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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3011536 times)
arlekyn13
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February 15, 2014, 06:36:45 AM
 #30021

Is it possible to get a refund in bitcoin, still calcaulted at 10,000$?  Or does it have to be a wire transfer?

Check the thread few pages back. I've been offered refund in BTC at Bitstamp's exchange rate from the time the refund takes place. They charged a $$ price, they refund the same amount of $$. I actually provided my bank account info into the email requesting refund but I've been told that due to the fact that I originally paid via Bitpay, I'll be refunded in BTC. I had 3 Neptunes on order, requested refund for all of them. Personally I do prefer BTC because there's no more declaration to the bank regarding the source of money and no more bank fees as well as exchange fees (I was planning on buying BTC anyways). Hat off to KNC for their gesture. The only weird fact about getting refunded with BTC is that would still take 3-10 business days and as i write this message, my orders are not yet refunded, while the request was sent on Wednesday.

1CmrswU7JYpi9WNC8EHWCV3aam1FJsW2Zu - to show appreciation for my work
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elasticband
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February 15, 2014, 08:48:32 AM
 #30022

Don't like quoting myself, buy I feel it relevant and the comment was lost in what I can only presume is pages of FUD as I stopped reading this tin foil hat thread.

So I was enquiring about refunds made in btc...... I said I dont have a bank account.


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Refunds are processed in USD via bank transfer, Only management can approve BTC refunds and they are not given for single Neptune purchases.





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February 15, 2014, 10:10:20 AM
 #30023

Man all those "Neptunes" (aka Jupiters and all the upgrade modules they were going to sell) people ordered sure look good in their new datacenter...  Getting ready for legal battles with customers and LARGE profits...  Fucked up... 

No word of course from KNC because they've got the money now to finish the project.
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February 15, 2014, 10:28:33 AM
 #30024

Man all those "Neptunes" (aka Jupiters and all the upgrade modules they were going to sell) people ordered sure look good in their new datacenter...  Getting ready for legal battles with customers and LARGE profits...  Fucked up... 

No word of course from KNC because they've got the money now to finish the project.

well you could be correct...knc is nice enough to pirate the rowboat and give you your old rowboat....and the price of the new rowboat back...
but they keep the NEW rowboat you we're supposed to get for their own use.....


bfl and the rest just toss you overboard ie no rowboat no refund nada


truth is I think the chip guys orsc or whatever the name is .the other half of KNC at...around xmas looked at the making of equip esp with 20mm and getting them ahead of customers before it was
overtaken by difficulty and told the powers that be..."hey this an't gonna work anymore" we will NEVER get stuff out fast enough out of house


they decided IF they control everything from chip design to mnfg of the stuff and it goes right to the hosting farm they MIGHT keep ahead of difficulty for their own farm and maybe can sell enough of the rest to keep chip development r & d for future stuff going as a result

this is actually very little difference in the Midwest where small/med sized farmers....started the more moden enclosed HOG and TURKEY operations...

the big co-op elevators and agri business conglomerates said hey that works for making money....if you are a grain elevator and you use the grain you buy at cost to feed large feedlots to your processing plants ..ie control all the process from grain to market...you can micromanage it all most of the front end at below retail costs

thus last 20yrs no more little guy (guess why they call it gh farming etc)

'plop' in my old rowboat and a voucher for the difference

*much like the revolutionary war in 1776....we need your mule here is some scrypt in the form of a voucher...via the revolution"

boy these ASIC wars are getting hard on the civilians


Searing


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ncs0ne
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February 15, 2014, 12:11:15 PM
 #30025

Next wave of hw hitting the scene in ~10 weeks ?

KnC is getting more and more pressure I'd say.
3TH/s(+11% improvement) for >$10-13k is  becoming more and more a bad deal

ASICMiner gen 3 hardware pre-sales may be starting:

https://bitcointalk.org/index.php?topic=99497.msg5153058#msg5153058

~$1800/TH, 600 watts/TH, due by Apr 20th.


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February 15, 2014, 04:06:26 PM
 #30026

Looking at the photo, confrontation on sidewalk in Japan, the MtGox owner doesn't strike me as the kind of guy who will do seppuku.

Something is stinking very badly at MtGox.  On the 7th I e-registered my MtGox account with fincen, today on the 14th MtGox notifies me my account is flagged for AML.


