[Groupbuy] Jupiter KNCMiner (0.5 BTC shares) 12 sold! [CLOSED] !!!

[hasher87]

You can send your BTC directly to your wallet, but funding your account must go through weexchange.

Can you explain to me how ?
I had a look at their FAQ:

Where do I go to deposit or withdraw BTC?
A: To transfer either way, you MUST link a WeExchange account. (Click here for instructions linking a WeExchange Account)
To Deposit BTC:
Log into WeExchange and click on 'Direct Exchange'->'Merchants'. Enter the amount in BitFunder's deposit field.
To Withdraw BTC:
Goto the Transactions page and look on the right hand side.


Seems to me I need a WeExchange account :-(

Yes you will need to have a WeExchange account. You dont have to be fully verified to even receive/withdraw your bitcoin. Just create an account on WeExchange, link the merchant to Bitfunder, and you are good to go

TLDR;
Bitfunder dividend-> WeExchange wallet-> Your Wallet

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[Cryptocables]

I DO NOT like to have another account to be able to receive BTC.
Isn't the point of BTC is to be able to avoid a middleman at all?

EDIT: It looks like bitfunder decided to force BTC to weexchange, for LTC they allow direct address.

I agree with this also. I rather just have it directly deposited to my wallet on my machine, and avoid 3rd party/middle man websites as well. If they can do it to a WeExchange account they can do it directly to a BTC account thats specified. It's rather odd that LTC is able to do direct but not BTC. Something seems off.

IMPORTANT: the payout address you use in your bitfunder account will be the payout address for dividends.

I also got this as part of a PM regarding the whole sign up thing, whats the point in signing up with your public BTC address with Bitfunder then if its not directly deposited into my BTC wallet? This whole message implied it would be directly deposited. You can assign shares with a user name, but the public Bitcoin address seems pointless and redundant then. I guess I am confused.

Additionally its another account and login information to remember, I hate all these accounts I have now and it would suck to have to keep track of another one. Just my two satoshis as well.

[PeZ]

whats the point in signing up with your public BTC address with Bitfunder then if its not directly deposited into my BTC wallet? This whole message implied it would be directly deposited. You can assign shares with a user name, but the public Bitcoin address seems pointless and redundant then. I guess I am confused.

I'm a little confused about that too. Is Weexchange only used for buying and selling shares while dividends are directly deposited to the public BTC address?

[BenTuras]

Bitfunder dividend-> WeExchange wallet-> Your Wallet

My issue is it is a manual action. I want it to be automatic and limit the middle man attack risk.
Tyrion has stated he is in touch with WeExchange to see if it can become automatic, so let's wait and see.

[PeZ]

I am really suspicious about these exchanges operating in the US without proper licensing. They aren't even qualified in their home country (Australia) to be a money service provider. They claim to be incorporated in Canada, but Canadian banks require money service providers involved in virtual currency to follow US FinCEN guidelines or get locked out of their accounts.

[tyrion70]

Hey guys,

First off I want to stress that we can't force you to use bitfunder or weExchange. If you don't want to use it just let us know and we'll process those payments manually no offence taken (especially due the confusion we might have added ourselves;))

As with all bitcoin sites though (as far as I'm concerned) don't ever keep all your coins in an online wallet. Your shares are safe there (we will be making an export of the shareholdlist on a regular basis), so even if something happens to bitfunder we will still be able to payout dividends.

There are a few reasons for using bitfunder or an exchange for that matter. It makes shares easily and securely transferable to someone else, they can grow in value, and it makes our life paying dividends a little easier.

Like Ben said, I'll contact Jon to see if it might be possible to payout dividends directly. Again, if you don't want to use bitfunder, just let us know.

Cheers

[dnaleor]

Hey guys,

First off I want to stress that we can't force you to use bitfunder or weExchange. If you don't want to use it just let us know and we'll process those payments manually no offence taken (especially due the confusion we might have added ourselves;))

As with all bitcoin sites though (as far as I'm concerned) don't ever keep all your coins in an online wallet. Your shares are safe there (we will be making an export of the shareholdlist on a regular basis), so even if something happens to bitfunder we will still be able to payout dividends.

There are a few reasons for using bitfunder or an exchange for that matter. It makes shares easily and securely transferable to someone else, they can grow in value, and it makes our life paying dividends a little easier.

Like Ben said, I'll contact Jon to see if it might be possible to payout dividends directly. Again, if you don't want to use bitfunder, just let us know.

