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Author Topic: Could I retire on faucets?  (Read 51720 times)

wiser

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Could I retire on faucets?
« on: April 16, 2015, 05:17:15 AM »
Faucets in the cryptoworld are websites which dispense small amounts of a cryptocoin on a regular basis. They are fun to visit and useful for getting familiar with how addresses and transactions work, but they dispense such little amounts that you can't possibly retire on faucet earnings.

Or can you?

I'm going to conduct a little experiment and see if that might be possible.

I am going to visit two Bitcoin faucets, Free Bitcoin and BTC-Faucet on a regular basis using my Poloniex exchange address as the payout. I may visit others as well, but these two will be the main ones.

I'm going to then trade the Bitcoin for DNotes.

Then I'll transfer the DNotes into a DNotes Vault 20 year retirement account created for this purpose.

The 20 year retirement accounts earn one percent bonus interest each month, which amounts to twelve percent a year.

What will the impact of converting small amounts of Bitcoin into DNotes, then compounding the DNotes for a period of twenty years be?

That's what I'm going to try to find out.

I'll post updates and screen shots in this thread.

Lana

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Re: Could I retire on faucets?
« Reply #1 on: April 16, 2015, 12:04:29 PM »

Very cool idea.  I learned about DNotes through CryptoMoms and used the faucets a fair bit.  They were paying out pretty darn good back then!

I know someone who's daughter gets her DNotes by getting small amounts of bitcoin from faucets so I'll pass this on to her.  She'll like this.

Chase

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Re: Could I retire on faucets?
« Reply #2 on: April 16, 2015, 05:20:29 PM »

Thanks wiser.  This is a fantastic idea and I'm very excited to see how it unfolds.  For many people around the world, this may be their only viable option for getting DNotes right now.

Veronica

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Re: Could I retire on faucets?
« Reply #3 on: April 16, 2015, 08:00:21 PM »
This is very interesting indeed. The site names do have a very fitting name for their purpose.

wiser

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Re: Could I retire on faucets?
« Reply #4 on: April 16, 2015, 08:32:04 PM »
Very cool idea.  I learned about DNotes through CryptoMoms and used the faucets a fair bit.  They were paying out pretty darn good back then!

I know someone who's daughter gets her DNotes by getting small amounts of bitcoin from faucets so I'll pass this on to her.  She'll like this.

Lana, I actually started my oldest child on getting DNotes this way today. We covered saving all the unique passwords to a password vault, and getting a Bitcoin address on Poloniex, and then hitting a few faucets (my child's faucets have to be different from mine as we share an IP address--lucky there are lots to go around). Once payouts to the Poloniex address happen, we'll cover how to use the Bitcoin to buy DNotes and then how to send them to the DNotes vault.

It was quite the crash course. It's turning out to be a fun way to educate my child on Internet safety, something that has to be covered regardless of crypto-involvement or lack thereof.

Thanks wiser.  This is a fantastic idea and I'm very excited to see how it unfolds.  For many people around the world, this may be their only viable option for getting DNotes right now.

Chase, I thought you would get a kick out of this idea. I think this could be a viable way to get DNotes as long as the DNotes price is relatively low, which is why I would encourage others to not wait around for my results but to jump on board and also conduct the experiment themselves :)
« Last Edit: April 16, 2015, 08:34:52 PM by wiser »

wiser

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Re: Could I retire on faucets?
« Reply #5 on: April 20, 2015, 12:44:46 AM »
This ends my first partial week of collecting from faucets. I forgot to turn on the autowithdraw function on Free Bitcoin. Rather than pay a fee for a manual withdrawal, I decided to just activate autowithdraw today and wait until next week for the payout.

I don't have quite enough funds from btc-faucet to get a payout. I'm about halfway through.

So I haven't bought any DNotes yet for my retirement account, but I sure will within the next week.

I did find another faucet to add: Moon Bitcoin. This one is different from the others because I can determine how often I will claim a dispense. The longer I wait the higher the dispense amount, though I think there is an upper limit to how much I could accumulate by simply waiting. It automatically pays out to my address weekly provided the minimum amount of 5500 satoshis is reached. I will probably use it occasionally.

