KnCMiner Jupiter Shares

[KnCMiningOp]

KnC received the payment already. I sent John K my login info to their site.

good news. hope the servers come in Sept 2013.

I confirm that the order at KnC is paid for as confirmed by the system. I've forwarded the escrow funds to him as per his instructions already.

Thanks everyone.

Thanks John,

Wintermute, as per our agreement, I've pushed payment for my shares to you on BTCT.

.b

Payment confirmed.

[jonsi]

Status: 0/unconfirmed, broadcast through 6 nodes
Date: 03/07/2013 17:47
To: KncMiningOp 1vsNpyK548ew789iKTXprsK2SKYvMyiXD
Debit: -3.00 BTC
Transaction fee: -0.0001 BTC
Net amount: -3.0001 BTC
Transaction ID: 46ba9ffbe4a1bc24070ca52bccda2e139cc8e116cf8c67ba866f7d6adec3aa15


Payment for 30 shares.

[KnCMiningOp]

Status: 0/unconfirmed, broadcast through 6 nodes
Date: 03/07/2013 17:47
To: KncMiningOp 1vsNpyK548ew789iKTXprsK2SKYvMyiXD
Debit: -3.00 BTC
Transaction fee: -0.0001 BTC
Net amount: -3.0001 BTC
Transaction ID: 46ba9ffbe4a1bc24070ca52bccda2e139cc8e116cf8c67ba866f7d6adec3aa15


Payment for 30 shares.

Payment confirmed. This concludes the first group buy, be on the look out for a second one coming soon!

[ninjaboon]

Thanks for getting the Jupiter online.

[KnCMiningOp]

Thanks for getting the Jupiter online.

Sure thing. Testing the third Jupi per KnC now, hopefully I can get an RMA ASAP.

[fikie]

s

[a28hz]

Hi, as it seems that we don't have a common thread for the shareholders of these groupbuys I'll post here.

Until now the the procedure for consulting has been via email but I'm starting to feel uncomfortable with the way that decisions are made, without and open discussion about it and I feel that affect the profit for us, I would like to hear openly about:

1. Investment on shares (most of them has lost all its value, currently -8.95 BTC).
2. Using shareholders investment for paying paypal fees of new investors.
3. It seems that the Neptune is going to have high requirements of power, is the current location (electric installation) prepared for hosting 2+ Neptunes? what is the estimated cost if not?
4. Using 20% for mining altcoin when we haven't run at full power for more than a week for the problems with the Jupiter3, is it really worth it?
5. Mining reinvestments.

Cheers,

a28hz.

[KnCMiningOp]

Hi, as it seems that we don't have a common thread for the shareholders of these groupbuys I'll post here.

Until now the the procedure for consulting has been via email but I'm starting to feel uncomfortable with the way that decisions are made, without and open discussion about it and I feel that affect the profit for us, I would like to hear openly about:

1. Investment on shares (most of them has lost all its value, currently -8.95 BTC).
2. Using shareholders investment for paying paypal fees of new investors.
3. It seems that the Neptune is going to have high requirements of power, is the current location (electric installation) prepared for hosting 2+ Neptunes? what is the estimated cost if not?
4. Using 20% for mining altcoin when we haven't run at full power for more than a week for the problems with the Jupiter3, is it really worth it?
5. Mining reinvestments.

Cheers,

a28hz.

Hi,

I don't think anyone saw this from the Group Buy. I'll send them all an email to stop by.

To address your concerns:

1. Yes you are right which is why no further re-investment has been made since BTCT has gone under.
2. We paid for BTC fees and escrow fees as well. I don't see how that is any different. In addition that was back then and now Paypal is no longer a payment option.
3. No it is not which is why on the new threads I put down $500-$2,500 additional cost for an electric circuit to be run.
4. I believe that most people agreed with this decision. PPC is a solid alt coin and I believe there will be a benefit.
5. Not sure what you mean, but we did purchase a Neptune with them. Please elaborate.

George

[bitcoinsucker1]

Hey all.

I think we need to continue purchasing new hardware.  I was kinda worried about adding more shares for the second Neptune.  Did this dilute our shares or new new shareholders only get the Ghs from the second neptune?  I am not a major share holder so I kept quite on it and let other decide.

As long as PPC is for valuable then BTC I think its smart for us to mine it. 

Future investment I think we are on the right track with the Purchase of the Neptune.  I do not see any other devices worth purchasing.  Which the difficulty finally calming down with mining (16% increase last time).  We should start seeing pretty static payouts. 

