Swedish ASIC miner company kncminer.com

[frankenmint]

This has been said before. May times over. Do not invest more than you can comfortably lose. And never, ever borrow money to put into high-risk investments.

Different mining calculators said that I couldn't lose and this was not high risk.

Should have looked at it likethis:

Hardware is a PC. Its pretty much a sunk cost...period.  Don't buy them with expectation of gaining anything.  This is like the same thing as Nuclear winter.  Can't start a hot war because then everyone who breathes the same air is now poisoned...just like how now that everyone has access to mondoloads of hashpower your sliver of that same size of pie is now going to be smaller than crumbs upon crumbs upon crumbs

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[Searing]

KNCMINER hardware owns 20% of the network according to http://thegenesisblock.com/bitcoin-network-doubles-2-phs-four-weeks-first-1-phs-took-4-7-years/. What ever happened to "Network protection statement" ?

that article probably didn't calculate bitfury in, but whatever

will be interesting to see when KNC gets its next lot out after Nov 15th if they will really halt production until feb/march to protect the network...they had a disclaimer thou if the others still ship in mass they would match...but KNC says they will never mine more then 5% I think it was of what they sell...so the question is ....do they sit back and mine  at lower difficulty and take their time on next gen mining equip and skip this whole flood from nov thru feb and just sit back and mine....perhaps really pulling something even better out of the old 'tech shed' and/or..getting kudos from the knc customers and pre-orders for their next run of machines....by being not quite so blantant in their approach to this business (ie we want repeat customers) ..or do they try to keep up with everyone else and keep/expand market share...trying to stamp out BFL and others before they re-coup?

(hmmm.....will probably be more drama and such with these ASIC miners then a season of Game of Thrones...."To play the game of ASIC Mnfg you win or you die!"



see the below clip all sorts of sayings from the series correspond with asic mining ..the use of power and such...heh...

http://www.youtube.com/watch?v=Dku_Uya8Ygc

Searing

[ur0pl]

it would be nice if bitcoin went over 200 again or i could sell my equipment on ebay for 10k or so

[ur0pl]

KNCMINER hardware owns 20% of the network according to http://thegenesisblock.com/bitcoin-network-doubles-2-phs-four-weeks-first-1-phs-took-4-7-years/. What ever happened to "Network protection statement" ?

that article probably didn't calculate bitfury in, but whatever

will be interesting to see when KNC gets its next lot out after Nov 15th if they will really halt production until feb/march to protect the network...they had a disclaimer thou if the others still ship in mass they would match...but KNC says they will never mine more then 5% I think it was of what they sell...so the question is ....do they sit back and mine  at lower difficulty and take their time on next gen mining equip and skip this whole flood from nov thru feb and just sit back and mine....perhaps really pulling something even better out of the old 'tech shed' and/or..getting kudos from the knc customers and pre-orders for their next run of machines....by being not quite so blantant in their approach to this business (ie we want repeat customers) ..or do they try to keep up with everyone else and keep/expand market share...trying to stamp out BFL and others before they re-coup?

(hmmm.....will probably be more drama and such with these ASIC miners then a season of Game of Thrones...."To play the game of ASIC Mnfg you win or you die!"



see the below clip all sorts of sayings from the series correspond with asic mining ..the use of power and such...heh...

http://www.youtube.com/watch?v=Dku_Uya8Ygc

Searing

you are lucky that you could get a refund

[ur0pl]

What are KNCMiner's plans on being able to upgrade units?

[ur0pl]

God I hope bitcoin soars up to 160 by the end of the month.

[Searing]

KNCMINER hardware owns 20% of the network according to http://thegenesisblock.com/bitcoin-network-doubles-2-phs-four-weeks-first-1-phs-took-4-7-years/. What ever happened to "Network protection statement" ?

that article probably didn't calculate bitfury in, but whatever

will be interesting to see when KNC gets its next lot out after Nov 15th if they will really halt production until feb/march to protect the network...they had a disclaimer thou if the others still ship in mass they would match...but KNC says they will never mine more then 5% I think it was of what they sell...so the question is ....do they sit back and mine  at lower difficulty and take their time on next gen mining equip and skip this whole flood from nov thru feb and just sit back and mine....perhaps really pulling something even better out of the old 'tech shed' and/or..getting kudos from the knc customers and pre-orders for their next run of machines....by being not quite so blantant in their approach to this business (ie we want repeat customers) ..or do they try to keep up with everyone else and keep/expand market share...trying to stamp out BFL and others before they re-coup?

