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Author Topic: Cointerra Paypal payments all got refunded  (Read 965 times)
got2bereal
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October 16, 2013, 09:25:55 PM
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So I received an email today and a phone call from Cointerra that my Paypal Payment was refunded.  

Here's the email:

We hope you are excited as we are about the news regarding our case design and performed mock tape-out.

CoinTerra is still on shipping schedule, and as you can see in the renderings, the TerraMiner series will be a truly professional, powerful and robust and Bitcoin miner.

We do however have to inform you that due to a PayPal policy change, we have been forced to hold, and eventually refund all PayPal transactions. These funds should be visible in your account at this time. The reason for this is that PayPal has instituted a policy where they do not accept any form of pre-orders. We will honor your place in the order queue, and hold this spot for 14 days and would like to offer you to pay via Bank Wire or BitPay (Bitcoin).

For fastest service, please use our direct wire transfer option with payment information here. (Be sure to include your order tracking ID so we can solidify your spot in queue).

Though this is out of our control, we would like to apologize for any inconvenience this has caused you.

You can reach our team directly at either sales@cointerra.com or 512-270-6050.

---------------------------------
So basically Paypal overnight refunded almost all of the Paypal payments and they are no longer allowing or accepting preorders for CoinTerra.

The phone call did tell me my spot on the 2nd batch will be kept if I resubmit my payment using Bank Wire or BitPay.

Now I'm kind of having second thoughts, on one hand their Gold Miner will definitely crank out some serious Hash/s but the difficulty jump is so drastic of late.  It might not be worthy to pay at the current rate.

Any comment or thoughts??
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duravello
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October 16, 2013, 09:36:33 PM
 #2

Now I'm kind of having second thoughts, on one hand their Gold Miner will definitely crank out some serious Hash/s but the difficulty jump is so drastic of late.  It might not be worthy to pay at the current rate.

Any comment or thoughts??



This preorder is dangerous game. I believe 1.000.000 difficulty is very likely to hit at the end of this year, and Im not really sure when the difficulty stop increasing at rate about +25% every 10 days...
Razorr
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October 17, 2013, 01:14:45 AM
 #3

If your going to mine bitcoins only then I wouldn't buy it. I would wait for the price of bitcoins to fall and invest in them. People have said they do pretty well trading the spread on bitcoins. Smiley
got2bereal
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October 17, 2013, 04:51:53 AM
 #4

This is why I'm having 2nd thoughts, these prices are not adjusted for the difficulty jumps accordingly.  I'm just afraid that once these boxes show up on the internet we're going to see a huge spike in difficulty and everybody is screwed but the asic makers.  Which is why they want our $$$ upfront so we can't ask for a refund if they don't ROI.

b!z
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October 17, 2013, 11:31:21 AM
 #5

Watch out, don't order it if it is too suspicious. I would recommend you wait for future ASIC miners which have a better chance of ROI.
got2bereal
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October 17, 2013, 02:37:15 PM
 #6

Watch out, don't order it if it is too suspicious. I would recommend you wait for future ASIC miners which have a better chance of ROI.

What would be the right price and timing for ROI?  If a 2TB miner comes out for $500 next year and typically ASIC makers will sell preorders to reap the profits first because they know the risk-takers will bite.

Then the machines flood the mining pool and the next batch orders becomes useless.  It keeps going on and on.

majorX
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October 17, 2013, 02:51:45 PM
 #7

Watch out, don't order it if it is too suspicious. I would recommend you wait for future ASIC miners which have a better chance of ROI.

What would be the right price and timing for ROI?  If a 2TB miner comes out for $500 next year and typically ASIC makers will sell preorders to reap the profits first because they know the risk-takers will bite.

Then the machines flood the mining pool and the next batch orders becomes useless.  It keeps going on and on.




Your right, preordering is very risky because

- your delivery date is not guaranteed
- you dont now how many units are preordered

thus you have no idea of difficulty when you finnally receive your miner, thus making profitability calculations tough hen deciding about preordering

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Beymond
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October 17, 2013, 03:30:13 PM
 #8

becareful with preorder !
manoamano
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October 17, 2013, 03:31:26 PM
 #9

Paypal offers customers safety (possible to get refunded).
Bitcoin offers sellers safety (can not be charged back).

Pick the best for you Smiley
bitbanger
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October 18, 2013, 08:17:26 PM
 #10

PayPal reversal and credit charge backs...one of the many reasons btc is here to stay... 
AceWallen
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October 18, 2013, 08:34:42 PM
 #11

i dont even bother with paypal anymore. too much worry about things like this.  Undecided

luckily you can now exit on your pre-order!  Wink
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