Alpha Technology Litecoin (Scrypt) ASIC Miner Order Batch 1 Now!

[retro72]

I'm going ahead and refunding though not exactly excited at the T&Cs loop hole..my choice...

"You are not classed as a consumer to us. Our devices are sold and are classed for business use, cryptocurrency mining earnings in the UK is classed as income and is taxable, our units are used purely for mining, therefore every customer is classed as a business-user. It is your duty to register as a business and class your mining earnings from our devices to the relevant governing bodies. As we are selling for business use only therefore our terms of conditions are what you have to comply by as you accepted before you ordered. It is irrelevant if your order is replaced or not."

That's a load of bollocks. Just because Alpha say you are a business to them does not make you a business according to the law. Nowhere in their terms (or on their site) does it say they are a B2B company or you have to be a registered business to buy from them. Just because you CAN make money from a device it does not automatically make it a business product. I can make money from a can of paint but Homebase doesn't require me to be a business to buy one.

They are blatantly trying to flout the law. You can't just set up a company and pretend to only sell to businesses so you are not bound by UK consumer protection laws. What a bunch of shysters!

What you mine is not taxable in any country on the planet. It is not even a legal currency. If you CHOOSE to sell it then you will be taxed on any profit you make from that sale. So they are talking bollocks. You do not have to register as a company to own or mine with an asic just pay your taxes when you make a profit from a sale.

Someone asked them about their refund policy in the thread on litecointalk and they never mentioned they only sold to businesses. So unless I missed a later post,  they are making this up as they go along.

I will be passing this to trading standards tomorrow. I have saved their website pages just in case they try to change them. I suggest you contact Citizens advice.

[benjamin07]

My offer to sell my 5Mhs unit is no longer. I am very happy with the 16 MHs I will get and looking forward to July. I hope they have looked into real express shipping not things that will wait in customs 20 days.

[brother3]

I'm going ahead and refunding though not exactly excited at the T&Cs loop hole..my choice...

"You are not classed as a consumer to us. Our devices are sold and are classed for business use, cryptocurrency mining earnings in the UK is classed as income and is taxable, our units are used purely for mining, therefore every customer is classed as a business-user. It is your duty to register as a business and class your mining earnings from our devices to the relevant governing bodies. As we are selling for business use only therefore our terms of conditions are what you have to comply by as you accepted before you ordered. It is irrelevant if your order is replaced or not."

That's a load of bollocks. Just because Alpha say you are a business to them does not make you a business according to the law. Nowhere in their terms (or on their site) does it say they are a B2B company or you have to be a registered business to buy from them. Just because you CAN make money from a device it does not automatically make it a business product. I can make money from a can of paint but Homebase doesn't require me to be a business to buy one.

They are blatantly trying to flout the law. You can't just set up a company and pretend to only sell to businesses so you are not bound by UK consumer protection laws. What a bunch of shysters!

What you mine is not taxable in any country on the planet. It is not even a legal currency. If you CHOOSE to sell it then you will be taxed on any profit you make from that sale. So they are talking bollocks. You do not have to register as a company to own or mine with an asic just pay your taxes when you make a profit from a sale.

Someone asked them about their refund policy in the thread on litecointalk and they never mentioned they only sold to businesses. So unless I missed a later post,  they are making this up as they go along.

I will be passing this to trading standards tomorrow. I have saved their website pages just in case they try to change them. I suggest you contact Citizens advice.

Thanks for your informative posts

[JKBtCn]

I've requested refund for 2x 25 (90) Mh/s units. I initially paid my deposit via PayPal using Amex. Since my refund request, I've been offered the 75% refund less 70 GBP from Alpha via Paypal. I have yet to "accept" the refund nor returned it to Alpha as per Paypal policy before they release the money. I have taken this refund gap up with Amex explaining that Alpha has only refunded 75% of monies paid. They are looking into it. I'll report back when Amex responds.

Has anyone successfully received 100% refund using Amex's chargeback policy?

[greentea]

I've requested refund for 2x 25 (90) Mh/s units. I initially paid my deposit via PayPal using Amex. Since my refund request, I've been offered the 75% refund less 70 GBP from Alpha via Paypal. I have yet to "accept" the refund nor returned it to Alpha as per Paypal policy before they release the money. I have taken this refund gap up with Amex explaining that Alpha has only refunded 75% of monies paid. They are looking into it. I'll report back when Amex responds.

Has anyone successfully received 100% refund using Amex's chargeback policy?

Amex is usually pretty good when it comes to disputes and chargebacks siding with the customer...

[wilson1973]

I'm a business customer and therefore am not protected by the same DSR act. To me 25% is an acceptable loss.

Saying that though my Paypal refund is on hold until 28/03, I'm not sure whether Alpha still have the potential to amend this or whether this is now automated and will happen on that date regardless.

