[ZeusMiner] GEN III MINER-VOLCANO Pre-order Now!!

[notlist3d]

I like price but "Worldwide delivery starting: End of Q4, 2014" scares me.   Personally doing my ROI calculations i only buy in stock (for most part).  Pre-order is hard to calculate anything sadly without a shipped before date, we just have shipped after.

[pimytron]

Pre-order ?
I do not buy something that does not exist.

[Kracko]

ZeusMiner is considering putting off the Volcano and offering a conversion to ZeusHash.  I paid for a physical piece of hardware that I can aim where I choose, not to give ZeusMining what amounts to an interest free loan/vouchers metered to appear to payback at the rate of an actual miner- a miner that cannot be controlled.   If it was actually a physical or even a virtual miner that could be targeted to a pool of your choice I would have a different opinion.  Anyone care to bet whether their ZeusHash product is completely backed by actual miners?   I sincerely hope that ZeusMiner upholds their delivery promise.  But this recent newsletter is very concerning.

https://zeusminer.com/2014/10/15/progress-update-15102014/

A VOLCANIC ERUPTION
 
As you all know, we always listen to our community and every morning our customer service delivers daily updates directly to Terry’s desk (who barely is in his chair, but mostly busy running around in our now vast facility)

Customer service has not only received a few but many messages about our upcoming Volcano. As ZeusHash has been such an overwhelming success many of you asked us if it is possible change their Volcano Pre-orders for December into ZeusHash mining power now.

We have already completed the first phase of the new powerful chip design and are ready for the next step when your words have reached us.
We understand your wish but want to explain you that it is not easy and brings us in a difficult position. If we fulfill your wishes then substantial funds set aside for the Volcano development will be transferred over to ZeusHash. True, this would allow us to put more power behind the future development of ZeusHash and open up the possibility to implement a lot of new functions but this decision would also mean that we cannot continue the production of the Volcano at the same time.

Please understand that it is not an easy decision and Terry is constantly debating with our whole team the pro and cons of such a big decision for Zeus. We never had expected the success of ZeusHash and the wish of many Volcano customers to become part of it.

We will do our best to listen to our customers, but please give us more time to make such an important decision. Sara, our customer service head has been assigned to handle all of your input so that we can reach a decision of the future of the Volcano very soon.

[Kracko]

They did it...  The cancelled the Volcano run.   Just received this.   And they'll generously pay back in BTC, which has dropped over a $140 a coin since they started the pre-order, which will add up to a $500 hit for me.

This is Terry and I am the CEO of ZeusMiner. I am writing to you because you have placed a pre-order for a Volcano or GEN III blade products with our company.
 
I would personally like to thank you for your trust in us but also have an important matter that I want to discuss with you today.
 
When we have announced the pre-orders in September a lot of customers like you, have used this chance and placed an order for our Volcano/GEN III Batch 1 for December delivery. A month later ZeusHash, our cloud-hashing platform went online and we were amazed by its instant success with over 12,000 customers signing up in less than a month.
 
Since that time our customer service has received a lot of messages from Volcano pre-order customers - you might have been one of them - who asked us if it is not possible to change their pre-orders for December into a ZeusHash Cloud-hashing with instant BTC/LTC mining.
 
We took time to think about this possibility carefully, and as more and more similar requests were coming in we even hired an outside analyst team to support us in this difficult decision for our company.
 
The main reasons Volcano customers,who wanted to change to ZeusHash and start mining coins immediately,stated, were their growing concerns about the constantly low LTC and BTC price and the coin difficulty climbing sharply. As every investment is about ROI, we completely understand and agree to their concerns.
 
The analysts estimated that the moment we would allow the switch from Volcano to ZeusHash over 80% of the Volcano pre-order customers would take advantage of this possibility. But this would mean for us that it would be impossible to continue the production of the Volcano because of the low production volume.
 
From the moment we have received the first pre-order payment for a Volcano we have set aside this money in secured accounts in the same way we have received it (USD, BTC, LTC) and have used our own funds to finance the R&D of the Volcano.
 
