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1  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: June 15, 2016, 04:01:02 PM
Scam Hole chats about bankruptcy. And lies to a room full of people. Because he's a criminal and a liar.

https://www.youtube.com/watch?v=2BgjKOvTlRA

The first question he gets asked by the audience nails him and he - as always - LIES his way out.

Asked how he didn't see the threat of the Chinese competition? AND the fact he KNEW that by design bitcoin rewards halve every four years, how come he didn't see this problem coming? I think some people didn't believe Scam's claim earlier in the talk that everything was still 100% fine in January 2016. Why would they, he's a lying fuck.

And he answers by claiming that he already answered the question (he should be a politician). Then realising the crowd is not that informed, starts to avoid the answer by giving a load of bull about how you can't predict anything, that you can only see 14 days ahead with bitcoin!

The lying asshole. Everyone with basic knowledge of bitcoin knows about the coin halving and he/kfc knew about it since day 1 of kncminer. Of all the things that can be predicted, this is a fact by design.

Unfortunately no-one in the audience pointed out he was a liar/bullshitter/criminal.

Which is a bit sad, as someone from digital.di was there. The same website who reported how these kfc scammers never mentioned bitcoin halving as a threat in their investors prospectus, which I mentioned in another thread.

Stop scamming people by hiding that fact!

It seems kfc did just this:
https://translate.google.co.uk/translate?hl=en&sl=sv&u=http://digital.di.se/artikel/project-klondike--sa-overtalades-investerarna-att-satsa-i-knc-miner&prev=search

In their investors prospectus, they never mentioned the fact that block rewards would be halving in 2016 and that this was a potential threat to investors money.

KNCMiner - scamming people by hiding that fact since 2013!

Seriously, they didn't tell their investors that the income of their investment would be cut in HALF in 2016 because of the way bitcoin rewards work and everyone is okay about it? kfc knew very well people would be much less likely to invest if they knew that, so these kfc criminals just left it out!

Scam claims everything was fine in January 2016 and was asking his investors for "growth" money around Feb/March 2016. He didn't know in January about the extent of Chinese competition and that bitcoin rewards would halve around July 2016??? Bullshit. What a lying crook.

Speaking of that, anyone got any update on the second kfc lawsuit? Have seen nothing in the news about it and these criminals need to be exposed.
2  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: June 14, 2016, 10:47:00 PM
The Nasdaq bitcoin certificate XBT Provider now opened up trading again. KNC could no longer be guarantor and trading has been halted since May 30. XBT provider now has a new guarantor.
http://www.xbtprovider.com/lang_en/news
Would have to guess from your username and the subject of your only post in this thread you are Johan Wattenström, CEO and co-founder of the XBT Group.

Care to say anything about the morally bankrupt company that used to be your guarantor?
3  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: June 08, 2016, 05:13:29 PM
Discussion on reddit that knc music factory ("Everybodies scammed now!") might have ceased mining operations.

https://www.reddit.com/r/btc/comments/4n4c87/seems_like_knc_miner_have_turned_off_their/

Hopefully linked to the above lawsuit  Tongue Grin
4  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: June 06, 2016, 10:25:51 PM
Class Action Lawsuit Resumes Against Bankrupt Bitcoin Miner KnC
http://www.coindesk.com/class-action-lawsuit-resumes-defunct-bitcoin-miner-knc/

Quote
"We have handed over all claims with the verifications to the criminal authorities for them to initiate the process of freezing KnC assets to cover your claim."



Second time lucky!!

5  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: June 01, 2016, 10:59:17 PM
(Actually with a few small changes they would break a lot less. But that would have cost about $10 more a miner, can't have that....)

