Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[kodtycoon]

KNC MINER DECLARES BANKRUPTCY – CHINESE COMPETITION TOO TOUGH

http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/

holy crap! they were doing something around 5% of the global hashrate. That's bad news really. Chinese competition is tough on everything which requires big numbers: no quality involved. Bitcoin is about doing calculation before others and they have too much power on it, unfortunately

Don't worry brah, BitFury still got 8%
*Not4long tho...

decentralized they said....

[finkelsteinMonster]

A bunch of scammers going out of business because they couldn't get their Bitcoin Classic bailout

Seems like just a few weeks ago Spondoolies-Tech went bankrupt

http://s33.postimg.org/r4di138vz/Capture.gif

[gijoes]

KNC MINER DECLARES BANKRUPTCY – CHINESE COMPETITION TOO TOUGH

http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/

Hopefully, they won't drag XBT Provider ETNs down with them. If this comes to pass, the loss of investor confidence in all future bitcoin-pegged assets may be devastating...

So far, they claim that all the ETN funds were fully hedged, but who knows: http://xbtprovider.com/lang_en/news

[Fatman3001]

KNC MINER DECLARES BANKRUPTCY – CHINESE COMPETITION TOO TOUGH

http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/

Hopefully, they won't drag XBT Provider ETNs down with them. If this comes to pass, the loss of investor confidence in all future bitcoin-pegged assets may be devastating...

So far, they claim that all the ETN funds were fully hedged, but who knows: http://xbtprovider.com/lang_en/news

The entire KnC Group declares bankruptcy.

[becoin]

KNC MINER DECLARES BANKRUPTCY – CHINESE COMPETITION TOO TOUGH

http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/

Hopefully, they won't drag XBT Provider ETNs down with them. If this comes to pass, the loss of investor confidence in all future bitcoin-pegged assets may be devastating...

So far, they claim that all the ETN funds were fully hedged, but who knows: http://xbtprovider.com/lang_en/news

The entire KnC Group declares bankruptcy.

Bullish!

[600watt]

And according to wisdom's FX rate Whoboi just broke $500  

Half way to the second $1k party?

did someone mention btc1k party?  

Do you have the stomach to re-up?

i haven´t solved the funding problem. ticket sales were kinda slow. we had several hundred reservations, but less then 10% actually transferred a bitcoin. when you want to have an awesome party there are expenses before the event. if funding could be solved, i´d do it again.
some early adopter millionaire should cover the expenses...  

edit

[dumbfbrankings]

Surely this is just a brief pause on the way to JJG's 3 year investment coming out of the red... right guise?

Bye KnC. Guess you shoulda decentralized your operations to China. 

[gentlemand]

Hopefully, they won't drag XBT Provider ETNs down with them. If this comes to pass, the loss of investor confidence in all future bitcoin-pegged assets may be devastating...

So far, they claim that all the ETN funds were fully hedged, but who knows: http://xbtprovider.com/lang_en/news

Wasn't the main downer regarding ETN's the fact that they depended on the health of the guarantor? ETFs don't which is why they're so much harder to create. I assume this has happened plenty of times in investmentland.

[AlexGR]

Bye KnC. Guess you shoulda decentralized your operations to China. 

The West has a huge technological advantage in things like silicon design expertise and lithography in low nm, yet it is not using it.

On top of that, western businesses are bloated compared to how lean Chinese businesses do their work. "Let's open some fancy offices that cost a million bucks, hire 3-4 secretaries for eye candy paying them 100-150k, hire a PR firm another 200-400k, hire a legal firm or a bunch of lawyers for another half a million etc etc. For a westerner it might be "reasonable" to pay tens of thousands of dollars for ...rack mounts, for a chinese it makes way more sense to go to a local metal worker and tell him to make custom steel frames for pennies.

The Chinese laugh all the way to the bank with how suicidal the Western OPEX and CAPEX are.

[Assmaster2000]

On top of that, western businesses are bloated compared to how lean Chinese businesses do their work. "Let's open some fancy offices that cost a million bucks, hire 3-4 secretaries for eye candy paying them 100-150k, hire a PR firm another 200-400k, hire a legal firm or a bunch of lawyers for another half a million etc etc.

Paying western minimal wage is a part of "etc., etc."?

[r0ach]

Bitcoin (BTC) $474.37 5.01%

[fichtn12345]

Confirmed.