For ZeusMiner the most important factor was always to listen to the community and work together with it to build up a strong and powerful Scrypt mining industry. Flexibility is a vital factor and we have realized that at this point we have to make a decision, either to listen to what the majority of our Volcano customers wants even it means that we have to accept that the money we put already into R&D will be lost or to continue to produce the Volcano.
 
We have stuck to our main principle to always put customers first and I as CEO of ZeusMiner have decided to halt the production of the Volcano and GEN III chip blades.
 
We have worked out two solutions that we think both will benefit you
 
Transfer your Volcano pre-order to ZeusHash for instant hashing. You will receive an extra 10% discount on top of the already extremely low Halloween Special promotion
Refund of the FULL amount including shipping costs in exactly the same way we have received funds from you (USD, BTC or LTC)
PLUS
If you have ordered at least 1 Volcano we will put FREE 10 GHS into your ZeusHash account
If you have ordered GEN III blades, you will receive FREE 5 GHS into your ZeusHash account
 
You may click HERE to let us know your decision. Log in with your account in ZeusMiner. (If it is your first time at ZeusHash, please try to log in with your Email and Password at ZeusMiner).
 
If you have purchased through one of our distributors, please be so kind and contact them for conversion/refund.
 
It has been a very difficult decision for us to make and we didn't take it lightly, but we feel that this decision reflects what the community wanted from us.
 
I apologize to you for having to make this decision and thank you for your support. If you have any questions, comments or anything to tell me directly, please send me a message to my personal email terry@zeusminer.com
 
With Best Regards
 
ZeusMiner CEO
Terry Li
 

[eightcylinders]

Not only are they refunding based on BTC prices 2 months ago (a $600+ dollar hit for me too) but I would bet that $600 that Zeus is going to make the Gen III chips and use them for their own cloud and/or their partner GAW. 

I guess they don't realize that when all of the hashing power is concentrated in only a few entities, the coins (all scrypt) will crash and burn.  Joke will be on them at that point but in the meantime we have all been scammed yet again.

What a joke that they claim 80% of us would choose their shitty-ass cloud mining service where 50 mhs yields about .7 LTC per day at best.  ROI in a decade, maybe.

[eightcylinders]

I am so sick of being lied to Zeus. 

The idea that ANYONE much less 80% of us would actually WANT to convert their orders to Zeus’s cloud hashing is a ludicrous LIE. Prove it Zeus, or it never happened.

I am so sure that this did not happen that I will make the following public offer to Terry and Zeus:

(1) Zeus agrees to reaffirm their contractual commitment and resumes production of the Gen III chips and Volcanos, for delivery in December per the terms of the contract that Zeus offered and we accepted for each of the Volcanoes and Gen III boards;

(2) If there are indeed ANY pre-order holders who would prefer to swap out their pre-ordered Volcanoes or Gen III board for Zeushash as Terry claims, I will PERSONALLY buy EACH AND EVERY Volcano and Gen III pre-order in exchange for Zeushash mhs.  Those who want to keep their pre-orders can, I will just help Zeus out by taking care of the group of folks who want Zeushash instead, okay?

(3) I will exchange Zeushash mhs at the same rate as Zeus is offering in their "refund" including the bonus 10%

(4) Each person who prefers Zeushash mhs to their preorder can exhange their pre-order and assign it to me, and I will get all those pre-orders to my name.  Zeus can serve as escrow.  Those who wanted Zeushash (if there even are ANY such idiots) can have it, the rest of us get the hardware we were promised and don't get scammed by the drop in BTC prices.

(5) Zeus will sell me their Zeushash mhs for this purpose at their standard reseller pricing applicable to Zoomhash and others reselling their cloud service.

I will GLADLY buy out all of those pre-orders from the suckers who want Zeus’ cloud hashing rather than hardware, and then Zeus can produce all those volcanoes and Gen III boards as promised next month.

How about it Terry, deal? Or are you lying to us about all that as I know you are? If you are telling us the truth about all of those people who want to transfer their pre-orders, my offer is a huge win-win for you. So take my offer, or admit you are lying.

