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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3011274 times)
The Avenger
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February 06, 2015, 12:39:21 PM
 #39741

I would think the KNC data centre alone is worth much more than $15mil so investors have millions in assets not mention IP to liquidate if it hits the fan.
I actually have been wondering about kfc's assets, if there came a day the VC's wanted to get their cash back.

kfc are renting the datorhall (unless they have bought it since last February, when the news was they were renting it).

So what assets do they have? 10,000 used PSU's, 10,000 beaglebones and 20-40,000 used arctic heatsinks. And lots of crappy metal shelves. The boards are worthless for anything but mining. And as we all know, even after a couple of months they depreciate massively as new tech comes out that surpasses them.

How much is all that worth? Assuming they are still renting the datorhall, I can't see their physical assets being worth much more than $1 - $2 million max?

So why are VC's investing $15million in a company they could asset strip for only $1 - $2 million?

Perhaps it'll be the VC's who end up serving justice to kfc, by stripping them bare of everything in court for their false promises.

My prediction is if bitcoin stays at $200 for the rest of 2015, kfc will be wiped out by December. Woohoo! Grin Certainly the VC's will replace management and Scam Hoe will be gone back to the farm to look after his cows.

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February 06, 2015, 02:27:19 PM
 #39742

I think this is the outcome also.
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February 06, 2015, 03:25:08 PM
 #39743

Any sign of the batch 2 Titans ? Anyone here waiting on one ? At the time they announced batch 2 I had the clear impression that they were having a hard time selling out batch 1 so they closed batch 1, announced batch 2 (leftover batch 1), made some promises re: 400+ MH/s etc just to save face.

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February 06, 2015, 03:38:40 PM
 #39744

So why are VC's investing $15million in a company they could asset strip for only $1 - $2 million?

I'm guessing that KNC had to raise new capital to finance Solar tape-out and manufacturing. This means that they weren't able to retain enough earnings from past activities to self fund the new generation of hardware (hence all the operational problems we've witnessed this last year). They may have really just sold a call option on their future bitcoin production, which leaves them (and their investors) seriously exposed to a further decline in BTC prices over the next 18 months. In any case, they don't act like a successful company that is flush with cash.

Is it time to fork BTC to switch to X11 yet ? Will DRK gain serious mindshare ? Join us next week for more conjecture on the jiving, conniving, thieving, scamming quasi-criminal wild west world of crypto currencies ...
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February 06, 2015, 06:18:49 PM
 #39745

After the frankly underwhelming performance of the 20nm chip, (and in retrospect the 28nm chip given how much better everyone else's are) I wouldn't invest $1 let alone millions in the 16nm.

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February 06, 2015, 07:03:02 PM
 #39746

Let's not forget this "brilliant" prediction last May as to what the price of bitcoin would be in December 2014 Cheesy Grin

Scam Hole thinks bitcoin is heading for $2000-$3000 this year (http://youtu.be/jFpJ4pGQZKE?t=4m4s)...

I assume Scam has assured all the investors that it'll hit these number soon and they are going to make bank. As it's now February, people might be getting twitchy?

So I'm happy for btc to remain low all year, just so these VC guys implement their "exit strategy" and take kfc to the cleaners Tongue

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February 07, 2015, 03:03:10 AM
 #39747

Currently KnC has about 30+ million assets. New investor group, came in to replace and exit out previous investors at strict terms. As I said in past, bonus Neptunes will be used miners from their DC to make room for new chips and better hardware.
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February 07, 2015, 05:22:12 PM
 #39748

So I'm happy for btc to remain low all year, just so these VC guys implement their "exit strategy" and take kfc to the cleaners Tongue
I'd second that.

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February 07, 2015, 05:53:38 PM
 #39749

So why are VC's investing $15million in a company they could asset strip for only $1 - $2 million?

