Topic: CANCELLED 4.85 BTC loan to seed tech dev company in Namibia (Read 3371 times)

LOL 

http://www.coindesk.com/asic-miners-litecoin-soon/

no it doesn't.

Regardless of what will be developed for Litecoin-specific purposes, a Block Erupter (blade or USB) will *never* be able to mine Litecoins.

I'm not going to attempt to predict what can and cannot happen in the future in regards to bitcoin tech development. From what I understand, it would be a lengthy, expensive and difficult process to optimize ASIC memory for scrypt algorithms but it's not impossible.

Currently = not ever.

I will not be using BE to mine litecoin as that is currently not possible. Initial loan request stands at 15% over 6 months.

I concede, that post earns me a dunce cap.

I think that I've now earned the right to be condescending.

I'm out.

I don't know what LTC blades are, I mean that one of the BE blades that would be purchased with the loan would be assigned to the task of litecoin mining.

LTC Blades are being sold where?

I am upping interest on loan to 15% for a whopping 1.11 btc return. Today I started mining litecoin on the 6670 and I am considering assigning one of the blades that would be purchased solely to litecoin as efficiency seems to beat bitcoin by a mile right now.

I have taken what I believe your core criticisms are and rewrote my first post to be more clear on what I intend to do. Thanks for the observations.

Thanks, will definitely keep that in mind. Although my idea is to buy 2 BE blades at 10 gh/s each at the beginning and then use a percentage of income made (from trading/investment) to purchase USB erupters along the way in subsequent months.

You should maybe look around and different prices on the block erupters. Even I sell for $25 in Bitcoin. And, I know I'm not the cheapest.

Please don't be condescending. We are all smart tertiary level educated people.

I stated in the first post:

Immediate small returns I will smartly invest using bitstamp, mtgox and low risk investment plans like flatbitcoin.com which I am already doing.
The core purpose of this first mining/investment run will be to repay the loan.

So you're the first in the country? And what about it? It doesn't make mining with USB BE's any unprofitable. For every BTC you put into those thngs you get 0.5 BTCs out (as an example, the actual value will be different). Where does the other 0.5 come from to make you break even? Hint: It doesn't happen.

You say you want to take them apart to see how they work. Well, unless you have an electron microscope and knowledge of microchips, you're not going to figure it out. A USB BE is a chip on a small PCB. There are a few components on the PCB to manage power flow to the chip as well as to communicate over the USB port. But the real work is being done in the chip. And you're not going to just take it apart and find out how it works.

I seriously question your business skills if you think that putting in X amount of money (the loan) to receive periodic payments (mining income), the total of which will *never* add up to X, is a good idea. If you want a constant income stream (why?), just put the loan amount in a cold wallet and transfer part of it to your active wallet periodically. There, you're generating "income" and you'll get more than you'd ever get by buying USB BE's.

In a universe where we'd literally be the first business country wide to have anything to do with bitcoin.
To gain momentum in regards to growing our hashing power to eventually become profitable we have to start with infrastructure.

I have factored in electricity cost. My business idea is to combine the following:

Mining
Investment/Trading
App/Tech development

An overview of the plan is, in the first month I will mine preferably (and I think im sure now exclusively) from 2 blades. at current tech capability that will be a minimum of 20 GH generating at current difficulty around 0.0893btc p/24h for 2.679 btc per month. 40% ROI goes directly towards repayment. Another 40% goes toward low risk investment and 20% towards USB BE purchases so that my team here can take it apart and take a better look at it. Second month I do the same but add the USB BE's and I think I'll be able to purchase two in 2nd month to add on to hashing power of rig.

I will do this consecutively each month as profitably allows. All returns from investment will immediately go toward completing loan repayment before I take any profits for the business.

I will also be contributing minimum 10% of my earnings/pm from business I already have towards the loan to make sure I stay on track if need be. I believe I am savvy enough to get adept at investment/trading to be able to generate loan repayment solely from this aspect.

Once we have a working grasp of mining hardware/ bitcoin network structure we will look at app/ tech development. An idea we've been throwing around is deving a lo fi game that allows locals in Namibia to interact with bitcoin through simple mobile gaming. We will iterate idea, to idea until we actually have a value proposition and a product/ service of some sort.

It's very general but I believe this requires flexibility.