Topic: all finished (Read 5069 times)

Just to throw this out there, the original post on Reddit where I first heard about this opportunity contains the following text about refunds:


At the current exchange rate, Waldo stands to make quite a bit from this failed deal from the KnC refunds. The original text does not specify what amount of our investment we'd get back minus 5%. If I bought two shares, I'd expect to get back two *shares* of the amount refunded from KnC (minus the 5% for Waldo). I'm interested in what's going to happen with all the extra BTC after the USD conversion if we just get our original amount back minus the 5%.

I do appreciate the opportunity to participate in this venture and I thank Waldo for organizing it.

Does anyone have an idea of when KnC was scheduled to send the refunds out? My only hope is that he's waiting to have some solid numbers before getting back to us. 

In https://bitcointalksearch.org/topic/all-finished-347907 he clearly stated the terms of the refund:


Waldo, I think you have to honor your words and recalculate the refunds.

If we back out and go the refund route, that means they would have to wire 10K USD into my bank.

Since I would not be sending everyone USD- I would take everyones share (10K - 5% fee / 60 shares) and purchase BTC at the current rate and send it over to each shareholder.

From what I understand waldo hasn't even received any funds from KnCMiner yet, I think he paid from his personal wallet, so whatever the price is now is irrelevant. On top of that I agreed to a refund of my BTC minus his 5% fee. I received 12 shares minus this fee exactly how he stated it in his terms from when I purchased my shares months ago. I don't understand what you're complaining about. If waldo makes more coins later when he buys good for him, he took a chance and gave me my BTC back in full how I expected it. Are you guys mad that you won't get more coins than expected because waldo might make more coins if the timing is right?  

I've got my refund, although I'm a little confused as to the calculation. Bitcoins are now around the $480 mark, so if the refund from KNC is coming back in dollars and being used to purchase bitcoins for the refund shouldn't this be more like:

Neptune 5:
$10000 - 5% management fee = $9500
$9500 / 60 shares = $158 a share
$158 = 0.329 BTC

Based on the previous post, each Neptune 5 share has been refunded as 0.2565 BTC?


I've no issue over the 5% fee as I think this was displayed upfront and is fair, I just would have expected more BTC back as the refund was in $

No problem! Everyone else should see their refunds coming in very soon!

Once I get the guarantee from KnC that they have indeed cancelled/began refund process (awaiting reply for official refund) I may refund everyone out of my own personal cold storage coins at the same time (same day). There's no need to drag out refunds for a month(s) as long as I know KnC is refunding me down the line.. on top of that it gets everyone their coins MUCH sooner.. and maybe gives them some coin to invest into something else with.    

Jupiter 3TH
The window for conversions has now closed we have had over 400 conversions which means we are actively trying to fill all of the orders we have but we will contact customers individually if they are too far back in the queue to be converted. The good news is that the shipment for these orders will begin Tuesday next week after the Easter holidays and we expect it to take only a few days to have all boxes shipped out to customers.
 
Neptune Power Requirements
While we will not release the maximum performance of the Neptune miner we can now release the required power supply to give people time to purchase them. The maximum power draw will be 2100w of power and we recommend this to be either two 1200w power supplies or three 850watt power supplies. This does include a bit of a safety margin on our side and of course underclocking will be possible to reduce the power requirements even more.

Alright guys, looks like we're going to go with Neptune refunds since KnCminer will do a US bank transfer.

Alright guys, looks like we're going to go with Neptune refunds since KnCminer will do a US bank transfer. This will probably take a couple of weeks to get processed  and like I stated before this will be somewhat of a timely process for me to purchase the amount of coins to do refunds. I am considering pulling out cold storage coins to just get your guys your BTC sooner than later (only because KnCMiner has agreed to a refund if requested).. but still debating that. We don't have enough to keep a full miner and the clear decision, vocally, is refunds.

Like stated in my OP, you will receive all your BTC minus 5% fee.

That comes out to:

Neptunes 1-4: ฿0.2375/share

Neptune 5: ฿0.2565/share

Neptune 6: ฿0.3135/share

I honestly feel this is the best move for share holders at this time. Still no chips in hand, power requirements are still MIA and a rising difficulty- I think the refund is going to get you more BTC back in hand in the long run. Even with the most hopeful outcome of us being super early in June, that's still a 10B+ dif , looking at the earnings calculator (which doesn't include electric fees yet for obv reasons) almost proves the refund is the best choice. I'll let this sit for this week while I try to move some coins around and hopefully can start refunding soon (once I confirm again with KnC).

Cheers all.