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Exciting news to report to current as well as potential investors:
-Our average Hashing rate has increased to 23,500 MH/s!
-We are planning on listing shares on GLBSE within the next 6 weeks.
We are investigating how we will transfer current owners shares onto the exchange, stay tuned.
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If the 7970 was sub $400 wouldn't the same logic make you think that used 5970s would also drop in price. I mean all performance is relative right?
Of course with a lack of anything even close to competitive by NVidia I doubt AMD will feel the need to drop prices that low that fast. Maybe sub $500 sub not sub $400.
Because the 5970s already did drop in price. Gamers are flooding ebay with old cards, irregardless of our little mining community. And no, the drop doesn't happen over night. I'm thinking months as in the 2-3 quarter type of outlook. They will be under $400 before 2013 rolls around.  would love to see where 5970's are "flooding" the market. Lol. |
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Willing to do a 10 day, or 30 day term.
Let's price it fairly close to expected BTC production.
Just post your bid, and let's negotiate!
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Man, this is a nice deal. I wish I had the funds available to purchase it. Good luck!
FYI, I have a favorable impression of Yachdog regarding business transactions after viewing many of his posts. I hope the deal works well for both of you.
Thanks buddy....appreciate the feedback! |
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Where are you located Yochdog, is it Poland? I don't think shipping will be too hard, but i wouldn't mind suggestions for packing supplies for computer hardware. All i have is static sleaves.
Lol....no. I am in Idaho....right next door to Poland.  Static sleaves wrapped in bubble wrap works great usually. I wonder why i thought that.... Anyway, you would pay for shipping, right? And would you rather pay cash or BTC? If I don't get any more interest today or tomorrow morning I could have it shipped by tomorrow. Also, do you need extenders? I will pay up to 10 BTC of the shipping. We also need to settle on a price.....what are you thinking for everything but the rack? I would still want $1775 or 380BTC. The rack really isn't worth anything to me. I will give you 345 BTC + 10BTC for shipping. |
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Where are you located Yochdog, is it Poland? I don't think shipping will be too hard, but i wouldn't mind suggestions for packing supplies for computer hardware. All i have is static sleaves.
Lol....no. I am in Idaho....right next door to Poland. Static sleaves wrapped in bubble wrap works great usually. I wonder why i thought that.... Anyway, you would pay for shipping, right? And would you rather pay cash or BTC? If I don't get any more interest today or tomorrow morning I could have it shipped by tomorrow. Also, do you need extenders? I will pay up to 10 BTC of the shipping. We also need to settle on a price.....what are you thinking for everything but the rack? |
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Where are you located Yochdog, is it Poland? I don't think shipping will be too hard, but i wouldn't mind suggestions for packing supplies for computer hardware. All i have is static sleaves.
Lol....no. I am in Idaho....right next door to Poland. Static sleaves wrapped in bubble wrap works great usually. |
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I would be interested in buying everything but the rack. If shipping is not too big of a hurdle, let me know.
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bump! need cards!
I may have a couple 5970's for you.....what is your offer? |
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Bump....no one is looking for a cheap PSU?!
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Man, did you read the whole thread?
I am willing to provide extensive details to interested/qualified lenders. I am simply not going to throw all of my personal/business details in the OP and hope it works. The thread is designed to spur interest from lenders, elicit feedback, and lead to discussions privately where details will be worked out.
I am not asking anyone to loan BTC to me anonymously and just hope for repayment....where in the world did you get that impression?
I'd interpret DeathAndTaxes's comments as being about a bank's legal and collections infrastructure rather than about what information they get. A big bank has entire teams whose job is to get money back from defaulters, and has existing relationships with collections agencies and lots of experience doing all that. My general attitude with loans in bitcoins is that for most smallish loans I don't even bother asking for identity: if your online reputation makes me believe that you're fairly unlikely to run with my money, then you'll get the loan; if I'm unsure enough that I'd want identity verification, I just won't offer the loan at all, simply because it's not worth my time to chase down people who default on small amounts of money. With the quantities of money you're asking for, on the other hand, I (or other lenders) would obviously need to ask for identification. But if it ever came to collection/legal action (which seems unlikely, given your reputation), we'd have to spend a lot of time/money getting lawyers involved (for a nearly unprecedented legal action, suing someone for virtual goods!) and/or selling debt at a loss to a collections agency. I think that more than justifies an increased rate over a bank. Anyway, that's all I wanted to add  I wish you luck in getting the money and earning a lot more on top of it. Thanks for the feedback.....very well written, and excellent points! |
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And people thought I was crazy asking for 2,000.  I saw your thread, Matthew, and that was actually what spurred me to do this. I think 2-3 years from now, we will look back on the "huge" loans that are being attempted today, and think "how quaint!". The pace of change and maturing nature of the bitcoin economy is pretty awesome. 2-3 years ago 10,000BTC bought a pizza, 2-3 years from now it will buy a house, and 2-3 years after that people will wonder why anyone ever loaned millions of USD on a forum. Could happen! Gonna be interesting. |
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I just want to add that I've had dealings with yochdog (investing in his mining operation) and he was very professional and everything went smooth, so +1 to his rep.
Thanks Slider! Much appreciated! |
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If you can get 5.5% from your bank then you should however part of the reason you can get 5.5% from your bank is
a) proof of identity
b) proof of assets
c) proof of credit
Maybe 10% is viable, hell maybe even 7% is viable.
