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Author Topic: BTCjam: crowdfunding a KNCminer Saturn  (Read 676 times)
soylent green
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October 12, 2013, 03:31:03 PM
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https://btcjam.com/listings/7189

I realize the requirements for requesting a loan on BTCjam are less stringent than what's suggested in the FAQ for this subforum, but I chose to use that platform because it has both feedback and moderation- I thought those features might increase investor confidence.

As noted in the loan comments at the bottom of the page, I have been depositing my own BTC income as well- I have skin in this game, I'm not just expecting everyone else to buy a miner for me.

I'm happy to answer any questions ITT.

http://bitpay.com/ - increasing the utility and value of Bitcoin every day.
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soylent green
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October 13, 2013, 03:52:59 AM
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Wow- no feedback at all? I spent all day out shooting clays and I was expecting a flood of negative comments when I returned.  Grin

I guess if there's not enough interest I'll continue saving my coins and make a different purchase in a couple months when other hardware is close to shipping.

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October 17, 2013, 08:05:59 AM
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how to Verify myaccount ?
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October 17, 2013, 04:03:56 PM
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Good luck with your loan, but can we trust you?
soylent green
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October 18, 2013, 05:25:01 PM
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Good luck with your loan, but can we trust you?

I'd like to think so. As I am an engineer at Bitpay, defaulting on this loan would reflect very poorly on the company, and probably cost me my job. The output of a KNCMiner Saturn is not at all worth that risk.

Thanks for the well wishes. I will pay in one more deposit from my "pyramidhead" account later today, but unless I get similar contributions from others in the next few hours, it looks like this isn't going to happen.

Que sera- experiments don't always work, but it's important to try Smiley

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October 18, 2013, 11:22:50 PM
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Good luck with your loan, but can we trust you?

I'd like to think so. As I am an engineer at Bitpay, defaulting on this loan would reflect very poorly on the company, and probably cost me my job. The output of a KNCMiner Saturn is not at all worth that risk.

We already had a scammer (Hydroponica) use his employment as security for a loan.  Guess what?  He still defaulted.

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soylent green
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October 19, 2013, 12:01:55 AM
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We already had a scammer (Hydroponica) use his employment as security for a loan.  Guess what?  He still defaulted.

Well, moot point now, with 10min left and myself the only major buy-in- but I am pretty damned sure Tony and Stephen would tell me to hit the bricks if I did *anything* to paint the company in a negative light. I feel very lucky to have landed a job at Bitpay and have been working quite hard for them.

I don't know the story on Hydroponica. But I would have to be a massive idiot to jeopardize my employment on a loan that only represents about one month of gross income. As mentioned in the loan listing, Bitpay pays part of my salary in BTC- talk about killing the goose...

The idea behind crowdfunding this purchase was to distribute the output of at least one ASIC miner, because it bugs me a little bit how much mining power has been concentrated in the hands of relatively few.

Suggestions on what I can do to increase confidence in the meantime?

Ideas:
- I own two motorcycles worth more than the requested loan amount. Could use them as collateral.
- I've never been very active on the forums; I will change that. (I wish I'd had enough liquid BTC to buy that Ducati that was FS a few weeks ago.)
- I'll try a smaller loan amount next time; going from 1BTC to 30 probably did play a hand in scaring people off; I thought putting in ~4.5BTC of my own would alleviate those concerns but appears not.

You're not wrong to be suspicious- I got taken for .25BTC from a bad borrower on BTCjam myself.

But I left this thread open for any questions anyone wanted to ask- asking the kind of questions that represent vetting a borrower would be more appropriate than just saying "this one guy was a scammer so you are too".

http://bitpay.com/ - increasing the utility and value of Bitcoin every day.
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October 19, 2013, 12:25:36 AM
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- I'll try a smaller loan amount next time; going from 1BTC to 30 probably did play a hand in scaring people off; I thought putting in ~4.5BTC of my own would alleviate those concerns but appears not.

That's just going from 1BTC to 25.5BTC with no collateral. 

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soylent green
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October 19, 2013, 12:30:33 AM
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That's just going from 1BTC to 25.5BTC with no collateral. 

Once again- I am asking for constructive criticism here.

As I said, I have two motorcycles, together worth more than the loan amount, that I would have used as collateral, had somebody asked.

Do you have any suggestions I haven't already put forth myself?

http://bitpay.com/ - increasing the utility and value of Bitcoin every day.
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