Bitcoin Forum

[REMOVED]

You put a lot effort in that, you're the right Man for the Job

Post your Wallet.bat Address

So you just expect us to hand over our coins and hope that you don't run away?

I would like to see some proof of your hardware first.

I think FiiNALiZE is right about this one. Because it sounds like you're seeking investors to provide you the capital, for what I would consider a small return. You don't have any functioning or working system up, and your reputation is zero as far as trade goes (like most of us). Might I suggest:

1. Verify yourself, or perhaps start a company and create a binding contract to ease the community.
2. Create the system to mine litecoins with.
3. Use an escrow service (provided by Bitcointalk.org) and arrange who's gonna pay the fees.
4. Offer to sell shares based upon the production of what your machine makes.

That right there's gonna give you a major head start on this initiative. Generally speaking, the more risk a person has to take, the more you need to pay them, so 1/4 of the LTC you mine may not be enough. That's like saying... "Give me $1000, and I'll build a computer, and you're only gonna get $0.25 cents out of every dollar I make with the money you lent me, and I'm not gonna pay you interest."

Anyway, you've got a good idea going, you just need to add more to it.

A couple questions I'd like to know if you are going forward with this is:

1. Are you solo mining, or are you mining in a pool?
2. If you are mining in a pool, which pool are you using?
3. Electricity is free for you, but what about when the power fails? Do you have a battery backup (UPS) unit to keep your computers from turning off?
4. Do you have any sort of 'guaranteed' uptime?
5. Where will the computers be located? USA? UK? North America, Europe, Asia? Australia?

Having this info on hand would greatly help!

Anyway, I think you've got a great idea, but keep at it, and refine it a little.

I think this is a great opportunity for someone who doesn't have the knowledge to start their own mining operation. Unfortunately in my case, I am currently running a GPU farm for scrypt mining already, with a decent hash rate. I just wanted to share some insight on what you could do to attract more potential investors. Alternatively, if you're looking to make money, you could always offer to build crypto mining rigs locally. I know in our local classifieds, I tend to always see 3 or 4 ads of people willing to build these machines locally, and they usually garner a profit.

250,000 watts of free electricity in your house in London that also has free backup electricity in some form?

Firstly, electricity is not free.  Someone is paying for it.  You are essentially trying to sell stolen goods.

Residential properties in London typically have only a 60 amp service, unless you are in a very new house, then you might have 100 amps.  100 amps at 220v allows only 22,000w.

So you also bought a 250,000w backup electrical system?  Lol

You're full of shit.

So how is this relevant then?

Go back to reprogramming your Avalon chips to mine Litecoin.  While you're at it, I've got an old microwave you can reprogram into a Scrypt ASIC as well.

I think there's a general misunderstanding as to what's going on. Losh11, you may want to consider what I suggested to you before, and perhaps think about going on a much larger scale where you could sell shares would make sense. One thing you need to consider though is your power lines. Last thing you want to happen is to have your fuse (or breaker) blow because it's drawing way too much power at the same time.

I think Losh11 is not trying to scam anybody, but I do feel that there needs to be more planning put forth into this, especially when it comes to accepting funding from others (especially people who you don't know). By more planning, I mean a lot more. By backup, I meant a simple battery backup. Nothing elaborate.

Anyways, although I think the sarcasm from btcrich was pretty funny, my personal view is, rather than to poke fun, I think encouraging people to learn is better, that way the community flourishes, and we will get more participants.

So no harm feelings Losh, but there are some solid points in this thread that you need to strongly consider before going on a venture like this my friend.

(Topic end?)

Cheers.

No worries. Like I said, you're totally in the right by wanting to mine this stuff. Even if you haven't gotten everything worked out yet, clearly you've got some sort of goal or idea that can work because many people are doing it as we speak. You just need to refine it a bit. I remember my first multi gpu rig cost me $3000 back in the day. I worked my butt off to get the funding. Because I owned 100% of it, I never had to sell shares. However I wanted more. So I came up with a business plan, using my own rig as an example, proving to people that it worked and I knew what I was doing, and I got funding to grow it.

Follow those steps, you won't regret it.

Good luck

Haha you're welcome. I think it will pay off for me, when you help someone else get started. But for now, work on your own plans and make things happen!