Alright fags listen up I'm gonna talk shop. Skycoin released their new Skyminers on their website and they do monthly payments of 1/24th the cost of the Skyminer for 2 years. So lets run some costs if I take out a loan right now to buy it:
-$2000 for a Skyminer
-$100 electricity cost for 2 years
-$200 total in interest over 2 years (10% with good credit score)
-$0 setup (plug and play)
+$1000 savings on Internet payments over 2 years
+$2000 mining reward over 2 years (use USDT to prevent volatility)
-$120 Coinbase 6% fee for withdrawl
+$1000 salvage value
===============================
PROFIT: +$1580 over 2 years
Looks like it checks out. I'm thinking of going to bank Tuesday and taking out a loan to do this. In 2 years I'll have a nice little vacation with champagne.
SKYMINER BUSINESS PLAN
is this... a real business thread?? on Jow Forums??
>PROFIT: +$1580 over 2 years
$65/month in profit doesn't seem like it's worth the hassle
heres a screenshot for reference if anyone is interested
>+$2000 mining reward over 2 years (use USDT to prevent volatility)
uh oh
when you make 35K a year user, I take anything I get
Lol do you trust the team to actually pay you for 2 years
These are two points of risk but I think they are negligible. The team has been consistently doing payouts for almost a year now and I don't think USDT will collapse. Even if it does, I'll convert it on Coinbase and the 6% fee is already factored in the plan.
Does it have a warranty? You do realize that hardware can crap out, right? Especially, when it's running 24/7. Also why the duck are use using a loan? The interest is over 10% what your expected profit is.
what's the +$1000 savings on internet? does Skyminer LLC pay your internet bill or something?
fuck*
Taking a big gamble that you can salvage it for 1k. What is this crazy interest, why not just buy it outright? Who pays 10 pct APR for a few raspberry pis? Plus you have to pay 6 pct to withdraw? You don't have to pay for internet if you have this little box?
None of these numbers make sense.
no, I mean that'll cause the price of skycoins to crash
The cost for Comcast to provide internet is about $1000 over the span of 2 years. I think using Skywire uses coinhours as payments and costs much less in fiat. I guess I didn't really factor in also holding SKY to have access to Skywire.
>hassle
>watching a box blink
Pick one.
1 year so far, so yeah?
no thanks, i d better buy edinarcoin for $2000 and after two years sell it for like $0.2
I didn't think about hardware failing. I hope the pi's dont shit the fan. A single pi is $35 so replacing 3 would be $105.
what did you mean about the interest being over
Iran designed to scam low IQ anons into taking out a loan to a buy a useless shit box.
You won’t be able to access the internet through this without an existing internet connection.
>inb4 but soon you will dude trust me!
Reminder that there is still no evidence Skycoin will ever introduce a consensus algo and without it it isn’t even a real crypto.
* it’s a not ‘Iran’
Their 2 year payout deal works for the next 3 years, so I could try to save up $2000 over the next year so that I don't have to take out a loan. That would definitely save me money at the end.
Are you serious with this? Youre going to pay 10 pct APR so that you can mind some skycoins and to even make a profit you have to assume that you can salvage the device and also that you will somehow not have to pay for internet?
Holy shit, just buy bitcoin. Why is everyone so amped to overthink it and get involved with loans and scams? Or fuck, if you really believe in Skycoin, just spend 2000 dollars on skycoin and it will probably be worth more than whatever this garbage calculation leads you to.
If you spend 2k right now, do you think SKY will appreciate 80 pct in 2 years? If not, then why are you doing all this shit? And if yes, then just buy SKY and your 2k will be worth 3.6k, just like this crazy scenario you've laid out in the OP.
Fuck me it's so easy to scam people, I need to get in on this.
Skywire does not run on Skycoin nodes.
Is there any point in just buying skycoin on binance or should everyone just mine it with a skyminer?
And holy fuck, your whole goal is to go on a vacation and drink champagne with the 1580 profit? Just eat one less cheeseburger per week or something.
