Okay this post title sounds really sleazy but I couldn’t find a better way to outline my plans for what I’ll do with the BTC that gets mined out of the digital coal mine.
Plan as it stands:
– Each week transfer whatever BTC is mined to my Poloniex account and allocate 90% to lending and 10% to exchange. Lending for those of you new to this is basically funding other user’s margin accounts.
– For lending auto renew until the next deposit and keep building the amount out for lending (keep in mind that right now we’re talking about fractions of BTC not whole bitcoins). Since lending fees are rolled back into the loan, I’ll add them back in when I cut the auto renew towards the end of each cycle and once significant fee amounts start to be generated then I’ll start moving 10% of fees into exchange.
– For exchange look for value priced coins and make speculative buys in the instance that something major happens. Right now I’m focused on DGB, DASH, LTC and ZEC.
– Keep everything in BYC. Don’t worry about trying to pull money back into USD unless there is a serious cash need
Image courtesy of the JR James Archive