Hey everyone,
Haven't posted on here much, I guess you can say I go for quality over quantity. I've been hobby mining since '11 and turned it into a business last year as ETH started to break $40. Before crypto I was a veteran Group Buy organizer and trusted member of laserpointerforums.com
I have an opportunity to order really well priced 1070ti's with a
one month relatively fast lead time (8 weeks) but it needs to be
minimum 10,000 units massive.
Wanted to feel out how many people would be interested in pooling cash together to put in an order as a group. I'm thinking ideally minimum
order 100 or 300 units per person.
If we can get enough interest, I'll get the ball rolling and start getting operations ready to receive/ship.
I'm open to suggestions on how everyone thinks we should handle payment.
Best,
ark02
UPDATE 5-17-2018:
So, what happened? 1) No money was transferred or taken from those who committed
- Soft commit was secured back in January through a reputable multi-national distribution company that has been working directly with NVIDIA, Foxconn, AMD, Samsung, and other component/chipset/module manufacturers for over 20+ years
- Original quantity desired was 10,000 pcs
- We were informed that we could hit our aggressive price target of $350 if we could put together a pre-order on the order of $100M
- Group buy was started, with commits backed by proof of funds
- We collected around $40M proof of funds in a short timeframe, and then took that back to the factory to move discussions forward
- This put us into a rigorous compliance process that lasted over a month with NVIDIA. During this process, they grilled us for all kinds of questions related to the industry we wanted to work in, where the products would be distributed, whether or not they would be resold, etc
- It quickly became evident that they no longer wanted us to buy the gaming cards. They wanted us to buy mining cards and mine, not resell
- At this point, we pulled out of the compliance process with NVIDIA, allowing us to approach NVIDIA's factory customers (like GIGABYTE, ASUS, ZOTAC, etc) as well as distributors directly. While talking directly to NVIDIA, we are not allowed to purchase cards from these factories, which are considered NVIDIA's customers.
- For obvious reasons, these factories/distributors could not meet the aggressive price target of $350, but with large buyers in hand we were able to secure good pricing and complete some spot orders.
- We now have even better relationships with a handful of suppliers, and can get products at good prices quickly from some major distributors.
Conclusion: We can't get the $350 1070ti, but we can get reasonably priced cards for group buys of 200pcs and up.
---- Leaving this in for historical purposes ----
Current milestone: $20M Proof of Funds$40M Proof of Funds
Progress: $40M Proof of Fundsupdated 1-27-18 3:00PM PTINTEREST LIST:TOTAL: 3010
Comby: 300 - PoF: N
MarkAz: 500 - PoF: N
Nalex87: 500 - PoF: N
Cryoplex: 710 - PoF: N
caffinated: 1000 - PoF N
Sponsored:
Name: Qty - Sponsor - PoF
ariabtc: 100 - Revolux.io - PoF: Y
Needs a sponsor:lbr: 102
redbarf: 100
gabriel0: 100
Rapidgator: 100
raidersforever01: 100
Valkir: 100
rope717: 50
Sjenja: 50
Dr.plastics: 50
EU:Mitarbeiter: 50 - EU
Mariowot: 100 - EU
SergejDoe: 100 - Switzerland
Needs a sponsor: 1002No hard commit:Kapz786: ??
Jenia1:??
----
FAQs (so far): Price?$350 per card
Brand?These are unbranded cards straight from NVIDIA.
Telegramhttps://t.me/revoluxioMinimum Order:100 units300 units minimum. Order
Payment Terms:- Escrow
- Standby letter of credit issued by your bank, on your terms
Escrow seems to be the popular choice and so it is 100% available and accepted. As some of you pointed out it can get really expensive at scale. We would have to split the order into ~$10M chunks, and those people could work their own terms, own escrow, etc. Typically, sites like escrow.com handle transactions in the tens of millions. The entire industry grosses somewhere in the single digit billions for annual revenue. Cost will be about 5% of the transaction, but you pay for the security.
