Bitcoin Forum

KotakLabs is proud to announce the new mining hardware "KL-YUG". The KotakLabs’ YUG is currently the most advanced bitcoin mining rig available in the market for preorder. This Ultra feature rich mining rig will have hashing speed of about 3TH/s which would be provided by powerful “KL-PARISHRAM” Processors.




As per the current work and research progress we are expecting to ship this hardware by end of March '14. There are no additional charges for shipment of the product and all shipments will be delivered via FedEx Express. However, the customer is liable to pay any customs/duties/taxes applicable in his country.

We accept that our competitors have already created lot of panic with anti-customer business policies such as No Refund, Accepting payments via sources which do not have any consumer protections,etc hence we only accept payment via PayPal/Credit Cards and are liable to issue a refund to our customers if we are not able to deliver them products as per the delivery deadline.

All further information about the product can be found at our website : http://kotaklabs.com/products/kl-yug/ (http://kotaklabs.com/products/kl-yug/).

If you have any queries/suggestions, please feel free to drop us a mail at contact@kotaklabs.com

Have a great day!

First indian asic miner manufacturer..  ???It looks like a scam nothing else..  why?

Domain registration date 16 nov
No info about team, theres no company info.
No miner prototype.
There is a mobile number and address.. uh okay.  Its easy to buy sim on fake name and address and
Office can be a rented one.

Who's payment processor?  Paypal lol.
Why, because its an easy way to get money from cc without sending product. No other payment processor in india allows that.

Yeah, it totally looks like a scam. It's too brand new of a company and it's really unbelievable they have a 3 TH/s miner.

First of all we do understand your panic at this point of time when there are so many emerging companies in the market who fail on their delivery deadlines and obvious confusion who's real and who's fake across the sea.

Yes we recently registered our domain and designed our website. I dont think there should be a problem with that.

As far as fake address and phone numbers are concerned, please feel free to call us / visit us.

We are still under development, a prototype will be posted soon. You seem exited for prototype, Give us some space mate  :)

Why would we select Paypal as our payment processor?
Paypal has got its own consumer protection program,this means that your hard earned money is protected if we do not ship.

Well how are you able to confirm a 3 TH/s miner without a prototype in the first place?

The KL-PARISHRAM processors we are developing, run at 1.4Ghz Clock Frequency, yeilding up about 500GH/s. One unit will comprise of 6 such processors, hence giving up blazing 3TH/s.

Further details regarding the product are given at our website : http://kotaklabs.com/products/kl-yug/ (http://kotaklabs.com/products/kl-yug/)

So you don't actually know it can produce 3TH just a wild guess ? My CPU can in theory run at 6GHz but it wont.

Who's manufacturing processors? You lol
Theres a big difference in developing and producing working product.

From what i see you are just trying to get funds and probably will go away with them.

Oh btw who are the lead developers, what kind of education,experiance they have.
Dont tell me you guys used to overclock cpu to 100x and sell them for 1000 bucks in 1998

Maybe you want to make some edits in the pic you posted.

"ElectrictyCutter Technology saves power"
"Compactable with leading mining software"


And you are here to take the panic away from customers with no product at hand, a sketcy presentation and yet another pre order...
Give us a break please...

The price of this thing is what's stupendous... 3 grand for 3 tera hashes? Compared to BFL's 600 gigs for four grand? And this thing, if it's real, will probably hit the market before BFL, if their track record is any indication...

Damn, if this thing exists, or is actually gonna exist, I want one...

We shall find out. I ordered one, so far they've sent me an invoice that looks like they never bothered to even put their own image on the letterhead.

I have worked with several startups and I have seen mistakes like this from legitimate companies, so I'll give them benefit of the doubt up to the point when they don't respond to emails or phone calls.

If I actually hear back from them I'll be keeping the preorder, otherwise I'm calling the cc company and disputing as a false charge.

Let's see if KotakLabs can deliver.

Can you post screenshot of invoice? You can hide your personal details.

Received the following communication today after reaching out to KotakLabs. They responded in about 12 hours, which makes sense to me with the time difference (its the same average turnaround I get with my odesk contractors in the same area).

I do have to say that I have seen some measurable improvements to the website over the past few days.

 


First of all congratulations on your first order with us!

Yes we have received your payment and you are already in PRE ORDER LIST of our KL-YUG series miners. If everything works well we are going to deliver your ordered rig by March '14 as promised.

Yes we understand that because of the bad market created by our competitors, people generally will try to avoid newbies like us. But they must understand that every new company is not bad (As in every next plant you come across is not cactus).

