Topic: I get a loan for mining hardware, but I cant back loan, HELP ME - page 4. (Read 11171 times)

Thank you very much mr. who send me 0.00016 BTC !!!

Thank you very much for the help! I'll try something like that if I finally cornered.

I am stupid province IT, no high skills.

She is standing on a stool because it doing photo "rigs and wife" more beautiful in close small balcony.

You must be American. But your points are valid.

Why do we care?  What gives credibility to this plea for BTC?   This:



I understand that the GPUs generate heat, and that's why your wife is OK with only wearing her underwear, but Maniac... Why is she standing on a stool?

I just hope your wife has some thermally appropriate clothing when the GPUs are powered down.  

Because the guy needs advice. Money won't help him avoiding stupid decisions.

I have no idea what you're up against personally, but how about this:  Seek employment in Moscow, if that's where the jobs are  - but sell what you can before leaving the house behind in order to save up funds for a month of living expenses.  Go to Moscow with the video cards, have sales of them lined-up to pay your bills until you can find a job (one more month of living expenses).  Work and just hope that bitcoin prices go up enough to pay off the loan sharks.  If not, then you're screwed anyway, right?  At least you'll be screwed in Moscow or wherever the jobs are.

See.. You could make big bucks. Russian couple vs. Al the Alpaca in "Bestiality"

Now we're talkin'. I'm bookin' a flight to Russia.

~Sex with Al~

However, you can be put into jail for fraud, i.e. if the debt is not due to unforeseen circumstances. Usually "not unforeseen" means intentional, but can also mean that you took too much of a financial risk (e.g. taking out a loan and going All-in on number 7 in a game of roulette).

Then it's similar to other jurisdictions.

You made a bad choice and now don't want to suffer the consequences. I don't support that.

However, here's my piece of advice: Put all those precious bitcoins you mined into a save place (read about Armory offline wallets, brain wallets). Liquidize your mining equipment. Talk to the bank about getting out of that bad contract. Tell them, if together you can not come up with a solution (e.g. a lower interest rate, maybe 5%) you will likely to go bankrupt, which means they won't see any money at all. (However, they may know about your assets, which removes that bargaining power). You may have to add additional owners to your house to protect it against forced liquidation.

Not everybody is in the position to benefit from the evolution of the bitcoin mining market. You're in a bad spot: Expensive money, bad technical advice and no privileged access to modern mining equipment (ASICs). The only advantage you have is low power costs. But that's not enough. The only business model which would have made sense is to offer mining equipment hosting, i.e. let other people buy the mining hardware and carry the risk of hardware deprecation. You then only charge a hosting fee.

Do some extra nasty shit that no others do....

odesk.com?

It you have sysadmin/programming skills, sell them...

I don't think you will pay taxes over them and I think that 500$/month should be easy to do..

In mother russia electricity buys you.

Russians don't have money.

No prison, but take away all the property and large share of official income for a long years. It kills my dream about village home and plant potatoes. All my life I'll urban poor.

It's a good thing you have cheap electricity, 8000kWh a month is about 11kW constant draw. 1.17MH/J is pretty terrible. Even if it was free you won't be able to pay off your debt with the setup you have now. You might only have a few more weeks before ASICs hit and you have no appreciable income.

Move to Canada.

I don't understand why if you knew all of this about loans why you would take one out.

Just leave Russia.  You talk about how bad it is there. (I've never been to Russia, but I imagine it is pretty accurate to what you are describing.)  You don't have a job.  You're massively in debt beyond your ability to repay.  I'm sure there is some other country that would take you in that would be better.  


But curious.  What happens if you default on the loans?  You say there isn't a form of consumer bankruptcy over there. Does that mean there is a "debtor's prison"?  

That's one of the founding principles of the U.S.  You can't be put in jail just because you owe someone money.  (Except in the case of child support, which isn't being jailed for not paying a debt, it is being jailed for defying a court order, i.e. contempt.)