I really think this is a well run mining operation and George has done awesome with communication.   

[madpoet]

My understanding was the Neptune bought with reinvestment funds was just ours as part of the original GB but the others were a separate GB and would not dilute our shares?  Thats actually a very good question though.

[KnCMiningOp]

My understanding was the Neptune bought with reinvestment funds was just ours as part of the original GB but the others were a separate GB and would not dilute our shares?  Thats actually a very good question though.

You are correct the first Neptune was purchased with the re-investment funds and did not dilute shares. In fact it did the opposite. Here is the math:

J = Jupiter
N = Neptune

3 J           3000   1650 GH/s       0.55 GH/s per share
3 J + 1 N   3000   4500               1.5
3 J + 2 N   4000   7500               1.875
3 J + 3 N   5000   10500             2.1

[KnCMiningOp]

Hey all.

I think we need to continue purchasing new hardware.  I was kinda worried about adding more shares for the second Neptune.  Did this dilute our shares or new new shareholders only get the Ghs from the second neptune?  I am not a major share holder so I kept quite on it and let other decide.

As long as PPC is for valuable then BTC I think its smart for us to mine it. 

Future investment I think we are on the right track with the Purchase of the Neptune.  I do not see any other devices worth purchasing.  Which the difficulty finally calming down with mining (16% increase last time).  We should start seeing pretty static payouts. 

I really think this is a well run mining operation and George has done awesome with communication.   

As you can see with the above math adding more shares does not dilute your GH per share.

All GH are grouped together once they come online and thank you.

George

[Bill Bisco]

I'm highly in favor of mining altcoins.  I would say if we can make money mining altcoins great!  I'd say if we broke even or even lost a little money I'd still be in favor of it because their value will no doubt increase in time and if we can get a significant # of them, all the better for us.

[a28hz]

Hi, as it seems that we don't have a common thread for the shareholders of these groupbuys I'll post here.

Until now the the procedure for consulting has been via email but I'm starting to feel uncomfortable with the way that decisions are made, without and open discussion about it and I feel that affect the profit for us, I would like to hear openly about:

1. Investment on shares (most of them has lost all its value, currently -8.95 BTC).
2. Using shareholders investment for paying paypal fees of new investors.
3. It seems that the Neptune is going to have high requirements of power, is the current location (electric installation) prepared for hosting 2+ Neptunes? what is the estimated cost if not?
4. Using 20% for mining altcoin when we haven't run at full power for more than a week for the problems with the Jupiter3, is it really worth it?
5. Mining reinvestments.

Cheers,

a28hz.

Hi,

I don't think anyone saw this from the Group Buy. I'll send them all an email to stop by.

To address your concerns:

1. Yes you are right which is why no further re-investment has been made since BTCT has gone under.
2. We paid for BTC fees and escrow fees as well. I don't see how that is any different. In addition that was back then and now Paypal is no longer a payment option.
3. No it is not which is why on the new threads I put down $500-$2,500 additional cost for an electric circuit to be run.
4. I believe that most people agreed with this decision. PPC is a solid alt coin and I believe there will be a benefit.
5. Not sure what you mean, but we did purchase a Neptune with them. Please elaborate.

George

Hi George,

1. I understand that close those positions is going to be hard without exchange, what happen with the DMS.SELLING shares? could you sell those?
2. I don't agree on this one, one thing are expenses of doing business for example an escrow fee for buying a miner and another different if a new shareholder send $10 you receive $9 and cover the extra dollar with money from the reinvestment fund, you are right, it was back then, but I think the difference is important.
3. ok, clear, I wasn't following the group buy for the second neptune.
4. ok, I personally believe that dividing efforts with altcoins (particularly if they are sha256 based) will hurt the early bitcoin adopters in the future, but if the majority of shareholder think its financially wise, great.
5. I'm just want to hear the toughs of everybody about when stop reinvesting on mining, it's fun and it's true that the new Neptune is going to keep us on the game for a little while, but the reality is that we invested 225BTC on the 3 Jupiters and we are going to recover 1/3? of that, we are just lucky that the prices of bitcoin made us break even.


Thank you for giving visibility to my questions, answer them and all the work done until now.

a28hz.


 

[KnCMiningOp]

Hi, as it seems that we don't have a common thread for the shareholders of these groupbuys I'll post here.

