[Active Mining] The UNofficial Active Mining Discussion Thread [UNmoderated] - page 23.

drasted

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Quote from: minerpart on April 09, 2014, 11:45:58 AM

The FIAT paid by customers has been put into a pot to actually pay for the equipment they will be getting (I know that might sound strange to you!) and for future mining hardware development. So this FIAT has been assigned and is being utilized to run the company.

And that's what i would expect should happened to it. But it would be nice to hear Ken say it rather than make guesses. And it would be nicer if he answered questions properly instead of blaming MtGox when MtGox wasn't even relevant to the question.

minerpart

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Activity: 280

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IIIIII====II====IIIIII

So you have the answer now Trolls, you can go back to sleep now. I wouldn't advise any of you to actually try to run a business of your own you clearly have no clue.

Nite nite!!!

Cheesy

sporket

sr. member

Activity: 280

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@minerpart:

Stop sperging or else Thorazine. Angry

Phildo

legendary

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Quote from: minerpart on April 09, 2014, 11:21:20 AM

Quote from: drasted on April 09, 2014, 12:37:34 AM

Were the orders paid for in fiat converted to bitcoin and left on mtgox or not?

If the answer to that was yes and yes (which it isn't) what's the problem you see exactly? It's incredible that you can try to make this company look bad due to the failings of a scammer in Hong Kong! Hundreds of MILLIONS of dollars were on Gox when it closed. You are deliberately being STUPID to suggest something out of the ordinary was happening. Thousands of people and businesses were doing the same. The specific MTGox payment service being used by Ken as a business customer was obviously working and efficient and there was no evidence implying that Gox was about to close down. They are the facts.

FIAT wired to the company was kept in FIAT. All BTC on Gox was from BTC pre-orders - no FIAT was sent there. When the BTC value went through the roof it was clearly a good idea to use some of that increase in value to pay refunds. BTC went up by several times, so that boost in the value of these coins was being utilised to pay for the refunds. It's very very VERY simple to understand. Do you really not get it yet?

No issues here. Move on you creeps.

those coins weren't being used because Gox wasn't sending people fiat. And you could have done exactly what you said by holding the coins yourselves. Lots of people got screwed by gox, I would hope that people trying to run businesses in this world would have been smart enough to avoid that.

minerpart

sr. member

Activity: 280

Merit: 250

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Quote from: drasted on April 09, 2014, 11:34:18 AM

explain to me where i'm incorrect:

1. customer pays in fiat.

2. Customer requests refund in fiat.

Where does mtgox come in to this. MtGox has nothing to do with this. The user asked about refunds from fiat purchases, Ken is the one who brought up MtGox as the reason for not giving the refund.

Wow why are you all so dumb in this Troll thread Huh

Look this is my view and my view only and it's how I would run the company and I think this is EXACTLY what has happened:

The FIAT paid by customers has been put into a pot to actually pay for the equipment they will be getting (I know that might sound strange to you!) and for future mining hardware development. So this FIAT has been assigned and is being utilized to run the company. The BTC COINS paid by customers were assigned to the refund pot. Got it so far? Two pots, two different uses. So when the refund pot was frozen the company had to make alternative arrangements. You can't just pull a load of money out of one side of the business (R+D for example) to pay for refunds if those FIAT funds have already been assigned to R+D. So the freezing of the refund pot on Gox has caused the books to be realigned. THIS causes disruption, takes time and needs to be costed. It's called having a business plan and sticking to it.

NOW GET A BLOODY LIFE!!!

sporket

sr. member

Activity: 280

Merit: 250

Quote from: minerpart on April 09, 2014, 11:21:20 AM

...
FIAT wired to the company was kept in FIAT. All BTC on Gox was from BTC pre-orders - no FIAT was sent there. ...

If fiat was kept in fiat, fiat-paying customers would be refunded by now. They are not.

CoinDesk article detailing Ken scamming a hardware reviewer: http://www.coindesk.com/mining-hardware-companies-miners-roundup/

Quote from: NotLambchop on March 31, 2014, 04:13:40 PM

TL;DR after CoinDesk guy asked for a refund:

Quote

The cheque was sent back with an accompanying letter clearly stating the correct spelling of the recipient’s name, just to be sure.

However, mid-March a new cheque arrived containing the same misspelling and, this time, it wasn’t signed either. At this point I started to wonder whether these errors were being done on purpose to delay the refund.

