Swedish ASIC miner company kncminer.com

[soy]

I'm not sure I understand the complaints about mining farms undermining non-centralization.  That was from the days of mining using Bitcoin-QT, with the CPU both maintaining a current record of the blockchain and mining. 

The point was that there were copies of the entire blockchain on every computer using Bitcoin-QT or bitcoind.  That was what needed to not be centralized.

Our miners do not maintain a blockchain with all the blocks.  The pools do tho and some who solo mine might, don't know.

[joeventura]

I'm not sure I understand the complaints about mining farms undermining non-centralization.  That was from the days of mining using Bitcoin-QT, with the CPU both maintaining a current record of the blockchain and mining. 

The point was that there were copies of the entire blockchain on every computer using Bitcoin-QT or bitcoind.  That was what needed to not be centralized.

Our miners do not maintain a blockchain with all the blocks.  The pools do tho and some who solo mine might, don't know.

we need a bitcoin supernode

[Searing]

I'm not sure I understand the complaints about mining farms undermining non-centralization.  That was from the days of mining using Bitcoin-QT, with the CPU both maintaining a current record of the blockchain and mining. 

The point was that there were copies of the entire blockchain on every computer using Bitcoin-QT or bitcoind.  That was what needed to not be centralized.

Our miners do not maintain a blockchain with all the blocks.  The pools do tho and some who solo mine might, don't know.

we need a bitcoin supernode

elaborate please (to the other guy who got a dripping wet Jupiter if i remember correctly heh)

Searing

[wpgdeez]

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

[1Neptune]

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

Your credit union should be able to provide you with the information from what's called their correspondent bank so that you can get the wire transfer sent to you, then credited to your account. You'll probably need to get with an officer of the credit union as the tellers and "front facing" clerks generally can't get the required information about the credit union's account with a bank that you'll need.

Basically your credit union has an account at a bank that they use for processing transactions through the ACH and fed wire transfer systems, and SWIFT. That's the account that will need to receive the wire transfer from KnC, then once received credit the amount to your credit union account.

Good luck.

[DPoS]

bitcoin mining != everything about bitcoin... 

What KnC is doing just screws up what role avg miners thought about themselves but doesn't hurt bitcoin in general.
There are still the same amount of coins popping up each day... as Satoshi envisioned


If avg miners 'take their toys and go home' big deal.  They were only in for the speculation just like traders no matter how much they try to state their case.

[dropt]

bitcoin mining != everything about bitcoin... 

What KnC is doing just screws up what role avg miners thought about themselves but doesn't hurt bitcoin in general.
There are still the same amount of coins popping up each day... as Satoshi envisioned


If avg miners 'take their toys and go home' big deal.  They were only in for the speculation just like traders no matter how much they try to state their case.

If you can subvert mining you can subvert Bitcoin.  Having massive corporate/single "hand" pools centralizes mining and makes it substantially easier for an entity to subvert.

[wpgdeez]

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

Your credit union should be able to provide you with the information from what's called their correspondent bank so that you can get the wire transfer sent to you, then credited to your account. You'll probably need to get with an officer of the credit union as the tellers and "front facing" clerks generally can't get the required information about the credit union's account with a bank that you'll need.

Basically your credit union has an account at a bank that they use for processing transactions through the ACH and fed wire transfer systems, and SWIFT. That's the account that will need to receive the wire transfer from KnC, then once received credit the amount to your credit union account.

Good luck.

I did talk to an officer at the bank and provided KNC with the exact information. Funds are received by a US correspondence bank (JP Morgan) Swift code #1. From there the funds get sent to the Benificiary Bank in Canada, swift code#2 and account number of my beneficiary bank (local branch) this is where I have a transit #, Payee Name, Payee Acct # and Payee address.

KNC's Response to my legit info:

I can confirm that order 125XX has 1 miner and the price you paid 10,166 USD The bank details are not clear for us as you are providing with two bank accounts, two SWIFT codes and there is no routing/clearing number. The fields that we have in our banking system to fill in for transactions are:

Full name of account holder - The full name of the bank - The complete address of your bank - The routing/clearing number - The account number - SWIFT - Payment Comments: Please specify details, as in case if we type them wrong, there is possibility for payment not to reach the account.

