Jan 08 10:58
Hello,
Thank you for contacting CoinTerra.
Our legal department has provided the following:
“The company has defaulted on its secured notes. The Note Holders have senior, secured and, we believe, perfected liens on all of CoinTerra's assets, including servers. We have proposed a plan to the Note Holders. However, at this point we do not know how they are going to react to our proposal. The Note Holders are evaluating their options. Until this is resolved, CoinTerra will be unable to make further payments.”
What this means is that we cannot issue any payments to customers at this time. We will let you know if this situation changes or if there are any relevant new developments but, for now, we have no further information.
Best regards,
CoinTerra Support Team
---------------------
I am just glad i ordered KNC at the same time who delivered on their promise.
#thanks for nothing
Topic: Cointerra still processing refunds (Read 3311 times)
May 21st, 2014
Dear Ed,
We are getting in touch with you because you have previously requested a refund of your CoinTerra hardware order.
At the time of your refund request, it was likely communicated to you that we typically take between 2-4 weeks to process refunds. Unfortunately, we received a larger quantity of refund requests around the time that we started to ship our April batch of TerraMiners to customers, and as a result we are running behind on processing them, as they are refunded in the order in which the refund request is received.
Your refund request is still active, and we are currently anticipating between 8 and 12 weeks processing time for some refunds. We will continue to work towards processing the refunds as quickly as possible.
However, we would also like to share with you two incredible limited-time offers that, should you choose, will quickly get you back on track with your bitcoin mining activities:
Option 1
Some customers requested their refund because of the hash power deficit of 400 GH/s in the 1.6 TH/s units. With manufacturing running at full capacity we are now able to ship the 1.6 TH/s TerraMiners immediately from stock, and so for a limited time, if you are a US resident customer* who purchased at the original price of $5,999 (plus shipping) we can ship you 2 x your original order of TerraMiner IV 1.6 TH/s Bitcoin miners with FREE ground shipping on the additional unit(s). That’s 3.2 TH/s for the same price paid for 2 TH/s!
An order for 1 x TerraMiner IV at $5,999 entitles you to receive a second TerraMiner IV with FREE UPS Ground shipping. An order of 2 x TerraMiner IV’s with total price of $11,998 + shipping entitles you to receive 4 x TerraMiner IV 1.6 TH/s shipped immediately with FREE UPS Ground shipping for the additional 2 units.
Option 2
Some customers requested a refund because for whatever reason they were unable to run the TerraMiners in their location. We have been working on a solution to this problem and you may have read the announcement on May 12th that we have now launched a new service offering cloud-based Bitcoin Mining Contracts through CoinTerra Mining at:
http://mining.cointerra.com
A cloud-based mining contract is a solution where you receive regular payouts at the contracted hash power for a fixed term, powered by our scalable TerraMiner farm in a 24 x 7 datacenter: No equipment, no electricity costs, and no hands-on system management required.
For a limited time we are offering the equivalent of your purchase price of each TerraMiner converted to the 2 TH/s mining contract which is currently priced at $7,999 - a savings of $2,000! If you have 2 x TerraMiner IV’s then you will get 2 x 2 TH/s plans, etc.
To discuss your order, please reply to this email with your preferred phone number and time of day to reach you (please include your time zone) and we will get in touch. If you are only able to communicate via email (for example, if you are not comfortable speaking in English) then please reply to this email and we will get back in touch.
In the event that you these offers do not interest you, we completely understand and we will keep you on the refund list and we thank you for your ongoing patience and understanding as we work to stay ahead in the incredibly fast-moving Bitcoin ecosystem.
Please do not hesitate to reach out to us if you have any questions.
Team CoinTerra
[email protected]
Dear Ed,
We are getting in touch with you because you have previously requested a refund of your CoinTerra hardware order.
