[LOAN] Seeking 100 BTC Loan for Mining Rig

[c4n10]

Hello everyone,

I am looking for a 100 BTC loan so that I can invest it into a mining rig (looking at 5850x6 setup ((1,360 MH/s)) if I can find the cards and if not then will get 6950x4 ((1,316 MH/s)) setup).

I will provide my name, HD color photo of my ID, my address, HD color photo of my social security card, phone number, references and other personal information to whoever is willing to provide me with this loan, but I am not going to post all of that information here on a public forum, please message me if you are interested.

For now, here is my name: Rudolph Andrew Whiles

I will choose my lender based on who is willing to provide the most agreeable terms for their loan (interest rate, expected time-frame for repayment, payment options, etc...)

I plan to repay this loan with profits made with the new mining rig and paychecks when I start working again as I am currently unemployed but seeking employment, I want the mining rig for a side source of income.

Electricity is not an issue for me as I don't pay a power bill.

If you have any questions or need any more information, please feel free to ask!

Thanks!!!


***Copied from below for those interested in the math of what I am proposing:

Consider some math here:

My current setup SUCKS out loud. I mine BTC at roughly 10 MH/s.

If I take that same setup and apply it to LTC mining my setup maxes out at about 20 KH/s (est. LTC/Day is roughly 9 LTC) which ALSO sucks out loud.

With my proposed setup I can mine BTC at right around 1.3 GH/s (a more than 100x increase in performance). Apply that same 100x performance to LTC/mining and I should be seeing somewhere around 2 MH/s for mining LTC at which point I could mine solo and expect to find a block every 5 - 6 hours or so which would be roughly 200-250 LTC per day which I can then sell the lot for just under 1 BTC.

At this rate I could expect to see roughly 21-25 BTC per month mining LTC which I would give 70% (roughly 15-18 BTC) to my lender until the loan is paid off with interest and keep the rest for myself.

At this rate I could pay off the loan in about 6 - 7 months.

[Bitcoin Oz]

Sorry but your rig will most likely never pay for itself depending on when ASIC arrives.

Consider getting a bfl or similar and purchasing an upgrade.

[c4n10]

Sorry but your rig will most likely never pay for itself depending on when ASIC arrives.

Consider getting a bfl or similar and purchasing an upgrade.

Hmmm, I was thinking about getting a couple of jalapenos, but their description of a release date: "First shipments from 'possibly late October' ranging to 'before Christmas 2012'" concerns me slightly, for all I know that could be pushed back or not even happen at all as I have seen some speculation around the forums and irc's about BFL being a scam...

I am never a fan of buying first generation technology, I would rather wait until the BFL's come out, others have tested them and offered their input here in the forums and irc channels before I go investing money into it.

I figure it will be safer and get me up & running sooner to go with a gpu rig for now and then use the profits from that rig to start paying off my loan and upgrading to an ASIC when I feel more confident in them...

[c4n10]

bumping because I still need it...

[smracer]

bumping because I still need it...

And I need Sasha Grey to slob my knob.

[silverbox]

bumping because I still need it...

And I need Sasha Grey to slob my knob.

How many BTC does she charge for that?

[BurtW]

bumping because I still need it...

And I need Sasha Grey to slob my knob.

I think what he is saying is that investing in GPU mining at this point in time is a very bad idea/investment therefore a bad idea for a loan.  If you want to go against the grain and buy a few GPUs then buy them a cheap as you possibly can - including the cheapest financing you can possibly get.  Financing in BTC is very expensive so I would suggest fiat financing.

GPU mining is going to be pushed aside just like CPU mining was so unless you have found some other use for the GPUs then your rig will never pay for itself, let alone make a profit.

[CJGoodings]

... sickens me when kiddlets treat the bitcoin system like an atm machine. The whole point of mining is to keep the system functioning, not as a personal source of income. Many have already found this out the hard way, i guess its time for you to learn it to.

[c4n10]

bumping because I still need it...

And I need Sasha Grey to slob my knob.

I think what he is saying is that investing in GPU mining at this point in time is a very bad idea/investment therefore a bad idea for a loan.  If you want to go against the grain and buy a few GPUs then buy them a cheap as you possibly can - including the cheapest financing you can possibly get.  Financing in BTC is very expensive so I would suggest fiat financing.

GPU mining is going to be pushed aside just like CPU mining was so unless you have found some other use for the GPUs then your rig will never pay for itself, let alone make a profit.

Well, I was mainly looking to mine LTC rather than BTC since LTC is still pretty profitable with gpu mining, then I was going to sell LTC->BTC->USD

And I am planning on getting ASIC's, but not until after they've been released and proven.

[c4n10]

... sickens me when kiddlets treat the bitcoin system like an atm machine. The whole point of mining is to keep the system functioning, not as a personal source of income. Many have already found this out the hard way, i guess its time for you to learn it to.

You MUST be trolling.

Kiddlet...? First of all, I'm 30. Second, I'm not treating anything like an atm machine, I'm doing EXACTLY what everyone else is doing and trying to make a little bit of money mining.

You think people are spending THOUSANDS of dollars on their mining rigs for the sake of "keeping the system running"...?

[c4n10]

bumping - updated original post with more information on my proposed mining rig and information I will provide to lender for identification purposes.

Also, if anyone can suggest a better mining rig for $1,200 or less (since I am asking for 100 BTC loan) that doesn't involve ASIC's which have been neither seen nor proven, please let me know...

[markm]

I plan to repay this loan with profits made with the new mining rig because I am currently unemployed (which is why I got involved with Bitcoin and Litecoin and why I am interested in setting up a mining rig).

Mining is not at all a form of gainful employment. In fact it is all too likely to become just another black hole to throw money into.