I'm guessing that KNC had to raise new capital to finance Solar tape-out and manufacturing. This means that they weren't able to retain enough earnings from past activities to self fund the new generation of hardware (hence all the operational problems we've witnessed this last year). They may have really just sold a call option on their future bitcoin production, which leaves them (and their investors) seriously exposed to a further decline in BTC prices over the next 18 months. In any case, they don't act like a successful company that is flush with cash.

Is it time to fork BTC to switch to X11 yet ? Will DRK gain serious mindshare ? Join us next week for more conjecture on the jiving, conniving, thieving, scamming quasi-criminal wild west world of crypto currencies ...

I like the fork idea.  Would stab them right  in the  heart lol
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February 07, 2015, 06:02:34 PM
 #39750

still wait titan batch 2

we had sent money
knc

what happen?HuhHuhHuhHuh

you closed?HuhHuhHuhHuh?
The Avenger
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February 07, 2015, 06:21:01 PM
 #39751

Currently KnC has about 30+ million assets. New investor group, came in to replace and exit out previous investors at strict terms. As I said in past, bonus Neptunes will be used miners from their DC to make room for new chips and better hardware.
We know the routine of them shipping used equipment when they have new tech to put in the datorhall, that's what the Frankenjups were.

What are the 30+ million assets proudpak??

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Fatman3001
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February 07, 2015, 07:00:58 PM
 #39752

After the frankly underwhelming performance of the 20nm chip, (and in retrospect the 28nm chip given how much better everyone else's are) I wouldn't invest $1 let alone millions in the 16nm.

There's a reason why just about nobody else other than phone manufacturers took the dive into 20nm. But KnC should have gotten more out of those chips. It seems like they are compensating for their lack of experience and proprietary solutions to problems with sha256 asics by paying for more energy efficient processes (20nm, 16nm). They should definitely get a lot more with 16nm FinFet, but I would be surprised if them manage to get the stated 0,07w/GH. Cointerra was expecting 2w/GH, unless KnC have bought some new technology we don't know of I think 0,07w/GH was just to scare other, already battle-worn, mining gear manufacturers.

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February 08, 2015, 01:13:23 AM
 #39753

Currently KnC has about 30+ million assets. New investor group, came in to replace and exit out previous investors at strict terms. As I said in past, bonus Neptunes will be used miners from their DC to make room for new chips and better hardware.
We know the routine of them shipping used equipment when they have new tech to put in the datorhall, that's what the Frankenjups were.

What are the 30+ million assets proudpak??

I can only assume its mostly bitcoin, cash and mining hardware. But 30+mil is confirm, good for those who are suing them.
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February 08, 2015, 08:16:11 AM
 #39754

still wait titan batch 2

we had sent money
knc

what happen?HuhHuhHuhHuh

you closed?HuhHuhHuhHuh?

Join the lawsuit.  Cheesy
dropt
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February 08, 2015, 08:32:44 AM
 #39755

Currently KnC has about 30+ million assets. New investor group, came in to replace and exit out previous investors at strict terms. As I said in past, bonus Neptunes will be used miners from their DC to make room for new chips and better hardware.
We know the routine of them shipping used equipment when they have new tech to put in the datorhall, that's what the Frankenjups were.

What are the 30+ million assets proudpak??

I can only assume its mostly bitcoin, cash and mining hardware. But 30+mil is confirm, good for those who are suing them.

They have their IP for 28nm, 20nm, and now 16nm.  They also have the masksets for the 28nm and 20nm.
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February 08, 2015, 01:29:50 PM
 #39756

still wait titan batch 2

we had sent money
knc

what happen?HuhHuhHuhHuh

you closed?HuhHuhHuhHuh?

Join the lawsuit.  Cheesy

1500 bucks to join the lawsuit from what i've heard and the price can go up if KNC appeals (which they will) .they will fight this till the 'heat death of the universe"

I applaud those who are doing the above...me....no $$$ all went out the window to the knc Titan at least at this point in time (still holding what i've accumlated)

so it goes


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mishax1
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February 08, 2015, 01:54:13 PM
 #39757

still wait titan batch 2

we had sent money
knc

what happen?HuhHuhHuhHuh

you closed?HuhHuhHuhHuh?