(hmmm.....will probably be more drama and such with these ASIC miners then a season of Game of Thrones...."To play the game of ASIC Mnfg you win or you die!"



see the below clip all sorts of sayings from the series correspond with asic mining ..the use of power and such...heh...

http://www.youtube.com/watch?v=Dku_Uya8Ygc

Searing

you are lucky that you could get a refund

not sure about the refund yet..a guy posted he got such for hosting...not sure if it applies in that I think 'everyone' in now in processing mode rather then paid at knc we will see
if they send it i'll keep it..if they don't prob best to wait till this madness is over the next couple months (then again i'm always wrong feel free to re-post this which ever way it goes.it will be useful in proving me clueless yet again...) also yeah refund did not learn that lesson with BFL (maybe this time?)

(if I get refund btc will go to 500 a coin...if I don't get  a refund it will go to 50 bucks a coin....the ASIC gods hate me imho)

Searing

[Searing]

What are KNCMiner's plans on being able to upgrade units?

to tell you the honest truth I bet they don't have a clue yet..i bet they look around after the 2nd knc run of machines after Nov 15th and then try to get a handle on it

It is just too fluid with too many players and too many closed 'order books" for anyone imho to make an even "uneducated guess"

Searing

[timmmers]

it would be nice if bitcoin went over 200 again or i could sell my equipment on ebay for 10k or so

You could mine a few days, whack it on Ebay with a reserve (and avoid paypal to avoid problems..maybe local pickup as it's big and fragile?) while the auction runs...it sells OK you make break even, it doesn't not much of a downside

We missed the days when mining made people rich by some margin...any other frame of mind will hurt.
I always knew this, and accepted the risk of KnC turning out to be another company talking hot air but based on the reports 1st hand and other research it was a decent set of hole cards to play. The fact that they made the deadline and then fucked up the simple stuff is massively disappointing, as are the lies about "in progress" ..no fucking way they have a rig "in progress" for 3 days when they say they are completing 350 a day.

Live and learn, save what you can, make sure no-one else stand in the same dog turd unawares....that's all we can do.

On an important sidenote, how helpful has Pheonix been on this thread? Amazing.

[de_ixie]

FYI - They happily give refunds for hosting because they can not fullfill their contract in timely manner 

[spiccioli]

339x paid July 7 Jupiter DHL to Texas

Nice, this confirms my idea that their hosting offer is a FRAUD, plain and simple.

If they were able to ship your unit, where is mine that I paid on June 12th?

Those who paid more are served later than those who paid less, go figure!

spiccioli

ps. obviously their customer care is not able to answer this simple question and keeps repeating that they're doing their best... 'Orama, what do your new friends tell you about this clusterfuck that is the hosting solution?

I got an email from Emilia stating they're going to refund my Jupiter and my hosting's costs.

So, hosting is not a fraud, but simply a clusterfuck.

Anyway, the fact they're refunding customers due to current hosting situation is the correct and honest way to handle it and I have to say that I appreciate it.

spiccioli

[genykm]

Just received mail that my order 32XX ready for pick-up 

[xstr8guy]

To everyone whining about not making "ROI" or not being able to get a refund...
Just sell your damn miner on eBay for a nice profit!  Hell, you could probably even mine with it for a week or two and still sell it for a profit.

Unfortunately this no longer works for BFL product.  Singles are now selling for less than list price.  So don't sit on your KNC miners for too long.

[ur0pl]

KNCMINER hardware owns 20% of the network according to http://thegenesisblock.com/bitcoin-network-doubles-2-phs-four-weeks-first-1-phs-took-4-7-years/. What ever happened to "Network protection statement" ?

that article probably didn't calculate bitfury in, but whatever

What about Network protection statement? It's not KnC, but their hardware. The hardware itself is spread out among many players.