[AussieHash]

I sure hope one day that someone invents a faster, cheaper, instant way to transfer value from person to person over the Internet that cuts out legacy banks all together.

[Syke]

I sure hope one day that someone invents a faster, cheaper, instant way to transfer value from person to person over the Internet that cuts out legacy banks all together.

Something that could to that internationally would be worth thousands of dollars per unit.

[lemonte]

I sure hope one day that someone invents a faster, cheaper, instant way to transfer value from person to person over the Internet that cuts out legacy banks all together.

Something that could to that internationally would be worth thousands of dollars per unit.

Good news!

[Syke]

I sure hope one day that someone invents a faster, cheaper, instant way to transfer value from person to person over the Internet that cuts out legacy banks all together.

Something that could to that internationally would be worth thousands of dollars per unit.

Good news!

Wow!

[Gator-hex]

I'm not sure I understand the complaints about mining farms undermining non-centralization.  That was from the days of mining using Bitcoin-QT, with the CPU both maintaining a current record of the blockchain and mining.  

The point was that there were copies of the entire blockchain on every computer using Bitcoin-QT or bitcoind.  That was what needed to not be centralized.

Our miners do not maintain a blockchain with all the blocks.  The pools do tho and some who solo mine might, don't know.

There are two things you do not understand about decentralizing the mining.

1) It makes it hard for those who hate Bitcoin to close us down.
2) It makes transactions more secure. If a farm/pool has enough share to complete 10 transactions in a row it means you cannot know they didn't cheat until you get 10+ confirmations and the integrity of the blockchain is confirmed by another farm/pool.

You will find the biggest ASIC makers both run the biggest farms and pools. It becomes a conflict of interest. You trust these people with you wealth?

[mo_mo]

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

Your credit union should be able to provide you with the information from what's called their correspondent bank so that you can get the wire transfer sent to you, then credited to your account. You'll probably need to get with an officer of the credit union as the tellers and "front facing" clerks generally can't get the required information about the credit union's account with a bank that you'll need.

Basically your credit union has an account at a bank that they use for processing transactions through the ACH and fed wire transfer systems, and SWIFT. That's the account that will need to receive the wire transfer from KnC, then once received credit the amount to your credit union account.

Good luck.

I did talk to an officer at the bank and provided KNC with the exact information. Funds are received by a US correspondence bank (JP Morgan) Swift code #1. From there the funds get sent to the Benificiary Bank in Canada, swift code#2 and account number of my beneficiary bank (local branch) this is where I have a transit #, Payee Name, Payee Acct # and Payee address.

KNC's Response to my legit info:

I can confirm that order 125XX has 1 miner and the price you paid 10,166 USD The bank details are not clear for us as you are providing with two bank accounts, two SWIFT codes and there is no routing/clearing number. The fields that we have in our banking system to fill in for transactions are:

Full name of account holder - The full name of the bank - The complete address of your bank - The routing/clearing number - The account number - SWIFT - Payment Comments: Please specify details, as in case if we type them wrong, there is possibility for payment not to reach the account.

it took me a month to get a refund I ran into the same situation as you my bank needed a settlement bank for USD funds, so I provided my bank swift code and the settlement bank swift code to them, the first refund request was rejected but I was never notified..., 2 weeks later I emailed support again to see what happen then they told me the info was wrong, I checked with the bank multiple times about the wire instructions info so I gave them the same info to KNC then it was rejected again, so 3 weeks passed still no refund, the only solution that I got to go around this is to take out the settlement bank info and receive the funds in the currency of your country instead of USD

[sbfree]

since we are on the subject, here's a tidbit from someone who knows a thing or two.

I got some info I have to follow up on that a couple of private farms just brought large multi petihash farms online in the last couple weeks. If I get this verified I will post about it.

The "Unknown" category has grown at Blockchain.info's Hashrate Distribution report. I know it's not entirely accurate, but the Unknown category has either benefitted enormously from a bout of luck or it has expanded greatly.