WHOAH! Why would you be motivated to register your Gox account at Fincen? Especially since Fincen declared Miners were NOT money transmitters, and need not register? That literally makes it necessary for Fincen to requisition yet even more account info from Gox, and I'm sure they must LOVE that again.....  it literally forces an AML check flag, they have no choice, you did it by telling Fincen you were a transmitter within Gox; that's the literal function of registering.  I.E.  all fincen registrations are AML investigated, because that's what you actually apply for... approval....  which they need to review all your account information within Gox. So, the AML flag was placed there by you in reality. That just seems totally un-necessary, and dangerous!
Just curious?


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joeventura
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February 15, 2014, 04:52:38 PM
 #30027

Ok I am auctioning off my KNC controller board.  Link is here:


https://bitcointalk.org/index.php?topic=467568


I'll post this message one more time tomorrow in case this message gets buried.


Have a great weekend all!

BitCoinRateWatcher.com One stop for latest rates from MtGox, Bitstamp, CampBx, Coinbase and Bitpay all on one mobile friendly screen.
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February 15, 2014, 05:42:34 PM
 #30028

Their whole attitude became contempful and greedy. They seemed to hate their customers.  disrespectful to completely ignore your customers after that kind of bombshell??

didn't people make  80-100 coins on October Jupiters? I have no idea what are your facts.

They know they f#@ked everyone over and now are just looking for an entirely new customer base of cloud hashing customers (and noobs to pay for their neptune, the name of their 6 month 3TH cloud hashing contract). They think their neptune customers are fucking idiots who can't see how they are being f#@ked over.

We don't know details of their offer. Before that it is not possible to judge. Any company in this business that does not allow customers to profit will NOT be successful.
I envision all kinds of possibilities with plan B, but i would refrain for now while KnC figures it out (don't want to give them some "bad" ideas).

Maybe if they shipped on Oct 1st, that 2 week delay has caused me to only mine 47 BTC so far. I could have bought 75 BTC instead of a Jupiter at the time of sale. Really doubt  I will ever ROI in BTC.
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February 15, 2014, 06:06:41 PM
 #30029



Maybe if they shipped on Oct 1st, that 2 week delay has caused me to only mine 47 BTC so far. I could have bought 75 BTC instead of a Jupiter at the time of sale. Really doubt  I will ever ROI in BTC.

they allowed credit card sales back then so that extra purchasing power made gains possible that sitting capital wouldn't have.
shame that is rare or impossible these days.. shows you they all are in a position of power more than the innocent summer of 2013

~~BTC~~GAMBIT~~BTC~~Play Boardgames for Bitcoins!!~~BTC~~GAMBIT~~BTC~~ Something I say help? Donate BTC! 1KN1K1xStzsgfYxdArSX4PEjFfcLEuYhid
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February 15, 2014, 06:27:13 PM
 #30030

I had some time and decided to come out of lurk mode and create an account.  Please insert speculation regarding my motives as a first time poster here:


Cool.  So I've found the thread particularly crazy the last few weeks and wanted to comment in a dryer and more neutral fashion to see if it is worth continuing to visit this forum at all because this thread is not very helpful and most of the other manufacturer ones are no better.  FWIW, I ordered a Jupiter in July of last year, paid via PayPal, received it in roughly mid-October, and hashed with it until about Mid-December, then sold it. It hashed about 480Gh when I received it, and that went up by about 50Gh more with the .98/.99 firmware. I mined about 20 coins on Eligius and Slush with it, then sold it on eBay when I saw how ridiculous the prices were.  All told, I went in for about of $7k and earned 20BTC, all but 3 of which I converted while BTC was near $1000, and sold the machine for about $25k.  So I got it slightly late, got quite a lot more hash power than I paid for, got lucky with the rise in BTC, very lucky that people were paying way too much for hardware, and have no real complaints.

Of that 20BTC, I spent about 11BTC on a customer appreciation order Neptune.  I figured it was a long shot in terms of mining back the BTC or USD equivalent because I probably wouldn't see it until late June, and because Hashfast and Cointerra would eventually start shipping their own 400+Gh machines, but that it was probably going to be the last generation of equipment that was at all reasonable to run in a home, and that I'd almost certainly make a net USD profit when I eventually sold the hardware.  I suspect that describing it as reasonable to run in a home will be generous here in the US, but I have an available 40A 220V circuit for it, so for me it's fine.