Cheers

direct payment is indeed better, but the benefits of having shares at an exchange (rather than in a spreadsheet) is even better. We could indeed sell our shares very easely if we want to

[mxmz.in]

bitfunder is clearly promoting another service - weexchange - by limiting our choice and the whole affair just doesn't make sense. bitfunder says they do it to avoid unnecessary work of having to deal with BTC payments and improve security, but in reality they are still required to do per-person payments to our weexchange accounts. So, instead of simply paying to a BTC address they now have a much more complicated system of linking bitfunder accounts to weexchange, which degrades overall security and stability.

For some it might be good to have their funds consolidated in weexchange, but this should be an option and bitfunder must respect user's choice. Let's wait how tyrion70's negotiations with bitfunder end up.

EDIT: and the payments should be automatic - there should be no need to go and click on a button each time the dividends are paid.

[ewibit]

EDIT: and the payments should be automatic - there should be no need to go and click on a button each time the dividends are paid.

+1
we have enough work to do...

[hayek]

PPL please calm down...

We don't even know if KNC will deliver ASICs and now you talk about bitfunder and wechange, we have some time till sept./oct.

Tyrion and BlastBob made great work to organize and order equipment, please don't blame them for using of bitfunder, they don't need any additional workload.

Be patient and enjoy beautiful summer, just go out somewhere

Good sentiment, summer should definitely be taken advantage of.

On the other hand, this is just the voice of consumer demand. It' nothing personal, just business. It looks like the majority of us have <400 shares each. I can understand the larger investors and those who manage many ventures having different needs.

Anyway, cheers Tyrion and BlastBob. I think things are being handled well and these other details are polish that can be worked out along the way.

[tyrion70]

Hey everyone!

Just a short update; so far 71 people have reacted. Only 4 have indicated they would like payments directly not trough bitfunder. We will still check with Bitfunder to see if automatic payments are an option, but bitfunder definately seems a go.

If you haven't reacted yet (or changed your mind) please let us either know your bitfunder ID or drop us a note that you don't want to use bitfunder (no hard feelings). In the latter case we will send you another PM confirming your payment address.

Cheers and enjoy summer (33 degrees here today!)

[btceic]

Tyrion70,
Are any spots still open for non payment or drop outs?

Also, I would like to petition the group for a vote on purchasing additional miners.

[Kushedout]

Also, I would like to petition the group for a vote on purchasing additional miners.

I Agree, and may I suggest k16s/Avalon clones. As soon as Avalon delivers the chips, the market will be flooded by K16/Avalon clones and given the competition, we might get good deal on bulk purchase and get the ball rolling on mining on a chance KNC doesn't deliver on time. Could be separate fund (pledge) at first and if it goes trough, convert it to shares, somehow.
 
Just trowing some ideas out there. 

[ilpirata79]

Please, consider me for the next one (10 shares).

regards,
ilpirata79

[LiteBit]

I'd like to suggest opening a new thread related to this IPO of ADDICTION in the Securities thread.  That will give it marketability, exposure and get us away from this group buy. 

And you can answer this question in that thread too:
Any thought on opening price?

In group buy .5 BTC got you 2.823 GB hashing power.  So 1 BTC got you 5.646 GB hashing power.
If we IPO and Bitcoin is @ $100 for example and 1 BTC gets you 200 shares in ADDICTION then each share IPO is $.50. I'm assuming you're tying the share price to BTC value vs. fiat value.  So each share is 0.005 BTC which equals 28.23 MH/s hashing power as explained in IPO summary.  I apologize if any of this is redundant. 

Again, please open an [ANN][Bitfunder][IPO]ADDICTION thread in Securities since we are now in a new phase of this mining collective.

Cheers,
LiteBit

[ilpirata79]

So you're not buying any new miner?

Regards,
ilpirata79

[KSV]

i m definitely in if you gonna get more miners

[tyrion70]

Hi Tyrion, I'm one of those who pm you that it's ok to use Bitfunder. Then I created an account in WeExchange and am not able to verify my email account. I got the error "Sorry, the code you provided is invalid". Sent an email to support and I haven't got any response in two days.
So definetely think I prefer not to use Weexchange if possible. I don't think it give us any added value and in deed is causing me some troubles.

Hey Godzilla,

How unfortunate to hear.. I just registered another account with bitfunder and weexchange but that worked out (I still needed another personal account).. I'll definately ask Jon about this, did u send an email to support@WeExchange.co ?

Cheers

[yxxyun]

do I realy need get verified on weexchange? now my status is Account Type: Personal   |   Status: Unverified

I had verified the email ,but not street address, and I do not want to upload my identification . So in this status ,can I use the weexchange to got my dividend?

[LiteBit]

do I realy need get verified on weexchange? now my status is Account Type: Personal   |   Status: Unverified

I had verified the email ,but not street address, and I do not want to upload my identification . So in this status ,can I use the weexchange to got my dividend?

I believe you can still withdraw from weexchange without a verified account.  read their faqs. i think they say that.