Anyone max out their Credit Cards on mining gear?

[deepcryptomine]

Well you are not the only one. I did the same thing but only because bank transfer would've taken a lot longer and I didn't have the patience. I paid my credit card the next day. Now I am selling coins to get my investment back. Hopefully I will be able to get my initial investment in a month.

Mind sharing what coin you are mining to get a 30 day ROI? Seems overly optimistic since the average coin seems to be closer to 90-100 days and that is only because of the recent run-up in price.

Sorry I meant to say that hopefully I will be able to get my investment back by the end of next month. I've been mining for a while. Yup 30 day ROI is too optimistic.

[baga105]

If you have some rigs built from before, you can hit ROI for new investment in 30 days But you have to put together all Hashes

[QuintLeo]

Nope - I don't have a credit card at all.

 My Bitcoin wallet keeps getting near-emptied via purchases from NewEgg though....



 30 day RoI is a completely unrealistic FANTASY at that point - even the Vega 56 *IF YOU CAN FIND ONE UNDER $500 ANYWHERE* is still in the 80-90 day range mining Monero - when you can find one at all.

[GbrilliantQ]

I did way back in the day, but now it's all returning investments and passive income. Debt paid, profits go into buying more assets to make more money.  Circle of life.  Get out of debt first, make profits, invest more. Make more profits. EZ.

[philipma1957]

My paypal  credit is 6 months interest free.

I got it up to 9100 of 9500 but that was a few year ago.

[kuroman]

Here in Europe you don't get that kind of credit card unless you explicitly ask for it, and the limites are usually much lower than the US, but I get it, I totally understand that it is easy to go for it when it is available, I have a line o credit that I can use anytime and on a click and I'm always tempted to do so and I do from time to time and it's hard to hold out, but to be honest I don't think it's a good idea considering the volatility of crypto, it's a business and taking credit is not that good, UNLESS it is with low interest or 0 Rate then go for it, mine the gear for a couple of month resell it pay off your debt and the mining income would be in most part a net profit

[antantti]

If you can buy btc with your cc, what's the point going through all that annoying mining phase?

I mean, what could possibly go wrong?

Hit me baby one more time...

[adaseb]

Well I guess buying GPUs on a credit card is better than those 16 year old kid who buy Chrome rims and wheels on credit.

Since the GPUs at least hold their value and have a good chance at ROI'ing.

[kuroman]

Well I guess buying GPUs on a credit card is better than those 16 year old kid who buy Chrome rims and wheels on credit.

Since the GPUs at least hold their value and have a good chance at ROI'ing.

Right now you can use and sell your gpus at about the same price as new if you use them for 1Q of a year, I saw 570 and 580 selling at the price of brand new or a little less, but the risk is and I'm sure you are aware of it, if the stock of of altcoin crush, the market will be flooded with GPUs and there won't be much of an ROI, but I guess it depends on the personne and how they act according to the situation.

[philipma1957]

Well   amazon has an extended return policy  Jan 31 2018
So you could return  the ones that broke on Jan 30th 2018

Now if you purchased 50 cards and return 50 cards I think they would not take them back.
But if you purchased 10 cards and return  2 or 3 cards that broke they would take them back.

This lowers risk just a bit.

[BennyT]

Instead of using credit card, approach people with money to invest with you. People with money would love to get into crypto. If you’ve built mining rigs, you can put together a simple business case.

It’s always dumb to use your own money, it’s even dumber to use money you don’t have (credit). Use someone else’s money and give them a nice ROI while you get a decent returns as well. Spread the risk and increase your profit.

[puwaha]

Instead of using credit card, approach people with money to invest with you. People with money would love to get into crypto. If you’ve built mining rigs, you can put together a simple business case.

It’s always dumb to use your own money, it’s even dumber to use money you don’t have (credit). Use someone else’s money and give them a nice ROI while you get a decent returns as well. Spread the risk and increase your profit.

There's no difference from your perspective using a credit card vs borrowing money from an investor.  The investor is the credit card in your scenario, and depending on the deal you made, they could have a perpetual stake in your mining profits.

[adaseb]

Instead of using credit card, approach people with money to invest with you. People with money would love to get into crypto. If you’ve built mining rigs, you can put together a simple business case.

It’s always dumb to use your own money, it’s even dumber to use money you don’t have (credit). Use someone else’s money and give them a nice ROI while you get a decent returns as well. Spread the risk and increase your profit.

This is horrible advice.

If you make money,  you will need to split your profits.

If you lose money, depending on who these people are you will either have to give them a refund or risk losing a family member/friend.

[leonix007]

Instead of using credit card, approach people with money to invest with you. People with money would love to get into crypto. If you’ve built mining rigs, you can put together a simple business case.

Oh Yeah, this is some kind of a scammers do, Lol

when all things gets F*cked up, then what? try to run out of the people you scammed.

On the other part, I've seen people with their friends and relatives getting unto group and doing crypto business, the downside of it is that when things get too difficult decisions take place, you can't simply decide on yourself as there are others that you may want to consider.

It’s always dumb to use your own money, it’s even dumber to use money you don’t have (credit). Use someone else’s money and give them a nice ROI while you get a decent returns as well. Spread the risk and increase your profit.

You eat your own words dude, someone else money is not also your money to use of, you are more likely increase the risk by using people around.

[kuroman]

Instead of using credit card, approach people with money to invest with you. People with money would love to get into crypto. If you’ve built mining rigs, you can put together a simple business case.

It’s always dumb to use your own money, it’s even dumber to use money you don’t have (credit). Use someone else’s money and give them a nice ROI while you get a decent returns as well. Spread the risk and increase your profit.

This is not a good idea in my opinion, we are not talking about shark tank type of investement on campany that need growth and guidance, an investor added value is only his paycheck, so that means that you have nothing to win from it, you get his money to buy stuff, you mine he gets a huge proportion out of it, you lose he gets all the gear to pay himself and you have nothing left.

The best is always to start small and expend, unless there are credit with 0 % or low interest rate  and you are sure to pay them back

[dbc23]

I got close to maxing a credit line early in the year, but it's nearly paid off now.  Since it was 0% for 12 months and i'll have it covered by then I feel pretty good.  I've already turned over some cards online for almost 1:1 return too, working towards best power density because i'm limited on how many amps I can pull.