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MichaelNZ (OP)
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January 06, 2015, 11:04:50 PM |
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I converted a June delivery TM iv to a 12 month mining contract ...
The last two weeks payouts failed to arrive.
This email was sent to me today ...
Hello Michael,
Thank you for contacting CoinTerra.
Our legal department has provided the following:
“The company has defaulted on its secured notes. The Note Holders have senior, secured and, we believe, perfected liens on all of CoinTerra's assets, including servers. We have proposed a plan to the Note Holders. However, at this point we do not know how they are going to react to our proposal. The Note Holders are evaluating their options. Until this is resolved, CoinTerra will be unable to make further payments.”
What this means is that we cannot issue any payments to customers at this time. Rest assured we will let you know if this situation changes or if there are any relevant new developments but, for now, we have no further information.
Best regards,
Laura
CoinTerra Support Team
The executioners axe is raised and the head is about to come off ... If you were expecting any hardware from them, it's not looking likely you'll get it now.
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RoadStress
Legendary
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Activity: 1904
Merit: 1007
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January 06, 2015, 11:19:39 PM |
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What a surprise...  |
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MichaelNZ (OP)
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January 06, 2015, 11:25:45 PM |
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What a surprise... I'm not unhappy they are gone. Any company that treats its customers as badly as they have done deserve to fail ! What I am pissed off about is I wont recover the money I put in there back in March 2014 ($6817) |
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RoadStress
Legendary
Offline
Activity: 1904
Merit: 1007
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January 06, 2015, 11:34:04 PM |
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What a surprise... I'm not unhappy they are gone. Any company that treats its customers as badly as they have done deserve to fail ! What I am pissed off about is I wont recover the money I put in there back in March 2014 ($6817) Don't be shy. Share the story. |
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MichaelNZ (OP)
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January 06, 2015, 11:46:16 PM |
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What a surprise... I'm not unhappy they are gone. Any company that treats its customers as badly as they have done deserve to fail ! What I am pissed off about is I wont recover the money I put in there back in March 2014 ($6817) Don't be shy. Share the story. I'm not shy about it believe you me ... I have posted the full story on here previously, so it's all past history now. People that have bumped heads with Cointerra will know exactly what I'm talking about. Other than that, it's all best forgotten and left in the past as another unsavory chapter in the chequered history of Bitcoin mining endeavors. |
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Powell
Sr. Member
Offline
Activity: 486
Merit: 262
rm -rf stupidity
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January 07, 2015, 12:23:50 AM |
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Aerobatic where are you? I thought you were hired to do PR / CS on the forums for CT and you had LOTS of money involved with them among other ASIC companies.
Where has the best company gone?
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imp0ster
Newbie
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Activity: 50
Merit: 0
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January 07, 2015, 02:21:53 AM |
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Can someone post known Cointerra btc addresses?
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HorseRider
Donator
Legendary
Offline
Activity: 1120
Merit: 1001
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January 07, 2015, 04:47:48 AM |
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I wish Cointerra will help their customers when they liquidate the company.
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16SvwJtQET7mkHZFFbJpgPaDA1Pxtmbm5P
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aerobatic
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January 07, 2015, 04:04:53 PM |
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Aerobatic where are you? I thought you were hired to do PR / CS on the forums for CT and you had LOTS of money involved with them among other ASIC companies.
Where has the best company gone?
im still here. i wasnt and have never been hired by cointerra. i was an angel investor (and advisor). i live in the UK. i lose if they die - i invested cash along with the other angel investors. it was a big deal for me. clearly, i hope they survive. ive not heard anything first hand. what ive read here is all that i know, and its hard to know whats really going on from what little info ive seen. i was not a part of the more recent financing (secured debt), but obviously, senior debt-holders are a priority over 'regular' investors like me, and the other shareholders. its up to the debt-holders to decide what the company can do now, and whether it can continue to trade or be restructured in some way. if a company gets into a financial difficulty, i believe the order of priority for who gets paid back are: senior debt holders, debtors, employees, customers, and finally investors... with the price of bitcoin where it is, the market for bitcoin mining is almost non existent and its unprofitable to mine when your costs are in dollars. if cointerra dies it wont be the first, nor the last mining company to do so. hope it doesnt die, cos it cost me (and others) a lot! |
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Powell
Sr. Member
Offline
Activity: 486
Merit: 262
rm -rf stupidity
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January 07, 2015, 04:13:12 PM |
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As much as the banter annoyed me in the past you never hide involvement and the truth behind it so can't ever say you aren't a man of your word. For the sake of you and the other angel investors I do hope the best. Market sucks right now even more so than in May/June when I got out. Hopefully the lawyers can work out something.
