Tomatocage (OP)
Legendary
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Activity: 1554
Merit: 1222
brb keeping up with the Kardashians
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July 31, 2014, 05:24:27 PM |
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Requesting a loan for mining equipment is absurd, and here's why: If you manage to secure a loan to purchase mining equipment, there's no guarantee that you'll pay it back. In fact, lenders stand an exceedingly high chance of getting ripped off when the borrower decides to skip town and stop communication. The solution to this is simply for the lender to buy the mining equipment himself and mine out the initial cost of the hardware plus whatever interest the borrower promised. That way there's no risk involved for the lender (we'll factor out the "no duh" risks such as market crashing, FedEx losing an uninsured package, etc.) and he gets the entire amount promised to him by the borrower. At that point the lender has the hardware paid off and now must send it to the borrower for FREE. WTF kind of sense does this make? None, that's what. But that's tantamount to what a loan request for mining hardware is.
So please, just stop.
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