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Poll
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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ejinte
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April 19, 2014, 01:27:19 AM
 #61

Got my BTC, thanks!

 

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flyswatta
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April 19, 2014, 01:35:36 AM
 #62

Thanks for the refund!
zerodegree79
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April 19, 2014, 12:34:41 PM
 #63

Got my BTC, thanks!

Thanks for the refund!

No problem! Everyone else should see their refunds coming in very soon!

got it. thanks a lot!

194QBapNFUcYvBX2Ak1FR4ZZXSQy83ELS7
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HadToLookTwice
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April 20, 2014, 07:07:21 AM
 #64

I got mine too! Thanks Waldo!
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April 20, 2014, 07:49:02 AM
 #65

@
waldohoover, I appreciated all the effort you put into this groupbuy, however please see my calculation below:


Refunded share price e.g. round 4 on 19th April 2014: 0,2565 @ 500$  1 share 128,25$

Amount YOU received from KnC for order cancellation: at least 10000$ per miner or 10000$/60 -->  1 share 166,66$

This is the calculation which is the most in favour of you, e.g. the one where your lack of refund was the lowest.
According to this data, the amount you retained for your services is ~ 25 % not 5% as you claimed.

Please explain to the community how you forgot to pay ~30$ back for every share.

(For the example of round 4 miner, you have profited from the community 60*30$=1800$)

This seems like a scam to me...


Anyone who does the math can figure out, that you just pocketed ~ 10k from the people that trusted you. (Averaged over all Neptunes)


lubah
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April 22, 2014, 10:03:27 PM
 #66

5% fee - what a joke?   

it's bad enough that bitcoin prices were >$1000 USD back in late-nov'13 when I purchased these shares but you need to rob us a little more by refunding our original purchase price with bitcoin prices cut in half minus the 5 percent 'fee' for your shit management effort...

talk about a pig.
chopsbit
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April 23, 2014, 12:30:23 PM
 #67

I've got my refund, although I'm a little confused as to the calculation. Bitcoins are now around the $480 mark, so if the refund from KNC is coming back in dollars and being used to purchase bitcoins for the refund shouldn't this be more like:

Neptune 5:
$10000 - 5% management fee = $9500
$9500 / 60 shares = $158 a share
$158 = 0.329 BTC

Based on the previous post, each Neptune 5 share has been refunded as 0.2565 BTC?


I've no issue over the 5% fee as I think this was displayed upfront and is fair, I just would have expected more BTC back as the refund was in $

zerodegree79
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April 23, 2014, 01:52:18 PM
 #68

I've got my refund, although I'm a little confused as to the calculation. Bitcoins are now around the $480 mark, so if the refund from KNC is coming back in dollars and being used to purchase bitcoins for the refund shouldn't this be more like:

Neptune 5:
$10000 - 5% management fee = $9500
$9500 / 60 shares = $158 a share
$158 = 0.329 BTC

Based on the previous post, each Neptune 5 share has been refunded as 0.2565 BTC?


I've no issue over the 5% fee as I think this was displayed upfront and is fair, I just would have expected more BTC back as the refund was in $

+1

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chopsbit
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April 23, 2014, 06:07:20 PM
 #69

I understand no refund has yet been received, I used todays BTC price as an example but I would have expected the conversion to take place on the time the refund was received whenever that happened in the future. If the price of BTC suddenly shot up to say $3000 then obviously there would be less BTC returned, but that's the assumption I was working from

My point is, the refund option in this poll that people voted for was titled "Get a refund from KnCMiner in USD, convert to BTC and send refunds to share holders.". That isn't what's happened.

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April 24, 2014, 02:04:29 PM
 #70

From what I understand waldo hasn't even received any funds from KnCMiner yet, I think he paid from his personal wallet, so whatever the price is now is irrelevant. On top of that I agreed to a refund of my BTC minus his 5% fee. I received 12 shares minus this fee exactly how he stated it in his terms from when I purchased my shares months ago. I don't understand what you're complaining about. If waldo makes more coins later when he buys good for him, he took a chance and gave me my BTC back in full how I expected it. Are you guys mad that you won't get more coins than expected because waldo might make more coins if the timing is right?  Huh

He is trying to start a business here, after getting ripped off on this deal I will never do business with CS again and I'm sure I'm not the only one that feels this way...
speth
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April 24, 2014, 05:34:08 PM
 #71

In https://bitcointalk.org/index.php?topic=347907.msg4668563#msg4668563 he clearly stated the terms of the refund:

Quote
If we back out and go the refund route, that means they would have to wire 10K USD into my bank.

Since I would not be sending everyone USD- I would take everyones share (10K - 5% fee / 60 shares) and purchase BTC at the current rate and send it over to each shareholder.

Waldo, I think you have to honor your words and recalculate the refunds.
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April 25, 2014, 10:21:46 AM
 #72

In https://bitcointalk.org/index.php?topic=347907.msg4668563#msg4668563 he clearly stated the terms of the refund:

Quote
If we back out and go the refund route, that means they would have to wire 10K USD into my bank.

Since I would not be sending everyone USD- I would take everyones share (10K - 5% fee / 60 shares) and purchase BTC at the current rate and send it over to each shareholder.

Waldo, I think you have to honor your words and recalculate the refunds.


I support this, everything else would be fraud.

I hope he adjusts it once he received his refund. Otherwise i don´t see how this could go down well for him....
Xeon
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May 05, 2014, 01:44:47 AM
 #73

waldohoover, can you refund my BTC.

Thank you.
HambreDave
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May 06, 2014, 05:32:06 PM
 #74

Does anyone have an idea of when KnC was scheduled to send the refunds out? My only hope is that he's waiting to have some solid numbers before getting back to us.  Roll Eyes
CommanderVenus
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May 14, 2014, 08:47:01 PM
 #75

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.

Does anyone have an idea of when KnC was scheduled to send the refunds out? My only hope is that he's waiting to have some solid numbers before getting back to us.  Roll Eyes
I like you. You seem to be very calm and have a level head about this. Id like to hear your thoughts on recent conversation going on in the last page of the group buy thread.
https://bitcointalk.org/index.php?topic=347907.200

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