What finally prompted this post is my surprise at how a few short updates from KNC that spawned some speculation have now turned into facts after a couple weeks, with no additional information. I don't see any real justification for the complaints about their NPS, because they didn't ship more power during the declared NPS timeframe.  I've seen speculation that they were mining themselves the whole time, but exactly zero proof of it, so to me this is just noise.  The endless whining about their decision not to sell more add on modules after they suggested they might is also noise. They never promised to, and only said to keep some BTC available if you can, so I'm not sure what anyone hopes to gain by hammering on about it.

The data center/cloud mining thing to me is the most interesting subject because there is actually some data to parse.  They have made some statements that are a bit difficult to parse consistently.  It's not really clear whether say a customer appreciate batch Neptune order gets 3Th from the cloud until it ships, or you just have to pick one or the other.  The speculation here is that they're building enough hashing power with more 28nm hardware to provide the equivalent of all three batches of Neptune orders.  I guess that's possible but it could easily only be enough for one batch, with the cloud hashing power rolling over to batch 2 when batch 1 ships, etc.  Either way, the argument that this will be wildly destructive in profitability for the Neptune hardware seems a bit weird, just based on how preposterously expensive mining hardware is second hand on eBay and whatnot  

If they add 3.6Ph to cover one batch at a time, then at present that would increase network power by 1/7 - but it may well not come online until June, by which time it will almost certainly be a considerably smaller % of the network.  If they build this titanic 10.8Ph cloud, then right now they'd add about 50% to the network.  That would certainly cause one hell of a blip in difficulty now, but it's not coming online now. Realistically, between Hashfast and Cointerra finally shipping, and even BFL (which while already late seems like it will eventually ship the Monarch), there is a lot of hashing power coming online in the first half of this year, so by the time a 10.8Ph cloud came online in June towards the end of Q2, it would be a lot less than 50% of the network.  I cannot be the only one who assumed that difficulty was going to go way up with three other high power ASICs shipping in volume, and in context of that, 3.6-10.8Ph of power from KNC is unexpected, but really no different than what might've happen if, for example, Terrahash had actually shipped something. As for stuff switching off, I don't see it anytime soon, since at the moment even a block erupter is more than covering its electricity cost.

The pictures of the existing racks of miners is interesting.  Most of the content in the thread has assumed that this is some stealth effort, but I don't see anything that would lead us to that conclusion over, for example, the idea that they decided sticking all the hardware for their hosted customers from last fall in those aluminum boxes was pointless and are just running them on those shelves. They can easily screw them into a box and ship it to the owner when the hosting contract is done.  This ties in with the claims that the video that shows all of this is evidence that they've been mining the whole time with a giant farm, and that they've continued to build 28nm equipment.  We don't know what % of those, if any, are hosted customers vs KNC's own mining. We really only have three data points: their original statement that they would limit their own mining, the existence of the miners sitting on shelves in that video, and KNC's statement that they haven't been cranking out a lot more 28nm hardware. Every other statement about this is speculation, much of it contravening the few facts we have, and is just useless noise to wade through on the forum.

So there is a lack of information problem, but that has not stopped the perception from being that they've already been mining with giant amounts of power, or that we've all somehow been screwed as such even though whatever they have done, or are going to do is not a huge % delta in total network hashing power over all the other stuff that is shipping now from other manufacturer's, or is likely to. So am I missing something here, is there some signal in the noise of this forum that I missed?
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February 15, 2014, 06:36:44 PM
 #30031


  I've seen speculation that they were mining themselves the whole time, but exactly zero proof of it, so to me this is just noise.

glad you took the first step to get off your ass and posted.. now go ahead and try to get proof of what you seek

you will then see why the rest resorted to remark on their conjecture since KNC has avoided many many emails on the subject


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February 15, 2014, 07:56:46 PM
 #30032

Could this be a scam?

Ebay item 261397866066 originally listed as auction starting at $1 went to $10,000, then seller cancelled the listing and all bids on the basis that there was an error in the listing.

