Since the coins per block reward was halved, I am happy to see that POTcoin has become more stable.
If POT can maintain stability for the next few months, POT will gain respect and become an attractive currency for serious business. It was stable before, it's no more or less stable than prior to the change. The biggest difference is the average price has dropped. It's floor used to be about 1400 satoshis, right now it seems to be 700-800. As of today, I do not see a need for another halving.
Mining and dumping still occurs, but it has been greatly reduced.
One more halving might not be a bad idea, but not yet.
But it's going to keep halving, just like it was going to do before the change. Both versions had a halving schedule. It's like people don't even read. |
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You'll have to notify Cryptsy of the source change, and even then they may not switch since it's not official code.
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Hey cryptorush, when will the exchange open and when will we get paid?
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Maybe folks are waiting to see photos of the gpucoin owner driving around in his new BMW 328i? lol
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It will be tough to get what they owe you. I sent them an email regarding the fact that by law they should give consumers a full refund, this was their reply: Hello there,
You are not classed as a consumer to us. Our devices are sold and are classed for business use, cryptocurrency mining earnings in the UK is classed as income and is taxable, our units are used purely for mining, therefore every customer is classed as a business-user. It is your duty to register as a business and class your mining earnings from our devices to the relevant governing bodies. As we are selling for business use only therefore our terms of conditions are what you have to comply by as you accepted before you ordered. It is irrelevant if your order is replaced or not.
Regards
Alpha Technology Team
They never told me only businesses should buy their devices. They also never asked for any company information. So I think this is complete rubbish, but the question is will you lawyer up for it? Having kept an eye on their stuff from day 1, they never stated their equipment was for business use only. They may have since changed their terms, but they made it very clear they were going after the consumer market. They even said so. If they were going after businesses, why would they be here? Why would they be targeting only consumers? Looks like the lies and coverup are becoming overt. The picture is becoming more and more clear folks: * Lack of customer support/PR presence (almost a week now) * Terms of sale have changed * Product features are being removed after paying for the devices * Questionable timeline, with inquiries being dodged * No working chip, and no likelihood of having one before July * First batch of chips will be of varying quality, with no chance to re-run on a bad batch * Specs changing wildly with no hardware to support their theories * Haven't addressed the PSU / CE issues, which are significant issues * Terms of refund changing * Refund emails being ignored Welcome to HashFast 2.0; Best of luck to you guys. |
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Nobody should trust any exchange unless they're insured.
And even then, don't give them too much rope.
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It's starting to smell like HashFast all over again.
Yeah I feel sorry for all those KNCminer buyers. Hashfast was denying bankruptcy all the way to a week before filing. I think KNCminer still have about 30 days. They gotta crank those Neptunes out so they doing go completely underwater. Mine on them for about 30 days to recoup some of their losses and then send them used to the customers. Uh dude, I was talking about AlphaTec, not KNC. AT is starting to smell like HF. Refer to retro's post below about BTC wallets, KNC is L O A D E D.
It's starting to smell like HashFast all over again.
Yeah I feel sorry for all those KNCminer buyers. Hashfast was denying bankruptcy all the way to a week before filing. I think KNCminer still have about 30 days. They gotta crank those Neptunes out so they doing go completely underwater. Mine on them for about 30 days to recoup some of their losses and then send them used to the customers. Dude has your account been hacked? You were posting some intelligent stuff here a few days ago. Now you're trying to tell the good folks here KNC has 30 days before they go bankrupt? C'mon man you can do better than that. KNC have MILLIONS in BTC and USD. They could settle a lawsuit at any time. On 2nd of May Forum member Merv77 found 2 BTC wallets linked to them with over 43000 btc, about $25 million usd. I've heard estimates they are making $15 million a month from mining alone. They have plenty of capital for R&D, refunds AND the co development of Titan and Neptune. Comparing KNC to Hashfast is just a joke. Hashfast's CEO said in May they were "As poor as a church mouse". KNC on the other hand are as rich as Croesus. This is just FUD pure and simple. Absolutely agree with this post. |
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If KNC got their Neptune wafers and July is rolling around they will be targeting Neputes to be delivered the beginning of July. That means they will be in assembly and shipping of Neptunes all of July. What makes you think they will be able to assemble and ship Neptunes AND accept delivery on Titan wafers, do testing assembly and ship them at the same time. With the major screw up on Jupiters I don't think the can float that much money and labor around if Neptunes are as screwed up as the Jupiters. So they will probably ship Titans last day of August to get it in by Q3. So far their track record is to be late by one month.
