Topic: Bitcoin Lost due to KNC's Late Shipping - page 2. (Read 3480 times)

Words are wind, only in actions can you find the truth at the heart of everything

I was a KnC fan, supporter & very positive about their progress over the last three months and for this very skeptical with your comments Avenger - but customer service lied in my ear today about my 12.000$ order status of my hosted unit. I could not believe it. But it is reality. This is the line where fun & optimism stops.

Yes - Bitfury is clearly the best of the bunch.  However, didn't Dave also set up more miners for the 100 TH mine business that caused a delay to early buyers?  Looking at the hashrate and Arctic fox's list they are shipping a TON of product.

P.S. I'm deleting all KNC shills/fanboi and posts from everyone on my ignore list.

This is latest news from KFC:
https://www.kncminer.com/news/news-50

I'll be posting on this later.

I would not put my head in the sand, that's not my style. I'd deal with it, not be rude to my customers and refer them to the well hidden T&C's (no link on the front page of there website to T&C's, very nice). I would not have a shill spreading his lies all over a forum, playing the best confidence trickster game I've seen played in years.

They chose their own path - to keep everyone in the dark for weeks. To hide, to avoid, to keep us in the dark, to shield their production news, to shield any difficulty they were having, to treat customers like schmucks who do not deserve to be informed.

They now they have to deal with how poor that makes them look.

Compare to say, Bitfury. When Dave first ran into a delay he notified his customers *before* the deadline. This alone went a long way to keeping his customers happy. KnC on the other hand keeps missing deadlines and not communicating. Which is a lot more like BFL and Avalon do business. Not good company to be with. As such I don't trust KnC. They're on the path to becoming the next BFL.

This really sucks, I would try my luck to ask for refund. The next difficulty increase is even more scary then the 40% increase..

This is very unfortunate for KNC customers, but at the same time this is good news to Avalon, Asicminer, BitFury, etc. Never have all the eggs in one bucket.

How to calculate compensation?

Honest question considering the following:
*another unknown competitor appears ex. on Oct. 1st with cheap devices on stock and shipped on day of order.
*btc crashes (so btc compensation would have a psychological value only)
*error in chip design causing insolvency of KnCMiner
*they would have shipped devices in time but with 400GH/s and power consumption of 1.6W per GH/s (as specified & in time, so no compensation => but still worse than what we get now)
*sell your order through ebay and you make you profit for sure
*losses are based on forecast of hw competitors are going to ship I assume, what's about they are late or fail ?

btw:
I guess Hashfast starts shipping late due to no chip until now (shipping is supposed to start Oct.20th),
and cointerra starts shipping very late since their tape-out was announced for first week of Oct. and there are no infos so far about current state of progress.


Additionally, as you know pressure causes counterpressure.
I'm not quite sure how smart it is to put this pressure on them, especially NOW while they are still facing other stuff more important to handle.
How about waiting for last unit being shipped and give them a change to make us happy on their own ?

Enforced compensation is worse for sure, than one given with the good intention of fixing cracks in customer relationships, no?
I could imagine that they find somehow a way to make it a win-win situation for everyone as they would profit from it as well.
As you know they are aware things did not work out and a lot of customers are currently not happy with them.

Image it is your company and you have to deal with missed deadlines, calls for compensation, issues with production, angry customers and other stuff at the same time....things may turn out like they did...



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Thanks dude, now I have to clean up the coffee on my table&floor which I had in my mouth when reading this

Well, sort of. BFL, along with every other ASIC manufacturer has sold a volume of equipment that cannot recoup costs given the fixed block reward amount at any realistic BTC exchange rate. I would have preferred to have known that last year, rather than this year, as a BFL customer.

What that BFL is a scam?

Most people with BFL orders would have preferred not to have made any money a year ago, rather than wait a year to discover that unfortunate truth.

The funny part about this is that a lot of people ended up making MORE BTC by BFL's late shipping.  If BFL had shipped on time and at the quantities stated last October, difficulty would have spiked faster than it has lately and you'd have had a year of little to no earnings compared to what you did get.  I calculated that an FPGA Single mining from Oct 1 to the date the first actual single shipped and then that single mining until today would have made about 12% more BTC compared to a rough guess at BFL's orderbook and a 60Gh single delivered Oct 1 would have made to date.

knc like avalons

batch 1 profitable (1-2 day orders)

batch 2 maybe (after 15.10)

batch 3 total loss (nov)

that's when I come in and buy up your hashpower for pennies on the "jacksons"  Looking to spend 500 dollars for 100 TH by December 2014

Easy.. mining hardware prices will crash. Nothing is going to stop difficulty from exploding, all these asics will be produced and will join the network one way or the other. The only variable is how much people will pay for them.

KNC is on track for you. Remember October delivery orders go to about 7500. Many of us are seeing nothing for a long.

And still no updates to their customers on 16th October about missing their own "set in stone" 15th deadline. They are undoing the good work they did up to September. Once they started the lies - when they announced they were refusing refunds (when they originally said refunds would be available right up until your units shipped) - it's all been downhill since. Nothing but lies and contempt for their customers, treating us like consumer schmucks with x-box pre-orders, rather than businesses with multi-thousand dollar orders.

You can say that again!

You can say that again!

This bubble will burst and I wonder what sort of "crash" will follow?

 Man, it's almost not worth it to be a small-time miner any more. Good lord...

 I thought I would be happy with having 1TH/s by end of October, but with these difficulty increases ...

 Will probably call it quits by January at this rate   Not worth the upgrade cycle any more, IMO.