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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3008559 times)
reactor
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April 03, 2014, 12:11:29 PM
 #31801

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

Pyramid grows, pyramid shrinks, pyramid grows, pyramid shrinks.  Suckers to be made at every turn, always a chance that you're holding the bag.

Hopefully this will be the end of the "get rich on cryptos" bubble and we can move into the next phase of life where people start building realistic services on top of the crypto concept instead of trying to cash in on being an early adopter.  KNC went the route of anyone who had a vision for BTC in 2013/2014, basically rape the market to self fund further abuse, then not really give a damn because you've earned your retirement.  Much like BFL and some of the other early companies (Gox, BitInstant, etc.), KNC needs to go the way of the dinosaur (and fuck off while they're at it, never purchased a product from them and happy I stuck with my gut on it) so more responsible companies can enter the market.  

But hey, let's give everyone a nice parallel to real life.  Everyone hear of Oculus?  You know, that weird VR company that got a community to crowd fund it and hype it so it was the next big thing?  Then the creators basically sold out to Facebook and said "this is a good thing"?  Rewind to KNC, a small company of tech geeks who want to protect the network and build a reasonable amount of miners.  Then the community funds them, they turn around and build their own mine (thanks for the loan, community!) that further degrades the capabilities of the hardware the community purchased, and now they likely don't give a shit about Neptune returns because, for all intents and purposes, their business model rested more around selling tons of v1 and building their mine than shipping v2 in any reasonable speed, letting competitors slip in and further screw over the KNC loyalists.  

Don't ever think money won't corrupt, since the first day someone paid a single penny for BTC money has corrupted things.  Guess us folks in the US should be thankful BTC is property, not that evil money stuff. Wink

Oh yeah, what got me started.  ImI, you just described the basic business model for MLM Pyramid schemes!  They grow, get popular, bring in a broad swath of new suckers, eventually reach saturation, suckers drop off, early adopters continue to cash out, then after the squeeze they bring in a new round of suckers.  BTC itself is not a pyramid scheme, but the community (especially mining) acts a lot like it.
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April 03, 2014, 01:23:29 PM
 #31802

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

And how long is that difficulty going to take to drop if it is at 5 billion and 75% off the hashrate disappears. Going to take a long time to the next retarget.
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April 03, 2014, 01:38:57 PM
 #31803

today i asked for a rerfund of my b1 Neptun.

1 ca Neptun order left.


(i also asked for refund for my 1st Monarch, 1 Monarch order left)

Esst mehr Scheisse, millionen Fliegen können nicht irren!  Cool
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gotta let a coin be a coin


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April 03, 2014, 01:57:50 PM
 #31804

If nothing else the bad news on bitcoin that Joe described will discourage new suckers from throwing money to these rqtbags.these losers are going to die off eventually due to lack of incoming sucker cash. Look at BFL and you'll see how they're no longer a player nor relevant to our industry. The same will happen to knc and the rest of the scammers.
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April 03, 2014, 02:13:19 PM
 #31805

If current BTC price holds/falls I give it 1 month before mining gear turns into a buyers market, it will be ugly for the HW manufacturers Tongue
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April 03, 2014, 02:24:25 PM
 #31806

If nothing else the bad news on bitcoin that Joe described will discourage new suckers from throwing money to these rqtbags.these losers are going to die off eventually due to lack of incoming sucker cash. Look at BFL and you'll see how they're no longer a player nor relevant to our industry. The same will happen to knc and the rest of the scammers.
The difference is the money knc made and the amount of mining power they have right now. Unless there is a mayor desaster in the making which will crush their farm they will be relevant for at least a few years more. They have enough money and technology now to stay on top for way longer than anyone else.
As long as there is no company which massproduces miners for nearly no cost there will be no one to really counteract knc now. Would have been possible before the neptune preorders though.

This is also one of the mayor causes for the steady decline in price, btw. While small miners sold only as much as they needed in order to get ROI and held most of their assets in Bitcoin there was no steady new input into the market. Now there are thousands of Bitcoins per day from KNC and other farms to push and push while the demand is not that high.

