KnCMiner declares bankruptcy due to increased competition, upcoming halving
https://www.blockcrushr.com/kncminer-declares-bankruptcy-due-increased-competition-upcoming-halving“Due to high uncertainty regarding the bitcoin block halving that occurs in July, in combination with a continued rapid capacity expansion from our competitors, the company is very unlikely to be able to fulfil it’s obligations past July. The board therefore took the decision to take the company voluntarily into receivership.”
This is act 3 of KNC 'evil' master plan imho.....(remember KNC has always said (think I read this someplace...could be wrong) they mine to cash daily....and if they get BTC it is bought
after the fact..keep that in mind below...imho has always been a cash cow....you milk till it croaks...seems I was correct in my assumption
part 1
Make their 'home miners' (mercury,saturn,jupiter,neptune,titan) and use this customer money to fund their own data hall and use to start data center for btc mining (jupiter) ..thus getting
out of home mining..would not have been an issue except for promises and they announced data hall only months after pre-orders saying they would never have a data center etc etc
part 2
Using such a pre-order plan...and using (in the case of Neptunes) customer pre-order cash....make the units and give them to your data hall FIRST (4 months late to the original consumers who paid for all this) and also use such $$$ for your 'solar chip' which you deploy with IPO $$$ ...and NOT make available to the public whose money and product you are sitting on...and get big IPO $$$ from richer folk then home miners...same as part 1 with folk that have deeper pockets ...don't ya know
...also at this time 'hype up your' cloud mining operation for even more IPO $$$....so big IPO newbies with bigger pockets replace smaller home miner types with smaller pockets..
part 3
start another endeavor the finance part of KNC that is on the new york stock exchange....the IPO $$$ from the above farm and cloud mining above funds that is what is bleed out to use
as a startup cash for this
....then once it (the exchange) is a going concern.....(again with even more IPO $$$ for this endeavor I presume) ...announce you are going to 'stop your mining farm' and declare bankruptcy....(you've already cash flowed it out that this makes sense at this point in time) wipe out any or all debt from previous miscalculations...and move on to your finance arm of a btc exchange operation up and running and doing well..and wash your hands from the rest
all paid for up front before any move from one endeavor to another
so 'everyone' but knc is left holding the bag as it were
'Brilliant" ie (evil pays.....tm knc)
Notice the pattern.......product (asic miners) cut off when no longer in the best interest of knc to maintain due to the 'competition' with their future data center.....
product (data mine) big IPO $$$ and such .hype on cloud mining etc and other big investors (see current coinbase article) ....up to the point where it too no longer
makes sense to make btc when you can play bank and move btc about for a fee....product (knc exchange) no fuss no muss no equip all funded in house with limited
I would think IPO $$$...kncminer the corp eats all previous debt/obligations.....win/win/win
or so it seems to me (again I think KNC is the personification of evil..so I may be biased ..my only proof is when I do laundry in my basement ..I try to avoid 'eye contact' with
the Titans...evil they are.....they will try to 'brick themselves' at any wary look I use in their direction (or so it seems) shudder
But kidding aside...the timing of how they use $$$ from others to their advantage and JUST when such money starts to benefit (users say more miners) or (IPO $$$ say a good return on their investment) knc then just up and goes into a 'completely different direction...leaving the above parties....with nothing to show for the investment ..then the good and happy face of Sam Cole as he uses the $$$ in a completely NEW endeavor
again the 'evil' thing they do have it down pat..most legit businesses at least 'wait' a bit so the consumers get a taste of some of the benifit of all this or in the IPO $$$ case at least
some return on their trust and investment....but not KNC ..the grass is always better at the other side of the hill as they 'sprint away'....
so I expect to see another lawsuit to KNC by the IPO investors....ie ..same song....a different band as it were
evil...got to say...they do it 'well' indeed
