Bitcoin Forum

Looking for a loan that will help me purchase a mining rig I'll turn all the hashing power toward your wallet untill the coin is paid off...I have assets that we can discuss in private

So the rig would be shipped to the lenders house until the loan was paid off, then shipped to you?

I would actually by all the parts and build the rig myself I would be willing to sign a contract using the Rig as the collateral/security. I'm willing to give I.D. I was thinking that I would point all my earning toward the lenders wallet until the Rig is paid off plus interest. Again I'm willing to sign a legal contract so that If anything went south as far as profitability mining, I would still be legally obligated to pay the lender. I have money coming in slowly right now but I want to mine altcoins while they are still profitable and im afraid by the time I have enough saved I will have lost out on my chance to accumulate the most coins as possible.

http://coinlenders.com/

thanks for the link are these guys trusted in the community? I have and 800 credit score and don't want my identity stolen lol

lol, you just asked the owner if he's trustworthy. That's like asking the bank robber if he's a criminal.

For all it's worth, TradeFortress and I have spoken for a little while, and based on what I've learned from him/about him, he's a great guy. Although he hasn't responded to my last pm yet.. >=)

didn't know he was the owner

Is anybody willing to loan me a Rig?

That is called a difficulty future.

I plan on mining and trading full time plus I have a side business. All I need is for some one to believe in me! I know I can make money I turned $100 into $200 yesterday just trading im sure if I had mining equipment coupled with trading I could do something

Turn that $200 into $400 today, then $800 tomorrow.  By Friday you won't need the loan.

However, if you still want it, you need collateral.  The rig itself cannot be used as collateral if it is in your possession.

This right here. You can't use what you're buying with the money as the collateral. That depletes the purpose. The rig would be depreciating over time, therefore if a default happened the rig would no longer be able to fully cover the loan.

It's not to say you will default, but when people make loans like this collateral worth more than the loan is usually required (the reason people usually want more is because of the time and effort of liquidating, should it be required).

I think this will take to much time and time is of the essence. ha I would put my car up for collateral its worth about 4.5G's

See, there you go! That would be perfect. This is the extent of my knowledge though... I'm not sure how the lien process works in cases like this.

I want to thank you for being mature about everything though. There's been a lot of people on the forums that get very defensive (and offensive) when they are given advice, so it's great to see someone that understands we're just trying to explain how things work. :)

Ha I know I had a few run ins with some dickheads. It just sucks for me right now, I'm highly educated, got a 800 credit score but cant get a loan because I don't have a taxable job on paper...Im just looking for some one to believe in me as corny as that sounds.

PM'ing you... might look into doing something with you :)

so is this still a possibility bruiser?