If I spend $2000 on Skycoin right now, that carries higher risk if the price stagnates or goes down. If I run a Skyminer, I'm guaranteed a $2000 return to break even.
wowowo this new blockchain thing that will probably do something in future but is not doing anything now and isn't used anywhere is certainly going to get hugeeeee.
that's a stupid thing to say, that's what this person could achieve with the amount of capital they'll have
think he's just saying that the total interest you're going to pay on the loan (~$200) is more than 10% of your total expected profits, as in it's cutting into your potential profits. Would be better to do this project without having to take a loan and pay no interest.
yeah I think thats a good idea.
But if this is their ultimate goal and they believe in Skycoin, why not just outright buy skycoin and sell it in two years so they can drink some sparkling wine in Costa Rica? I just don't get the thought process of t aking out a loan so you can buy some raspberry pis when you could just take out the same loan (gag) to just buy SKY outright. The only way the initial idea works is if Skycoin proves to be a working product. And if that is the case, just buy SKY. And if that is not the case, your whole idea is a fucking waste.
I don't get few things.
I get this miner.
What now? I have to plug it in into my own internet connection? how's that's new internet?
I rely on my ISP not to shut down me.
WTF?
Where is this guarantee? From the team that is in charge of the asset that you think may go down? Wew. I still don't understand what a 6 pct coinbase fee is. Is this related to the protocol, or literally Coinbase the exchange? I haven't paid a fee on Coinbase in two years.
if the mining reward is paid in USDT, then they wouldn't have to worry about skycoin prices (which basically defeats the purpose of the token), hence my posts here:
the payouts are in SKY but if I'm worried that the price will fluctuate or if I need to cash out to pay expenses, then ill sell to bitcoin and cash out through Coinbase.
oh, i see
it doesnt seem like I did a good job planning this
Is there like a legal contract that they will pay for the miner as salvage? Do what you want, but this just reeks of insanity to me. I just mostly don't get why you would do this if you think the value of SKY will dip, since that probably means these skyminers are a joke.
Pls stop. He's already dead.
Just trying to ask reasonable questions for what looks like a total scam. I'd rather not see people scammed for no reason, even if it's amusing in some abstract way.
Buying and running a Skyminer disregards the volatility of the currency. I think salvaging the miner won't be too hard, especially since I'm offering 50% of the price. I think the cost of the bare hardware is about 75% of the price, but I think the read-to-go software should compensate the extra 25%.
Skycoin is a nobrainer
you make just 15$ in profits a week and some of your assumptions are to positive for my taste.
in 2 years this whole skycoin stuff could go to shit.
you do too much thinking.
I meant to say the cost of the bare hardware is about 25%* of the price, my bad
I just don't think I've ever seen a piece of technology that is still worth 50 pct of what it was 2 years ago. Especially something that is supposedly cutting edge like some raspberry pis interconnected.
If Skycoin is worth $2.09 in two years you would have just been better off taking 2k and buying the coins on binance.
As in only people with no brain fall for it.
Also what happened to the whole ‘you can build your own for a fraction of the price’ shilling. Why would you take out a loan to buy this if it’s so much cheaper to build your own?
This was my point.
Yes, you pay them $2000 for a ~$600 rig(I'm assuming each board is no more than $60 plus some controller and frame). Now you provide electricity and internet to shill ,er mine, their coin. Assuming you meet their uptime requirement, your ISP doesn't tell you to fuck off, and the equipment doesn't shit the bed they (hopefully keep their word and) pay you ~$83 worth of their shitcoin per month. At the end of two years, when they stop paying you in shitcoins, you will have made ~$600 (according to OP). At this point you sell the miner for $1000 (not sure where OP got this valuation), which brings you to a total of $1600 profit. Given a $2000 investment this is actually pretty good, but OP's maths are way off since he added internet costs instead of subtracting them. Or maybe he has internet anyway and figured it's somehow a plus (it's not because it's a zero then). In any case, the main problem is all assumptions made especially the value of said shitcoin.
From the company's point of view this scheme is pretty good though. You sell your miners, then buyers can "earn" their money back and are at your mercy since you're paying them. If they don't mine, you get your direct profit ~$1400. If they do mine, you break even with extra shills pumping life into your shitcoin.
>-$120 Coinbase 6% fee for withdrawl
kys
You'll still be better off investing that money in an IRA...