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Question: What should we do with our Q1/Q2 Neptune orders?  (Voting closed: March 08, 2014, 03:02:57 AM)
Continue to wait. (up to +4 more months) - 14 (51.9%)
Get a refund from KnCMiner in USD, convert to BTC and send refunds to share holders. - 13 (48.1%)
Total Voters: 27

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Undef
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March 23, 2014, 11:59:32 PM
 #41

This could be an option, unfortunately a good chunk of the people who invest never seem to follow any of the news/announcements I make.

Some just send me their investment- log off forums/emails etc for months and then ask me later "so whats the word?" - which makes it difficult to make decisions for them.

Please understand I am saying this respectfully, with a smile on my face...  Why are you trying to make a decision for them at all?

The people who bought into the group buy already made their decision.  That decision should stand unless they specifically change it.  I respectfully suggest: you should not think you need to make a decision for them at all.  They made their decision; respect it.  Wink

Your safest option is to accept "refund requests" by shares owned.  As soon as you have enough "refund shares," get a refund of the last miner ordered and "slide" everyone else who remains in the group buy "up" to fill those emptied slots.  

You don't need to make a decision for anyone.  Let those who have decided to get a refund, get a refund.  The rest of your members' decisions should be left alone.

Thanks for being so thoughtful and concerned for your group buy members.  It does you credit.  But I think you are making this an all-or-nothing proposition when it doesn't need to be.  Based on your numbers earlier in the thread, you already have enough refund-ready shareholders to get a refund for them.  I'm making an assumption here, but if my assumption is right, why wait?  Refund one or more of the miners in the second buy (so no one can be moved from buy #1 to #2) and send them their coin.  Smiley  

P.S. This method will make the refunders happy, and it will also cause some of the people in buy #2 to be very happy.  They will "magically" find themselves "moved up" into buy #1, and not have to wait as long to begin receiving a return.  Everyone gets to be happy this way.  Just something for you to consider...
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March 24, 2014, 03:32:11 AM
 #42

I only have a handful so I'm not that concerned either way - If I was to pick I'd prefer to stay. I do have more shares in another scheme so it would be nice to refund this one so that I only had to worry about one scheme however, so if refunds were an option that would also be good for me.
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March 30, 2014, 01:39:31 PM
 #43

It's nearly April 1st. I think it is time to request a refund. I have four shares.

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March 30, 2014, 08:18:23 PM
 #44

It's nearly April 1st. I think it is time to request a refund. I have four shares.

This ^, 8 Shares, infrastructure investments await me outside of mining..
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March 30, 2014, 10:33:13 PM
 #45

Only two shares here. Let's refund.
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April 04, 2014, 04:41:59 AM
 #46

If everybody wants a refund, my 7 shares will also vote for a refund.
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April 04, 2014, 10:58:55 AM
 #47

Was payment sent for the KnCMiner Miner #11 - Neptune BATCH 2?

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April 04, 2014, 11:31:43 AM
 #48

I vote to stay the course.

I have a single share.

I would like to change my vote.

I vote for a refund given its been 30+ days without any change in status.
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April 04, 2014, 02:04:26 PM
 #49

I have 4 shares in Neptune #5, I vote to keep and it would be great if I can move up onto Neptune #1 if people on there want a refund.

Am I missing something or weren't these scheduled for a Q2 release? I assumed this would be delivered by June 30th and any earlier would be great, it's only April now.

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April 08, 2014, 12:31:24 PM
 #50

Quote
Dear all,

In this newsletter we have some updates for you all about our product range. The newsletter will contain the following sections:
 
20nm statement
Neptune progress update
Hash while you wait
Convert your Neptune order
 
20nm statement.

This is an important statement which we would like to make clear. As always there is a lot of information available on the internet and a lot of speculation about the technology we are using some of it true and some of it completely wrong. What we can say is that the technology we have chosen is cutting edge and this means a lot of companies are careful about adopting such technologies.
We at KnCMiner pride ourselves in bringing the latest technologies to our customers. We over engineer our chips and don’t promise anywhere near the actual 100% performance they could possibly achieve. This enables us to use the latest and greatest chips safely. So when you read about much longer timelines for this technology it’s important to note they are not our timelines. We have a very different approach. We over engineer our chips and only use world class partners in our chip designs. These important factors allow us to have the technology in our customer’s hands faster than other companies.
 
