KnC Worse than Gox

[metagnosis]

Its time to put Knc in the category of the worst of crypto, along with Mt. Gox.  Now you can say "you've been goxed" or "you've been KnC'd" 
it basically means you've been raped. 
What KnC has done with the titan,  a dishonest manipulative scam that the Federal Reserve would be proud of. 

1.  They listed Q2 only in an attempt to manipulate buyers.  It was never realistic
2.  they use titan per-order money as a interest free loan to build a data center
3.  They added "no refunds" AFTER some of the first buyers purchased a titan.  Screen shots prove this.
4.  Their power requirements are 50% higher than they indicated, making it a dangreous device in many countries electrical systems.
5.  They wait until the end of Q3 and rush shipments out.  Buyers are reporting incomplete / non functioning systems

6.  Q3 is almost over and most buyers have still not rec'd their titans.  But guess what? it doesnt matter because if you read their Terms it says :
"The delivery date is provided for information purposes only and shall not be binding on KnCMiner. The Purchaser is not entitled to refuse acceptance of the Products, withdraw, cancel or revoke the order or make claims for compensation due to any delayed delivery."

so basically we have no leverage, nothing is binding for KnC.  So if they are late, it doesnt matter. 

7.  They give the batch 1 buyers who paid more less power and justify this by saying that the time diff. makes up for it.  FALSE

8.  They have banned me and others complaining about this from their website / forum and have prevented new registrations

This doesn't include the shenanigans associated with the jupiter, and then the Neptune.  This company is clearly bent on destroying their customers.  I'm not sure where this hatred for the customer came from. 
While companies like GAW issue notices like:

"we weren't happy with the genesis hash rate / ROI, so we increased it for free"
along with giving hardware buyers access to the data center.

KnC (the classy Kurt) issues statements like in reference to batch 1 buyers complaining about the MH

 "its not absurd at all.  The fact is extremely simple, you are getting more than the product you originally paid for."

So to translate, Kurt thinks that buyers are only entitled to 100MH because those were the original specs.   He feels KnC is giving us more than we deserve.  How ungrateful can customers be?
Now this statement exposes a lack of conscience, wisdom, and good sense, that KnC has.  In the mean time, KnC is selling data center hash while the titan customers are fuming. 

They dont seem to care that 99% if their customers are angry.  They just respond with the term of sale which binds them to nothing but binds the customer in every way. 

Usually buyers dont read the terms when purchasing or installing software / hardware.  There is a certain level of implied trust when doing business with a company with a public profile.  The buyer assumes that the terms are fair.  Those who bought titans will never make that mistake again.  Of course those who bought titans will obviously never ever do business with KnC again. 

KnC must have made so much money from pre-orders / data center that they do not care that their reputation will be in the toilet and will most likely never recover.

Good Job KnC.  I hope keith, kurt, anna, and all the other mental midgets at your company enjoy the money you stole from your customers.  Buy something nice for your children and family members. 

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[unrealistic]

Yea, it look like knc is a very big scam company, too bad, they have great products.

[dropt]

Yea, it look like knc is a very big scam company, too bad, they have great products.

They really don't though.

[vvic]

so, I guess that means I shouldn't be expecting "FREE" neptune they promised to batch 1 customers

[metagnosis]

It is almost october 1st and of course the dishonest KnC has not shipped the Titan.  Most likely they staged a few shipments in order to meed the deadline.  Who can really trust anything that they say?

Regarding the Q3 "deadline" it is no deadline at all.  The terms say that this date is not binding and the sucker customer will not get a refund even if this deadline is not met. 

Leverage:
KnC              5,000%
customer       0%

Flexibility
KnC              0%
Customer       Unlimited (to endure all the delays, misinformation and apologies from KnC)

Unlike GAW and other companies who make every attempt to please their customers, KnC's rigid, unyielding, and hateful attitude towards their customers is perplexing.   The old KnC seemd to pretend to care, maybe only to lure us into a false sense of trust. 
I cant imagine any informed miner / trader would ever do business with this company which is worse than gox. 

