1600BTC loan + 20% interest over 6 months.

[crazyates]

Hello. I'm looking for a 2000 1600BTC loan, to be repaid back in about 6-8 months. I'm looking to purchase mining equipment, somewhere in the vicinity of 1-1.1TH/s.

To a potential lender: I can provide any personal details you may want about me: job, address, photo ID, etc. I'm planning on making 4 monthly payments for 30% of the initial loan, starting at the beginning of 2013, totaling 120% repayment.

I already have some BFL ASICs on preorder, but I want to invest heavily into ASICs from a variety of manufacturers, for diversity's sake. I will mostly focus on BFL and bASIC hardware, and maybe some Avalons. I have a family member and an old colleague that run a small data center about 10 minutes away from me, and they have said I can run them there, with unlimited free power and a 100mb internet connection, for a very small (tiny) fee.

I am in an excellent position to set up a large farm, but I am just missing the funding. I have done several deals here on the forums, and have several people that can vouch for me. Please PM me, and see what we can work out. Thanks.

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[BadBitcoin (James Sutton)]

you may not want to hear this but there is QUITE a few mining contracts doing exactly the same thing you plan to be doing, I would take a long hard look at the competition with their own ASIC preorders from BFL before even thinking of continuing this with your own money, let alone anyone elses.

[crazyates]

you may not want to hear this but there is QUITE a few mining contracts doing exactly the same thing you plan to be doing, I would take a long hard look at the competition with their own ASIC preorders from BFL before even thinking of continuing this with your own money, let alone anyone elses.

Thank you for your input, but I am pretty determined to do this. I feel that I am in a relatively good position to be able to invest and mine on a large scale quite successfully, and I want to take advantage of that.

Consider 2 factors: First, when the first BFL pre-orders were placed, the price in USD per BTC was half of what it is today. This means twice as many BTC were spent to purchase BFL's hardware, which means I only have to mine half as may BTC to break even. Second, as I mentioned but didn't go into any details, I am asking for this loan now because of the opportunity to purchase hardware with the best performance/cost (GHs/USD) ratio to date (50% above what any BFL hardware makes).

So these two facts(a very high GHs/USD ration and a 2x USD/BTC ratio) make for now to be a very appealing time to invest in mining equipment. That's why I'm asking for this loan now, not 3 months ago when BFL announced their ASICs. You couldn't have gotten 1TH/s of hardware for < 2000BTC (I believe a SC MR was ~3400BTC). So no, while I won't be making bank for the 1st month like the first of BFL's preorders, I plan on being MORE profitable in the long term by starting out with a lower financial investment, and keeping low maintenance costs. I mentioned I have the access to be able to power, connect to the network, and air-condition these ASICs for next to nothing (literally pennies a day).

[crazyates]

Bump. I'm still looking for lenders, even for smaller amounts.

[crazyates]

Bump. I'm still looking for lenders, even for smaller amounts.

How much did BFL pay for your sig and why wont they loan you the money?

Thanks.

Less than 2000BTC.

[crazyates]

Bump? Any questions at all please PM me.

[crazyates]

If I borrowed 2000BTC, what would be a good target repayment amount for a 6 month loan? I'm thinking bi-weekly payments of 200BTC each, starting at the beginning of the year, totalling 2400BTC. These numbers are easily obtainable with even a 10x difficulty, considering I would have free electricity.

[crazyates]

Loan amount lowered to 1600 BTC. Estimated 1900 BTC paid back at end of term.

(I will still be able to operating at >1TH/s, tho).

I realize 1600 is quite a lot to loan out, and I also willing to work out partial loans, with the same conditions.

[crazyates]

So even when I made this thread 10 days ago, ASICs were all around 30GHs/1kUSD. Now, there are 6 different products between 45-50. This is the perfect time to buy ASICs. I've already put a bunch of my own BTC and cash into pre-orders, but I need your help me get a beast of a farm going!

[crazyates]

Bump.

[Hydrogen]

What if BFLs ASICs turn out to be a scam & you're left with a big debt & no way to repay it.

What's your back up plan for that eventuality?  

Seems like a big risk to take with unproven technology.  

Diversifying your vendors & not relying solely on BFL can help mitigate the risk.  

It could be considered borderline gambling though considering any number of things could go wrong & I doubt you've bothered to think about how you'd deal with unfortunate consequences much less repay creditors in the event something unanticipated occurred.