Since there are literally hundreds and hundreds of Bitcoin faucets out there, I could easily visit many more than the three I have chosen so far. I'm sticking with my chosen three mainly because my time is limited and I want to gauge what might happen in a situation where I'm putting in minimal effort into hitting the faucets. However, it would stand to reason that the more faucets I visit and the more frequently I claim from them, the better the results will be in terms of funds, though perhaps not quality of life :)
« Last Edit: April 20, 2015, 12:52:21 AM by wiser »

wiser

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Re: Could I retire on faucets?
« Reply #6 on: April 22, 2015, 04:41:30 AM »
I'm running into a snag with this dream, an issue that is actually very common if you visit enough faucets.

btc-faucet doesn't seem to be working quite right. Yesterday it was giving me error messages, and when I tried to alert the webmaster via the contact email, my message bounced. Today I have been seeing all kinds of discrepancies between the amount of satoshi I claimed and the running balance. On one occasion I even saw my running balance decrease after a claim. In all likelihood the faucet works well enough to pay out. But just in case the faucet breaks completely I decided to look for a couple more Bitcoin faucets. Broken faucets are a common occurrence. It makes sense to plan for that eventuality. It also makes sense to quit using a faucet that might be broken, especially if there are plenty of good working ones out there.

The ones I found as potential replacements are Bitcoinker and 9Bitz.

Moon Bitcoin also runs faucets in other cryptos, including Moon Litecoin and Moon Dogecoin. To use those faucets in this "retire on faucets" dream would mean that I'd have to enter my Poloniex Dogecoin and Litecoin addresses as the claim addresses. Then I'd have to trade the Dogecoin and Litecoin for Bitcoin, then buy DNotes with the Bitcoin. I'm undecided at this point. It really is simpler if all the faucets pay in Bitcoin. If I do decide to use those other coin faucets, then I'll also use the Free Dogecoin faucet in the same way.

wiser

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Re: Could I retire on faucets?
« Reply #7 on: May 01, 2015, 02:35:08 AM »
Sunday was an exciting day. I logged into my Poloniex account and saw several deposits from faucets. I blanked out the addresses in the screen shot so that the only sources of funds for these addresses are faucet earnings.



Based on the Bitcoin price over the weekend, all my faucet deposits had a combined value of 38 cents, which is a pretty good haul for visiting faucets.



Next I had to trade the Litecoin and Dogecoins for Bitcoin. I sold those at market rate because I wanted to make the trade quickly rather than hold out for the best deal.






Then it was time to buy my DNotes. You can see from the screen shot of my buy order that I wanted to buy my DNotes at a discount, significantly lower than the lowest ask price. My order was third highest bid price. This meant I had to wait for my order to fill. I logged back into my account two days later and found my order filled.





All that was left for me to do was withdraw the DNotes from Poloniex and send them to my DNotes Vault retirement account. First I had to create the retirement account. I created a 20 year account just for my faucet earnings on April 29. That account now holds all my faucet earnings from the previous ten days or so. The address is blanked out in the screen shot to once again assure that the only funds going into it come from faucet earnings.



I've figured out a good pattern for visiting faucets. Depending on the day I visit them anywhere from once or twice a day to every fifteen minutes (at least the ones which allow it). I have them all opened in separate tabs in my browser. Here are the faucets in the order I visit them:

1.  Bitcoin Zebra - pays in Bitcoin; dispenses hourly
2.  Free Bitcoin - pays in Bitcoin; dispenses hourly
3.  Free Dogecoin - pays in Dogecoin; dispenses hourly
4.  9Bitz - pays in Bitcoin; dispenses hourly
5.  btc-faucet - pays in Bitcoin; dispenses at random time intervals
6.  Bitcoinker - pays in Bitcoin; dispenses every fifteen minutes
7.  Moon Bitcoin - pays in Bitcoin; dispenses every five minutes
8.  Moon Dogecoin - pays in Dogecoin; dispenses every five minutes
9.  Moon Litecoin - pays in Litecoin; dispenses every five minutes
« Last Edit: May 01, 2015, 03:13:50 AM by wiser »

wiser

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Re: Could I retire on faucets?
« Reply #8 on: May 01, 2015, 02:47:21 PM »
The first of the month is when all the "retirement" accounts at the DNotes vault get paid, including my faucet account--now about 0.35 DNotes richer :)