Still 10% on an anonymous no information provided just hope for the best loan vs 5.5% bank has a signed contract, legal rights, and verified debtor isn't exactly apples to apples.
The question is how much information are you willing to provide to reduce the risk to creditors and thus the risk premium in the interest rate? If it is nothing then 10% is a joke. Just because it is double your banks rate isn't really relevant. 2x the return on a 100x the risk isn't good business.
Man, did you read the whole thread? I am willing to provide extensive details to interested/qualified lenders. I am simply not going to throw all of my personal/business details in the OP and hope it works. The thread is designed to spur interest from lenders, elicit feedback, and lead to discussions privately where details will be worked out. I am not asking anyone to loan BTC to me anonymously and just hope for repayment....where in the world did you get that impression? |
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The problem is that 10% is very low for a such loan. I have 7.5-7.8% bonds that are much safer investment than you.
But also:
I predict that BTC will price will grow and lending a large quantity of BTC requires much higher interest. And converting USD to BTC will incur a fee that with 10% isn't acceptable.
I haven't see what are you planning to do with these money (with details, monthly for the next 3 years). Shakaru comes to mind, you must prove that you wont end up like him.
Are you able to secure this loan with any physical property? Will you agree to a credit check?
Plenty of other issues...
Hey Vampire, It seems that there is a very healthy split on where BTC prices are headed, so this is just one more way for the differing factions to place their bets. Where is the money going? It will be used to purchase additional equity in the financial firm I work for, the cash flow from which will be used to pay back the loan. I also have the 23 GH/s mining operation that produces sizeable BTC. I can secure the loan with physical property, the details of which would be worked out between myself and the lenders. I am thinking it could be my brokerage account, the title to my brand new truck, or even the GPU's that power the 23 GH/s. I would provide a credit report to properly vetter lenders. Thanks! |
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And people thought I was crazy asking for 2,000. I saw your thread, Matthew, and that was actually what spurred me to do this. I think 2-3 years from now, we will look back on the "huge" loans that are being attempted today, and think "how quaint!". The pace of change and maturing nature of the bitcoin economy is pretty awesome. |
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Interesting (and thread noted). Certainly no commitments today, but it is only 10,000 coin. Allowing for a longer dated lower rate of interest once things settle down, shorter term is still much more expensive, and 12 months will net high yield, but I am not doing that yet. Six month bonds may yet still pay reasonable rates and I'm considering those for late April. Thus, initial reaction is way too low on the interest rate - interesting does not equate to simple profit.
Mr Serious (those that know will understand)
Hi Patrick, I knew the interest rate was going to be a tough sell, but I am hoping that lenders will balance the relatively low rate against the sheer coolness of extending the Bitcoin economy into realworld finance. Like I told Znort....at the end of the day I still have to make a spread on this deal, and 10% is pushing where I can do that comfortably. As most of us know, interest rates in the traditional finance world are much, much lower than what we see on the forums.....trying to bridge that gap is going to be a challenge, but I am hoping this can be the first deal to do so! |
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Two concerns: First, I'm very long (years) on BTC, and I believe we
are going to see a major (x10 at least) price increase in the next five years.
I have seen people borrowing large amounts in a currency that was different
than the one they earned their salary in and get literally *ruined* ... I am
really concerned with you actual ability to repay a loan over that long a period.
You address this in your Q&A, but I am truly not convinced by your answer.
Riddle me this: do you think you could survive a x10 price hike halfway down
the loan (2.5 years from now) ?
Second concern: The rate you'd like to borrow at is really not competitive as
compared to the current market rate on these forums ... I doubt you'll find many
lenders at this point, the opportunity cost gap is way too large. Again, addressed
in your Q&A, and again, answer is not convincing: yes, the super short term loan
business is a lot of work, but the annualized rates make both the work and the risk
worth a go.
But ... again, very interesting idea, following with interest.
Hey Znort.....you make good points. Let me see if I can give some suitable answers. In regards to the currency risk, and whether I could withstand a x10 price hike: Let's assume 4,000 BTC of the loan is to be repaid in BTC. The quarterly payments would be approximately 250 BTC. My shares in Bitcorp yield several hundred BTC a month(900 per quarter) currently, which gives me over 300%+ coverage on BTC debt payments. Now, lets assume with a x10 price increase, the difficulty spikes as well. Even if the difficulty goes to 4,000,000...I will still have 100+% coverage. Finally, I would be willing to post a reserve account, maybe comprising 2 quarterly payments to be held by a trusted 3rd party, that would be used in the event of any shortfall on my behalf. On the rate being offered: This is clearly a stumbling point. To simply cut to the chase, 10% is about all I can offer and still make the numbers work on my end. At the end of the day, I want this loan in order to finance a better yielding asset. If I give away the entire profit margin just to engage in a cool academic excercise, the economic motive disappears. I can get 5.5% at my bank, but am willing to pay the additional 4.5% in order to help broaden the possibilities for Bitcoin. Any higher than that, and I start to squeeze the net interest margin too much. Does that help? |
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Hey all,
First off, I really appreciate you all taking the time to give feedback, offer advice, and ask questions. There is an amazing amount of collective knowledge/ideas on this forum and it is great to be able to access it.
I will try and respond to all of the posts one by one....just wanted to get a thanks out there first.
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