It just occurred to me that although it is doubtful that pressure purely from mainstream financial institutions and regulators could drive Mt. Gox completely out of business, it is entirely possible that large players in the Bitcoin community could by engineering various liquidity events and such. And Mt. Gox has made a lot of enemies (e.g., Peter Vessenes and the like.) Not to mention all of the players who would like a bigger piece of the pie (e.g., Bitstamp, BTCChina, Bitpay, etc, etc.)
A combined effort between mainstream financial players and larger players in the Bitcoin sphere could have a really devastating effect on Mt. Gox in spite of Mark's long built empire of liquidity (including his Smaug-like situation sitting on atop pools of BTC of questionable history like to Bitcoinica stash and God knows what else.)
Just a hypothesis to mull over...
jesus please stop with all the conspiracies, what's next mtgox was created by e.t.? it's simple, you cant withdraw fiat currency out of mtgox, so only way for people to get money out is to buy bitcoins and transfer it out. And for the bitcoin holders no point for them to sell on mtgox since they cant get money out, so they just transfer bitcoins out and sell elsewhere. As more and more people realize this, the bid and sell side will continue to diverge, eventually end up in a panic. an exchange cannot function if you cant get your money out. In the real world, if i went to any of the broker-dealer like interactive brokers or goldman sachs prop trading, and i cant wire out my money in the standard 24-48 hour window, major panic ensues and it will be on cnbc front page. only reason noone gives a shit about mtgox taking months to wire money out is most have no clue, but now even their bitcoin is getting delayed by days, which is a sure sign of liquidity problems. Last time i will say this - get your bitcoins out of mtgox, it's just not worth the risk to leave it in there - there is no reward only risk. ps: i got my initial 8 btc out finally after 3+ days. I wrote another nasty email to them pretty much stating they are full of shit and i want my bitcoins or i will report them to the sesc, then a few hours later i got a reply saying in short oh the bitcoin was already transferred you made a mistake, i look up my block address timestamp and it was literally a few mins before the email was sent lol, i bet they manually did something to get the coins out then acted all innocent in the email. funny stuff... |
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But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins. Maybe Mt. Gox is running out of Bitcoins. Here's the Mt. Gox and BTC-E order books:  Mt. Gox order book. USD/BTC. BTC-E order book. USD/BTC. Bitstamp order book. USD/BTC.Looks like a lot of money is trying to get out of Mt. Gox by buying Bitcoins and selling them on other exchanges at a big loss. FYI, this is very concerning. Didnt realize it, but checked mtgox market depth and it's true. There already seem to be a slow run on the bank with mtgox. Not to create panic, but i suggest anyone with money/bitcoin in mtgox to get it out for safekeeping. Right now people are still walking towards the exit, you dont want to wait until it becomes a stampede. It's pretty obvious at this rate, the bitcoins will be drained out due to mtgox inability to withdraw funds, and now even majority bitcoin withdraw is getting delayed. I work in the financial industry for a long time, this is no different than a run on a fund, you dont want to be the last one in it trying to get out, always be the first. Yes it may not come to that, but why take the risk by leaving your bitcoins in mtgox? I have converted the remaining balance in mtgox to bitcoin and submitted the withdraw request to get all of it out. |
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i just bought 1 btc worth for testing, the ghs is now in my account. Do i need to do anything for it to mine or that starts automatically? how soon usually will i see the first payment? thanks
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yes anyone else having this problem? i am a verified user (mailed them my passport etc..) and never had this problem until today. Not able to get my btc out for over 8 hours now and still waiting, very frustrating as i need it to do a transaction.
