Swedish ASIC miner company kncminer.com

[s1gs3gv]

Also other posts state KNC plans to have all Titans out within 3 weeks.....so working or not seems to be the plan by KNC.

They want to pre-empt legal action based on non-delivery.

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[johnyj]

What the fuck is this meaning?

Due to the relatively young nature of the scrypt mining market we are not currently offering refunds on our scrypt mining products.

What has the scrypt mining market have to do with getting a legal refund? Such morons...

It has everything to do with why they did not offer refunds right from the start - they knew that ASIC mining would kill off scrypt coins and anyone who bought an scrypt ASIC would regret it. Legal or not is a different issue....

They are not as fast as you, just 1 year slower than you to discover that fact

[jadefalke]

wow that's heavy, even the former Trustworth company's turn into scam, almost no Serious Company
left where you can buy Miner. I feel sorry for the Guys who are still waiting for there Miner ;(

[cryptomole]

FYI
I have just made a complete copy of the whole KNC Forum! I will keep it updated day by day.

Since they no longer need nor want consumers any more, it makes sense that they'll take down their forum like cointerra.
http://www.reddit.com/r/Bitcoin/comments/2k73h2/knc_becomes_mining_corporation_and_stops_selling/

"Suppose we find out that Monopoly Mining Inc. is evil... then what?" lol

 Seriously, where have you been hiding?  They ARE!

I've been hiding in the Black Arrow thread, signed up an X3 right after the Jupiter shipped; still waiting almost a year later.  

if we all work together WE CAN do something about this!
BUT if we just complain about the injustice we will have completely lost our money and KNC will sail into the sunset with their ill gotten gains!
As I say - we need to pool resources and work together - we should sort out a dedicated platform for anyone interested in pursuing this.
I have talked to 5 different lawyers - in the US - in the UK and in Sweden
It seems we have a good case both as consumers and business customers.
I am prepared to follow up and continue research and progress things with the help of others if others are committed to this course of action.
Otherwise we have definitely lost our investment

Please indicate if you want to work together and be involved in a group action against these guys?
If nobody is really going to do anything I will just pursue this on my own - But Im NOT going to sit down and let them get away with this!

[s1gs3gv]

if we all work together WE CAN do something about this!

Enthusiasm is good but you also need a plan.

Would you like to comment on my earlier post https://bitcointalk.org/index.php?topic=170332.msg9289612#msg9289612 on the subject of organizing group legal action against KNC ?

[suzukii]

FYI
I have just made a complete copy of the whole KNC Forum! I will keep it updated day by day.

Since they no longer need nor want consumers any more, it makes sense that they'll take down their forum like cointerra.
http://www.reddit.com/r/Bitcoin/comments/2k73h2/knc_becomes_mining_corporation_and_stops_selling/

if we all work together WE CAN do something about this!
BUT if we just complain about the injustice we will have completely lost our money and KNC will sail into the sunset with their ill gotten gains!
As I say - we need to pool resources and work together - we should sort out a dedicated platform for anyone interested in pursuing this.
I have talked to 5 different lawyers - in the US - in the UK and in Sweden
It seems we have a good case both as consumers and business customers.
I am prepared to follow up and continue research and progress things with the help of others if others are committed to this course of action.
Otherwise we have definitely lost our investment

Please indicate if you want to work together and be involved in a group action against these guys?
If nobody is really going to do anything I will just pursue this on my own - But Im NOT going to sit down and let them get away with this!

Hi.Count me in.  Since my becoming a new dad & working almost 17 hours a day, (this includes travel time, 1.5 hours drive in each direction), I don't have the time I used to in reading & keeping up with the forums. I still have my Neptune batch 2 just sitting in a box that it arrived in back on Sept. 2nd even though I tried to get a refund since mid april 2014.
I was contacted by that law firm trying to setup a class action suite. Here's the link: kncclassaction.com.
I don't know what else to do. If there's an alternative then count me in.
-Suzukii.

[BorisWCR]

Sorry for asking if the answer is all ready on this forum....

But does anybody has already received his TITAN from the 1e batch ?

If not, does anybody know when KnC will start shipping the Titan 1e batch finally ?

Or is this also a scam and do we lost our money we paid in front for buying and delivering our Titan's ?

Thanks in front for answering dear fellow miners ......

