Topic: [CLOSED] BITFURY group buy Singapore - NO VAT,free electricity+net (Read 1988 times)

Closing and issuing refund.

A relative offered to buy and host it with me for 20% of running costs.

NUS here. You?

Not in Europe but will be shipping it to London (friend there) and having someone (family member works for an airline in Singapore) carry it back handcarry (and refund VAT if VAT applies)

Just to ask, are you located in Europe? Because http://www.bitfurystrikesback.com/ only ships to Europe...

Supporting Singaporeans and college kids. NUS? or NTU?

Free bump and support for fellow Singaporean.

1. Yes unit hasn't been bought yet.
2. At opening yes divided into 300 shares and each share is 1BTC and is equal to ~1.3 GH/s but if the price of bitcoins rises and whatever is in the fund is enough to purchase the machine. I will close out the Groupbuy and the machine's total hash power will be divided equally between the number of units which have been sold.   So if I sold 3 shares and the price of bitcoins goes up by 100x. I will purchase the miner and each of the 3 sold shares will get 400/3 GH persecond

Chillies = Jalapenos? How many?

Got time let's go lim kopi together.
Maybe i can put my chillies at ur dorm for 4% charge?

Qs:

1. So your miner from BitFury has not been bought yet?
http://www.bitfurystrikesback.com/

2. Each unit is divided into 300 shares which equals ~1.3 GH/s and 1 share is 1 BTC?

If priced at 1.025 (for john's fees) would you be interested in groupbuy?
Asking John if he can close the escrow and cash out if the value of BTC increases to a point when amount collected/pledged is enough to get a miner.

use escrow, then you might have a good start on this =)

for frequent asked qns

save this post first

Why group buy with me?

Equipment bought at cost, will close order once there are enough bitcoins to purchase a unit if bitcoin price increases. 400GH/s will be split among investors who have paid. For example: If I collect 150 BTC and value of bitcoin doubles. I will purchase unit with 150 BTC. So each investor hash per share will be doubled. 400 shared among 150 shares instead of 300.

Low fee! I have free electricity and internet in my dorm and it is airconditioned all the time. So the only running charge is my low fee of 4% of each month's profit. I will make sure it is running and will pay out all funds to investors after this low 4% fee.

Variable Shares. 300 Shares is based of a BTC to USD rate of 66.5. If I have collected 150 BTC and the value of BTC doubles to 130USD. I will do the following

• Close out group buy
• Pay for ASIC miner
• Adjust everyone's share proportionately to current value of Bitcoins at cashout

SOLD SHARES:

UNIT #1 - August delivery
1/300

  Shares - Name
- 1 - Anonymous20130708
-


Hello
Miner will be purchased from BitFury

http://www.bitfurystrikesback.com/

We will try to collect funds for one 400 GH/s unit delivered in September. If we fail to collect in reasonable time I will refund all funds. If there will be more demand I will try to order next units.

Each unit is divided into 300 shares which equals ~1.3 GH/s
Each share is worth 1 BTC for August unit.


Unit #1 - 400 GH/s August delivery
payment adress:


After payment please post in this thread or send PM if you wish to remain anonymous.
Please post in the following format:


Be aware to use only adress you control.
In other words adress that you can send signed message with.

Terms and Conditons You are fully aware that your money simply can be LOST or STOLEN. We have to face many ugly things like:
a) chip developers fail to deliver chips, or will deliver chips later than expected
b) our package can be lost stolen, destoroyed etc. ofc I will try to run as many refund attempts as possible
c) our group buyer will simply steal our chips
 d) our assembler will steal our chips
 e) we expect not fully tested equipment, so many things can happen
 f) always remember bitcoin is relative young project with many $ in it, it's still wild west out there. them kids with dollars!:)
 g) all transactions and orders will be transparent, therefore you can not have any complains against me and I hope we can still be friends after sth fails
 h) remember I don't have your money, I will provide all proofs of orders and payments
f) I am not responisible for any financial advice
g)if we recieve our equipment too late, so mining difficulty will be high, then it will take longer to be break even in our investment

