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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3006697 times)
Phoenix1969
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April 03, 2014, 07:34:43 PM
 #31841

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

 Huh They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else  Cheesy
just a minor correction... it IS Q2 time, as of April 1st.


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April 03, 2014, 07:35:09 PM
 #31842

But dumping 100% of the mined coins is extremely stupid. Why would they do it? I don't buy it.

 Huh They want money.  They don't want to speculate on BTC, they just want the f'ing money.

How could anyone be surprised?  Not only did all of the KnC buyers give them the power (unknowingly I'll admit), but then they heralded Plan B as the greatest thing ever with all that free cloud hashing power the Neptune owners were going to get.   Well, it's almost Q2 time and not a single Neptune purchaser is getting cloud hashing.  No, instead they -- who don't give a shit about Bitcoin -- are fucking everyone by upping the difficulty and putting continued sell pressure on the market where normals miners wouldn't.

Anyone want to place bets on a time frame until a governmental agency puts the clamps on KnC and subverts their farm?  At least Bitfury had the decency to keep selling hardware and setup mines in vastly different geological locations under control of different people while he/they fucked everybody else  Cheesy
just a minor correction... it IS Q2 time, as of April 1st.

My bad, thanks for the correction.
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April 03, 2014, 07:40:48 PM
 #31843

Sure, so they could have sold the 10% as they went and been guaranteed fiat gains, or could have held on speculation and lost half what they could've had.

I don't think it's a very solid assumption to think that they're happy enough with $450k to the extend that they'd gamble with 10%, at least not after going out to create the largest private mining farm on the face of the earth.

Quote
Why would the gov put the clamp on KnC? They are making money and it's a win win situation.

Who's making money, the Gov?  The Gov isn't out to make money, it's out for Control.

Well just because they have the largest private mining farm they can afford to gamble 5%-10%-any%. Being greedy isn't the only/single reason to create the largest private mining farm. I think they did it because it was a challenge for them, because they are geeky and every geek dreams to have a DC, because they could, because they wanted to beat the competition(bitfury) and so on. There are many more reasons beside the money to do this.

Good luck to the Gov trying to clam their DC. No legal terms yet for that and if they impose it they can just move the boards to Iceland. Job done.

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
H/w Hosting Directory & Reputation - https://bitcointalk.org/index.php?topic=622998.0
atadro
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April 03, 2014, 07:50:48 PM
 #31844

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.

actually that is not true.  my US bank has no SWIFT and despite KNC being obstinate they eventually sent the refund just fine.  they need to use a US corresponded bank (with SWIFT) which is easy and very common. 
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April 03, 2014, 07:52:17 PM
 #31845

That doesn't take into account that if their farm is 42-45% of all mining, it has then increased the network significantly so their actual share is less (or they want to deploy even more).

Wasn't there some math done earlier somewhere that showed that the best spot was 25-30%ish? After that any additional deployment would be under heavy diminishing return since you would in essence be competing with yourself.

just a minor correction... it IS Q2 time, as of April 1st.

Nah nah we are talking the UK Fiscal year here (Sam is from the UK originally isn't he?) so Q1 just started Wink
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April 03, 2014, 07:57:13 PM
 #31846


I Think that knc wants to take over the network blockchain so they can easily insert thousands of addresses with millions of btc in them to blockchain!

This needs to be just temporary while it takes to confirm these and after this they can retreat and drop the hashrate to "nominal" level.

This should worry us all
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April 03, 2014, 08:00:07 PM
 #31847

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 Cry

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune (pre-order) or we will mine with it ourselves and fuck your crypto-currency right up the arse"

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
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April 03, 2014, 08:03:37 PM
 #31848

Well just because they have the largest private mining farm they can afford to gamble 5%-10%-any%. Being greedy isn't the only/single reason to create the largest private mining farm. I think they did it because it was a challenge for them, because they are geeky and every geek dreams to have a DC, because they could, because they wanted to beat the competition(bitfury) and so on. There are many more reasons beside the money to do this.

That's a hell of a lot of risk to assume for street cred and "because computer geek".  It may not be the only/single reason, but it's certainly a massive motivator.  I'm sure we can come up with all sorts of not so terrible reasons as to why they did it, but I personally am defaulting to the most likely scenario: the human condition.


Quote
Good luck to the Gov trying to clam their DC. No legal terms yet for that and if they impose it they can just move the boards to Iceland. Job done.

