Bitcoin Forum

Hello all,

Firstly, this is not a loan-seeking thread. It's kind of a preamble to one, possibly. I'd like the forum's opinion on this though, since there seem to be alot of very savvy operators in this part of the bitcointalk site.

So, I have a plan (don't we all :P ), and it's as follows:

- I want to mine scrypt coins
- I want to be conservative wrt to solidity - i.e. I am not panning to switch to the newest crapcoin every 5 minutes
-- Factors here include Premine (not above 1%), presence on an exchange, availability of source, reputation of coin-maker (hard to determine I know), and a number of other factors, many social (i.e. what does the community think - sieved of the more obvious morons), and marketing (how is the maker getting his coin out to the world?)
- I have a long term plan which involves a split (TBC) of:
-- 40% cashout to BTC
-- 25% build stock of strong coins
-- 35% towards ROI -this includes payback of loans AND resell/upgrade factors
(both of above assume I am mining at full capacity at start, see next point)
- I wish to reach a hashrate of 10 MHash in the short term so that I can take advantage before FPGA/ASIC miners

Hopefully I am making sense so far :)

With all of that in mind, what I am basically trying to do is put together both a business plan and a portfolio. Portfolio towards the likely long-term bets with a solid backing of BTC (large % cashout to BTC, keeping a reasonable stock of the other strong cryptos).

My options at the moment are as follows:

(Plan 1):
- Invest this month in a 1Ghash scrypt rig, play for a month, and reinvest all + a little more disposable in 2Ghash more
- Keep up this cycle til I can get to my 10 Mhash target.
- This will likely take me 4 months without putting anything aside
- By then, I am very afraid that I will be unprofitable due to FPGA or ASIC miners on the market for scrypt.

(Plan 2):
- Borrow 8 BTC now
- Invest this immediately into rigs which will mine 24/7 from the get go at 10Mhash (Scypt, not SHA256)
- Operate on the numbers:
-- Income roughly 0.125 BTC per day atm, if difficulty goes up at current rate per month, then 0.1 BTC per day in 3 mos
-- This would total 3.75 BTC pm at BEST, 3 (let's take away 33% for unforseen factors), 2 (TWO) BTC pm at worst
-- 40% cashed to BTC - i.e. 1.5 / 0.8
-- 25% holding stock - i.e. 0.9375 / 0.4
-- 35% ROI (or loans, depending) - i.e. 1.3125 / 0.7

These numbers are taken from a combination of profitablility calculators from various sources, divided to find a mean, and then reduced by 33%. I've also taken into account reported figures, and again reduced by 33% for the bullshit factor.

I would mainly use switcher pools, at least for the first 3 months.

At this point (I suspect) I would need to make a decision on FPGAs and ASICS. The position I would hope to be in is as follows: (BEST/WORST)
- Cashed currency: 4.5 / 2.4 BTC (i.e. this is held in solid BTC, I do not mean cashed out to money)
- Held (other currencies): 3.75 / 2
- ROI (inc. loans paid): 3.9375 / 2.1

So after 3 months I could be:
- 2.1 paid/4.4 in hand
- 4.5 paid/7.725 in hand
- somewhere in between

[Not included in the above, but hopefully of some value is the equipment, which can be sold off. I am applying a 50% depreciation to this over 3 months, which would leave a value of approx 4 BTC at current value]

I'm obviously aiming for the higher target, so I plan on topping up every month to the max target using my full-time job earnings to this figure, one way or the other.

About me:

- I am an EU resident, western
- I work full time with a MAJOR corporation, and I earn a good salary
- I am part of a dual-income household, which happily gives me a nice disposable, but I have very little in the way of savings, as I demolished them this year making house alterations

So, with all that in mind, am I investable? Is this a ridiculous post? Is anyone interested?

Feel free to post any and all comments, I will be happy with any opinion, even if it is that I am a moron :)

Rit

Oh, I should of course have proposed the following:

- A loan, if I did take/get one, would be tied to CURRENT US$ or € value
- Monthly payments would be met, either in BTC (Preferred, from mining) or US$/€ (From my salary)

After reading over the "How to spot a scam" thread, I realise I should have posted these.

Don't bother asking for a loan if you don't have the collateral to back it up.

Wait a sec... I've read this before. Is this a re-post? Or was this on another forum?

@vod Yes, working on that. Bear in mind please that I haven't asked for anthing, only opinions.

@cris Not my posts you haven't. Again, not asking for loans (yet). I've asked advice on whether I'm investable based on info/plan given. Unsure what you're inferring...can you please link?

Thanks,

Rit

Yes, I understand you're not asking for a loan :)  It's just that when I skimmed your 'plan' today it seemed familiar to me is all. It was quite some time ago (and I can't recall the specifics or whether or it was this forum), but it lit a match in my head because I recall thinking that there was some thought put into it. Maybe it was another presented in the same way, or maybe I read it today, navigated from this page and came back to it and responded? No excuse, but I'm running off 2 hours sleep, two days... I think it might be time to get some shut eye.

Give me a few and I'll give me my opinion; not that it has any weight. But I need a break from my little windows into this abyss we know as the www.

You are asking for a lot of BTC with no security. Why should you get this amount when the lender takes all the risk? Lender may as well buy and mine for themselves, no? Perhaps you should start selling personal items, car title loan, work a lot of over time to finance your hobby?
I suggest you read over that thread again and look for any similarities and why you would or would not fit the profile.

Let's call it what it is: A loan feeler.

Its this simple

To the right investor, yes. But you're swimming in the wrong pool here. Find an investor who doesn't mine and has some interest in e-coins. But don't just solicit your plan, educate as well; it might help your case. No, this isn't a ridiculous post. I'm sure it'll serve as a learning experience and prevent humiliation for some down the road. I think after a few posts you know the answer to your last question. 

That's exactly what it is.

OP - if you do not provide collateral, you will not get the loan.  It's simple and straightforward.  You don't need to waste time asking our opinion.

Nobody ever thinks about power, heat, and noise. 

Yes, of course that it what it was....is that a bad thing?

I've had a good think about this, and I've decided that even if a loan like this were possible, I don't think that I want to expose myself so much. I'll stick a few quid per month in, try to be savvy with my trades, and build it up.

Thank you all for input!

Rit

That would be the best course of action for you at this time. Good luck!

Thank you!