all finished

[pangky]

Where are you Waldo? What's going on? Hey Titan Share holders,Time to Wake Up!!!

+++1

[1715381989]

1715381989

[1715381989]

1715381989

[silversurfer1958]

Paging Waldo Hoover !!!!       

[dman99]

Guys, before you bust out the pitchforks and torches, let's be realistic.  I'm sure there's not really much for WaldoHoover to say.  

The Titan launch is absolutely atrocious.  No one new seems to be receiving Titans, so after sending out a few they've halted all shipments.  If you browse litecointalk and the official KNCMiner forums, you'll see many posts from people who ordered WELL before us (day 1 orders within the first couple hours) still have received nothing.  Waldohoover ordered most of the Titans well after launch.  If day 1 orders aren't even receiving there orders, I doubt that Waldohoover will any time soon.

Not receiving the Titans may end up being a blessing.  Those who have received it are getting faulty and malfunctioning hardware.  This results in having to RMA a lot of the components.  And so far, KNC's RMA process seems to be nothing more than "send us your broken hardware and it will disappear into a black hole and you'll hear nothing about the status of it."  I have yet to read a case of someone receiving replacement hardware.

To make all this worse, KNC has gone official with the information that they're basically abandoning all of their consumer hardware and sales.  They're going to be focusing on their datacenter and trying to get 20% of the Bitcoin network.  They've received venture capital to help achieve this goal.  It's honestly pretty terrible.

At this point, I'm just considering my investment in shares a total loss.  KNC seems to be going down the path of Hashfast.  My perfect scenario would be KNC issuing refunds to all Titan owners who didn't receive their miners.  I don't even mind the drop in USD value (bitcoin was about ~$525 when I bought my shares).  If I could just receive the same amount of BTC I spent, I would be totally satisfied.  Waldohoover obviously can't do this unless KNC starts issuing refunds.  It's also important to realize that Waldohoover is probably losing more money than any of us.  I believe he ordered extra Titans whose shares didn't sell, so he probably has more of his personal money in to this than any of us.

So what's my plan of action?  Hope for successful litigation against KNCMiner which will get us all refunds, expect to receive the Titan months from now when its mining power won't be worth much, and consider this investment a loss.  I'm just lucky that a few other cloud mining services hit it big, so I'll make back what I'm losing here.

SCAM!

You've been going around the forum saying that the mining incentive in the Bitcoin protocol is a scam.  I honestly don't know how to react to you other than to laugh.

[deeneendo]

the best hope we have is that according to Swedish Law, the consumer has the right to return any item bought online within 14 days of receiving it, provided the box hasn't been opened. The consumer has to pay for the sipping costs, but is then entitled to receive a full refund.

I really hope waldohoover will agree to do this...

[silversurfer1958]

Agreed, Waldo's not to blame for KNC's failures, updates would be appreciated though
Waldo.

[danleuthner]

I still think it is responsible to at least post once a week and say hey still here and I'm doing my best to honor my commitment to everyone that trusted me... It's not that hard to do... took me about 30 secs to write this...
danleuthner

[silversurfer1958]

OK, thanks for your efforts and the update Waldo.

[LittleD]

 It's also important to realize that Waldohoover is probably losing more money than any of us.  I believe he ordered extra Titans whose shares didn't sell, so he probably has more of his personal money in to this than any of us.

This is not true ... who are YOU?! Waldo make good BTC  ... Im pretty sure he is making great profit

[deeneendo]

@LittleD please explain, or this will have been a very useless post of yours...

[Josepht]

Finally a little good news. Now I only hope that we will actually earn something from it.

[deeneendo]

waldohoover: what are your thoughts on:

- returning the miners in accordance to swedish law and reclaiming the paid sum in btc?
- joining the class suit action here: http://kncclassaction.com/ ?

[deeneendo]

waldohoover: here is another interesting read regarding refunds from KnC:

https://www.change.org/p/knc-miner-knc-miner-refund-your-customers-upon-their-request-it-s-the-law/u/8670649?tk=9IfOLr49vfmJK3fGtNPX1yfEDeNcMHyjp4h4OVEdJ-0&utm_source=petition_update&utm_medium=email&utm_campaign=petition_update_email

[pist0la]

These Titans may have decent ROI if they are actually able to mine Scrypt-N.

But there will be a ton of hashing power incoming as all these Titans are delivered.

So I think my vote is to return for a refund instead of ultimately waiting 10-15 months (estimate, if ever) to ROI.

EDIT: And all those Antminer L1's may start hashing in December/January, making it even more difficult to ROI. So my vote is definitely to return for a refund.