Who wants to be a billionaire? Me!
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April 03, 2014, 02:33:52 PM
 #31807

If nothing else the bad news on bitcoin that Joe described will discourage new suckers from throwing money to these rqtbags.these losers are going to die off eventually due to lack of incoming sucker cash. Look at BFL and you'll see how they're no longer a player nor relevant to our industry. The same will happen to knc and the rest of the scammers.
This is also one of the mayor causes for the steady decline in price, btw. While small miners sold only as much as they needed in order to get ROI and held most of their assets in Bitcoin there was no steady new input into the market. Now there are thousands of Bitcoins per day from KNC and other farms to push and push while the demand is not that high.

Exactly, that's why every person who wants bitcoin to survive should get an Ant S1 or something similar-cheap, reliable and widely distributed.
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April 03, 2014, 02:44:37 PM
 #31808

Does Sweden allow class-action lawsuits? From what I understand, the Swedes can come down pretty hard on people for fraudulent claims, ie. "We will never mine with more the 5% of what we....Oh wait, welcome to the largest BTC mining farm in the world!

I haven't been paying attention for the past 300 pages, so I'm not sure if this has been discussed here.
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April 03, 2014, 03:14:28 PM
 #31809

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion


An even better question is if BTC goes to $10 why mine at all? That same $10k gets you 1000 coins which is a much better proposition for the future.

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
Check my products or ask a question here: https://bitcointalk.org/index.php?topic=74397.0
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April 03, 2014, 03:28:03 PM
 #31810

Does Sweden allow class-action lawsuits? From what I understand, the Swedes can come down pretty hard on people for fraudulent claims, ie. "We will never mine with more the 5% of what we....Oh wait, welcome to the largest BTC mining farm in the world!

I haven't been paying attention for the past 300 pages, so I'm not sure if this has been discussed here.

let's sue them!

Esst mehr Scheisse, millionen Fliegen können nicht irren!  Cool
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April 03, 2014, 03:50:26 PM
 #31811

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

And how long is that difficulty going to take to drop if it is at 5 billion and 75% off the hashrate disappears. Going to take a long time to the next retarget.
no worries. Will never happen
People will mine at a loss for months before giving up

A good example will be when Titan arrives... watch how long it takes GPU users to unplug....

Also...  New exchanges are popping up like daisies... PayPal launching a multi crypto wallet... Election time coming... BTC hedge funds are hitting Wall-street... BitCoin ATM's are delivering... Wells Fargo is preparing to enter the game...  and USA just issued tax guidelines(arguably a HUGE BONUS, and obviously needs tweaked)... and once small businesses figure out they don't even have to own a single coin to "accept them".... and save up to 5% on their bottom line; adaptation will grow rapidly.  Same goes for consumers, especially on large international purchases. Think what will happen when Isreal, Iran, or any oil country accepts coin for oil! It will happen. ... and this time around, no Henry Kissinger to convince oil countries to use USD.
This whole "Armageddon of doom" hype is nothing more than growing pains. It will pass, and BTC will eventually be worth thousands per coin.


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romang
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April 03, 2014, 04:17:21 PM
 #31812

Any updates on shipment dates?

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April 03, 2014, 04:32:59 PM
 #31813

Any updates on shipment dates?
sure... less than 90 days to go till end of Q2.  That help?

Neptune orders at this point require blind trust and gobs of hope with not a peep on progress.
Guess it's clear....  they WANT people to refund. I feel like an abandoned stepchild.
Would it really hurt that much to get us an estimate?    It must.
They dazzled us with Plan "B", then less than 30 days later said Neptune is "on track", so it's anyone's guess.
Somewhere between today, and June 31st is too vague considering the newly added 25% tax on mining here.
The marginal estimates completely disappeared, and their consistent lack of Neptune updates lead to one action...
refunds... and they know that.
So, the lack of an update is actually strong evidence they are hoping for more refunds...

*Evidence of absence isn't absence of evidence... quite the opposite.

Which also leads me to believe Neptune is actually going extremely well... i.e.  A 6+Th/s machine they can add to the Boden facility;
 and if they keep quiet....