KNC have repeatedly demonstrated that they are tight assed tossers.
Memories Grin Tongue

How come knc didn't put 6 connectors on all controller boards? It would take the pick and place a matter of seconds and the components only cost pennies. Because knc are cheap bastards.
How come knc shipped $7000 rigs in pathetic single walled cardboard boxes at the beginning of October (until we screamed at them so much they got better ones)? Because knc are cheap bastards.
How come knc switched from UPS to fedex in October? Because they wanted to blame the shipping company for any damage to the rigs (de-ja-vu anyone??), damage which they could claim they are not responsible for. Because knc are cheap bastards.
How come knc shipped *used* boards (this definitely happened) to customers who RMA'd *faulty* boards? Can you imagine someone shipping you used boards to replace faulty boards?! Because knc are cheap bastards.
Why did KNC not fix all rigs that had die0 boards immediately last year, now that we know it would have cost them very little? Because knc are cheap bastards, who don't give a damn about their customers - only about getting their greedy hands on customers money.
Why did KNC force so many customers over the last year to return faulty goods at the customers own expense, breaking their own T&C's? And ask them to commit fraud by writing down the cost of the rig etc to some nominal value? Because knc are cheap bastards.
How come knc shipped the Frankenjups in a cheap, plain box which doesn't even indicate which side is UP?! And blame UPS for mishandling it?! Because knc are cheap bastards.
Why did knc switch to a coolermaster heatsink for the frankenjup, which does not have a metal plate to bolt it down like the more expensive arctic i30? Because knc are cheap bastards.

We'll miss you kfc - not.
6  Bitcoin / Hardware / Re: KnCMiner declares bankruptcy due to increased competition, upcoming halving on: June 01, 2016, 12:14:14 PM
Stop scamming people by hiding that fact!

It seems kfc did just this:
https://translate.google.co.uk/translate?hl=en&sl=sv&u=http://digital.di.se/artikel/project-klondike--sa-overtalades-investerarna-att-satsa-i-knc-miner&prev=search

In their investors prospectus, they never mentioned the fact that block rewards would be halving in 2016 and that this was a potential threat to investors money.

KNCMiner - scamming people by hiding that fact since 2013!
7  Bitcoin / Hardware / Re: KnCMiner declares bankruptcy due to increased competition, upcoming halving on: May 31, 2016, 11:36:27 PM

And I think if they had competently built the what, $30M-odd datacenter full of 16nm chips they supposed had a year ago they probably wouldn't have gone broke. But it looks like they screwed that up too.

It kinda looks that way, doesn't it.
To have had enough 16nm chips to fill a data center a year ago would have meant getting chips  in quantity say around Jan 2015. That is impossible. At that point in time all research and production at ALL the Fabs just starting to be capable of producing 16/14nm chips (not counting IBM & Intel who only make chips for internal use) was exclusively for AMD, Apple, Cisco, and Samsung (and Samsung was 14nm, internal use only back then).

Unless KnC was willing to maybe pony up several 100 million dollars to join the que for low-node chips back then all they would have gotten is nice smiling nods in discussions with the Foundries and that's it.
According to their news archives, they taped out 16nm in Feb 2015 and "deployed" in June 2015.

That said, their investors said they encountered "large technical issues" and "they failed to get the right processors", so you assume they f-ed up 16nm, a big part of the reason they went bust.

They certainly didn't have 100 million dollars, they were VC funded to the tune of 20-30 million.

So what do you think of that story? Do you think they bluffed all their investors about 16nm?
8  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: May 31, 2016, 08:56:19 AM
b-b-but sam cole is brilliant - why the hate guys....why the hate?

i just dont get it
If we are doing sarcasm (  Tongue ), why the f@#k am I not on this list?!?! And what am I going to do with my photoshop skills now?  Cheesy Grin

https://translate.google.co.uk/translate?hl=en&sl=sv&u=http://www.breakit.se/artikel/3884/avito-grundaren-om-investeringen-i-knc-miner-vi-angrar-ingenting

Quote
"Here are the losers in the KNC Miner crash - we have the entire list"

Here is the full list of investors that are now at risk of losing their money.

1. Accel

Investment: 83.4 million crowns.

2. Creandum

Investment: 57.7 million crowns.

3. Gullspångsälven Invest / Isac Brandberg

Investment: SEK 20.4 million.

4. Leif Edlund

Investment: 14.3 million crowns.

5. Anders Ström

Investment 13.8 million.

6. Back in Black Capital

Investment: 10.4 million crowns.

7. GP Bullhound

Investment: SEK 9.5 million.

8. Philip Engelbert

Investment: around 2.5 million.

9. Jonas Nordlander

Investment: around 2.5 million.

10. Cnv Invest AB

Investment: 864 914 SEK.

11. Cole S Holding

Investment: 864 914 SEK.

12. Michael Unnebäck

Investment: 864 914 SEK.

