To all KNC Miners,

Are we all idiots?

http://www.theregister.co.uk/2013/11/14/firm_makes_3million_during_bitcoin_gold_rush/

This article clearly states they sold about 5,000 miners for a global sales of USD 29 millions. If true, KNC clearly did not help us with their almost unlimited supply of miners to reach a positive ROI in BTC.

I invite everyone to think a little bit about it and collectively realized that we have been much more lucky than smart. Yes the exchange rates have been extremely beneficial but don't be blind by your USD/GBP/EUR/JPY/RMB/CHF returns, KNC made an absolute killing with our preorders.

They were smart, us we were just lucky!!!!

PS I am sad about that conclusion because today is the day I just reached 71 BTC after 38 days of mining. How long before my second Jupiters will pay for itself???

PS Bis Bitcoinorama any comment is VERY VERY much welcome....

Hohohoho Bitcoinorama
Check your Jar, just send you enough to pay for a nice hotel room in Stockholm.

Thanks again for all your hard work!!!!

If I can breakeven in BTC I will send you more.

Hope my fellow miners who are in the same situation as I am will tip you nicely too. As a gentleman bitcoiner, my integrity is high enough to call a spade a spade and credit these who have been helping me in my success.

It looks like my request to get the hashing power sold by KNC has been granted. So according to the press release, they currently sold almost 70% of the total Hash Rate or base on 4 Pentahash world wide, they sold less than 2.8 P/H.

For our exemple, lets pretend that no one will deliver any extra hashpower so the Hash Rate remain constant (very very unlikely); it will take over 64 days before getting a positive ROI in BTC (I paid the equivalent of 72 BTC (including transport and PSU) in June and it has mine just over 30 BTC in 30 days, I am getting 0.65 BTC a day.) When Avalon was pricing its miners, the ROI in BTC was supposed to take about 1 month. So honestly, we can say that KNC knew their miners would never attain profitability. I hoped I was wrong about it because what they did was phenomenal but the numbers speak for themselves.

Please, please Bitcoinorama, tell me where my calculation is wrong.  

Let's discuss about it in a Gentleman way,would you.

This all debate is sterile.Yes, as an investor with a 5 months perspective buying some BTC would have been more profitable; so WHAT!!! I am just glad after 29 days I just turn positive. For info I got the miners on the 7th and the Jups were getting 1.5 BTC each at that time vs 0.65 now.

What the naysayers should focus on is more on the amount of GH/s that were sold by KNC, Bitfury and other unknows.
The mining companies are not individually responsible of the return IN BTC of their clients but collectively they are. Will they always find another sucker??? time will tell (although the 55nm Avalon chips are not doing that great on Tradehill, don't they?)

The more I think financially about it, the less I want to invest in mining gears again; but God it was fun to wait, fun to see, almost in real time, the progress, specially on sept 30th and the 1st. The experience was phenomenal and I am glad I did it...

PS Call me an idiot but I would have not dare buying USD 14400 worth of bitcoins at the time, so from MY perspective I did very well buying the miners...

I know the jar is open but the next coin is for you (always intended to!!!). That new difficulty is harsh so 510,929,738...
It should arrive by tomorrow though.

You are mathematically correct but that is not the point I made. My post is all about the transparency of the mining industry. I am just glad I did not lose my shirt as so many did in the past.
Buying the miners provides me with a feeling of belonging and contributing to an idea that is way bigger than me and I feel good about it! Don't you?

Peace

To All and specially to Bitcoinorama.

Today marks the beginning of my positive ROI after I sold the proceed of 29 days of mining (59 BTC with 2 Jup). My wife cannot complain anymore about that investment she does not really trust or understand.

But starting now everything is mine (Pun intended).