[Undefeatable]

Nah, Gox is the worst. at least KNC shipped some products

[g-uid]

Unfortunately many of these posts are being deleted almost as quickly as they go up

[bitzcointalk]

My god, this looks like the perfect forum to put this, at last, a sheep among sheep.

Hardware cannot reach a return on the investment. So... NO. Bad idea. Expect to lose your investment. Check calculators with a difficulty change over time to see if in 1 month you will be making the same... you won't be... there is simply too much hardware being brought online by too many manufacturers and they have only hurt themselves. Do not buy hardware, you will loose your investment. They are now knowingly trying to sell you goods they know you cannot profit from, but simple calculators say that you will.
Good Luck. (Good Luck to us all, I suggest you all re-post this comment where ever you ended up getting sucked into this black hole business, stop others, stop the new hardware, and maybe we can ROI, this includes all over china so get someone who can translate this to Chinese & get it into their forums to).

[Collider]

Yea, it look like knc is a very big scam company, too bad, they have great products.

They really don't though.

The only thing they have is overpriced miners for people who cannot do basic ROI calculations.

Their 20nm miner is worthless as users paid in excess of 2.5$/GH for miners delivered around mid / end of July. (+PSU cost)
The power consumption advantage over good 28nm miners isn´t there either.

I repeatedly warned KnC customers to take the refund and buy miners elsewhere (when this was still an option).

Anyone who hands money to KnC now for nonrefundable miners, is just throwing their money away and making a company with equal moral standards as BFL richer.

[g-uid]

You're missing the point

[naplam]

My god, this looks like the perfect forum to put this, at last, a sheep among sheep.

Hardware cannot reach a return on the investment. So... NO. Bad idea. Expect to lose your investment. Check calculators with a difficulty change over time to see if in 1 month you will be making the same... you won't be... there is simply too much hardware being brought online by too many manufacturers and they have only hurt themselves. Do not buy hardware, you will loose your investment. They are now knowingly trying to sell you goods they know you cannot profit from, but simple calculators say that you will.
Good Luck. (Good Luck to us all, I suggest you all re-post this comment where ever you ended up getting sucked into this black hole business, stop others, stop the new hardware, and maybe we can ROI, this includes all over china so get someone who can translate this to Chinese & get it into their forums to).

You're missing the point, i.e, that they did not deliver when they said they would deliver. Furthermore, they are not refunding customers upon failing this basic expectation.

Most mining hardware manufacturers are scamming their clients. They mine witht he equipment, they sell it when it's worthless... if you haven't realised that's the norm by now, you're a hopeless case.

[bitzcointalk]

Nobody posted anything today yet, so I will.
Tensions are high. Have not received my product as of yet and have requested a refund CCing the FBI, FTC, and a lawyer in Sweden who has already received complaints.
After a phone call with them they claim a little over a thousand units were orders (most on the first day).
They are still working orders generated from that first day.
They may have manufactured 10 units for every 1 unit ordered and have been mining with all of them since the first few days.
Slowly driving the difficulty up.
Now that it is unprofitable and pressure from the public is high enough, they are starting to release a few miners.
They claim that customers did not purchase ROI for a machine, that is literally only designed to do one thing... make money.
If it does not 'make money' at least a return on the investment KnC, then you are not delivering. 
Standing by, not quite sure the world will give you or any other manufacture another chance ever again.
Not without Proof of coordination between all competitors.
 

[zakalwe]

Ladie and Gentlemen, here we go, the ball is starting! All aboard, those scammers are about to live in a nightmare....

https://www.cryptocoinsnews.com/magnus-daar-esq-knc-miner-hurts-swedens-reputation-business/

I guess they have to thanksgive God is no one has gone yet under their office to break their knees. Just because we are all good fellows.

Anyway, I think that if Daar goes on it will be worse 

Let's enjoy his action. I am trying to understand how to partecipate.