i got a bullshit cookie cutter response from mtgox, btc withdraw still not processed. wtf, i am going to get all my btc out of mtgox, this is crap. Hello, Thank you for contacting us. Please be aware that: When withdrawing or depositing bitcoins into your Mt.Gox account there may occasionally be a delay (1~24 hours) depending on network congestion, your internet connection speed and the time required to get 6 confirmations on the network. If you're sending to your computer's wallet, it's good practice to keep your bitcoin client running so it can download the block chain. For those that may not know the block chain is the complete history of all transactions made on the bitcoin network, and as such it can take some time to update and download the most current block and see the bitcoins in your wallet. If you aren't seeing the funds after either withdrawing/sending to Mt. Gox from your bitcoin program, please wait 24 hours before contacting us. If your transfer has still not occurred within 48 hours, please lodge a support request so we may begin the process of tracking your bitcoins and reinitiating the transfer. We apologize for any inconvenience this may cause. If you have any further enquiries, please do not hesitate to contact Mt.Gox Support by responding to this email (should the enquiry relate to this ticket). Best regards, Mt.Gox Team https://www.mtgox.comThis is such bullshit i still dont have my bitcoins and no response from mtgox after 2+ days now. I can understand bank wire taking time due to external factors with international wire transfers and regulations. But there is NO EXCUSE why bitcoin transfers is taking anything more than 30 mins. fuck mtgox. |
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User bogart has the 3 k16's hashing at 2.5G hash avg, in the klondike thread, Avalons selling trays of chips for 100Btc each. http://avalon-asics.com/product/avalon-110nm-chip-10000-tray/Th supposedly says he has 80k something supplies for the k16 boards. Terrahash decided to log out on the same day of month as bkkcoins. No news about refunds. Stated only 50% because he bought his 80k k16 gear. Why wont you send 50% of our money and 50% of k16 gear worth, BTC went from 110$ - 70$ - 165$ from the time you took peoples money, even if you held onto it without doing shit thats 55$ up a btc so why the 50% bullshit. 50% is like saying you don't give a shit about even doing the actual calculations, and thats even if we believe the 80k worth of k16's story. Your whole attitude towards people who ordered from you is shit. Fuck you xxfucker .-. |U| | | | | _| |_ | | | |-. /| ` | | | | | | \ / | | | | what makes you believe TH will refund 50% of your money, because they said so? you will not see 1 cent of your money unless you take them to court. |
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yes anyone else having this problem? i am a verified user (mailed them my passport etc..) and never had this problem until today. Not able to get my btc out for over 8 hours now and still waiting, very frustrating as i need it to do a transaction.
i got a bullshit cookie cutter response from mtgox, btc withdraw still not processed. wtf, i am going to get all my btc out of mtgox, this is crap. Hello, Thank you for contacting us. Please be aware that: When withdrawing or depositing bitcoins into your Mt.Gox account there may occasionally be a delay (1~24 hours) depending on network congestion, your internet connection speed and the time required to get 6 confirmations on the network. If you're sending to your computer's wallet, it's good practice to keep your bitcoin client running so it can download the block chain. For those that may not know the block chain is the complete history of all transactions made on the bitcoin network, and as such it can take some time to update and download the most current block and see the bitcoins in your wallet. If you aren't seeing the funds after either withdrawing/sending to Mt. Gox from your bitcoin program, please wait 24 hours before contacting us. If your transfer has still not occurred within 48 hours, please lodge a support request so we may begin the process of tracking your bitcoins and reinitiating the transfer. We apologize for any inconvenience this may cause. If you have any further enquiries, please do not hesitate to contact Mt.Gox Support by responding to this email (should the enquiry relate to this ticket). Best regards, Mt.Gox Team https://www.mtgox.com |
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yes anyone else having this problem? i am a verified user (mailed them my passport etc..) and never had this problem until today. Not able to get my btc out for over 8 hours now and still waiting, very frustrating as i need it to do a transaction.
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i tried to withdraw 8 btc from mtgox this morning and now 8 hours later the transaction still hasnt being processed.
is anyone else having this issue recently? bitcoin withdraw was always near instant for me usually only takes 30 mins or so. I submitted a ticket to mtgox also
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cex.io - i am not clear exactly what happens in the background, when you buy 1 GH who physically holds this 1 GH of hardware and mines for you?
can someone please answer this? thanks |
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Bitfury August delivery is definitely positive.
bitfury august was >2x the current price, 400GH at $18k (or was it 19k dont remember exactly), they took delivery at the very end of august. Not factor in the bitcoin/usd price increase as you never should for roi calculations, please enlighten on that hardware is "definitely positive" Ok, let me try that: I don't have any of this Bitfury full-kit 400GHs units so can't testify first hand (if someone has them please confirm or deny), but let's say they started mining Sept. 1st to be on the safe side, although some did few days earlier. According to reverse mining calculations it already earned close to 80 BTC, maybe few BTC more or less. 400GHs will mine around around 35-40BTC more before network difficulty reduces mining income to satoshies, so it will return around 120 BTC mining in profitable conditions. Bitfury is energy efficient, so it will continue to grind over electricity costs even in double-digit PHs conditions. Don't need to calculate that in fiat, although they were paid in fiat and not in BTC, but it looks to me that whoever invested in that at the beginning of July is looking at his wallet and smiling to the current ASIC buyers. sorry but that still doesnt make any sense to me. 1) Let's use your 120 BTC return (even though i think it's very optimistic) 2) Hardware cost $18000 3) BTC/USD price at time of purchase $100 (it was below 100 but lets just use 100 for simplicity sake) 4) $18000 would yielded 180 BTC if purchased direct btc instead of mining hardware. 5) Factoring in today's $150 price, 120 BTC mined * $150 = $18000 = break even not factoring in any electricity cost etc.. So i still dont understand how the people who took delivery at end of august is profitable or making money, at best they will breakeven after months more, if difficulty continue to go up the way they do now, they will not make that 120 BTC but less and lose money. Cannot compute... |
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Bitfury August delivery is definitely positive.
