Swedish ASIC miner company kncminer.com

[Xialla]

refunded.

didn't realize you had bought a neptun. I seem to remember you were quite skeptical, but maybe I'm wrong.

yeah I was, but I want be again in game so I decided to buy one. (when BTC was over 1k $) In meanwhile, KNC turned from couple of crypto geeks to greedy business - and I really don't want to support this..

[pedrosoft]

How many days (from request) for a refund ?

[pitchbend]

So people that got their refund, how much time passed between your order changing to "Refund ready for process" and the actual refund? especially for SEPA transfers?

Also there isn't any case yet of a refund that wasn't honored right? I requested mine on Monday and I'm a bit nervous because it looks like we are in the last big wave of refunds, hopefully they made enough money with their datacenter to cover all refunds and they won't go belly up...

[jason20005]

I ordered a neptune from kncminer.cn.
They do not allow refund......

[pedrosoft]

So people that got their refund, how much time passed between your order changing to "Refund ready for process" and the actual refund? especially for SEPA transfers?

Also there isn't any case yet of a refund that wasn't honored right? I requested mine on Monday and I'm a bit nervous because it looks like we are in the last big wave of refunds, hopefully they made enough money with their datacenter to cover all refunds and they won't go belly up...

+ 1

[The Avenger]

So people that got their refund, how much time passed between your order changing to "Refund ready for process" and the actual refund? especially for SEPA transfers?

Also there isn't any case yet of a refund that wasn't honored right? I requested mine on Monday and I'm a bit nervous because it looks like we are in the last big wave of refunds, hopefully they made enough money with their datacenter to cover all refunds and they won't go belly up...

-2

[pedrosoft]

Anyone in SEPA area ?

[joeventura]

The party is about over boys and girls.

BTC is $422 USD

Every week is new bad news.

Silk Road

Gox

KNC screwing you over

US makes Bitcoin Property

China

There will be new bad news every week and Bitcoin will be down to $100 in 60 days if this continues.


Question is why would you not refund every single order you have pending where ever a refund was possible?


Any other insightful predictions ya need from me?

Going to mine 24-25 BTC with your KNC Neptune? If not than you are screwed because you paid 10 grand for it.

Each bit of bad news kills BTC by $100

3 more bad stories and we are at $100

5 more stories and its over BTC will be at $10, All companies will close, bankruptcy everywhere.
Difficulty too high on a currency worth $10. Game over.

The beautiful thing is that BTC gets stronger when the price goes down after a high since it becomes less profitible to create large mining operations and that works toward better distribution of hashing.  I'm glad that the technical foundations of bitcoin are still undefeated and that sends a good message for long term growth. I always felt that a price above 600 is short term anyway. I think we all got carried away by our visions of riches. My precious...

and it is less profitable for joe schmoo to mine and when Joe Schmoo has to spend $1000 for mining gear that will never make $500 then the game is over. Folks fail to realize this whole thing can be a worthless venture for everyone overnight.

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

[Searing]

The party is about over boys and girls.

BTC is $422 USD

Every week is new bad news.

Silk Road

Gox

KNC screwing you over

US makes Bitcoin Property

China

There will be new bad news every week and Bitcoin will be down to $100 in 60 days if this continues.


Question is why would you not refund every single order you have pending where ever a refund was possible?


Any other insightful predictions ya need from me?

Going to mine 24-25 BTC with your KNC Neptune? If not than you are screwed because you paid 10 grand for it.

Each bit of bad news kills BTC by $100

3 more bad stories and we are at $100

5 more stories and its over BTC will be at $10, All companies will close, bankruptcy everywhere.
Difficulty too high on a currency worth $10. Game over.

yeah....only option is for other "big money" to push back at least in the USA for 'sensible' regulation on the IRS laws ...there will not be
enough NEW users to btc in trade or mining under current setup (hell i'd never would have jumped into this zoo this year) gonna see what
my IRS tax liablility is....my info is on bitstamp (real info with my puny blockchain) so i'm screwed...in that bitstamp bitcoinbuilder and mt gox
all took this info with the statement it was to comply with us gov't money launder on my various wire xfers and refunds back an forth i must b
lit up like an xmas tree in a database someplace... rules etc...that and the forms i filled out to knc and such
at 10k a pop even with refunds on some...again i mean the bank wire xfers and deposit waivers we sign in usa
...so paper trail i'm screwed...I made from oct 18th till end of 2013 just over 16k and change...i figure
my taxes (maybe less with bfl losses and equip knc counted etc etc) could be as high as with state and local 6K or as low as 2k depends
on what they consider business deductable on my puny 16k which IRS says if i show any profit after expenses 25% gross income tax and 10 percent
for my state and a 13.6 percent self-employment tax (if i want equip deducted expenses etc) or so i have it figured so far..and my CPA lady
said with Bitcoin a property DON"T SELL ANY NOW ..which may be the only correct thing i did....i held all my coin
in that if it is a property it is 43% tax if kept coin less then 1 year on capital gains after coin is held 1 yr (property) then 20 % and boy
did i make captial gains last year...of course this all is off the cuff talking to here i'll let you know real deal on tuesday but looks ugly.....

anyway better to come clean don't trust the paper trail remember them nice swiss banks that sent info with the losses and equip i have this year
of taxes 2013 i'll eat it..its only 16k and if it all goes to IRS well
with the info we had from congress and treasury that BTC was being treated
as a currency..they changed their mind when the mt gox and other scandals hit the fan
looks tooo symbolic they dump this all out this harsh on march 25th and april 15th is the end of tax season
lets drive btc down real good as people cash out to pay tax man quick
also a loss ..and 2014 looks the same anyway Tuesday I do a revised tax stuff with the CPA lady i"ll let you know the damage

on the other hand i was a blazing success on my pt job last year (at least on paper)

and even if i break even (knock wood) the next 2yrs ....was kinda fun to rattle the establishments cage (now if i pay $$$ not so much)

Searing

[ImI]

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

[Crypto_Cumbrian]

Anyone in SEPA area ?

