Swedish ASIC miner company kncminer.com

[Phinnaeus Gage]

The guy has done nothing but read this forum, but had to come here to save us from this one particular scam, finding nothing relative in all past scams on this forum to weigh in on. What a trooper!

Really you're that much of a cock that you will berate someone for trying to weed out scammers.

To be honest it would be satisfying to see you ripped off. I have seen people getting scammed and the sad results of BFL specifically the poor guy who went to Hungary to meet Primeasic. Seems you can't win here! I actually took the time to do some investigation, call them on the phone, this after I had sourced relevant information in the code of their site and looked into their location. This led to me a conclusion that they might be who they said they were.

All you can do is have a go at that effort. So really who cares if you get ripped off. I for one won't and if I was a couple of swedes in line to create an ASIC machine I would just put it on the network and tell you to build your own.. Of course you being so smart it should be easy for you.

It's people like you that makes me think scammers aren't that bad after all  

Dude, you have issues!

And you might as well be satisfied now, for I probably was already ripped off.

And you're welcome for thanking me into putting mega hours in trying to get a handle on what these guys are up to with this project.

Did you not read the following post showing how impossible it is for them to have what they claim to have?

So we are to believe that these people with no history of participation in the Bitcoin community have spent >$1million and the last 12 months designing and building a Bitcoin protocol specific ASIC chip, then designed and built the board and software to interface with it, all without consulting anyone in the Bitcoin community?

If you believe that, I have some magic beans you might be interested in.

I think another Thank You is in order.

[DeaDTerra]

Mr. Cole, a few pages ago you said:

A better option for us might be to pay the cost of 5 flights and 5 hotels, to 5 forum members and bring you all over to Stockholm Sweden. Have a look at our devices. You can then pay in person for the device which you would be able to take home with you.

I offered myself to do check personally. You should already have a working prototype if you're about to open the preorders on your web.

So - when would you like to invite at least 5 Hero Members of these forums to check your hardware? Everything else is just useless chatter.

agree to this or go away.  Seems reasonable

I live in Stockholm,
I am a hero member and have a good record.
I would be happy to report back to the forum.
//DeaDTerra

Hi, Have you call them? since you are living in stockholm? I called them at 11.00 am Sweden Time and an answering machine was turn on speaking in Swedish? Well I don't know what to say? You write email what is the status of your pre-order etc.. you don't get to have a reply. I PM him but also never get a reply?  At this point in time I don't know who to believe? Are they for REAL ?

Hi
I have yet to call them I was planning to call them later today
//DeaDTerra

[nathanrees19]

Seriously hoping another non-scam comes along. Having only sold-out Avalon and eventually-kinda-maybe BFL is troublesome.

[shibaji]

Hoping this will turn out ok.

[cap1]

And you might as well be satisfied now, for I probably was already ripped off.

Well I'm not satisfied by that at all and think it is a sad indictment of human nature.

So we are to believe that these people with no history of participation in the Bitcoin community have spent >$1million and the last 12 months designing and building a Bitcoin protocol specific ASIC chip, then designed and built the board and software to interface with it, all without consulting anyone in the Bitcoin community?

If you believe that, I have some magic beans you might be interested in.

You are just making assumptions here. They may have done nothing at all or they may in fact be in communication with someone in the bitcoin community. It might be a scam or just deluded enthusiasm. There's no telling really. It does seem unlikely but then we know nothing to base that critique on. They might be able to get masks done on the cheap or they might have a rich uncle who just loves bitcoins.

The nature of difficulty goes against mass production of ASICs. People always say they will create them for he benefit of the network and sell them. At the end of the day, if you can hash more quickly than everyone else you are not going to want to lose that edge. There is no point in ramping up the difficulty quicker.  So this alone is enough to believe that every ASIC development is a scam as there is literally no incentive to bring everyone along for the ride, the only incentive is to get everyone to pay for your ride.

[muyuu]

Seriously hoping another non-scam comes along. Having only sold-out Avalon and eventually-kinda-maybe BFL is troublesome.

Good thing you realised.

Took a while.

[Phinnaeus Gage]

And you might as well be satisfied now, for I probably was already ripped off.

Well I'm not satisfied by that at all and think it is a sad indictment of human nature.

So we are to believe that these people with no history of participation in the Bitcoin community have spent >$1million and the last 12 months designing and building a Bitcoin protocol specific ASIC chip, then designed and built the board and software to interface with it, all without consulting anyone in the Bitcoin community?

If you believe that, I have some magic beans you might be interested in.

