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I tried to find my Neptune posts so I could copy them -- and gloat. But gloating seems in really poor taste because of all the problems...
Anyway when Neptune was announced I provided some cautions -- including that I had some Xilinx 20NM based product on order -- and it was already late -- it should have been delivered in Oct/Nov 2013. I should see a shipping notice this week -- I guess.
As someone who worked all his life at the bleeding edge of technology I could not see this (Neptune) product could be delivered on time. I had hoped they would make additional Jupiters available in December/January -- as they likely (but not certainly) would have made a positive ROI.
My calculations showed that delivery later than mid-March 2014 made a positive payout seem unlikely.
Then I saw the notice about their northern mining factory....
Then came the 3THash mining contracts offer...
The came the "be patient" -- we'll deliver a "two-for-one" offer!
Anyway -- I guess this cost me since the rise in difficulty means we will get about 10 BTC less than estimated from our Jupiter (nee Saturn)...
It looks like bait and switch to me -- go get them!
Not happy in Canuckistan!
Risk is one thing -- chance is another -- don't want to use the nasty "F-Word" but when you promise one thing and don't deliver -- or deliver something else or devalued goods -- what can you call it? Just a wee mistake?
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A few months ago, I thought Knc was the gold standard in Bitcoin mining manufactures, and now I think they are just as dishonest and sleazy as most other mining hardware manufacturers.
Hoarding Jupiters in order to build a massive private mining farm when they could have sold some of them to existing customers per their miner protection statement was the straw that broke the camels back for me...
They are the "Gold Standard" -- it's just that everybody forget how low that bar was. I disagree. Personally, I trust Bitmain a heck of a lot more than I trust Knc right now. Fair enough. Put their name in, in place of KNC -- the observation stands. |
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A few months ago, I thought Knc was the gold standard in Bitcoin mining manufactures, and now I think they are just as dishonest and sleazy as most other mining hardware manufacturers.
Hoarding Jupiters in order to build a massive private mining farm when they could have sold some of them to existing customers per their miner protection statement was the straw that broke the camels back for me...
They are the "Gold Standard" -- it's just that everybody forget how low that bar was. |
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Now if he'd be so kind as to hari-kari. Why is it again that the Japanese make it difficult for foreigners to open bank accounts? Just look at he usage of "gaijin" http://en.wikipedia.org/wiki/GaijinI don't think they like "outsiders". |
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Just came back online here -- finally. Two hours down.
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Down for an hour 12 minutes here.
May as well have breakfast instead of waiting to count bit-pennies.
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Thanks for the update -- thought my Hamster based generator was on the outs -- maybe I should upgrade their feed anyway!  Any day real soon now I guess.... |
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Down here as well -- in Canada Toronto area.
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* They maintained for the duration of the NPS window, that no competitors were shipping hashrate.
Just before the infamous newsletter I asked them about upgrade modules because obviously competitors were shipping, this was the reply: From KNC: "We are aware that some our competitors have started shipping. We will be releasing new products for our previous customers very shortly. A newsletter will be released in the coming week." Kind of goes against the maintaining that no competitors were shipping..... I got $20 that says that news doesn't come in the coming week or month. I suspect that there will be news within a month of your post. I just can't see that many will be happy with it. If it's true that KNC is the largest block of machines on the market, I cannot help but think that it was predictable what the last news caused (refunds) and that it would cause a drop in BTC value. Now would be the time to sell module upgrades of course... and for obvious reasons now that BTC value is low. |
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What do you think you are saying???
This system doesn't work if people can only use it to move small amounts of money. Nobody will care about it at all at $10. Wanting the price of bitcoin to crash to ten dollars and end the entire crypto industry because of some spiteful jealousy over what KNC and other large miners are doing is ridiculous. Don't forget, nobody will mine it at $10, and nobody will pay giant transaction fees, so the entire system dies.
BTC works fine at $100 or $10 you miss the point.. right now how many coins do you think are really in circulation anyway? Only a fraction... so if more and more folks start to spend their coins instead of hoarding then the price will drop by a lot You have the ~$800 price from churn and velocity of a fraction of coins right now.. I rather believe more use of the coin at a lower price is healthier for its life.. uber miners like KNC et all can choke on their insane diff pushing hashpower.. that arms race means nothing for btc's utility.. the same amount of blocks stays constant ya know Here are some math problems to amuse you... For arguments sake consider only the USA -- since numbers are so easily available? What is the US debt? (About $17T ?). What value would the BTC need to be to cover the US debt -- using only the amount in current circulation? What value would the BTC need to be to cover the US debt if all BTC were available. What BTC value would cover the current US GDP? What BTC value would cover the value of all assets in the US. Now repeat all the calculations for the European community and the Chines and the Japanese -- for example. Heck, even do Canada and Australia in isolation. GDP Numbers here: http://data.worldbank.org/indicator/NY.GDP.MKTP.CDIf the BTC value won;t even handle Canadian economic activity -- is it of any value to anyone? A BTC value of $10 makes it worthless as a substantive currency -- in anyone's book. Do the math. Cheers! |
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<snip>
For me this marks the end of mining as KNC was my last hope for providing miners with a positive BTC ROI but it appears they too have succumb to the greed just like all the others who have found themselves in this position. I really was starting to buy into the idea that KNC was going to bring us early customers along for the ride but it's now obvious they've taken the ball and gone home without us...
I'm not done mining quite yet. I'll keep all of my existing preorders, really just because I want to geek out on them. But I'm done buying any new mining gear, preorder or in-hand. I will continue to let my current gear run until they become unprofitable and then unplug them. And then I'm done. We decided the same thing today. We also anticipated that the KNC Neptune miners would be late -- at best -- perhaps never delivered. (We have back and forth email on this where I laid out the risks.) This was based on other work I am doing with FPGAs and multi core units and the fact that even the Xylinx 20 nm stuff is only recently available -- maybe kinda... Like maybe I'll seem my board(s) in February - uhm hey -- It's February! ...and no shipping notice! I just noticed... I'm sure I'll see my units soon -- eh? No, not KNC -- the other ones... rotflmao! |
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I read it as a notice that they will deliver -- but now accept a real possibility of being late... so they are covering their bases.
That means that not completing our order was probably the right call.
I just ran all the numbers based on best guess -- and so far these estimates have been close enough that we are confident in the outcomes. (+/- 5%)
Our Jupiter will still deliver another 7.5 BTC economically -- buying a Neptune with Mid-April delivery would have got us a 4BTC profit. Maybe, maybe not. Mid May delivery no longer seems to pay out with positive ROI.
By doing nothing we are now probably 3.5 - 4BTC ahead.
Good enough for me.
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My October Jupiter hashes at 425Gh/s (has the Die0) issue. I've wasted so much time (and downtime) messing around with it I've given up.
Any Toronto-based Jupiter miners interested in some pocket scratch in exchange for coming in to get mine up to speed?
I am in the GTA -- North Region near Newmarket. Still you are better off contacting KNC. |
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3BTC Shipped to Canada Today
Highest bidder so far. Where in Canada? And will there be customs forms I have to fill out on my end? At $2000 (CDN / $USD) or greater Canada (Like most countries) requires that you have an importer number. SO the receiver has to have an importer number. Yes you would likely have to fill out export forms. Under $1000 very straightforward -- fill out a declaration on the UPS or DHL shipping form. (Probably under $2000...) |
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Happy New Years.
Feliz ano nuevo! and all that
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