I'd say that working with Thomas, bobsag3, and -Redacted- has worked out well to provide great Group Buy values and improvements.
Only 1 month and 4 days later: we nearly quadrupled our sales from $30K to $112K!
I can only assume that people are interested in getting access to the best value miners at the lowest possible costs via Group Buys.
==
And as always - don't forget that when in doubt: use escrow!
Topic: Logic of a Group Buy and Escrow Protection (for noobs) (Read 1725 times)
I just missed your run. I tried to contact you through ebay so i could get a hold of some Sierra shares. But, i guess sold already. Any upcoming GB's
Hi umdorado,
I'm sorry I missed you!
My wife usually mentions if an ebay msg. comes in via email notification, as that's her account & I just list things there for sale & buy electronics occasionally. She said she didn't get a notice, so that's odd.
Thomas (user: thomas_s ) will likely be leading the charge on the next round, Round 5, when he feels ready, or he's also free to branch off on his own and start his own thread. I'm taking a little break on GBs as I'm still getting caught up from selling 3 HashFast miners in about a week. You wouldn't believe how much work it is behind the scenes for these things.
I'm planning to do more of an assist role if he decides to team up again for a 3rd co-GB, so if you're interested in another round of at-cost HashFast shares, I'd send him a PM with your interest. I'd say the more PMs he receives in interest for a R5, the more likely he'd be to run one.
Edit: It's crazy to think I helped sell $30K worth of 4 HashFast miners in about 5 weeks since I wrote this; especially when I had never done GBs before in my life and now I can set up escrowed GBs for GB shares for new GBCs that need this service.
Cheers!
I just missed your run. I tried to contact you through ebay so i could get a hold of some Sierra shares. But, i guess sold already. Any upcoming GB's
You're welcome! Good for you! I'm organizing the same thing as well. PM questions came up from people that are even newer then us at this whole BTC & Group Buy-thing, hence this short guide.
I tried very hard to minimize risk exposure for Group Buyers when dealing with a new GB coordinator. I even transferred my AM shares to John as collateral for my first few months of miner payouts.
I tried very hard to minimize risk exposure for Group Buyers when dealing with a new GB coordinator. I even transferred my AM shares to John as collateral for my first few months of miner payouts.
Thanks for the explanation!
I'm a bit new here but I just organized a pretty big group buy thread for a Baby Jet and I'll try to get John K to be the holder. Obviously it's kind of hard considering I have no trust, but hey...worth a shot.
I'm a bit new here but I just organized a pretty big group buy thread for a Baby Jet and I'll try to get John K to be the holder. Obviously it's kind of hard considering I have no trust, but hey...worth a shot.
This short guide is for newbies to Bitcoin mining that are interested in participating in a Group Buy on this forum. I'll go over the logic of a Group Buy and how escrow *can* protect you if it's set up well.
Logic of a Group Buy: By leveraging the buying power of multiple miners you're able to practice economies of scale...on a smaller scale! Companies like Costco & Walmart are able to offer the prices they can because they have such huge economies of scale and order at such volumes that it affords them a much stronger position when negotiating with suppliers (sometimes to the detriment of the supplier in Walmart's case). This allows them special considerations, lower pricing, exclusives, etc., etc.. and the lower costs get passed on to you.
What you're seeing here is the same type of purchasing power that is afforded to larger entities. Group Buys are a logical conclusion for those miners that see the benefit in banding together their purchasing power to allow them access to either higher quantities (think: volume discounts) or plain access to a high priced product that couldn't be easily purchased by the Group individually. For a Group Buyer, access to a small, ready pool of equity to secure better hosting contracts by paying up front - and thus improve everyone's ROI - is another bonus.
* Risk is shared by everyone in the buy. Shipping & operational costs are also shared by everyone. For this risk, BTC is shared by everyone. Most importantly: higher hashrates and bitcoin payouts are a given, then if you had tried to buy and run a lower end miner on your own.
You can search the entire web & then some. I know. I did. There's no better pre-order + hosting deals then the ones you'll find on this particular forum. There's no other way smaller miners like us can afford the high end miners except through a Group Buy and at the high end is where the best value (BTC per GH) always exists.
Escrow: Since there's no chargebacks with BTC payments, escrow is recommended for most forum transactions unless the seller has a successful track record [EDIT: Hmm, I'm told even then, that accounts can be sold and IDs taken over]. It protects you when you're not sure if the other party has lawful intentions. By having a 3rd party hold all funds, they force both sides to behave, and if necessary, they serve as a non-biased arbiter in any disputes. Many, many people have been scammed by pre-orders and scammers. As long as the limits of the escrow protections are understood they can protect you. Contracts or transactions need to be set up in such a way that escrow CAN protect you. By having a trusted 3rd party such as John K. objectively acting as a referee, a level playing field can emerge and risk can be reduced tremendously in many cases for both buyers and sellers.
Miner payouts: The usual schedule for GBs is that every two weeks you'll receive your share of the BTC mined minus any Hosting and/or Management fees.
Hope that helps! Please let me know if you have questions. I really don't think there's such a thing as a stupid question when it comes to BTC and Group Buys, so ask away! It's good karma to help others anyway.
Cheers!
Logic of a Group Buy: By leveraging the buying power of multiple miners you're able to practice economies of scale...on a smaller scale! Companies like Costco & Walmart are able to offer the prices they can because they have such huge economies of scale and order at such volumes that it affords them a much stronger position when negotiating with suppliers (sometimes to the detriment of the supplier in Walmart's case). This allows them special considerations, lower pricing, exclusives, etc., etc.. and the lower costs get passed on to you.
What you're seeing here is the same type of purchasing power that is afforded to larger entities. Group Buys are a logical conclusion for those miners that see the benefit in banding together their purchasing power to allow them access to either higher quantities (think: volume discounts) or plain access to a high priced product that couldn't be easily purchased by the Group individually. For a Group Buyer, access to a small, ready pool of equity to secure better hosting contracts by paying up front - and thus improve everyone's ROI - is another bonus.
* Risk is shared by everyone in the buy. Shipping & operational costs are also shared by everyone. For this risk, BTC is shared by everyone. Most importantly: higher hashrates and bitcoin payouts are a given, then if you had tried to buy and run a lower end miner on your own.
You can search the entire web & then some. I know. I did. There's no better pre-order + hosting deals then the ones you'll find on this particular forum. There's no other way smaller miners like us can afford the high end miners except through a Group Buy and at the high end is where the best value (BTC per GH) always exists.
Escrow: Since there's no chargebacks with BTC payments, escrow is recommended for most forum transactions unless the seller has a successful track record [EDIT: Hmm, I'm told even then, that accounts can be sold and IDs taken over]. It protects you when you're not sure if the other party has lawful intentions. By having a 3rd party hold all funds, they force both sides to behave, and if necessary, they serve as a non-biased arbiter in any disputes. Many, many people have been scammed by pre-orders and scammers. As long as the limits of the escrow protections are understood they can protect you. Contracts or transactions need to be set up in such a way that escrow CAN protect you. By having a trusted 3rd party such as John K. objectively acting as a referee, a level playing field can emerge and risk can be reduced tremendously in many cases for both buyers and sellers.
Miner payouts: The usual schedule for GBs is that every two weeks you'll receive your share of the BTC mined minus any Hosting and/or Management fees.
Hope that helps! Please let me know if you have questions. I really don't think there's such a thing as a stupid question when it comes to BTC and Group Buys, so ask away! It's good karma to help others anyway.
Cheers!
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