Freedom through Frugality: Sabaka's Journal

Where are you and where are you going?
Sabaka
Posts: 13
Joined: Wed Apr 26, 2017 9:41 am

Re: Freedom through Frugality: Sabaka's Journal

Post by Sabaka » Mon Jul 03, 2017 7:26 am

frihet wrote:
Sun Jul 02, 2017 3:36 am

Cheers!

I've been wondering that myself. The highs and lows over the recent period have been quite scary, and I'm not even invested yet! However, I believe that the value of the good cryptocurrencies will rise over the long term, and therefore I'm going to stick to the principle of dollar-cost averaging and hope for the best!

Gold certainly has a more established and stable value than any cryptocurrency, so you might have the right idea there.


Which ones do you hold? Do you buy through Kraken.com?

I hold Bitcoin, ethereum, ethereum classic and litecoin myself.

Still waiting to get verified with Kraken! The FAQs state that the waiting time for verification is 2-4 weeks due to a recent surge in applications. It's approaching the fourth week now so hopefully I'll be able to start trading soon. I'm verified with a smaller, U.K based exchange called Cryptomate. However, their individual coin mark up is huge so I think I'll just hold out for Kraken

Good selection of coins. Are you tempted at all by the multitude of other Alt-coins? I will be looking to invest in Bitcoin, Ethereum, Dash, and Ripple.

If you could impart any other advice, it'd be greatly appreciated! I'm just trying to learn as much as possible at the moment.

frihet
Posts: 108
Joined: Thu Jun 06, 2013 10:33 pm
Contact:

Re: Freedom through Frugality: Sabaka's Journal

Post by frihet » Mon Jul 03, 2017 9:28 am

Not much advice to give. Just a lucky beginner myself :)

But a few smart people to follow on twitter are

https://twitter.com/TuurDemeester

https://twitter.com/NickSzabo4

https://twitter.com/aantonop

Sabaka
Posts: 13
Joined: Wed Apr 26, 2017 9:41 am

Re: Freedom through Frugality: Sabaka's Journal

Post by Sabaka » Thu Jul 13, 2017 4:28 pm

frihet wrote:
Mon Jul 03, 2017 9:28 am
Thanks, Frihet!

Hi everyone! Just a quick update.

My Kraken account has finally been verified and therefore I was able to begin my speculation!

With my 710 euros deposited into the Kraken account, I have bought:

- 2.08161 Ether
- 0.06459 Bitcoin
- 365.55982 Ripple
- 0.37150 Dash


This has left me 4.81 euros in change.

As of writing, the value of these coins combined is 677.85 euros, which converted to GBP is £596.95

Unfortunately, the cost of transferring the initial 710 euros into my Kraken account cost me £9.50! :o A ridiculous amount. I have now looked around for a better deal, and have signed up with a German bank called Fidor, which only charges a transaction cost of £2.49. Still, a considerable fee, so, therefore, my deposits will be limited to once-monthly, maybe once every two months.

With my speculative investments finally sorted, I could once again turn my attention towards my other investments. Overall, I contributed £685.27 into my two ISAs, with £131.73 going into my LISA and £553.54 going into my standard ISA. As usual, these investments were divided between my four choice index funds.

The total value of these accounts is at the time of writing ££7,031.62

Therefore, the combined worth of my speculative and my normal investments is £7628.57. I turn 20 in September, I think it would be overly bullish to hope for a total 'net worth' of £10k before then, but aim for the stars and all that.

Anyways, that's about it I suppose. Cheers!

Noedig
Posts: 144
Joined: Tue Aug 26, 2014 10:15 pm

Re: Freedom through Frugality: Sabaka's Journal

Post by Noedig » Thu Jul 13, 2017 5:00 pm

Sam, I will join the chorus saying you are light years ahead of almost all in this forum - you have wised up so young and are off to a flying start. At 19! Kudos be thine. As parent of a kid about to go to uni and incur much debt, I totally concur that unless you really think you will have an absolute blast and enjoy the study and benefit from it afterwards - then best not to go. I anticipate however that you eventually tire of Costco and either enlist, or look into something else like a modern apprenticeship, or find something with a bit of a career path.

A popular route for saving you may wish to consider is the High Yield Portfolio route - described quite well here https://web.archive.org/web/20071231131 ... avers.aspx

Re: Kraken. While I understand currency is just a token, and money is a dilutable token at the whim of whatever Central Bank, and that crytocurrencies are tokens that can't be diluted - what with all that I still just can't summon up the suspension of disbelief required to speculate in them (I will not call it "invest"). Also with Kraken you cannot spend the currency, it is not a bank account. That said, I look forward to your tales of triumph so that I can kick my own ass round the block in self-recrimination. Might take a while though.

You seem firmly on track, good luck to you.

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