[cloudminerDW]

yeah what a joke.  

   I got thier email too telling me to either convert my btc to thier hashcloud or get a refund.  I didn't make a huge purchase. was only 2 of the 10mhs boards at $50 a piece. but there is no way they can expect me to believe that 12000 people around the world who pre-ordered actually emailed them back asking them to convert thier orders into thier hashing service instead at 3x what it would have cost to own the boards LOL.   Yeah like i'd really want to pay $320 to have them host my 20 mhs instead of paying $100 to own them and run them on my own network.

   I will never buy another thing from these people.  


And yeah it sucks for you guys who pre-ordered early when the value of BTC was higher. And if we get a refund they're saying it will take 1 - 2 weeks for the refund to go through. They're probably mining the BTC's on the hardware we pre-ordered and in 1 - 2 weeks they'll pay us with the equipment that they refuse to sell to us.

[tom99]

They did it...  The cancelled the Volcano run.   Just received this.   And they'll generously pay back in BTC, which has dropped over a $140 a coin since they started the pre-order, which will add up to a $500 hit for me.

This is Terry and I am the CEO of ZeusMiner. I am writing to you because you have placed a pre-order for a Volcano or GEN III blade products with our company.
 
I would personally like to thank you for your trust in us but also have an important matter that I want to discuss with you today.
 
When we have announced the pre-orders in September a lot of customers like you, have used this chance and placed an order for our Volcano/GEN III Batch 1 for December delivery. A month later ZeusHash, our cloud-hashing platform went online and we were amazed by its instant success with over 12,000 customers signing up in less than a month.
 
Since that time our customer service has received a lot of messages from Volcano pre-order customers - you might have been one of them - who asked us if it is not possible to change their pre-orders for December into a ZeusHash Cloud-hashing with instant BTC/LTC mining.
 
We took time to think about this possibility carefully, and as more and more similar requests were coming in we even hired an outside analyst team to support us in this difficult decision for our company.
 
The main reasons Volcano customers,who wanted to change to ZeusHash and start mining coins immediately,stated, were their growing concerns about the constantly low LTC and BTC price and the coin difficulty climbing sharply. As every investment is about ROI, we completely understand and agree to their concerns.
 
The analysts estimated that the moment we would allow the switch from Volcano to ZeusHash over 80% of the Volcano pre-order customers would take advantage of this possibility. But this would mean for us that it would be impossible to continue the production of the Volcano because of the low production volume.
 
From the moment we have received the first pre-order payment for a Volcano we have set aside this money in secured accounts in the same way we have received it (USD, BTC,


LTC) and have used our own funds to finance the R&D of the Volcano.
 
For ZeusMiner the most important factor was always to listen to the community and work together with it to build up a strong and powerful Scrypt mining industry. Flexibility is a vital factor and we have realized that at this point we have to make a decision, either to listen to what the majority of our Volcano customers wants even it means that we have to accept that the money we put already into R&D will be lost or to continue to produce the Volcano.
 
We have stuck to our main principle to always put customers first and I as CEO of ZeusMiner have decided to halt the production of the Volcano and GEN III chip blades.
 
We have worked out two solutions that we think both will benefit you
 
Transfer your Volcano pre-order to ZeusHash for instant hashing. You will receive an extra 10% discount on top of the already extremely low Halloween Special promotion
Refund of the FULL amount including shipping costs in exactly the same way we have received funds from you (USD, BTC or LTC)
PLUS
If you have ordered at least 1 Volcano we will put FREE 10 GHS into your ZeusHash account
If you have ordered GEN III blades, you will receive FREE 5 GHS into your ZeusHash account
 
You may click HERE to let us know your decision. Log in with your account in ZeusMiner. (If it is your first time at ZeusHash, please try to log in with your Email and Password at ZeusMiner).
 
If you have purchased through one of our distributors, please be so kind and contact them for conversion/refund.
 
It has been a very difficult decision for us to make and we didn't take it lightly, but we feel that this decision reflects what the community wanted from us.
 