Neptune progress update.

Our Neptune product is currently in fabrication stage at the TSMC Foundry in Asia. We are actively pushing to get the chips as fast as possible to our assembly factories in Sweden. We have of course taken all steps to make sure that the process is done as fast as possible. We know as well as everyone in this business that time is a critical part of the process.  Which we think is why we have come up with a few alternatives to anyone who doesn't want to wait for their product.
 
Hash while you wait.

First it’s important to note that we don’t expect to be late at all everything is on track. It’s just always good to have a backup plan. Second our mega-data center in the north of Sweden is nearing completion so we can give out some more details. All customers of Neptune’s will be able to use completely free of charge our data center to hash for them at 3TH either on our pool or a pool of their choice while they wait for their product to be shipped. The first customers (batch 1) are expected to be hashing in our data center in early June and the last customer will hash in our data center around the last week of June. All the customers will be able to hash in that data center for as long as we are late in shipping your Neptune product, this service will be provided on a best effort basis. We have a 24/7 operations teams in place with multiple redundant internet and power connections and we will aim to have as close to 0 down time as possible.
 
Convert your Neptune order to a 3TH Jupiter.
 
For those customers who no longer want to wait for their Neptune we have another new option for you. We are releasing for shipment a new 3TH product. We have a total of 400 of these setups available which are based on our existing and proven 28nm chips. Each setup contains
18 of our own 28nm 8 DC/DC module ASIC boards with coolers,
3 controller cards,
all cables needed,
Power supplies not included.
The boards are in aluminum boxes, each box contains 3 chips side by side with front and rear cooling vents. Each controller card runs two boxes. This option will be offered free of charge for anyone wanting to convert their Neptune to a 3TH Jupiter. If more than 400 people want to have the conversion we will ship in order of payment for the original Neptune order. This offer will be open for 7 days for people to contact us. After 7 days from today the exchange will be frozen and people will be contacted who made it onto the queue. The products will then be shipped from stock as soon as possible. This will be offered at no cost to the customers wanting to take 3TH of Jupiter’s instead of waiting for their Neptune’s. There is a 90 day warranty on this product. Anyone wanting to take this option should contact customer service via email with their order number who will then take care of the conversion.
 

The last option seems to be the best if we get 3ghz and it will be shipped soon?

 

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April 09, 2014, 07:19:38 AM
 #51

Yep I would like to go for the refund route too please. As it was only 3 shares, makes sense. Thanks for your updates.
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April 09, 2014, 07:44:04 PM
 #52

What about the option of switching to 3TH in Jupiters?

Right now the only option for anything even near ROI is to get the hashrate asap.
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April 10, 2014, 08:14:34 AM
 #53

What about the option of switching to 3TH in Jupiters?

Right now the only option for anything even near ROI is to get the hashrate asap.

Nah, that's moving a step backwards. On top of that that means I have to buy even more PSUs to run all of the extra boards on the controllers.

Either way, we wont be hashing until the last week of Q2 it seems with the most recent news regarding the Neptunes.

Ok, I see. That sucks...

I haven't voted (haven't used the forum in a long time and forgot my pw), but I'd vote for a refund with my single share, unless that is too late now.
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April 10, 2014, 10:38:07 AM
 #54

What happened to CoiningSolutions.com?  Huh
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April 16, 2014, 05:23:40 AM
 #55

yeah I now agree with waldohoover that this is the best way forward.

I'd been doing my own estimates and it was getting close (if not past) the point of ever breaking even.
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April 16, 2014, 10:08:46 AM
 #56

Alright guys, looks like we're going to go with Neptune refunds since KnCminer will do a US bank transfer. This will probably take a couple of weeks to get processed  and like I stated before this will be somewhat of a timely process for me to purchase the amount of coins to do refunds. I am considering pulling out cold storage coins to just get your guys your BTC sooner than later (only because KnCMiner has agreed to a refund if requested).. but still debating that. We don't have enough to keep a full miner and the clear decision, vocally, is refunds.