[elasticband]

I think this is maybe one of the funniest bitcoin videos i have ever witnessed - https://www.youtube.com/watch?v=D1GSKnJLcDg

[customminer]

Sorry for asking if the answer is all ready on this forum....

But does anybody has already received his TITAN from the 1e batch ?

If not, does anybody know when KnC will start shipping the Titan 1e batch finally ?

Or is this also a scam and do we lost our money we paid in front for buying and delivering our Titan's ?

Thanks in front for answering dear fellow miners ......

Nope, still not got mine.
I'll be refusing the delivery, fuck knc.

[The Avenger]

What the fuck is this meaning?

Due to the relatively young nature of the scrypt mining market we are not currently offering refunds on our scrypt mining products.

What has the scrypt mining market have to do with getting a legal refund? Such morons...

It has everything to do with why they did not offer refunds right from the start - they knew that ASIC mining would kill off scrypt coins and anyone who bought an scrypt ASIC would regret it. Legal or not is a different issue....

They are not as fast as you, just 1 year slower than you to discover that fact

ckolivas pointed this all out for people in this thread months ago:

They know the score, and that's why they offer no refunds for the scrypt miner. Titan will kill all scrypt mining since its only alleged advantage is that it is not mined by ASICs. Once ASICs are mining it in vast quantities, the only people who will have any interest in LTC and friends are those who already own a lot of it. If there is no real advantage or purpose to LTC and the profit margins for mining disappear and turn into absolute losses, those who preordered with a no-refund policy will get royally shafted.

Yeah, that was March. He was correct.

People who are a surprised knc are devious cunts with no regards for their customers and ltc is tanking just didn't read the zillion warning signs posted all over this thread by myself and many many other people.

I could quote a million of my posts, but here's just one:

As I've said many times before, knc have nothing but contempt for their customers. They just see them as annoying idiots/imbeciles with wallets to take advantage of. We'll see this play out again for sure.

It did. What did we have to do to get you guys not to order from these fuckers? It was like watching lemming line up at the edge of a cliff when all you guys were putting cash down on Titans.

I got burned by these guys with faulty hardware almost a year to the day and I saw then they didn't give a damn or feel any obligation to provide customers with fully functional hardware. They've only got worse and more greed/more disrespectful of customers since then.

You guys who are getting involved in a law suit - organise yourselves! Maybe set up a forum where you can discuss your plans, don't just each individually hand over cash to some lawyer. Good luck with it

[s1gs3gv]

I won't argue with Avenger's basic premise that KNC seem to be cunts but the rest of his self-congratulatory I told-you-so rant can't go without comment.

LTC's current depressed valuation is not a result of the existence of scrypt ASICs. It began quite a long time ago and has tracked BTC closely. It isn't just LTC that is in the dumps. It has lots of good company in the crypto-coin world, BTC being the most well known.

If you want to argue that ASIC's have killed BTC and that LTC valuation has tracked BTC, then that is different argument.

In general alt-coins have a lot of advantages over BTC. For example, they provide an area where experimentation can take place without the risks associated with BTC changes. Many of them are more suitable for use in payment systems due to their fast block time. Many are more profitable to mine than BTC for the average guy with a rig at home. The list goes on. I respect Con's experience and contributions to the cryptocoin world but his comment sounds a bit like an alt-coin hater and Avenger's comments sound a bit like he's still coming to terms with his own mistakes.


By all means organize a group action against KNC but get smart and come up with a workable plan.

[brammien]

Everyone best take a look at this, we need to reach out to these guys and get ball rolling. Sign up if you haven't yet. http://insidebitcoins.com/news/kncminer-denies-abandoning-customers-though-admits-it-will-mine-for-its-own-benefit-possible-lawsuits-loom/25700

[Searing]

Everyone best take a look at this, we need to reach out to these guys and get ball rolling. Sign up if you haven't yet. http://insidebitcoins.com/news/kncminer-denies-abandoning-customers-though-admits-it-will-mine-for-its-own-benefit-possible-lawsuits-loom/25700

The above article was corrected to say the KNC still plans to sell equipment in the future...fat fricking chance of anyone ordering a pre-order in large amounts from them again

just lying and covering their butts looks better to say after the article is written that you will make equipment .....PR lie and correction by KNC imho

[AussieHash]

The only thing Knc will sell direct to consumers from here is their cloud hashing contracts. And people will still buy them.

