Bitcoin Forum

Introduction:
I'm working on streamlining my threads here and handling things in a cleaner more concise form,
so please bear with me in regards to the multiple threads as of late. Anyways this thread is for my current lenders,
and will contain status on repayment and status of their funds in usage. This thread is self-moderated
to keep things organized.  I will not be accepting any further loans till these two are repaid in full. If you are interested
in lending to me in the future, please wait till that future date or PM me in advance [in which I'll confirm interest and again,
wait till a future date, all my loans here are handled in public viewing].


Current Loans:
User: EternalGloom
Amount: .5 BTC
Interest: 5%
Period: One Month, due on June 8th
Repayment Address: 1216exSQuzXjdiwQJNPy9KtzYjfyEGGD7N

User: Tertius993
Amount: .5 BTC
Interest: 5%
Period: One Month, due on June 8th
Repayment Address: 14m6wN3YMdRwbT8YmEiUEdPGzbYeqD9xEP

Status:
I have pulled my mining units from Betarigs [as well as rented additional hardware] to mine a new and upcoming currency.
For anyone who may have been viewing my rental listing and noticing it was listed as "Down for Maintenance", this is no cause for
concern. It is simply more profitable for me elsewhere for the time being.  You can view the workers [rented units labelled as such]
mining, here is a screenshot from the pool. 

https://i.imgur.com/0AcUN1U.jpg

Funds received from the loan have been sent to Coinbase and are currently being sent to my bank account.  All is on-track. 
Thanks for the loans and trust. 

Update:
Check has been written for utilities as the Coinbase transfer has completed,
so thank you very much to my lenders who have supported my operations and
have extended their trust to me in-spite of the suspicions being spread in the
request thread on the likelihood of me repaying my lenders.

As mentioned prior I halted my rental operations to mine some currencies myself,
which has gone quite well.  I currently anticipate a very profitable return if I hold onto
the majority of what I have mined. Going by similar currency trends, I anticipate that selling
towards the end of this loan period will yield the maximum return.

You may view the price for yourself at this point in time here:
https://www.bittrex.com/Market/Index?MarketName=BTC-SC

Mining Operations:
With SilkCoin being what I believe to be my final primary Scrypt mining operation, X11 algorithm appears
to be the next logical step for me. My calculations are showing it to be more profitable, although there does appear
to be somewhat of a price bubble on Betarigs for them as well. I'll continue to adapt to market conditions, but this
appears to be my best means to do so for the foreseeable future [few weeks+].

Of course moving the 7 mining rigs I have over to X11 will be a rather large task, especially considering the time needed
for tweaking and optimal configuration.  This will take a while as well considering not all units are using the same GPUs,
so one config won't fit all. Regardless I am optimistic for continuing my work in regards to cryptographic currencies

Conclusion:
All is still on track for repayment. Not positive when I'll be taking future loans at this point in time.  Possibly having GPU rigs for X11 and ASICs for Scrypt, but right now I'm seeing that the Scrypt ASIC scene may very well become akin to BTC and start having exponential difficulty increases which will hurt both ASIC and GPU miners in regards to return on investment. In the past I mentioned that while Scrypt-N and X11 were ASIC-resistant, they would not begin to become significantly more profitable [if at all more profitable] than Scrypt till ASICs began lowering the cost of hardware/maintenance enough to shift GPU miner majority.  We're beginning to see these alternative algorithms begin to increase in profitablity, and I believe this trend will only continue, much as it did in the shift from SHA-256 to Scrypt.


TL;DR
All is well and I'm optimistic for the future.  Both loans are on track for repayment. I don't expect folks to read this whole thing, I just like having it there for transparency, reasoning, and record purposes.  May be useful to others, don't know.

Thanks for giving out these updates, looking good.

You're welcome, I'm dedicated to ensuring pleasurable business with my lenders.   :)

The price of SilkCoin (https://bitcointalk.org/index.php?topic=599438.0) is still increasing in line with
my current prediction. The currency is very similar to BlackCoin [I'm inclined to say better] and I anticipate it
will reach a very similar price in comparison to BlackCoin in the coming months. It will dip down when the next POW phase
starts in three weeks, but should then return to climbing.  You can view the market prices for BlackCoin and SilkCoin here:
https://www.mintpal.com/market/BC/BTC
https://www.bittrex.com/Market/Index?MarketName=BTC-SC

If anyone is looking to invest some spare BTC, I'd recommend SilkCoin. Can't say it is a guaranteed return,
but I feel it is a good opportunity for those looking to invest in alternative crypto-currencies.