Join the lawsuit.  Cheesy

1500 bucks to join the lawsuit from what i've heard and the price can go up if KNC appeals (which they will) .they will fight this till the 'heat death of the universe"

I applaud those who are doing the above...me....no $$$ all went out the window to the knc Titan at least at this point in time (still holding what i've accumlated)

so it goes

1500$ is only 12% of the price of the titan (after customs payments).. so it was an easy decision for me to join..


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February 09, 2015, 07:58:57 AM
 #39758

1500$ is only 12% of the price of the titan (after customs payments).. so it was an easy decision for me to join..


but from what I understand (tell me if i am incorrect) in swedish courts the LOSER PAYS the court costs...so if they lose and/or have other fees you will be contacted again
for more $$$ for the lawsuit..in that imho if knc made 2.5k of Titans say that is 25 million dollars they can simply appeal and run the bill up till it makes no sense to cointinue
to push the court cases...thus why class actions are setup a different way in the states..if you got cash you can just bleed the whole thing dead with appeals and having
more money to end the cases against you (knc's strategy imho)

(again tell me that 1.5k is the full price I may re-consider but that is my understanding ...each case is submitted 1 at a time ....separate to the swedish courts...so you'd be
responsible for any over costs/charges ie the lawyer's make $$$ win/lose or draw..thus your $$$ to stay involved and not lose the 1.5k depends on how much $$$ you may have
to pay in the future as it drags on.

again this is from my muddled understanding ..clarification please...(and if this does not sound right by all means double check with the folk you already paid 1.5k to)

again this is what I heard thus my reluctance up to this point to jump in to the lawsuit (that and little cash) on such a swedish lawsuit

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mishax1
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February 09, 2015, 08:09:12 AM
 #39759

but from what I understand (tell me if i am incorrect) in swedish courts the LOSER PAYS the court costs...so if they lose and/or have other fees you will be contacted again
for more $$$ for the lawsuit..in that imho if knc made 2.5k of Titans say that is 25 million dollars they can simply appeal and run the bill up till it makes no sense to cointinue
to push the court cases...thus why class actions are setup a different way in the states..if you got cash you can just bleed the whole thing dead with appeals and having
more money to end the cases against you (knc's strategy imho)

(again tell me that 1.5k is the full price I may re-consider but that is my understanding ...each case is submitted 1 at a time ....separate to the swedish courts...so you'd be
responsible for any over costs/charges ie the lawyer's make $$$ win/lose or draw..thus your $$$ to stay involved and not lose the 1.5k depends on how much $$$ you may have
to pay in the future as it drags on.

again this is from my muddled understanding ..clarification please...(and if this does not sound right by all means double check with the folk you already paid 1.5k to)

again this is what I heard thus my reluctance up to this point to jump in to the lawsuit (that and little cash) on such a swedish lawsuit


I didn't say go solo, I meant to the class-action lawsuit - http://blogs.wsj.com/venturecapital/2015/02/03/bitcoin-mining-company-kncminer-gets-15-million-amid-lawsuits/
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February 09, 2015, 08:20:06 AM
 #39760


again from what i understand there is no 'class action' in sweden like the usa...if the price goes up on appeals etc you have to pay more into it and if you lose you pay the other guys court costs...again probably I am incorrect but what I was told when I looked into this...again from what I understand there is a class action lawsuit in usa but it is going thru the swedish guy in sweden....and again from what i understand their is no class action as such in sweden...so perhaps this is a complete usa class action...but it is all pretty murky when I asked about that at least a couple months ago

anyway you are likely correct but some clarification on 'further costs' and or liablity if you lose the case would be helpful to find out if you have 1.5k into this

please post if I am completely off the mark...stuff I was told a few months back when I looked into this ...again I was of the understanding it ALL has to go swedish courts to get a settlement

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