Declining my request to have the funds wired to my bank account instead, VMC will now be sending a third cheque (after receiving the unsigned one back from me).

So, maybe with some luck, some four to five months after applying for a refund, I will actually get my money back.

@solarion: The money you have invested in Ken is gone, ignoring people won't change a thing.

EDIT: VMC thread in Scam Accusations: https://bitcointalk.org/index.php?topic=504424.0

solarion

hero member

Activity: 966

Merit: 513

Painfully obvious shill added to ignore list. Roll Eyes

Don't bother drasted...you're wasting your time.

drasted

sr. member

Activity: 240

Merit: 250

Quote from: minerpart on April 09, 2014, 11:21:20 AM

Quote from: drasted on April 09, 2014, 12:37:34 AM

Were the orders paid for in fiat converted to bitcoin and left on mtgox or not?

It's very very VERY simple to understand. Do you really not get it yet?

That's what i think. So explain to me where i'm incorrect:

1. customer pays in fiat.

2. Customer requests refund in fiat.

Where does mtgox come in to this. MtGox has nothing to do with this. The user asked about refunds from fiat purchases, Ken is the one who brought up MtGox as the reason for not giving the refund.

minerpart

sr. member

Activity: 280

Merit: 250

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Quote from: drasted on April 09, 2014, 12:37:34 AM

Were the orders paid for in fiat converted to bitcoin and left on mtgox or not?

If the answer to that was yes and yes (which it isn't) what's the problem you see exactly? It's incredible that you can try to make this company look bad due to the failings of a scammer in Hong Kong! Hundreds of MILLIONS of dollars were on Gox when it closed. You are deliberately being STUPID to suggest something out of the ordinary was happening. Thousands of people and businesses were doing the same. The specific MTGox payment service being used by Ken as a business customer was obviously working and efficient and there was no evidence implying that Gox was about to close down. They are the facts.

FIAT wired to the company was kept in FIAT. All BTC on Gox was from BTC pre-orders - no FIAT was sent there. When the BTC value went through the roof it was clearly a good idea to use some of that increase in value to pay refunds. BTC went up by several times, so that boost in the value of these coins was being utilised to pay for the refunds. It's very very VERY simple to understand. Do you really not get it yet?

No issues here. Move on you creeps.

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: kslaughter on April 08, 2014, 09:33:41 PM

Quote from: solarion on April 07, 2014, 07:36:01 PM

Quote from: Phildo on April 07, 2014, 07:29:27 PM

I don't really understand how you can still be using Gox as an excuse for the refunds. First, it was pure incompetence to leave the coins on there. Second, this guy didn't even pay via coin.

The logical extension to that is that he converted the fiat to coins so he could gamble on higher exchange rates. Privatized gains and socialized losses. Heads ks wins, tails his customers lose.

Not so, the bitcoins on MtGox were from our pre-order sales when bitcoins were used to pay for the order.

That is your excuse, but no matter how true it is, it's a bad one. When was the last time you got fiat out of Gox? Earlier you said that you were sending coins from gox to coinbase to get fiat to send. Leaving 1 satoshi on gox after the first time you had to do that is pure incompetence. Especially when the entire point of bitcoin is that you can use it as payment, so you could have and should have been keeping the coins on your own and using them as a method of payment.

NotLambchop

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Activity: 378

Merit: 254

Quote from: kslaughter on April 09, 2014, 12:08:05 AM

Quote from: sporket on April 08, 2014, 10:12:51 PM

Quote from: kslaughter on April 08, 2014, 09:33:41 PM

...
No so, the bitcoins on MtGox were from our pre-order sales when bitcoins were used to pay for the order.

You're not refunding orders paid for in fiat because MtGox?

All of our prices are in fiat, so all refunds weather paid in fiat or btc are refunded in fiat. Therefore, we needed to convert btc on MtGox to fiat to fund our refunds. ...

Please explain how fiat wired to your bank as payment for miners ends up on MtGox.

DeadwoodDan

full member

Activity: 238

Merit: 100

It's still a scam, you idiots. He's had to step up his game and buy competitors' chips because he's under scrutiny, but he's still going to come up with some way to lose all remaining assets while paying himself and all his family members salaries, and then he's gonna go bankrupt and what's the point of suing then, right?