Tl;dr escrow.com is no problem
(OR) The faster more standard option in this industry is something called a "Standby letter of credit". You and your bank set the terms, such as "upon inspection and approval, the money shall be released". The manufacturer then ships the products "FOB", they're taken into custody at the US border
Where they await inspection. At that point, you or a representative or someone you hire (like an inspection agency) will inspect the goods, and if everything checks out, your bank transfers the money out of your bank account. Until you have physical product in your (or your inspectors hands) the money never leaves your bank account.
This can be arranged very easily and cheaply, and each "syndicate" can delegate their own "inspector" or trusted third party. Possibilities are endless from there.
Delivery:Lead time: 8-10 weeks
Factory ships "FOB", then goods are taken into custody at US border and await inspection/approval.
We then inspect the goods and if everything checks out, funds are sent to the factory ("COD")
What if I can't order 300?Find a
Sponsor.A Sponsor is: Someone who meets the minimum order of 300units, and is willing to order more for people who can't make the minimum. This involves taking payment from those people and discussing terms with them: Payment terms (credit card? paypal? Escrow? crypto?), Shipping terms, Taxes, After-sales service, Warranty, Return Policy, etc.
DO NOT order from a sponsor unless you have read and agree with all of their terms. It helps if your sponsor is someone you know and trust.If you would like to be a sponsor please make a post on this thread and spell out your terms, which will be recorded on the OP.
If you would like to sponsor, you will need to meet with at least three members of this thread in person, or have three other people on this forum vouch for you.*
We need forum veterans to audit the sponsors: Sponsors should be vetted out by people on this forum who are trusted.
Nobody should place an order from a sponsor they don't trust.
At the end of the "trust chain" created by the sponsors, is the final
trustless transaction (escrow) to get the cards from the manufacturer.
____
*These terms are subject to discussion and change
Current Sponsor List:
(Listed in order of announcement on this thread)
- Revolux.io (that's us!)
total willing to do: 1000 cards
minimum order: 5 cardsWe are sponsoring 1000 units @ 5pcs minimum order. We offer no additional warranty and accept no returns. If you experience issues with setup or have any questions we will offer 30 days of free phone + e-mail + text support to get you up and off the ground. We accept BTC/altcoin payments through coinpayments.net as well as all major credit cards. Payment is due upon placing your order. If this Group Buy does not succeed, all orders will be promptly refunded. Estimated ship dates for our units is April 15-30.
How:
http://link.revolux.io/1070ti- @Saj1420
total willing to do: 1000 cards
minimum order: 50 cardsHow: PM directly on bitcointalk -or-
Skype/email:
[email protected]telegram @saj1420
To discuss over the phone shoot me an email with your number.
Payment Terms: PayPal, Etsy shop, and Crypto. (see his post on pg3 for more info)
- Terms are open to suggestions.
-
Make a post on this thread in order to sponsorWhat is the current Target GB size:Right now, for this thread, we need hard commits for
10,000 GPU's.
As some may have noticed, $350 per card @ 10,000 cards is $3.5M
The total order required from the factory was on the order of $100M
The bulk of the $100M was to be filled by large mines placing bulk orders (the proof of funds we collected)
The idea was to piggyback the bigger order with the GB from this thread, that way we could provide cards to the BT community but also leverage the thread as a means to get to the bigger buyers who would fill the entire order.
2) If you're ordering 1000+ units, we will fly out to meet with you in person, get to know each other before we do any business of this scale. If you're interested in a bulk order, it's better to reach out to us sooner rather than later so we can start to build this trust.
Can we get multiple types of cards? We have the flexibility to order whatever card we want, but whatever we settle on that's it. Only one model for the entire run. Based on our own ROI calculations, the 1070ti at this price point is the best choice. Feel free to suggest any better candidates, we would love to run and compare the numbers!
How how can I trust you?- We're actively working on accreditation by third parties like the BBB to establish trust and make this as easy as possible.
Podcasts we've appeared on:
How do I reach you guys?- If you can make it out to any of the following cities, book a time to drop by and have some coffee:
http://vyte.in/amir- NYC
- SF/Bay area
- Los Angeles
Telegram: @amirofcrypto
LinkedIn:
https://www.linkedin.com/in/amir-khazaieli-a7822a2b/e-mail: GROUP BUY E-MAIL COMING SOON
PM me for cell phone or personal e-mail.
