April 9th, 2008
I have been getting quite interested in seeing if this challenge/project/experiment, as others are naming it will work or has worked for anyone else. At this point i have been very underwhelmed by what i have manged to find. Not so much in the number of people undertaking it, or really even by the ideas that people have to generate money for this or the way that people are making it such a big deal.
The thing that has got me the most the amount of time people are sending compared to there progress. There are just so many people that i seem to find at or around step 15-19 in their blogs which in the original challenge steps equates to between $80 and $2500, with the highest achiever working in another currency but converted back to approx $3800. Which by no means is something to be proud of in the upper end, however most of these participants that i have read about seem to have been working on this for anything up to 2 years.
Which really gets me wondering is there some key point that makes this so difficult to use money to make money. For example i can understand in the early stages should be easy which most people seem to get past easy enough, the first few stages can easily be passed by finding just a few coins. Even up to Step 9 or around $5 depending on your starting point is easy enough to come up with finding coins, it may take a month or two but you will get there. Then the next 2 or 3 steps should take not much more then 1 or 2 trades Maybe even less if you are really a keen trader and can manage to really buy low and sell really high.
Even beyond these first few low $ steps should be easy to pass with some smart buying. Really how much do you really need to purchase for a product like Jewelery. Buying the parts to make some fashion jewelery off ebay, and then spending a little time to put some pieces together and then either resell on Ebay or at a local market, it should be relatively easy to make the money back that you spent plus a good profit, maybe even more then double your investment. Then getting into steps where you are dealing with $1000+ should become even easier to find products that can be bought low and sold high for quick profits in flipping product.
I just cannot understand how it can be so difficult to to increase a starting amount of money, through how ever many transactions it may take. I think maybe to many people are looking to actually make the double in one big transaction or at the other end just inch there way there slowly. Where the better method to maybe employee would be to aim to extend the capital or stake at a rate relative to the stake that is to be doubled. Either way i think i will have to make an effort to get there and see just how difficult it actually is to do before making a definite conclusion either way.
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