Quote from: OgNasty on July 21, 2014, 05:43:09 AM

Quote from: smoothie on July 21, 2014, 04:00:41 AM

I have recently got caught up (at least some) on this thread and NastyFans/NastyMining etc.

I do have a couple of questions that Ognasty or someone else who is better versed than me on the matter could answer:

1. What are the current total of BTCitcoin debt/liabilities of Nastfans/Nastymining?

2. What is the plan to pay off that debt over time? (reason I ask this is that if Bitcoin has another 10x jump the liabilities may be too far gone to actually pay off in bitcoin terms).

3. If the last part of #2 happens, what is the plan? How do you service the debt?

Thank you in advance for the information.

Aloha

1. This info in the the OP. NastyMining currently owes 289 BTC and we are still awaiting 90% of the ordered hashrate.

2. Here are some recent comments I made on the debt situation:

Quote from: OgNasty on December 23, 2013, 07:49:19 PM

The fact is that our debt has increased far faster than I had imagined at the time. However, I structured our debt so that this would never be a killer of the operation. In the loan it says that 25% of our mined income will go to debt.... The debt we hold is the best debt you can have in the world. It is 0% debt with no timely required payments. Basically, if we wanted, we could take 100 years to pay back this debt and it would be perfectly within our agreement. That being said, I am the last lender to be repaid and do have a personal interest in this debt being repaid while I am still alive.

3. Servicing the debt is easy, as mentioned above. This debt will never crush the organization or bring it to a standstill. However, without some concessions by the debt holders, this debt will take an extremely long time to repay. In order to turn this into a positive thing, I have discussed with nonnakip, a plan to allow for a debt market. This will allow debt to be traded back and forth, which will enable original debt holders to sell and receive BTC as well as allowing others to purchase debt, perhaps at a discount, to be made whole later.

I would also like to add that I am the largest single debt holder, and I would be open to reducing the BTC amount owed if an agreement could be reached with all debt holders across the board.

Got it. Thank you for your clear response.