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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3008023 times)
Searing
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February 23, 2014, 10:38:13 AM
 #30301

Investing involves more than putting all your resources into one pipeline. While we definitely purchased large amounts of BTC at the time, mining helped offset the long term risk associated with market volatility. Mining provided steady and better predictable results to support the uncertainty therein.

There's 2 ways to get bitcoins, buy them or mine them. I'm having a hard time seeing how getting 46 BTC rather than 70 BTC is offseting the risk. Why would you want to mine less than you can buy?

This is exactly the question we asked ourselves when KnC first arrived on the scene... the price was too volatile to know what one would profit from it in the timeframe the miner would be running; Gox had just spiked from $38 - $260 then plummeted, then back to $140, then tapered off in a suicidal manner before adjusting to a (+) longer term trajectory. Our thinking was dropping $7k without knowing where the buyin leads was more risky than (could have been 70btc or 53btc) purchasing a miner which was a more predictable speculation (and we had already had success with)

Again this is hindsight and the question would hold very different meaning if any number of crazy things happened to the market in the interim

There are also stages of adoption some bitcoiners go through which factor into my learning experience:
'I believe this is going to be the best thing in the world!'
'Wait what about all this other technical stuff?'
'How do I get as much value as possible then turn it back into fiat currency?'
'Holy crap, I'm never day-trading again'
and finally 'Oh, so if I just hold it everything works out?'

it is also a human nature thing...i as a noob and others learned enough in our noobieness stage to feel comfortable about getting a 'product' ie a physical miner to mine coin to an address .....dropping 7K for virtual coin to a virtual address was a bit too much of a leap i my noob days....(to be fair i thought knc unit would pay for itself at the then 400gh in like 8 or 9 months..and then i'd maybe get 9 months of utils paid on the house on it ..ie a hobby i think oct 18th when i got the unit it was like 150 usd a coin if i remember right..the next month or so it went to 1250 or whatever...so there is that aspect to this...)

so it was a hobby...now....i'm kinda at cross purposes...i should probably drop miners and buy but prob will keep one (hey imho of the depths of my silly mind......er what the heck) ..but probably i should dump the 2nd miner and just get coin

i suppose later in 20/20 hindsight i wll then have it beat into my head simply to buy coin...but again ...i'm a dull hairy silly primate..it takes a bit to pound stuff in my monkey brain...but then again 1 miner is still a toy to play with (hey coulda got a bass boat instead..its all good)

but again imho everyone buys some kinda miner 1st then they speculate....or at least everyone i knew as  a noob did this

Searing

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February 23, 2014, 04:41:22 PM
 #30302

Upgraded to new 1.0 Firmware, my November Jupiter went from 669 GH to 683 GH without any tweaking. HW errors went from around 2% to 0.01%...

And we had to wait how many months for that to happen? We should of had this firmware a long time ago. A little too late.

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February 23, 2014, 04:46:53 PM
 #30303

The app doesn't work on my USA phone.  I keep getting an error code, "Error sending SMS please try again (500)".  I rated the app a 1 star on the Play Store.


Edited to add.  I finaly received the activation code aobut 1 and 1/2 hours later.  Entered the code and it's working.  No $5.00 worth of bitcoin.  Guess I am not one of the first 1,000 user.


Seriously, why in the world would KNC want their own wallet program? Is this another move to get their greedy little hands onto even more BTC? One day you'll notice all your BTC is gone and you'll have to fight to get it back. Stick with the Armory and you'll be safe. Have to question their intentions and motive on why they want their own program? How does it benefit them?

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February 23, 2014, 05:10:22 PM
 #30304

I finaly received the activation code aobut 1 and 1/2 hours later.  Entered the code and it's working.  No $5.00 worth of bitcoin.  Guess I am not one of the first 1,000 user.

Seriously, why in the world would KNC want their own wallet program? How does it benefit them?


I could think of several venues:

1. they will make this 'wallet' a default for planB
2. they will get money from those who will send ads to people with bitcoin
3. they want to help snooping by those who think they are entitled to it (what do we know about this company anyway?)
4. they will charge you a little extra for bitcoin transfers
5. they want to become a bitcoin bank with possible P2P lending. afterall, Kinemaar background is in banking IT.
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February 23, 2014, 05:16:59 PM
 #30305

I finaly received the activation code aobut 1 and 1/2 hours later.  Entered the code and it's working.  No $5.00 worth of bitcoin.  Guess I am not one of the first 1,000 user.

Seriously, why in the world would KNC want their own wallet program? How does it benefit them?


