Swedish ASIC miner company kncminer.com

[augustocroppo]

I saw a post recently where one block had over 200 BTC in TX fees. That should be EVERY block, and it would be if BTC were a mainstream currency. Then you wouldn't be worrying about short term ROI, as every block would be significantly more powerful than simply it's block reward.

You are exaggerating.

Wider utilization of the Bitcoin Network is not a factor to predict increase/decrease in the volume or price of the transaction fees.

You think that transaction fees should generate 200 BTC because you are assuming the case you saw was a result of ordinary collected fees. That is not true and the average fees generated by a block are less than the reward of 25 BTC.

E.g.

If 200 BTC had been generated by only minimum transaction fee, that would mean:

200 / 0.00050000 = 400,000 transactions

Assuming that a block is generated in average each 10 minutes (600 seconds), that would result in:

400,000 / 600 = 666.6...

In other words, you are assuming the Bitcoin Network had a block which was generated by 666.6... transactions per second.

This is absurd.

At the present moment, 12:47 GMT +0, the Bitcoin Network processed 57,155 transactions in the last 24 hours. That means 0.66 transactions per second:

57,155 / 86,400 = 0.6615162037...

Step down of your soapbox and rethink about your hypothesis, because you are not providing a good background for your claim. You forgot to consider that 200 BTC transaction fee could be the result of a mistake:

https://blockchain.info/tx/b18abce37b48a5f434f108ae7ce34f22aa2bfbd9eb9310314029e4b9e3c7cf95

http://www.reddit.com/r/Bitcoin/comments/1lb5my/asicminer_refunds_the_accidental_200_btc/

ASICMiner refunds the accidental 200 BTC transaction fee. Friedcat is a true hero of the Bitcoin community

[donch]

Wider utilization of the Bitcoin Network is not a factor to predict increase/decrease in the volume or price of the transaction fees.

Wider utilisation does mean more transactions, so it does effect the volume of transactions. The percentage of transactions which include a fee, if any, is determined by:

• Pool operators' willingness to changed their bitcoind settings to prioritise fee paying transactions.
• Wallet developers' UI designs coaxing users to pay a higher fee.
• Payment gateways (such as Bitpay) doing the same.

Satoshi predicted that transaction fees should inflate as the block reward diminishes. With the ridiculous costs facing us miner mugs, now seems like a good time for that to occur. Feel free to lobby your favourite pool operator :-)

https://bitcointalk.org/index.php?topic=95837.0

[Renaud]

I just received the DHL tracking number for my order (paid the 9th of July). My order status is still "In Progress". KnC definitely needs to improve their order process which trigger lots of customer questions...

[l3sny]

Is there any thread on class action against KnC? I think the things went so wrong that damages and losses will be significant. I think  it's high time to hire some Swedish law firm to send KnC a letter. Are there any Swedish people here ?
 

well on hosting I assume you will be compensated..that too is my viewpoint..w/o such you may have a case..

on the shipping of units if they are correct say 1 week late..and they gave you 150gh more hash then you paid for...don't think your gonna get too far on that under that scenario

no hate just my opinion

Searing

There has been not a word about the compensation for the hosted units in TandC. They however compensated them. What about the other customers ? I do not mind being compensated in hardware.

[nightengale]

No responses for two days now on email sent to customer service. Status changed to "Shipped" yesterday, but have no tracking information.  Order #26XX with pay date June 24. Frustrating.

[loktang1125]

Diff adjusted to 267,731,249

[l3sny]

Is there any thread on class action against KnC? I think the things went so wrong that damages and losses will be significant. I think  it's high time to hire some Swedish law firm to send KnC a letter. Are there any Swedish people here ?
 

you have been reading to many BFL threads.

Silence is better than bullshit. Digest on that.

[dplusf]

I just received the DHL tracking number for my order (paid the 9th of July). My order status is still "In Progress". KnC definitely needs to improve their order process which trigger lots of customer questions...

Sure about DHL Tracking Code? Thought they would send with UPS? Or are you a german customer like me? :-)

[augustocroppo]

Wider utilisation does mean more transactions, so it does effect the volume of transactions.

Well, let me repeat to you, in other words: increase/decrease in the volume of transactions is not directed correlated to wider utilization. There can 1000000 users doing 100 transactions per second, as there can be 100 users doing 1000000 transactions per second. Do you got it? So your claim is far from accurate. Wider utilizations can mean more or less transactions.

The percentage of transactions which include a fee, if any, is determined by:

...and what percentage is that?

Pool operators' willingness to changed their bitcoind settings to prioritise fee paying transaction fees.

That will not happen. The tendency is pay less fees as possible.

Wallet developers' UI designs coaxing users to pay a higher fee.

That is happening, but it will find resistance to increase to a point where transactions fees are bigger than the block reward.

Payment gateways (such as Bitpay) doing the same.

That have nothing to do with the transaction fees discussed since payment gateways are not "miners".

[cognoscente]

I just received the DHL tracking number for my order (paid the 9th of July). My order status is still "In Progress". KnC definitely needs to improve their order process which trigger lots of customer questions...

339x paid July 7th, no mining activity, no shipping, no nothing, no surprise.

[donch]

Wider utilisation does mean more transactions, so it does effect the volume of transactions.

Well, let me repeat to you, in other words: increase/decrease in the volume of transactions is not directed correlated to wider utilization. There can 1000000 users doing 100 transactions per second, as there can be 100 users doing 1000000 transactions per second. Do you got it? So your claim is far from accurate. Wider utilizations can mean more or less transactions.