Until now the the procedure for consulting has been via email but I'm starting to feel uncomfortable with the way that decisions are made, without and open discussion about it and I feel that affect the profit for us, I would like to hear openly about:

1. Investment on shares (most of them has lost all its value, currently -8.95 BTC).
2. Using shareholders investment for paying paypal fees of new investors.
3. It seems that the Neptune is going to have high requirements of power, is the current location (electric installation) prepared for hosting 2+ Neptunes? what is the estimated cost if not?
4. Using 20% for mining altcoin when we haven't run at full power for more than a week for the problems with the Jupiter3, is it really worth it?
5. Mining reinvestments.

Cheers,

a28hz.

Hi,

I don't think anyone saw this from the Group Buy. I'll send them all an email to stop by.

To address your concerns:

1. Yes you are right which is why no further re-investment has been made since BTCT has gone under.
2. We paid for BTC fees and escrow fees as well. I don't see how that is any different. In addition that was back then and now Paypal is no longer a payment option.
3. No it is not which is why on the new threads I put down $500-$2,500 additional cost for an electric circuit to be run.
4. I believe that most people agreed with this decision. PPC is a solid alt coin and I believe there will be a benefit.
5. Not sure what you mean, but we did purchase a Neptune with them. Please elaborate.

George

Hi George,

1. I understand that close those positions is going to be hard without exchange, what happen with the DMS.SELLING shares? could you sell those?
2. I don't agree on this one, one thing are expenses of doing business for example an escrow fee for buying a miner and another different if a new shareholder send $10 you receive $9 and cover the extra dollar with money from the reinvestment fund, you are right, it was back then, but I think the difference is important.
3. ok, clear, I wasn't following the group buy for the second neptune.
4. ok, I personally believe that dividing efforts with altcoins (particularly if they are sha256 based) will hurt the early bitcoin adopters in the future, but if the majority of shareholder think its financially wise, great.
5. I'm just want to hear the toughs of everybody about when stop reinvesting on mining, it's fun and it's true that the new Neptune is going to keep us on the game for a little while, but the reality is that we invested 225BTC on the 3 Jupiters and we are going to recover 1/3? of that, we are just lucky that the prices of bitcoin made us break even.


Thank you for giving visibility to my questions, answer them and all the work done until now.

a28hz.

1. I took them off the assets list as I thought the last dividend was a payout of the remaining fund. I could swear I saw a post that said the fund was closing. Which I can't find now. Looking over there thread it looks like DMS is relisting on another exchange. I sent an email to Deprived to confirm and when I have time I'll go through their 80 page thread.
2. I'm sorry you don't agree. The GB paid for everyone's fees, not just Paypal. So the same math you applied to Paypal applies to BTC.
5. We didn't invest 225 BTC. It was around 150 BTC and $8K USD. We have already made back about 66 BTC. Since I paid for my BTC with USD I see our selves as already making ROI in USD terms.

a28hz, Sounds like you are not happy with the way I'm running things and that is understandable I can't make everyone happy. If that is the case please consider putting your shares up for auction: https://bitcointalk.org/index.php?topic=336900

If you can't find anyone to take them of your hands. I'll personally offer you $10 USD per share or the same in BTC based on Coinbase exchange rate.

George

[Its About Sharing]

Hey George,

How difficult would it be to have a website to vote on things? (e.g. Mining alt coins, etc.) I'm not programmer so am just asking.
Then everyone can see what the vote is, it could be transparent for all I care, then there can be no questions about "How the vote went".

I appreciate your hard work and fast communication along the way,
IAS

[KnCMiningOp]

Hey George,

How difficult would it be to have a website to vote on things? (e.g. Mining alt coins, etc.) I'm not programmer so am just asking.
Then everyone can see what the vote is, it could be transparent for all I care, then there can be no questions about "How the vote went".

I appreciate your hard work and fast communication along the way,
IAS

Hey,

I'm working on a website. I can't find one already made that takes into account different share amounts...

I'm implementing a system where all votes will be visible and everyone will be able to see each others votes.

I'm trying to be as transparent as I can and I think I might be one of the, if not the, most transparent GB Admin out there and thank you.

George

[venom.oca]

A28z , i buy your shares!!!

[a28hz]

Hi George, don't take my questions as personal attack, I have hold my shares because your management has been impeccable but as shareholder I want to maximize my profit simply the accounts on the spreadsheet were not clear enough for me and I wanted to hear some wisdom from the other shareholders specially about mining PPC.

I'm looking forward to try your new platform, it's a really good idea.

a28hz.

[a28hz]

A28z , i buy your shares!!!

I wasn't thinking on selling but I'm open to offers, what's yours venom.oca?