CoinTerra announces its first ASIC - Hash-Rate greater than 500 GH/s

[plato14]

Yes my order says EARLY January.

[VolanicEruptor]

So for every day that passes which is no longer EARLY JANUARY, I am losing about $500 at this difficulty level.
That is $1500 so far, which I will hold CT liable for.  I don't care what other ASIC manufacturers are doing, my standards are based on promises by CT

The more we stand up against this, and the more pressure we put on them, the less likely they are to make any further delay. 

Happy Hashin!

[aerobatic]

So for every day that passes which is no longer EARLY JANUARY, I am losing about $500 at this difficulty level.
That is $1500 so far, which I will hold CT liable for.  I don't care what other ASIC manufacturers are doing, my standards are based on promises by CT

The more we stand up against this, and the more pressure we put on them, the less likely they are to make any further delay. 

Happy Hashin!

i think youre overstepping your expectations there.   your only recourse is to ask for a refund.. there's no way on earth theyre going to compensate you for anything you think you wouldve earned and didnt.

you cant hold ct liable for anything except the terms of service that you both agreed to when you placed the order. 

theyre not going to pay you any cash for bitcoins you didnt mine while you're waiting for your miner to arrive.  yet again, no bitcoin mining company would ever agree to that.

i dont ever recall any bitcoin company promising that... and it certainly wont be in the ToS that we all agreed to.

be realistic.  (1) theyre not yet late (and we'll soon find out if theyre going to be).  (2)... if they are late, theyve already agreed with us in the ToS what theyre going to do about it.  and (3)  this doesnt seem to be a company that hides in the corner avoiding contact with their customers...   they have had regular (weekly) updates on their site (the last one was last tuesday) so we're 5 days in since their last update and video...  and i think we're all pretty hopeful that since last week they showed us a working miner, that this week they will talk about when we're going to get them.   you can start jumping up and down if you dont like their next update (or two) but to do so now, would be a little crazy dontcha think?

[VolanicEruptor]

Only someone who works for CT would say all that.  You are obviously not waiting for a machine, and people should notice this.  Stop comparing yourself to what the other companies have done.  It won't work.

I suggest all of us adopt zero tolerance for this BS.  If we work as a group, we can stop this and get what we deserve

Also keep in mind that there is a lot more a stake since BTC took such a jump.  People will more likely take action, contrary to customers of VMC who are happy to get their refunds since their orders are garbage anyway

[RickJamesBTC]

No, you absolutely have no claim against the company for profits you would have made mining with the machine. Don't be ridiculous. You are owed a machine. As it ships later and later, you get to make the decision if you want a refund or not. If they deny you a refund, then you have a claim for that. Let's keep it real simple here, you don't get to sue the shovel maker for the gold you didn't dig out of the ground when the shovel shows up late.

There should be zero tolerance. I can't believe how greedy people will let a company sit on their funds for months longer than promised in hopes that they will get a machine that they can still make profits from. It's the same stupid behavior people who are victims of ponzi schemes and con artists follow, they keep throwing money at a pit, or believing the lies instead of going to the police because a slick talker convinces them that great profits are coming if they just wait a little longer.

[DPoS]

Only someone who works for CT would say all that.  You are obviously not waiting for a machine, and people should notice this.  Stop comparing yourself to what the other companies have done.  It won't work.

I suggest all of us adopt zero tolerance for this BS.  If we work as a group, we can stop this and get what we deserve

Also keep in mind that there is a lot more a stake since BTC took such a jump.  People will more likely take action, contrary to customers of VMC who are happy to get their refunds since their orders are garbage anyway

the guy has been shilling in this thread the whole time.. and is most likely one of the angel investors that already has a cut of the pre-orders and whether he gets a miner or not is just gravy for him

he is right when he mentions that hashfast is their main competitor... lol acting just like them now

[CanadianGuy]

I'm gonna sue the shit out of these guys, false advertising is not excused by a contract.