Like stated in my OP, you will receive all your BTC minus 5% fee.

That comes out to:

Neptunes 1-4: ฿0.2375/share

Neptune 5: ฿0.2565/share

Neptune 6: ฿0.3135/share

I honestly feel this is the best move for share holders at this time. Still no chips in hand, power requirements are still MIA and a rising difficulty- I think the refund is going to get you more BTC back in hand in the long run. Even with the most hopeful outcome of us being super early in June, that's still a 10B+ dif , looking at the earnings calculator (which doesn't include electric fees yet for obv reasons) almost proves the refund is the best choice. I'll let this sit for this week while I try to move some coins around and hopefully can start refunding soon (once I confirm again with KnC).

Cheers all.  Cool

Perfect choice, thanks waldo!

194QBapNFUcYvBX2Ak1FR4ZZXSQy83ELS7
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April 16, 2014, 12:49:30 PM
 #57

Alright guys, looks like we're going to go with Neptune refunds since KnCminer will do a US bank transfer.
What will KnCminer miner be refunding? The exact number of BTC paid or UD$? If US$ is that be based on the exchange rate at the time of purchase or the time of refund, there is a considerable difference.

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April 16, 2014, 04:54:40 PM
 #58

Quote
Jupiter 3TH
The window for conversions has now closed we have had over 400 conversions which means we are actively trying to fill all of the orders we have but we will contact customers individually if they are too far back in the queue to be converted. The good news is that the shipment for these orders will begin Tuesday next week after the Easter holidays and we expect it to take only a few days to have all boxes shipped out to customers.
 
Neptune Power Requirements
While we will not release the maximum performance of the Neptune miner we can now release the required power supply to give people time to purchase them. The maximum power draw will be 2100w of power and we recommend this to be either two 1200w power supplies or three 850watt power supplies. This does include a bit of a safety margin on our side and of course underclocking will be possible to reduce the power requirements even more.


I don't see why the Jupiter would have been a bad chose since it's the same amount of mining power. Anyhow that's to late now so let's do the refund then...

Will the first one who payed be the first one to get the BTC back?

 

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ejinte
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April 16, 2014, 05:34:06 PM
 #59


Will the first one who payed be the first one to get the BTC back?


Once I get the guarantee from KnC that they have indeed cancelled/began refund process (awaiting reply for official refund) I may refund everyone out of my own personal cold storage coins at the same time (same day). There's no need to drag out refunds for a month(s) as long as I know KnC is refunding me down the line.. on top of that it gets everyone their coins MUCH sooner.. and maybe gives them some coin to invest into something else with.  Wink  Cheesy

That's great. You rock man!

 

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HambreDave
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April 16, 2014, 06:08:32 PM
 #60

Just to throw this out there, the original post on Reddit where I first heard about this opportunity contains the following text about refunds:

Quote
  • I (DidHeJust) take no responsibility for the possibility that KNC Miner does not deliver the Neptune miner(s). I (DidHeJust) have done what I consider a thorough due diligence but as we all know, you can never 100% guarantee anything when it comes to pre-orders.
  • Refunds will be given in case of non-delivery less 5% for management of the Group Buy.
  • This group buy will be refunded (Once refunded from KnCMiner) after Mar 1, 2014 if KNC Neptune is not delivered- share holders can elect to wait further.

At the current exchange rate, Waldo stands to make quite a bit from this failed deal from the KnC refunds. The original text does not specify what amount of our investment we'd get back minus 5%. If I bought two shares, I'd expect to get back two *shares* of the amount refunded from KnC (minus the 5% for Waldo). I'm interested in what's going to happen with all the extra BTC after the USD conversion if we just get our original amount back minus the 5%.

I do appreciate the opportunity to participate in this venture and I thank Waldo for organizing it.
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