You are just making assumptions here. They may have done nothing at all or they may in fact be in communication with someone in the bitcoin community. It might be a scam or just deluded enthusiasm. There's no telling really. It does seem unlikely but then we know nothing to base that critique on. They might be able to get masks done on the cheap or they might have a rich uncle who just loves bitcoins.

The nature of difficulty goes against mass production of ASICs. People always say they will create them for he benefit of the network and sell them. At the end of the day, if you can hash more quickly than everyone else you are not going to want to lose that edge. There is no point in ramping up the difficulty quicker.  So this alone is enough to believe that every ASIC development is a scam as there is literally no incentive to bring everyone along for the ride, the only incentive is to get everyone to pay for your ride.

Apologies for not quoting the author, for it was not my intent to pass the quote off as my own.

The key part of the quote has nothing to do with money, and everything to do with the software aspect. There is no way an outsider would be able to develop such an animal without the support of software developers within this community. It's virtually impossible! They need the filmware to operate the damn things. Their best bet is to promise Luke a free unit if he would vouch for them in stating that he is on board, but I'm 99.99% sure that Luke would not be part of such an act, thus SCAM. End of story!

And while I'm on a roll, Al the Alpaca is an AssHole. I just read your signature, prick!

[cap1]

There is no way an outsider would be able to develop such an animal without the support of software developers within this community. It's virtually impossible!

I cannot prove of disprove this and cannot summon enough knowledge to argue the case one way or another.
I think it is probably naive to think that it cannot be done. Anything can be achieved with the correct talent and enough money.

As with most programmers and fanboys things become bigger than they are and when lots of money is involved then this again gets exaggerated.

I guess i'm just going to have to brush up on my ASIC design theories to argue how hard or easy it is to interface. Let me get back to you in a couple of years

[defxor]

thanking me into putting mega hours

As I wrote very early on in this thread - these guys are 3rd level contacts with me on LinkedIn (connected through some people I trust immensely). They're also Swedish/based in Sweden, which is a whole different ball park when it comes to being able to hide your identity compared to a few other backwater countries (like the US) - it's simply extremely difficult. All the information posted (names, addresses, VAT number, company registration) etc check out.

I don't see anything being done yet to warrant the level of distrust displayed here. When they start accepting money I might go through my friends-of-friends and verify that what they're doing is legit. While I'm only a short train ride away from Stockholm myself I know ten other Bitcoin entusiasts (having been so for years) that live there and I'm sure they'd all jump at the opportunity to view a pre-production unit or two.

Do I believe they're a scam? No idea - it would just be unwise to run one out of Sweden.
Do I believe they're making their own ASICs? No, knowing the Swedish non-existent fab market I'd say they're sourced.

[blabla hero member long post history blabla]

[Bendex]

And you might as well be satisfied now, for I probably was already ripped off.

Well I'm not satisfied by that at all and think it is a sad indictment of human nature.

So we are to believe that these people with no history of participation in the Bitcoin community have spent >$1million and the last 12 months designing and building a Bitcoin protocol specific ASIC chip, then designed and built the board and software to interface with it, all without consulting anyone in the Bitcoin community?

If you believe that, I have some magic beans you might be interested in.

You are just making assumptions here. They may have done nothing at all or they may in fact be in communication with someone in the bitcoin community. It might be a scam or just deluded enthusiasm. There's no telling really. It does seem unlikely but then we know nothing to base that critique on. They might be able to get masks done on the cheap or they might have a rich uncle who just loves bitcoins.

The nature of difficulty goes against mass production of ASICs. People always say they will create them for he benefit of the network and sell them. At the end of the day, if you can hash more quickly than everyone else you are not going to want to lose that edge. There is no point in ramping up the difficulty quicker.  So this alone is enough to believe that every ASIC development is a scam as there is literally no incentive to bring everyone along for the ride, the only incentive is to get everyone to pay for your ride.

I didn't make any assumptions, I just asked a question.  

If they were working with a Bitcoin developer, they would have probably mentioned that, which would have given them some credibility. Designing the actual chip would be a huge achievement, yet they haven't mentioned any details regarding the chip or its development.

[cap1]

these guys are 3rd level contacts with me on LinkedIn

Yeah they are both 3rd level on my linkedIn profile too through people I know very well

[cap1]

I didn't make any assumptions, I just asked a question.   

If they were working with a Bitcoin developer, they would have probably mentioned that, which would have given them some credibility. Designing the actual chip would be a huge achievement, yet they haven't mentioned any details regarding the chip or its development.

