[ON HOLD] CoinTerra - 1 BTC/12 GH/s, NO FEE!

[BeepBeep2]

9 shares reserved, 141 shares available!

Please read the "lowdown" below and reserve your shares immediately.
CoinTerra's 2 TH/s miner currently costs $13,999 with shipping targeted for December.
I figure I'll go big or go home on this one., and escrow through BTCrow WILL BE USED, through DyslexicZombei as an affiliate.

Shares will be sold in 12 GH/s increments, 1 BTC / 12 GH/s. At this time, 150 shares will be available for a total of 1.8 TH/s, with a limit of 25 shares, 25 BTC per person.

At current market price, that means a purchase will be made when ~120 shares are reserved and paid, I will take up the remaining cost up to $1,500 USD.

If you are interested in buying shares, please post in this thread and format as such:
|username|#shares|

Code:

|username            |# of shares (141 remaining)
|noodle73            |1
|slob                |1 
|Choadmeyer          |1
|hannibal42          |1 
|mrMIGHTY            |5

The "lowdown":

- 150 shares available for 1.8 TH/s total mining output. 25 shares / 25 BTC limit per person.

- I host and monitor the mining card personally, you pay no hosting fees for my electricity costs. Most likely this means in my home, which is fully air conditioned/heated. To offer hosting the miner in a commercial space, I would be forced to charge hosting fees.

- In return of zero fees, roughly 90% cost of this miner will be paid by the shares that I sell which equate to compensate for my hosting services. I will pay the remaining 10% or up to 12 BTC / $1,500 of which will be paid to BTCrow.com through DyslexicZombei.


- Escrow is currently an issue being worked on. I want to be able to offer full escrow for this purchase through DyslexicZombei. He already has photos my state ID/myself and I intend to throw down a decent chunk of $$$ up to $850 as collateral tied in with my 10% of the purchase, however I am unable to offer more.

- I will manually process payments proportional to your mining shares to your specified bitcoin address bi-weekly.

- At 4 months, 0 days of ownership, or 16 weeks, I will reserve the right to re-evaluate my costs and terminate any shares for a flat payout of 0.66 BTC / share or sell the ASIC Mining Device and award revenue from the sale proportionally based on shares. In this case, your ROI is almost guaranteed, even if I buy out your shares, as long as you are able to make 33.3% of your ROI in 4 months time.

- Low investment cost means low risk, pay 1 BTC for a 12GH/s share...spend as little as $120 (current btc-e.com price), to ensure that you lose no more than $120.  

- 12 GH/s hosted mining costs 1 BTC, all upfront, total, no extra fees.
- 24 GH/s hosted mining costs 2 BTC, all upfront, total, no extra fees.
- 58 GH/s hosted mining costs 5 BTC, all upfront, total, no extra fees.
- 116 GH/s hosted mining costs 10 BTC, all upfront, total, no extra fees. I think you get the picture.


Any questions? PM me or post them in this thread.

Why should you trust me? Because I'm all over the internet and I have a reputation to uphold:
http://www.heatware.com/eval.php?id=71378
http://hwbot.org/user/beepbeep2/
http://www.xtremesystems.org/forums/member.php?106217-BeepBeep2
http://www.techpowerup.com/forums/member.php?u=82952

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[BeepBeep2]

Updated thread after CoinTerra's pricing release.
Currently in talks with DyslexicZombei for escrow.

Please note that I may decide to purchase only 1 TH/s if less than 800 GH/s are reserved in two weeks. I am confident that I will be able to offer the same pricing, in that case.

Let's get the ball rolling! 

[noodle73]

Pls put me down for one share: noodle73 #1 @1BTC

[BeepBeep2]

Pls put me down for one share: noodle73 #1 @1BTC

Done!

[slob]

Out of curiosity, what part of the world are you located?

[BeepBeep2]

Out of curiosity, what part of the world are you located?

Northeastern Ohio, United States.

[BeepBeep2]

C'mon guys, lets keep this moving! 1 share isn't going to get us anywhere near a purchase.

Escrow terms still being worked out with DyslexicZombei, but I believe I will be able to handle that within 48 hours.

Terms for this Group Buy have been tweaked a little. I will now be persuing 1 TH/s, instead of 2 TH/s, your shares remain the same cost and speed. Since only ~800 GH/s will be for sale, I will now limit buyers to 20 shares / 220 GH/s to give everyone a chance in case a big player comes along.