And lawsuits and bankruptcy are still on the table. All that BTC from mining has gone into Neptune and Titan R&D. With that BTC being stagnant for the better part of the first half of the year they are probably running a little thin.
You realize they have more than one assembly line right, and most of their stuff is plug and play. It's not BFL. Their first 2 batches they were able to handle thousands within a couple of weeks. The screwups on Jupes, I presume you're talking about the batches they recently shipped out, and not the original 2 batches. The recent orders were a fluke done with a lax attitude. Why? Because they didn't care, it was used equipment, and they knew the people would be forced to deal with it. There'd be a few which needed fixing, but it was easier for them to handle a few fixers after the fact than focus too much on packing and making them all nice and new beforehand. Lawsuits, if any, will sit on the table for awhile. They aren't thin on money. They have plenty of cash and troves of liquid assets. I'm not sure you realize just how much BTC they earned. Consider that they were 30-40% of the global bitcoin hashrate from December onward. 144 blocks per day, let's say 25% went to KNC, that's 36 BTC. Consider their hashrate continued to grow along with global hashrate, and they maintained 25% global hashrate (which we know they maintained more), and it's been 6 months, that's 36 * 182 = 6,552btc. They've provided about a hundred refunds (ballparking this one), let's say 20btc per refund, that's 2,000btc. Leaving them well over 4,000btc. Not to mention the millions in cash they had prior, and the millions in BTC and other currencies. This is after the cost to setup their hashing centers, and the fact that their customers funded EVERYTHING. Their gross profit on miners was over 90%. There's a reason Sam has that curious smile in all the photos, and it's because the world has tickled him pink. Smart man. Edit: In other words, if you don't get what I'm saying, customers paid for everything. They were positive ROI in their pockets from day 1, and ever since have made nothing but pretty much pure profit on all fronts. Ah so you are saying that KNCminer knew that their Jupiter miners were defective but still shipped them out knowing that they will have to give refunds. Can you give me a source? Can I quote you on that?
Source? Can you quote me? Dude, go check out the almost 2,000 page KNC thread which I've been a part of since day 1. That, and more, is there. Yes, they shipped used gear. Yes, they admitted not all of it was new. Yes, they admitted that something "went wrong" and for the folks who cried foul, they fixed the machines. Didn't pay for shipping, but fixed the machines. At least some of them. Why do you think a lot of the former KNC fanbois are pretty hot right now? I also knew the Neptunes would NOT ship before June, and when the orderbooks opened, I put my word on that. People swore up and down to Valhalla and back that they would ship before April, or May at the latest. Called me all sorts of names in the book. I told them at best, Neptunes would ship end of June, but more likely August. It's in the thread, unedited. Here we are, 6 months later, and my projection is nearly perfect. And, again to AlphaTec and its customers I have to say, it doesn't look good that Vipers will ship on time *and* on spec. They've already "changed" the design by removing features, and still haven't answered my 5 day old question about CE certification yet, or addressed my suggestions on how to handle the situation. I'm sure they have a great reason .... but as I've shared with the community, I highly encourage NOBODY to remit full payment until, in writing, you guys have a good sensible solution from AT. It's starting to smell like HashFast all over again. |
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Turns out that getting 1,000 paper wallets printed out and filled is a MAJOR project! LOL
Still working on it.......
Maybe I missed something, but is there a special purpose to you making paper wallets for people, vice them making their own? |
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What this all means is that their Titan project is at risk of being temporarily stopped or postponed while they try to settle grievances with sour customers and lawsuits. Look at Hashfast and how quick they went down the tubes. It was only 30-60 days for them to file for bankruptcy. KNCminer is in a worse position than Hashfast. They are doing the same thing. Trying to compensate delays with increased hashrates, but what is worse is that KNCminer shipped used and defective equipment as brand new. That puts them in a whole heap of trouble.
KNC was using their datacenter from December-onward. They amassed a mega pile of BTC, they did this for several reasons. One, was to provide refunds to customers on their 2014 projects, because they knew folks would demand refunds. This allows them to essentially return money to the consumer, without actually losing any money from their liquid assets. They also used the BTC to float other ventures, not on the books. And few know the full extent of their projects. Regardless of any legal action pending against them, they are a step above the normal wealthy folk. They'll do well for themselves for the remainder of their life, because they know how to shift funds and operate a smart business. Even if I'm wrong about their tapeout process--which is fine, nothing bad about being wrong--they're still well within their time frame of Q3 delivery, which is what I've stood by. Whether shipped in June or August.. or even December, the multiple petahashes are coming. Re-focus back on AT, it's almost the close of the business day for them and there's still no response back to issues. And you know they're keeping an eye on this thread. |
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That's a good point. Any publicity is good publicity right? Good move.
