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Author Topic: Could I retire on faucets?  (Read 51723 times)

wiser

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Re: Could I retire on faucets?
« Reply #30 on: February 08, 2016, 06:27:52 PM »
OK, time to resurrect this thread :)

I believe I have proved my point from the previous posts that it would be possible to use Bitcoin, Litecoin, and Dogecoin earnings from faucets to buy DNotes, and then send the DNotes to a 20 year interest bearing "retirement" account in the DNotes vault and essentially multiply all deposits by around ten by the time the account releases the funds. Of course, the earlier in the process the deposits are made, the greater the multiplier effect. An additional benefit is that in the process of trading BTC, LTC, and DOGE into DNotes, we can get familiar with how trading cryptocurrencies on the open market works and experiment with placing limit orders instead of market orders to get a better deal. The great thing is that since faucet earnings are small, any trading mistakes made along the way are not going to be devastating.

Although I currently have more lucrative ways of acquiring my cryptocoins, making anything I earn through faucets negligible, nonetheless faucets continue to fascinate me and I do continue to visit them. For me the fascination lies with turning small amounts of direct earnings into much larger amounts by using those earnings to purchase undervalued coins (such as DNotes right now) and then sending those coins to an account which earns interest. In other words, I'm still fascinated by the original question posed by this thread: Could I retire on faucet earnings?

I currently have a little over 544 DNotes in the original faucet 20 year account I set up for this thread. I am going to just let it accumulate for the next 19 years for now. For what is effectively Part II of this thread, I opened up a brand new 20 year account. This time I will not be spending any time with faucets that pay a currency other than DNotes. So there will be no reason to make any trades. Instead, the only faucet earnings which will go into this new account will be earnings from the two faucets I know about which pay out directly in DNotes.

These faucets are:

MultiFaucet, which is actually a collection of faucets paying out in various cryptocoins, including DNotes.
CryptoBlox

MultiFaucet pays 0.11 DNotes every 12 hours if you register an account. CryptoBlox pays a range in the hundredths of a DNote every hour with no registration needed (just enter the address). My plan is to visit MultiFaucet once a day (though I'll skip days here and there), and CryptoBlox several times a day. The earnings will go straight to my new 20 year account, making this about the most hands free faucet earnings account I can think of.

The screen shot below shows my new account with its two inaugural deposits.



I will try to post updates at least once a month showing new deposits and interest paid. I also plan to work out a spreadsheet to track final earnings as I did for the last one as well. In the mean time, I will keep visiting the two faucets to accumulate as many DNotes into my account as possible. If I ever come across additional faucets which pay in DNotes I will add those to the ones I visit.

Feel free to do the same and post your own updates here. It might be fun to start a friendly competition to see who can fill their faucet earnings "retirement" account the most in a given period of time. In fact, given enough interest, I will even be willing to pay out some DNotes in prizes.

Stay tuned...
« Last Edit: February 08, 2016, 06:32:01 PM by wiser »

Chase

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Re: Could I retire on faucets?
« Reply #31 on: February 08, 2016, 08:15:57 PM »

I am so glad you brought this thread back to life!

I think a lot of people in cryptocurrency were starting to turn into 'faucet snobs'. It is so easy for them to get access to any cryptocurrency they want because they already know all the ins and outs. Most of them have access to at least a little bit of money and we all know faucets don't pay the hourly wages we are accustomed to.  ;)

I prefer to look at faucets not by what they can do now, but by what their future potential is. For DNotes to do everything we all believe it is capable of doing, it has to be accessible to everyone, including those that have no money at all. If those living in extreme poverty had a spare dollar, it would be going to feed their families. Faucets can also encourage children to get involved (other than those already at Bitcointalk - lol).

Having faucets will give everyone around the world the opportunity to start in cryptocurrency without risking what little money they may have. Having a place like CryptoMoms to learn about faucets and other methods of aquiring coins is very important. Cryptocurrency has a very steep learning curve for most people and a faucet that gives free 'bits' of coins is a good place to start.

Thank you, wiser!!

wiser

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Re: Could I retire on faucets?
« Reply #32 on: February 08, 2016, 08:36:26 PM »

I am so glad you brought this thread back to life!

I think a lot of people in cryptocurrency were starting to turn into 'faucet snobs'. It is so easy for them to get access to any cryptocurrency they want because they already know all the ins and outs. Most of them have access to at least a little bit of money and we all know faucets don't pay the hourly wages we are accustomed to.  ;)

I prefer to look at faucets not by what they can do now, but by what their future potential is. For DNotes to do everything we all believe it is capable of doing, it has to be accessible to everyone, including those that have no money at all. If those living in extreme poverty had a spare dollar, it would be going to feed their families. Faucets can also encourage children to get involved (other than those already at Bitcointalk - lol).

Having faucets will give everyone around the world the opportunity to start in cryptocurrency without risking what little money they may have. Having a place like CryptoMoms to learn about faucets and other methods of aquiring coins is very important. Cryptocurrency has a very steep learning curve for most people and a faucet that gives free 'bits' of coins is a good place to start.

Thank you, wiser!!

Thanks, Chase. I totally agree with you that faucets are what can help even people with absolutely no money get involved in cryptocoins. When I first got involved with Bitcoin nearly three years ago, I did buy some Bitcoin via CoinBase, because that was the only way I knew how to get my hands on it. I have not purchased Bitcoin with fiat since those initial purchases with two exceptions--the fiat/BTC trading platform I was involved with quit making ACH transfers to my bank, so I had to buy back all the Bitcoin I'd sold (at a loss) just to get it out of there and then resell it, and I did a stint of scrypt mining for a while and that resulted in fiat expenses (I got out of that because it was losing me money). Other than that, though, I have acquired all my cryptocoins without putting any fiat money on the line, and have had a marvelous time discovering all the ways there are to do that.

