Topic: CoinTerra announces its first ASIC - Hash-Rate greater than 500 GH/s - page 5. (Read 231002 times)

you may be right, although offering no compensation is the offense, as far as I'm concerned.

They could have delivered a 1Th/s unit and simply made the difference up in some way and kept people happy.  I know I contacted them several times to attempt to bridge the gap and was simply ignored.

Flipping the bird at people is not the way to treat people that have dropped 6K+ on hardware.  They get pissed, then they get lawyers.

All of this could have been avoided I think.  I know I didn't set out to sue people and would have been happy had they simply thrown me a bone.  This is always a last resort for me, and I think most people.

http://www.coindesk.com/cointerra-mediation-class-action-lawsuit/

The fall in bitcoin price as well as engineering issues have really taken its toll on Cointerra. I believe they could have actually done great if not for the over optimistic engineering mishap.

Does anyone have anything going in terms of legal action with these people?

I've been out on vacation, but will get this moving again if no-one has a process in motion already.

Someone named Andrew came to my shop yesterday claiming to work for Cointerra and being a 40% stake holder. He offered a terraminer IV at 3000 I declined. Next day 2500. I declined. Then he offered again at 2000. I declined.

It was too loud compared to my S2. Very dusty. and had security stickers that would void the warranty.

Buyers aren't even allowed to open it up to dust?? Lol...

I am waiting for my refund from terramine hosting since end of nov 2013.

Very bad refund moral they have.

Not trustworthy.

this last paragraph from CT's latest announcement is funny

"We are dedicated to providing our customers with the best value in turnkey, high-end Bitcoin mining technology, and we apologize for any inconvenience that the refund delays have caused to our pre-order customers. We will work diligently to process the remaining pre-order refund requests and continue to innovate and lead the industry in both Bitcoin mining hardware design and Bitcoin cloud-based mining contract solutions. We appreciate your confidence and support, and thank you for your business."

That's funny right there.

Only positive here is now they can experience their terrible HW first hand!

Yes but i think they move to Hosting services...hardware was pretty a bad story...lot of issues....no refunds...well...same ol' same ol' in BTC World... 

Does cointerra still exist, tbh?

confirmed, i get weekly payouts

I believe that if you have terrahosting, they have stopped mining with Eligius is all. I believe they are still mining, somewhere. I think they have changed to once weekly payouts.

Of course, clear communication would have always helped. Plus a little visibility into what is actually going on.

My hosted miner was stopped for 3 days!!!
who can help me!

My hosted terraminers are humming along just fine.

Another sign. My terraminer hosting service experiences a down time since 14Jun. Is this company trustworthy?

Seems they have also removed their Facebook page.

Very good Guide, thank you.

This company's rating has changed in the Manufacturer Trustworthiness Guide.

This was in today's Los Angeles Times newspaper

BBB issues warning against bitcoin mining company Cointerra


The Better Business Bureau issued a consumer warning for a Texas bitcoin mining company that consumers say hasn’t delivered refunds.

Cointerra, based in Austin, Texas, had received close to 40 complaints in May, and did not provide a reason to the bureau for the delayed refunds. Calls to the company were not immediately returned Thursday evening.

Many customers who pre-ordered the $6,000 machines asked for a refund after the company announced that the machines would take more electricity and contain less computing power than originally advertised.  

Bitcoin mining is a process in which computers race to solve complex, encrypted math problems to publish and confirm all bitcoin transactions to a public ledger in return for newly created bitcoins. Many companies sell specialized bitcoin mining rigs that promise a greater return on the cost of electricity required to run the machines.


One customer, Song Smullen of Brooklyn, N.Y., told the Better Business Bureau that the differences in computing power and electricity consumption would make it impossible to earn money from the machine.

"Even at the specs they advertised, I would only break even in 320 days," he said in a statement. "Without them meeting specs, I could not make back my investment."

Cointerra is not accredited by the Better Business Bureau, and was given a “F” ranking by the service. According to Cointerra’s website, the company was founded in mid-2013.

It's not a surprise.  I was unable to register a couple of weeks ago