I could think of several venues:

1. the will make this 'wallet' a default for planB
2. they will get money from those who will send ads to people with bitcoin
3. they want to help snooping by those who think they are entitled to it (what do we know about this company anyway?)
4. they will charge you a little extra for bitcoin transfers
5. they want to become a bitcoin bank with possible P2P lending. afterall, Kinemaar background is in banking IT.

Why would anyone use online, internet wallets, smart phone wallets, or keeping their BTC's online is asking for trouble.  If you do, you are at their (exchanges') dictatorship.  Look at Mtgox, BTC-E or any online wallet/exchanges.    Can't withdrawal BTC or cash means your BTC is worthless.  I keep a majority (of my BTC's) on my QT and transfer a few (into exchanges) just before I sell; in and out.
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February 23, 2014, 05:34:08 PM
 #30306

Investing involves more than putting all your resources into one pipeline. While we definitely purchased large amounts of BTC at the time, mining helped offset the long term risk associated with market volatility. Mining provided steady and better predictable results to support the uncertainty therein.

Exactly, mining is a hedge vs bitcoin price since it has potential to be profitable in usd terms independent of if bitcoin is falling/rising/stagnant as long as your mining operation is competitive vs the rest of the network.

Personally I have only ever invested BTC into mining that I was going to convert into FIAT anyway. So then it became a question of investing into mining or holding fiat. Hence I was willing to take on the investment risk of mining rather than holding more BTC of which I had enough anyway.
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February 23, 2014, 06:19:51 PM
 #30307

I finaly received the activation code aobut 1 and 1/2 hours later.  Entered the code and it's working.  No $5.00 worth of bitcoin.  Guess I am not one of the first 1,000 user.

Seriously, why in the world would KNC want their own wallet program? How does it benefit them?


I could think of several venues:

1. they will make this 'wallet' a default for planB
2. they will get money from those who will send ads to people with bitcoin
3. they want to help snooping by those who think they are entitled to it (what do we know about this company anyway?)
4. they will charge you a little extra for bitcoin transfers
5. they want to become a bitcoin bank with possible P2P lending. afterall, Kinemaar background is in banking IT.

I hope it would be for #4.
Likely it has to do with the reach into the mobile market for their new farm being built.

Could someone point me towards the link to their release article? Or did this beta just appear out of thin air?
Phoenix1969
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February 23, 2014, 06:37:18 PM
 #30308

Hmm, the KNC Wallet....
Mine btc/    btc to qt/     qt to PAPER wallet
I suppose you could actually mine straight to paper as well, but whenever you go to withdraw, you'd need a new wallet, not too bad
There is nothing safer than that way I think.....  

It's pretty easy to print a hundred wallets for future use.


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The Avenger
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February 23, 2014, 07:34:49 PM
 #30309

Seriously, why in the world would KNC want their own wallet program? Is this another move to get their greedy little hands onto even more BTC?

Yes Grin

It's already answered in their newsletter and I mentioned it a few weeks ago.

"we will simply fill your wallets directly and you won’t have to worry about anything else"

Hell, they don't actually need any machines running - they can simply work out how much you are due for 3TH at difficulty in July (e.g. 0.0002BTC/day) and pay it to your wallet directly from their stash! One bitcoin will go a long way in July 2014!

If the datacentre video is anything to go by, they are mining the sh!t out of the network and going to use those coins to pay people directly to their "knc wallet", you won't get a choice which pool your hash power mines etc.

So let's say you're forced 6 month neptune cloud hashing contract earns you 6 bitcoin. They mined it already! You'll be getting coins they've mined since October last year.

So pretty much every penny they take will be pure profit and I assume this will be used to build a 20nm product sometime in 2014/2015. They've gambled all the Neptune customers money on datacentre(s), this is the plan to make that money back before anyone realises.


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February 23, 2014, 08:29:41 PM
 #30310

Seriously, why in the world would KNC want their own wallet program? Is this another move to get their greedy little hands onto even more BTC?

Yes Grin

It's already answered in their newsletter and I mentioned it a few weeks ago.

"we will simply fill your wallets directly and you won’t have to worry about anything else"

Hell, they don't actually need any machines running - they can simply work out how much you are due for 3TH at difficulty in July (e.g. 0.0002BTC/day) and pay it to your wallet directly from their stash! One bitcoin will go a long way in July 2014!

If the datacentre video is anything to go by, they are mining the sh!t out of the network and going to use those coins to pay people directly to their "knc wallet", you won't get a choice which pool your hash power mines etc.

So let's say you're forced 6 month neptune cloud hashing contract earns you 6 bitcoin. They mined it already! You'll be getting coins they've mined since October last year.

