Maybe because they are in China they need that much money to get a merchant account.  But in the U.S. any Mom and Pop store can have a CC machine.  There is just variation on rates. 

Also, BFL is not producing FPGA's anymore, they are producing ASICs which is not something you download the algorithm to.  In fact, they are like Intel in that they had to invent their own microprocessor.  As is everyone currently in the ASIC business.

KNC is out of stock because they are working on their next generation product.  Restocking requires more chips.   To produce chips you have to reserve time at a foundry and purchase quite a lot to make it profitable.  They must feel that they won't get this done fast enough to make it worthwhile before the second generation chipset of their's is released.

He transformed those bitcoins into cash.  He's not going to spend 4x as much to revert cash back to BTC to give you your money back. 

Yes but this is in a purely unregulated investment scheme.  Everyone is going to end up guilty and the SEC would just seize everything and tell you to pound salt.  I don't see how that helps.  They'd have to build a case.  It's not like some guy with a badge is going to go knock on his door and demand to see the bitcoin.  They'd have to show some proof of wrong doing. 

Realistically, you'd have to get a civil suit going.  Take him to small claims court if you feel it's worth your time.  At this point, I'm not even sure any of you know who this guy really is.  I'm not sure how one person manages to receive that much in funds from people who haven't met him or even know if his name is real.  How do you reclaim anything that way?  I think it's over.  It's entirely possible that he's busy working on it and doesn't feel like posting in here, but I kind of doubt it.  Based on his one post, it sounds like he feels he's already distributed more to investors than he originally took in, so that he doesn't feel obligated to do anything else.

I hope I'm wrong, I've got skin in the game too, but I think it's likely to be lost.

Nobody in the SEC is going to care, this is small potatoes for them.  CX mentioned that he had already paid more out than he took in from investors.  If this is true, I suppose he might feel as though he's done enough and has stepped way from it.  I doubt the guy is dead, in jail, or just holding a baby.  More than likely he is just not interested in coming in here, telling people it's over and working through the nightmare of people demanding refunds, lawsuits, wanting the hardware or to take on the exchange themselves.  There's no positive outcome for him either way, but it's easier to remain quiet.

This kind of thing happens time and again in the Bitcoin universe.  People rip each other off.  It's what happens when you send money to people you don't know and have no way of contacting or checking out.

I'm just chalking it up to another loss. 

I think everyone here gets the CEX thing already, and the rest of this just seems like spam so people click on your referral link.  It has nothing to do with Cloud Hashing and their ongoing issues.

For the record, I am working through Google Wallet on mediation for a refund.  Obligations weren't met and the current status is worrisome to me.  While I appreciated the Q&A that the owner gave, I would have been happier with more concrete information like showing us their mining hardware and info about what addresses they are mining from (Though I suppose I could follow the transactions and see where they end up.)

Everybody has problems, and I get that, but I shouldn't be subsidizing your problems.  You created a contract and a price point with a start date, and you didn't make it, and now you produce less hashing power than expected.  Now people can effectively buy, what I paid for, for half the price and get the same reward.  That's crap.  I'm out...

http://www.secactions.com/the-reach-of-the-sec-the-hong-kong-exchange/

Hong Kong doesn't let the SEC interfere so long as the transaction didn't take place in the United States.  What that means with regards to the Internet, I'm not sure.  However, if you're in a different country, the SEC apparently has no reach there.

I have a question, and am not trying to be a troll or anything, this is legit as I don't understand it and would like some clarity from someone who does understand it.

When the chip and the circuit board meet, doesn't there need to be some kind of testing to make sure the components are all working properly together?  I know a lot of other companies struggled with this and took awhile to get things done.  That's why folks like Avalon and BFL sent sample chips out so the guys making the boards and everything had time to tweak their designs.  So why does it seem like KNC is just slapping the chip on the board and shipping it out?  Or do they have both the chips and the boards now and are doing the tweaking as we speak?  Does this have something to do with the fact that they took the design from an FPGA and didn't do any work on it, so that they know exactly what they need and it doesn't require tweaking?

Just trying to understand the process and why they can slap everything together in a weekend and be done with it, where others took a lot longer to do (What seems) like the same thing.

These 80% increases month on month are not sustainable.  We're seeing a lot of hash soon, so that makes sense, but by the time we get into 2014, it's going to ease.  Many older miners will become unprofitable and get switched off.  And because you're talking about a compounding of hash every month, you would need to ship almost double the amount of miners month on month.  So that's like saying everyone will ship 10,000 miners in October, 20,000 in November, 40,000 in December, 80,000 in January, 160,000 in February...  The mining market can't sustain that.  If it can, the value of Bitcoin is going to skyrocket as people convert a ton of cash to buy these miners. 

So a lot of these purchases are going to do better than this long term forecasts predict (Although there is always risk)

Not to say BFL is a wise choice to invest in.  There is no value in putting your cash into this until its online and you know what your ROI will really be at the time you make a purchase.  Same with any other service or offering.  Since BFL has a no refund policy, you take a greater risk on losing your money completely than other vendors. 

As I understand it, many countries tend to tax their citizens through their bank accounts.  For instance, Argentina has a 0.6% tax on all transactions.  And that is at the National level, it could increase with fees and such at the local level depending on which country and how it's being done.  This tends to happen in places where there is a lot of people paid in cash.  To avoid this, many people move their currency into Bitcoin so as to avoid this kind of taxation.  It's another reason why many investments were planted in Cyprus.  Tax avoidance is a major reason why people float their cash into Bitcoin.

