Your thoughts on a $3.00 - $3.24 per GH/s per Year Bitcoin Mining Contract - page 2.

Buffer Overflow

legendary

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Quote from: User705 on September 23, 2013, 04:04:15 PM

I wonder if we shouldn't simplify even further. I sign up and you just send me any extra BTC you will mine next year since the whole escrow is redundant because I am guaranteed to get more BTC then I put into it anyways. Right?

Sounds good to me. I'll sign up. Cheesy

User705

legendary

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First 100% Liquid Stablecoin Backed by Gold

With this new awesome news lets review the business plan again. I the buyer send BTC to you and you send it to escrow. Lets just simplify that step as it seems unnecessary. I send BTC direct to escrow. You proceed to order gear to start mining in January and send me the mined BTC. If I don't get back more BTC then what's in escrow I call up the escrow and get the extra BTC from there. Does that sound about right? I wonder if we shouldn't simplify even further. I sign up and you just send me any extra BTC you will mine next year since the whole escrow is redundant because I am guaranteed to get more BTC then I put into it anyways. Right?

Buffer Overflow

legendary

Activity: 1652

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Quote from: Supercomputing on September 23, 2013, 03:35:05 PM

Quote from: Buffer Overflow on September 23, 2013, 01:46:04 PM

So I assume OP would have no objections putting investors backup guarantee coins safely in escrow for safe keeping?

Yes with the following requirements:

1), It must be a muli-signature escrow. The seller, the buyer, and the escrow manager each hold a key to the buyer's reserves - any 2 out of 3 keys can release funds.

2). The escrow manger must reside in the USA.

In that case I wish you good luck. Investment not for me as it involves pre-ordering. But best of luck anyway.

Supercomputing

sr. member

Activity: 278

Merit: 250

Quote from: Buffer Overflow on September 23, 2013, 01:46:04 PM

So I assume OP would have no objections putting investors backup guarantee coins safely in escrow for safe keeping?

Yes with the following requirements:

1), It must be a muli-signature escrow. The seller, the buyer, and the escrow manager each hold a key to the buyer's reserves - any 2 out of 3 keys can release funds.

2). The escrow manger must reside in the USA.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

So I assume OP would have no objections putting investors backup guarantee coins safely in escrow for safe keeping?

Supercomputing

sr. member

Activity: 278

Merit: 250

Quote from: User705 on September 22, 2013, 11:18:11 PM

Hmm let's see. You have enough btc to buy hardware but you want others to "invest" with you so you can use their btc to buy hardware. Then you'll keep your btc "in reserve" to cover the "investors" aka "suckers" with your "guarantee". I got it. Oh and then you got another member possibly a sock here throwing around big numbers to make it all sound super duper. Thread reserved for future entertainment value.

Watch these YouTube videos if you would like to be entertained. I enjoyed watching them so much that I saved the links:

http://www.youtube.com/watch?v=S3xhyj-e0Kk

http://www.youtube.com/watch?v=6qSj24_E_lU

http://www.youtube.com/watch?v=wgr3qEjbstM

Now, that's what I call entertainment.

Enjoy.

Supercomputing

sr. member

Activity: 278

Merit: 250

Quote from: fxkevin on September 23, 2013, 05:08:46 AM

The word investment IMPLIES risk, economics 101.

Even with a guarantee there is risk, whether it's time related or default related.

Again for me, if the price is right, and the business plan is sound, and the plan comes to fruition...then I am interested.

I am not making such an offering at this time. But, I am in the position to make such an offering if there will be enough customers to move forward with my volume purchase. I already have the volume purchase pricing for hardware and the data center pricing to host it. And the following two things must also happen:
Gauge market demand - without market demand the plan is DOA.
Establish credibility - if there is market demand but if I cannot establish an acceptable level of credibility, the plan is DOA.

For now, I am simply gauging interest, and establishing credibility is going to be the difficult part. I am up for the challenge when it comes to that step.

Supercomputing

sr. member

Activity: 278

Merit: 250

Quote from: Buffer Overflow on September 23, 2013, 04:04:58 AM

Quote from: User705 on September 23, 2013, 01:38:44 AM

If you think there's nothing wrong with OP saying give me x amount of money and I guarantee to generate a number greater then x with no risk for you then I wish you luck with your "business".

Guaranteed return. No risk.

Massive red flag. No such investment exists.

What's wrong with this forum software? Even after waiting for several hours I keep receiving the same error message when I attempt to make a reply to a post, I need to wait for 360 seconds. Did this software even pass QA? Anyway, moving forward with my reply.

It is a guarantee against loss not profit in terms of BTCs, completely different meaning. For example: you exchange $1000 USD for 10 BTC today, and a year from now, you exchange 15 BTC for $750 USD. You acquired more BTCs but you actually suffered a loss, so it is not risk free. The exchange rate between BTC and USD is very volatile, this is your risk. You know what it is now and not a year from now.

I have purchased many different types of insurance coverages over the years that protected me against a loss. And without such converges, there are many things that I would not have done.

fxkevin

member

Activity: 75

Merit: 10

The word investment IMPLIES risk, economics 101.

Even with a guarantee there is risk, whether it's time related or default related.

Again for me, if the price is right, and the business plan is sound, and the plan comes to fruition...then I am interested.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: User705 on September 23, 2013, 01:38:44 AM

If you think there's nothing wrong with OP saying give me x amount of money and I guarantee to generate a number greater then x with no risk for you then I wish you luck with your "business".

Guaranteed return. No risk.