bitfury august was >2x the current price, 400GH at $18k (or was it 19k dont remember exactly), they took delivery at the very end of august. Not factor in the bitcoin/usd price increase as you never should for roi calculations, please enlighten on that hardware is "definitely positive" |
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fyi i got my money back via paypal claim, terrahash never responded or issued a refund. There is no point debating TH's legitimacy as we are all adults and can make our own financial decisions and assess risk/reward. For me personally, i have been around the block a few times and cannot justify risking $10k on good faith with TH after their behavior in the past few weeks - it's a personal choice.
But there are a couple items anyone looking for a refund should know, as there have been so much confusion & misinformation in this thread:
1) If you paid with bitcoin or wire - you are done: full hope & pray mode.
2) If you paid with paypal via credit card - you are fine, can file a chargeback with the credit card company directly and always get your money back, dont bother even go through paypal.
3) If you paid with echeck or funds in paypal, then you will ONLY get your money back if paypal is able to recover the money from TH's account. It doesnt matter if paypal decide in your favor, if they cannot recover the fund you are not getting your money back. Paypal actually did us a great service by locking terrahash's fund initially so they cannot transfer out. Also when you file a dispute, paypal will lock the fund to prevent them from been transferred out, but if the money was already not in the account, you are out of luck.
4) Paypal dispute doesnt do anything it's just a back & forth message with the seller, escalate to a claim right away dont waste time with dispute comments, only in claim mode will paypal start looking at the transaction after about 10 days wait.
5) 3) and 4) assumes TH still has a balance in their paypal account and didnt clean out, otherwise refer to 1).
Hope this clarifies for those looking to get a refund. Good luck guys i hope you all get your hardware on time and make a lot of money.
fyi on paypal... |
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you guys can argue until blue in the face and it wont matter. Bottom line is the current market rate is ~$20 per 1 GH. Whether that is overpriced or not strictly depends on what the difficulty increase percent will be in the next 3-6 months, if it is going up like it does now then no it is a money loser, but if it starts to top off and flatline in 2 months then you will make a return.
Again noone knows what the difficulty percent increase will be in the future, i count at least 3 major players who havent come online yet but it's still all speculation. So there is no point keep beating the same deadhorse.
cex.io is an interesting idea by taking the physical labor out and trade the mining GHs, not much different than commodity futures. However i am not clear exactly what happens in the background, when you buy 1 GH who physically holds this 1 GH of hardware and mines for you? do i actually own this 1Gh hardware ie can i exercise the contract and take physical delivery of the hardware or is it cash settled or you can never redeem? how do you know you are actually getting 1GH worth of btc (besides constantly checking the payout and do the math).
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those coins look very nice but this venture does not make any sense to me. I want to buy physical ltc coins to invest in ltc NOT to invest in silver or brass, but when those physical coins cost 2-3x the face value of ltc then you are basically just buying silver coins not ltc.
suggestion: since the price of ltc remains rock bottom, put more ltc on each coins to offset your cost. For example, instead of 5 ltc silver coins costing 17 ltc to buy(300%+ premium), do the same silver coin but with 100 ltc in it costing 112 ltc to buy(12%+ premium), and 50 ltc Nickel-plated Brass coin cost 51.75 ltc to buy(3%+ premium).
Then you will actually get buyers who want to use this as what coins are intended for - cold storage/trade/ltc investment, instead of limiting just to coin collectors buying 1 or 2 at 3x the ltc value.
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Well, this thread died. Guess TH made off with all our money. Does anyone have any updates regarding law suits again them. I know bar was organizing something.
Bar is terrahash - just another pretend account to make you guys stall Nope, incorrect. You all be be the judge - look back at all the posts where he is constantly sings their praises and aggressively defends them whenever anybody says a bad word against them - oh that's right now the shit has hit the fan he deleted them all - all is forgiven! You sir are full of shit! Internet Sleuth, your skills of deduction are astonishing... well except for the fact that you are completely wrong. But don't let that get in your way, carry on being incorrect. Actually, I shook Mr. Phinnaeus Gage's hand at the recent Atlanta Conference, I don't believe he got the impression that I was "Terrahash" but hey what do I know I'm no Internet sleuth like yourself. Damn, I wish I could put a face with you or recall what our conversation pertained to. Either way, I don't have a horse in this race, but am taken aback by this unfortunate event. I came over and shook your hand for that hilarious comment during the conference about some new bitcoin hardware that hasn't come out yet. Come to think of it, I'm sure a lot of people did the same, it was during the reception next to the KnC Jupiter miner. Was it next to the Bitcoin Magazine table just before Austin and Beccy's talk? I remember Charles and maybe it was Adam shaking my hand after the last panel. It was after that at the reception (after we toasted Austin and Beccy I believe) You were probably talking to Luke_Jr or Bitcoinorama (Guy in the KnC Shirt). Either way it's not important. Not sure why I even respond to the crazy accusations being thrown around in this thread. please just shut the fuck up already. what happened to your group lawsuit with "$500k worth"? you are nothing but a bottomfeeding scum giving out false info/hope then strings the lemmings into a blackhole, wasting everyone's time and money. |
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and the price isnt even attractive to begin with.
