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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3049421 times)
CYPER
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December 29, 2013, 02:22:55 PM
 #26921

Best news yet! We don't have to register as money transmitters with fincen!

http://cointext.com/fincen-issues-bitcoin-friendly-ruling-for-miners/

Beat me to it, was just about to post that!

So back to $1000 after the New Year  Roll Eyes
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December 29, 2013, 03:04:47 PM
 #26922

So back to $1000 after the New Year  Roll Eyes

Still not buying these  Undecided
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December 29, 2013, 04:48:24 PM
 #26923

None of my packages from knc had any sort of customs paperwork on them. I've had more complicated morning poops. They must have done it right with a prearranged customs broker that got everything approved.... Or just luck. I remember losing multiple lasers from wickedlasers to customs a few years ago.
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December 29, 2013, 04:57:31 PM
 #26924

Best news yet! We don't have to register as money transmitters with fincen!

http://cointext.com/fincen-issues-bitcoin-friendly-ruling-for-miners/

Beat me to it, was just about to post that!

So back to $1000 after the New Year  Roll Eyes

Love that ruling.

So, 'after the New Year' - you figure it might be something like retirees waiting to take money out of IRA's to put into BTC so the withdrawal is on next year's taxes?

I don't think I've ever seen the MtGox trading volume as flat as it's been for the last 20 hours.
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December 29, 2013, 05:16:48 PM
 #26925

Best news yet! We don't have to register as money transmitters with fincen!

http://cointext.com/fincen-issues-bitcoin-friendly-ruling-for-miners/

Beat me to it, was just about to post that!

So back to $1000 after the New Year  Roll Eyes

Love that ruling.

So, 'after the New Year' - you figure it might be something like retirees waiting to take money out of IRA's to put into BTC so the withdrawal is on next year's taxes?

I don't think I've ever seen the MtGox trading volume as flat as it's been for the last 20 hours.
YOU MISSED ONE IMPORTANT POINT

" as long as they mine for themselves."

which means if you are hosting miners.... you need to register!


It looks like they want ultimate de-centralization as well.... hmm


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December 29, 2013, 05:18:00 PM
 #26926

Don't start tossing specifics on it Phoenix. They barely understand what is going on already, adding hosting to the mix will confuse them. Let's just leave it as "ok"
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December 29, 2013, 05:20:35 PM
Last edit: December 29, 2013, 05:38:42 PM by Phoenix1969
 #26927

Don't start tossing specifics on it Phoenix. They barely understand what is going on already, adding hosting to the mix will confuse them. Let's just leave it as "ok"
errrr, no, sorry......As stated is not ok...Well, I'd hate for a skimmer to miss that and get busted, loose everyone's BTC....it's important they actually read it, and don't generalize it... KNC DOES Host miners.....  so the choices are simple
I DIDN'T ADD HOSTING TO THE MIX...FINCEN DID

Best news yet! We don't have to register as money transmitters with fincen!

http://cointext.com/fincen-issues-bitcoin-friendly-ruling-for-miners/

Beat me to it, was just about to post that!
YES YOU DO unless you stop hosting



"The ruling goes on to discuss that other arrangements, such as mining contracts where mining is done on behalf of another party, may be classified as a Money Services Business depending on the circumstances.  The entire ruling is below and will be published at FinCEN’s web site in the near future."

Too important to let slide by...sry
It's certainly bad news for hosting....   This will be a game-changer.
Private hosting farms in USA are especially in trouble


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December 29, 2013, 05:39:55 PM
 #26928

It's really not a game changer. It is simple to register for that. I just didn't want to have to do it for mining.
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December 29, 2013, 05:45:14 PM
 #26929

It's really not a game changer. It is simple to register for that. I just didn't want to have to do it for mining.
registering as a money transmitter in USA isn't easy. You have to comply & register in every state you deal with, and they don't have any "Standardization" that covers all.... it's very difficult. Why do you think the exchanges had such a hard time? It takes millions, months, and a team of lawyers.
You'll see.....

but miners in general are ok....     just hosting farms.


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December 29, 2013, 05:47:40 PM
 #26930

As a miner you aren't doing business in every state. I've been part of this process for a company that was. It really isn't bad. Exchanges are having a hard time because a lot of them were lazy scammers, and this whole attitude of bitcoin has people thinking the laws didn't apply
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December 29, 2013, 05:54:23 PM
 #26931

"The ruling goes on to discuss that other arrangements, such as mining contracts where mining is done on behalf of another party, may be classified as a Money Services Business depending on the circumstances.  The entire ruling is below and will be published at FinCEN’s web site in the near future."

Well it seems you jumped the 'doom' gun a bit.  FinCEN hasn't really set guidance on the status of hosting yet.  Still about as clear as mud.

