The best price I ever saw for Devcoins happened while round 24, my first round, was getting paid out. One DVC sold for 85 satoshis and it went downhill from there. There was one major pump where the price briefly touched 100 satoshis but the price collapsed from there within days. Now it’s at 37 satoshis.
Right before the pump happened, the price had collapsed to 48 satoshis. At that time, I decided that there was no way I would sell my Devcoins for anything less than 61 satoshis. As the price dropped below that and dipped into the upper forties, I started placing 100,000 DVC sell orders beginning at 61. I had gotten up to 63 when the pump happened. Needless to say, it was actually quite frustrating to have sold my Devcoins for 63 and under when I could have sold them for over 80 had I placed my sell orders at that level.
After the price collapsed back down to below 61 again, I started piling up sell orders starting at 71 and working my way up to upwards of 130. Since we haven’t had a major pump since then I have quite a few DVCs just sitting on the exchange waiting for someone to buy them at what I would consider to be an acceptable price. But I still stuck with my earlier decision to not sell a Devcoin for less than 61 satoshis.
The price has stayed well below 61 satoshis for close to a month now, which means that I would not be able to sell a single one unless I was willing to go lower. This caused me considerable stress because I didn’t like the idea of having a bunch of Devcoins just sitting around doing nothing for me. On the other hand, I knew that if the price doubled again as happened during the previous pump, the return I’d get on those Devcoins would far surpass even the best legitimate Bitcoin rates of return. So I didn’t want to just sell them off at such low prices. It was the combination of feeling controlled by something I had no control over (the price of Devcoins) and not knowing what to do about it leading to having no particular plan which caused me stress and made the whole experience of earning Devcoins less fun than I felt it should be.
Then I discovered CoinLenders and decided that I really wanted that one Bitcoin in my account so that I could earn over 22 percent interest on my balance. How badly did I want that Bitcoin? Badly enough to be willing to sell a bunch of Devcoins for far less than 61 satoshis just to get it.
So I made that trade, got my Bitcoin and happily watched it begin to earn interest in my CoinLenders account. Meanwhile as new Devcoins came in (this happened as round 25 was being paid out), I filled out my sell orders at the prices I wanted, accumulating DVC on the exchange once again.
Once I got all my sell orders up and just kept adding more at higher and higher prices, I started to think that it would sure be nice to have another Bitcoin in my CoinLenders account. Two Bitcoins would earn twice as much interest as one Bitcoin. By then the price of Devcoins had dropped another ten satoshis down to 38, which is where the price has more or less stayed ever since.
That’s when the payouts for round 25 ended and the ones for round 26 began, and that’s when I came up with my plan. I would maintain a stockpile of DVC on the exchange in the form of sell orders at various prices I consider to be decent. In this way I would be prepared to take full advantage of the next pump whenever it occurs. And I would sell enough DVC to purchase one Bitcoin sometime during each new round of payouts regardless of the price. If it took three million DVC to make one Bitcoin, then so be it. The fact that I would only be doing this once per round made the prospect more agreeable than say, deciding to sell every last Devcoin I owned at such a low price.
A week or two after I made that decision and bought my second Bitcoin I feel really good about it. I now have a plan to move forward regardless of what the exchange rate does. I also have a plan for taking advantage of when the exchange rate gets more favorable. Either way, I feel like I can improve my position and therefore my lot in life. I’m no longer stressed by the price of Devcoins on the exchange. I no longer feel held hostage by the poor exchange rate. I feel like I’m in a good position to prosper from something like a pump or any kind of improvement in the exchange rate. Basically I feel like I know what to do regardless of what direction those things I can’t control take. All I need to do is make sure that I earn well over the amount of DVC it takes to buy a Bitcoin each round. At this time that is a very attainable goal.
It’s a very good feeling. I’m back to having lots of fun with earning Devcoins and I’m far less concerned about the exchange rate now. My original goal for writing for the Devtome–building up a Bitcoin pipeline–is being reached, even if a bit slower than I’d originally planned.
Now that I’m moving firmly towards reaching my Bitcoin pipeline goal, I have room in my brain to consider building other things. For example, something I never thought I’d be concerned about beyond mere self interest is the future of Devcoins themselves. Now I’m wondering if there’s something I could do to help it along. The idea I got while writing my previous post came to me in a sudden burst of inspiration. It actually wouldn’t be that hard to come up with some fun events (both online and in the real world) that would be both a lot of fun and helpful to the cause of Devcoins. There are fun ways to raise awareness in a low key steady sort of way.
I’m also thinking it’s getting to be time for me to expand my horizons into other cryptocurrencies. I’ve been thinking about getting involved in Litecoin for some time now, and I do know there are a few Litecoin faucets out there. Perhaps the time to act on this is now. I already have a Litecoin address on Vircurex, so I wouldn’t even need to get an actual wallet to start dabbling into it. On the other hand, what’s the hurry?
The bottom line is that I’m now at peace with whatever direction the relationship between Devcoins and Bitcoins takes; I’m back to enjoying the process of earning and learning. And that is a good feeling.
Read A good feeling on the Devtome!