[crazyates]

What if BFLs ASICs turn out to be a scam & you're left with a big debt & no way to repay it.

What's your back up plan for that eventuality?   

Seems like a big risk to take with unproven technology. 

Diversifying your vendors & not relying solely on BFL can help mitigate the risk. 

It could be considered borderline gambling though considering any number of things could go wrong & I doubt you've bothered to think about how you'd deal with unfortunate consequences much less repay creditors in the event something unanticipated occurred.

Thanks for your feedback. I addressed your first issue in my first post here:

I already have some BFL ASICs on preorder, but I want to invest heavily into ASICs from a variety of manufacturers, for diversity's sake. I will mostly focus on BFL and Avalon miners, as I believe these to be delivered first, and have the highest return per BTC spent, respectively.

The Avalon pre-orders have since closed, so it would most likely be a mix of BFL and bASIC hardware, rather than BFL and Avalon. This minor change shouldn't affect my overall hashrate, nor my repayment plan.

As far as you second issue: Yes, I have actually given this a great deal of thought. If something does go terribly wrong, and I end up with half of my original hashrate, but the full loan amount, I'm confidant that something can be worked out. Whether his includes an extension to the loan for an extra 5% per month, or me paying off the loans in USD, really depends on the situation. I would want to work out something fair between me and the lender, but have this all in writing BEFORE the loan goes into effect.

Again, thank you for your concerns.

[crazyates]

Bump.

[Trader Joe]

Smells like scam. Anybody considering this should think twice.

[crazyates]

Smells like scam. Anybody considering this should think twice.

I warned other forum members of your suspicious behavior of selling GPUs and flat out refusing to use any escrow of any kind (https://bitcointalk.org/index.php?topic=120521.msg1300250#msg1300250), so you dig up my months old thread (which I've given up on) to call me a scammer?

I asked for a loan, and even talked with several people about it. No one around here wants to loan out that kind of coin, so it never happened. In the mean time, there are people on this forum with my full name, email, home address, cell number, and I even link my place of employment in my sig. I honestly don't know how I could ever scam anyone, cuz I've seen the resourcefulness of these forum memers (https://bitcointalk.org/index.php?topic=81927.msg1252124#msg1252124), and I wouldn't last 2 minutes.

So please, leave me alone, and I'm kind of insulted that you would seek me out like that.

[Trader Joe]

This whole forum is full of scammers. You are not exempt from scrutiny. I can see you pumping your post count up to 2000 and then running away with a bunch of coins. Its possible, right? Im just reminding people to be cautious. You could be a scammer too.

[live627]

This whole forum is full of scammers. You are not exempt from scrutiny. I can see you pumping your post count up to 2000 and then running away with a bunch of coins. Its possible, right? Im just reminding people to be cautious. You could be a scammer too.

Someone told me a few years back that when you point a finger at someone,  three point back at you.

[Trader Joe]

Im not accusing him. Im just looking out for the community. This guy was only around for 4 months and he is already asking for a $22,000 loan. LOL - are you kidding me? A high post count does not mean he is trustworthy. Be careful.

[crazyates]

This whole forum is full of scammers. You are not exempt from scrutiny. I can see you pumping your post count up to 2000 and then running away with a bunch of coins. Its possible, right? Im just reminding people to be cautious. You could be a scammer too.

You think I don't know that? Scammers come in all shapes and sizes. Some have 50 posts, some have 5,000. I'm not saying I am exempt; I'm saying that in that scrutiny, I'm hoping that my successful dealings will have proven me to be trustworthy. However, I do not understand your reasoning in posting here to "warn people". You think someone who's going to invest that kind of coin just randomly sends them to my address and PMs me afterwards? No, we go thru some serious PM/email/phone calls beforehand, where they can make their own decision.

If you want to look at the bigger issue of scammers: they can be thwarted when preventive measures are taken. For a loan, this means collecting personal information, collateral, and signing a binding contract. I have offered to do all of these things. For buying/selling/trading, this means exchanging contact information, and using a 3rd party to act as escrow. You flat out refuse to do this.  You're dealings seems to have established you as a legit trader, but the lack of buyer protection would turn me off because, as you put it:

This whole forum is full of scammers. You are not exempt from scrutiny..... Im just reminding people to be cautious. You could be a scammer too.