13. Johan / Martin Wattin (Investment in knowledge AB)

Investment: 814 389 SEK.

14. Eugen Steiner

Investment: 572 212 SEK.

15. Alchip Technologies

Investment: 276 791 SEK.

16. Setraco

Investment: 192 108 SEK.

17. APL Investment Group

Investment: 74 693 SEK.

18. Investment Co. Profit Managemnet

Investment: 74 693 SEK.

19. Jumbo View Group Ltd.

Investment: 55 282 SEK.

20. Xelmo Invest

Investment: 34 539 SEK.

While the big investors seem okay about it, someone's got to be pissed, right?

And it seems from the datorhall stabbing that Swedish guys like to settle their differences with a knife Shocked

So Scam better start working on his knife skills asap



He's already pretty good at the underhanded move and stabbing customers in the back.

But let's see what he's like face to face with an angry investor  Smiley
9  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: May 30, 2016, 11:59:51 PM
XBT Provider ?@xbtprovider  May 27 Stockholm, Sverige
Trading halted but XBT Provider and investor assets are not affected by the KnC bankruptcy. Our instruments are always fully hedged

Fully hedged by claims on a KNC bitcoin stash ? With KNC now in receivership, aren't those coins KNC company assets against which secured creditors can stake a claim ? Or did they whip 'em out from underneath KNC and move them to XBT Provider ?

Murky.
It would be "intent to defraud" if Scam/kfc were hiding assets before declaring bankruptcy. However, Sweden has very lax laws on BTC right now. They didn't even charge kfc tax on their mining earnings! So maybe kfc can/has moved btc to xbt, as it isn't "real" money to the Swedish authorities?

I mean, Scam is an executive in XBT. Why is an IT guy an executive in a company dealing in financial products? What does he bring? You would assume btc, certainly ain't looks.

I saw one comment on twitter that asked if XBT's guarantor was kfc and kfc are now bankrupt, shouldn't the fund be liquidated? And they said no, we just get a new guarantor. Makes a real joke of the concept of a guarantor!

Potential Investor: So what guarantees your fund?
XBT: Nothing.
Potential Investor: And what if things go wrong?
XBT: You lose everything.
Potential Investor: Cool, I'm in! Do you take credit card or would you prefer a suitcase stuffed with cash?
XBT: Suitcase. Tack så mycket!

We haven't seen high levels of morals or integrity from kfc/Scam in the past, but I'm sure it's all "legal" and non-murky Roll Eyes
10  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: May 30, 2016, 05:01:21 PM
http://xbtprovider.com/lang_en/news


Quote
Instruments’ trading halted pending approval of new guarantor
Monday 30th May

STOCKHOLM, Sweden., May. 30, 2016 -- Trading on XBT Provider’s bitcoin ETNs, Bitcoin Tracker One and Bitcoin Tracker EUR, will be halted pending approval of a new guarantor

XBT Provider is currently in discussion with multiple interested parties and is planning to present a new guarantor to Nasdaq as soon as an agreement has been reached

The reason for the trading halt is the bankruptcy of KnC Group AB, XBT Provider’s former guarantor. That event does not, however, in any way affect investor assets, since the notes are always fully hedged by holding the underlying (bitcoins) in secure storage.

XBT Provider is working hard in order to resume trading in the instruments on Nasdaq Nordic and will keep the markets informed on any developments.The value of the instruments can be followed on our web-page xbtprovider.com.

If there will be no quick resolution, XBT Provider will offer a redemption program for investors to accommodate those wishing to exit the instrument before a new guarantor is in place.

Bitcoin Tracker One and Bitcoin Tracker EUR are designed to provide investors with convenient and liquid access to the returns of the underlying asset, bitcoin, and exposure to blockchain technology. XBT provider is at all times fully hedged, and always hold bitcoins equivalent to the value of ETNs issued. XBT Provider's prospectus is approved by the Swedish FSA (Finansinspektionen) and is issued for trading on Nasdaq Nordic.