But we are not concerned about them as we know that as soon as we put up a video of our rig Prototype on Youtube and show it to them, we are eventually going to win their trust as well.

We are expected to start with die and fabrication process of our KL-PARISHRAM mid January '14.

Till then, I advise you to sign up with our newsletter so that you get timely updates of our major developments. Do it here :
http://kotaklabs.com/newsletter/

Feel free to get back to us for any of your queries. You can drop us a mail at contact@kotaklabs.com or call us at +91  99 9863 2650 (Monday to Friday, 11AM to 6PM IST)

Please note that it might take a couple of hours to reach you out because of our timezone difference.


Received the below invoice with the following email:

(It should be noted that the email DID have the companies proper letterhead and looked extremely professional, i'm just copy/pasting the text)

Dear <removed for privacy>
This is a notice that an invoice has been generated on <removed for privacy>.
Your payment method is: <removed>
Invoice #<removed>
Amount Due: $2999.00 USD
Due Date: <removed>
Invoice Items
KL-YUG : 3TH/S BITCOIN MINER $2999.00 USD
------------------------------------------------------
Sub Total: $2999.00 USD
Credit: $0.00 USD
Total: $2999.00 USD
------------------------------------------------------
http://i30.photobucket.com/albums/c339/cowboyfun/Invoice-41-3.jpg (http://s30.photobucket.com/user/cowboyfun/media/Invoice-41-3.jpg.html)

In any case call your cc company and ask them till when you can file a dispute  :P

The fact that it only takes 1 post from an anonymous poster, one domain name and one bad promo pic to sell a preorder beats me...  :P

So, the 3 Th/s is now $5000 ...

The price sky rocketed

I'm impressed that you took the chance; PayPal at least gives you a bit of confidence that might can get your money back if things go pear-shaped. Good luck for your future mining!

Whoever orders this, is seriously retarded.

With current difficulty, how long its takes to generate the one btc  in 3TH/s rate?  couldn't understand from hash calculator.  Any idea?

Hello sock puppet. Welcome to the Forums! Your first post is a bit technical for a, well, first post. Isn't it?

Never preorder again. Not after I got into Terrahash....

With the current difficulty of 609,482,679 you could generate in theory with 3TH/s about 0.1031 BTC/Hour or 2.474BTC per day.

I use this website for example:

http://bitcoinwisdom.com/bitcoin/difficulty

If calculate for delivery time in march next year, the average expected difficulty could been 5,941,344,136

Depend on this difficulty, the amount will decrease extremly:

0.01057BTC/Hour and 0.2537BTC per Day.    

Jerk.

That is all

I'm interested, especially it accepts paypal.

Subscribed.

by March, BTC is worth around $1,500. It means around $350/day (based on 0.25BTC/day rate). $350/day x 30 days = over $11K.

If that is true, I would buy 100 3TH/s miners in a beat.

If you are serious with your post, you are not the brightest light in math...

id buy the machien so subbing thing is with paypal u have 30 days to file dispute. and this preorder is 3 months+.

Actually you have 45 days to open a dispute in paypal, but your concern is right, at all.

I would never pre order a item 4 or 5 month ago. The past show, what happen with pre order customer.

As BFL customers have found, when you go past the 45 day Paypal time limit it becomes very hard to get your money back. When Paypal finds out, they will shut down Kotak's account. Your only hope is to use a credit card through Paypal. Then you might have enough time.

You don't seriously believe that we will be anywhere near 609m difficulty in 4 months, do you?

Jeez..get a grip. My calculations are for estimate only based on rough data here. Big difference. We do not control the difficulty calculations. Last jump in difficulty rate was around 13%. If the trend continues, my estimate may be good enough for now.

ROI is what I'm after. These 3TH/s miners will be worthless in 1 year based on the increasing of difficulty levels.

5.9 billion looks like a decent estimate to me.  I think it might even be a little high.

thats all true but i remember credit cards have a 90 day limit sooooo....


order now...AND recieve in march...hmmmm..... ;)

All potential scams have shiny cases. This is getting really old.

Hey kotaklabs what technical details can you give about your chips? What node are they using? When are you going to tape out? Who is going to make your chips? What proof do you have for chips production?

Mate, seriously...how you can expect a continue trend? The trend will never continue linear, the trend is exponential!

*rolls eyes*

Well, you have to admit, it has been getting a bit boring around here, with a lack of fresh-new scams...

"-What is the power wattage?
About 1300-1600 Watts. With our constant research on implementation of EnergyCutter technology we are still trying to bring this barrier down."

