https://btcjam.com/listings/1108NOTE: I had corrected an error in the text earlier. When I re-listed this on BTC Jam, I used 1.75% rather than 1.5%. So the actual percentage is higher than stated below. The total pay back is 118.3085 and the Effective Interest rate for the life of the loan is 13.3%. Its not really worth fixing. Enjoy.
Below is the Text listed on BTC Jam
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This is the second time I am posting this. The first time I removed it because I was not comfortable with the structure. I also didn’t seem to be getting much attention. I recently received a very nice vote of confidence from one of the investors, so I’m going to relist this. I will leave this up until the expiration.
Purpose:
Purchase an additional BFL Single SC (ASIC).
Background:
I currently have two on order. I am currently running 2 BFL Singles and purchase upgrades for them. I made my purchase in late September. So I should be receiving mine in the first week or two of delivery. It looks like this may occur the end of Jan or start of Feb. My goal was to use the income from the first few months to buy two more BFL Singles. This loan will allow me to purchase one of those two in order to get it online much earlier, hence run it at a higher earning potential for a period of a few months.
Loan Structure:
I proposing a twofold repayment plan, one is exactly as you would expect here on BTC JAM, and fully repays the loan with interest. The second is an incentive / profit sharing for anyone who invest significantly.
Part 1:
The Interest rate while low, it’s actually at 11% over the course of the entire loan.
The total to be paid back: 116.353088
The total to be loaned: 105
Net Interest: 11.35309
I made payments payable over a year in order to ensure I would have no problem making payments over the next month. My Goal is to pay this off early, like by June or so depending on when I receive my original ASIC miners.
Part 2:
For anyone that invests 15 BTC will receive 3% of the gross earnings of one of my BFL Single SC after it arrives, until this loan is paid off, or 3 months whichever is longer. If you decide to invest 30 BTC, I will give you double the reward, 45 BTC I’ll give you 9% and so on. I will not how ever pay fractional Investments. This means I will be giving away 21% of my first few months reward from mining. These are expected to me some of the most profitable months until all the ASICs are delivered, which could be May.
As an example, I have done my planning on a 250 TH network hash rate and found that one BFL ASIC can earn 1 BTC / day which means that you would earn an additional 1 BTC per month for your 15 BTC investment. This is an additional 6.67% per month. The expectation is that we will not reach that difficulty until a few months into mining. The first few months could net much higher returns.
There has been much debate about what the network will do, so my estimates are just that only estimates. You will make the 11% from BTC JAM in less than a year and you will make something more if you choose to invest 15 BTC or more.
Once you have invested the 15 or more BTC simply add the address you would like me to send the payment to in the comments below. I will make payments regularly, weekly if I can.
About Me:
First you’ll notice that I have only had one loan before. I’m not one to through away money just to build a reputation. 1 BTC I could deal with. I tried another for 5 and found that you have to have a credit rating of 5 or more in order to leave feedback, so I had a limited crowd.
• So I have a few positive feedbacks.
• I have built the credit score to an 8.
• I have tied my Bitcointalk user name to this account. Please feel free to research me there.
• I have also authored a small eBook Bitcoin Step by Step, it’s on amazon in kindle format.
• I write a blog,
http://bitcoinsbs.wordpress.com• The email address I’m signing this with I have had since, well before they charged for domain names.
I tell you this because I want to build your confidence that I am here to stay. Asking for a large sum of BTC is easy. Funding it is not so easy. All I can say is that I’m good for it.
If you are looking for a medium term investment that will net you a decent return please consider my investment. I will GPG sign this as well, which simply asserts that I indeed did write this. It also ensures the integrity of the contents of this message.
If there is sufficient interest in this loan package, I might consider doing a second one for the other BFL Single. If this one is near closing out, and you would like to get in on the other loan simply leave a comment.
Thank you for considering my loan
- -Michael
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