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Author Topic: Cointerra still processing refunds  (Read 3107 times)
senseless
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October 16, 2013, 08:47:20 PM
 #1

Peter from cointerra got in contact with me and got my refund processed and sent out to me. Looks like they're still processing refunds, I just got the short end of the stick when it came to support reps.


Quote
John Graham (Cointerra)
Hi xxxxx,

We are currently not accepting refunds for pre-orders as that money is used for the development of the processors. Let us know if you have any questions.

All the best,

John at CoinTerra Support


I guess they didn't learn from BFL's ordeal. Their stated business address is in Texas, anyone have any idea where their business is registered so I can file a complaint with the attorney general of that state? It's probably nevada, delaware or something along those lines. Buyer beware, all of their talk about having investor money to cover tape out and product creation must have been pure BS. I guess it really just depends on what the definition of the word "investor" is. If by "investor" they mean "customer".



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October 16, 2013, 08:52:36 PM
 #2

who doubted it?

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October 16, 2013, 08:53:36 PM
 #3

I'd be surprised if this company delivers a product at all.  They seem to be a lot more of a long shot compared to hashfast.
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October 16, 2013, 09:00:33 PM
 #4

No CC no candy
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October 16, 2013, 09:33:08 PM
 #5

I'd be surprised if this company delivers a product at all.  They seem to be a lot more of a long shot compared to hashfast.

That's quite an understatement.

HashFast paid their NRE and taped-out to TSMC well over a month ago.  Now the chips are almost done.  They definitely exist and definitely will be delivered to customers.

Cointerra missed their tape-out deadline over a week ago.  We still don't know if their entire NRE has been paid, or just a deposit.  There is no way to know how many (if any) wafers they will be able to order.  No product exists, except on paper.

Cointerra needs to scrape together every nickel and dime it can find under the sofa cushions and scam from the public to finish paying off their NRE and hopefully order enough wafers to fill their customer's investor's pre-orders.

By the time Cointerra gets its act together and the chip is shipping, difficulty will be too high for their product to ever ROI.


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Flying Hellfish
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October 16, 2013, 09:36:44 PM
 #6

Didn't people agree to this in the T&C's when they agreed to be investomers (i.e checked out)?
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October 16, 2013, 09:39:40 PM
 #7

Didn't people agree to this in the T&C's when they agreed to be investomers (i.e checked out)?
T&C is not greater than the law, and Im pretty sure Texas courts will rip them a new one if they arent.
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October 16, 2013, 11:57:23 PM
 #8

ConTerra plans to own 33% of the bitcoin network by Dec 2014 for total domination

that is exactly the kind of corp monkey fantasy tagline that is targeted to grab some fat middle manager's greedy dreams


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October 17, 2013, 12:33:24 AM
 #9

Quote
John Graham (Cointerra)
Hi xxxxx,

We are currently not accepting refunds for pre-orders as that money is used for the development of the processors. Let us know if you have any questions.

All the best,

John at CoinTerra Support

http://washpost.bloomberg.com/Story?docId=1376-MSVMGM6KLVR501-605F7DK02SRMJ007CJB8334G6N
Quote
CoinTerra, based in Austin, Texas, raised $1.5 million in funding from angel investors in August.

http://www.anandtech.com/show/7246/the-rush-to-bitcoin-asics-ravi-iyengar-launches-cointerra
Quote
CoinTerra has raised $1.5 million from investors to fund development costs and an initial production run.

I guess they didn't learn from BFL's ordeal. Their stated business address is in Texas, anyone have any idea where their business is registered so I can file a complaint with the attorney general of that state? It's probably nevada, delaware or something along those lines. Buyer beware, all of their talk about having investor money to cover tape out and product creation must have been pure BS. I guess it really just depends on what the definition of the word "investor" is. If by "investor" they mean "customer".




Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.

Thank you for bringing this to our attention.

- The CoinTerra Team

www.cointerra.com - Professional grade Bitcoin mining equipment.
If you have any questions for us, we're happy to help at info (at) cointerra (dot) com
senseless
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October 17, 2013, 12:41:11 AM
 #10

Quote
John Graham (Cointerra)
Hi xxxxx,

We are currently not accepting refunds for pre-orders as that money is used for the development of the processors. Let us know if you have any questions.