Thanks again.

Update:
Currently holding roughly 45,219 SilkCoins and BTC.07, all is still on track for repayment.
I have now shifted my units to the X11 algorithm for mining which is significantly more profitable than Scrypt in regards to renting.
https://www.betarigs.com/ My rental units: https://www.betarigs.com/rig/2810

X11 runs at roughly 3x the speed of Scrypt, so to get the Scrypt equivalent hashrate you multiply the Scrypt hashrate by three.
So if X11 rents out for .0015/BTC/MH/Day, that means it is worth roughly .0045 in Scrypt. Which means it makes worth roughly
the same as Scrypt mining, but this does not take into account the near 50% decrease in power consumption.  With my $.12
power rate, this is quite significant. The value of X11 rentals are not likely to decrease like Scrypt due to no ASICs or FPGAs existing
for the algorithm in the near future.

I have also placed an order for three additional PCI risers as one mining unit I have that is using USB Risers is running significantly
slower than it should be and I believe this is an issue with the USB risers. If that is the issue it will result in an additional 1.5MH/s being rented out.

To all my current and past lenders, I'd like to say thank you.  I do not know whether I will be taking any additional loans in the near future after this
set, but thanks. 

BTC sure has gone up.   :)

I will have funds on hand to repay one loan back in its entirety or pay 50% to each lender.
I'm unsure if any of you guys are interested in getting funds back early or not, but just let me know.
Lenders earned interest remains the same despite any early repayments, so no worries for you guys there.

Just let me know.   :)

I'm happy either way; suggest 50% each is fairest but will be happy with any decision.

For me it's fine either way, I can wait if needed :)

Seeing as how neither of you guys are really in a rush for early partial repayment,
I have now sent funds to Poloniex once more to invest in alternative currencies to expedite full
repayment to all lenders.  X11 farm is continuing optimization, and you can see the significant increase
in hashrate here: https://www.betarigs.com/rig/2810

Now up by 25% with no additional hardware.   8)

I am anticipating to pay both loans back a few days early.  All work has
been going quite well in regards to cryptographic currencies and I'm grateful
to all the lenders I've had over the past months who have made loans to me free
of collateral; even for loans of considerable size.

Right now though, I think with my current plans I will not be taking out any further loans.
It has been a great experience working with my lenders here, but I think I'm nearing the point
where I do not need to inject further funds into my mining/trading operations as they are becoming
pretty much self sufficient and further expansion would become burdensome.   :)

That's very nice to hear, I'm happy I loaned you something and you've been great with providing updates.

Here's the address for repayment: 1216exSQuzXjdiwQJNPy9KtzYjfyEGGD7N

I was getting the loans repaid today, but there was a glitch in MultiBit which
ended up double-sending a portion of the funds to EternalGloom:

http://blockchain.info/tx-index/cbf5039a45033d081323eca4a85904158ebf060ce6451ecec36fc2193d1db4ac
http://blockchain.info/tx-index/ef91d84e6ae3923afd34e797a747794bcb4d1f7a801112e84911665359d798c2

I'm awaiting to hear back from him, after which I will repay Tertius.

I have sent back 0.525 btc to 1PPJTo4VqA6Un17ZDKnU4RCKHesj1YZh1T

https://blockchain.info/tx/080f963f78a5ae829a63625af6fcf5a780a76846eea8b93a212a01aad4e27513 (https://blockchain.info/tx/080f963f78a5ae829a63625af6fcf5a780a76846eea8b93a212a01aad4e27513)

Thanks a ton man.  Confirmed.   :)

Tertius993 has also now been repaid as well:
http://blockchain.info/tx-index/3c7b767d9f9c8c47f5f1ccb36e28fab3299f874dd9313a058ac3af6ef2e1a24b

I'll leave positive trust for both of you as well as update/close this topic once I hear back from Tertius.

I have also left some positive trust for you.
It was a pleasure doing business with you, thanks.

Received, thanks!

Positive trust left (I think, though the trust system is unfeasibly complicated ...)