Topic: [LOAN] Seeking 100 BTC Loan for Mining Rig - page 2. (Read 4220 times)

If and when the ASIC's do come out, I would be more than happy to invest my portion of the profits into getting some and BTC mining, but not until after they have been verified in the forums by the rest of the community...

Hmmm, okay I see the problem with my math. I only did one card and it should have been 6. Ok, this does have a chance at paying it back. I stand corrected.

There is still lots of risk (namely GPU miners pouring over to litecoin when ASICs and reward half drops, plus ltc/btc exchange crash), but it seems like you are doing your ROIs right.

Your point...?

That describes about 3.5 billion people in the world.

I'm not trying to defend anyone because I haven't been around long enough to know who's scamming or not, but I have to point out that just because you collect money from new depositors does not mean you are operating a Ponzi scheme. It is only a Ponzi scheme if the operator takes off with money in the end, otherwise if everyone is getting what they are supposed to be getting then he is just a middle man for a legitimate lending service.

People seem to be thinking that I'm looking to do this as my only source of income. As stated earlier I am going to continue looking for work and I plan for this to be a side source of income.

And when the ASIC's come out I'm sure I will have made enough in mining profit to be able to afford them if they are really worth buying, but I don't want to spend money on something right now that nobody has seen, used or REALLY knows anything about.

You want figures, I gave them to you above. If I was able to set this rig up today I could be mining roughly 20-25 BTC worth of light coins per month mining solo, which I would give 70% (15-18 BTC) to my lender until my loan is paid off with interest.

Keeping the rest of the BTC I earn, IF the ASIC's come out and IF they are determined to be worth buying, jalapenos are only $150 each, I can buy a couple at that point and set it up.

Also, I'm not too concerned about the ltc/btc market crashing, both are on an upward trend in USD value, if selling ltc for btc becomes less profitable, I can just start selling it directly for cash.

I have above average intelligence and with the right resources I am capable of just about anything, I'm positive I can find a way to make profit and maintain profitability as the market changes and when I am back to working it will be even less of a concern for me.

I disagree and you say Micon and his brainwashed followers, the brainwashed people are the guys who believe in all the magical HYIPs! I think if more people banged on that drum less ponzi's could manifest. The thing I find odd about your argument, is it wouldn't be rational in other circumstances i.e. a man running round steeling old ladies handbags but here it's accepted and the people shouting thief are the odds ones!

look at Pirate how many old ladies handbags could you buy with $5 1/2m it's disgusting and I find it odd anyone with a reasonable mind isn't banging on the same drum.

@Chang Hum: Perhaps I didn't explain properly.

Look, I don't like the scams anymore than you. But the reality is that bitcoin and scams go hand in hand. And that's never going to change. Never! Whatever you, me, micon or his brainwashed followers say is gonna change that.

The bit I find odd is that people don't understand that, and keep fruitlessly banging the old "we are protecting bitcoin" very worn out drum.

Those people would argue it's far stranger the level of support the community lends to ponzi scheme operators! Even Danks bank who openly admits his interest is paid from new depositors gets customers!

I'm going to try to explain it again because you seem to be missing what other have been saying: your business plan is seriously flawed and you will not be able to use this rig to mine 100 bitcoins. I just plugged your specifications into my personal calculator and (assuming .11c/kwh), it will take you 36 months at the present difficulty to mine your btc value back. Difficulty is certainly going up.

To a lender, the low profitability faced with likely lower profitability represents a large risk. The fact that you weren't able to work out these profitability issues on your own carries a risk.

Ok, so you say you are going to litecoins instead. Can you show any kind of calculations for profitability for this? I don't know a lot about litecoin, but I plugged the value for a 6950 from here into this and got over 22 months to repay at the current litecoin difficulty and ltc/btc trade price. There is generally a feeling that GPU miners will pour over to litecoin once ASICs arrive. And if they don't then it's because the ltc/btc trade has crashed. More risk.

When you add into this the admission that you have no income, it makes this loan impossible to fund because it is impossible for you to repay it.

On a personal note, I understand the desperation that comes from being unemployed, but this is not the right path and if you were to try to do this, in all likelihood you will end up worse off.

I dont know if LTC mining is really that profitable right now, but soon it will definitely not be. Why? At the latest when asics arrive and BTC reward halves, there will be 10s of 1000s of GPUs looking for some use, and guess what, if only 10% of them start mining LTCs, you can kiss your profitability goodbye.

If buying gpus to mine LTC were a good idea, people would do just that instead  of lending you the money to do it and profit of it.  But its not a good idea though, at this point its a terrible idea.

You might be lucky getting a loan, but as you say we are in difficult lending times at the moment. There's plenty of scammers about, and also another odd bunch that are under the illusion they are "helping the community"  by screaming ponzi every 5 minutes. In reality they are making things worse for everybody.  Strange.

Crazy people's BTC spends just as well as anyone else's, LOL...

If he's willing to lend and give me a fair deal, I'll check it out. I know it's hard to trust giving a loan under said circumstances, but I'm willing to give out a lot of personal information and proof of identity to include my address and I know there are plenty of people on this forum who are willing to go to someone's front door to harass them and serve lawsuits on behalf of themselves and others.

I really don't know what else I can do to alleviate a lenders concern.

I used to fold for bit-tech.net magazine team. It was fun, tweaking, cooling etc, got my name in monthly magazine. Then the electric bill popped through my letterbox. Suddenly it wasn't fun anymore. I quickey stopped, as many do.

Can't say for bitcoin, but with with bit-tech magazine folding team, most folders live at home with parents, so electric costs are irrelevant.

Our electric prices here in UK have shot up into orbit last few years.

If you have to ask... you can't afford it.

This issue has been thread-spammed to death.

People don't need incentive to mine, they just need a good reason to feel good about mining at a loss. See the Folding@home project. People fold because they feel its a worthwhile donation of hashpower.

Many people feel the same way about bitcoin.

If this is true then bitcoin is doomed. As there would be no incentive to mine, keeping the network secure.

Ok, but I think mining LTC will still be profitable.

Consider some math here:

My current setup SUCKS out loud. I mine BTC at roughly 10 MH/s.

If I take that same setup and apply it to LTC mining my setup maxes out at about 20 KH/s (est. LTC/Day is roughly 9 LTC) which ALSO sucks out loud.

With my proposed setup I can mine BTC at right around 1 GH/s (a 100x increase in performance). Apply that same 100x performance to LTC/mining and I should be seeing somewhere around 2 MH/s for mining LTC at which point I could mine solo and expect to find a block every 5 - 6 hours or so which would be roughly 200-250 LTC per day which I can then sell the lot for just under 1 BTC.

At this rate I could expect to see roughly 21-25 BTC per month mining LTC which I would give 70% (roughly 15-18 BTC) to my lender and keep the rest for myself.

At this rate I could pay off the loan in about 6 - 7 months.

I am still looking for employment, my plan is to have the mining rig as a side source of income...