But why would they? This is an money game at the end of the day. Apple don't blurt out what they are doing just to satisfy the fanboys on the apple forums. In fact they don't give anything away until the product is unveiled.

There is literally no point is giving any details. If they are producing an ASIC chip then they will get rich not saying anything and get rich when they release it and present a video of connecting it to the network. To release any details will only to satisfy you and not disrespect there in no point in doing so.

Also if you give details on who the foundry is or who designed the chip etc etc it just opens it up to people ready to derail it or try and take some of the action.

[riX]

Mr. Cole, a few pages ago you said:

A better option for us might be to pay the cost of 5 flights and 5 hotels, to 5 forum members and bring you all over to Stockholm Sweden. Have a look at our devices. You can then pay in person for the device which you would be able to take home with you.

I offered myself to do check personally. You should already have a working prototype if you're about to open the preorders on your web.

So - when would you like to invite at least 5 Hero Members of these forums to check your hardware? Everything else is just useless chatter.

agree to this or go away.  Seems reasonable

I live in Stockholm,
I am a hero member and have a good record.
I would be happy to report back to the forum.
//DeaDTerra

Hi, Have you call them? since you are living in stockholm? I called them at 11.00 am Sweden Time and an answering machine was turn on speaking in Swedish? Well I don't know what to say? You write email what is the status of your pre-order etc.. you don't get to have a reply. I PM him but also never get a reply?  At this point in time I don't know who to believe? Are they for REAL ?

Hi
I have yet to call them I was planning to call them later today
//DeaDTerra

I live within walking distance from Andreas Kennemar's house (house at google maps / company address)), could easily check it out.

[chipd]

The key part of the quote has nothing to do with money, and everything to do with the software aspect. There is no way an outsider would be able to develop such an animal without the support of software developers within this community. It's virtually impossible! They need the filmware to operate the damn things. Their best bet is to promise Luke a free unit if he would vouch for them in stating that he is on board, but I'm 99.99% sure that Luke would not be part of such an act, thus SCAM. End of story!

And while I'm on a roll, Al the Alpaca is an AssHole. I just read your signature, prick!

Dude, you always seems to be on a roll... if you are going to take a piss on people, at least make sure you have your own facts straight before shooing you big mouth off.
According to your logic, about every company in the world would be scammers, since most of them probably have or had typos on their homepage at some point.

Did you not read the following post showing how impossible it is for them to have what they claim to have?

Show me where they have claimed to have anything but an idea to produce something.
They haven't even told us how far they are yet... they can have nothing, or be close to production and most information they need to make it happen is available for free, so why should they even bother working together with the community when most are as daft as you?
How can you know that they aren't already doing just that already?

At the end of the day, as long as they don't require money from anyone they have no obligations to tell us anything. Until they have a working prototype, the only thing you can do is to make sure they are who they claim to be.


You should really go do some research on due diligence and how angel investors & venture capitalists work.

[ionux]

I live within walking distance from Andreas Kennemar's house (house at google maps / company address)), could easily check it out.

Please do.  That would be very interesting!

[kano]

I've certainly not heard anything from them

[Beepbop]

The nature of difficulty goes against mass production of ASICs. People always say they will create them for he benefit of the network and sell them. At the end of the day, if you can hash more quickly than everyone else you are not going to want to lose that edge. There is no point in ramping up the difficulty quicker.

Well this would be a good argument for all BTC ASICs being scams, except that BTC is so horribly volatile, as well as the startup costs for ASIC design is so high. Even if the company is run by true belivers, the investors and banks that give them money to pay for their costs won't accept that risk. ASICMINER is a special case in that they spent time gathering investors that believed in BTC, or who hedged for a rise in BTC; that venture capital has probably been vacuumed up by ASICMINER so I think a second market entrant of the same type won't be successful.

That's why I think unless you're ASICMINER or are able to get investors from the BTCliebers, the only sensible business case right now is to sell the units as you'd sell shovels to gold rush miners, and do so quickly. You can't fund the design and startup costs with preorder money either, even if you might have gotten away with that in the past.

My guess is that they already have an ASIC design, perhaps Avalon's or ones of their own design, and that they have some funding standing by in case there is sufficient interest in the product. I don't know if they'll be able to deliver on time, but I wouldn't be the least bit surprised if they start shipping before BFL does.

[mrspencer]

Weren't they suppose to post the spec already? 

[ionux]

FWIW, I talked to these guys via email and they said more details would be released soon.

[Phinnaeus Gage]

I've certainly not heard anything from them

I guess that leaves Luke.

Meanwhile, Sweden has declared war on Lithuanian.