I will try to fund 10% of the cost BY MYSELF up to $850 which I will pay to DyslexicZombei on top of his escrow fees however I will be unable to offer more for collateral.

I have a 10 GH/s share in his HashFast Group Buy worth 1.55 BTC, it should be worked out that he does not pay me that share in case I don't come through...

-Sam

[slob]

Please put me down for one.

|slob | 1 shares|

[Choadmeyer]

Hey there,


Also in NE Ohio! 

Put me down for 1 share please!


Thanks,

Choad

[hannibal42]

Please put me down for a share.

|hannibal42 | 1 shares|

[BeepBeep2]

Thanks guys. Updated.

Still working out escrow...BUT,

The way I understand this to work, DyslexicZombei will work as an expediter/organizer of funds through BTCrow, handling our Group Buy as an associate. He will NOT be holding the money.

Hope this clears up any doubts about where your BTC will be going and what hands it will be in, none other than BTCrow.com!

[DyslexicZombei]

Hi BeepBeep2,

I've enjoyed our coaching & mentoring sessions so far. I've found him to be a bright, ambitious, hard working person that appears to be a well intentioned Group Buy Coordinator. He can confirm for you that I have contacted him from my work email address for a recruitment pitch to join my R&D lab IRL as a student intern during a summer stay on a number of islands or as a side job during grad work if he continues his IT career in this fashion. It's an honor that I wouldn't extend to just anyone. He's young but he appears capable of both coordinating & running a Group Buy for 1 miner as well as be able provide remote Admin/troubleshooting services to the ASIC miner as someone who plans to enter the field of Computer Networking.

Some of our student interns go on to become engineers at places like Apple & at top Aerospace companies. This is how much I think of him from my dealings with him so far.

==========================================================================

To the Group Buyers and potential Group Buyers:

Gentlemen & ladies viewing this thread for potential escrowed purchases of a Cointerra Group Buy, you'll be pleased to know that I've been hard at work thinking about how to I can help facilitate and expedite BeepBeep2's Group Buy here while still providing automated online escrow protection and 3rd party dispute resolution. If you're unfamiliar with me, none other than Canaryinthemine the #1 ASICminer reseller, approves of what I'm trying to accomplish here [Note: This is *NOT* an endorsement of me personally by Canary, IMHO it was an endorsement of my efforts of transparency while still protecting my privacy, to improve the quality and the timeliness of Escrow & Coordination services available to both Buyers & Sellers on *this* forum].

I believe I've found a way to use BTCrow's automated escrow and payment process with available dispute resolution services to our advantage. When I say "our" I mean that:  it's beneficial to both Group Buyers *AND* Group Buy Coordinators (GBCs) that need to set up an escrowed GB. Even if you're in a Group Buy without escrow protection, you'll still be able to buy your shares of that non-escrowed GB and get escrow protection when you buy your pre-order share through me (held by BTCrow). I will notify the GBC, BB2 and cc the buyer, of the transaction for record keeping.
 
My wife wasn't too fond about doing a loan off of 401(k) assets and/or a bank loan to set up an Escrow Depository, but I am the Mr. Fix It of this Group Buys forum here to help you set up escrowed transactions quickly and close them out quickly so you can secure your earliest placing in the shipping queue.

I believe I can offer a trusted Escrow service as an official BTCrow Affiliate so I can focus on what I do best, which is to be a Group Buy Escrow *Coordinator* (GBEC): whose job it is to help others, fix problems, and expedite escrow protected sales and ordering. I have made BTCrow aware of my intentions via links because I am all about transparency of process for everyone and it appears that they approve of what I'm trying to accomplish for the GB forum.

(cont.)

[DyslexicZombei]

More details to follow (my Magnum Opus to this forum   ) but I'm excited about the possibilities of lowering the risks to entry for both Buyers and Sellers while offering automated Escrow Protection. It essentially involves me selling BB2 (and Group Buyers) a completed Pre-Order at the exact moment when all the BTC funds are finally held in Escrow by BTCrow. Essentially, I'm going to be selling completed Pre-Orders as a GBEC and all the Group Buyers involved do *not* release their funds until all the Group Buy payments are in and the Miner(s) or other ASIC equipment (wholesale cases, fans, PSUs, chips) are ready to order. It may sound complicated, but don't worry, I'm writing an easy to understand guide for Buyers, Sellers, and those that wish to join me in this new GBEC co-op.