Ashley

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Re: Could I retire on faucets?
« Reply #9 on: May 03, 2015, 12:10:53 AM »
The first of the month is when all the "retirement" accounts at the DNotes vault get paid, including my faucet account--now about 0.35 DNotes richer :)



How long did it take you to collect that many DNotes wiser?  35  may not sound like much, but that could be worth a lot someday.

wiser

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Re: Could I retire on faucets?
« Reply #10 on: May 07, 2015, 01:16:25 AM »
The first of the month is when all the "retirement" accounts at the DNotes vault get paid, including my faucet account--now about 0.35 DNotes richer :)



How long did it take you to collect that many DNotes wiser?  35  may not sound like much, but that could be worth a lot someday.

It was somewhere between one and two weeks of hitting nine different faucets very aggressively.

wiser

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Re: Could I retire on faucets?
« Reply #11 on: May 07, 2015, 02:47:37 AM »
Yesterday I logged into my Poloniex account and found I'd gotten close to 75 cents worth of faucet payouts over the previous week. This included two weeks worth of claims from the Free Dogecoin faucet. I had forgotten to set it to automatically pay out on Sunday the week before. That is fixed now. Both Free Dogecoin and Free Bitcoin were dispensing much larger than normal claims for a while last week because at one time they were supposedly having technical difficulties which I hardly noticed. I'll take it :)



Here are all the deposits from faucets since the last time I logged in:



My intention was to first sell the Litecoin, then the Dogecoin. I made a mistake with the Litecoin. I completed the buy form instead of the sell form and immediately spent all my Bitcoin to buy Litecoin at market rate. Oops! I decided to at least try to sell the Litecoin for higher than what I'd paid for it, which meant I had to wait 24 hours for my order to fill. But it did fill. Phew!



I probably broke even on those two Litecoin trades. I do not recommend trying to amplify faucet earnings by day trading unless you know what you're doing. My bit of "day trading" was totally unintentional.

As long as I had to wait for my Litecoin sell order to fill I might as well try to sell my Dogecoin for higher than market rate. Yesterday I attempted to sell at 49 satoshis but that order did not fill. Today I decided to just hold onto my Dogecoin rather than try to sell it at the current very low market rate. I might as well aim high, so I placed a sell order at 61 satoshis and will give it as much time as it needs to fill, which could be a few weeks.

I placed my buy order for almost 53 DNotes with all the Bitcoin I had and I expect it to fill in the next day or so.



I'll check my Poloniex account either tomorrow or Friday and see if I have any DNotes to send to my vault account.

wiser

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Re: Could I retire on faucets?
« Reply #12 on: May 07, 2015, 03:34:14 PM »
My DNotes buy order filled sometime last night. I have sent the DNotes to my faucet "retirement" account in my DNotes vault, bringing the grand total to a little over 88 DNotes. Not bad for less than one month of playing this game :)




wiser

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Re: Could I retire on faucets?
« Reply #13 on: May 08, 2015, 04:48:52 PM »
Yesterday and today I started using two DNote faucets which pay out directly to my faucet "retirement" account.



For those of you who are interested in this experiment but don't want to deal with all the trading that's necessary with faucets paying out in other cryptocurrencies, this might be a good way to start your own faucet "retirement" account. All you have to do is register an account at the DNotes vault, and then open up an account in the "Retirement" section. You then use that address as your faucet payout address. After that you don't have to do anything other than visit the faucets and occasionally log in to your DNotes vault to check on your progress.