 Even then, how is this product going to ever run in an average household ?! I mean, plug a nightlight into that same circuit and you're liable to trip it.

What is your expectation, that it's lower? Just watch the new asic machine and then the exponential trend. I guess in march next year something around 5,941,344,136 is not that much fiction...but, of course, nobody can look clear in the future.

Just in case you dont know mate,

If you asking the plug it's either 15 or 20AMPS

AMPS x Volts = Watts

20A x 110V = 2200W

An average 1.5ton Air Conditioner consumes about 1800W

The product will come with an instruction manual, just in case.


Hello Friend,

All the technical specs, our datasheet, a fully working prototype youtube video, our partners, etc everything will be rolled out on our blog soon.

Meanwhile, you can also sign up for our newsletter for real time updates : https://kotaklabs.com/newsletter/

bla bla ... nice photoshop case ... maybe we will have a product in 1 year .. send money now .. no thanks

I don't think you understand how difficulty works - it's based on the total mining pool. Every time someone turns on a miner, the next difficulty will go up. Think about all the other companies releasing miners between 30GH to 1000GH in the next 2 months. It's going to be above 2B difficulty by March and I'm being optimistic.

Please don't make statements on difficulty and hashrate if you don't understand the mechanics, it just confuses the new people.

Are you including the fact that the difficulty increases 40% every 10 to 15 days when you did your math?  I doubt anyone will make $350/day x 30 days, it's simply not possible with your math.

fyi... Last Diff jump around 19%...

Excuse me? If you actually think this is legit, feel free to order. Sorry about pointing out the blatantness of this scam attempt. So, go ahead. And please report back on your experience with this!

20 amp 120 volt circuit=2400 watts(hopefully your circuit is 12AWG). So you stay below that by 20% for safety=480 watts=total draw should not exceed 1920 watts  ;D

15 amp is usually standard around here for residential :/

Word of Caution for all those want to place pre-order thinking they are protected by PAYPAL BUYER PROTECTION

If you are not aware, paypal works quite differently for Indian Merchants.
All the payments received by a Indian paypal merchant is automatically withdrawn to their Indian Bank account by end of every business day. This is due to a regulation put in place by Reserve Bank of India (RBI).

Eventhough the merchant needs to verify their account using a Indian Bank account AND a credit card. I doubt if the credit card he/she has used has a credit line more than a few hundred dollars.

And there is no ACH facility offered by Indian Bank accounts. So the money transfer is just one way. From Paypal --> merchant's bank account

So if 5 people order the mining rigs worth 3k and he closes the shop, paypal doesnot have anyway to refund the money as the money would have been automatically withdrawn to the merchant's bank account the day he received payment. Only thing paypal can do is charge his credit card to honor the refunds.

So if you are placing the order thinking that you can request refund from paypal.. think again.!

labcoin 2.0! alberto? jkjk

What do you mean by that. What is an ACH facility?
Anyway great post and way more useful than talking about power consumption and ROI of vaporware  ::)

Send an e-mail to PayPal to warn them about the potential scam?

ACH facility means. If a merchant has USA paypal account and link their bank account with Paypal / provide them authorization.
That means, in the event that a user files a dispute or requests refund, then paypal can withdraw money from the bank account.
ACH facility is a two way fund transfer.

Something on those lines. But with Indian bank accounts, that is not possible.

P.S : Someone correct me if am wrong.

In addition:


This looks AWFULLY familiar.  Where have I seen this?  Oh yeah... on the website of another scammer, BFL:  https://products.butterflylabs.com/600-gh-bitcoin-mining-card.html


In short, I'm calling scam.

Oh, you are a fortune-teller that you know the real total exponential amount in 4 month? I calculate with the current increase mister smartass. And i understand how the difficulty works, everybody with experience who read MY post will see, except you.

So lets see, how much you expect for march? Your 2B are much lesser then my 5.9B, isn't? Actually, if you able to read my post clear, i wrote exactly the same sentence of your repeat...

Lol typical scam. Photoshop case and even copied texts from other websites.

Paypal? Doesn't really mean nothing to be honest. Especially when this "company" has no background at all. They could just fake updates for 2 months and then just do a runner. Paypal wouldn't be able to do jack. He'll be living like a King literately in India.

Past 45 days for Paypal and chances of you getting a refund will be very slim (especially from someone in India).

Why people even fall for this shit time and time and time and time again just truly baffles me.

