Bitcoinz – Feb update

Welcome, new Bitcoin (BTC) holders to the first monthly report tracking the progress of your investment.

Following a short month of revenue raising, our funding goal of AU$2000 – AU$3000 was achieved with a total of AU$2200 investment across 11 members.

Funds were transferred to the Mt Gox Bitcoin exchange on the 5th of Feb (at the cost of AU$22 for the bank transfer).

Funds arrived at Mt Gox a few days later and the total amount was immediately invested into BTC. The transaction looked something like this :

Total investment amount: AU$2142.55

Average BTC purchase value: AU$4.77

Total purchased BTC: 448.294

BTC per member: 40.75

 (please note, average purchase cost also include Mt Gox transactional cost)

For the remainder of the month we will simply hold the coins and have a look at what the market does, over the coming weeks I’ll update you on potential strategies around margin lending to increase our total exposure to improving conditions.

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Disclaimer

Long Straws is the personal blog of Stephen Colman.

The views represented here are mine and should not be considered representative of my employers.

Any posts containing statements around the suitability of financial service products should be considered "general advice" which does not take into consideration your financial background or circumstances. Please contact a licenced financial planner should you require advice in this regard.