I'm UK based.

I don't think its a SEPA Transfer as the refund is in dollars and Not Euros.

When I got my SWIFT code from Barclays they did ask if it was EURO's, I said it was to be in dollars. So I don't know if there are different SWIFT codes, one for EURO (SEPA) and one for Dollars (USA).

C_C

[reactor]

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

Pyramid grows, pyramid shrinks, pyramid grows, pyramid shrinks.  Suckers to be made at every turn, always a chance that you're holding the bag.

Hopefully this will be the end of the "get rich on cryptos" bubble and we can move into the next phase of life where people start building realistic services on top of the crypto concept instead of trying to cash in on being an early adopter.  KNC went the route of anyone who had a vision for BTC in 2013/2014, basically rape the market to self fund further abuse, then not really give a damn because you've earned your retirement.  Much like BFL and some of the other early companies (Gox, BitInstant, etc.), KNC needs to go the way of the dinosaur (and fuck off while they're at it, never purchased a product from them and happy I stuck with my gut on it) so more responsible companies can enter the market.  

But hey, let's give everyone a nice parallel to real life.  Everyone hear of Oculus?  You know, that weird VR company that got a community to crowd fund it and hype it so it was the next big thing?  Then the creators basically sold out to Facebook and said "this is a good thing"?  Rewind to KNC, a small company of tech geeks who want to protect the network and build a reasonable amount of miners.  Then the community funds them, they turn around and build their own mine (thanks for the loan, community!) that further degrades the capabilities of the hardware the community purchased, and now they likely don't give a shit about Neptune returns because, for all intents and purposes, their business model rested more around selling tons of v1 and building their mine than shipping v2 in any reasonable speed, letting competitors slip in and further screw over the KNC loyalists.  

Don't ever think money won't corrupt, since the first day someone paid a single penny for BTC money has corrupted things.  Guess us folks in the US should be thankful BTC is property, not that evil money stuff.

Oh yeah, what got me started.  ImI, you just described the basic business model for MLM Pyramid schemes!  They grow, get popular, bring in a broad swath of new suckers, eventually reach saturation, suckers drop off, early adopters continue to cash out, then after the squeeze they bring in a new round of suckers.  BTC itself is not a pyramid scheme, but the community (especially mining) acts a lot like it.

[wpgdeez]

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

And how long is that difficulty going to take to drop if it is at 5 billion and 75% off the hashrate disappears. Going to take a long time to the next retarget.

[RenHoek]

today i asked for a rerfund of my b1 Neptun.

1 ca Neptun order left.


(i also asked for refund for my 1st Monarch, 1 Monarch order left)

[faetos]

If nothing else the bad news on bitcoin that Joe described will discourage new suckers from throwing money to these rqtbags.these losers are going to die off eventually due to lack of incoming sucker cash. Look at BFL and you'll see how they're no longer a player nor relevant to our industry. The same will happen to knc and the rest of the scammers.

[rograz]

If current BTC price holds/falls I give it 1 month before mining gear turns into a buyers market, it will be ugly for the HW manufacturers

[Mota]

If nothing else the bad news on bitcoin that Joe described will discourage new suckers from throwing money to these rqtbags.these losers are going to die off eventually due to lack of incoming sucker cash. Look at BFL and you'll see how they're no longer a player nor relevant to our industry. The same will happen to knc and the rest of the scammers.

The difference is the money knc made and the amount of mining power they have right now. Unless there is a mayor desaster in the making which will crush their farm they will be relevant for at least a few years more. They have enough money and technology now to stay on top for way longer than anyone else.
As long as there is no company which massproduces miners for nearly no cost there will be no one to really counteract knc now. Would have been possible before the neptune preorders though.

This is also one of the mayor causes for the steady decline in price, btw. While small miners sold only as much as they needed in order to get ROI and held most of their assets in Bitcoin there was no steady new input into the market. Now there are thousands of Bitcoins per day from KNC and other farms to push and push while the demand is not that high.

[Biodom]

If nothing else the bad news on bitcoin that Joe described will discourage new suckers from throwing money to these rqtbags.these losers are going to die off eventually due to lack of incoming sucker cash. Look at BFL and you'll see how they're no longer a player nor relevant to our industry. The same will happen to knc and the rest of the scammers.

This is also one of the mayor causes for the steady decline in price, btw. While small miners sold only as much as they needed in order to get ROI and held most of their assets in Bitcoin there was no steady new input into the market. Now there are thousands of Bitcoins per day from KNC and other farms to push and push while the demand is not that high.

Exactly, that's why every person who wants bitcoin to survive should get an Ant S1 or something similar-cheap, reliable and widely distributed.

[the-skeptic]

Does Sweden allow class-action lawsuits? From what I understand, the Swedes can come down pretty hard on people for fraudulent claims, ie. "We will never mine with more the 5% of what we....Oh wait, welcome to the largest BTC mining farm in the world!

I haven't been paying attention for the past 300 pages, so I'm not sure if this has been discussed here.

[Cablez]

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

An even better question is if BTC goes to $10 why mine at all? That same $10k gets you 1000 coins which is a much better proposition for the future.