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Author Topic: Mini Rig crowdfunding idea?  (Read 3016 times)
Kris
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May 17, 2012, 10:01:40 PM
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I had an idea which might be plausible.

Crowdfunding a Butterflylabs Mini Rig for WalletBit

The Mini Rig is priced at $15,295 with a performance of: 25.2 Giga Hash / S @ 1,250w  This is a very steep price to be able to afford alone!

So the idea is to get 3000 people to pledge ONE bitcoin. And to keep track of this I am asking people to submit their pledge at this website https://walletbit.com/crowdfunding

I have already pledged 100 bitcoin to this cause on my own behalf!

With 3100 bitcoin in hand I will purchase the Mini-Rig and run it from my rack closet in my hosting center, paying the electricity bill, managing the firmware updates myself.

Running 25GH/s would help secure the bitcoin network from the 51% attack, and make confirmations on WalletBit be faster by paying a bigger paytxfee.

If you choose to participate in this, and once I have received the Mini-Rig I will send you:

per day: 0.00451612
per week: 0.03258064
per month: 0.14225806

You initial pledge of ONE bitcoin will be paid back within a maximum of 7 month

If the Mini Rig runs as great as they say, I will extend the bitcoin you get everyday to at least two months beyond your initial payback.

I hope you will be as excited about this idea as I am!

Yours sincerely
Kris
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Kris
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May 17, 2012, 10:19:42 PM
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Great, lets have more people know about these projects. You cannot get enough hashrate Smiley
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May 17, 2012, 10:50:14 PM
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You initial pledge of ONE bitcoin will be paid back within a maximum of 7 month

If the Mini Rig runs as great as they say, I will extend the bitcoin you get everyday to at least two months beyond your initial payback.

Wait, so all we get is our money back at the end of the 7 months, you keep the rig, and maybe we get a few more months of payout?

I don't see the upside, other than you getting a MiniRig.
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May 17, 2012, 10:58:12 PM
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If you choose to participate in this, and once I have received the Mini-Rig I will send you:

per day: 0.00451612
per week: 0.03258064
per month: 0.14225806

You initial pledge of ONE bitcoin will be paid back within a maximum of 7 month

You are in essence asking for a loan of 1 BTC and paying back ~28% extra in 9 months (or even a bit more) - but only "if the Mini Rig runs as great as they say". These are far worse conditions than most loans made to random strangers on this forum. Why sould I trust you - for 9 months?!

Also you don't seem to know a lot about mining, if you say "Running 25GH/s would [...] make transactions of WalletBit so much quicker."

Sorry, maybe try to open up an asset (with verification!) on GLBSE, it's made for these things (support for dividends/paybacks, easy handling of shares...). The idea is great, but quite a few people also had it already - and they are expanding aggresively.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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Kris
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May 17, 2012, 10:58:51 PM
 #5

You initial pledge of ONE bitcoin will be paid back within a maximum of 7 month

If the Mini Rig runs as great as they say, I will extend the bitcoin you get everyday to at least two months beyond your initial payback.

Wait, so all we get is our money back at the end of the 7 months, you keep the rig, and maybe we get a few more months of payout?

I don't see the upside, other than you getting a MiniRig.

I see your point Fuzzy, but with it you will also get lighting fast transactions / confirmations on WalletBit and you will help in securing the Bitcoin network even more from the 51% attack.

I am open for suggestions in regards to providing something more for people!
Kris
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May 17, 2012, 11:01:41 PM
 #6

If you choose to participate in this, and once I have received the Mini-Rig I will send you:

per day: 0.00451612
per week: 0.03258064
per month: 0.14225806

You initial pledge of ONE bitcoin will be paid back within a maximum of 7 month

You are in essence asking for a loan of 1 BTC and paying back ~28% extra in 9 months (or even a bit more) - but only "if the Mini Rig runs as great as they say". These are far worse conditions than most loans made to random strangers on this forum. Why sould I trust you - for 9 months?!

Also you don't seem to know a lot about mining, if you say "Running 25GH/s would [...] make transactions of WalletBit so much quicker."

Sorry, maybe try to open up an asset (with verification!) on GLBSE, it's made for these things (support for dividends/paybacks, easy handling of shares...). The idea is great, but quite a few people also had it already - and they are expanding aggresively.

Good question about why you should trust me, and to be honest I cannot provide an answer, other then I keep bitcoins safe for people at WalletBit. This is the best I can do to prove my honesty.
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May 17, 2012, 11:05:40 PM
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If you choose to participate in this, and once I have received the Mini-Rig I will send you:

per day: 0.00451612
per week: 0.03258064
per month: 0.14225806

You initial pledge of ONE bitcoin will be paid back within a maximum of 7 month

You are in essence asking for a loan of 1 BTC and paying back ~28% extra in 9 months (or even a bit more) - but only "if the Mini Rig runs as great as they say". These are far worse conditions than most loans made to random strangers on this forum. Why sould I trust you - for 9 months?!

Also you don't seem to know a lot about mining, if you say "Running 25GH/s would [...] make transactions of WalletBit so much quicker."

Sorry, maybe try to open up an asset (with verification!) on GLBSE, it's made for these things (support for dividends/paybacks, easy handling of shares...). The idea is great, but quite a few people also had it already - and they are expanding aggresively.

Good question about why you should trust me, and to be honest I cannot provide an answer, other then I keep bitcoins safe for people at WalletBit. This is the best I can do to prove my honesty.