[DPoS]

I'm gonna sue the shit out of these guys, false advertising is not excused by a contract.

like buying a horse to train for the derby and getting one with a bum knee a month after the race!!

what is there to complain about???

[Bicknellski]

As the community matures and spreads knowledge about the dangers of investing in pre-orders one can only hope that newer companies come into our community and offer things that exist in real time. This sort of thing is going to continue over and over again until a few companies put stock on the shelf to satisfy the would be miner.

[testerx]

If you guys looked at the contracts the December units aren't late until 1/31/2014 and the January units until 2/31/2014 so they still have a little while.  That said, they better deliver the December units within the upcoming week or they're not gonna be able to get all these units out on time even by their original contract.

[testerx]

As the community matures and spreads knowledge about the dangers of investing in pre-orders one can only hope that newer companies come into our community and offer things that exist in real time. This sort of thing is going to continue over and over again until a few companies put stock on the shelf to satisfy the would be miner.

There are plenty of companies that sell real time equipment, but the price per GHash is quite different. 

[Supercomputing]

If you guys looked at the contracts the December units aren't late until 1/31/2014 and the January units until 2/31/2014 so they still have a little while.  That said, they better deliver the December units within the upcoming week or they're not gonna be able to get all these units out on time even by their original contract.

The December and the early January batches are officially late based on Cointerra's own marketing materials and press releases. What you see in the contract is the maximum number of days of lateness before they have to compensate you. I hope that you see the difference.

With that said, I reserve judgment about Cointerra's ability to engineer the most cost effective and the most power efficient Bitcoin miner on the planet. For now, that crown goes to KnCMiner. I am not going to throw out my Jupiter miners in the trash just yet; or even my Butterfly Labs mini rigs.

When Cointerra releases their nominal power consumption and the nominal GH/s figures per TerraMiner IV, then we will see if they lived up to their own hype.

[testerx]

If you guys looked at the contracts the December units aren't late until 1/31/2014 and the January units until 2/31/2014 so they still have a little while.  That said, they better deliver the December units within the upcoming week or they're not gonna be able to get all these units out on time even by their original contract.

The December and the early January batches are officially late based on Cointerra's own marketing materials and press releases. What you see in the contract is the maximum number of days of lateness before they have to compensate you. I hope that you see the difference.

With that said, I reserve judgment about Cointerra's ability to engineer the most cost effective and the most power efficient Bitcoin miner on the planet. For now, that crown goes to KnCMiner. I am not going to throw out my Jupiter miners in the trash just yet; or even my Butterfly Labs mini rigs.

When Cointerra releases their nominal power consumption and the nominal GH/s figures per TerraMiner IV, then we will see if they lived up to their own hype.

Of course I see the difference but since I'm also familiar with how badly ASIC manufacturers bungle their dates, and sat around waiting over a year for BFL to deliver I expected the worst. 

[aerobatic]

Only someone who works for CT would say all that.  You are obviously not waiting for a machine, and people should notice this.  Stop comparing yourself to what the other companies have done.  It won't work.

I suggest all of us adopt zero tolerance for this BS.  If we work as a group, we can stop this and get what we deserve

Also keep in mind that there is a lot more a stake since BTC took such a jump.  People will more likely take action, contrary to customers of VMC who are happy to get their refunds since their orders are garbage anyway

VE -

dont be ridiculous.  im a wholesale customer of several of the bitcoin mining companies and so speak to the founders regularly.  as you'd expect, bigger customers have a tiny bit more 'access'.  I have a pretty big order with both hashfast and cointerra (tens of systems).  Actually, in dollar terms, my order with hashfast is bigger than my order with cointerra simply because it was supposed to be delivered earlier and thus cost more per gh.  both hashfast and cointerra would probably confirm i may well be in the top ten of their customers but nowhere the biggest with either of them.   i am also a happy customer of kncminer and have several jupiters hashing away at their hosting center and i never fail to say how awesome they are or what a good job they did... and ive also bought miners from bfl, bitfury and invested in asicminer.  in short, i try to be balanced and try to order from several bitcoin mining companies at the same time to spread my risk but also keep me abreast of what everyone's up to.

