"Spice is a social mechanism that allows you to say to another human being, “Hey… I like your stuff, your content fulfills me in some way.” - Spicetoshi
I am an entrepreneur and IT professional based in Seattle, Washington. I have been working as a Software Engineer for over 15 years, for various technology companies such as Microsoft, Samsung and AT&T. I have also started my own company to make online games and mobile games.
I first read about Bitcoin around January or February 2013, and I thought it was a brilliant idea. However, I decided at that time to not joining the Bitcoin crowd, as I wanted to focus on my own projects. I have since hired several employees to start working on the games.
Since December 2013, I was very surprised by Bitcoin's price which reached $1200 at one point. I started to think about Bitcoin as a serious business, not just a hobby. I immediately ordered a 50 GH/S Single from BFL, and received it just before Christmas. I was pretty sick at that time and only started to hash on January 1st, 2014. I have since mined 0.53 Bitcoin.
Right after I placed the order for 50GH/S Single, BFL cut the price on all of its products, including Monarch to about half of the original price. I started to think about building a Monarch mining farm, as it's evident now that my little 50 GH/S Single won't get me anywhere.
I tried to place an order for 4 600GH/S Monarch cards, but the bank says it's over my withdrawal limit. So I had to split the order into 2 orders or 2 Monarch cards each. I then placed another order of 11 600GH/S Monarch cards on New Year's Day once I increased my withdrawal limit with the bank.
I planned to place another order of 15 600GH/S Monarch cards in the following weeks, but I still won't be able to get institutional pricing, as I haven't got 50 orders yet.
I then got the idea of building a Monarch Bitcoin Mining Farm not just by myself, but with the help of all who are interested in joining me.
By pool our money together, we will be able to: 1) We can get institutional price, which is significant discount to retail price; 2) We can get better price by renting rack space together in data centers based in Seattle, which has some of the cheapest electricity in the states; 3) We get the benefits of scale of economy, and also eliminating maintenance cost for all us who are in the pool.
I have looked at other options of hashing contracts, and they are either too expensive (>2 times of hardware costs) or too short (only last for one year) or not flexible (can't sell the contract in middle), or worst of them, have all these undesired features in one contract.
I have designed our contract to work as such: 1) You can join at any time; 2) You can quit at any time. You will be refunded your share of the total hardware value at that time. 3) You can invest in any amount, from $1 or 0.001 Bitcoin, to whatever amount you desire; 4) You can pay using ACH, Wire, Paypal, Credit Card, Bitcoin, or whatever currency which we can reach an agreement on; 5) Your contract will be signed and notarized by bank officers to establish trust & confidence between us and to prevent fraud. 6) You will be paid your share of Bitcoins allocated to you monthly, which is 50% of all Bitcoins mined, multiplied by percentage of your shares in the pool; 7) The other 50% of all Bitcoins mined will be used to pay for cost & maintenance of the pool; 8) Your contract will be valid for the lifetime of the pool or till cancelled by you, whichever is earlier; 9) If the majority of pool members (each member has the voting power represented by their shares in the pool) have decided to close down the pool, all hardware will be sold at the market price, and the yields will be distributed to pool members according to their shares in the pool; 10) Your share of the pool is determined by your investment so far divided by the total investment of the pool.
In a nutshell, you would be able to pay a discounted price for a Monarch card, and then pay the same price for the maintenance & cost for the lifetime of the card, and got all Bitcoins generated in its lifetime. This is a win-win deal compared to other hashing contracts which cost more and only last for 12 months. You can also think this as a host or cloud hashing solution with no upfront cost, as you only pay for the hardware, and all maintenance costs are paid by me. My return is 50% of all Bitcoins your hardware mined so I can pay for the maintenance costs, and may be have a little left for myself if I can cut the cost enough .
In the long run, as a pool member, you should win big, as the maintenance & electricity & hosting cost will far exceed the hardware cost.
Think about it, when the hardware reaches the end of its lifetime, the Bitcoins it mined won't even cover the cost of electricity. However, you will still be paid half of the Bitcoins it mined, which is equal to half of its electricity cost. I will pay the other half of its electricity cost plus hosting plus maintenance with half of the Bitcoins it mined, which leaves barely nothing for me, or even worse, in red.
Also, with other host solutions, your share of the pool is determined by your hashing power purchased initially, which stays the same for the life time of the contract, divided by the total hashing power of the pool, which increases everyday. In one sentence, your returns diminishes very fast, by approximated 50% each month.
However, with our contract, your share of the pool is determined by your investment in $ divided by the total inivestment in $ of the pool, which still decreases over time, but not as fast as other host solutions using GH/S shares. Think about it, your shares calculated in GH/S decrease much much faster if you don't keep investing in new hardware.
However, why am I still doing this if I might incur a big loss in the end? First, I believe in Bitcoin in the long run. Second, I want to build a sound business model around Bitcoin. If you are a believer of Bitcoin just like me, we should talk, and work together.
If you don't trust me, please don't invest. There are people who run away with other people's money, who are scammers. I can assure you that I am not one of them.
Just FYI, I recently returned a total investment of $1.6 million to one of my investors when he asked his money back. I told him my decision to return his money in 5 minutes after he has requested. He then told me the next morning that he was just trying to test me, and he didn't want his money back. I was shocked, but I told him that I already made the decision to return his money, and there is no need to test me in the future. I gave him the check the next day, and revoked his contract. He has since asked to join again, however, I have since revised the terms for new contracts, and he didn't agree because he still wants the old good terms.
Business and personal references can be given upon requests to further assure you that there is no scam whatsoever here.
If there is no one interested, I will try to talk with Dave of BFL to see if I can get institutional pricing by myself with my current & orders in the following weeks.
I would like to hear your thoughts on the proposal, and ping me if you are interested. I can be reached by email at [email protected]
Thank you all for your time.
I'm asking about durability etc. Will appreciate the answer thx. submitted by
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