Time will tell and I will report back as and when things happen (or not as the case may be).

[bamsterdam]

why are so many people asking for a refund?

[benjamin07]

if I had money i would be buying their orders

What i know is that come July we will be mining their KNCs to non-profitability land after we've had ROI in 3 weeks

[retro72]

Just an update on the tax situation for all you folks in the US. The IRS announced yesterday that crypto's are taxable and mining is a taxable income even if you don't sell the coins.

Here's the link. http://www.cryptocoinsnews.com/2014/03/25/irs-virtual-currency-guidance-bitcoin-treated-as-property-u-s-federal-tax-purposes/

I'd be interested to see how they will enforce this but it's not great news if you're in the US and its probably only a matter of time before other countries try to cash in too.

[brother3]

Just an update on the tax situation for all you folks in the US. The IRS announced yesterday that crypto's are taxable and mining is a taxable income even if you don't sell the coins.

Here's the link. http://www.cryptocoinsnews.com/2014/03/25/irs-virtual-currency-guidance-bitcoin-treated-as-property-u-s-federal-tax-purposes/

I'd be interested to see how they will enforce this but it's not great news if you're in the US and its probably only a matter of time before other countries try to cash in too.

I think its positive that the US do not outright ban btc like other countries.... This would be more devastating to btc more than having to pay taxes

[dailyarsenal]

Asics Suck!

[Cablez]

I will just leave this here: https://www.kncminer.com/news/news-80

You are up against a monster boys...better hurry.

[benjamin07]

And thus 16 MHs become 32 Mhs and 90 MHs become 180 MHs

but the power consumption of the KNC sucks

[albertdros]

KNC just went up to 250mh instead of 100.

[atp1916]

Yikes, 250mhs @ 1kw for 10 grand?  You would need ~714 Gridseeds operating at ~350khs and costing $143k @ $200 per to match that!

To match this KnC Titan miner at a 1:1 cost ratio, a single Gridseed would need to drop down to $14-16 each.  This is assuming the Titan does pull 250mhs @ 10k and the Gridseed pulling 350khs.

[benjamin07]

Alpha-T will show us the way. Somehow I'm full of confidence!

[greentea]

Will alpha-T up the ante as well?

This is getting interesting

[benjamin07]

My thoughts are this could be a bluff by KNC, or they could be telling the truth no other option really, but Alpha-T cannot keep up with changing the specs every minute.

Besides, from 100 to 250 MHs: something fishy.

So if I were Alpha-T i would cap the upgrade, say 16 MHs becomes 25-30 MHs and 90 MHs becomes 150-180 MHs (the maximum they can do without delaying the project), and then to keep with the commitment on which they made the sale that they will meet competition, at delivery date they assess who in the market is delivering what and:

1. They offer second free unit to be delivered with the unit ordered.
2. They offer 50% discount.
3. They offer a larger free unit at the end of batch 2.

Just look at BFL: people who ordered the Monarch are now getting: Imperial Monarch + another free unit at the end of the batch.

They key point is to finish on time, so that we can mine the KNC customers out of any possible profit. In fact Alpha-T can keep batch 1 orders open until large scale production starts: the more miners with Alpha-T the less returns for KNC customers.

With powerful ASIC miners delivered to you first, you can do solo mining!

[atp1916]

KGW/DGW will eat these heavy-weight miners alive.

The vanilla Scrypt non-KGW/DGW coins better get a whole lot more profitable real quick cause that's gonna be about all these miners will be able to mine on.

[Searing]

My thoughts are this could be a bluff by KNC, or they could be telling the truth no other option really, but Alpha-T cannot keep up with changing the specs every minute.

Besides, from 100 to 250 MHs: something fishy.

So if I were Alpha-T i would cap the upgrade, say 16 MHs becomes 25-30 MHs and 90 MHs becomes 150-180 MHs (the maximum they can do without delaying the project), and then to keep with the commitment on which they made the sale that they will meet competition, at delivery date they assess who in the market is delivering what and:

1. They offer second free unit to be delivered with the unit ordered.
2. They offer 50% discount.
3. They offer a larger free unit at the end of batch 2.

Just look at BFL: people who ordered the Monarch are now getting: Imperial Monarch + another free unit at the end of the batch.

They key point is to finish on time, so that we can mine the KNC customers out of any possible profit. In fact Alpha-T can keep batch 1 orders open until large scale production starts: the more miners with Alpha-T the less returns for KNC customers.

With powerful ASIC miners delivered to you first, you can do solo mining!

actually knc is known to do this my jupiter was orig gonna be 150gh i think really soon after that it was 250 it showed up at 555gh some even more

so this is in the ball park for them..their motto is 'under promise, over deliver"

so far they have been true to that

Searing