Hashing power (mining power) will be distributed to investors accorded of how much they invested, each investor will hold a share of hashing power equal to his owned percentage
Dividends will be paid out twice a month on bitcoin adress provided by investor, all transactions will be public so there will be no cheating possibilites
I reserve myself 10% of hashing power as payment for my effort to collect money, host and keep that hardwarde running 24/7 for two years, actually run this project,keep it safe and cool, not to mention knowledge
Dividends will be paid after used electricity cost calculated and added, bill will be shared on all investors (% owned = % of the electricity bill)
BTC will be converted to PLN to cover electricity bill on a day when electricity bill will be delivered to my door. I will use actual exchange BTC/PLN rate for that day
All hashing power is distributed to investor on all AVALON units, in other words you don't own any unit, you own shares in bitcoin mining farm, depending od your shares in each project separetly
When one unit will be dead/broke, all investor hashing power will decrease no matter which unit of Avalon chip miners is broke. Bitfury is just one single separate unit.
Investors by voting will decide do we try to repair it or we abandon it. when we will decide to repair we will share all cost equally to owned hashing power
Investors are responsible for providing valid bitcoin adress, if you don't own bitcoin adress try downlad bitcoin-qt client from bitcoin.org or create your wallet at www.blockchain.org it's simpliest known way.
Try not to use exchanges, casinos, mtgox, bitcurex adresses becouse a) they tend to change time to time b) you simply don't own that adress

If BITfury will arrive and avalon chips will not, or other way. You don't own any rights to other unit which have arrived beside share of hashing power equal to the table in that document

You can tell your friends that you participate in such bitcoin mining project, but never make this Google Docs http adress public on any forum or anywhere else.
I will try to provide as many updates as possible on this Document, to keep you informed, I am aware that you want to know what is going on as much as I do
Since not everybody is computer savy I will try to keep things as simple as possible.
If any unexpected costs will occur such as import taxes or higher than expected delivery cost or additional computer, electric or mechanical parts which will be needed to run our mining project,
 I will either collect money from you or substract them from first payout according to owned shares.


You are allowed to change your payout adress twice a month
You can resell your shares to someone else if you wish. Think of a higher price than you bought and make instant profit, or simply take your money back.

If you want some sort of refund ask for it NOW, by NOW I mean immidietly after reading this. Even the money is already sent maybe together we can figure sth out.

I will reserve 4% of hashing power as my "service fee" electricity and air-conditioning will be paid for by my dorm.

When mining is not profitable anymore, we will attempt to sell the miners or find another use for them. Any proceeds thereof will be distributed as dividend.

In case of hardware failure
I believe the gear should be able to run 24 months, but since there are no working devices yet we simply don’t know. In case of hardware failure we will try to repair or replace the machine. Any costs involved will be deducted from payment as costs.

Dividends
Dividends will be paid to adress which has been used to pay for shares, if you wish to change payout adress please send signed message.
Payouts will take place bi-weekly.

If we will fail to collect whole  ammount for 1 x 400 GH/s unit, funds will be refunded. Hashing power will be distributed to all investors according to invested amount. Virtually there is no possibility that your money will be stuck or in limbo. All transactions and orders will be transparent

Due to Bitcoin price fluctuationss each unit is divided into 300 shares. If bitcoin price will go up and total amount need for order will be available at the moment, we will order our unit instantly. If there will be any money left they will be send back to last investors in que. If in fact price will go up, whole unit hashing power will be distibuted to each investor according to owned shares.

Until final order is made you can see that none of bitcoins collected for that group buy has been moved. They will be only used to make payment for our order.

https://blockchain.info/address/1BT4zrktGKBFxQEPVoVqsWZDtmxmSk883Q

I will provide scan of my ID for verification image only to people who PM me. Scan will have my usernamewritten on background of white paper and linked to this post.

Thank you pajak666 for the layout