Topic: Is withholding Mining Machines fraud and does that provide for a damages claim? (Read 1564 times)

If they promised you delivery with a certain time period (45 days is the max I think for online purchases) and then failed to deliver, you were entitled to a full refund. If they knew they would not deliver to you within the promised time frame and did not inform you of the delay (if they were going to mine with it first for instance) then they were in violation of FTC regulations.

Here is a company that does that at regular intervals.

Technobit  Up to 10 week delays in shipment of some customers Minion Group Buy Units.

The hurt / delays continue for some customers of Technobit who have paid substantial amounts for miners over 10 weeks ago.

   you have on real recourse. 
you could hope for an older ex soldier that invested with them to find out he is dying of an incurable disease.

He has decided to prove a point and goes on a 3 company no make it a 4 company killing spree.

KNC
BFL
BLACK ARROW 
COIN TERRA


but that type of story happens in the movies not in real life.

I suppose they have carefully positioned themselves to avoid any back lash. The only reason there is no ROI with mining is because the manufactures mine the coins first. If these Neptunes were delivered even 3 months ago we would have all seen a ROI. Now we are looking at reaching not even 80% of the BTC that could have been bought at the high price of $950.

Lesson learned you could say, but I'm just saying it stinks to high heaven that although they delivered what was promised, that I pre-ordered and that their contract had no stipulations on what they could do with the cash, I still believe that regardless of contracts that it could be considered fraud if they used the machines we own to do any of the mining.

It's likely that they used the money to build as many jupiters as possible to mine as much as possible, delaying the production of the Neptunes as the priority is to mine as fast as possible.

All very clever, but just means the consumers who supported them and got them where they are have lost out big time in that the amount of BTC they could have bought (even at higher prices) will not be matched by the amount of BTC that can be mined.

For a ROI value of 0% for a Neptune delivered today I believe should be approx. $3,500. Delivered next month approx. $2,000. They should be selling them for $2,000 today for delivery today if there is even a hope in making a decent return. So much for the $13,000 that I paid for them. That's $15-19,000 that I will never see again. I was expecting to see them at the beginning of Q2 since they were presenting it as such with 'delivery Q1/Q2' and other such statements. Even if it was delivered in mid May I would have made my money back.

I'm just glad I didn't buy any more than 2. At least coin terra started mining for me early June even though I ordered from them in January.

Did you pre-order two Neptunes?
Were there any conditions on what they could do with your money in the meantime?
Did they deliver two Neptunes?
Do the Neptunes perform broadly as promised, in terms of hashing power and electrical usage?
If so, where is the fraud?


I think you'll find it has been unfeasible to make a positive ROI on your investment for a while now.


KNC server farm was built with their older Jupiter machines, not Neptunes.

I just received my 2 x Neptunes and I also recently received by cloud account with cointerra after converting my order from 4 x 2TH machines that clearly weren't being delivered on time.

What I find stinky suspicious and almost blatantly obvious as fraud is how having paid for these machines in December to early January, that the timing of delivery just HAPPENS to be when it becomes practically unfeasible to make any return on your investment.

My claim is that these two providers took all the money to develop mining machines for clients but instead built a server farm of their own to mine all the coins until they were at a profit level that makes it unaffordable. At this point, they begin pushing the mining machines back out to order.

Now if this is the case, surely there is a possibility to make a claim of fraud and damages.

It's almost like a large scale investment in a real gold mine, and the company that builds the mine steals all the gold before delivering the mine to the investor. Anyone else think that this is akin to fraud?

All we need now is the proof and testimony to the fact that this did in fact happen. What's clear is that KNC did have a huge data centre with mining machines well before delivery of the Neptunes even took place. Looking at the machines in the photo, they look like they are Neptunes without the cube frame boxes wrapped around them.

My KNC controller boards where also completely miss configured. Almost as if they had been used and then reset but the reset didn't completely reset the boards.

I believe that the claim would be for the amount of lost revenue from mining given the with-holding period of the machines. Given that we can accurately calculate what would have been mined when, and perhaps even look at pool data to see where the machines were mining from, we could theoretically calculate how much was mined from the machines.

Surely we could be talking hundreds of thousands of lost BTC to KNC and Cointerra while they withheld our machines?

Cheers