KNC moved it's private farm (2-3+ PH/s now I believe) off Eligius and went solo mining in the last week or two (hard to remember, Bitcoin time doesn't feel like real time).  So that added a big chunk to 'Unknown'.

[wpgdeez]

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

Your credit union should be able to provide you with the information from what's called their correspondent bank so that you can get the wire transfer sent to you, then credited to your account. You'll probably need to get with an officer of the credit union as the tellers and "front facing" clerks generally can't get the required information about the credit union's account with a bank that you'll need.

Basically your credit union has an account at a bank that they use for processing transactions through the ACH and fed wire transfer systems, and SWIFT. That's the account that will need to receive the wire transfer from KnC, then once received credit the amount to your credit union account.

Good luck

I did talk to an officer at the bank and provided KNC with the exact information. Funds are received by a US correspondence bank (JP Morgan) Swift code #1. From there the funds get sent to the Benificiary Bank in Canada, swift code#2 and account number of my beneficiary bank (local branch) this is where I have a transit #, Payee Name, Payee Acct # and Payee address.

KNC's Response to my legit info:

I can confirm that order 125XX has 1 miner and the price you paid 10,166 USD The bank details are not clear for us as you are providing with two bank accounts, two SWIFT codes and there is no routing/clearing number. The fields that we have in our banking system to fill in for transactions are:

Full name of account holder - The full name of the bank - The complete address of your bank - The routing/clearing number - The account number - SWIFT - Payment Comments: Please specify details, as in case if we type them wrong, there is possibility for payment not to reach the account.

it took me a month to get a refund I ran into the same situation as you my bank needed a settlement bank for USD funds, so I provided my bank swift code and the settlement bank swift code to them, the first refund request was rejected but I was never notified..., 2 weeks later I emailed support again to see what happen then they told me the info was wrong, I checked with the bank multiple times about the wire instructions info so I gave them the same info to KNC then it was rejected again, so 3 weeks passed still no refund, the only solution that I got to go around this is to take out the settlement bank info and receive the funds in the currency of your country instead of USD

KNC agreed to refund in a different currency than USD? How did they do the conversion rate?

Thanks!

[faustus66]

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

I just had two neptunes refunded, it took around 3 days, I had the advantage of a bank account with an international bank (HSBC) and an account denominated in USD (even through resident in Oz). Reducing the number of middlemen banks sped this up dramatically. KnC look to be banking with a major bank so they can transfer and clear directly with other major banks around the world. Smaller banks do not directly deal with each other so the larger banks act as intermediaries, should the details not match exactly there are more points along the way where they are checked and rejected. They can be rejected on simple grounds of the account name not matching, i.e. the account name being Alice & Bob and the refund being only in the name of Alice.

It can take 2 weeks for the banking messages to flow back down the line from point of failure.

Gendal did a great article last year about how bank transfers work and after reading it I could see why I've had problems with international transfers in the past, things got a lot easier when I opened USD denominated accounts because they are only offered by the bigger banks, these accounts are free but you need to keep some funds in them.

http://gendal.wordpress.com/2013/11/24/a-simple-explanation-of-how-money-moves-around-the-banking-system/

[wpgdeez]

It would be nice if they would just refund in BTC since there are so many problems. Just get it done!

[vtrac]

I got my refund in about 5 business days.

[Searing]

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

go to a comerical bank or very large banks (they have SWIFT codes) your bank is probably correct you do NOT need a swift code to recieve $$$

BUT the Swedish banks seem to think you need them both ways savings and loans don't have them etc

so shop around commercial bank etc get a bank that either has a SWIFT  code or has run into this problem themselves like my NEW bank does
and has a work around through an account with a big bank that is my advice

worked for me (my old bank which i have a checking account with yet STILL claims i'm full of it they we're very annoyed when i told them I got
my 2nd refund thru the new bank because they don't know what they are talking about



NOTE

also  seems i remember some people were isolated in usa in areas w/o their banks having a clue ...give knc all the above info they DID make exceptions and pay in bitcoin for those pain in the ass banks with issues if i remember correctly may not be ideal...but they may be getting sick of playing tag on wire xfers not working to usa accounts and do so out of frustration i'd ask on that as an option

all i got good luck

Searing