The amazing round 25 of Devtome payouts finally ended. I didn’t do too badly with my round 26 earnings so I can expect some great payouts for the next month.
Round 27 is going to be a different story. My writing for the Devtome has dropped off considerably for several reasons.
The main reason is what I call life getting in the way. When I’m not doing something related to the Cryptocurrency world I’m either raising my children, homeschooling my children, working my part time job, or trying to stay on top of the joyful chaos that comes from a household of highly creative though not super orderly people.
Both my husband’s and my part time jobs are in the field of education. This means the school year starts now. All the intensity of planning out and getting started with the school year hit us both at once. Then we add to that our children’s school starting and our homeschooling year needing to get underway. My children attend a once a week charter school which is meant to serve as a support and enrichment program for homeschooled students. As if that wasn’t enough, I’m also involved with a group of four moms who are launching a homeschool coop which this year primarily serves my preschool aged child. Oh, and did I mention the new baby who is now several months old?
So yeah, life is rather full and busy right now, leaving little room for writing.
Add to that the fact that the price of Devcoins has been fairly steadily plummeting for months now. How interesting is earning Devcoins when it takes more than two million of them to buy a Bitcoin? The problem with that way of thinking, of course, is that the choice to not write for Devcoins today results in the consequence of getting paid far fewer of them a month to six weeks from now. Things move very quickly in the cryptoworld. Devcoins could become the hot superstar cryptocoin that everyone wants in that time, in which case it would be rather disappointing to have meager earnings. Or… its value could continue to drop and I find myself continuing to struggle with motivation.
Since no doubt other writers will also struggle with motivation as the price of Devcoins drops, I really should not let the price impact my writing. Fewer writers writing means larger generation shares for those who do write.
Despite the falling prices writing for the Devtome is still the most effective way to accumulate Bitcoins. There are no Bitcoin earning websites which even come close to paying out one Bitcoin for an hour or two of work a day. Writing for the Devtome could yield me three or four if I sell the Devcoin earnings.
The best Bitcoin earning website to supplement this is still BitVisitor, followed closely by CoinAd. Those two sites aren’t the sites where you can earn the most (that’s BitcoinGet), but those are the sites where you can earn a decent amount without having to work or think too hard. Now that I have over one BTC in my CoinLenders account I can count on any tiny amount I add to it to earn interest at a hefty almost 23 percent.
The Inputs faucets are still another decent source of small amounts of Bitcoin. I do have to warn you that they do have glitches and sometimes don’t pay out. Most of the ones I’ve listed will pay out most of the time. The disclaimer about how one should only invest what they can afford to lose should also be applied to time. If you can’t afford to lose a few minutes to claim dispenses which for whatever reason don’t pay out, then it’s probably best to stay away from the Inputs faucets. My goal of course is to render all my Bitcoin earnings as passive income and no longer have to hit up faucets or microearning sites.
Because of the low price of Devcoins I have not been in a huge hurry to trade them for Bitcoins. I actually have quite a few DVC stockpiled, mostly hanging out on the exchange waiting for someone to want to buy them at the price I’ve placed a sell order.
When I decided to just go for it with CoinLenders I sold way more Devcoins than I’d ever had at a much lower price than I’d ever wanted. But at that point I decided that my primary goal was to get Bitcoins–well, at least one Bitcoin. I decided it was worth over two million Devcoins to gain the ability to have every last scrap of my Bitcoin earnings able to earn interest.
But what about adding that second Bitcoin? I could earn twice as much interest every single day. But is it worth another two million or more Devcoins?
For that matter are Devcoins worth anything to me?
I haven’t figured out a good answer to that last question, and I’m not sure it would be fair to come up with any sort of final answer at this point. Devcoins are still very much in development and poised for more people to get interested in them.
I realize as I write this that there are two opposing goals at work in my mind. One goal is winning big based on the possibility that Devcoins could really become something. In other words, their value goes way up over time, they become more difficult to acquire and everyone wants them. If a year from now, Devcoins came to be worth a dollar apiece (no reason to think they will at this point, just using this as a hypothetical example), I’d feel a rather large sense of regret if I’d sold them all for 1/30 of a penny, and I couldn’t generate anymore of them due to Devtome writing becoming too competitive or whatever other reason.