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lol  you got owned vesperwillow, read it and weep. May 14th "We're EXPECTING TO ANNOUNCE final tape out within the next few weeks. i read it as: they will ANNOUNCE WHEN tape out is finished, and correct me if i'm wrong but i believe there has been no such announcement. Also read KNC announcement to find out that they have still not delivered their super NEPTUNE sha-256 miners lol. now they say get 2 for 1 and they will take them from batch 3 stock lol lol. so do tell me vesperwillow, how can KNC be on top of things with their mighty TITAN scrypt machines, when they are literally months behind on their NEPTUNE miners. that is the real, and only interpretation Yes, I was owned. Because.. why? The Titan and Neptune are 2 different platforms, in 2 separate cycles. They're sandbagging the Neptunes, as I and some others already knew, and they're doing it on purpose. The Neptune delivery, if it occurs, won't be until deep Q3. The Titans they won't sandbag on because they need invigorated customers for another round of crowdfunding. But, if you kept up with the KNC threads and forums you'd know I and others already explained this. Dude, you totally got me. I'm owned because.. wait, you still haven't explained why? Why would they not have already started the tapeout process when their engineering team was done with chip design 2 months ago. Think about that for a minute. Or in your case.. think about it for 3 minutes. Take all the time you need. They say this is going to draw 1800+ watts at 120v?!? What the hell do I plug it into???
Anything that draws 1600+ watts continuously should be running at 240v.
This is aside from the heat/case design concerns... Im worried that by trying to match KNC they are going to end up with too many problems/delays and ship nothing.
Honestly, I want to pay off the remainder but how can I with so much still unknown and knowledge that if there are major delays I wont ever ROI, if I even get a Viper in the mail.
Well, I did my own wiring to my mining system. Not everyone can do the same. The fact that AT is ignoring key points, specifically the red flag issues I've asked them about, should tell you a lot right now. They're scrambling, and they got real quiet when I brought up the CE issue. I'm sure they'll rebut with some amazing explanation, but anything having to do with CE stuff shouldn't be believed unless they plan to remove the PSU plans from the system, if they're going to make July deliveries. 2-12 weeks for CE certification, and that's using equipment taken off the assembly line, not a prototype. |
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Someone has been trying to exploit the timewarp attack right before block 280k
but the DIGISHIELD kicked in and bang... it worked.
we found out what happened! SOMEONE had setup a side chain and hashing power that was running block times of 36 seconds and not 40.
SOMEONE WAS TRYING TO JACK US>>>>> glad we implemented the digishield.
Uh, yeah. I told you guys about this and was either ignored or overlooked.  |
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Did I miss a KNC announcement about beginning tape-out or do you have other sources ?
Buried in one of the large KNC threads on here is where I saw the announcement that they started tapeout about 40 days ago or so. Their batch 1 delivery projects were what, August? Q2/Q3 is what they promised, with Q2 being most likely, Q3 being latest. They stopped development on the chip 2 months ago. So this rough timeframe ballparking adds up, they should have chips in hand no later than June. (my projection based on what I know and how they've performed before) Historically it takes them 3 weeks for final tuning and have stuff going into crates for UPS pickup. In KNC's May 14th announcement on their site they said "We're expecting to announce final tape out within the next few weeks." That could be interpreted a few ways. Considering their design team was done 2 months ago, and they're aiming for shipping in the next 2 months, I'd say it is interpreted as their tapeout will be complete within the next few weeks. They did the same thing/same rhetoric for their asic machines. |
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I didn't do any further calculations, but I started the difficulty at 15000 instead of the current 8900 the calculator gave.
20% hop? Wow, but if KNC and the others deliver we are talking ASIC's and not GPU's. Guess that is believable.
What are some of the numbers you have run. Would be appreciated. Say for a late July delivery.
I don't have anything with me (it's at work), just going off the top of my head. When I examined KNC's batch 1 gear, I remember that it was going to be 2PH minimum, with potentially another 1PH depending on how overclocking and KNC's own datacenters play out. They plan on more batches after that, and there's been rumor of a multi-aglo machine. Did I miss a KNC announcement about beginning tape-out or do you have other sources ?