So I would like to congratulate my fellow miners with their wise decision and the luck that has come with the BTC sharp rise. Also, a well deserved KUDOS for Bitcoinorama. The time he spent inquiring about KNC and other companies in this forum has been just mesmerizing

Now my expectations from KNC are very simple, they proved to our community they could deliver a product on time: A World Premier. Can they play the transparency card now??? Can they share with us the amount GH/s they sold??? I do not have to be a math genius to understand the premise of the current HASH WAR!!! The cake is not expending but the money invested in that new industry is. I really do not want to be a buy and hold BTC investors but the lack of clarity does not justify that kind of investment anymore. From that perspective, Crumbs has been so right it is not even funny. I do not want to be the thanksgiving turkey of our dear minermakers.

KNC Do you hear me, we want more transparency!!!!

You are very correct but how can you explain the following:

11 - 1AeKpG55tgrzTw5jgQynEGsLe8QCPnGpmH

Unpaid Balance   Shares Rewarded
As of last block:   0.42229832 BTC   100.00%
Estimated Change:   +0.01319422 BTC   0.00%
Estimated Total:   0.43549254 BTC   100.00%
Hashrate Average   Weighted Shares   12 hours   1,091.67 Gh/s   10980294   3 hours   1,100.33 Gh/s   2766848   22.5 minutes   1,047.39 Gh/s   329216   256 seconds   1,322.86 Gh/s   78849   128 seconds   1,364.06 Gh/s   40652

I own based on the 3 hours average 0.0023% of the network hash power or 0.0575 BTC per block and Eligius tells me the Estimated Change should be 0.0131. We are off by a factor close to 4 and this is the point I do not understand and I hope someone here can explain!!!

Thanks.

I am not sure I understand quiet well the answer.
25 blocks were found since my last payment. My network share is about 0.24% during that period so I can expect a current outstanding balance of 25blocks*25btc*0.0024=1.5 btc. My balance is only 0.58Btc so what is wrong with my calculation.
Thanks for your time

Am I missing something???
Received last payment at 12:19 PM today but since then Eligius found 24 blocks and my User stats Page indicates each block brings me only 0.0225 BTC. I own about 0.00245% of the pool so each block should get me something closer to 0.061BTC. What 's going on??? Am I the only miner with that issue???

http://eligius.st/~wizkid057/newstats/userstats.php/1AeKpG55tgrzTw5jgQynEGsLe8QCPnGpmH

Thanks for the help.

Once again, I do not hold any grudge against KNC but if they want to stay in the business of mining (repetitive sales) they'd better not insult my intelligence and move forward by stating the total GH/s they sold so far. If not, as a reasonable individual, I will not buy from them again and invest directly in BTC. At least I know my risk there....

Super long time lurker and KNC Jupiters buyer (2 units), early receiver oct 7 and happy miner (54 btc and counting). I am quiet surprised that no one has asked Bitcoinorama how many GH/s KNC has sold so far and how many have yet to be shipped. When I receive my units the average hashrate was about 1,400,000 GH/s and 25 days later it 's closer to 3,850,000 GH/s.

Why this question is critical? There is a mathematical possibility that KNC with its unlimited Hash supply knew from the beginning that nobody could achieve a positive ROI in BTC independent of the Bitfury / HashFast supply.

Do not get me wrong, KNC, as a miner supplier, has been incredibly valuable to our community but they have not been the most transparent regarding their Hash supply. I expect that to change shortly if they want me to be a customer again.

BTW Bitcoinorama what is you status with KNC now? Are you officially a KNC employee? Not that it changes anything because you truly earn the trust of our community with all the relevant information you have provided. And yes I know what I am talking about I have read every post on that thread since its inception...

Are you not tired of hijacking every KNC thread since june and spitting some venom and lies. We are all fully aware that you have a vested interest for that venture to fail. Do these words speak to you: COLLABORATIVE, TRUST and HEALTHY COMPETITION....

And yes I have 2 Jupiters nicely hashing at 550 Gh/s since 10/07 WITHOUT any problem.

Hope to hear from you in a Constructive way...

I just want to get out and answer a PM.

Good luck

Welcome and enjoy the ride 

I need to escape the NB statues

Welcome to the new paradigm cathedral.....