At the time of your refund request, it was likely communicated to you that we typically take between 2-4 weeks to process refunds. Unfortunately, we received a larger quantity of refund requests around the time that we started to ship our April batch of TerraMiners to customers, and as a result we are running behind on processing them, as they are refunded in the order in which the refund request is received.
Your refund request is still active, and we are currently anticipating between 8 and 12 weeks processing time for some refunds. We will continue to work towards processing the refunds as quickly as possible.
However, we would also like to share with you two incredible limited-time offers that, should you choose, will quickly get you back on track with your bitcoin mining activities:
Option 1
Some customers requested their refund because of the hash power deficit of 400 GH/s in the 1.6 TH/s units. With manufacturing running at full capacity we are now able to ship the 1.6 TH/s TerraMiners immediately from stock, and so for a limited time, if you are a US resident customer* who purchased at the original price of $5,999 (plus shipping) we can ship you 2 x your original order of TerraMiner IV 1.6 TH/s Bitcoin miners with FREE ground shipping on the additional unit(s). That’s 3.2 TH/s for the same price paid for 2 TH/s!
An order for 1 x TerraMiner IV at $5,999 entitles you to receive a second TerraMiner IV with FREE UPS Ground shipping. An order of 2 x TerraMiner IV’s with total price of $11,998 + shipping entitles you to receive 4 x TerraMiner IV 1.6 TH/s shipped immediately with FREE UPS Ground shipping for the additional 2 units.
Option 2
Some customers requested a refund because for whatever reason they were unable to run the TerraMiners in their location. We have been working on a solution to this problem and you may have read the announcement on May 12th that we have now launched a new service offering cloud-based Bitcoin Mining Contracts through CoinTerra Mining at:
http://mining.cointerra.com
A cloud-based mining contract is a solution where you receive regular payouts at the contracted hash power for a fixed term, powered by our scalable TerraMiner farm in a 24 x 7 datacenter: No equipment, no electricity costs, and no hands-on system management required.
For a limited time we are offering the equivalent of your purchase price of each TerraMiner converted to the 2 TH/s mining contract which is currently priced at $7,999 - a savings of $2,000! If you have 2 x TerraMiner IV’s then you will get 2 x 2 TH/s plans, etc.
To discuss your order, please reply to this email with your preferred phone number and time of day to reach you (please include your time zone) and we will get in touch. If you are only able to communicate via email (for example, if you are not comfortable speaking in English) then please reply to this email and we will get back in touch.
In the event that you these offers do not interest you, we completely understand and we will keep you on the refund list and we thank you for your ongoing patience and understanding as we work to stay ahead in the incredibly fast-moving Bitcoin ecosystem.
Please do not hesitate to reach out to us if you have any questions.
Team CoinTerra
[email protected]
This pretty much means they are broke and do not have the money to refund us. Also it is illegal. They cannot do this.
I'm almost certain the refund was in fiat since the prices on cointerra's site are all in USD and because they use bitpay to process payments and automatically adjust the BTC price based on the current exchange rate.
I wouldn't complain if I'm wrong though.
Update 2013-11-11: Peter from Cointerra finally got back to me and said they will send me a refund in the form of a check for USD.
I wouldn't complain if I'm wrong though.
Update 2013-11-11: Peter from Cointerra finally got back to me and said they will send me a refund in the form of a check for USD.
I wish Peter would get in touch with me. I paid them in December after requesting a refund and sending them my bank info I heard nothing.
I've been waiting months. No refund or response. I spoke to them today and they are still refusing to send my refund I am not one to take legal action but I complained to the texas attorney general in the hope I'll see my money again.
I'm almost certain the refund was in fiat since the prices on cointerra's site are all in USD and because they use bitpay to process payments and automatically adjust the BTC price based on the current exchange rate.
I wouldn't complain if I'm wrong though.
Update 2013-11-11: Peter from Cointerra finally got back to me and said they will send me a refund in the form of a check for USD.
I wouldn't complain if I'm wrong though.