my background is in computer games, microprocessors and online poker, and more recently bitcoin mining.   i am reasonably technical, having been both a software guy all my life and also a strong tech background (my team invented the Super FX chip for nintendo... which was one of the first 3d graphics chips - maybe even the first GPU ever).  It was inside the game StarFox.  We also made the game Croc, which was one of the first '3d platform games'.

i just want to try and help you be realistic.  your order with cointerra may be similar to mine.  and in my case, what happens if theyre late is spelled out quite clearly, but for you to assume they are already late, when theyre not technically late seems like jumping the gun.  if youre not happy, ask for a refund.  im not in that position.  im reasonably confident i will get my miners and i think they were very well priced (a good deal, compared to the others ive bought).

-- Jez

[Searing]

er.....any idea of how many cointerra units are gonna flow out in each batch?

(assuming they ship at the end of the month)

I'm currently bored and playing the "I wonder what difficulty will be in April 2014 game".....I know it is sad 

Searing

[aerobatic]

er.....any idea of how many cointerra units are gonna flow out in each batch?

(assuming they ship at the end of the month)

I'm currently bored and playing the "I wonder what difficulty will be in April 2014 game".....I know it is sad  

Searing

its not just how many cointerra are making.  i think they're running slower in their production than some of the others, who have made more aggressive orders...

but the combination of knc, hashfast, bfl, cointerra, bitfury, bitmine, black arrow, amt, avalon, asicminer, 21e6, etc etc... all of them are going to be pushing up the difficulty a lot.

i suspect that april,, being less than 3 months away.. we could still well be in the period where we're nearly doubling each month but starting to slow..  so lets say we were 10 ph on jan 1st.. so 20 is likely on feb 1st, 35-40 on march 1st.. so i think its possible to be around 70-80 ph on april 1st.   What do you think?

[Searing]

er.....any idea of how many cointerra units are gonna flow out in each batch?

(assuming they ship at the end of the month)

I'm currently bored and playing the "I wonder what difficulty will be in April 2014 game".....I know it is sad  

Searing

its not just how many cointerra are making.  i think they're running slower in their production than some of the others, who have made more aggressive orders...

but the combination of knc, hashfast, bfl, cointerra, bitfury, bitmine, black arrow, amt, avalon, asicminer, 21e6, etc etc... all of them are going to be pushing up the difficulty a lot.

i suspect that april,, being less than 3 months away.. we could still well be in the period where we're nearly doubling each month but starting to slow..  so lets say we were 10 ph on jan 1st.. so 20 is likely on feb 1st, 35-40 on march 1st.. so i think its possible to be around 70-80 ph on april 1st.   What do you think?

well I'm no wiz at math so jump in here and do better by all means..but I have a 555gh Jupiter oct order it now hashes (slush) since the last diff change about .13btc a day.....since I got the miner in oct there have been if I remember right 10 diff changes....the ave if I remember right was 26% or some such as an ave...so if you figure 30% change with everyone dumping equip the next 10 diff changes it looks extremely dodgy......

so figure the Neptune by knc at 3th as far as I know is the last of this run of spring stuf to supposedly come out ..figure middle of april as a guess

then of course a lull for the next go around of folks making machines and selling them where you put electricity in one end and money comes out the other end

my concern is at least for  a few days in oct before my 1st diff change I was getting 1 BTC a day for a 7131usd unit at 555gh

fall comes and you would probably pay like 25K with lots and lots of power to get if you are very lucky IMHO with this dump of equip from now till then .25btc a day...as difficulty this year has the doors blown off

so bitcoin is gonna have to do something way better then 810usd on bitstamp imho or miners (the cheerleaders of bitcoin) will be noticeably silent and or absent

now if ebay and others say they are taking bitcoin makes little diff if you are making say .25btc a day if it is 3K a coin or some such...but something or I guess I should say MANY things will have to move our way to get over this april speed bump imho

feel free to correct me I'm just kibitzing here on my "fears' don't ya know

Searing

[plato14]

Only someone who works for CT would say all that.  You are obviously not waiting for a machine, and people should notice this.  Stop comparing yourself to what the other companies have done.  It won't work.