Please enlighten me why an extra 25GH of personal mining power would make wallet bit LIGHTNING FAST ? It is only an addition of 25GH to the bitcoin network wether its run by you or someone else it would have the exact same impact on block solving network wide.

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enmaku
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May 17, 2012, 11:07:10 PM
 #8

You initial pledge of ONE bitcoin will be paid back within a maximum of 7 month

If the Mini Rig runs as great as they say, I will extend the bitcoin you get everyday to at least two months beyond your initial payback.

Wait, so all we get is our money back at the end of the 7 months, you keep the rig, and maybe we get a few more months of payout?

I don't see the upside, other than you getting a MiniRig.

I see your point Fuzzy, but with it you will also get lighting fast transactions / confirmations on WalletBit and you will help in securing the Bitcoin network even more from the 51% attack.

I am open for suggestions in regards to providing something more for people!

The only time transaction time on WalletBit could be improved this way is if WalletBit solo mined and happened to be the solver of the block, and even that is arguable. Even with 25.2 GH/s this would happen on average about once every 3 days 10 hours.

If you want folks to chip in for a hardcore mining rig you really need to look into how others have done it. Typically this involves continued payback from mining proceeds over a long period of time.

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May 17, 2012, 11:08:00 PM
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This smells to high hell. Can anyone vouch for WalletBit? The site links to this post.
Sukrim
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May 17, 2012, 11:16:35 PM
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Good question about why you should trust me, and to be honest I cannot provide an answer, other then I keep bitcoins safe for people at WalletBit. This is the best I can do to prove my honesty.
Worked out great for mybitcoin.com, didn't it? Roll Eyes

The only thing how this could help walletbit would be to include their own transactions for free in their blocks. With only 25 GH/s this is too slow for the typical customer and at current transaction fees it's not really useful at all. Also in the future the value of 25 GH/s might not bee too high... even until you actually hold this minirig in your hands, there might be a lot of angry people out there with no payment from you whatsoever.

All in all I'd suggest you to hand out bonds at a face value of 1.30 BTC that mature in 1 year or so from now and sell them for 1 BTC on GLBSE. This is very close what you're traing to do already now, but worded maybe a bit clearer. Also you should give your contact details + ID in escrow... this convinces me far more than you having an online wallet service (this is actually more of a warning sign for me...).

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Kris
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May 17, 2012, 11:26:41 PM
 #11

Changed this.

Running 25GH/s would help secure the bitcoin network from the 51% attack, and make confirmations on WalletBit be faster by paying a bigger paytxfee.
enmaku
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May 17, 2012, 11:28:59 PM
 #12

Running 25GH/s would help secure the bitcoin network from the 51% attack, and make confirmations on WalletBit be faster by paying a bigger paytxfee.

How the hell many transactions do you process a day that you need 25.2 GH/s (worth about 15 coins a day right now) to pay bigger txfees?

Kris
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May 17, 2012, 11:36:40 PM
 #13

Running 25GH/s would help secure the bitcoin network from the 51% attack, and make confirmations on WalletBit be faster by paying a bigger paytxfee.

How the hell many transactions do you process a day that you need 25.2 GH/s (worth about 15 coins a day right now) to pay bigger txfees?

A bit goes through WalletBit, I just want to make it the best it can be for people.
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May 18, 2012, 12:27:53 AM
 #14

Check out this spreadsheet.  

https://docs.google.com/spreadsheet/pub?key=0Ai_uEhrsiYu0dHdObDIwbEFKcXJlX1ZLV3VRSjlycWc&single=true&gid=0&output=html

On it you can find many of the other people/companies already doing pretty much what you are proposing with one big exception:  most are selling perpetual bonds.

In other words once we get our 1 BTC back from you then you would continue to pay us our earnings forever.  Well not really forever forever - just until you buy back the bonds at a pre-determined price.  If you want to get serious about this then read up on and then pattern your offering after one or more of these:

GIGAMINING, BITBOND, YABMC, PUREMINING, JAH, ZETA-MINING, etc.

Once you figure out and create an offering then you would need to be able to convice people that you won't just take the money and run.

BTW: Unless you are going to try to do this with an actual loan from the lenders here then your thread should be moved over to the securities sub-forum.

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Kris
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May 18, 2012, 01:09:41 AM
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I promise you a proper announcement of WalletBit in a few days on this Forum, for anyone interested.
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May 18, 2012, 02:04:10 AM
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For anyone with issues of trust against Kris, I've talked to him a bit lately and he seems very trustworthy. I'm generally a very good judge of character (except when it comes to girlfriends...)

1 BTC is not a whole lot to spare. Kris isn't asking for 25 BTC per user, just $5. It will take a while to get the investment back, but do you really need that $5 for the next many months?

When I have some funds (completely broke at the moment), you can expect a Bitcoin from me.

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May 18, 2012, 04:16:42 AM
 #17

25 GH/s is a drop in the bucket and you would need a lot of them to protect us from a theoretical 51% attack.

Kris
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May 18, 2012, 04:28:32 AM
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25 GH/s is a drop in the bucket and you would need a lot of them to protect us from a theoretical 51% attack.

You are totally right, but even a little goes a long way. And after all this is not the main reason.
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May 18, 2012, 04:55:17 AM
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This smells to high hell. Can anyone vouch for WalletBit? The site links to this post.

He's legit.

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May 18, 2012, 07:09:53 AM
 #20

Thank you for all the pledges so far!

I cannot express my gratitude enough, we now have 20 backers who pledged 1 bitcoin for a total of 120 Bitcoin, looks like this might happen after all.

Yours sincerely
Kris
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