Topic: Alpha Technology Litecoin (Scrypt) ASIC Miner Order Batch 1 Now! - page 210. (Read 529093 times)

Just an update on the tax situation for all you folks in the US. The IRS announced yesterday that crypto's are taxable and mining is a taxable income even if you don't sell the coins.

Here's the link. http://www.cryptocoinsnews.com/2014/03/25/irs-virtual-currency-guidance-bitcoin-treated-as-property-u-s-federal-tax-purposes/

I'd be interested to see how they will enforce this but it's not great news if you're in the US and its probably only a matter of time before other countries try to cash in too.

if I had money i would be buying their orders

What i know is that come July we will be mining their KNCs to non-profitability land after we've had ROI in 3 weeks

why are so many people asking for a refund?

I'm a business customer and therefore am not protected by the same DSR act. To me 25% is an acceptable loss.

Saying that though my Paypal refund is on hold until 28/03, I'm not sure whether Alpha still have the potential to amend this or whether this is now automated and will happen on that date regardless.

Time will tell and I will report back as and when things happen (or not as the case may be).

Amex is usually pretty good when it comes to disputes and chargebacks siding with the customer...

I've requested refund for 2x 25 (90) Mh/s units. I initially paid my deposit via PayPal using Amex. Since my refund request, I've been offered the 75% refund less 70 GBP from Alpha via Paypal. I have yet to "accept" the refund nor returned it to Alpha as per Paypal policy before they release the money. I have taken this refund gap up with Amex explaining that Alpha has only refunded 75% of monies paid. They are looking into it. I'll report back when Amex responds.

Has anyone successfully received 100% refund using Amex's chargeback policy?

Thanks for your informative posts

My offer to sell my 5Mhs unit is no longer. I am very happy with the 16 MHs I will get and looking forward to July. I hope they have looked into real express shipping not things that will wait in customs 20 days.

That's a load of bollocks. Just because Alpha say you are a business to them does not make you a business according to the law. Nowhere in their terms (or on their site) does it say they are a B2B company or you have to be a registered business to buy from them. Just because you CAN make money from a device it does not automatically make it a business product. I can make money from a can of paint but Homebase doesn't require me to be a business to buy one.

They are blatantly trying to flout the law. You can't just set up a company and pretend to only sell to businesses so you are not bound by UK consumer protection laws. What a bunch of shysters!

What you mine is not taxable in any country on the planet. It is not even a legal currency. If you CHOOSE to sell it then you will be taxed on any profit you make from that sale. So they are talking bollocks. You do not have to register as a company to own or mine with an asic just pay your taxes when you make a profit from a sale.

Someone asked them about their refund policy in the thread on litecointalk and they never mentioned they only sold to businesses. So unless I missed a later post,  they are making this up as they go along.

I will be passing this to trading standards tomorrow. I have saved their website pages just in case they try to change them. I suggest you contact Citizens advice.

How many of you have asked for refunds?  Just curious.

Not exactly a miner-friendly policy.  -1 for AlphaTechnology.

I'm going ahead and refunding though not exactly excited at the T&Cs loop hole..my choice...

"You are not classed as a consumer to us. Our devices are sold and are classed for business use, cryptocurrency mining earnings in the UK is classed as income and is taxable, our units are used purely for mining, therefore every customer is classed as a business-user. It is your duty to register as a business and class your mining earnings from our devices to the relevant governing bodies. As we are selling for business use only therefore our terms of conditions are what you have to comply by as you accepted before you ordered. It is irrelevant if your order is replaced or not."

I'm not covered by DSR as this is a business to business transaction, I'm not too concerned by that. Alpha have initiated the refund but have delayed it until Friday, which I don't quite understand. I'll let you know whether I atually receive the funds after then.

Requested a refund for 2 x single 5mh (now 16mh).

I have been offered a refund of £233.75 for each one.

I guess my issue is if my order will subsequently be offered to, and bought by other consumers, I don't see any reason why my order should not be refunded 100% (maybe minus the admin fee).

I've asked for a more detailed explanation (from a UK consumer point of view).

Right on

I've been known to use the CCJ & Sheriff route before, an effective low cost option.  I'm hoping it won't come to that.

Given that choice. I'd stick with Alpha. Gridseeds are way overpriced and will be obsolete in a few months or dirt cheap. I'd be worried about burning my house to the ground with some of the junkyard engineering you have to do on those things.

But its not much of a choice.

I'm UK too, waiting on the value they would refund me if I was to proceed.
I'm in two minds.  Hold, or refund and buy some gridseed.

PM me if you would like the name of the person I talked to at Citizens Advice and/or the case number.

I'll let you know the outcome.