So pretty much every penny they take will be pure profit and I assume this will be used to build a 20nm product sometime in 2014/2015. They've gambled all the Neptune customers money on datacentre(s), this is the plan to make that money back before anyone realises.


The Dukes of Moral Hazard



Very clever!

I "respect" them as businessman. That's how business works. The strongest dog fucks...

But i'm not a knc customer anymore and f...k em all....

" I'm waiting for my punishment, I know it's on my way
  So cut, cut, cut me up and fuck, fuck, fuck me up"
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February 23, 2014, 08:50:48 PM
 #30311

Very clever! I "respect" them as businessman. That's how business works. The strongest dog fucks...

Not very clever. That's how wire fraud works.

If they took money to build a 20nm mining machine from Americans, and don't deliver because they spent it on something else, expect to be extradited by the FBI shortly! Hopefully they will have something by the end Q2 2014 or they buy a nice house in Russia/South America. Grin

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February 23, 2014, 09:07:52 PM
 #30312

Very clever! I "respect" them as businessman. That's how business works. The strongest dog fucks...

Not very clever. That's how wire fraud works.

If they took money to build a 20nm mining machine from Americans, and don't deliver because they spent it on something else, expect to be extradited by the FBI shortly! Hopefully they will have something by the end Q2 2014 or the buy a nice house in Russia/South America. Grin

Maybe at Siberia?

 Grin

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  So cut, cut, cut me up and fuck, fuck, fuck me up"
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February 23, 2014, 09:25:22 PM
 #30313

At least miners have fun generating NEW BTC.  Holding stale, old BTC just doesn't seem like much fun to me.

This is why I got into mining, not an ROI... guess I'm a gadget geek  Wink
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February 23, 2014, 10:01:12 PM
 #30314

Very clever! I "respect" them as businessman. That's how business works. The strongest dog fucks...

Not very clever. That's how wire fraud works.

If they took money to build a 20nm mining machine from Americans, and don't deliver because they spent it on something else, expect to be extradited by the FBI shortly! Hopefully they will have something by the end Q2 2014 or the buy a nice house in Russia/South America. Grin

I would probably disagree on fraud. In some sense it is now irrelevant because they will certainly pre-mine a lot of BTC at datorhall before giving us anything. Getting 3th late in 2nd Q would be largely meaningless because of the difficulty increase caused by the datacenter/datorhall/"Death Star".

Is it ethical or even legal to injure your own customers?
Datorhall is at 1.8Th right now, which is ~7% of all network, therefore the current total mining income of Jupiter/Saturn customers was reduced 7% because of this buildup-this is for certain. The new data center already mined ~3000BTC in less than 3 wk.

Perhaps we are too harsh and KnC will deposit proportional BTC (datorhall income-expenses) for each Neptune+Jupiter customer.
If they do that-I would be amazed, but what is the chance of someone doing what is right and not the most profitable? You tell me  Undecided.
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February 23, 2014, 10:03:31 PM
 #30315

I can't find the source to KnC Wallet. Anyone have a link to it?

Buy & Hold
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February 23, 2014, 11:00:48 PM
 #30316

link to KNC wallet. http://beta.kncwallet.com/

I think they are trying to compete with their friend Josh at BFL and their wallet idea.
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February 23, 2014, 11:37:08 PM
 #30317

I will say one thing, the KnC webshop keeps your from ordering more than they have it seems where other companies do not...

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February 23, 2014, 11:55:20 PM
 #30318

link to KNC wallet. http://beta.kncwallet.com/

I think they are trying to compete with their friend Josh at BFL and their wallet idea.

Wait, it's closed source and you can only download and install executable application?

Who in their right mind would install that, instead of open-sourced and battle tested blockchain.info Android wallet?
https://github.com/blockchain/My-Wallet-Android
https://blockchain.info/wallet

It looks like KnC has trying to establish it's identity, floating between hardware manufacturer, software vendor and service provider (Datacenter). You can't be all things at once, even Google sold it's hardware manufacturing business (Motorola) to others.

EMPTY SIGNATURE SPACE
[Click here to make an offer]
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February 24, 2014, 12:10:05 AM
 #30319

link to KNC wallet. http://beta.kncwallet.com/

I think they are trying to compete with their friend Josh at BFL and their wallet idea.

just noticed they also have this URL: http://www.kncwallet.com/
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February 24, 2014, 01:05:59 AM
 #30320

link to KNC wallet. http://beta.kncwallet.com/

I think they are trying to compete with their friend Josh at BFL and their wallet idea.

I don't see a link to the sources. It is based on GPL sources, and thus must be made available.

Buy & Hold
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