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RoadStress
Legendary
Offline
Activity: 1904
Merit: 1007
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January 07, 2015, 05:31:01 PM |
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with the price of bitcoin where it is, the market for bitcoin mining is almost non existent and its unprofitable to mine when your costs are in dollars. if cointerra dies it wont be the first, nor the last mining company to do so. hope it doesnt die, cos it cost me (and others) a lot!
Considering the latest news and your post is it safe to assume that CT will not tape out their 16nm chip anytime soon? |
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alh
Legendary
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Activity: 1847
Merit: 1052
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January 07, 2015, 06:50:55 PM |
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Considering the latest news and your post is it safe to assume that CT will not tape out their 16nm chip anytime soon?
My bet is that the bean counters will put the kibosh on the check they would need to send to the Fab even if they did try to tape out. The Fab will want cash up from them I expect. Wasn't it HashFast that got a bunch a chips back, just as they declared bankruptcy? |
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RoadStress
Legendary
Offline
Activity: 1904
Merit: 1007
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January 07, 2015, 07:11:46 PM |
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Considering the latest news and your post is it safe to assume that CT will not tape out their 16nm chip anytime soon?
My bet is that the bean counters will put the kibosh on the check they would need to send to the Fab even if they did try to tape out. The Fab will want cash up from them I expect. Wasn't it HashFast that got a bunch a chips back, just as they declared bankruptcy? Got a bunch of chips back from who? From the Fab? I don't understand your HF statement. |
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MichaelNZ (OP)
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January 07, 2015, 07:17:42 PM |
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with the price of bitcoin where it is, the market for bitcoin mining is almost non existent and its unprofitable to mine when your costs are in dollars. if cointerra dies it wont be the first, nor the last mining company to do so. hope it doesnt die, cos it cost me (and others) a lot!
Considering the latest news and your post is it safe to assume that CT will not tape out their 16nm chip anytime soon? Give it a month or two and I'm picking there will be massive fire sale and you'll be able to pick up kit for cents ... Mind you who'd want it ? |
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Swimmer63
Legendary
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Activity: 1593
Merit: 1004
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January 07, 2015, 07:39:35 PM |
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If there was any real work behind the 16nm chip they can sell the design to someone. That's a big if though.
They would have had to at least pretend like they were moving ahead with the latest designs to appear relevant at all.
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Dalkore
Legendary
Offline
Activity: 1330
Merit: 1026
Mining since 2010 & Hosting since 2012
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January 07, 2015, 08:27:40 PM |
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Geez, the fallout is real. Consolidation is the next step.
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Hosting: Low as $60.00 per KW - LinkTransaction List: jayson3 +5 - ColdHardMetal +3 - Nolo +2 - CoinHoarder +1 - Elxiliath +1 - tymm0 +1 - Johnniewalker +1 - Oscer +1 - Davidj411 +1 - BitCoiner2012 +1 - dstruct2k +1 - Philj +1 - camolist +1 - exahash +1 - Littleshop +1 - Severian +1 - DebitMe +1 - lepenguin +1 - StringTheory +1 - amagimetals +1 - jcoin200 +1 - serp +1 - klintay +1 - -droid- +1 - FlutterPie +1
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Seketsuna
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January 07, 2015, 10:03:11 PM |
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after bitstamp and now this... btc businesses ending up as a scam or fail...
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dogie
Legendary
Offline
Activity: 1666
Merit: 1185
dogiecoin.com
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January 07, 2015, 10:04:40 PM |
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Aerobatic where are you? I thought you were hired to do PR / CS on the forums for CT and you had LOTS of money involved with them among other ASIC companies.
Where has the best company gone?
im still here. i wasnt and have never been hired by cointerra. i was an angel investor (and advisor). i live in the UK. i lose if they die - i invested cash along with the other angel investors. it was a big deal for me. clearly, i hope they survive. ive not heard anything first hand. what ive read here is all that i know, and its hard to know whats really going on from what little info ive seen. i was not a part of the more recent financing (secured debt), but obviously, senior debt-holders are a priority over 'regular' investors like me, and the other shareholders. its up to the debt-holders to decide what the company can do now, and whether it can continue to trade or be restructured in some way. if a company gets into a financial difficulty, i believe the order of priority for who gets paid back are: senior debt holders, debtors, employees, customers, and finally investors... with the price of bitcoin where it is, the market for bitcoin mining is almost non existent and its unprofitable to mine when your costs are in dollars. if cointerra dies it wont be the first, nor the last mining company to do so. hope it doesnt die, cos it cost me (and others) a lot! I believe customers and debtors get lumped together (at least in the UK anyway), and employees have a pretty good chance of getting paid due to government schemes (at least in the UK). |
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