Update 2013-11-11: Peter from Cointerra finally got back to me and said they will send me a refund in the form of a check for USD.
Was the refund in fiat or BTC?
I assume I already know the answer...but for the sake of asking....I asked
Cheers...
I assume I already know the answer...but for the sake of asking....I asked
Cheers...
OP, about how long did it take for you to get your refund?
I requested a refund one week ago, got a response that my message was being forwarded to Peter (a supervisor) the same day, and haven't heard anything since. Replied to the ticket 3 days ago asking if they had any news regarding my refund request and still haven't received a response.
I requested a refund one week ago, got a response that my message was being forwarded to Peter (a supervisor) the same day, and haven't heard anything since. Replied to the ticket 3 days ago asking if they had any news regarding my refund request and still haven't received a response.
"Misunderstanding?" Oh please. Cointerra tried to get away with it, but got called out and failed.
For some reason I'm reminded of BFL creating tracking numbers on people who were attempting chargebacks, then playing stupid and saying it was an "accident". Gimme a break.
I'll never pre-order anything Bitcoin mining related. BFL should have taught that to the community, but I guess it doesn't. They should be able to develop with their angel investor's money so why should customers pay for the development in advance of getting their product?
Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.
Thank you for bringing this to our attention.
- The CoinTerra Team
Thank you for bringing this to our attention.
- The CoinTerra Team
tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.
Exactly ^this^.
The old 'blame the stupid intern/customer support rep/new guy' thing is as old as the hills.
"Misunderstanding?" Oh please. Cointerra tried to get away with it, but got called out and failed.
That goes back to the basic premise that the manufacturers know that their selling price is either at, slightly below or slightly above lifetime mining earnings for the device. Which is just common sense.
Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.
Thank you for bringing this to our attention.
- The CoinTerra Team
Thank you for bringing this to our attention.
- The CoinTerra Team
tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.
Exactly ^this^.
The old 'blame the stupid intern/customer support rep/new guy' thing is as old as the hills.
"Misunderstanding?" Oh please. Cointerra tried to get away with it, but got called out and failed.
For those who have been burned by BFL (and maybe Avalon) before, it's hard to order another miner without a published refund policy. And even with a published refund policy, it's still uncertain as in the case of KnC refusing refunds for orders allegedly already in production, in spite of the published policy apparently having a different trigger point.
IMO, there is no reason for manufacturers to refuse cancellations because they can always mine with unordered finished products. Having a different mindset from this shows that the manufacturer knows his product is trash.
PS: What's Phinn's favorite Kool Aid flavor again?
Cherry?
Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.
Thank you for bringing this to our attention.
- The CoinTerra Team
Thank you for bringing this to our attention.
- The CoinTerra Team
tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.
PS: What's Phinn's favorite Kool Aid flavor again?
Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.
Thank you for bringing this to our attention.
- The CoinTerra Team
Thank you for bringing this to our attention.
- The CoinTerra Team
tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.
Exactly ^this^.
The old 'blame the stupid intern/customer support rep/new guy' thing is as old as the hills.
"Misunderstanding?" Oh please. Cointerra tried to get away with it, but got called out and failed.
Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.
Thank you for bringing this to our attention.
- The CoinTerra Team
Thank you for bringing this to our attention.
- The CoinTerra Team
tldr: We are fucking broke, but we're attempting to pretend that we're liquid and are able to refund customers should they wish to. The intern wasn't briefed on maintaining a false pretence and hence wrongly told the truth.
Quote
John Graham (Cointerra)
Hi xxxxx,
We are currently not accepting refunds for pre-orders as that money is used for the development of the processors. Let us know if you have any questions.
All the best,
John at CoinTerra Support
Hi xxxxx,
We are currently not accepting refunds for pre-orders as that money is used for the development of the processors. Let us know if you have any questions.