So it seems Scam didn't even tell this company (that he is an executive of) that kfc were about to go bankrupt. I hope they pay him a bonus  Wink
11  Bitcoin / Bitcoin Discussion / Re: KNC Miner Declares Bankruptcy – Chinese Competition Too Tough on: May 30, 2016, 02:32:14 PM
The CEO of KNC has given an interview in swedish:

http://digital.di.se/artikel/knc-miner-grundaren-kina-har-fordelar-som-vi-inte-kanner-till

And there is this choice comment in it:

Quote
"We have tried to calculate the amount of money that the Chinese have invested in mining, we estimate it to be in the hundreds of millions of dollars. Even with free electricity we cannot see how they will ever get this money back. Either they don't know what they are doing, but that is not very likely at this scale or they have some secret advantage that we don't know about"

Also, from this which talks to some investors (translated, but you get the idea)
http://digital.di.se/artikel/knc-agaren-vi-hade-inte-koll-pa-produkten

Quote
You are satisfied with the disclosure of KNC?
"We get reports shareholders. KNC build the new circuit board. When they failed to get the right processors, they can not produce the coins fast enough. Then you are not competitive. It's a hardware play this. Like when Saab cars based on an old platform. "
12  Bitcoin / Hardware / Re: KnCMiner declares bankruptcy due to increased competition, upcoming halving on: May 30, 2016, 02:30:33 PM
Very good question. Is there any proof that they really have 16nm-chips? Their share of the hashrate is/was small...

I posted about this in the main kfc thread, their investors claim big technical problems
https://bitcointalk.org/index.php?topic=170332.msg14997169#msg14997169

Either it was a massive bluff about 16nm or they have 16nm, but they are massively failing/underperforming. Either way, fuck 'em. They deserve some karmic payback Cheesy

More info on this, translated from Swedish:
http://digital.di.se/artikel/knc-agaren-vi-hade-inte-koll-pa-produkten

Quote
You are satisfied with the disclosure of KNC?
"We get reports shareholders. KNC build the new circuit board. When they failed to get the right processors, they can not produce the coins fast enough. Then you are not competitive. It's a hardware play this. Like when Saab cars based on an old platform. "

So I guess kfc fucked it up technically, as well as all the other bad decisions they made.
13  Bitcoin / Hardware / Re: KnCMiner declares bankruptcy due to increased competition, upcoming halving on: May 30, 2016, 01:09:44 PM
Very good question. Is there any proof that they really have 16nm-chips? Their share of the hashrate is/was small...

I posted about this in the main kfc thread, their investors claim big technical problems
https://bitcointalk.org/index.php?topic=170332.msg14997169#msg14997169

Either it was a massive bluff about 16nm or they have 16nm, but they are massively failing/underperforming. Either way, fuck 'em. They deserve some karmic payback Cheesy
14  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: May 30, 2016, 09:50:41 AM
There are people who are suggesting the kfc bankruptcy is just a company restucture and not really anything actually bad for Scam and the gang. If shit doesn't hit the fan somewhere, then it's most likely they are using it a way to get rid of the soon to be unprofitable mining side of business at the least cost.

They are keeping the XBT side of the business, which is where to keep an eye on developments I think.

It'll be interesting to see if Scam remains on the board of XBT Provider AB. He's listed as one of the executives.
http://www.allabolag.se/5590013313/befattningar

They've mentioned the bankruptcy on their blog http://xbtprovider.com/lang_en/news

Hopefully they've fucked themselves, as it states in this FT article the business has some reliance on kfc mining
http://ftalphaville.ft.com/2015/04/29/2128137/calling-all-muppets-bitcoin-miner-has-some-bitcoin-etns-to-sell/

i.e.
    "We are aiming to do all hedging in the open market but have the option to access bitcoin liquidity from KnC Group in case of emergency."

A further comment included the line:

    "We have very strict internal rules regarding exposure and operational risks, all scrutinized by our compliance officer and risk manager as well as Nasdaq OMX. Counterparty risk is greatly reduced by the fact that KnC Group guarantees the liabilities of XBT Provider as specified in our prospectus (under translation to English)"

Also interesting to note in that article is the statement:

"Namely, KnC was forced to depreciate its ASIC infrastructure assets (bitcoin miners) because of the high pace of development in the industry for cryptographic currencies.

The document adds that the number of employees must as a result be reduced in 2015 to reflect these costs."