It is a zero sum game; everyone is fighting for the few coins that will be minted, and others have you outnumbered and outgunned.

You'd be better off buying yourself a good resume and interview-outfit and a bus pass so you can get to interviews and spend your time out there finding employment.

-MarkM-

[Vod]

You think people are spending THOUSANDS of dollars on their mining rigs for the sake of "keeping the system running"...?

No one is doing that anymore.  Rewards are going to halve in 2 months.  You won't make your investment back.

[c4n10]

I plan to repay this loan with profits made with the new mining rig because I am currently unemployed (which is why I got involved with Bitcoin and Litecoin and why I am interested in setting up a mining rig).

Mining is not at all a form of gainful employment. In fact it is all too likely to become just another black hole to throw money into.

It is a zero sum game; everyone is fighting for the few coins that will be minted, and others have you outnumbered and outgunned.

You'd be better off buying yourself a good resume and interview-outfit and a bus pass so you can get to interviews and spend your time out there finding employment.

-MarkM-

I am still looking for employment, my plan is to have the mining rig as a side source of income...

[c4n10]

You think people are spending THOUSANDS of dollars on their mining rigs for the sake of "keeping the system running"...?

No one is doing that anymore.  Rewards are going to halve in 2 months.  You won't make your investment back.

Ok, but I think mining LTC will still be profitable.

Consider some math here:

My current setup SUCKS out loud. I mine BTC at roughly 10 MH/s.

If I take that same setup and apply it to LTC mining my setup maxes out at about 20 KH/s (est. LTC/Day is roughly 9 LTC) which ALSO sucks out loud.

With my proposed setup I can mine BTC at right around 1 GH/s (a 100x increase in performance). Apply that same 100x performance to LTC/mining and I should be seeing somewhere around 2 MH/s for mining LTC at which point I could mine solo and expect to find a block every 5 - 6 hours or so which would be roughly 200-250 LTC per day which I can then sell the lot for just under 1 BTC.

At this rate I could expect to see roughly 21-25 BTC per month mining LTC which I would give 70% (roughly 15-18 BTC) to my lender and keep the rest for myself.

At this rate I could pay off the loan in about 6 - 7 months.

[Buffer Overflow]

Mining is not at all a form of gainful employment. In fact it is all too likely to become just another black hole to throw money into.

If this is true then bitcoin is doomed. As there would be no incentive to mine, keeping the network secure.

[foggyb]

Mining is not at all a form of gainful employment. In fact it is all too likely to become just another black hole to throw money into.

If this is true then bitcoin is doomed. As there would be no incentive to mine, keeping the network secure.

This issue has been thread-spammed to death.

People don't need incentive to mine, they just need a good reason to feel good about mining at a loss. See the Folding@home project. People fold because they feel its a worthwhile donation of hashpower.

Many people feel the same way about bitcoin.

[crazyates]

bumping because I still need it...

And I need Sasha Grey to slob my knob.

How many BTC does she charge for that?

If you have to ask... you can't afford it.

[Buffer Overflow]

People don't need incentive to mine, they just need a good reason to feel good about mining at a loss. See the Folding@home project. People fold because they feel its a worthwhile donation of hashpower.

Many people feel the same way about bitcoin.

I used to fold for bit-tech.net magazine team. It was fun, tweaking, cooling etc, got my name in monthly magazine. Then the electric bill popped through my letterbox. Suddenly it wasn't fun anymore. I quickey stopped, as many do.

Can't say for bitcoin, but with with bit-tech magazine folding team, most folders live at home with parents, so electric costs are irrelevant.

Our electric prices here in UK have shot up into orbit last few years.

[Chang Hum]

Hello everyone,

I am looking for a 100 BTC loan so that I can invest it into a mining rig (looking at 5850x6 setup ((1,360 MH/s)) if I can find the cards and if not then will get 6950x4 ((1,316 MH/s)) setup).

I will provide my name, HD color photo of my ID, my address, HD color photo of my social security card, phone number, references and other personal information to whoever is willing to provide me with this loan, but I am not going to post that information here on a public forum, please message me if you are interested.

I will choose my lender based on who is willing to provide the most agreeable terms for their loan (interest rate, expected time-frame for repayment, payment options, etc...)

I plan to repay this loan with profits made with the new mining rig because I am currently unemployed (which is why I got involved with Bitcoin and Litecoin and why I am interested in setting up a mining rig).

If you have any questions or need any more information, please feel free to ask!

Thanks!!!


***Copied from below for those interested in the math of what I am proposing:

Consider some math here:

My current setup SUCKS out loud. I mine BTC at roughly 10 MH/s.

If I take that same setup and apply it to LTC mining my setup maxes out at about 20 KH/s (est. LTC/Day is roughly 9 LTC) which ALSO sucks out loud.

With my proposed setup I can mine BTC at right around 1.3 GH/s (a more than 100x increase in performance). Apply that same 100x performance to LTC/mining and I should be seeing somewhere around 2 MH/s for mining LTC at which point I could mine solo and expect to find a block every 5 - 6 hours or so which would be roughly 200-250 LTC per day which I can then sell the lot for just under 1 BTC.

At this rate I could expect to see roughly 21-25 BTC per month mining LTC which I would give 70% (roughly 15-18 BTC) to my lender and keep the rest for myself.

At this rate I could pay off the loan in about 6 - 7 months.

Patrick Harnett one of this sites more upstanding members and most successful ponzi operators runs a money lending business as a front for his confidence scam, he may lend you it https://bitcointalk.org/index.php?topic=61262.0 although I hope you appreciate making an unsecured loan of $1200 to an unemployed stranger in a different country requires the lender to be mentally ill.