Buried in one of the large KNC threads on here is where I saw the announcement that they started tapeout about 40 days ago or so. Their batch 1 delivery projects were what, August? Q2/Q3 is what they promised, with Q2 being most likely, Q3 being latest. They stopped development on the chip 2 months ago. So this rough timeframe ballparking adds up, they should have chips in hand no later than June. (my projection based on what I know and how they've performed before) Historically it takes them 3 weeks for final tuning and have stuff going into crates for UPS pickup. I don't hold onto links, I just keep some rough notes. It's one of the many reasons Alpha needs to step up to the plate, the big boys are catching up fast. I also talk with some folks who are closer to KNC. 20% for LTC is a lot. The difficulty for LTC changes more often than that of BTC, so generally the changes are smaller.
I am using 3% as low estimate for the short term, and 10% as a high estimate.
Yes, it is a lot, but keep in mind how much hash is coming from 4 distributors right now, with the ones currently shipping about to release another batch, and with Alpha Tec "supposedly" shipping in July, and with KNC. Do the math on KNC's gear. Minimum of 300MH times 1500 units, and then 150MH times 1500 units. And then if you want to get fruity, add 20% to those numbers for overclock hashing. And KNC will be mining LTC as well, so who knows how much hash they'll be bringing on for themselves. It's significant, hence my rough sketch of a possible jump once everything comes online. It may not be 20%, but it's not going to just be a few percent. Remember, KNC is the sole reason behind BTC's huge difficulty hops starting back in November. Their goal is to demolish scrypt hash and difficulty, and something tells me their gen2 scrypt gear will be near the GH range. |
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I dont know if cancel or go on with the order... dunno
Have you looked at the litecoin mining calculators? The 50Mh/s unit IF delivered in July should return a profit. Depends a bit on if LTC keeps crapping down on us. I think the average result of the calculators was 3 point something LTC a day on the small unit. Anyone do any calculations on the miners and LTC difficulty? I used a 3% rising difficulty, not sure if that is a good setting or not. Did you do any side calculations to take into account the net effect of all AT gear hitting the network? I believe they originally had 2,500 machines selling in batch one--might be off a little on that number. Also bear in mind the other petahashes coming from other distributors in June/July. Just off the hip, I would've used 20% difficulty hop. This is without looking at any data sheets. And when KNC's stuff hits the market, the gloves will be off. They're coming out of tapeout on their first gen units, in fact they should already be working with the chips right now to reach their Q2/Q3 delivery projections (I'm personally thinking July/August). Not sure if you follow KNC, but their first gen gear will triple LTC global hashrate. And their 2nd and 3rd batch orders are processing. |
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This coin is really dead ?
Uhm, yeah. Been dead for quite awhile now. |
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Hmmmm.....it's 1:36pm CST and someone on Cryptsy has a 1.3 btc buy at 699. Wow!!!! Looks like somebody knows something we don't. They are trying to buy around 150,000.00 pot. Well i hope this stops the selling and starts the buying. We need to get back to the 2500+ level and smooth out there.
It's because: Most coins going through a big change like this experience a mine/pump/sell/pump/dump, and then taper off/die. The pattern, so far, is the same. Perhaps Potcoin will survive. The ATM is one of the good things going for it, but it'll need more and more of them deployed not just 1 or 2.
Shortly after the wallet was released there was a pump/dump, and now before block halving we're entering the sell/pump/dump phase. |
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Fiaz, here is a suggestion for your company, which I believe would please everyone.
* Since you know you guys will be shipping in July, which has to mean you'll have a working system in June
* And since most people are losing faith in the company because the timeline doesn't seem to add up
* And since you apparently have a good relationship with the Foundry, and no doubt have lines of credit since you are an established business
--> Why don't you hold off on requiring payment until you have demonstrated both working machines (the lesser and greater). Wouldn't have to be ones ready for shipment, but show that you have the chips in hand, and you're working the specs up. What you could do is provide a slight discount to those who "have faith" to pay by the deadline.
Afterall let's be honest, when no other company in the history of crypto has shipped on time being this late with the tapeout process, would you trust a newcomer with your money? Especially since for many months they claimed to be on target, potentially early, will not be late--and are now making concessions and talking about giving out free hashpower and stuff, "just pay now".
Fiaz, I am re-quoting this because it is of utmost importance your company act. Silence isn't good, especially with: * Tapeout process ongoing, likelihood of meeting July delivery AT promised spec is not probable * CE certification takes a long time, unless you plan to exclude power supplies - in which case this can cause design issues, and customers should be compensated Keep in mind, informed and knowledgable parties are monitoring this thread and your announcements. |
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Taking their sweet time to get it running again, considering it was working just fine when they took it over. Maybe they're waiting for dust to settle? Or maybe they really are just going super slow, in which case, do you really want them operating a large exchange if they can't work on some simple frontend code?
CR will never bounce back properly. The community will see to that.
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