If you lived in the United States and had a friend that lived in, say, Libya.  And your friend needed money, right away, how would you give him money?  Say he needs a car and some money to pay a bad debt.  You could try to wire him the money, but the fees are crazy and it would require him to have a bank account in Libya and trust that the bank wouldn't "lose" his money.  Not only that, but if you move more than $10,000 the U.S. Government is notified by the bank and could put a hold on your accounts and conduct an investigation to make sure you weren't trying to do something illegal. 

For businesses, it's clear that accepting Bitcoin is MUCH cheaper than accepting credit card.  It is also agnostic to the business you are running.  If you want to run a porn site, Bitcoin does not care.  Visa does.  It also does not require the same level of security requirements, because there is no "Number" to steal or private information about someone to acquire.  There is no authority that is going to inspect your network and computer systems to make sure you are compliant to accept Bitcoin.

Bitcoin's only real negative is the difficulty in moving fiat in and out of it.  Hopefully more people will build things like Bitcoin ATM's that convert the FIAT into Bitcoin and avoid the process of linking bank accounts to exchanges.  If a service like Paypal picks up Bitcoin, that will also go a long way towards expanding the adoption of the currency.  If this were done, there would be less reasons for people to have to understand Bitcoin's complexity and instead just use it like any other currency.  "Oh, this store takes Bitcoin?  I'll transfer that with my Bitcoin app."  scan a barcode and never have to look at a hash.  Recharge it at an ATM by scanning a barcode, etc.

There is room for fraud, there is plenty of fraud with FIAT/Cash.  Bitcoin is no different.  People just need to treat it like cash when making transactions and they won't find themselves so easily scammed.  They've just become brain dead thanks to the insurance credit cards provide, but don't realize that the credit cards have raised the cost of everything by 3% or more.

This cracked me up!

Based on the schedule you're really in November by the time these are in my hands.  And that is only if everything goes perfect.  November, even with NO cost on power never returns their value.  And by never, I mean before I die of old age.  (Based on the Genesis Block)  At this point, the only safe play is to wait until these can be shipped on-demand to know what the difficulty level is and btc price.  Otherwise it's a loser.  Not to say I wouldn't like to have them, it's just that they won't actually make me any money.

Just buy Bitcoins and sit on them.  They will grow in value faster than the money you will lose on mining hardware.

Auction them to highest bidders.  Find the sweet spot on what people are going to pay and then follow through on future orders with that.

Same thing Asicminer did.  Get yours.

I created an account on Friday - 09/06/2013

I was verified as a Bronze that evening and received the email notice.  However, upon logging into the website, I found I was still not listed as being verified.

I emailed the person who verified me (Mike) and noted this problem.

I submitted a ticket about the problem.

On Monday - 09/09/2013

I added another message to the ticket since nobody responded.

On Tuesday - 09/10/2013

(24 hours since now) 
I wrote Ascension here on the forum asking him to look into the problem and provided my order number.

It's Wednesday - 09/11/2013

No response to any of my communications. 

Here is the thing about Bitcoin mining.  You will more than likely mine at a loss.  The secret is if you believe in Bitcoin's future, that the coins you earn today will be worth double, triple, or more.  What you mine at a loss today may make you rich in the future.  As many people have said before, however, that if you believe that, it's better to buy Bitcoins straight up than mine for them.  Many factors at play.  Very high risk gamble.  If it was that easy, everyone would do it.

Getting a merchant account is freaking easy.  You don't have to prove anything.  They wire that up to your bank account.  I have one.  And I don't have a miner to show them or whatever.  Have a good credit score?  You can get one.  The reason people don't is because of charge-backs and fees.  The credit card companies take around 5% to pay for the service and your cash back bonuses and Amazon points or whatever you have on your card.  A manufacturer is not allowed to charge more for a credit card purchase vs a regular purchase (Visa/MC rules forbid it) so you either raise all your prices by 5% or eat the cost.  

Then, if someone calls their bank and says, "I didn't order this" the folks at the bank yank the money out of your account and if it happens more than a few times you pay higher and higher fees.  So in this market, it's a huge risk to offer credit card without being prepared to be dealing with charge backs and the fees.

Cool that KNC is willing to take that risk.  It does show they are willing to eat a sh*t sandwich to make a sale, which is great.  But let's not make it sound like getting a merchant account is some rigorous process, because it isn't.

Do what most other forums do.  Contain it to one thread.  When a poster makes post after post that follow closely the same line of conversation of another thread.  Close it and have the last response point to the other thread that is already covering that topic.

Moderators need to use their opinion as to whether the subject deserves a new topic or not.  But in this way, you are not removing what anyone is saying, you are simply consolidating where the conversation is happening into the proper thread. 

The difficulty rises, so it will keep mining but it will take longer and longer and longer for you to get a coin.

However, it will use the same amount of electricity, so your electricity costs will be greater than the bitcoin earned.

"Mining Revolution"

Just don't preorder with them and wait to see if they ever ship products on demand.

Getting in early on a preorder has a very slim chance of being profitable.  Only if the company makes their deadlines, which almost no company has so far.  Once miners are sold "in-stock" the prices will have to be set to reflect the reality of the Bitcoin difficulty.  If not, nobody will buy them.  So that you will have a much better chance of making your ROI and profit if you wait until you know, for sure, when you'll get your miner.

Also, many of the people/teams that accept preorder money then go on to treat their customers, yes even their good customers, like crap.  Once they have your money they no longer act as though your inquiries matter and information dries up.  Don't reward this behavior.

Soon many companies will offer miners on demand and at prices that are more affordable.  Anyone jumping into the preorder game at this point is a high risk gambler.  And most of them will lose.