Ebay item 261399490460 is the exact same items (12 Jupiters) but now listed for $70,000 and the seller says payment ONLY in btc.

$70,000 for seller's claimed 7700GH/s... "640+ g/hs each (at Bitminter)" and payment ONLY in btc.

Pass....
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February 15, 2014, 08:00:50 PM
 #30033

Looking at the photo, confrontation on sidewalk in Japan, the MtGox owner doesn't strike me as the kind of guy who will do seppuku.

Something is stinking very badly at MtGox.  On the 7th I e-registered my MtGox account with fincen, today on the 14th MtGox notifies me my account is flagged for AML.


WHOAH! Why would you be motivated to register your Gox account at Fincen? Especially since Fincen declared Miners were NOT money transmitters, and need not register? That literally makes it necessary for Fincen to requisition yet even more account info from Gox, and I'm sure they must LOVE that again.....  it literally forces an AML check flag, they have no choice, you did it by telling Fincen you were a transmitter within Gox; that's the literal function of registering.  I.E.  all fincen registrations are AML investigated, because that's what you actually apply for... approval....  which they need to review all your account information within Gox. So, the AML flag was placed there by you in reality. That just seems totally un-necessary, and dangerous!
Just curious?

Doing my taxes and there's a chart comparing the IRS and fincen (two columns) and then dollar value of accounts that each must be informed about, foreign accounts IRS $50,000, fincen $10,000, then goes on to list different securities and assets (IRS could care less about your store of gold coins).  Also I recall bitcointax.info suggested strongly informing fincen of foreign accounts.

Also, since I don't launder money it shouldn't be a hassle, right? But you are likely right.  One question on the FUBAR report asked me to state the maximum value of the account in the last year.  Dollars I was well under $10k anytime but btc value no, e.g. paid for a Neptune in one fell swoop from Gox.  So, not clear on if they meant max dollars in the account or max dollar value of dollars + btc in the account, I instead checked the 'I do not know.' box.



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February 15, 2014, 08:40:56 PM
 #30034

It's not really clear whether say a customer appreciate batch Neptune order gets 3Th from the cloud until it ships, or you just have to pick one or the other.

They said you can "convert" your order to cloud hashing. In no logical interpretation would "converting" an order mean you get both cloud hashing *and* the device.

Buy & Hold
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February 15, 2014, 09:04:34 PM
 #30035

It's not really clear whether say a customer appreciate batch Neptune order gets 3Th from the cloud until it ships, or you just have to pick one or the other.

They said you can "convert" your order to cloud hashing. In no logical interpretation would "converting" an order mean you get both cloud hashing *and* the device.

Buy & Hold
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February 15, 2014, 09:29:56 PM
 #30036


Also, since I don't launder money it shouldn't be a hassle, right? But you are likely right.  One question on the FUBAR report asked me to state the maximum value of the account in the last year.  Dollars I was well under $10k anytime but btc value no, e.g. paid for a Neptune in one fell swoop from Gox.  So, not clear on if they meant max dollars in the account or max dollar value of dollars + btc in the account, I instead checked the 'I do not know.' box.

I'll say it again..  if they want money they have to put in effort like everyone else...  no compliance without guidance.   Most likely there will be amnesty in a year when they finally get around to it.


~~BTC~~GAMBIT~~BTC~~Play Boardgames for Bitcoins!!~~BTC~~GAMBIT~~BTC~~ Something I say help? Donate BTC! 1KN1K1xStzsgfYxdArSX4PEjFfcLEuYhid
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February 15, 2014, 09:45:30 PM
 #30037

Looking at the photo, confrontation on sidewalk in Japan, the MtGox owner doesn't strike me as the kind of guy who will do seppuku.

Something is stinking very badly at MtGox.  On the 7th I e-registered my MtGox account with fincen, today on the 14th MtGox notifies me my account is flagged for AML.


WHOAH! Why would you be motivated to register your Gox account at Fincen? Especially since Fincen declared Miners were NOT money transmitters, and need not register? That literally makes it necessary for Fincen to requisition yet even more account info from Gox, and I'm sure they must LOVE that again.....  it literally forces an AML check flag, they have no choice, you did it by telling Fincen you were a transmitter within Gox; that's the literal function of registering.  I.E.  all fincen registrations are AML investigated, because that's what you actually apply for... approval....  which they need to review all your account information within Gox. So, the AML flag was placed there by you in reality. That just seems totally un-necessary, and dangerous!
Just curious?