Here are the faucets. As far as I can tell, these are the only active DNotes faucets.

1. MultiFaucet This faucet has quite a few altcoins including DNotes. Each coin drips every twelve hours and you get a ten percent bonus just for being logged in when you collect. First register your account on the main page. Once logged in, click on the [+91 Faucets] button near the top, then scroll down the list until you find the NOTE faucet. Enter your address, solve the Captcha, and you will receive 0.11 NOTE almost immediately. Log in and collect once a day and your earnings will add up and start earning monthly interest.

2. CryptoBlox This faucet also has various altcoins including DNotes. The link I provided takes you directly to the DNotes faucet and there is no registration requirement or benefit. You can collect from this faucet every hour.
« Last Edit: May 08, 2015, 04:52:17 PM by wiser »

wiser

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Re: Could I retire on faucets?
« Reply #14 on: May 08, 2015, 10:22:39 PM »
This morning I worked up a spreadsheet to help me project what my faucet "retirement" account will look like once I can access the funds. Go ahead and open it. The rest of this post will make more sense if you can look at the spreadsheet.

The logic of the spreadsheet is as follows:

Twenty years can be divided up into 240 months. Each month the balance of the account earns interest of one percent. Another way to say this is that the balance gets multiplied by 1.01 each month. Each week I add a lump sum of all the DNotes I've gained from faucets in the previous week. Each lump sum of DNotes is entered at the top of a "week" column. You can see the impact of monthly compounding interest by following that particular sum all the way to the bottom.

My very first lump sum of around 35 DNotes got put in at Month one, because I opened the account the same day I made the deposit. However, I opened up the account close to the end of the month, so it got paid interest right away. My second lump sum of around 52 DNotes got put in at Month two, because it will only get paid interest 239 times. Once interest gets paid on everything at the end of May, then every new lump sum will need to be entered at Month three. Over the years I'll lose some of the compounding value for new amounts.

To keep things simple I am not counting any of the earnings coming directly from DNotes faucets in this projection, because payouts could be multiple times a day depending on how aggressively I'm visiting the faucet. However, I did include one drip from the MultiFaucet (0.11 NOTE) just so I could see the impact of that one drip. I had to start this one on month two since I discovered the faucet after the first month's interest had been paid. However, I included the total it would have on Month 241 so you can see what the impact will be if you start your faucet collecting in month 1. The verdict is that at the end of 20 years, that drip of 0.11 NOTE will grow into 1.17 NOTE, a more than ten-fold increase. This will be true for each drip I collect from that faucet through the end of this month. Basically, whatever I add to my account this month is going to be worth over ten times the amount when I can access the funds :)

Once I set up my spreadsheet the way I wanted to, I went ahead and set up three more pages to simulate what my earnings would be in a 15 year, 10 year, and 5 year "retirement" account in the DNotes vault. At the beginning I could have just as easily opted for any one of those accounts. The interest rates are different for each account and I took that into account.

The most interesting number in my opinion is the running projected total towards the top which is in blue and is currently 944.14 NOTE. This tells me what my entire account will be worth at the end of its term if I were to stop with the deposits I've made so far. Again, it won't include any earnings or accumulation from faucets paying out directly in DNotes (other than that one drip I included). You can see how that number changes using the same deposits on the shorter term "retirement" accounts. Of course, the really big unknown is what DNotes will be "worth" in terms of US Dollars or other national currencies as well as what we understand today what US Dollars (and other national currencies) can buy. Having over 900 DNotes from faucets at the end of 20 years may represent substantial wealth, or it may not.

You can view the spreadsheet here. I hope you will find it a useful guide in determining if this is an experiment you'd like to do for yourself, and if so, which type of vault "retirement" account you should use. Note that at this time my faucet visiting is very aggressive. Your account's performance is going to depend on how much you are actually able to put into it, especially at the beginning. If you'd like a template in which you can fill out your own numbers, message me with an email address and I'll send you the original excel file.
« Last Edit: May 15, 2015, 05:17:37 PM by wiser »


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