CoinTerra announces <$3/GH January pricing and new product availability

[Sitarow]

Ravi, Timo, and Dr. Sherwani seem pretty legit to me...

http://www.youtube.com/watch?v=K199f61n4qM&feature=player_embedded

I seen that video last week.

I contacted Bitpay to see what they have to say as to 3rd party validation and the lack of HTTPS for the online ordering.

Honestly I am sick of people getting scammed and having to reassure them that bitcoin is not full of scammers.

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[console_cowboy]

Ravi, Timo, and Dr. Sherwani seem pretty legit to me...

http://www.youtube.com/watch?v=K199f61n4qM&feature=player_embedded

I didn't see anything about their chips. Just a bunch of marketing speak about how they are changing the future of finance. Like most Cointerra stuff I've read, its a whole lot of talk with very little, if any, substance.

[Sitarow]

Ravi, Timo, and Dr. Sherwani seem pretty legit to me...

http://www.youtube.com/watch?v=K199f61n4qM&feature=player_embedded

I didn't see anything about their chips. Just a bunch of marketing speak about how they are changing the future of finance. Like most Cointerra stuff I've read, its a whole lot of talk with very little, if any, substance.

If they are successful or not is not what concerns me. I truly hope that this does become a reality.

However apart from that video, everything else just seems a little off. Call me paranoid.

I will wait to place any orders as we have other options.

[wormbog]

Lessons from the world of bitcoin:

1. Don't invest with anyone who is anonymous, especially if their name contains "pirate"

2. Don't pay for pre-orders with bitcoin. Use a credit card or trusted escrow.

Even if Cointerra is 100% legit and has the best of intentions, they may not be able deliver in time, or ever. These kinds of purchases are what chargebacks are made for.

[bitcoiner49er]

[monkee]

The fact that they would let these scam accusations go unanswered is a red flag as well. If I was doing a press release for a large product line and new run of chips, which severely undercut my previous run's buyers, I'd have someone monitoring monitoring this thread.

upvotes

[||bit]

They sound quite desperate with 2 new price cuts in a span of maybe 1 month. I wonder how much they will pay us for batch 3 delivering in feb ?

Starting to sound too good to be true. "700GH/sec"

Maybe they are the same scammers as
https://bitcointalk.org/index.php?topic=285533.msg3126281#msg3126281

Also their email address is down

Sorry, we were unable to deliver your message to the following address.

<support@cointerra.com>:
Remote host said: 550 5.1.1 http://support.google.com/mail/bin/answer.py?answer=6596 i3si3284875obz.133 - gsmtp [RCPT_TO]

--- Below this line is a copy of the message.

I'm not too shocked. I've said in other threads that I've thought things would get down to $1/GH. Who knows, maybe even lower? If you look at the hardware, it's probably significantly less complicated than a PC with graphic cards, Intel CPU, network card... etc... Granted, these are custom asics, but prices can go lower just like Intel CPU's can go lower.

This might make it easier for more people to get involved in mining, which could cause bitcoins to go much higher as they are distributed into more hands but in inversely smaller quantities. i.e. a broad interest w/ a low integer'd supply.

[lucita777]

At the time of delivery customers may be offered an option to upgrade their TerraMiner for a small charge, further lowering the cost per Gigahash.

Could you please elaborate more how would that work?
Is this applicable for batch 1 and batch 2?
What kind of upgrade would it be, and how small would be the charge?

[Ytterbium]

At least this will prevent BFL from scamming anyone - these are about half the $/Gh/s.

That said, I wouldn't order these - I think people who get KnC's in September or October will probably make more profit then ordering these.  And prices are going to continue to drop.

[newguy05]

those guys are just grasping for straws right now, offloading as much risk as possible to the suc..err buyers, given the difficulty gap.

ladies & gents we are now finally in the endgame, expect to see many asic hardware manufacturer to start losing money by next year and fold shop.  unless you have a very thoroughly understanding of what is going on and what is happening in the next few months, your best bet is just to buy bitcoins directly instead of asic hardware if want to be in the game.  Personally i am just holding cash and waiting.

[RChevalier]

You know the saying... where there's smoke, there's fire...

I don't actually see any fire yet, but smoke is never good.  Unless it's in a smoker with some applewood.

[crazy_rabbit]

those guys are just grasping for straws right now, offloading as much risk as possible to the suc..err buyers, given the difficulty gap.

ladies & gents we are now finally in the endgame, expect to see many asic hardware manufacturer to start losing money by next year and fold shop.  unless you have a very thoroughly understanding of what is going on and what is happening in the next few months, your best bet is just to buy bitcoins directly instead of asic hardware if want to be in the game.  Personally i am just holding cash and waiting.

By fold up shop you mean mine like hell, right? :-)

[Despi]

WTF...the price is less than half the December batch?  You guys had better ship all those December orders on December 1st or there are going to be some seriously pissed off people. 