Massive red flag. No such investment exists.

Puppet

legendary

Activity: 980

Merit: 1040

Guarantee that you will have at least as much BTCs in returns as you invested

That would be insane to offer. Just insane.
Unless its a scam.

fxkevin

member

Activity: 75

Merit: 10

I take his post as I would any forum post...

I am 'interested' in the project if I can verify it's existence and am comfortable with his business plan.

Right now it is a forum post, nothing more, and anyone can write anything they want on a public forum.

He asked IF we, as forum users, would be interested in such an offer, and I would be, provided I can vet the offer, and not via some lame 'vetted by X forum member' either.

Real world business means real world vetting.

If it is BS then I won't be investing.

Cheers...

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

If you think there's nothing wrong with OP saying give me x amount of money and I guarantee to generate a number greater then x with no risk for you then I wish you luck with your "business".

fxkevin

member

Activity: 75

Merit: 10

So I am the 'sock' in this scenario?

http://kevinmurcko.com

I am a real person...

And I would not go forward in ANY venture without proof of concept and some type of guarantee that I am getting what I paid for. However there is little reason to spout off on a public forum about my intentions. If the venture comes to fruition my interest is on record and at that point I can do the needed due diligence and decide to move ahead or not.

Cheers...

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Hmm let's see. You have enough btc to buy hardware but you want others to "invest" with you so you can use their btc to buy hardware. Then you'll keep your btc "in reserve" to cover the "investors" aka "suckers" with your "guarantee". I got it. Oh and then you got another member possibly a sock here throwing around big numbers to make it all sound super duper. Thread reserved for future entertainment value.

fxkevin

member

Activity: 75

Merit: 10

If I see some poof of concept 30k is doable.

Cheers...

Supercomputing

sr. member

Activity: 278

Merit: 250

Quote from: User705 on September 22, 2013, 04:07:56 PM

Quote from: Supercomputing on September 22, 2013, 03:55:24 AM

I completely agree that it all comes down to making a decent return on your investment. For me, I would never purchase a Bitcoin mining hardware or contract just to have a chance of breaking even. But from what I have seen, it does not seem to stop a lot of people from making such purchases.

However, no one can truly guarantee a return on your investment in fiat currency when it comes to Bitcoin. But you can guarantee a return in BTCs, it is just a simple matter of how many BTCs you have in reserve just in case. If someone is mining for Bitcoins with the sole purpose of exchanging them for fiat currency right away, then there are no guarantees and your milage will vary.

Also from what I have seen, the best seat in the house right now belongs to ASIC manufactures for Bitcoin mining hardware, they are the only ones guaranteed to make a decent ROI. I am very tempted to join them.

Awesome business strategy. Sign me up. Also since you are guaranteeing BTC why even take payments. I'll sign up and if the contract earns more then the guarantee just send that to me and if it earns less well you guaranteed it so we'll just be even. Right?

You are correct except for the question of why even take payments, and here is your answer:

If I go at it alone, my purchasing power is limited to about 2 PH/s of processing power for Jan. 2014, and doing so will account for just about all of my BTC holdings. It is never a wise decision to empty ones bank account for a high risk investment. But if I were to raise half of the funds from Pre-Orders and put in the other half, I will still get a volume discount for purchasing hardware and cut my up-front risks by half. Also, my ROI will be cut by half which is more than acceptable to me.

So in a nutshell, it is all about better risk management. Half of the funds that I would have otherwise spent up-front to receive volume pricing, will become my reserve to cover the shortfall for others if it ever came to that. I would rather go 12 rounds in the boxing match and take my changes than stand the risk of getting knocked out in the first round.

Supercomputing

sr. member

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Quote from: fxkevin on September 22, 2013, 03:57:52 AM

That is very true...

The idea here is mine more BTC then spent on the mining setup. Cashing in will come later once the BTC has appreciated a bit.

That being said, I am interested as previously stated.

Cheers...

10 TH/s for a Bitcoin mining contract commencing January 1, 2014 for a year in a the Tier III data center for $25K?

It is not going to happen anytime soon and here is why: KnCMiner charges $3,960 per year for their Jupiter miner hosting plus you must purchase their Jupiter miner separately, and there are some people who consider it to be a good deal. However, there is no reason for them to drop their hosting prices by much as long as many people consider it to be a good deal.

Buffer Overflow

legendary

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My eyes glazed over once I read the words 'pre-order'.

User705

legendary

Activity: 896

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First 100% Liquid Stablecoin Backed by Gold

Quote from: Supercomputing on September 22, 2013, 03:55:24 AM

I completely agree that it all comes down to making a decent return on your investment. For me, I would never purchase a Bitcoin mining hardware or contract just to have a chance of breaking even. But from what I have seen, it does not seem to stop a lot of people from making such purchases.

However, no one can truly guarantee a return on your investment in fiat currency when it comes to Bitcoin. But you can guarantee a return in BTCs, it is just a simple matter of how many BTCs you have in reserve just in case. If someone is mining for Bitcoins with the sole purpose of exchanging them for fiat currency right away, then there are no guarantees and your milage will vary.

Also from what I have seen, the best seat in the house right now belongs to ASIC manufactures for Bitcoin mining hardware, they are the only ones guaranteed to make a decent ROI. I am very tempted to join them.

Awesome business strategy. Sign me up. Also since you are guaranteeing BTC why even take payments. I'll sign up and if the contract earns more then the guarantee just send that to me and if it earns less well you guaranteed it so we'll just be even. Right?

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