AltoBIT Ethereum Cloud Mining (5 BTC) - Collateral (I will PM acct. deets)

[BitAlto]

Original Post here
- https://bitcointalk.org/index.php?topic=1433165.0

BTCTLK Username: BitAlto
Amount Requested: 5 BTC
Repayment by: April 11th, 2017
Collateral: Definitely (Will PM all account deets)
BTC Address: 1MT2g15aiHYXGfTAcwnmzFCbg43rpsJXzR
There is utilization of a payment splitter here, https://coinsplit.io/scheme/636/.
I will share any and all deets needed (if willing to lend).

Total expected ethereum hashpower: 47 MHs

Thank You for your time and consideration,
AltoBit

Contact: altobitfaucet@gmail.com

Donations: 38MhA64nuJBdvSXdWnnYzDQoDava2DsPpN

[Quickseller]

what collateral are you offering? What interest are you willing to pay?

[BitAlto]

Collateral Options: Full Access to the Cloud Mining Accounts or 50% (daily or monthly) returns from the cloud mining.
Currently Crunching those numbers regarding interest..
Sorry for the wait...

Thanks,
AltoBit

[BitAlto]

I have done some extensive calculations regarding the interest..

I can agree on terms of one year loan (1 repayment of 5+ btc)
The interest rate range that I can reasonably agree are between 15 to 20 percent apr, but it is possible to go up to 30% if needed.

As per current conversion between BTC and USD,
Your returns summary at the following rates:
15% - $340 or 5.8 BTC repayment (Perfectly Acceptable)
20% - $470 or 6.11 BTC repayment (Agreeable)
25% - $600 or 6.42 BTC repayment (75% reinvestment back into mining every month, pinching those $$)
30% - $740 or 6.75 BTC repayment (100% reinvestment every month, not recommended)

Please let me know of anything else you want to know..

Thanks,
AltoBit

[Quickseller]

What cloud mining accounts would you be providing access to? Unless the cloud mining provider is very reputable (or unless you can provide altcoin collateral), then your collateral is essentially worthless.

Also if you are providing cloud mining accounts as collateral then the value of such accounts would need to be greater then the amount of the loan.

[BitAlto]

Actually,

There was 3 total cloud mining providers that I wanted this mining operation to be part of..
- OXBTC (Ethereum Pre-Order Rollout Apr 2016)
- Genesis Mining (Ethereum Cloud - Approx. 15 MHs)
- Hashflare (Ethereum Cloud - Approx. 32 MHs)

After reading posts from BTCTLK, I have found out that OXBTC is a potential scam.
So it has been ruled out as an option for this mining operation and for the safety of the funds.

Instead, approx.
$1,360 USD or 3.3 BTC will be invested into Hashflare for 32 MHs.
$660 USD or 1.5 BTC will be invested into Genesis Mining for 15 MHS.
This would rebalance back to our estimate of 47 MHs without OXBTC's mining.
And, there are no maintenance fees for both vendors listed above, which is a plus point..

From what I could find online about both companies,
- they are reputable
- have/provide physical office address
- active support lines

Here is a comprehensive review of HashFlare
http://cloudminingreport.com/reviews/hashflare-bitcoin-and-ethereum-cloudmining-review/

Here is a comprehensive review of Genesis Mining but without contact info
http://cloudminingreport.com/reviews/genesis-mining-cloud-mining-review/

Genesis Mining Contact
https://www.genesis-mining.com/contact

With regards,
AltoBit

[Quickseller]

You failed to mention what skin in the game you will have. If you were to assume that the above cloud mining providers are legitimate (I do not think this is a fair assessment) then there would be no reason why I wouldn't invest my 5 BTC in those contracts myself. I would need to hold possession of those accounts (or an escrow would) so I am already doing all the legwork associated with owning those accounts, so I don't see why I would not want the entire return.

[BitAlto]

My role in this is simple but at large in this case.

Imagine that you were an investor with little amounts of BTC for a second..
I know that, a small BTC investor may not have access to large scale cloud mining operations, right?

AltoBIT seeks to revolutionize the scene of cloud mining by introducing distributed cloud mining.

In this current loan, you, sir are willing to lend by giving me 1 payment, right?
And by doing so gives you access to large, mining operations, right?
AltoBIT hopes, that one day, many investors of any scale could reap the benefits of distributed cloud mining with single payments.

With your contribution, AltoBIT seeks to successfully expand it's services to other investors after having completed a successful loan using our mechanism.

This loan also serves as a test to see whether AltoBIT's services will be worthwhile for the host (me) and as a viable investment option for potential investors (you) in the current and progressive state of the cryptocurrency market.

If this transaction goes well,
- I would hope that you would entirely satisfied with this service.
- Funds to start for starting a website on Squarespace.
- Invitation to become a stakeholder of AltoBIT's future progress.

Sincerely,
AltoBIT

[BitAlto]

OK welp...
Looks like our potential lender, has given up..

If you are a lender and are interested about this potential.
Feel free to shoot me a message or respond to this post.

Thanks,
AltoBit