600watt
Legendary
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Activity: 2338
Merit: 2106
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September 05, 2013, 04:22:23 PM |
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LOL. I can't connect - just get a "waiting for proxy tunnel" message and nothing happens even after waiting 5 minutes. [/quote] it´s their automated troll-protection.
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Syke
Legendary
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Activity: 3878
Merit: 1193
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September 05, 2013, 04:29:24 PM |
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Good news. Chargeback protection is needed for customers of these manufacturers.
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Buy & Hold
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Bitcoinorama
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September 05, 2013, 04:43:06 PM |
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Ok that's BIG News with respect to payment choice, that's direct credit card payment through a merchant account with an issuing bank, and a payment processor. In this case it's SEB, which is Sweden's largest and most respected bank, and the direct payment processor, not sure doesn't say who. In any case that's proper, that takes massive negotitation w.r.t. interchange fees. I wonder what boxes they had to tick to achieve that. You have to promise a monthly minimum, typically in the tens, if not hundreds of thousands of $dollars (whatever that is in Swedish Krona), and presumably a very large float due to the nature of this business. Definitely a world first for a Bitcoin related business, and certainly significantly harder than just using Paypal to process payments. Congrats, major kudos, someone at SEB is taking these guys seriously. Hashfast/Cointerra could get Paypal on board if protecting their customer's funds mattered at all to them (well Cointerra would have to drop their price, unless Paypal is willing to make an exception to their $10K transactional limit - they did promise to accept Paypal), but neither Hashfast, nor Cointerra would be able to offer direct credit card payments with a merchant bank unless they were will to cough up significant funds for whatever issuing bank they would acquire a merchant account from. Apparently KnC has a very healthy set of accounts according to SEB and are not holidaying in the Carribean. Definitely a major step in the right direction by KnC in offering their customers, and potential customers a means of protecting their pre-order payments. I'm all over Bitcoin payments to them, once they have a product in hand, but after the scams, marketing lies and incompetence endured and continuing on this forum, this makes KnC hands down the only choice for pre-orders in my mind. The others not accepting Paypal, when they could, and promised to, speaks volumes, they are gambling with customer funds and promising 'simulated' best case chip specs, not the pessimistic worst case KnC are. Under deliver, over promise was what I emailed Sam to do prior to the open day, at the open day, and they have taken to heart as their mantra. These guys are going far, you can't dissapoint when you're honest, and over deliver. Integrity, you decide who has it, for me it's now blatant. Nuff said, no fanboy crap, look at who treats their customers best, and who treats them with marketing fluff and contempt. It's crystal clear. Aside from the obvious chip arrival, and delivery, this was the news I was waiting for a mining manufacturer to state. Like to see another attempt this, bet there won't be, because it's clear none of the others gives a damn. I didn't even think it was possible for this business model to get a merchant bank account, apparently it is, in which case what the hell have all the others been doing, oh yeah, gambling with your cash. Today we can announce we are the first Bitcoin mining manufacturer to offer secure payments directly by credit card. Previously we had used Paypal to process all card transactions, and as ever Paypal is still an acceptable payment method, but now we are authorised by Sweden’s Skandinavisk Enskilda Bank (SEB) with an official merchant account. We continue to offer a choice of payment methods, the choices are as follow; 1). Bitcoin – Our Preferred Currency. 2). Direct Credit Card Payment. 3). Paypal. 4). Wire/Bank Transfer. We look forward to your continued support. Thanks, KnCMiner Team.
P.s. Bargraphics, damn straight!
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Make my day! Say thanks if you found me helpful BTC Address ---> 1487ThaKjezGA6SiE8fvGcxbgJJu6XWtZp
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Bitcoinorama
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September 05, 2013, 04:49:18 PM |
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I didn't even think it was possible for this business model to get a merchant bank account, apparently it is, in which case what the hell have all the others been doing, oh yeah, gambling with your cash.
Honestly they may have had to show them a prototype or something VERY close to the final working product in order for the bank to take a risk like this on them. Logically it makes sense but who knows, cash talks bullshit walks. Whatever man, the mood here's changed significantly in this thread, and apparently I was telling the damn truth all along!
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Make my day! Say thanks if you found me helpful BTC Address ---> 1487ThaKjezGA6SiE8fvGcxbgJJu6XWtZp
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erschiessen
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September 05, 2013, 04:56:29 PM |
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I just ordered a Saturn in hopes of it being the first miner purchased directly via CC. BTC History. (yes, I can afford it)
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Your Message Here 12KHW3i2Hamk1irY8b181N4vMXUnVYL1ah
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DPoS
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September 05, 2013, 04:57:00 PM |
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Are we at the point where KNC can say 'shipping in 2 weeks' and actually deliver the first time they say it?