Oh you!  Because if a government agency wanted to subvert their farm they'd come in all polite and political like.  I imagine it'd be more along the lines of Agent whomever from the CIA or NSA pays them a couple off-the books visits, threats and all.
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April 03, 2014, 08:05:05 PM
 #31849

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 Cry

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune or we will mine with it ourselves and fuck your crypto-currency right up the arse"

Sounds about right.  It's not as painful killing off the Goose that lay the golden egg when you've got Millions in the bank.
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April 03, 2014, 08:06:12 PM
 #31850

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 Cry

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune or we will mine with it ourselves and fuck your crypto-currency right up the arse"

Sounds about right.  It's not as painful killing off the Goose that lay the golden egg when you've got Millions in the bank.

and when *they* have been part of the cause of degrading the value of the whole thing themselves. it's the easy option, isn't it?

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
dropt
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April 03, 2014, 08:08:54 PM
 #31851

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 Cry

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune or we will mine with it ourselves and fuck your crypto-currency right up the arse"

Sounds about right.  It's not as painful killing off the Goose that lay the golden egg when you've got Millions in the bank.

and when *they* have been part of the cause of degrading the value of the whole thing themselves. it's the easy option, isn't it?

Aboslutely.  Hell, you can even predict how that scenario plays out for yourself with a fair amount of accuracy.
Phoenix1969
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April 03, 2014, 08:17:57 PM
 #31852

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 Cry

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune (pre-order) or we will mine with it ourselves and fuck your crypto-currency right up the arse"
Gox has that one wrapped up pretty tight, but close....


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raskul
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April 03, 2014, 08:20:10 PM
 #31853

who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 Cry

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune (pre-order) or we will mine with it ourselves and fuck your crypto-currency right up the arse"
Gox has that one wrapped up pretty tight, but close....

sorry, talking in terms of mining, and controlling the network with the lions share, as opposed to just taking folks coins and keeping them - that's not blackmail, that's kidnap.  Wink

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
Phoenix1969
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April 03, 2014, 08:22:45 PM
 #31854

 
who gives a fuck what their intentions are?
take it personally; they have fucked over each and every customer they ever had commit to buying from them.

 Cry

ADD: is this to be the first blackmailing of the network?
"Keep your Neptune (pre-order) or we will mine with it ourselves and fuck your crypto-currency right up the arse"
Gox has that one wrapped up pretty tight, but close....

sorry, talking in terms of mining, and controlling the network with the lions share, as opposed to just taking folks coins and keeping them - that's not blackmail, that's kidnap.  Wink
my bad....   Grin  
Keep those coins handy because our upgrade boards are bound to go fast... so fast we kept them all.
Here, buy a Neptune due in June, or a Titan due even later instead... oh, and if were late with Neptune, don't worry, we got you covered with the upgrade boards we were going to sell you probably maybe possibly ... but changed our minds...
*Meanwhile a KNC is featured as a huge success story over & over.... boasting a Hundred Million in revenue by June... "I can say with confidence ," he says .  June.. coincidentally the end of Q2... hmmmmm
HOW? because.......
By his own words: they are cashing in the coin made by the boards promised out to us on a daily basis...
" We are serving more than three million dollars a day to resell the bitcoin we break ourselves," said Sam Cole
...and...   KNC Miner AB is based in Stockholm but has all of its revenues in dollars. Even when the company will charge you in bitcoin is careful to immediately switch the virtual currency to U.S. dollars , according to Sam Cole, who founded the company along with three Swedes.


Any customer NOT feeling used & abused yet?

It truly is the customer "Humiliation" batch, "Appreciation" got lost in translation somewhere.
I think they initially had good intentions, but Greed took over.
Every moment they keep silent on Neptune progress and their intentions with Boden, is more evidence of this.
My guess is that now that the Boden facility is crankin' so much money over, they want as many Neptune refunds as possible.
Sincerely, KNC Fanboy shill of the century.

3 million US dollars a day...  *I'm going to be ill.*
 No wonder the price of BTC is taking a dive. They are a HUGE part of that, probably more so than China's antics... "Network Protection" my ass! *They are literally destroying the network... Raise the diff, dump all the coin.... and again and again and again. Where will it stop?
okay, I'm vented... aaaah  just a bit of steam tooting from my ears and arse....Friggin masterminds I tell ya... masterminds....
New addition to Websters International on "Gull-able"....Phoenix, and "KNC customers of the CA batch", "I've been KNC'd"... a step away from BFL'd, but that's trademarked already.
I used to be proud to wear my knc t-shirt. I truly cherished it. Those days are over.