I mean who falls for techy bullshit words like:

ElectricityCutter™
Power Chill Cooling Technology™
KL-PARISHRAM™

It's almost as bad as:

FROSTBIT™
Cryonic Architecture™
On-board Liquid Nitrogen Generator XT™

Web whois also has privacy protect.


 ::)

And please give us some company history/background.

When did the company formed? 2012? 2013? Feb? March?

How long have your company been located at this address/office?

How many people in the company? Which foundry are you using?

ASIC design in-house or 3rd party? Where will it be assembled/shipped from?

http://goo.gl/wQui0t

Also what's the chance of this Indian TV/electronics seller / Redditor (or so it seems from his posts over the last few months) having the same number as your company?

Interesting they would copy from BFL... very interesting.

fake

I wasn't talking to you, I don't even know how you got caught up in this - I was responding to the "it will be around 600m claim". 2B vs 6B is a reasonable debate. Thinking its 600m is bananas.

come on guys these fakes are so easy to spot nowadays...

BEWARE: Paypal neither cover deliveries over 45 days old or pre-orders!

That's correct.
Once money is withdrawn Paypal can't do any shit.

Oh btw he changed prices, looks like he wants to scam as much as possible before his paypal account gets locked.

 Hello... friend.

 Could you please provide some technical specs, data sheets, and an explanation for your current pricing shenanigans ?

You quote my post, so you not mean me? You are funny, indeed! :D

Btw., how you can think someone talk about 600m? Actually Difficult: Bitcoin Difficulty:    609,482,679 ...so of course nobody expect in 4 month the same dificulty, thats why i make a calculation above!

And he calculate with my input of guessed 5,941,344,136 difficulty mate...just read. Not so difficult. ;)

FTFY.

-A technician

From "Kotak Labs" page:
;D

ElectricityCutter is not trademarked.

Trademark Search
http://tess2.uspto.gov/bin/gate.exe?f=searchstr&state=4808:tm7lp7.1.1

They can't claim ElectricityCutter as trademarked name without filing for it first. Seems that they do not understand the procedures?

Well... they probably havent trademarked jack, but let me remind you that US does not have jurisdiction over the whole world.

Well it seems that's not the case for everyone. In the first page someone claims that he preordered one already  :P

You are looking at the trademarks on in USA.
Just to give some credit. He might have filed for trademark in India. There is no basis to claim that it is SCAM based on Trademarks only.!

You can check indian trademarks here.
https://ipindiaonline.gov.in/tmrpublicsearch/frmmain.aspx

(Class 9)

http://ipindiaservices.gov.in/eregister/eregister.aspx

HAHA!  :D

Just point out when and where did we say that we have trademarked our ElectrictyCutter Technology / Power Chill Cooling Technology

This clause is not considered. (With everyone laughing at KotakLabs Team reading this!)

What do they exactly do? Regulate hashing speed according the ambient temperature, can one schedule power consumption during day/night cycles? (I pay more from 9h - 22h, than night and weekends)

They are logging my ip to prevent against fraud. But the ip they display is not mine.  ???

so scam or no????/

A website and some pretty renders are all I see. This is a smokescreen.

There are so many options that actually exist now there is no reason to have blind faith in a "company" that has shown nothing of itself to the community. This is probably by the same jokers behind Cryoniks.

The line that got me concerned

"Since the product is still under development stage, the exact dimensions of the final product can vary."

so you are paying a product which is under development with unknown shipping date, size and weight. by then, the 20nm will hit the market. i think knc will still be the king next year.

Its a scam.

 Posts like this do not inspire confidence in the professionalism or legitimacy of your operation.

https://bitcointalk.org/index.php?topic=345030.0

I think we are past that point already  ::)

You are stupid if you are using tradermark signs without owning them and probably your team consist of 2 -3 mokeys thats why they are laughing.

Ps: i called him 3 times and no one picked call, its just a fucking scam nothing else, if you are going to invest money in a imaginary miner from a anonymous team of indian guys,  you deserve to get scammed.
There's no any other info about them, no company/firm registration, no details about miner, no team member details.

Finally i talked to him about it and asked details about his company/miner etc.
He said he can't give any info now.

Its shady as hell.

Hello Mr. Pankaj,

You recently had a word with me (Akash Pathak, CS KotakLabs). As we clearly talked over the telephonic conversation, the company registration details will be put up soon on our website as our website is undergoing constant upgrades and it is up the queue. (We never mentioned we cannot give any information)

Let us know if you have any further inquiries. We are always happy to take your calls.

I'd like to pay in bitcoins.