[600watt]

Bye KnC. Guess you shoulda decentralized your operations to China.  

The West has a huge technological advantage in things like silicon design expertise and lithography in low nm, yet it is not using it.

On top of that, western businesses are bloated compared to how lean Chinese businesses do their work. "Let's open some fancy offices that cost a million bucks, hire 3-4 secretaries for eye candy paying them 100-150k, hire a PR firm another 200-400k, hire a legal firm or a bunch of lawyers for another half a million etc etc. For a westerner it might be "reasonable" to pay tens of thousands of dollars for ...rack mounts, for a chinese it makes way more sense to go to a local metal worker and tell him to make custom steel frames for pennies.

The Chinese laugh all the way to the bank with how suicidal the Western OPEX and CAPEX are.

not sure if you aimed your comment towards knc. i went to stockholm to check out the company when they offered their first mining hardware while everyone in the forums yelled SCAM. i run a business myself (not IT) for 20 years and i could see they were managing their business properly. so i became their first customer. sam cole is brilliant and a nice guy on top of it. i never understood all the hate. knc was at least trying to keep western companies in the race. and they did for some years. sad that it is not possible anymore.


edit: typo

[Fatman3001]

Bye KnC. Guess you shoulda decentralized your operations to China.  

The West has a huge technological advantage in things like silicon design expertise and lithography in low nm, yet it is not using it.

On top of that, western businesses are bloated compared to how lean Chinese businesses do their work. "Let's open some fancy offices that cost a million bucks, hire 3-4 secretaries for eye candy paying them 100-150k, hire a PR firm another 200-400k, hire a legal firm or a bunch of lawyers for another half a million etc etc. For a westerner it might be "reasonable" to pay tens of thousands of dollars for ...rack mounts, for a chinese it makes way more sense to go to a local metal worker and tell him to make custom steel frames for pennies.

The Chinese laugh all the way to the bank with how suicidal the Western OPEX and CAPEX are.

not sure if you aimed your comment towards knc. i went to stockholm to check out the company when their offered their first mining hardware while everyone in the forums yelled SCAM. i run a business myself (not IT) for 20 years and i could see they were managing their business properly. so i became their first customer. sam cole is brilliant and a nice guy on top of it. i never understood all the hate. knc was at least trying to keep western companies in the race. and they did for some years. sad that it is not possible anymore.

The hate came with the Neptunes and Titans

[gentlemand]

Why's anyone sad about this anyway? I thought folks here enjoyed the Free Market in action.

[600watt]

The hate came with the Neptunes and Titans

no, the hate started right the moment knc announced their first product. literally thousands of posts full of hate.

[AlexGR]

Bye KnC. Guess you shoulda decentralized your operations to China.  

The West has a huge technological advantage in things like silicon design expertise and lithography in low nm, yet it is not using it.

On top of that, western businesses are bloated compared to how lean Chinese businesses do their work. "Let's open some fancy offices that cost a million bucks, hire 3-4 secretaries for eye candy paying them 100-150k, hire a PR firm another 200-400k, hire a legal firm or a bunch of lawyers for another half a million etc etc. For a westerner it might be "reasonable" to pay tens of thousands of dollars for ...rack mounts, for a chinese it makes way more sense to go to a local metal worker and tell him to make custom steel frames for pennies.

The Chinese laugh all the way to the bank with how suicidal the Western OPEX and CAPEX are.

not sure if you aimed your comment towards knc. i went to stockholm to check out the company when they offered their first mining hardware while everyone in the forums yelled SCAM. i run a business myself (not IT) for 20 years and i could see they were managing their business properly. so i became their first customer. sam cole is brilliant and a nice guy on top of it. i never understood all the hate. knc was at least trying to keep western companies in the race. and they did for some years. sad that it is not possible anymore.

edit: typo

Not it's not aimed towards knc - the comment is generic. I have no idea how KNC run their business.

[Fatman3001]

The hate came with the Neptunes and Titans

no, the hate started right the moment knc announced their first product. literally thousands of posts full of hate.

ah, that hate. that's just bitcoin

[DeathAngel]

Was a bit exciting seeing a decent sized pump from 450 - 476 but the spark seems to have been put out.
Hopefully we don't get dumped all the way back to 450.

[dumbfbrankings]

Why's anyone sad about this anyway? I thought folks here enjoyed the Free Market in action.

Yeap, we're all about Free Markets here.