- Joined
- Oct 17, 2007
- Posts
- 5,417
- Reaction score
- 4,311
- Location
- Cultural Marxist Utopia
- AFL Club
- North Melbourne
- Banned
- #1
This idea had been mooted in the Bitcoin mining thread and it is high time the concept went ahead. First, those of us who are interested in participating need to agree upon a framework for the competition. The basic idea is simple: see who can increase their starting capital of $x the most over the course of 12 months via investment into cryptocurrencies.
Initially I would have liked to have made it so that entrants need to actually buy into whichever currency they back but, having gone through the process of buying CC myself, I foresee that this might be too challenging for some people to bother. I'm still happy to go this way but am also content to be outvoted if the majority see fit.
The other alternative would be to allow all contestants to play with imaginary money, which I think will still be fun - just not quite as fun. If we do it this way, we can make it so that each contestant starts off with, say, $1000 USD imaginary money and can invest it into any CC they like at current prices. We can then either lock those investments in OR allow periodic portfolio adjustments throughout the year; if we go with the latter, it might be that once per month we allow each contestant to trade into/out of whatever CC they like with whatever CC they already have.
Because BTC-e is currently one of the largest and most respected exchanges for CC and has markets for BTC, LTC, FTC, PPC, NMC, NVC and XPM, I propose that we take our prices from this exchange if we are going to use imaginary money. Cryptsy has more currencies on offer but nowhere near the same volumes so it is far more volatile.
For the next day or two I suggest we come to agreement on how we want this competition to be structured and who wants in on the first (and possibly last) Bigfooty CC Challenge. I hope we can then get the comp up and running by the first week of December (i.e. the end of this weekend).
Initially I would have liked to have made it so that entrants need to actually buy into whichever currency they back but, having gone through the process of buying CC myself, I foresee that this might be too challenging for some people to bother. I'm still happy to go this way but am also content to be outvoted if the majority see fit.
The other alternative would be to allow all contestants to play with imaginary money, which I think will still be fun - just not quite as fun. If we do it this way, we can make it so that each contestant starts off with, say, $1000 USD imaginary money and can invest it into any CC they like at current prices. We can then either lock those investments in OR allow periodic portfolio adjustments throughout the year; if we go with the latter, it might be that once per month we allow each contestant to trade into/out of whatever CC they like with whatever CC they already have.
Because BTC-e is currently one of the largest and most respected exchanges for CC and has markets for BTC, LTC, FTC, PPC, NMC, NVC and XPM, I propose that we take our prices from this exchange if we are going to use imaginary money. Cryptsy has more currencies on offer but nowhere near the same volumes so it is far more volatile.
For the next day or two I suggest we come to agreement on how we want this competition to be structured and who wants in on the first (and possibly last) Bigfooty CC Challenge. I hope we can then get the comp up and running by the first week of December (i.e. the end of this weekend).