I apologize to you for having to make this decision and thank you for your support. If you have any questions, comments or anything to tell me directly, please send me a message to my personal email terry@zeusminer.com
 
With Best Regards
 
ZeusMiner CEO
Terry Li
 

  you support to get back your pre-order in USD but not what you paid that time.  I think you get more in BTC.

[jawitech]

That really sucks. Was looking forward to the blades to upgrade my blizzards.

But watching the market it seems to be more profitable for the companies providing a cloud mining service, paying mining reward in BTC and charging maintenance fees in USD with the option to adapt if BTC price should go against them.

[khornate]

Yeah this is rubbish. I am lucky I only ordered a $50 upgrade board. There is no way to prove that most people would prefer cloud hashing over the actual hardware they paid out for. If they wanted that then they would have bought it from somewhere else instead of sitting around while difficulty raises. Lesson learned I suppose, won't be buying anything from this company again.

[jawitech]

Yeah this is rubbish. I am lucky I only ordered a $50 upgrade board. There is no way to prove that most people would prefer cloud hashing over the actual hardware they paid out for. If they wanted that then they would have bought it from somewhere else instead of sitting around while difficulty raises. Lesson learned I suppose, won't be buying anything from this company again.

I agree. Wanted to buy some more Blizzard and upgrade them with the new blades. But with this decision, Zeus is, at least for me, a no-go for further purchases.

[Hityor_Petar]

I won't buy any Zeus miners now. 

[boostbus]

Agreed. I'm gutted. Been buying up their miners knowing they make no money waiting for the upgrade boards. Some of them still haven't been delivered. Then find out this. I'm glad I didn't pre order and feel for you guys that did.
I am however stuck with non profitable kit now. 
I belive that the chips worked far better than intended and they want to keep them for themselfs and the pre order money people gave in good faith paid for this to happen.

[CryptoGuu]

When do you guys stop pre ordering .. ?

[boostbus]

@cryptoguu
I don't understand the question.

[CartmanSPC]

How about we take over production as a community. If they were almost ready to ship then I imagine it wouldn't take much more to complete the project.

Zeus should "give" the community the ability to produce these miners on their own. Release the schematics for the chip/board design. I could take that and maybe call upon some of my old contact in the IC manufacturing world.

Better yet put us in touch with your manufacturing contacts so we can fund and continue the project.

(used to be part owner of a memory manufacturing company back when it was incredibly lucrative...luckily sold it before the floor dropped out of the market)

[jawitech]

How about we take over production as a community. If they were almost ready to ship then I imagine it wouldn't take much more to complete the project.

Zeus should "give" the community the ability to produce these miners on their own. Release the schematics for the chip/board design. I could take that and maybe call upon some of my old contact in the IC manufacturing world.

Better yet put us in touch with your manufacturing contacts so we can fund and continue the project.

(used to be part owner of a memory manufacturing company back when it was incredibly lucrative...luckily sold it before the floor dropped out of the market)

Do you really think they care about the demand of the community? They only want most profit and that can be reached through cloud mining where you have unsteady profit and increasing maintenance fees.

[khornate]

I got an email from MinerEU where I made my preorder and had a look at what ZeusHash cloud mining they were offering and the maintenance fees are such a ripoff. To the credit of MinerEU though, they seem quite happy to refund me the full amount instead.

[alphateam]

I got an email from MinerEU where I made my preorder and had a look at what ZeusHash cloud mining they were offering and the maintenance fees are such a ripoff. To the credit of MinerEU though, they seem quite happy to refund me the full amount instead.

Do you have your refund from minereu or not yet? (i'm in the same case)

[Valpe]

I got an email from MinerEU where I made my preorder and had a look at what ZeusHash cloud mining they were offering and the maintenance fees are such a ripoff. To the credit of MinerEU though, they seem quite happy to refund me the full amount instead.

Do you have your refund from minereu or not yet? (i'm in the same case)

I am in the same case also. MinerEU says "next week". So we see then.