[Group Buy] Avalon ASIC - Unit in Hand

[n4ru]

I'm interested in doing a different kind of group buy. I'm interested in buying an Avalon ASIC for sale at eBay.com.

It's a pretty high price, but the Avalon ASIC would make back the cost and far more within months unless BFL delivers BIG within a month. The purpose of this buy is to get in on the ASIC market as fast as possible with mitigated risks by splitting the cost.

Details:
- Payment would be in BTC, I would convert this to USD using MtGox and then withdraw it and pay for the item immediately. In the event the item is no longer available, an identical item will be found within 72 hours or funds would be returned.
- An escrow can be used to hold the funds before they are converted into USD.
- At $50,000, you are paying about $700 per GH/s of hashing power, with added conveniences such as no maintenance, no setup or other nuisances - and a jumpstart on the fast growing ASIC market.

Operation of the Product:

• I will create a website to show stats for the machine while it is running so you can see for yourself how it operates, and all information available to me will also be available to you through this site. A private forum will be available for all contributors. In essence, you're funding a miner that will report everything to all contributors, so you will know where your money is going and what it's doing the moment the miner is in my hands and running. It might not be fancy, but it will be functional.
• The device will be hosted for a minimum of 1 year AND until a 500% return is made in bitcoin, unless the device becomes unprofitable due to electrical costs or device failure.
• You can change your payout address at any time with a week's notice.
• You will receive BTC every month to an address of your choice equal to your contribution out of the entire cost of the product after operation costs are deducted.
• You can also request a dividend payment at any point with a week's notice.
• Profits are not guaranteed, and device operation is not guaranteed. The risk is shared by all interested in this group buy, myself included.
• A mining pool is yet to be determined and can be discussed.

BTC goal will be updated daily using the MtGox daily average.
5 / 410BTC

Contributors:
5 - n4ru

[1715294897]

1715294897

[1715294897]

1715294897

[1715294897]

1715294897

[voluntaryist]

I'm interested. Under what conditions will you stop sending dividends? After 500% is reached and 12 months have passed or will you continue after that? Also, do you have an OTC account or some other reputation?

[computerparts]

Not worth the risk at this point. Don't do it unless you never want to see your return investment.

[n4ru]

Not worth the risk at this point. Don't do it unless you never want to see your return investment.

How so? If it's up and running by the middle of next month, unless BFL delivers in a big way, it would make a good amount of coin.

I'm interested. Under what conditions will you stop sending dividends? After 500% is reached and 12 months have passed or will you continue after that? Also, do you have an OTC account or some other reputation?

I'll continue for at least a year regardless of how much is reached. I'm aiming to continue as long as possible, 12 months is the bare minimum if the 500% mark is reached.

I unfortunately don't have any rep on any bitcoin related sites, but we could escrow through a user here (forget his name, but he gets mentioned a lot). I could also provide my personal information to anyone interested in pitching in.

[relm9]

I suggest you rethink your risk assessment. The difficulty could double in a month even without BFL. There's Avalon batch 2 & 3 on the way, additional ASICMiner deployments, and Avalon bulk chip orders due by August.

This unit will definitely not make back the 410 BTC. USD? Maybe, but that's still a big gamble. If you strongly feel the exchange rate is going to go up it's better to just buy Bitcoins right now, in my opinion.

"Within months" is an incredibly optimistic time frame. You will be lucky to break even in a year in USD.

Good luck with your group buy anyway.

[faisalp]

50k?  units are going for 35...(including mine, if anyone is interested

[SebastianJu]

$50K? That would be 531BTC. Its a overclocked 65GH avalon. That means 10GH cost 81.7BTC. Thats way more than the auctions gave that asicminer made.
You wont make this back. Check out the second graph here: http://bitcoin.sipa.be/ It will go on with the difficulty for some time now. And then put the numbers here into: http://www.bitcoinx.com/profit/

Even with the difficulty it is now it will take 4 months to get the buying price back. But while the difficulty is rising the investment probably wont come back.

Edit: This is an interesting prognosis too: https://bitcointalk.org/index.php?topic=178051.0

[markm]

USB block eruptors are half that price per gigahash, might as well get lots of those instead...

-MarkM-

[dogie]

USB block eruptors are half that price per gigahash, might as well get lots of those instead...

-MarkM-

Wait... a 4k post Jan 2011 member just bumped a 3 month old thread calling the prices ridiculous? The fuck just happened...

[markm]

Oops didn't notice the date. Actually I thought this whole section was quite recent.

I guess a lot of old threads must have been moved to it.

-MarkM-