All mining hardware these days are stupidly over priced. There's no point going through the hassle of earning your money back when that could be put towards something worth while ;)

You mean like buying bitcoins directly ;) That is worthwhile. The mining companies are just feasting on the greed of the would be miners at this point. It's a sellers market 1000x over.

Only supporters have almost identical post couNts

Seems legit.. Just preordered 10 units!

WOOOH 30 TH!! :D

Don't joke about this, newbies will read that and actually order.

Dude its obviously a scam.

No offense now, read bellow.

I have friend Indian, I asked him about Company in India what about ID and other stuff. He said there so many people which look almost the same, you can grow your hairs to look like a guy on the ID. With this ID you can do everything CC, Company there shouldn't be a problem. He also said, the guy should make a picture of himself and ID + his last working place or what he did last years. Some student ID from old times where he studied IT. He said other stuff...

Well, I guess untill Ill see some youtube videos of your lab and your rig, face, id and what ever else will look legit to me - you are just another BFL baking donuts and telling its a pie...

Who order this obviously scam deserve to got punished, sorry to say.

Just saw this thread and decided that in a case like this it is permissible to
point out an insignificant but mildly amusing detail which only marginally pertains to the topic:

in Kazakh  "kotak" is a vulgar word for penis 

thanks for your attention

Wow youre really fucked then

Yes they do, but allowing money to be given to scammists just breeds more scammers and scams. We don't want that here, its not good for those of us who don't fall for them either.

Newbies would fall for this shit, we must protect them

This is a great idea. You need money to start (something). You announce a preorder deal for asic miners, never planning to ship, taking paypal and credit cards because they "are safe" and run away with as much money as you can withdraw before the chargebacks start pouring in. Customers really don't get screwed, because the credit card companies eat most of the damage. Win-Win (lose for credit card companies).

I think for someone to break into hardware now it will take a shipping product with lots of details and demo units shipped to numerous news sources.

Anyone else is a scam.

On The other hand, knc also looked like a scam

Actually it's called credit card fraud and I'm confident in guessing the CC company would follow up with you in regards to that...

Other than that it's an absolutely brilliant idea.

It might be legit because they stopped accepting orders for batch 1. They could have keep accepting and earning more, then run away in feb or march. why do they have to stop now?

Hate to be a Debbie Downer or Negative Nancy but one could say that a scammer could publicly *state* that Batch 1 is no longer available just to trick people into thinking they're legit (since enough someones obviously supposedly trusted them to buy out Batch 1).

That is *not* a good enough reason to throw your BTC irretrievably to a new mfg. without a track record.

The CH forum may be a cruel mistress but it's a (mostly) fair, feisty, and thorough mistress.

understand what you mean.

it is equally fair to say that even with a verified location, email and phone support,  and even with photos that it might turned out to be a fake.

employees won't know what the boss is thinking. they could be employed to answer call and then sacked with a quick notice. I know one fake mining company did this.

If they accept CC they have whole info for CC so they can pay with it in Internet! They can also print the CC and use it in real world with fake ID or with some more Phishing skills they can get owners PIN.

Hey bitpop you said that you are the one from your avatar right? Then check this out: http://www.asos.com/Wemoto/Wemoto-T-Shirt-with-Photograph-Print/Prod/pgeproduct.aspx?iid=3281254&cid=5232&Rf900=1600&Rf-300=1848&Rf-800=-1,43&sh=0&pge=5&pgesize=204&sort=3&clr=White

Mother fucker imposter. Stupid copyright infringing druggy hipster!

please PM your contact details , i`d be interested in checking out your products and if it looks good, ordering them

I can go to their office to check out , but address is no were in their website ,

Domain privacy protected :(

This is the behavior of a real and honest seller who don't intent to defraud , isn't?  ;D ;) ::)

Come back when you have a product to ship.

Have a great day!

Last activity over a month ago...i guess they are really busy with the production right now... ;D

Has ANYONE actually ordered one of these ?

Also why has the price jumped to $5000k  ::)

Where you see a price jump to $5000000? Or what you mean with your k? Usually k represent kilo = 1000

The Price is now 4999$, as in november 2013 was already. Don't know how difficult is reading...

And it is still a scam, before you post in a 3 month old thread, you should read the full thread!

And who make that rule, in november, that 1 Bitcoin will be worth $1500?  ::)

Today is 1BTC lesser worth then in November...FYI.

But anyway, is still a great deal dude! Only $217 per day instead of 350, but who care? Cmon, buy 100 3Th/s Miner! $6510 monthly income four you math genius!

yes...this.