Unlike other companies, Kncminer has their own production line machines because they partnered up for an exclusive deal with Orsoc. Now, being that they had more production power than anyone else in the bitcoin hardware selling game, they could have put a smaller limit on how many units they would make. That way, it would have protected the network and protected the buyers because those who could not make ROI wouldn't even be able to buy a unit. However, they didn't. I could argue that they ruined the network even rather than protecting it. They exploited it with their production power. They could have set a limit like hashfast did of 550 units and a batch like system. instead, they sold god know how many units, but it must be an outrageous amount if these network speeds jump so much around the time they start shipping.

If they don't want blame for ruining the network, then where is the transparency of how many units they sold.

[demonmaestro]

theres a couple of Jupiters  on ebay for 14K....  

[ur0pl]

To everyone whining about not making "ROI" or not being able to get a refund...
Just sell your damn miner on eBay for a nice profit!  Hell, you could probably even mine with it for a week or two and still sell it for a profit.

Unfortunately this no longer works for BFL product.  Singles are now selling for less than list price.  So don't sit on your KNC miners for too long.

I could only hope that I could sell my jupiters. I am going to try to get at least 10k for each.

[Meizirkki]

KNCMINER hardware owns 20% of the network according to http://thegenesisblock.com/bitcoin-network-doubles-2-phs-four-weeks-first-1-phs-took-4-7-years/. What ever happened to "Network protection statement" ?

that article probably didn't calculate bitfury in, but whatever

What about Network protection statement? It's not KnC, but their hardware. The hardware itself is spread out among many players.

Unlike other companies, Kncminer has their own production line machines because they partnered up for an exclusive deal with Orsoc. Now, being that they had more production power than anyone else in the bitcoin hardware selling game, they could have put a smaller limit on how many units they would make. That way, it would have protected the network and protected the buyers because those who could not make ROI wouldn't even be able to buy a unit. However, they didn't. I could argue that they ruined the network even rather than protecting it. They exploited it with their production power. They could have set a limit like hashfast did of 550 units and a batch like system. instead, they sold god know how many units, but it must be an outrageous amount if these network speeds jump so much around the time they start shipping.

If they don't want blame for ruining the network, then where is the transparency of how many units they sold.

the problem with your analogy is, that KnC is not responsible for the growth. They're just a small part of it.

They didn't fuck the network, only their customers.

[ur0pl]

KNCMINER hardware owns 20% of the network according to http://thegenesisblock.com/bitcoin-network-doubles-2-phs-four-weeks-first-1-phs-took-4-7-years/. What ever happened to "Network protection statement" ?

that article probably didn't calculate bitfury in, but whatever

What about Network protection statement? It's not KnC, but their hardware. The hardware itself is spread out among many players.

Unlike other companies, Kncminer has their own production line machines because they partnered up for an exclusive deal with Orsoc. Now, being that they had more production power than anyone else in the bitcoin hardware selling game, they could have put a smaller limit on how many units they would make. That way, it would have protected the network and protected the buyers because those who could not make ROI wouldn't even be able to buy a unit. However, they didn't. I could argue that they ruined the network even rather than protecting it. They exploited it with their production power. They could have set a limit like hashfast did of 550 units and a batch like system. instead, they sold god know how many units, but it must be an outrageous amount if these network speeds jump so much around the time they start shipping.

If they don't want blame for ruining the network, then where is the transparency of how many units they sold.

the problem with your analogy is, that KnC is not responsible for the growth. They're just a small part of it.

They didn't fuck the network, only their customers.

If you were a day 1 or day 2 customer, then you made a nice profit by now. Sucks for the rest of the customers who wont make ROI.

[timmmers]

theres a couple of Jupiters  on ebay for 14K....  

Maybe, but what happens when one of them burns or has other problems? Either by user error or whatever.
Could be a nightmare. lol

[ur0pl]

10 usa bucks says that bitcoin goes to 160 by the end of the month.