It didn't take long for them to up the Titan estimates by 150%, just like Jupiter; they even told us the cores on Neptune went from 1000 to 1440, and that's still riding on the 3TH/s estimate? doubtful. That's 4.4 TH/s on an increase of cores alone. It will be a monster. The only question is WHEN WHEN WHEN UUuuuggghHHH !!!


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April 03, 2014, 05:07:21 PM
 #31814

Refunds are much better for them. This may be the only niche in the world where refunds are happily paid back...

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April 03, 2014, 05:55:41 PM
 #31815

(i also asked for refund for my 1st Monarch, 1 Monarch order left)

That could have been a bad move, depending on order date if you're not up to speed on latest bonus plan.... but if tail end of the "full price" orders and at head of the reduced price orders, would maybe make sense.

TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6

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April 03, 2014, 05:58:57 PM
 #31816

hmm, If the PBOC were to utter that the "rumors" were....  rumors...
Their silence is odd in that way
I bet they have a team devoted to the next pump & dump propaganda, and where to start it, and by whom
.. or maybe confirmation of the rumors, shortly followed by the announcement the PBOC will be exchanging coin directly.
I can guarantee one thing: In the long run... China will not abandon Bitcoin, and sooner or later, those who "Banned" it will all be on board.
Hell, I'd even bet several government entities in several countries have jumped on developing and or buying asics secretly, including the Federal Reserve of USA. It's all a power/money-grab they are still working out the bugs on how to dominate a decentralized medium. Bitcoin and cryptos in general are the topic of many Governmental Hearings in many countries across the globe, all in a short time... ElectroCoin is sweeping the globe, and all the banks are scared, issuing warnings not to invest, while they figure out how to take advantage of it. It's only a matter of time now IMHO before its accepted globally by over 95% of the world. There will always be a stubborn one.


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padrino
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April 03, 2014, 06:14:01 PM
 #31817

Reaching out to those in the US that received refunds to a US bank.. I have been working to get one for a couple of weeks now with no luck..

My US bank is fairly large but they are US only so they do not have a SWIFT number but do receive international wires daily from SWIFT banks,  and I sent mine without any issues.

In any case KNC is telling me they cannot send my refund if my bank doesn't have a SWIFT code to give them, has anyone else run across this and if so how did you deal with it?

Thanks

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Phoenix1969
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April 03, 2014, 06:20:07 PM
 #31818

Reaching out to those in the US that received refunds to a US bank.. I have been working to get one for a couple of weeks now with no luck..

My US bank is fairly large but they are US only so they do not have a SWIFT number but do receive international wires daily from SWIFT banks,  and I sent mine without any issues.

In any case KNC is telling me they cannot send my refund if my bank doesn't have a SWIFT code to give them, has anyone else run across this and if so how did you deal with it?

Thanks
Many times by several folks in here. Go open an account with a bank who has a swiftcode, no way around it.
Several of us, including myself, had to.


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jimmothy
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April 03, 2014, 06:22:01 PM
 #31819

Reaching out to those in the US that received refunds to a US bank.. I have been working to get one for a couple of weeks now with no luck..

My US bank is fairly large but they are US only so they do not have a SWIFT number but do receive international wires daily from SWIFT banks,  and I sent mine without any issues.

In any case KNC is telling me they cannot send my refund if my bank doesn't have a SWIFT code to give them, has anyone else run across this and if so how did you deal with it?

Thanks

Have you tried asking them for bitcoins instead?

I would assume they would give you some considering they are dumping a few hundred every day.
raskul
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April 03, 2014, 06:23:38 PM
 #31820

Reaching out to those in the US that received refunds to a US bank.. I have been working to get one for a couple of weeks now with no luck..

My US bank is fairly large but they are US only so they do not have a SWIFT number but do receive international wires daily from SWIFT banks,  and I sent mine without any issues.

In any case KNC is telling me they cannot send my refund if my bank doesn't have a SWIFT code to give them, has anyone else run across this and if so how did you deal with it?

Thanks

Have you tried asking them for bitcoins instead?

I would assume they would give you some considering they are dumping a few hundred every day.

do you have any proof of this?

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