The other goal is the one I’ve had from the beginning which is to accumulate Bitcoins. When I first learned about writing for the Devtome I wasn’t interested because I didn’t see how I could earn Bitcoins by doing this. That was before I knew about Vircurex. When I heard about writing for the Devtome again, I understood that it was a fantastic opportunity to indirectly earn Bitcoins, and as I mentioned before it has proven to be by far the most lucrative way for me to earn Bitcoins. It was always my plan to trade out those Devcoins for Bitcoins. If that were still my only goal I’d be selling every last Devcoin as fast as I could and getting my Bitcoin nest egg growing.
Now I understand why people like to diversify their assets. You can’t predict the future with 100 percent accuracy. Instead, you have to consider a number of likely scenarios and then set yourself up to benefit from all of them while at the same time minimizing your losses should something not work out. This means I can simultaneously work towards both goals, and maybe a few more.
I’ve also noticed that when the price of Devcoins is low I tend to want to hang onto them because I don’t really want to sell them that cheap. This makes it look like I’m banking on the value of Devcoins one day going up and making me millions. When the price of Devcoins improves, then I tend to want to sell them, and that makes it look like I’m banking on Bitcoins. I really do not like being so impacted by the exchange rate, and I realize I need to come up with some sort of plan to meet both my goals regardless of the exchange rate.
My formula will probably evolve, but for now I’ve decided that sometime during each round of Devtome earnings I will sell enough Devcoins to buy me one Bitcoin. That Bitcoin will get added to my CoinLenders account. I will keep the rest of my Devtome earnings as Devcoins until the price is more to my liking. Some Devcoins I will just sit on; others I will invest further in the DVC denominated securities. If there was an equivalent of CoinLenders for DVC I would put most of my Devcoins there so that my Devcoin balance could grow. Since there isn’t one I’m going to have to do the best I can with what is available.
This means that I’m in actuality betting quite heavily on Devcoins making a major comeback and not just continuing to drop in value until their price approaches zero. It would probably make more sense to sell half of them, but for whatever reason I don’t want to do that. Actually, I know the reason. The exchange can’t handle that much volume. If I were to sell half of my DVC, that would send the price into the gutter very quickly. One dump of twenty million DVC can send the price plummeting by ten points because it’s enough to scare others into selling. And yet twenty million DVC is very little in terms of what one might expect to see moving on a traditional exchange. But I think the exchange can handle me selling a Bitcon’s worth of DVC once a month or so, especially if I can time it to where I’m selling into a wall and spreading it out over several transactions.
If Devcoins become the hot cryptocoin that everyone wants, then I’ll still have plenty left to profit from that trend. If Devcoins lose all of their value, then at least I’m left with a few Bitcoins earning compound interest.
Devcoins have been around for two years, and are the alternative cryptocoin with the longest life. So it’s not unreasonable to believe that they will hold their own and that other than selling off enough to buy one Bitcoin each round, it’s just a matter of waiting out this trough.
The price of Bitcoin in US Dollars has been going up lately. Mt. Gox has it right around $145 which is not too shabby. Unlike the last major Bitcoin price hike, this one is not accompanied by a lot of media hype. But apparently when Bitcoin is hyped, it tends to cause the alternate cryptocoins to get more expensive as well. Some people say that the greatest profits are made off the alternates, rather than Bitcoin. This would probably be of greater interest to me if I were looking to profit off the various crypto exchange rates. My only interest in it is that I hope I can get better prices for the Devcoins I do want to sell in the not too distant future.
At this point Bitcoin is the most valuable to me because it has the most solid economy, there are more things to do with Bitcoins, and there are more ways to put your Bitcoins to work. It’s also easy to trade Bitcoins out for Dollars through my CoinBase wallet. Those opportunities simply aren’t as well developed for Devcoins. However they could get there.
One hopeful sign is that there is now a payment gateway which accepts DVC. This means that someone can set up an online store and accept DVC in payment. It also means that the owner of the venture could decide to raise some funds by offering DVC-denominated stock in it.
The other nice thing about Devcoin is that the developers set up bounties for innovative development all the time. I personally have received two separate bounties just for having ideas. These bounties take much of the risk out of starting something new which could positively impact the Devcoin economy in a big way.
The bottom line is that Devcoin has a lot going for it as a cryptocurrency. It seems wise to hang onto a significant number of them for the time being. There are also a lot of amazing things going on in the Bitcoin economy, making it quite possible for an ordinary person like me to profit.
I just need to make sure that I’m earning enough Devcoins each month to trade for one Bitcoin and then some.
Read What happens when… on the Devtome!