[Trader Joe]

Anybody can hand out personal information or legitimate looking contracts to lure investors in to a false sense of security. Once you have everybody's coins there is nothing stopping you from going rogue. You see what happens around here when you trust people with large amounts of cash. Things dont end well for the buyers and investors. Anybody asking for this kind of money is suspect. Including you. I hope people considering your offer hangs on to their coins cause i think giving them to you is a bad idea. We probably have a better chance winning the lotto than making an honest buck with you.

[crazyates]

Anybody can hand out personal information or legitimate looking contracts to lure investors in to a false sense of security. Once you have everybody's coins there is nothing stopping you from going rogue. You see what happens around here when you trust people with large amounts of cash. Things dont end well for the buyers and investors. Anybody asking for this kind of money is suspect. Including you. I hope people considering your offer hangs on to their coins cause i think giving them to you is a bad idea. They probably have a better chance winning the lotto than making an honest buck with you.

First you called me suspect and a potential scammer. Then I try to prove myself, and you flat out call me untrustworthy. So, according to you, I can't win! I don't feel I have ever done anything on these forums to warrant these accusations. I have done many successful trades, and have plenty of people who can vouch for me. So what's a guy like me supposed to do to establish himself on these forums?

Actually, that's a good question: In your expert and all-encompassing opinion, what would you do if you were me? Is there a legitimate means to prove myself and my intentions of paying back whatever I borrow, besides name, address, email, phone, employment, SSN, collateral, signing a contract, etc?

And as far as the loan is concerned, I haven't pursued that in almost a month. After looking around more on the forums, I did in fact realize that loans this size ARE quite rare.

[Trader Joe]

Everybody here is a potential scammer. Me you and the next guy. Even staff or members with high post count or rep for previous deals. We all have the potential to change sides and play for the other team. And your right, you cant win around here. No matter who you are or what you do you will always have people doubting you accusing you or just plain trying to scare off potential buyers/investors from doing business with you. If i were you i would go to your bank and ask them for a loan. Your wasting your time trying to hit this forum up for large loans. Especially after pirate and his pass through partners showed everybody how trustworthy this community is.

[AndrewBUD]

You're just butt hurt because you still have yet to Sell your GPU's.....

[Trader Joe]

Not at all. Im still mining with them so i dont mind sitting on them for a little longer. I just want to make sure everybody here knows the risk they take when considering investing with this guy. I can see some people thinking his post count and previous deals is a good enough reason to put faith in him. In my opinion its not. Im sure he's come through for smaller sales/loans but his trustworthiness hasn't been tested with large amounts. I will bet you money he disappears with your coins once he has them in his hands. That does seem to be the way it goes around here, right?

[crazyates]

I just want to make sure everybody here knows the risk they take when considering investing with this guy. I can see some people thinking his post count and previous deals is a good enough reason to put faith in him. In my opinion its not. Im sure he's come through for smaller sales/loans but his trustworthiness hasn't been tested with large amounts. I will bet you money he disappears with your coins once he has them in his hands. That does seem to be the way it goes around here, right?

Yep, you caught me. Ya I've only been around for a few months, but that's 4 straight months of continuous postings, trying to be helpful, trying to be well informed and help inform others, and completing a good number of successful transactions, some for hundreds of coins, and you saw straight thru me. Damn you're good.

At least when I trolled your thread, along with the dozen or so other people, we all gave you a solution for legitimizing your name: accept that some people want to use escrow when they're buying GPUs from you. You came in here and dug up and crapped on my month-old thread, and offered no such help to me.

Any lender even remotely interested in loaning this amount of coin knows the potential risk that anyone can "switch sides" as you so put it. This is not new news, and I still cant see why you decided to dig this thread up and come in here posting your "warnings" in the first place. I try very hard to maintain my reputation in here, and I don't appreciate it when insults about my honesty are flying from someone who is purposefully ignoring the safety nets the Bitcoin community has to avoid scammers.

In the mean time, I've had no one else ever call me a scammer. To any future buyers/loaners/investors, you can make whatever judgements you want from this conversation. I'm no longer actively looking for a loan, but I've got several BFL SC orders, and I'm always looking to buy more hardware, as my opportunity to host/power any equipment I want for free still stands. If you want to work something out, you can PM me, as I"m locking this thread.