[dman99]

Any thoughts on what pools the miners will be directed at?

Nicehash/Westhash seems like the best bet, but the Titan currently doesn't work well with this pool due to the slow flush rate of the Titan.  KNC and Nicehash seem to be working together on getting this to work.  See http://forum.kncminer.com/forum/main-category/main-forum/64472-nicehash-full-support for details.

In the meantime, I'd prefer litecoinpool.org.  They merge-mine with DOGE but will pay out entirely in LTC.  Most importantly, Titan owners seem to have the most success with this pool.  Thoughts?

[Josepht]

Waldohoover, how much will we be getting back if we return the miner? If I'd get my 1.2 BTC back, I'd love to teturn it.

[dman99]

So I think my vote is to return for a refund instead of ultimately waiting 10-15 months (estimate, if ever) to ROI.

Don't get your hopes up.  I severely doubt much will come of all the refund talk.  If you want as much money back as possible, I'd push for selling the Titan.

When I bought my shares, I believe Bitcoin was ~$550.  It is now ~$370. So, Bitcoin is only worth 67% what it was at the time of purchase.  So, if you were able to sell your Titan for 67% of the initial $10,000 cost (so $6,700) you would theoretically end up with the same amount of Bitcoin as before your purchase.  A quick check to eBay shows that they'll probably sell for around $4,500.  You can work this math further if you care.

Me personally, I just say let's let them mine.  The miners do seem to be getting better with firmware updates.  Also, no other vendor has yet to ship a scrypt miner anywhere near the efficiency of the Titan, even with the higher-than-stated power consumption.  This may change once the Antminer L1 ships, but that is still about 2 months away (if even).  The GAWminers Vaultbreaker has basically disappeared off the face of the Earth.

[dman99]

I only say that because I have done 2 refund/lawsuit ordeals and both have not turned out well, at all.

This.  Historically, attempting to get a refund with legal action just results in more pain that it's worth. I really think we just need to let these machines mine and earn back what we can.

[pist0la]

These Titans may have decent ROI if they are actually able to mine Scrypt-N.

But there will be a ton of hashing power incoming as all these Titans are delivered.

So I think my vote is to return for a refund instead of ultimately waiting 10-15 months (estimate, if ever) to ROI.

EDIT: And all those Antminer L1's may start hashing in December/January, making it even more difficult to ROI. So my vote is definitely to return for a refund.

Thanks and considered! Are you in T1 or T2 (or T3) by any chance?

The difficult thing is if we DO decide to return the units, that means they cannot be opened. Do you see where I'm getting at? If we get 2 Titans today and we do not open them due to maybe returning them and then a week later everyone decides to keep them and mine, well, see, we just wasted a week of mining.

BUT! If I see a storm of people coming in saying let's attempt the return I will consider it, but we need a huge majority of people speaking for the miner they are listed in. Remember, I'm open to anything as long as all of you agree to a decision and know the reward or consequences that may come out of it. I only say that because I have done 2 refund/lawsuit ordeals and both have not turned out well, at all. I'm leaning towards just mining with the units (everyone's original intention when purchased) but I definitely see and understand how the circumstances have greatly changed since the original order times.

I am in T6, so I've got some waiting time. I do wish shareholders had the option to sell their shares off, though.

Selling the unit on ebay would seem to yield a little less than half the BTC I put in initially, so I'd rather not do that. I am certainly open to mining if it yielded a steady residual payout beyond 1/2 my initial investment. I just don't know if we will reach that point before you have to shut down the Titans due to negative returns.

I'll never pitchfork you, Waldo. I knew this was a gamble when I bought in. I would be thrilled to get .95 BTC for each single BTC I put in.

Anyone want my shares at 1 BTC each?! 17% off!

[deeneendo]

agreed at leaving the pitchforks in the shed! waldohoover is not at fault here and I understand the position he is in!

I just wanted to hear his opinion on the matter. even though it was late, I can fully sympathize with the decision to let them mine and hope for scrypt-n to be efficient with one of the next firmware updates.

I am in miner #7, so I will have to wait anyway. If massive problems should occur, hinting at impossible ROI of the units, I would still like to cast my vote for a return, but it's easy for me to say that, since I will have the pain/luxury of having to watch 6 Titans go online before my invest even starts returning

[silversurfer1958]

I've got no idea what Miner I'm on,
I sent you my BTC and LTC address I specified when I bought 12 MH

Will try log into Miningsolutiopns see if it reconises me and tells me.

OK logged in, but as far as my account is concerned
I only have 2MH but I bought 12 MH.


Will send you a confirmation Email I got from you.