter.com/ph1103/status/1333552885561516035
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STOPWell, one more follower to your goal now :)
Nice to see people that are tracking actively the goals in a SMART way.
How much does electricity cost? For most EU citizens, crypto mining is crazy, unless electricity is free, which is not the case as it is the most expensive in the world due to the carbon tax applied to it.
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Hehehe... thanks for the follow... :) I hope you will find some useful things coming from my way... :)
And you are right... Electricity is expensive in the EU, and it takes the biggest cut on monthly expenses... As I lived half of my life outside the EU, I have "diversified" my mining business and was mining in two locations... lol... But, with the newest project/idea, I'm thinking about starting here in Spain, probably struggle at the beginning, but with an idea to move to solar energy... It is still just an idea, but it is possible to do it...
!ENGAGE 15
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Off-topic:Thanks for the engage tokens. Here some cold cerveza coming from !BEER -varia.
Solar power, off grid to avoid the connection costs, would be interesting. Do you get EU aid for installing it? In Germany, Romania, Austria and Hungary (countries where I'm active) there some good programs for that with financing where the EU takes some if not all the costs over.
In Germany rent is the killer, after taxes :)) With Corona a lot of people that work remote are moving to tax friendlier countries or to a little more sunshine. Some have moved to the unofficial 17 state of Germany, called Mallorca :)
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You will not believe what I will tell you, but it is the truth... So, a decade ago, more-less, people started to use solar panels massively here in Spain... and especially in the part where I live (Valencian community) because we have over 320 solar days per year... As the big boys felt threatened, they bribed politicians and created a special TAX for everyone who wants to USE solar panels!!!
So, if you wanted to use solar panels for personal use, you had to pay some yearly tax for doing that! It's a REVERSE F*cking thing than in any normal country... lol...
Finally, I think that they lifted that tax this year... So, now it's easier to do it...
I saw that you are from Munich... Was there 2 (or 3) years ago, as my good friend lives there... I have planned to go there this year, but Corona happened... Maybe, the next one.. ;)
Cheers! And thanks for the beer!
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Corrupt latin country! All latin (for the ones over the pond, latin is descend of the Roman culture) countries are over the top corrupt! Also for off grid you need to pay tax? Crazy!!!
Yes, I live in the biggest village in the world! If someone says here that they drive a Porsche you need to ask if it is a car or a tractor.
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View or trade
BEER.Hey @ph1102, here is a little bit of
BEERfrom @alexvan for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.ENGAGEtokens.Any plans of cashing out once you reach the goals?
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Actually, I don't... I have made these goals to keep my focus this year... At the beginning of the next year, I will do the next ones...
I have an idea of building up a stake until a certain level where I can earn enough to live from the daily earnings... So, even then, I will probably keep the stake and maybe cashout 50%... But, it's a long way to go until that point :)
Cheers!
!ENGAGE 15
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I am putting my bet on various tribe(that at least look sane, have activity and interaction.) and having little of all.
I see ,I hold 6 tokens out of 10 that were figuring in "INDEX" list.
In general, INDEX is a bot that gets the current 10 tokens with the biggest volume... That doesn't mean that those are the best tokens :) You know how they say, for the best things, you have to dig where nobody is looking :)
!ENGAGE 15
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ENGAGEtokens.ENGAGEtokens.It's really a difficult decision to take. Do you put your eggs in the crypto basket or do you keep some fiat as well? I've always opted for a maximum of diversification. For me crypto is the long term project. I want to use fiat now so that I can save crypto for tomorrow...
It's great you took LEO and SPORTS into your objectifs. They both seem very promising.
If you mined BTC during the beginning you would have lost money because electricity costs were higher than the output of the mined coins. But this is only the half truth because you invest in something that may take value tomorrow. I totally agree with your approach of looking it as dollar-cost averaging.
I lean more toward crypto, so let's say that I keep the ratio 75%-25% (crypto-fiat)... It sounds crazy, but I do believe more in crypto at this moment than in fiat money... lol... But, I do have a plan to cash out some of my cryptos when they reach a certain point, and probably convert it into some other asset... just to create better diversification...
I didn't mine BTC, but I did mine some ETH based tokens when they were on the limits of profitability... And, yes.. you never know how it will turn out...
And some people will never know it, as they didn't try... :)
#ENGAGE 15
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