I suggest all of us adopt zero tolerance for this BS.  If we work as a group, we can stop this and get what we deserve

Also keep in mind that there is a lot more a stake since BTC took such a jump.  People will more likely take action, contrary to customers of VMC who are happy to get their refunds since their orders are garbage anyway

VE -

dont be ridiculous.  im a wholesale customer of several of the bitcoin mining companies and so speak to the founders regularly.  as you'd expect, bigger customers have a tiny bit more 'access'.  I have a pretty big order with both hashfast and cointerra (tens of systems).  Actually, in dollar terms, my order with hashfast is bigger than my order with cointerra simply because it was supposed to be delivered earlier and thus cost more per gh.  both hashfast and cointerra would probably confirm i may well be in the top ten of their customers but nowhere the biggest with either of them.   i am also a happy customer of kncminer and have several jupiters hashing away at their hosting center and i never fail to say how awesome they are or what a good job they did... and ive also bought miners from bfl, bitfury and invested in asicminer.  in short, i try to be balanced and try to order from several bitcoin mining companies at the same time to spread my risk but also keep me abreast of what everyone's up to.

my background is in computer games, microprocessors and online poker, and more recently bitcoin mining.   i am reasonably technical, having been both a software guy all my life and also a strong tech background (my team invented the Super FX chip for nintendo... which was one of the first 3d graphics chips - maybe even the first GPU ever).  It was inside the game StarFox.  We also made the game Croc, which was one of the first '3d platform games'.

i just want to try and help you be realistic.  your order with cointerra may be similar to mine.  and in my case, what happens if theyre late is spelled out quite clearly, but for you to assume they are already late, when theyre not technically late seems like jumping the gun.  if youre not happy, ask for a refund.  im not in that position.  im reasonably confident i will get my miners and i think they were very well priced (a good deal, compared to the others ive bought).

-- Jez

Well since you have so much extra 'access' why don't you tell us wtf is going on over there, and if you're such  big buyer i don't know why you're acting so cool and collected about this and defending them, you should be more angry than anyone on this forum.

[VolanicEruptor]

They are technically "LATE" if they told us "EARLY JANUARY" and it is now Jan 19th with no shipped units.  There is no debating that.

I hate to say this, but Icebreaker was right.  He predicted we wouldn't see machines until Feb.

[davepsilon]

Only someone who works for CT would say all that.  You are obviously not waiting for a machine, and people should notice this.  Stop comparing yourself to what the other companies have done.  It won't work.

...

VE -

dont be ridiculous.  im a wholesale customer ...

-- Jez

Well since you have so much extra 'access' why don't you tell us wtf is going on over there, and if you're such  big buyer i don't know why you're acting so cool and collected about this and defending them, you should be more angry than anyone on this forum.

Surprise, as a customer myself I don't share your anger.  I am always suspicious of marketing people and what they say - they are trying to sell something.  Which is why I read the contract and understood it before spending large sums of money.  Do you get surprised when your cell phone company charges you an early termination fee?  It is in the contract, but not often mentioned by the salespeople.  

An electronics development doesn't take exactly X days and you might say well add more people if you start to drift late - but it is commonly understood that doing so ends up making the project even later as the new people have to be brought up to speed by people who would otherwise be doing the actual work.  The marketing department at cointerra could have built these expectations better for what appears to be a bunch of non-technical early adapters, but they probably weighed that against the other players in the market and decided to go with the more "traditional" (for btc mining co) way with a target date conveyed as the expected ship date.