Incidentally where is that financial report that was supposedly due at the end of March? Maybe we could finally find out how much the Slaughter clan is raking in each month, eh?

drasted

sr. member

Activity: 240

Merit: 250

Quote from: kslaughter on April 09, 2014, 12:08:05 AM

Quote from: sporket on April 08, 2014, 10:12:51 PM

Quote from: kslaughter on April 08, 2014, 09:33:41 PM

...
No so, the bitcoins on MtGox were from our pre-order sales when bitcoins were used to pay for the order.

You're not refunding orders paid for in fiat because MtGox?

All of our prices are in fiat, so all refunds weather paid in fiat or btc are refunded in fiat. Therefore, we needed to convert btc on MtGox to fiat to fund our refunds.

Were the orders paid for in fiat converted to bitcoin and left on mtgox or not?

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: sporket on April 08, 2014, 10:12:51 PM

Quote from: kslaughter on April 08, 2014, 09:33:41 PM

...
No so, the bitcoins on MtGox were from our pre-order sales when bitcoins were used to pay for the order.

You're not refunding orders paid for in fiat because MtGox?

All of our prices are in fiat, so all refunds weather paid in fiat or btc are refunded in fiat. Therefore, we needed to convert btc on MtGox to fiat to fund our refunds. So when we loss btc on MtGox it caused us to have to delay our refunds. We will be starting to send out refunds next week. We intend to refund 100% of our customers that want refunds.

VolanicEruptor

sr. member

Activity: 392

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Quote from: sporket on April 08, 2014, 10:12:51 PM

Quote from: kslaughter on April 08, 2014, 09:33:41 PM

...
No so, the bitcoins on MtGox were from our pre-order sales when bitcoins were used to pay for the order.

You're not refunding orders paid for in fiat because MtGox?

Exactly. Mt. Gox is also the reason why eASIC never came through with a working chip. You see, Mark Karpeles thought they were edible chips, and ken was too drunk to notice him munching on a bag of them.

sporket

sr. member

Activity: 280

Merit: 250

Quote from: kslaughter on April 08, 2014, 09:33:41 PM

...
No so, the bitcoins on MtGox were from our pre-order sales when bitcoins were used to pay for the order.

You're not refunding orders paid for in fiat because MtGox?

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: solarion on April 07, 2014, 07:36:01 PM

Quote from: Phildo on April 07, 2014, 07:29:27 PM

I don't really understand how you can still be using Gox as an excuse for the refunds. First, it was pure incompetence to leave the coins on there. Second, this guy didn't even pay via coin.

The logical extension to that is that he converted the fiat to coins so he could gamble on higher exchange rates. Privatized gains and socialized losses. Heads ks wins, tails his customers lose.

Not so, the bitcoins on MtGox were from our pre-order sales when bitcoins were used to pay for the order.

magzy

full member

Activity: 196

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Quote from: kslaughter on April 07, 2014, 03:56:47 PM

Quote from: solarion on April 07, 2014, 01:53:42 PM

Slaughter's own words quoted above illustrate the problem perfectly. He KNOWS he owes this guy a refund, he KNOWS how much he owes the guy, but he still d1cks around with the guy's money. Bfl, hashfast, and VMC all pull this crap. It takes seconds to get your funds to them, but when it comes to a legitimate and legally mandated refund there suddenly seems to be no effective way to transfer funds and dozens of bs excuses why refunds are delayed. Noone should be doing business with any of these scammy companies.

I have explained that the delay in refunds is due to our loss of bitcoins on MtGox. We intend to refund 100% of the money we owe to customers.

Hi Ken,
Well done on getting the mining farm up and running and getting product shipped out.

With reference to your statement above, can you give us an indication of timeline to fulfill this?

Thanks and well done once again

solarion

hero member

Activity: 966

Merit: 513

Quote from: Phildo on April 07, 2014, 07:29:27 PM

I don't really understand how you can still be using Gox as an excuse for the refunds. First, it was pure incompetence to leave the coins on there. Second, this guy didn't even pay via coin.

The logical extension to that is that he converted the fiat to coins so he could gamble on higher exchange rates. Privatized gains and socialized losses. Heads ks wins, tails his customers lose.

Phildo

legendary

Activity: 1526

Merit: 1000

I don't really understand how you can still be using Gox as an excuse for the refunds. First, it was pure incompetence to leave the coins on there. Second, this guy didn't even pay via coin.

Topic: [Active Mining] The UNofficial Active Mining Discussion Thread [UNmoderated] - page 23. (Read 75954 times)