All the best,
John at CoinTerra Support
http://washpost.bloomberg.com/Story?docId=1376-MSVMGM6KLVR501-605F7DK02SRMJ007CJB8334G6N
Quote
CoinTerra, based in Austin, Texas, raised $1.5 million in funding from angel investors in August.
http://www.anandtech.com/show/7246/the-rush-to-bitcoin-asics-ravi-iyengar-launches-cointerra
Quote
CoinTerra has raised $1.5 million from investors to fund development costs and an initial production run.
I guess they didn't learn from BFL's ordeal. Their stated business address is in Texas, anyone have any idea where their business is registered so I can file a complaint with the attorney general of that state? It's probably nevada, delaware or something along those lines. Buyer beware, all of their talk about having investor money to cover tape out and product creation must have been pure BS. I guess it really just depends on what the definition of the word "investor" is. If by "investor" they mean "customer".
Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.
Thank you for bringing this to our attention.
- The CoinTerra Team
Thank you for that. I was quite shocked at the response I got. I could expect "no refunds" from a chinese company or something along those lines but not a US registered company. I look forward to hearing from you. I wouldn't have requested a refund but need the coins to cover an unforeseen loss, unfortunately.
Quote
John Graham (Cointerra)
Hi xxxxx,
We are currently not accepting refunds for pre-orders as that money is used for the development of the processors. Let us know if you have any questions.
All the best,
John at CoinTerra Support
Hi xxxxx,
We are currently not accepting refunds for pre-orders as that money is used for the development of the processors. Let us know if you have any questions.
All the best,
John at CoinTerra Support
http://washpost.bloomberg.com/Story?docId=1376-MSVMGM6KLVR501-605F7DK02SRMJ007CJB8334G6N
Quote
CoinTerra, based in Austin, Texas, raised $1.5 million in funding from angel investors in August.
http://www.anandtech.com/show/7246/the-rush-to-bitcoin-asics-ravi-iyengar-launches-cointerra
Quote
CoinTerra has raised $1.5 million from investors to fund development costs and an initial production run.
I guess they didn't learn from BFL's ordeal. Their stated business address is in Texas, anyone have any idea where their business is registered so I can file a complaint with the attorney general of that state? It's probably nevada, delaware or something along those lines. Buyer beware, all of their talk about having investor money to cover tape out and product creation must have been pure BS. I guess it really just depends on what the definition of the word "investor" is. If by "investor" they mean "customer".
Dear senseless: On behalf of CoinTerra I would like to apologize for the misunderstanding and immediately correct this statement. This answer was supplied by a customer service intern that was not fully briefed on our refund and warranty policies. Will will be contacting you immediately to resolve the issue.
Thank you for bringing this to our attention.
- The CoinTerra Team
ConTerra plans to own 33% of the bitcoin network by Dec 2014 for total domination
that is exactly the kind of corp monkey fantasy tagline that is targeted to grab some fat middle manager's greedy dreams
that is exactly the kind of corp monkey fantasy tagline that is targeted to grab some fat middle manager's greedy dreams
Didn't people agree to this in the T&C's when they agreed to be investomers (i.e checked out)?
T&C is not greater than the law, and Im pretty sure Texas courts will rip them a new one if they arent. 
Didn't people agree to this in the T&C's when they agreed to be investomers (i.e checked out)?
I'd be surprised if this company delivers a product at all. They seem to be a lot more of a long shot compared to hashfast.
That's quite an understatement.
HashFast paid their NRE and taped-out to TSMC well over a month ago. Now the chips are almost done. They definitely exist and definitely will be delivered to customers.
Cointerra missed their tape-out deadline over a week ago. We still don't know if their entire NRE has been paid, or just a deposit. There is no way to know how many (if any) wafers they will be able to order. No product exists, except on paper.
Cointerra needs to scrape together every nickel and dime it can find under the sofa cushions and scam from the public to finish paying off their NRE and hopefully order enough wafers to fill their
By the time Cointerra gets its act together and the chip is shipping, difficulty will be too high for their product to ever ROI.
Jump to: