Bitcoin Forum

is KNC miner a scam
I mean 350g/h sounds rediculous to me for their jupiter mining device, infact why would they even bother silling them, they would make more money mining,

There is plenty of threads about KNC.. If you had read them you would found your answer.

Company is real, delivery time is not set in stone.

Not really. This is true for a short time, when there is a disruptive change in technology, as it just happened with the first ASIC - those machines create such an unbalance in the network dynamics, that the profit in running them is HUGE. Thus, you either sell them at a crazy price, or you just mine yourself.

If you were around before ASICs, you will know that mining has always been only marginally profitable. It's a very competitive business, where the profit basically lies in having free electricity and free storage, if your operational costs are above average you mine at a loss - because the market self-regulates itself.

Most of the time selling spades is more profitable than digging for gold, with some notable exceptions, as we had since February for the few folks that had the ASICs. As soon as the ASICs spread, network difficulty will balance, and everybody will be fighting for pennies again, as we did with GPUs and FPGAs.

If you have the luck to be in the front line during the change to a disruptive technology (FPGAs -> ASIC), of course it's more profitable to mine yourself. But once the market settles and difficulty adjusts to this new technology, long-term is much more profitable to sell the hardware and let the miners fight for their pennies.

The fact is that the (short) window in which mining with ASICs meant huge profit is finishing.

So should I buy a Jupiter to go along with my Saturn or not?

your money, your decision. do your research, know what you're getting into and be aware that although kncminer seems to mean well your investment could very well just go down the drain. consider other asic projects to avoid putting all eggs in one basket.

be aware that difficulty will skyrocket even more and that mining means that you're in it for the long run and that it might take forever (in BTC time) to make your money back. (if you make your money back)

+1

Totally agree,

If you're confused.Diversify investment, minimizes losses

I have money in BFL, cloudhashing, ASICminer, too, so where else to diversify? No Avalon here tho. It's just, who else is selling a 350gh Asic right now?  It's rather convenient at $20/Gh.

there have been some proxy group buys for metabank's bitfury asics, but i think those are mostly wrapped up by now. also unless you know russian (and live in russia) you'll have to go use aforementioned proxy services, which adds another possible point of failure. apart from that, the bitfury asics may be worth a look as well.

If KNC is scam, then they don't do something in detail including Using ORSoC for helping them to pack the result into ASIC, including opening the lab for people to argue everything, showing FPGA prototype(currently, mother of High-Tech devices) which will be packed in ASIC form (Actually, all devices, before out, FPGA first, then pack the result with ASIC for customers, I just have discovered this because of H265 Codec problem, GPU performance issue,I also have some views about DSP).

Even they do, I'm still taking serious look as they have promised there is a pay service for remote mining (You will need to login into the OPENWRT to do the job, I think), but there is neither brief nor detail for the service, they just tole me if you like to order the service, then select the pickup option during the payment gate.


Due to the scam issues, I have selected the hashrack, the cloudhashing, the pyramining to reduce the risk.
 





 

Due to scam issues you have decided to invest in scams.

Nice job.

Maybe they'll do both... once the units are completed, start mining away for a week or 2 while citing "delays."  Then once the difficulty skyrockets, ship to customers.  Of course nobody would do that, right?   :)

Guess what, they managed to build 500+gh devices, but so far all the devices seem to be streaming into their hosting facility, and they say they are building so few to satisfy the demand quick enough ;) Their official video shows they are able to build a board in about every 1m30s. Yet, they say they build like 700 units so far ;) (they should be able to do 250x 550gh devices a day easily)

  they don't treat customers right .  they are a scam in my book .

Ignoring the actual title and subject of this thread, I think the first post is an interesting one. First of all, OP asks if its a scam, and meanwhile he has put a KnC group buy in his signature. Thats sort of ironic :).

More to the point is this observation: " why would they even bother silling (sic)  them, they would make more money mining,"

Most KnC customers probably now understand that statement was  false, even though Jupiter launched at almost double that hashrate. Those that dont understand it yet, perhaps will understand it in 2 days
(here's a hint: http://bitcoin.sipa.be/speed-lin-10k.png)
Or in 2 weeks.

Its the same fallacy that caused the vast majority of BFL customers to lose untold fortunes, and that will cause the same to customers from hashfast, bitmine, activeminer, cointerra, BFL monarch, Black Arrow, BTCgarden, Avalon, Bitburner, cloudhashing and whatever else is on its way. People just dont understand the magnitude of what is being preordered and how it will impact them if those products actually get delivered (or just as bad: dont get delivered).

it is ironic, at the time of this post, KNC was jstu announced and not much information was disclosed about it, My group buy was iniated at a later stage,  however infact it was the case that i wanted to double/triple check on opinion before engaging in a group buy in the best interest of the shareholders

No cause they ship their products :)

I'm diversifying my mining investment with the GBs that are listed here.  There great if you don't have the cash to but a huge miner.  Get a little piece of a bunch of different equipment and hope for the best. 

And now you do realize that is just much more profitable to sell the miners than to mine with them, right?

You're all full of shit.

I picked up my Jupiter in person on Friday, and it's hashing very well at around 530-540 GH/s.

How much are you making a day? A week?

I'm afraid that KNC IS a scam;



KNC is competing not only against US, but against Themselves. As a result, They have defaulted not only on shipments for their various miners, but also on ALL refunds due and payable since March 8, 2014.

KNC has also disabled the Login Accounts for virtually everyone who has demanded a refund. This has been done to avoid the necessity of responding to hundreds of complaints destined for the KNC Forums and to make it all the more dificult to demand a refund in the first place. They also routinely remove forum posts "overly critical" of KNC and/or those alleging criminal intent.

I believe that Their strategy with regard to refunds has been to collect the banking information from those demanding refunds and then, after a long delay, to "attempt" to send the requested refund by Bank Wire. What they aren't telling anyone is the collateral fact that their financial arm is intentionally altering the Bank's Identity info in such a way as to guarantee that said "attempted" refund will be "kicked back".

In this way, no funds are actually removed from their accounts and they get to tell the "unfortunate" customer that they "really tried" to send the refund ... and that another attempt could now take many more days and that they cannot "rush up" that delayed process.

We have placed several orders ( the least of which exceeds $30,000) both personally and through our various business entities, eventually requesting refunds for all of them, most prior to March 8, 2014. The pattern of deception with regard to those refunds brings one to the inevitable conclusion that the indicated behavior is criminal and essentially, theft by deception.

We have determined that civil litigation would be wasteful of both time and resources and that the best course of action, for everyone involved, is to file criminal complaints with both the Swedish National and Stockholm city authorities.

To this end, we have contacted a legal firm in Stockholm to act as our agent and intermediary for the filing of said criminal complaints and did, in fact, initiate that process a few days ago.

Not materially different in effect than MTGox, KNC is essentially an ongoing criminal enterprise insofar as they continue to advertise and accept money for products they have neither the intention nor the ability to deliver and that they use deceptive practices in attempting to avoid paying refunds. One might argue that placing OUR MONEY into their super-duper-Bitcoin-Pooper, prior to shipping our products or delivering our refunds ... is also criminal behavior.

ORLY?
https://i.imgur.com/P1MHSDR.png (http://imgur.com/P1MHSDR)

Maybe they just disabled it for whiney ass loudmouth crybaby bitches. Just speculation of course. Just like your entire post...

Pre-order much mining equipment before? All I see is business as usual. This is the wild west of bitcoin, you pays your money you takes your chances. Whining after the fact makes just makes it look like you didn't do any research.

I been burned plenty. I made out plenty. Just like IRL.

SCAM!  >:(