Bitcoin update 2: I was wrong, my shirt got bigger 1

JISHOU, HUNAN — My last post got it wrong. My Bitcoin shirt did not shrink. It stretched.

I took time today to do a proper accounting of my Bitcoin and related activity. I am ahead of my initial investment by about 18%, or about $50! Frankly, I’m a bit surprised, since Bitcoin values against the dollar are a little lower than they were when I first bought in last month.

One of my strategies has been to diversify. Bitcoin is not the only crypto-currency. It gets the most press, and has the largest value against national currencies, but there are other altcoins available, too.

My Bitcoin assets are about $115. In addition, I have smaller holdings in Peercoin (PPC), Namecoin (NMC), Litecoin (LTC), Devcoin (DVC) and iXcoin (IXC). These all trade separately from Bitcoin. The last two count for very little at this point, with dollar values measured in pennies to the altcoin. They’re like the penny stocks of the altcoin world.

In addition, I have counted my portion of a mining system at cex.io as an asset. While it is an expense (I had to buy it), it’s also easily sold as a commodity at cex.io at market prices. That alone is worth about $75.

So, the total value is about $323 on an initial investment of about $273, based on today’s markets. That’s not bad at all, considering crypto values have been pretty flat since the second week of December, when I decided to dip my toe in the water.

Meanwhile, I’ve come across a lecture series about Bitcoin at Udemy.com. It’s clear, and walks you through the intricacies of what Bitcoin is, how it’s traded, and why it’s such a big thing. Best of all, it’s free! You’ll need to register at Udemy.com, but that is also free.

Udemy offers other courses, as well. Many are free. Others you have to pony up some cash (not Bitcoins, — not yet, anyway).

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One comment on “Bitcoin update 2: I was wrong, my shirt got bigger

  1. Reply Danny Ben Jan 23,2014 2:31 am

    iXcoin (IXC) ha now a new wallet, new website, new dev team: ready to skyrocket!
    http://www.ixcoin.co

    iXcoin was released in April of 2011 in a manner similar to Bitcoin. The creator used the pseudonym of Thomas Nasakioto and has kept a very low profile after the first six months or so. It is essentially a clone of Bitcoin, with the same 10 minute block times and 21 million coin maximum.

    What makes iXcoin different from Bitcoin is its merged mining capability. Early in 2012 iXcoin added merged mining to boost its mining support. Some complain that Bitcoin, although revolutionary as a currency, wastes energy because it must be “mined” continuously to produce new coins and to secure it from network attacks. Mining requires significant computing power, but merged mining, it can be argued, puts iXcoin in the green category because it shares mining power with Bitcoin and other merged mined coins. Such mining allows multiple crypto-currencies to be secured by sharing 99% of their computing resources with each other. Thus the “added” computing power required by iXcoin is quite low. Merged mining is green mining.

    What sets iXcoin apart from other crypto-currencies? iXcoin is in a unique position. It has a fixed 21 million coin maximum for the number of coins which will ever be created. Many of the other leading coins do not have a fixed cap. A definite maximum gives investors the ability to better gauge long term value, and removes any fear that inflation from oversupply will eat away at the value of their coins. Such has been the dilemma for decades with traditional government backed currencies, and iXcoin will not repeat such mistakes. Furthermore, about 98% of competing coins have lower network hash rates and are therefore less secure. This leaves iXcoin in a unique position of being one of the oldest, most mined, most secure, and most efficient of the crypto-coins.

    iXcoin specs:
    Launched (first block mined): April 29, 2011
    21 million maximum coin cap
    10 minute block times
    2016 block difficulty reset period
    96 coin block reward
    iXcoin home page:
    http://www.ixcoin.co
    iXcoin forum:
    ixc.boards.net

    iXcoin videos:
    http://www.youtube.com/channel/UCi0UaFRVDA0-EZZtlf-SgGw

    Exchanges supporting iXcoin:
    http://www.vircurex.com
    http://www.cryptsy.com

    Bitcointalk:
    https://bitcointalk.org/index.php?topic=230141.0

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