Would be a nice touch
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Bitcoinorama
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September 05, 2013, 05:00:01 PM |
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Are we at the point where KNC can say 'shipping in 2 weeks' and actually deliver the first time they say it?
Would be a nice touch
Thing is shipping in two weeks never needs to be said, it just needs to be done. That's the difference.
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Make my day! Say thanks if you found me helpful BTC Address ---> 1487ThaKjezGA6SiE8fvGcxbgJJu6XWtZp
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jjiimm_64
Legendary
Offline
Activity: 1876
Merit: 1000
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September 05, 2013, 05:19:08 PM |
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Are we at the point where KNC can say 'shipping in 2 weeks' and actually deliver the first time they say it?
Would be a nice touch
Thing is shipping in two weeks never needs to be said, it just needs to be done. That's the difference. agreed..... BFL wore out the 'shipping in two weeks' deal!
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1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
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Bitcoinorama
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September 05, 2013, 05:34:18 PM |
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Are we at the point where KNC can say 'shipping in 2 weeks' and actually deliver the first time they say it?
Would be a nice touch
Thing is shipping in two weeks never needs to be said, it just needs to be done. That's the difference. agreed..... BFL wore out the 'shipping in two weeks' deal! You missed the 'h', and the 'd' there.
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Make my day! Say thanks if you found me helpful BTC Address ---> 1487ThaKjezGA6SiE8fvGcxbgJJu6XWtZp
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tempestb
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September 05, 2013, 05:37:00 PM |
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Getting a merchant account is freaking easy. You don't have to prove anything. They wire that up to your bank account. I have one. And I don't have a miner to show them or whatever. Have a good credit score? You can get one. The reason people don't is because of charge-backs and fees. The credit card companies take around 5% to pay for the service and your cash back bonuses and Amazon points or whatever you have on your card. A manufacturer is not allowed to charge more for a credit card purchase vs a regular purchase (Visa/MC rules forbid it) so you either raise all your prices by 5% or eat the cost.
Then, if someone calls their bank and says, "I didn't order this" the folks at the bank yank the money out of your account and if it happens more than a few times you pay higher and higher fees. So in this market, it's a huge risk to offer credit card without being prepared to be dealing with charge backs and the fees.
Cool that KNC is willing to take that risk. It does show they are willing to eat a sh*t sandwich to make a sale, which is great. But let's not make it sound like getting a merchant account is some rigorous process, because it isn't.
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1D7JwRnoungL1YQy7sJMsqmA8BHkPcKGDJ We mine as we dream... Alone
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Bitcoinorama
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September 05, 2013, 05:41:52 PM |
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Getting a merchant account is freaking easy. You don't have to prove anything. They wire that up to your bank account. I have one. And I don't have a miner to show them or whatever. Have a good credit score? You can get one. The reason people don't is because of charge-backs and fees. The credit card companies take around 5% to pay for the service and your cash back bonuses and Amazon points or whatever you have on your card. A manufacturer is not allowed to charge more for a credit card purchase vs a regular purchase (Visa/MC rules forbid it) so you either raise all your prices by 5% or eat the cost.
Then, if someone calls their bank and says, "I didn't order this" the folks at the bank yank the money out of your account and if it happens more than a few times you pay higher and higher fees. So in this market, it's a huge risk to offer credit card without being prepared to be dealing with charge backs and the fees.
Cool that KNC is willing to take that risk. It does show they are willing to eat a sh*t sandwich to make a sale, which is great. But let's not make it sound like getting a merchant account is some rigorous process, because it isn't.
Try it with pre-orders, bet you have to have a siginificant float as you own pre-payment with $7k orders. I know this as I have a friend in distruptive finance, and the money lending game, they wanted a huge deposit, in the hundreds of thousands, cloes to £1m, and his loans were small, but frequent. I was sat in the meeting with the head of MCard Europe opposite me, IDT Bank, and Yalamanchili as the payment processor. I know exactly what they had to negotiate upon, and it equalled two months worth of lending. I'd be surprised if this was any different with pre-orders, as once a product is delivered (or in my freinds case several months of loans had been repaid), you have movement with them. Your merchant account came from items in stock, I bet.
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Make my day! Say thanks if you found me helpful BTC Address ---> 1487ThaKjezGA6SiE8fvGcxbgJJu6XWtZp
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tgerring
Full Member
Offline
Activity: 142
Merit: 100
Hive/Ethereum
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September 05, 2013, 05:42:26 PM |
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Getting a merchant account is freaking easy. You don't have to prove anything. [...] Have a good credit score? You can get one.