Tired of substandard power distribution in your ASIC setup???   Chris' Custom Cablez will get you sorted out right!  No job too hard so PM me for a quote
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December 29, 2013, 05:54:52 PM
 #26932

How about this - what about mining pools? Are those exempt as well? KnC hosts as well as runs its own mining pool. Will they have to start saying no to any US citizens if it applies? I already get that with just about everything else. "We'll do business with you unless you're a US citizen." Pain in the butt.
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December 29, 2013, 05:57:27 PM
 #26933

"The ruling goes on to discuss that other arrangements, such as mining contracts where mining is done on behalf of another party, may be classified as a Money Services Business depending on the circumstances.  The entire ruling is below and will be published at FinCEN’s web site in the near future."

Well it seems you jumped the 'doom' gun a bit.  FinCEN hasn't really set guidance on the status of hosting yet.  Still about as clear as mud.
Pretty clear, it was stated more than once that they need to register... that IS the guidance.
It's simple... Miner Hosting facilities need to register.
I'm not going to argue this anymore...it's pointless... If you don't understand the announcement, I don't know what else to say... I'm done.


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December 29, 2013, 05:59:39 PM
 #26934

A mining pool will probably have to run the full gamut of regulations. They will be providing services and creating the actual coin, sending it to miners in many states and all over the world. Of course the rules will need to be changed a lot as they are based on USD. It's not about understanding the announcement Phoenix, it is about understanding how little it means. It's good news either way, with general acceptance and a process to operate under color of law, this gets more legitimate.
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December 29, 2013, 06:14:53 PM
 #26935

A mining pool will probably have to run the full gamut of regulations. They will be providing services and creating the actual coin, sending it to miners in many states and all over the world. Of course the rules will need to be changed a lot as they are based on USD. It's not about understanding the announcement Phoenix, it is about understanding how little it means. It's good news either way, with general acceptance and a process to operate under color of law, this gets more legitimate.
agreed... is many ways it's excellent news....for miners, and legitimizes BTC all the more....   Wink

I just wanted to make clear to O'rama & KNC that they need to examine this a little closer before they celebrate too soon!
 It's VERY important, since they host miners!


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December 29, 2013, 06:18:03 PM
Last edit: December 29, 2013, 06:28:33 PM by Epoch
 #26936

Who's bought from Knc Miner in the past and lives in Canada and or the US?

What did Knc Miner mark the value of the miner as?
Did you have to pay any duty and brokerage fees?

I am just wondering if they are going to mark the value down or if I am going to be stuck paying $1560 plus a brokerage fee when my Neptune finally shows up!?
Yes, that is what you can expect to pay if you are in Canada; PST and GST (or HST depending on province) plus brokerage. For a $5000 Jupiter the fees are approximately as follows:

declared value: $5343 (CDN)
GST + PST/HST: $695
Brokerage: $20

So the import fees add ~15% to the original cost. The same 15% would apply to the Neptune (whether it was $10k or $13k). KnC does *not* mark the value down; doing so would be illegal.
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December 29, 2013, 06:46:36 PM
 #26937

FYI small tid-bit on Jupiters...  Per Lucy @ KNC.....   "right now i don't know when we will have it."
So not an "if", but a "when".   Wink


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December 29, 2013, 07:06:34 PM
 #26938

A mining pool will probably have to run the full gamut of regulations. They will be providing services and creating the actual coin, sending it to miners in many states and all over the world. Of course the rules will need to be changed a lot as they are based on USD. It's not about understanding the announcement Phoenix, it is about understanding how little it means. It's good news either way, with general acceptance and a process to operate under color of law, this gets more legitimate.
agreed... is many ways it's excellent news....for miners, and legitimizes BTC all the more....   Wink

I just wanted to make clear to O'rama & KNC that they need to examine this a little closer before they celebrate too soon!
 It's VERY important, since they host miners!

KnC does not host miners in the US so why the angst?

If all that hole-flow occurs in another country then it doesn't concern Fincen.  If BP electronically sends it's payroll to an oil platform in the Gulf of Mexico from an account in the British Empire what concern is it of the US Fincen?

Like Norway ruled Bitcoin is an asset not a currency.  That might only effect US legal considerations as a guideline not a rule.  FINCEN determinations about hosting in this country again might be considered a guideline but other countries have no problem with things like >$10,000 international transfers per day per individual because if they did it would have made it very difficult to quickly buy a $13k miner.
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December 29, 2013, 07:15:25 PM
 #26939

Because it's in U.S. Dollars, and includes transmitting to wallets in the USA
We shall see what all pans out... I doubt there is a big "rush. to get it done.


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December 29, 2013, 07:17:05 PM
 #26940

Because it's in U.S. Dollars, and includes transmitting to wallets in the USA

I see, like some hosting services will pay out in dollars not btc.
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