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Viva la Open Source Hardware Bank!

These are the Open Source Hardware Bank’s I-Bills, or “Invention Bills” (thanks for the name, Dale). These I-Bills will be used solely to fund inventory as soon as 50% of the inventory queue (viewable here) have been reached.

I-Bills will only be available for sale when there are hardware queues ready for funding. Otherwise, there’s no point in having money just lying around doing nothing, since there are plenty of other banks willing to do that!

Each I-Bill will be signed and mailed as a physical piece of paper via snail mail. Also, there’s a small money transfer transaction fee, which is a couple of dollars. Otherwise, since there’s no need to ship anything physical (yet), please use the shipping option “OSHW Bank – Use with I-Bills and Build-5.”

Rates and Return

Unlike the Federal Reserve, whose bonds are backed by an magical guarantee to be repaid in the future, I-Bills are funding real, tangible hardware. That means the worst case scenario is you get a lot of cool DIY Open Source hardware to play around with. Please keep that in mind before investing… personally, I can imagine many worse things than being surrounded by a ton of electronics to play with, but that’s just me.

The rate of return, if all inventory sells quickly, should be theoretically around 15%. Realistically, it’s probably going to be somewhere between 5-15% based on how the Illuminato experiment went. Each I-Bill is a 6-month note, meaning after 6 months, you get your money back, plus interest. If not all the inventory has sold, you get an option to get the inventory, or delay getting the money back until it’s sold. At any time before the 6 months are over, a T-Bill investor can buy any hardware funded by the bank at cost. The cost just gets deducted from the amount invested, and of course the result means you don’t get interest on that part (since you technically bought from yourself at cost). For the first time the inventory queue is being tested, in exchange for dealing with this first time experiment, Justin, Andrew, and Matt are “JMA-insuring” to make sure that the worst case is that the interest is 5% after 6 months. At the current rates, though, this doesn’t look necessary (phew!).

More Information

Contact and Trust

This really isn’t a scam, truthfully!

Each I-Bill that is mailed comes with personal contact information for Justin, Matt, and Mike because this is about trust, and real people making real things. Also, you can also add us as friends on Facebook for proof that each of us is a real person with real friends, and we care about our reputations.

In the meantime ask any questions over here!

Get in touch if you have any questions, or ideas for something you want me to build.