You don't have to prove anything... except your creditworthiness? Which isn't insignificant for many people... Oh yeah, and let's not forget, you often can't be part of a "risky" industry like porn. Or digital currencies.
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Bitcoinorama
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September 05, 2013, 05:45:44 PM |
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Getting a merchant account is freaking easy. You don't have to prove anything. [...] Have a good credit score? You can get one.
You don't have to prove anything... except your creditworthiness? Which isn't insignificant for many people... Oh yeah, and let's not forget, you often can't be part of a "risky" industry like porn. Or digital currencies. Porn, or money lending, the example with my friend was unheard of, IDT was the only bank we came across that would consider this for short term-lending in the country he was trageting (it was in Europe, but outside the UK).
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Make my day! Say thanks if you found me helpful BTC Address ---> 1487ThaKjezGA6SiE8fvGcxbgJJu6XWtZp
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soy
Legendary
Offline
Activity: 1428
Merit: 1013
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September 05, 2013, 05:46:39 PM |
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The spike was caused by Bitfury as others has said. KNC most likely will be using our pool information from our accounts when they test our units. Just monitor the forum for post from any of those Day 1 and 2 orders. They will be the first to see activity in their pools if KNC does this So, is the implication that KnC will burn-in our miners using our BTC payout address and preferred pool? That might work with Eligius given that no password is required but not Slush's.
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-Redacted-
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September 05, 2013, 05:48:59 PM |
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This was dealt with a month ago. You might want to go take a look before repeating something that is no longer true.
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soy
Legendary
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Activity: 1428
Merit: 1013
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September 05, 2013, 05:59:06 PM |
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This was dealt with a month ago. You might want to go take a look before repeating something that is no longer true. No offense but are you replying to my post, that preceding? It wouldn't be any big thing if they weren't burning in our miners to our payout addresses and to be truthful I didn't start reading this thread at page 1. Edit: Hadn't seen the worker password box previously.
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Ytterbium
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September 05, 2013, 06:03:46 PM |
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The spike was caused by Bitfury as others has said. KNC most likely will be using our pool information from our accounts when they test our units. Just monitor the forum for post from any of those Day 1 and 2 orders. They will be the first to see activity in their pools if KNC does this So, is the implication that KnC will burn-in our miners using our BTC payout address and preferred pool? That might work with Eligius given that no password is required but not Slush's. No, you can enter a worker name and worker password, but they don't currently have a free-form URL field You have to pick from one of the options they give you. Slush is on the list. However, I would not use slush if I were you, you don't get paid fully unless a block is found while you are hashing with them for at least 10-20 minutes, and you don't get anything unless a block is found within 20m of you stopping hashing (and almost nothing if it's more then 5m after) Go with a pool doing a PPLNS or PPS. Eligius will give you the most interesting stats, but you don't have control over payouts.
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faetos
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September 05, 2013, 06:06:40 PM |
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KNC is a stand up group of people. I had to make some changes to my orders and got a partial refund and they took care of it right away. I feel confident they'll deliver on time and at a greater hash rate than 400 for the Jupiters. Their actions and the professional and courteous way they have treated me has only strengthened my belief that they will produce as expected.
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vesperwillow
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September 05, 2013, 06:41:44 PM |
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Not all banks have the same requirements for merchant accounts. While some may only need you to pay a monthly fee to swipe cards, others require much more investment to take cards online, especially international orders.
Either way, this is either an excellent long-con with well-done professional highlights, or they're really hanging their ass out the window for the customer's loyalty.
I'll be honest, either the long con or the loyalty aspect will bring you about the same amount of orders right now. BFL has ensured that, and truthfully my wager is that this is a legit business. They'll make more money being legit at this point.
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Kuroth
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September 05, 2013, 06:46:52 PM |
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Getting a merchant account is freaking easy. You don't have to prove anything. They wire that up to your bank account. I have one. And I don't have a miner to show them or whatever. Have a good credit score? You can get one. The reason people don't is because of charge-backs and fees. The credit card companies take around 5% to pay for the service and your cash back bonuses and Amazon points or whatever you have on your card. A manufacturer is not allowed to charge more for a credit card purchase vs a regular purchase (Visa/MC rules forbid it) so you either raise all your prices by 5% or eat the cost.
Then, if someone calls their bank and says, "I didn't order this" the folks at the bank yank the money out of your account and if it happens more than a few times you pay higher and higher fees. So in this market, it's a huge risk to offer credit card without being prepared to be dealing with charge backs and the fees.
Cool that KNC is willing to take that risk. It does show they are willing to eat a sh*t sandwich to make a sale, which is great. But let's not make it sound like getting a merchant account is some rigorous process, because it isn't.
Word up.. My 12 year son got one..
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