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DPoS
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April 03, 2014, 10:00:16 PM
 #31855

Sure, so they could have sold the 10% as they went and been guaranteed fiat gains, or could have held on speculation and lost half what they could've had.

I don't think it's a very solid assumption to think that they're happy enough with $450k to the extend that they'd gamble with 10%, at least not after going out to create the largest private mining farm on the face of the earth.

Quote
Why would the gov put the clamp on KnC? They are making money and it's a win win situation.

Who's making money, the Gov?  The Gov isn't out to make money, it's out for Control.

Well just because they have the largest private mining farm they can afford to gamble 5%-10%-any%. Being greedy isn't the only/single reason to create the largest private mining farm. I think they did it because it was a challenge for them, because they are geeky and every geek dreams to have a DC, because they could, because they wanted to beat the competition(bitfury) and so on. There are many more reasons beside the money to do this.

Good luck to the Gov trying to clam their DC. No legal terms yet for that and if they impose it they can just move the boards to Iceland. Job done.


you guys don't understand whale logic...  if they sell that last 10% of coins they push the price farther down..  if they ever wish to go speculative they would stop selling all 100% of production, do the accumulation bot dance, then stop selling completely and drive the price up

they don't have to 'speculate' like the common folk do when you are big enough to move markets

right now it is the prisoner dilemma that I thought regular miners would do last fall but I didn't see how much of peons we were... but the big boys have shown this and rush to sell before the next

there is no reason for the big boys to not dump until there are only a few major players left and then come to an 'OPEC or London Gold Fix' type agreement to not sell below a certain price

any long time holders will have to weather a brutal storm if they want to cash out after they bring the price up..  those new big players will be sure to know how large of the bitcoin % they own before they take the price back up

and of course nothing goes back up unless their is still a public demand to sell to.  that is also why it is best for them to dump 100% now. 





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April 03, 2014, 10:21:27 PM
 #31856

you guys don't understand whale logic...  if they sell that last 10% of coins they push the price farther down..  if they ever wish to go speculative they would stop selling all 100% of production, do the accumulation bot dance, then stop selling completely and drive the price up

If that's the case then there's no need to keep the sustained sell pressure on the market at all, just stop selling and let the market rally.  It's probably easier to unload during rally sentiment then it is in a bear market.  Shit, in reality, for all we know KnC isn't even selling on the open market, but OTC to large scale investors like Loaded or SecondMarket.

Quote
they don't have to 'speculate' like the common folk do when you are big enough to move markets

right now it is the prisoner dilemma that I thought regular miners would do last fall but I didn't see how much of peons we were... but the big boys have shown this and rush to sell before the next

Then what's our mutually beneficial option here?  What were you expecting regular miners to do last fall?  

Quote
there is no reason for the big boys to not dump until there are only a few major players left and then come to an 'OPEC or London Gold Fix' type agreement to not sell below a certain price

any long time holders will have to weather a brutal storm if they want to cash out after they bring the price up..  those new big players will be sure to know how large of the bitcoin % they own before they take the price back up

Dumping until there are no other players left can't happen because it will destroy...

Quote
and of course nothing goes back up unless their is still a public demand to sell to.  that is also why it is best for them to dump 100% now.  

FTR, when I say can't I don't mean in the literal sense.  I wonder if the big farms squeeze the little guys a little too tight if they won't retaliate and take the whole thing down with them.  Imagine the damage a few reputable people and the news outlets could do if the mining network were painted to be compromised by one or two major players...  It wouldn't be the first time someone cut off their nose to spite their face.

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April 03, 2014, 10:54:09 PM
 #31857


If that's the case then there's no need to keep the sustained sell pressure on the market at all, just stop selling and let the market rally.  It's probably easier to unload during rally sentiment then it is in a bear market.  Shit, in reality, for all we know KnC isn't even selling on the open market, but OTC to large scale investors like Loaded or SecondMarket.


They are minting coin each day for cash in hand.  Since they are a whale, they can always buy more coins back than what they had if they feel it is time for a run up. Why hold coin at $500 or $400 or $300 if you are a large part of the reason for the price swing?  Who is going to step in and out buy their selling each day for as long as they are pumping out coins?