[BitcoinRuinedMyLife]

Ladie and Gentlemen, here we go, the ball is starting! All aboard, those scammers are about to live in a nightmare....

https://www.cryptocoinsnews.com/magnus-daar-esq-knc-miner-hurts-swedens-reputation-business/

That's awesome. Hopefully KNC learns the hard way.

[zakalwe]

Ladie and Gentlemen, here we go, the ball is starting! All aboard, those scammers are about to live in a nightmare....

https://www.cryptocoinsnews.com/magnus-daar-esq-knc-miner-hurts-swedens-reputation-business/

That's awesome. Hopefully KNC learns the hard way.

Yes. I have 6 Titans paid since march. But not just for that, these scammers hurt all the crypto universe. I still have in the ears the words of Sam Cole (I met him in Amsterdam and I asked when would I received The Titans): "in august, you'll have them in august".

Actually he didn't specified what year.......

 

[JoshsAssIsFucked]

It is almost october 1st and of course the dishonest KnC has not shipped the Titan.  Most likely they staged a few shipments in order to meed the deadline.  Who can really trust anything that they say?

Regarding the Q3 "deadline" it is no deadline at all.  The terms say that this date is not binding and the sucker customer will not get a refund even if this deadline is not met. 

Leverage:
KnC              5,000%
customer       0%

Flexibility
KnC              0%
Customer       Unlimited (to endure all the delays, misinformation and apologies from KnC)

Unlike GAW and other companies who make every attempt to please their customers, KnC's rigid, unyielding, and hateful attitude towards their customers is perplexing.   The old KnC seemd to pretend to care, maybe only to lure us into a false sense of trust. 
I cant imagine any informed miner / trader would ever do business with this company which is worse than gox. 

We have 3 and another 1 that was a few orders behind. That as not arrived. We believe they stopped shipping because there is a problem with the chips. They won't say that but 7 out of 12 cubes are OK, 4 of the 5 bad ones are BAD! We modified bfgminer to work better but there's serious issues with them. RMA would be the honourable thing to do but they won't. You know where all the top binned chips are tight....

Unforetunitly there doesn't seem to be a honest mining company in the western world, but that's always been the case for last 100+ years so why expect any thing different now!

Titans are broke, seriously broke and there excuses and updates make them sound thick as fuck and break things more! All points to bad chips!

[bittawm]

KnC raped me with the fraken Jup

sending faulty gear way beyond ROI

[rammy2k2]

KNC turned out to be like 99% of other mining hardware companies ; built their own business(data center), on customers money ; now they dont give a single f&#c abt their customers

[s1gs3gv]

This is a work in progress -> http://kncnews.org

Please PM me any additional info/links that I missed

[toptek]

Please review our terms and conditions which can be found here: https://www.kncminer.com/pages/tandc
Due to the relatively young nature of the scrypt mining market we are not currently offering refunds on our scrypt mining products.


 I love how  a lot of company's not just company that deal with bitcoins  think just because its on paper there  aloud to do and say what they please.


 what I mean is if you take some one money with no intention of giving back what that customer paid for then tell the customer the above . were and what law  makes it OK to take some one money in a misleading way then tell you  no refund and  you get nothing to me that's  stealing and plan against any law any place on the face of earth eve in jail were it Polly not as bad due you can lose your life over it there .



Yet they still  think it OK to do. I don't even know were that policy came from no refund due to the nature of the business.


well to me  that's stealing and fraud. makes even bitcoins look bad to some who other wise  would put big amounts of money into bitcons because of some of the acts of others in this business.


I hope you guys get some kind satisfaction out of it  i don't do any kind of per orders out side the US even then its risky in side the US as well you still have to watch who you buy form here .  ( BFL). just one of the many who do it every day in the US , we don't hear about the other ones because they do it in a such a way you can't prove it .



the crime of fraud involves the use of deception for financial or personal gain.