The percentage of transactions which include a fee, if any, is determined by:

...and what percentage is that?

Pool operators' willingness to changed their bitcoind settings to prioritise fee paying transaction fees.

That will not happen. The tendency is pay less fees as possible.

Wallet developers' UI designs coaxing users to pay a higher fee.

That is happening, but it will find resistance to increase to a point where transactions fees are bigger than the block reward.

Payment gateways (such as Bitpay) doing the same.

That have nothing to do with the transaction fees discussed since payment gateways are not "miners".

No need to go point by point. Utilisation can mean anything you want it to. If more people start using Bitcoin and buying and selling more goods the number and sum value of transactions will increase. This sounds like a good definition to me :-)

You can create SatoshiDice examples which work the other way and use that prove your point if you want.

I don't have the tools to calculate the percentage of transactions which include a fee. Do you? I asked the very same question on the developer forum:

https://bitcointalk.org/index.php?topic=309793.0

Looking at a recent block, you can see people/machines have different ideas of a reasonable fee:

http://blockchain.info/block-index/426239/0000000000000004604489e4e1788c16479c60c37f55671ddca4cf2706915a95

Generally less than 0.0001 BTC by my eye-balling. Pool operators do whatever gets them the most miners. If they started advertising their mintxfee settings, then miners could make a decision about which pool to join based on that. I'd personally join a pool which encourages a higher fee than the status quo with the long term goal of raising fees.

Payment gateways generate transactions and can add a fee to a transaction, I think you misunderstand at which point the fee is added. as another example, some of the exchanges already charge their own withdrawal fees, but you can guess that they aren't adding a percentage of that to the transaction fee, which perhaps they should :-)

I think your two replies have been a little condescending. Better to discuss rather than attack.

[WastedLTC]

Just hoping someone might be able to help as I think KnC may not reply til tomorrow. My hosted Jupiter is mining at a steady 216 Mh/s, its the same on btcguild. I have tried each pool for over an hour at a time, and the hash rate goes no higher than this. From the hosting panel, I cannot tell which firmware is applied. Any suggestions that might help? Thanks in advance for any tips.

good reason to flash  0.95 asap
and take http:// out of stratum address.

Thx for reply. My Jupiter is hosted, and I dont think I can tell which firmware update is applied. With the hosting panel address, I just have "stratum.mining.eligius.st:3334" in the pool config.

That does not sound good, I'd stay up tonight and call them... sry to hear
Have you tried just rebooting? one good way is to just reflash 0.95 on it anyway & hit apply...

Some hosted units still have issues...  I have one running at 540 and another running at 340.   KNC continues to say they are working on the issue so all we can do is wait.

[dunchy]

421x +  hosted. Double penetration. I guess the best thing I can do for my nerves is to check my knc status in two weeks from now..

[de_ixie]

421x +  hosted. Double penetration. I guess the best thing I can do for my nerves is to check my knc status in two weeks from now..

Good luck - Shipped people in the 6000+ will have their units online before you

[loktang1125]

421x +  hosted. Double penetration. I guess the best thing I can do for my nerves is to check my knc status in two weeks from now..

Good luck - Shipped people in the 6000+ will have their units online before you

lol luck doesnt help

[nightengale]

Based on the missed 15th deadline, no tracking info and reading that others were offered refunds, I requested one and got this response:

"Your miner has indeed shipped and you should receive a tracking number via email today. We have offered refunds to customers who’s miners have not yet been fully produced or shipped due to the slight delay in shipping we will be over our stated shipping date of the 15th by a couple of days.
 
It is not possible for you to decline the delivery and request a refund. If you have any further questions please do not hesitate in contacting us."

Hmph.

[Xialla]

Based on the missed 15th deadline, no tracking info and reading that others were offered refunds, I requested one and got this response:

"Your miner has indeed shipped and you should receive a tracking number via email today. We have offered refunds to customers who’s miners have not yet been fully produced or shipped due to the slight delay in shipping we will be over our stated shipping date of the 15th by a couple of days.
 
It is not possible for you to decline the delivery and request a refund. If you have any further questions please do not hesitate in contacting us."

Hmph.

We wont be offering a discount/refund and still shipping you the boxes.

Refunds are offered up to the day of shipment of your order.

Above all else we will be fair.

Sam

 

(I'm pretty sure, that this statement from KNC was one of the most important aspects during decision if preorder or not..)

[Searing]

Based on the missed 15th deadline, no tracking info and reading that others were offered refunds, I requested one and got this response:

"Your miner has indeed shipped and you should receive a tracking number via email today. We have offered refunds to customers who’s miners have not yet been fully produced or shipped due to the slight delay in shipping we will be over our stated shipping date of the 15th by a couple of days.
 
It is not possible for you to decline the delivery and request a refund. If you have any further questions please do not hesitate in contacting us."

Hmph.

hmmm....I've not gotten a ups tracking on the order they have shipped 304x supposedly yesterday or email from knc...and I also have a Saturn 520x coming..i wonder if I should take a refund on that or not.....(prob not) but I've nothing on that possibility either ....just saying...need a consistent 200 buck plus exchange on BTC need a bravery shot

Searing

[sbfree]

BITCOIN HASHING RATE IS GOING THROUGH THE ROOF....WOW

[Searing]

BITCOIN HASHING RATE IS GOING THROUGH THE ROOF....WOW

hmm.......the paranoid part of me is yelling "its a trap run" hmmm....(things are going too well.....too well I tell you....)

Searing