Most of this 'wide adoption' in bitcoin marketplaces are just more rapid dumping as merchants dump on coinbase and bitpay and then they have to balance their ledger by dumping on exchanges or private investors.  Bitcoin is being touted for cheaper tx fees where people use it, not hold as a store of value.  So how many private investors are there to soak up all this selling of past runup profit taking and current mining of datahalls?


Then what's our mutually beneficial option here?  What were you expecting regular miners to do last fall?  


I thought regular miners that put up X amount to buy miners were going to sell as fast as they mined to secure most of their expense in fear that other miners might have more sell pressure than they do so as to have their own prisoner dilemma...  I was one of those that only kept a handful on hand and sold into the rise from Oct till now.  But as it turned out, many small miners had less pressure to sell than what we see now as huge mining outfits have huge expenses that aren't worth risking their investment..  remember these mining company mining halls have a much smaller cost-basis per coin than retail miners



Dumping until there are no other players left can't happen because it will destroy...


I didn't say no other players left... but reduced to a few big ones which is like OPEC and any other cartel.. remember the music industry getting busted on price fixing as well?


FTR, when I say can't I don't mean in the literal sense.  I wonder if the big farms squeeze the little guys a little too tight if they won't retaliate and take the whole thing down with them.  Imagine the damage a few reputable people and the news outlets could do if the mining network were painted to be compromised by one or two major players...  It wouldn't be the first time someone cut off their nose to spite their face.


'take it down with them'  also goes into the thinking of selling today for sure profit and then if there is an environment to build a cartel of price fixing into a wanting public, then they will be part of that rise as well

that is the part you missed, they can't miss the bus on a price hike since they have too large of a say if and when that bus ever leaves



~~BTC~~GAMBIT~~BTC~~Play Boardgames for Bitcoins!!~~BTC~~GAMBIT~~BTC~~ Something I say help? Donate BTC! 1KN1K1xStzsgfYxdArSX4PEjFfcLEuYhid
Searing
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April 04, 2014, 01:10:56 AM
 #31858

I ordered a neptune from kncminer.cn.
They do not allow refund......

hmmm...you may want to check with www.kncminer.com and see what they think of that ...can resellers do this?
At least you could get a firm answer from customer support at knc ..worth a shot

Searing


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.

yeah they would just claim the 5% was a statement of intent....not a contractual obligation...look at BFL and all the promises they made...so it will go nowhere...they will simply state they were "responding to market conditions" and quite frankly as weird ad market conditions are any hard core business type guy that is now with the Swedish equiv that supervises such stuff in gov't would go "yep they went where the money goes...out of mnfg" and they'd get a pass anyway imho

Searing

(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.

i got an email from bfl saying i'm getting a refund ...i expect after BTC has gone nuts and irs in usa stuff bfl will now send a follow up email saying "nevermind" and i'll still get a brick

also could you get refunds on KNC's LAST order they offered and subsequently pulled ie not CA order and not Batch 1 but seems to me batch 2 you could not get a refund....just wondering if as of batch 2 neptunes they stop'd giving refunds

just wondering (not sure why it bugs me ...I never ordered from the last batch)

Searing





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Phoenix1969
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April 04, 2014, 03:03:38 AM
 #31859

I cant help but feel aggravated knowing that every day that passes, that Boden cloud grows, as does the amount of BTC they cash out daily, while driving the difficulty up, and driving the price further into the DIRT for the rest of us "Appreciated" customers, and the entire Bitcoin community.

Three fricking million a day.
And here we sit....      waiting. 
Waiting for our Neptunes
Waiting for Plan B
Waiting for a speck of news on Neptune

While they are boasting to the press about getting rich on our Jupiter boards...  UUUuugggh!


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reactor
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April 04, 2014, 03:37:43 AM
 #31860

I cant help but feel aggravated knowing that every day that passes, that Boden cloud grows, as does the amount of BTC they cash out daily, while driving the difficulty up, and driving the price further into the DIRT for the rest of us "Appreciated" customers, and the entire Bitcoin community.

Three fricking million a day.
And here we sit....      waiting. 
Waiting for our Neptunes
Waiting for Plan B
Waiting for a speck of news on Neptune

While they are boasting to the press about getting rich on our Jupiter boards...  UUUuugggh!

So as someone who doesn't frequent this thread often, does KNC even bother to show their faces or communicate with customers anymore besides processing refunds? 
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