Anyway, for those that want automated Escrow Protection with a 3rd party dispute resolution mechanism behind their Group Buy Purchases or Sales, please feel free to reserve your CoinTerra shares with BB2 knowing that your funds will be protected by escrow by BTCrow. He will PM me to let me know an automated payment transaction needs to be set up. What's great about this service is you will have some method to dispute the transaction, even post sales. BB2 has thought this through well and seems to have thought of many contingencies.

However as a Coordinator & Expeditor with a mind for network redundancy, I do recommend some sort of co-admin backup selection process for emergency purposes. Miners and network admins tend to do well in this role..

You should also discuss how it can be protected against theft; if possible. And whether any home owner or business owner insurance can help recoup losses from having ASIC hardware stolen or damaged in natural disasters.

I'll post a link in this thread when the directions/template for both GBCs and Group Buyers are all set up. Please PM me for questions if you're still confused after reading the thread I'm posting in a new thread in a few hours tomorrow night; it's exhausting doing the mental gymnastics to get automated escrow services to work for us, in this non-traditional fact paced marketplace.

[DyslexicZombei]

I firmly believe that the Open Source model I came up (or one with slight mods) will serve as a template for all other would-b Group Buy Escrow Coordinators (GBECs)that may follow my lead or join my GBEC co-op I'm starting. I believe this GBEC co-op I'm setting up will be able to offer both the quickest setup steps and finished pre-order process (sales/delivery location) then normal Escrow Services that serve a huge variety of BTC transactions fees instead of the niche services (with speed) I propose. This forum's grown too big & it needs its own specialized tools/services to facilite Escrowed transactions.
==========================================================================

***BTW, if the Group Buy doesn't sell out for whatever reason (there should be healthy demand when preordering opens), BTCrow will automatically refund the Group Buyers with a 1% fee for their Escrow services. Also, keep in mind that if the GB is partially successful a less ambitious backup plan could be executed if the Group Buyers are in majority weighted agreement, since the funds would already be in place.***

CLARIFICATION: BeepBeep2 and myself are charging no fees for this transaction, as this is a prototype and the first of its kind offer for Group Buy Escrow *Coordination* services. However, BTCrow charges a 1% fee for their automated services, BTC Escrow Depository and Dispute Resolution services which we cannot control.

If you're a new miner, or have a GB where the majority of miners demand it, Miner payouts can also be secured against fraud via a collateral payment held by BTCrow at 1% fees) paid by the Group Buyer Coordinator (GBC) to hold his collateral hostage for his or her miner payouts for 2-3 months. It's best to set this up in advance before listing your GB so that you can draw on this fact to better sell your GB.


TL;DR: We're all gonna win when my GBEC co-op is set up soon. Feel free to join this Group Buy protected by Escrow via BTCrow, with your reservations. When the time comes please have your BTC ready to go for fastest pre-ordering and for earliest placement in the shipping queue.

Cheers!
DZ

[BeepBeep2]

Hello guys. Just to re-iterate in the shortest way possible- this group buy will be fully protected by BTCrow.com. DZ is working together with myself and BTCrow to help move this along.
I've been EXTREMELY busy with college the last few days, I start class tomorrow. Luckily, I will not be very busy most of the week except for Tuesdays and Thursdays this semester.

I've had a few shares reserved via PM, so I'll get to updating the thread shortly.

Thanks!
-Sam

EDIT: 9 shares have been reserved so far, 65 shares remain.

[BeepBeep2]

Bump! 
Still gunning for 1 TH/s, if CoinTerra will release it! They told me they would, but haven't exactly come true yet.

[BeepBeep2]

Hmm, I'll have to cancel this group buy if it doesn't get rolling, and it seems CoinTerra will not live up to what they told me on lower models in the product line.  

Don't want a cancel, do we?

Therefore, I'm looking to pay up to 12 BTC ($1,500) of the result in advance, allowing a machine to be bought before all shares are bought. All shares will be in full protected escrow.

So far, CoinTerra is promising 2 TH/s units at $7 / GH/s, and rising BTC value, I can now offer shares at 12 GH/s per BTC.
Please, jump on this deal now so we can get ahead in the queue!

-Sam

[BeepBeep2]

On hold until further notice. Lack of interest combined with dwindling time are a suicidal combination.

[lucasio]

|Lucasio|7shares

[BeepBeep2]

|Lucasio|7shares

Interesting. Serious reservation?
Maybe I'll give this GB another chance.

In a pre-order situation, we all know that getting in early counts, I'd like not to be extremely late in queue to disappoint GB members.