A fellow Bitcoin Forum member first alerted me to the ASIC MINER stock six or seven months ago, fairly early on in my Bitcoin journey. Then when I started earning Devcoins from writing for the Devtome I traded them in for Bitcoins and spent them on hundredth shares. My goal was to buy enough hundredth shares to then trade them in for full shares. Then I could eagerly look forward to Wednesday when the dividends were paid out.
Before I invested too heavily in ASIC MINER I read the main ASIC MINER thread in the Bitcoin Forum just to get a sense of the story. I would read from the beginning, but also try to stay caught up with the most recent posts in the thread.
I’ll never forget a particular post written on a Wednesday after dividends were paid out. “Now I can pay the rent!” the poster rejoiced.
I thought wow, this Bitcoin thing is actually making a substantial difference for some people.
Going back to the earlier days of the thread, during the height of ASIC MINER’s value–over 4 BTC per share–an early investor put up a thousand shares for sale, and if I remember correctly, sold them all. Another poster commented that this investor who’d just unloaded a thousand shares was a millionaire. At the very least, he could have sold off his Bitcoins and paid cash for a rather nice house.
I think the odds are pretty good that one could find his or her lucky break within the cryptocurrency world. Those early investors in ASIC MINER sure hit the jackpot once the dividends started coming. A number of them sold off shares at ten times what they’d paid for them and struck proverbial gold that way. ASIC MINER had its run where it was the hot stock everyone wanted. Then when its glory days waned, the big question for Bitcoin investors became which would be the next ASIC MINER.
Now I can pay the rent. Those jubilant words are etched in my memory. One day I’d like to say something similar, and be able to say it about a source of income I can as much as is possible count on being there next week, and the next, and the next…
ASIC MINER was not my lucky break. I bought high and continue to hold stocks whose value is decreasing and whose dividend payouts are also decreasing. I believe ASIC MINER is still a fundamentally good investment but I may never see my original principal back. Regardless, I do enjoy getting the email every Wednesday informing me that I have been paid another dividend. I also have to consider whether the current low prices provide an opportunity to buy some more, or if ASIC MINER is now a has been as an investment.
My lucky break came when I started getting paid by the Devtome. Writing is basically effortless for me, so the idea of writing in return for a cryptocurrency which could be traded for Bitcoin was very appealing. The first round of payouts wasn’t that great, but as the price of Devcoin kept falling and falling, interest among other writers waned and my earnings increased. I was able to trade them and acquire Bitcoins, but also a few Devcoin denominated securities, two of which I have kept, one of which I sold at a loss because it quit paying out an expected weekly dividend with no explanation, another of which I sold off at a gain because it wasn’t paying much in the way of dividends either.
About halfway through my round 29 bonanza–I made out very well in this round despite not having written a whole lot because everyone else was having a slump as well–both the price of Bitcoin and the price of Devcoin increased dramatically. A few quick mental calculations along the way indicated that the fiat income from this gig could be substantial. I recently started trading out Devcoins for Bitcoins, then Bitcoins for fiat, and I expect to be requesting an ACH deposit of close to $1000 in the next few days.
I could pay the rent with that deposit! Actually, the mortgage. Or I could make a down payment on a new vehicle. Or I could pay down some consumer debt. Or I could catch up on some bills this month, which is normally not something I do in December because that month always represents an income gap. I’ve already mentally spent that money five times over. However I know there’s more coming behind it–at least until round 29 payouts end, which will be by the end of this next week.
Round 30 won’t be as good for me, but there will still be some payouts. It was during round 29 when so many new writers signed up and published content because it became obvious that the income potential from writing was astounding. By the time submissions for round 30 closed, even more writers have joined and are publishing their content like crazy. Round 31 could be the one with the most competition for the 180 million Devcoin pie yet.
My goal is to write at least 1,000 words every day except Sundays and major holidays so that my piece of that pie will still be a good one. If I can submit between 20 and 30 shares I may still net some substantial earnings despite the heavy competition.
While it’s not so much fun to know that my earnings in terms of amount of Devcoin will suffer a sharp decline and/or I will have to work much harder to maintain the level of earnings I’ve come to expect, it’s actually very good for Devcoin itself to have lots of new writers clamoring for the next group of generation shares. High demand fosters higher prices on the exchange. More people holding or expecting to hold Devcoin means that its user base is wider. More people holding or expecting to hold Devcoin means a greater likelihood that some of those people will begin producing some sort of product which they will be willing to sell for Devcoins, bringing us all that much closer to a viable economy.
This is why I gladly sign up new writers and whenever I can, encourage existing writers to just keep writing. You don’t ever want to let up on writing, because moving forward I believe that letting up on writing is going to translate into a sharp decline in earnings as the 180 million Devcoins get divided up among an ever increasing pool of writers and their work.
I also wonder at what point will writing for the Devtome be more difficult than it’s worth. So far that hasn’t happened, thanks in large part to the amazing run up in value of both Bitcoins and Devcoins. I fully expected that limit to be reached within six months of my joining, but the plummeting value left many writers disinterested. Now the value is high, and interest in writing and publishing is high. I expect interest (and value) to increase going forward. However if the value goes down, interest will also go down, which means if I keep writing I could clean up again in a future round. Another surprisingly large factor is what I would refer to as writing discipline. It is very easy for a new writer to max out on the number of writing shares in his first round by publishing everything he ever wrote on the Devtome. But once that is done, can he maintain a consistent discipline of writing one or two thousand words each and every day, rain or shine, in season or out of season, feel like it or not.
Since I can be a consistent writer I tend to do really well with the Devtome, collecting good earnings even while other writers are grappling with writer’s block or plain don’t feel like writing for too many days in a row. But I too falter in my writing consistency. I’m hoping that a month of minimal earnings will help me to remember to keep those essays coming so that I don’t have to deal with such a thin round again for a long time.
I’m also thankful that the Devtome is not my only source of income any longer, though it is still by far my largest one. I look forward to the day when it’s one of those other sources which kicks off some funds prompting me to say “Now I can pay the rent!”