Maybe I should start a thread on how to get into Cryptocoins with no money down?

Chase

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Re: Could I retire on faucets?
« Reply #33 on: February 08, 2016, 10:14:40 PM »

I am so glad you brought this thread back to life!

I think a lot of people in cryptocurrency were starting to turn into 'faucet snobs'. It is so easy for them to get access to any cryptocurrency they want because they already know all the ins and outs. Most of them have access to at least a little bit of money and we all know faucets don't pay the hourly wages we are accustomed to.  ;)

I prefer to look at faucets not by what they can do now, but by what their future potential is. For DNotes to do everything we all believe it is capable of doing, it has to be accessible to everyone, including those that have no money at all. If those living in extreme poverty had a spare dollar, it would be going to feed their families. Faucets can also encourage children to get involved (other than those already at Bitcointalk - lol).

Having faucets will give everyone around the world the opportunity to start in cryptocurrency without risking what little money they may have. Having a place like CryptoMoms to learn about faucets and other methods of aquiring coins is very important. Cryptocurrency has a very steep learning curve for most people and a faucet that gives free 'bits' of coins is a good place to start.

Thank you, wiser!!

Thanks, Chase. I totally agree with you that faucets are what can help even people with absolutely no money get involved in cryptocoins. When I first got involved with Bitcoin nearly three years ago, I did buy some Bitcoin via CoinBase, because that was the only way I knew how to get my hands on it. I have not purchased Bitcoin with fiat since those initial purchases with two exceptions--the fiat/BTC trading platform I was involved with quit making ACH transfers to my bank, so I had to buy back all the Bitcoin I'd sold (at a loss) just to get it out of there and then resell it, and I did a stint of scrypt mining for a while and that resulted in fiat expenses (I got out of that because it was losing me money). Other than that, though, I have acquired all my cryptocoins without putting any fiat money on the line, and have had a marvelous time discovering all the ways there are to do that.

Maybe I should start a thread on how to get into Cryptocoins with no money down?



"Maybe I should start a thread on how to get into Cryptocoins with no money down?"  - Absolutely!

cryptotrader85

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Re: Could I retire on faucets?
« Reply #34 on: July 17, 2016, 01:17:15 AM »
Hi everyone,

I'm new to this forum and just like to post that I have been doing this for the past 2 months working with a bunch of different faucets and using those earnings to buy DNOTES for my retirement plan. I currently have close to 1,000 DNOTES and I'm able to add around 150 to 200 DNOTES each week to my retirement plan all from faucets.

Thanks for sharing this and I'm glad I found this thread and forum  :)

DNotes

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Re: Could I retire on faucets?
« Reply #35 on: July 17, 2016, 03:18:59 PM »
Hi everyone,

I'm new to this forum and just like to post that I have been doing this for the past 2 months working with a bunch of different faucets and using those earnings to buy DNOTES for my retirement plan. I currently have close to 1,000 DNOTES and I'm able to add around 150 to 200 DNOTES each week to my retirement plan all from faucets.

Thanks for sharing this and I'm glad I found this thread and forum  :)

Welcome cryptotrader85, thanks for joining us on CryptoMoms. That is very interesting, more than I would have anticipated.

Chase

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Re: Could I retire on faucets?
« Reply #36 on: July 18, 2016, 01:00:25 AM »
Hi everyone,

I'm new to this forum and just like to post that I have been doing this for the past 2 months working with a bunch of different faucets and using those earnings to buy DNOTES for my retirement plan. I currently have close to 1,000 DNOTES and I'm able to add around 150 to 200 DNOTES each week to my retirement plan all from faucets.

Thanks for sharing this and I'm glad I found this thread and forum  :)

Welcome cryptotrader85, thanks for joining us on CryptoMoms. That is very interesting, more than I would have anticipated.


Hi cryptotrader85 and welcome to CryptoMoms. Great job on the retirement CRISP!!  :)

Xquick

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Re: Could I retire on faucets?
« Reply #37 on: July 18, 2016, 07:42:09 PM »
Amazing thread, doing this atm!

any reason why you made a new 20 yr account rather than all to your original 20yr account?

Chase

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Re: Could I retire on faucets?
« Reply #38 on: July 19, 2016, 02:06:04 AM »
Amazing thread, doing this atm!

any reason why you made a new 20 yr account rather than all to your original 20yr account?


Welcome to CryptoMoms Xquick!

Shepherd

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Re: Could I retire on faucets?
« Reply #39 on: July 19, 2016, 12:55:27 PM »
Amazing thread, doing this atm!

any reason why you made a new 20 yr account rather than all to your original 20yr account?


Welcome to CryptoMoms Xquick!

Hello Xquick. Welcome to Cryptomoms' forum. Are you referring to the 20yr retirement plans at DNotesVault? If so, it was done to give our stakeholders the option of more flexibility to select different duration of 5,10, 20, or 30 years.

DNotes

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Re: Could I retire on faucets?
« Reply #40 on: July 19, 2016, 02:56:52 PM »
Amazing thread, doing this atm!

any reason why you made a new 20 yr account rather than all to your original 20yr account?


Welcome to CryptoMoms Xquick!

Welcome to CryptoMoms Xquick, let us know if there is anything we can do to help.


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