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Cramer is wrong a lot too, but as I was saying, maybe time to short as well. Always ways to make money…
Will I do it? Nope. I don’t know enough about it. But is there money to be made there? Yes…if I have the knowledge. I just need to keep going down that rabbit hole and see if it is an area I can learn, trust, and have a competitive advantage somehow.
Just like selling shoes on the internet, or winning at the poker table…If I have the advantage, I can win.
Today, yes cryptocurrency is not there. But could it be there in the future? Possibly.
At some point in our past, we went from Barter to Gold. We accepted that Gold was a medium of exchange of value. Then we went to paper currency. We are now in a digital world. Once (or if) society agrees that block chain is a more reliable store of value, we will move there.
Will it happen tomorrow? Nope. In 10 years, maybe. In 50 years, maybe.
I do know that the world 10 years from now will be different than it is today, and definitely 50 years from now. And I love to watch and see where we may be going. Just that block chain is here and the world is moving there is amazing. Will it continue? Probably. Or it may pivot out to something that we don’t have now.
The iPhone is only 10 years old…
Ok, I’ll try for a fourth time to post this…
No, I don’t know the Gross or Net Profit on his eBay business, but he did just recently show his eBay Revenue numbers, and for the past 60 Days, his Revenue was $103k. Assuming a 20% Net Margin, that is $10k per month. Going down to 10% margin (where I was in the Manufacturing Industry), that is $5k per month.
And since this is a sideline to his other outlets (CraigsList, Retail), that is a nice income stream…
Agree with all points. I would also say to compare YOU to YOU. What were your numbers after 3 months? 6 Months? When climbing the mountain, it is helpful to look back at where you started…
That is a great extrapolation to compare your numbers to J&R. Comparing stores is never easy. We all have different styles, items, methods, etc. The most important thing is how you evolve your business, where you are going, and what you can accomplish.
You got me curious though…I’m a math nerd…
We were at 1700 items in our store last week. Doing the same math, J&R were 3.46 our size…meaning our extrapolation of monthly income would be $33,345.55 for the month.
Gotta make that happen!!!
Hey, Craigslist Hunter does that level of income, so it is always possible!
“I don’t think it is currently a good alternative to what we’ve got for the average person in terms of normal, everyday currency.”
Agree with you. It isn’t there yet. But I find it intriguing on the philosophy side, and is it the next step. Like you said at the start, we value our fiat currency because we trust that they are a store of value. But, if we don’t trust the value behind them (Germany in 1923, Zimbabwae in 2000s), there is a collapse of that currency and something will fill it’s place.
Will we value Bitcoin more than dollars? Maybe, maybe not. If we move to valuing our lives in self-driving cars, is it not easy to see us valuing our “money” in Bitcoin?
We already have our trust that the digital bytes in our PayPal account, or Bank Account, will purchase our goods. Is swapping dollars for Bitcoin in that platform really that different?
I am still wary as well, and haven’t invested anything yet. But the study is interesting, and the upside of being on the front end is huge. And especially if you protect your downside on the way up.
I think Bitcoin is up primarily because it is the most well known (and from what little I know, the most secure). But there are thousands of other cryptocurrencies, all with their ups and downs. And totally agree that keeping it secure is HUGE. Which is why when we backed the US Dollar with gold, Fort Knox was so important. I always say that if I can’t keep it safe, I don’t want it to begin with.
The concept is intriguing…
No Apostrophe in Toni’s on the other one (Toni s).
Taken literally (like a computer), that is a different name.
You might be able to talk to eBay about this. It would be good to hear what they say.
Agree that there is a lot of speculation, but I don’t know for sure. I think the concept is intriguing, and there may be value there. And there is money to be made in a crash as well. You can make money on either side of the play.
Yes, always have cash. Sometimes a yard sale pops up, need cash. Sometimes in the mountains, power is down at Store. When getting campsites, need cash.
Cashless society, yes. But a dollar and a Bitcoin are essentially the same. Cash is an idea. The idea that a piece of paper, or a hunk of gold rock, or a seashell…or digital bytes…represent value. End of the day, it works if you and I agree that it holds the same value. And that value is the work you put in to create it.
We used to skip the middleman and just barter. Your milk for my eggs. You plow my field and I fix your barn. Currency just made it easy to transfer the value…and they have evolved from gold to paper to digital bytes. Could Bitcoin be the next evolution if people trust it’s value? Intriguing. We are seeing a future of Artificial Intelligence, self-driving electric cars, and a colony on Mars. May we live in interesting times…
Zombie Apocalypse? I have other items in the Get Home Bag for that…
Funny part is, how often I use items in the Get Home Bag each week. Water, snacks, jacket, earphones, backup battery. Always prepared…
Crypto can be seen as any other currency play. I can buy Chinese Yen, or British Pounds, or Canadian Dollars now, and if they grow in value vs the US Dollar, I make money. Same as Gold, Silver, Stocks, Bonds, Real Estate…or old shoes.
Always about finding value from a willing seller and a willing buyer.
And I have cash 100% of the time. Many times I have needed it when digital wasn’t available. Always in my Get Home Bag too…
Crypto is an area I am interested in, but need much more knowledge of first. How have you studied crypto? And are you trading short term and churning or longer holds?
We have a gift basket of snacks and water that we keep by the door this time of year for all the delivery drivers. We posted a picture this year on our Instagram account and FedEx asked to use the photo! You can check it out on our Instagram account – veros_vault
We are also getting a gift card for our regular driver.
This happens to us periodically. What is worse for us is when the PayPal notifications get hours behind. Since that payment is the only way that we know if something sells on Bonanza or TruGether, we have to know when to enter the order in SixBit.
For us on Etsy, the key is scale. We went from 0-100 in about 2 days via SixBit.
For Veronica to manually list on Etsy took at best 6 minutes, mostly spent on waiting for the photos to upload. Through SixBit, it takes her 2 minutes. She copies the Item Description over, tweaks the price, and spends the most time on Categories, Tags, & Attributes. Then she can submit the listings to Etsy and walk away. The photos will upload while she is away from the computer.
We figured that for that 4 minutes saved per listing, she has time to do other tasks. From a total business perspective: At an average of 15 minutes per eBay listing, the time saved for every 4 listings on Etsy is time that can be used to do another eBay listing.
For us, the expansion into Etsy isn’t as much about a new income stream, but more about expanding our reach and increasing velocity on the inventory we have. So similar to Bonanza & TruGether. Takes a little more work and costs a little more, but so far, the net is profitable.
