P.S. I generally prefer tons and tons of transaction records.
Let me know if you can think of a way to have a solid transaction record to prove repayment in BTC as I would prefer to repay with mining efforts.
It works out this way for me: If I repay in BTC: 100% gain, even if I pay more in BTC. I get a video card for the cost of electricity I have to pay for anyway.
Repay in cash: same as if I bought the video card.
Straight up buying the card, no gain/loss.
Trying to earn BTC for myself: even worse than just buying the card. It's actually more practical to buy it and fold. Though I can work it better by bartering, I think.
Topic: Bitcoin Loans and flaws (Read 385 times)
Was thinking of getting a loan in bitcoins, to get a mining GPU.
(Will a pci 1x slot work for a Radeon 6770 or thereabouts?)
The problem is... it would have to be a loan in cash with an option to mine BTC in return and I would need weekly confirmations of my effort.
I was reading the PayPal thread. Bitcoins have no printable transaction records. Where's a bit credit union when you bit need one. (I'd say Bit car.... but I think that's taking it too far and Batman might sue).
I've also figured out the 'end of bitcons' / ultimate death of the currency. (Should happen once it's no longer profitable to mine.). Not sharing / don't care if I'm right. Bitcoins are still useful in the short term and may be fun!
Anyway, my goal is not to get a loan in BTC. My goal is to get either a video card valued in $$$ with the option to pay back in BTC or a dollar amount sufficient to buy a card in BTC converted into $$. The card would not be mine until paid for and I would be known to the card owner and could be taken to small claims court.
I can just pay cash for the card. And would likely do so if asked to send it back. (The shipping is 8. My goal price for a mining GPU is 40-60, though of I have to
My problem is that if I mine BTC for myself. Among other limiting factors (there are 3) I live in low income housing and I would have to report BTC sold in income which could get me kicked out. Yeahhh... also, another factor means that I get no net gain from BTC mining and can't even recoup money spent on the vid card. (Unless someone has a nice shell corporation. I think the corp owns the card, borrows the cash for it, and pays me back... gahhhhhh, but then I still don't own the card. XD)
I'd like a good video card to keep me warm... I can get a space heater cheap... but it's more efficient to do something and derive warmth from the waste heat! Like mining BTC.
I have to pay the electricity anyway. I spend at least $30/mo extra warming myself. Why not spend that to run a GPU?
Please no suggestions about me running asicminers, I'm generally pretty paranoid about getting robbed and I don't own anything worth anywhere near that much. (If I did, I'd sell new and buy used to mitigate risk). Yes, I'd gladly give away the electricity needed to keep my room warm. I'd use my X360 for a space heater but it's too much of a red ring risk to leave it running all night. (It's a 2008 falcon I've never had to repair).
Also, if anyone has an old card that it's not economical for them to mine with that they can't sell for some reason (not stolen, but maybe you had to replace the fan or something) let me know."
(Will a pci 1x slot work for a Radeon 6770 or thereabouts?)
The problem is... it would have to be a loan in cash with an option to mine BTC in return and I would need weekly confirmations of my effort.
I was reading the PayPal thread. Bitcoins have no printable transaction records. Where's a bit credit union when you bit need one. (I'd say Bit car.... but I think that's taking it too far and Batman might sue).
I've also figured out the 'end of bitcons' / ultimate death of the currency. (Should happen once it's no longer profitable to mine.). Not sharing / don't care if I'm right. Bitcoins are still useful in the short term and may be fun!
Anyway, my goal is not to get a loan in BTC. My goal is to get either a video card valued in $$$ with the option to pay back in BTC or a dollar amount sufficient to buy a card in BTC converted into $$. The card would not be mine until paid for and I would be known to the card owner and could be taken to small claims court.
I can just pay cash for the card. And would likely do so if asked to send it back. (The shipping is 8. My goal price for a mining GPU is 40-60, though of I have to
My problem is that if I mine BTC for myself. Among other limiting factors (there are 3) I live in low income housing and I would have to report BTC sold in income which could get me kicked out. Yeahhh... also, another factor means that I get no net gain from BTC mining and can't even recoup money spent on the vid card. (Unless someone has a nice shell corporation. I think the corp owns the card, borrows the cash for it, and pays me back... gahhhhhh, but then I still don't own the card. XD)
I'd like a good video card to keep me warm... I can get a space heater cheap... but it's more efficient to do something and derive warmth from the waste heat! Like mining BTC.
I have to pay the electricity anyway. I spend at least $30/mo extra warming myself. Why not spend that to run a GPU?
Please no suggestions about me running asicminers, I'm generally pretty paranoid about getting robbed and I don't own anything worth anywhere near that much. (If I did, I'd sell new and buy used to mitigate risk). Yes, I'd gladly give away the electricity needed to keep my room warm. I'd use my X360 for a space heater but it's too much of a red ring risk to leave it running all night. (It's a 2008 falcon I've never had to repair).
Also, if anyone has an old card that it's not economical for them to mine with that they can't sell for some reason (not stolen, but maybe you had to replace the fan or something) let me know."
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