As you'll (not) remember, Scam gave totally different reasons for these layoffs in his statement (LYING AS USUAL):
http://www.breakit.se/artikel/2692/ett-tiotal-heltidsanstallda-tvingas-ga-fran-bitcoinbolaget-knc-miner

"According to Sam Cole redundancies due partly to the company encountered unexpected competition and partly due to the expected reduction in energy tax in Sweden dragged on."

XBT's twitter is the only source of hope, which says they have stopped trading:

XBT Provider ?@xbtprovider  May 28
We are meeting with Nasdaq on Monday. Trying to resume trading in our instruments ASAP. All questions welcome to info@xbtprovider.com

 XBT Provider ?@xbtprovider  May 27 Stockholm, Sverige
Trading halted but XBT Provider and investor assets are not affected by the KnC bankruptcy. Our instruments are always fully hedged

Go Scam! Bring everyone down with you Tongue
15  Bitcoin / Bitcoin Discussion / Re: KNC Miner Declares Bankruptcy – Chinese Competition Too Tough on: May 29, 2016, 11:37:20 PM
I'm just gonna leave this here - https://bitcointalk.org/index.php?topic=1454507.0 - while wondering when KnC filed for bankruptcy.

I'll leave this here as well: https://blockchain.info/address/1Mpce11eUTuP9mxyDixdFbJzPrdNEJkgB4
Are you saying kfc are using okcoin (chinese exchange) to launder transfer their money from Sweden to China, maybe set up a new mining operation over there? Truly living the phrase "if you can't beat 'em, join 'em?" Cheesy
16  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: May 29, 2016, 07:51:26 PM
I also hope those Black Hole investors are very very vindictive.
Me too. We know they are angry, let's hope they put that into action Smiley I'd say kfc deceived them as much as they did us. At the very least, kfc probably pretended to be experts when they are no more than amateurs. Core vs Classic anyone?

No doubt kfc had to sign contracts in the VC's favor, the same way we agreed to T&C's that favoured kfc.

So hopefully VC's can rip them to pieces and take a substantial amount/all their retirement btc from them Tongue Grin
17  Bitcoin / Hardware / Re: KnCMiner declares bankruptcy due to increased competition, upcoming halving on: May 28, 2016, 11:00:41 AM
http://digital.di.se/artikel/bitcoinkursen-knackte-knc-miner--ansoker-om-konkurs

"With us it was about to go to the moon or nowhere. We never aimed to build a medium-sized company. Our investors are not happy, but they understand the situation. "

Guys, can't you read between the lines? They went bankrupt because they were over-invested in Dogecoin. TO THE MOON!
18  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: May 28, 2016, 10:30:51 AM
http://digital.di.se/artikel/bitcoinkursen-knackte-knc-miner--ansoker-om-konkurs

Quote from Scam:

"With us it was about to go to the moon or nowhere. We never aimed to build a medium-sized company. Our investors are not happy, but they understand the situation. "

For sure investors pulled the plug on Scam, because he made bad decisions. Classic or Core? Ha ha.

Also, looks like Scam might still be banking on dogecoin with that "to the moon" comment Cheesy



Much laugh, many karma.
19  Alternate cryptocurrencies / Mining (Altcoins) / Re: Swedish ASIC miner company kncminer.com on: May 28, 2016, 09:47:20 AM
So creandum, one of kfc's investors, made a statement

http://www.creandum.com/in-startups-sometimes-things-arent-meant-to-be

The line that caught my eye:
"However, the company recently encountered large technical issues"

All their crappy 16nm chips starting to fail?  Cheesy
20  Bitcoin / Hardware / Re: KnCMiner declares bankruptcy due to increased competition, upcoming halving on: May 27, 2016, 11:44:48 PM
This will cause a difficulty drop, and they probably squirreled away loads of mined BTC
About this time last year Scam Hole said they had 10-30,000 btc "squirreled away", which was no doubt a vast and deliberate underestimate
http://digital.di.se/artikel/bitcoinbrytarnas-dolda-skattgomma

Considering they have had so much VC money since then, it would not be surprising if they had this and MUCH more squirreled away now.

I guess they decided to dump the company with it's losses on the books, cash out their btc at $475 and onto their next criminal enterprise.

Or move their mining to another part of the world that is cheaper. Otherwise the VC's who invested in them would be in court trying to get their money back. So they must be in on the scam.
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