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Some points to consider before accusing us of scam:
2. We spent hundreds of thousands of dollars on components, heat sinks, cases, boards, cables. For people saying that its "only a few resistors", look at the BOM provided by BkkCoins. It says components cost around $23 for a K16. And this does not include the heat sinks (~$14), boards etc. For each K16, the components including the heat sink, board, power cables, etc. cost us around $45. And we were prepared to assemble around 5,000 K16s (for 80,000 chips). There goes $250,000.
This is the only point that matters, and it's bullshit. If you did spent all that money on components, then show us the photos of those 5000 K16s. You cant, because you never bought a fucking thing except a few test boards. |
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Some events happened last week, that have forced us to make a decision to go out of business. A lot of issues compounded to press us to do this. The failure of the Klondike project was one. Chase, our bank, shut down our accounts. Also the delay in the shipment of the chips has resulted in a lot of customers asking for refund. We already owe a lot of money to PayPal, and with all the refund requests, it is impossible for us to continue our operation profitably. So we have decided to dissolve the company.
We are going to ask for a refund from Yifu. As soon as we get a refund from him, we will start refunding all the orders. We will be able to refund about 50% of every order with this amount. We are trying to get our money out of Chase, which will help us refund another ~5% of each order. We are trying to return as many components as we can, and as soon as we get more money back, we will send additional pro-rated payments to each order.
Once we get a refund from Yifu, we will be sending an email to everyone asking for a current Bitcoin address where to send the payments.
Thank you for at least coming on here and letting us know. It has been stated multiple times that the community understands how much Yifu has screwed us over and there are other group buys that couldn't give back 100% as well, but that didn't stop them from communicating. Please keep us up to date with Time frames. Thank you. Initially i thought bargraphics is just a moron, but it should be obvious by now he is nothing but a shill for TH. Just look at the timing of those posts and what is said: 1) Up until 2 weeks ago, Bargraphics defends TH like a whore on nickel night, trying to convince everyone not to file for chargeback/refund and insults anyone with a different opinion. He is also the first order in line. 2) Once the public opinion completely turned against TH - all the talks of lawsuits started, Bargraphics did a 180 and decided to lead the charge try to get everyone who wants to file lawsuit 3) Finally when he dug himself a hole so deep he cant get out anymore, terrahash mysteriously appears after weeks of silence to post this 50% refund bullshit, and bargraphics happily agrees to wait again, holding up everyone who he managed to get who wants to file the suit... 4) In regards to TH, it is nothing but fraud (criminal), they did not spend 50% of your money on "equipments" etc.. the only thing they spent on was the avalon chip orders and that's just a drop in the bucket compared to the money they received from the orders. Oh yeah, TH also got a few steel cases, handful of half working boards and some resistors. It's flat out fraud and stealing, anyone who is stupid enough not to see this is blind. As I said before, the only thing this little shit bargraphics will accomplish for you is wasting your time and money. But it's pretty clear this is his goal all along since day 1. If you are serious about getting your money back file in small claim it's much more efficient and faster for anything <$10k. For international buyers, unfortunately you do need to hire an attorney. |
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Oh they now except paypal and credit card!!! cointerra,, these guys have their shit together,,,lol,,,,
where is the option to pay with credit card? all i see is bitcoin and wire on the checkout page. |
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Like watching a train wreck, i just cant turn away. Are people really this fucking stupid, if you are out of 4 figures i would be filing for legal action weeks ago.
Funniest thing I have read in this thread! Legal action, oh c'mon guys TH just had some bad breaks, they will come through...keep the faith! Longer we wait the chances of us ever getting anything back dwindles. he placed his house for sale in late july. Just about when people started asking questions regarding the product development status. TH will come up with some good solution. The prices of mining software are falling every second. I really believe they will find a compensation for our invested money AND time until release and back when we order. The webpage is still active, the certificate is valid. The lack of communication can we also explain in a positive way than with negative and spread paranoia. Just stay put and wait untill they answer. Your kidding right?  |
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