+1!
I have ordered 5x2TH/s for $70.000
And now I get get 10x2TH/s for the same, but I must
need to wait one month more?

Thats really not fair! I will try to upgrade my order to 10x2TH/s

[AussieHash]

WTF...the price is less than half the December batch?  You guys had better ship all those December orders on December 1st or there are going to be some seriously pissed off people. 

+1!
I have ordered 5x2TH/s for $70.000
And now I get get 10x2TH/s for the same, but I must
need to wait one month more?

Thats really not fair! I will try to upgrade my order to 10x2TH/s

For that to break even with "free" electricity and no shipping you would need to mine 550 BTC

With shipping and electricity, you would have needed to mine approx 625btc ...

[001sonkit]

Nice now i feel myself scammed with this late announcement. The odd is almost near 0 to have 2.5x hashes in 1 month. And incase you dont deliver in december, we will get extra loss on rather take batch 2 than the protection scheme

[dexX7]

I'm pretty sure the CoinTerra team is legit, though I have no idea what asxproject.com is or was and stuff related to that.

Why? I assume: "If Dr. Naveed Sherwan is legit and involved in CT, CoinTerra is legit also".

1. He is a team member and there is reference to Open Silicon:
http://cointerra.com/team/

2. Open Silicon is huge:
http://en.wikipedia.org/wiki/Open-Silicon

3. He is CEO of OS:
http://www.open-silicon.com/management/

4. The "proof" that Mr. Sherwan is indeed involved in CT:
http://www.youtube.com/K199f61n4qM?t=2m27s Edit: http://www.youtube.com/watch?v=K199f61n4qM&&t=2m27s

[lucita777]

I'm pretty sure the CoinTerra team is legit, though I have no idea what asxproject.com is or was and stuff related to that.

Why? I assume: "If Dr. Naveed Sherwan is legit and involved in CT, CoinTerra is legit also".

1. He is a team member and there is reference to Open Silicon:
http://cointerra.com/team/

2. Open Silicon is huge:
http://en.wikipedia.org/wiki/Open-Silicon

3. He is CEO of OS:
http://www.open-silicon.com/management/

4. The "proof" that Mr. Sherwan is indeed involved in CT:
http://www.youtube.com/K199f61n4qM?t=2m27s

(link in 4. doesn't work).

You didn't actually prove anything. If a scammer wanted to scam us, they could just create website called: http://scamware.com/team/ and put there a reference to Bill Gates, Steve Jobs and Dr Sherwani.
If you try to prove that CT is legit, you can't use CT website as a source.

If you want actualy proof that Dr Sherwani is really affiliated with CT, then it is here:
http://imageshack.us/a/img197/1400/wnsp.jpg
(assuming you trust me that I didn't PhotoShop that )

[Puppet]

WTF...the price is less than half the December batch?  You guys had better ship all those December orders on December 1st or there are going to be some seriously pissed off people. 

+1!
I have ordered 5x2TH/s for $70.000
And now I get get 10x2TH/s for the same, but I must
need to wait one month more?

Thats really not fair! I will try to upgrade my order to 10x2TH/s

How can you spend $70K on something you dont even seem to grasp the basics off?
Here is a hint:
https://bitcointalk.org/index.php?topic=283820.0

Now put in 8PH/s (10+ PH if you actually believe CT will ship in december) in your calculator and see what happens.
Hint: not much good, and it will only get worse. If you think current ~80%+ network growth per month is terrifying, you havent seen anything yet.

[ASIC-K]

WTF...the price is less than half the December batch?  You guys had better ship all those December orders on December 1st or there are going to be some seriously pissed off people. 

+1!
I have ordered 5x2TH/s for $70.000
And now I get get 10x2TH/s for the same, but I must
need to wait one month more?

Thats really not fair! I will try to upgrade my order to 10x2TH/s

youre an idiot

[Sitarow]

I'm pretty sure the CoinTerra team is legit, though I have no idea what asxproject.com is or was and stuff related to that.

Why? I assume: "If Dr. Naveed Sherwan is legit and involved in CT, CoinTerra is legit also".

1. He is a team member and there is reference to Open Silicon:
http://cointerra.com/team/

2. Open Silicon is huge:
http://en.wikipedia.org/wiki/Open-Silicon

3. He is CEO of OS:
http://www.open-silicon.com/management/

4. The "proof" that Mr. Sherwan is indeed involved in CT:
http://www.youtube.com/K199f61n4qM?t=2m27s

(link in 4. doesn't work).

You didn't actually prove anything. If a scammer wanted to scam us, they could just create website called: http://scamware.com/team/ and put there a reference to Bill Gates, Steve Jobs and Dr Sherwani.
If you try to prove that CT is legit, you can't use CT website as a source.

If you want actualy proof that Dr Sherwani is really affiliated with CT, then it is here:

(assuming you trust me that I didn't PhotoShop that )

Thank you for that.

Now it would be great if someone would go visit their offices in

11130 JOLLYVILLE RD
AUSTIN, TX 78759