All the best,

John at CoinTerra Support

http://washpost.bloomberg.com/Story?docId=1376-MSVMGM6KLVR501-605F7DK02SRMJ007CJB8334G6N
Quote
CoinTerra, based in Austin, Texas, raised $1.5 million in funding from angel investors in August.

http://www.anandtech.com/show/7246/the-rush-to-bitcoin-asics-ravi-iyengar-launches-cointerra
Quote
CoinTerra has raised $1.5 million from investors to fund development costs and an initial production run.

I guess they didn't learn from BFL's ordeal. Their stated business address is in Texas, anyone have any idea where their business is registered so I can file a complaint with the attorney general of that state? It's probably nevada, delaware or something along those lines. Buyer beware, all of their talk about having investor money to cover tape out and product creation must have been pure BS. I guess it really just depends on what the definition of the word "investor" is. If by "investor" they mean "customer".




Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.

Thank you for bringing this to our attention.

- The CoinTerra Team


Thank you for that. I was quite shocked at the response I got. I could expect "no refunds" from a chinese company or something along those lines but not a US registered company. I look forward to hearing from you. I wouldn't have requested a refund but need the coins to cover an unforeseen loss, unfortunately.





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October 17, 2013, 12:41:52 AM
 #11

Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.

Thank you for bringing this to our attention.

- The CoinTerra Team

tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.

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October 17, 2013, 12:45:50 AM
 #12

Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.

Thank you for bringing this to our attention.

- The CoinTerra Team

tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.

Exactly ^this^.

The old 'blame the stupid intern/customer support rep/new guy' thing is as old as the hills.

"Misunderstanding?"  Oh please.  Cointerra tried to get away with it, but got called out and failed.


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"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
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October 17, 2013, 12:48:13 AM
 #13

Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.

Thank you for bringing this to our attention.

- The CoinTerra Team

tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.

PS: What's Phinn's favorite Kool Aid flavor again?
senseless
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October 17, 2013, 12:51:14 AM
 #14

PS: What's Phinn's favorite Kool Aid flavor again?

Cherry?

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October 17, 2013, 12:05:52 PM
 #15

Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.

Thank you for bringing this to our attention.

- The CoinTerra Team

tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.

Exactly ^this^.

The old 'blame the stupid intern/customer support rep/new guy' thing is as old as the hills.

"Misunderstanding?"  Oh please.  Cointerra tried to get away with it, but got called out and failed.

For those who have been burned by BFL (and maybe Avalon) before, it's hard to order another miner without a published refund policy.  And even with a published refund policy, it's still uncertain as in the case of KnC refusing refunds for orders allegedly already in production, in spite of the published policy apparently having a different trigger point.

IMO, there is no reason for manufacturers to refuse cancellations because they can always mine with unordered finished products.  Having a different mindset from this shows that the manufacturer knows his product is trash.

Butterfly Labs has a different interpretation of the FTC Mail Order Rule.  You do not have a refund option with the BFL Monarch no matter how late they ship.
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October 17, 2013, 02:29:57 PM
 #16

Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.

Thank you for bringing this to our attention.

- The CoinTerra Team

tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.

Exactly ^this^.

The old 'blame the stupid intern/customer support rep/new guy' thing is as old as the hills.

"Misunderstanding?"  Oh please.  Cointerra tried to get away with it, but got called out and failed.
IMO, there is no reason for manufacturers to refuse cancellations because they can always mine with unordered finished products.  Having a different mindset from this shows that the manufacturer knows his product is trash.

That goes back to the basic premise that the manufacturers know that their selling price is either at, slightly below or slightly above lifetime mining earnings for the device. Which is just common sense.

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October 17, 2013, 04:48:55 PM
 #17

I'll never pre-order anything Bitcoin mining related. BFL should have taught that to the community, but I guess it doesn't. They should be able to develop with their angel investor's money so why should customers pay for the development in advance of getting their product?
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October 17, 2013, 08:57:25 PM
 #18

"Misunderstanding?"  Oh please.  Cointerra tried to get away with it, but got called out and failed.

For some reason I'm reminded of BFL creating tracking numbers on people who were attempting chargebacks, then playing stupid and saying it was an "accident".  Gimme a break.
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November 06, 2013, 01:01:13 AM
 #19

OP, about how long did it take for you to get your refund?

I requested a refund one week ago, got a response that my message was being forwarded to Peter (a supervisor) the same day, and haven't heard anything since.  Replied to the ticket 3 days ago asking if they had any news regarding my refund request and still haven't received a response.
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November 06, 2013, 01:04:13 AM
 #20

Was the refund in fiat or BTC?

I assume I already know the answer...but for the sake of asking....I asked

Cheers...
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