[murraypaul]

It has everything to do with why they did not offer refunds right from the start - they knew that ASIC mining would kill off scrypt coins and anyone who bought an scrypt ASIC would regret it. Legal or not is a different issue....

[...]
In general alt-coins have a lot of advantages over BTC. For example, they provide an area where experimentation can take place without the risks associated with BTC changes. Many of them are more suitable for use in payment systems due to their fast block time.

That is true of both SHA256 and scrypt alt-coins.
The advantage that scrypt alt-coins had were that they were not mineable by ASICs.
When scrypt ASICs come along, that advantage goes away.
Alt-coins have simply moved to different algorithms, and as each one gets overwhelmed by hardware, will continue to find new ones to move to.
The simple act of producing and selling scrypt ASICs renders them almost worthless.

[s1gs3gv]

The advantage that scrypt alt-coins had were that they were not mineable by ASICs.

I know that this is a popular view and it is encouraged by those communities built around alt-coins which are still GPU based, but ...

There is no advantage to being unable to mine a coin with ASICs. ASIC mining strengthens alt-coins in the same way it strengthens BTC, by increasing the security of the network. Nor do ASICs cause decentralization of the network.

The reason many alt-coins adopt non-scrypt based algorithms is because they are trying to protect the self interests of their members, who are typically GPU users, not for the good of network security. There were GPU haters, there are ASIC haters and there will always be a community of luddites who perceive their self interest avoiding change.

Scrypt ASICs will be as common and inexpensive as GPUs are in the near future. There is no logical reason to fear them and every reason to adopt them.

[murraypaul]

The advantage that scrypt alt-coins had were that they were not mineable by ASICs.

I know that this is a popular view and it is encouraged by those communities built around alt-coins which are still GPU based, but ...

There is no advantage to being unable to mine a coin with ASICs.

Don't tell me, tell them.
If people believe that not being ASIC mineable is a good thing, they will shift to non-ASIC mineable coins, and the value of the ASIC-mineable coins will fall.
It doesn't matter whether their view of the cause is right or not, if the effect is the same.

[vesperwillow]

The advantage that scrypt alt-coins had were that they were not mineable by ASICs.

I know that this is a popular view and it is encouraged by those communities built around alt-coins which are still GPU based, but ...

There is no advantage to being unable to mine a coin with ASICs. ASIC mining strengthens alt-coins in the same way it strengthens BTC, by increasing the security of the network. Nor do ASICs cause decentralization of the network.

The reason many alt-coins adopt non-scrypt based algorithms is because they are trying to protect the self interests of their members, who are typically GPU users, not for the good of network security. There were GPU haters, there are ASIC haters and there will always be a community of luddites who perceive their self interest avoiding change.

Scrypt ASICs will be as common and inexpensive as GPUs are in the near future. There is no logical reason to fear them and every reason to adopt them.

^- On the mark. I've had this discussion numerous times with people. They don't get it, and a month down the road, aren't sure why they lost their investment in XYZ new altcoin. Some people just will never get it.

[s1gs3gv]

The advantage that scrypt alt-coins had were that they were not mineable by ASICs.

I know that this is a popular view and it is encouraged by those communities built around alt-coins which are still GPU based, but ...

There is no advantage to being unable to mine a coin with ASICs.

Don't tell me, tell them.
If people believe that not being ASIC mineable is a good thing, they will shift to non-ASIC mineable coins, and the value of the ASIC-mineable coins will fall.
It doesn't matter whether their view of the cause is right or not, if the effect is the same.

I know we are going off-topic a bit here, though these arguments are relevant to KNC and the Titan in many ways, so I'll just close by saying:

You've got the cart before the horse here. The value of coins doesn't fall because miners stop mining them. Miners are incentivized by profit. They stop mining coins which aren't profitable. Sure, some GPU miners will quit mining coins that you can mine with an ASIC, because there is no profit in it for them, just like a lot of CPU miners stopped mining BTC when GPU mining became possible. BTC survived the transition from CPU to GPU to ASIC and so will scrypt coins.

[Gyrsur]

I think this is maybe one of the funniest bitcoin videos i have ever witnessed - https://www.youtube.com/watch?v=D1GSKnJLcDg

$450 a day reward with one Titan? in there dreams maybe --> www.coinwarz.com

BTW video outside looks like Netherlands but it could also be Hamburg the guys talk German sometimes.