Doing my taxes and there's a chart comparing the IRS and fincen (two columns) and then dollar value of accounts that each must be informed about, foreign accounts IRS $50,000, fincen $10,000, then goes on to list different securities and assets (IRS could care less about your store of gold coins).  Also I recall bitcointax.info suggested strongly informing fincen of foreign accounts.

Also, since I don't launder money it shouldn't be a hassle, right? But you are likely right.  One question on the FUBAR report asked me to state the maximum value of the account in the last year.  Dollars I was well under $10k anytime but btc value no, e.g. paid for a Neptune in one fell swoop from Gox.  So, not clear on if they meant max dollars in the account or max dollar value of dollars + btc in the account, I instead checked the 'I do not know.' box.

Part of what attracted me to bitcoin was that it was apparently devised by a Japanese and that it had the potential not to devalue as our dollar has been devaluing throughout my lifetime.  That Japanese business men have been known to commit suicide over a personal business failing.  I know that isn't true of all Japanese business owners especially in this era but still.  Now I wonder if MtGox was situated in Japan precisely to capitalize on that reputation but by non-Japanese who may not have a reputation for totally honest dealings.  If that's a trend then the Japanese may be seeing many more establishing businesses in Japan for that reason.  Could you imagine if it were a former Wall Street Broker who had devised Bitcoin?  Would we have put money in as readily?



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February 15, 2014, 09:49:04 PM
 #30038


Also, since I don't launder money it shouldn't be a hassle, right? But you are likely right.  One question on the FUBAR report asked me to state the maximum value of the account in the last year.  Dollars I was well under $10k anytime but btc value no, e.g. paid for a Neptune in one fell swoop from Gox.  So, not clear on if they meant max dollars in the account or max dollar value of dollars + btc in the account, I instead checked the 'I do not know.' box.

I'll say it again..  if they want money they have to put in effort like everyone else...  no compliance without guidance.   Most likely there will be amnesty in a year when they finally get around to it.



Where does fincen want money?  E-filing is free.  Are they not tasked with stopping the transmission of drug money to foreign drug lords?  Fincen is not a taxing agency is my understanding.



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February 15, 2014, 10:39:09 PM
 #30039


Also, since I don't launder money it shouldn't be a hassle, right? But you are likely right.  One question on the FUBAR report asked me to state the maximum value of the account in the last year.  Dollars I was well under $10k anytime but btc value no, e.g. paid for a Neptune in one fell swoop from Gox.  So, not clear on if they meant max dollars in the account or max dollar value of dollars + btc in the account, I instead checked the 'I do not know.' box.

I'll say it again..  if they want money they have to put in effort like everyone else...  no compliance without guidance.   Most likely there will be amnesty in a year when they finally get around to it.



Where does fincen want money?  E-filing is free.  Are they not tasked with stopping the transmission of drug money to foreign drug lords?  Fincen is not a taxing agency is my understanding.

you post so much i picked the wrong quote.. it seemed to be the shortest so that was my logic

~~BTC~~GAMBIT~~BTC~~Play Boardgames for Bitcoins!!~~BTC~~GAMBIT~~BTC~~ Something I say help? Donate BTC! 1KN1K1xStzsgfYxdArSX4PEjFfcLEuYhid
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February 15, 2014, 10:53:32 PM
 #30040


Also, since I don't launder money it shouldn't be a hassle, right? But you are likely right.  One question on the FUBAR report asked me to state the maximum value of the account in the last year.  Dollars I was well under $10k anytime but btc value no, e.g. paid for a Neptune in one fell swoop from Gox.  So, not clear on if they meant max dollars in the account or max dollar value of dollars + btc in the account, I instead checked the 'I do not know.' box.

I'll say it again..  if they want money they have to put in effort like everyone else...  no compliance without guidance.   Most likely there will be amnesty in a year when they finally get around to it.



Where does fincen want money?  E-filing is free.  Are they not tasked with stopping the transmission of drug money to foreign drug lords?  Fincen is not a taxing agency is my understanding.

you post so much i picked the wrong quote.. it seemed to be the shortest so that was my logic

no problem



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