Topic: KnCMiner Openday Wednesday 5th & Monday 10th June - page 6. (Read 91301 times)

So now from $50m we are down to $5m? I'm still waiting for you to tell me how long would it take to actually mine $50m or even $5m. The numbers may be big now, but don't forget that until September there will be many many ASIC in the wild (avalon chips, MAYBE retards bfl, ASICMiner plan to deploy another 100TH, 100TH project, Bitfury and so on) so you can't actually make a good projection on how mining will be. Second of all nobody can predict the price. What's the use of xxxxxx bitcoins if the price is way lower than it is today. Why do you think none of the people who made ASIC raised the funds totally outside the bitcoin community? I think many thought about it, but actually doing so may be a lot harder that it seems.  If you think it's that easy go ahead and do it yourself. Find a good team of ASIC developers, find someone with money and start mining for yourself

If i understood correctly they aren't doing a full custom ASIC chip. They are doing a hard copy from a FPGA one and that seems to be a lot easier and a lot cheaper to do than a custom one.

P.S. of course they can run tomorrow with the money, but the probability is a lot smaller than BFL let's say.

Edit: TheSwede75 i know bitcoin it's the hottest thing, but comparing to any other real life business i still think that there are a lot more skeptics when it comes to this. What amount of money do you say it could be easily funded for a bitcoin business?

news on queue positions https://www.kncminer.com/news/news-18

I can respect your thought process on this one, however don't underestimate the motivation for riches... I'm not rich by any means, but I can tell that if I had the knowledge, means, and most importantly a couple of million dollars that magically landed into my account by random strangers I would make it my goal in life to shit asic's if that was what was needed to keep the money flowing. Now by no means are these guys rich or proven, which arguably works against them, but I'm sure they will give it their damndest to make sure they can give something to their grandchildren. Hopefully its not just a couple million they swindled off some schmucks online... but time will tell.

As for the whole idea of mining your way to success, any investor worth his weight in salt wouldn't even think about dropping 50 million , let alone a million on a unofficially recognized currency that's volatile as hell, and has virtually no serious outlets in which to dump all your golden coins(and no, I doubt Mt'Gox would be able to bring in enough dollars to unload all the coin at a profitable rate). They know this... Its better to sell 10 suckers a pick and get a surefire quick buck than it is to spend hours trying to pan for gold, even if we are the asses wanting the pick, its not hard to understand the concept. 

Admittedly, I am invested in this whole thing, and I have to admit that myself like others are dreaming of sunshine and rainbows, and close to a terrahash of mining power in an environment where BTC is at-least worth $100 USD and difficulty lingering around 100M.  But I am also aware that it could all be a very expensive lesson and nothing more than a pipe dream. Alot of people are overextended in this, and I hope for those that are mortgaging  the house that it pays off but the reality is, your right... there is risk, but nothing good ever comes easy, and Fortune favors the bold.

Lets just hope everyone makes it out of this without triggering another mortgage crisis...

Fort Lauderdale here

So only first batch avalon is suppose to be the only miner anyone is suppose to get great ROI from?  Did you pay attention that this isn't pure ASIC dev and just FPGA design onto small ASIC chip.  Maybe since they are in the business they realized it before the rest.  Maybe they bullshit us.  Place your bets

And Yufi said go hug your mother.  

I beg to defer. We do know. It's called playing the In Two Weeks^TM card.

Avalon should probably be discussed elsewhere, but the difference is we have actual evidence, proof, miners from Avalon. Batch 1 was the risky one, unknown Chinese company, fresh graduates etc. B1 buyers probably made 100k a unit, but Avalon had 'for the greater good' philosophies.

You've raised an important point, this appears to be the best current option. That doesn't make it a good option though. Its like if you go to Mcdonalds and all they've run out of fries. All they have are those fucking retarded carrot sticks, or apple slices. Apple slices are probably the better bet out of the two, but it doesn't make it good.

I get what your saying and I can appreciate it, thank you for bringing the other side of the coin to light.

Perhaps they see that Avalon is not shipping and they may be able to beat them to market en mass, bfl isn't shipping en mass either. At this point as far as I can tell, nobody is shipping any ASIC's in any kind of quantity to the general public. If somebody is, point it out to me and I will gladly pay them to ship me a unit that has an actual positive ROI and not some shitty little 333MH/s usb miner for 1.99 BTC each (are you kidding me here on this). People are paying $400+ for these things on ebay.

My gut says that with the BS coming out of the Avalon camp (10 chips to test with on an $800,000 order, are you kidding me) to stay away.

Maybe I am wrong here, Maybe I misread or misunderstood the issues with Avalon, if I am then kindly point them out, but it looks to me that Avalon are not shipping what they say they are.

Is Batch 1, 2 and 3 out the door yet??

Thats fine.

I own avalons and (possibly used to) own asic miner hardware. Its not a large portfolio, its not integral to my way of life, and if it was valued at 0 tomorrow I'd be annoyed but not devastated. I couldn't care less if this was Avalon suddenly saying 300000000000GH for $1, I have no allegiances to any company.

Its too good to be true:

• tiny process no one has even attempted to get close to. Smallest actual miner today is 90nm [ignoring bfl as no significant quantity and their problems]
• massive, massive hash rates predicted
• tiny power consumption predicted
• really cheap prices
• 3 month lead time
• excellent engineers, apparently really clever

All promised without any designs shown, a shitty drawing of a potential case that doesn't even make sense, no pictures of any actual ASIC hardware. Anyone can rock up an FPGA - that's not proof of anything [watch everyone concentrate on this sentence *sigh*]..

.... and all the while they're a for profit company. They don't have great ideologies like Yifu, they're here to make money. And how do you make money with a miner you designed? You mine on it. You create a proof of concept, raise funds then deploy the shit out of it.

You don't advertise it on a forum, collect preorder money then sell it drip by drip for rock bottom prices. All combined, too good to be true. If these were preordering at 3x the price then it would make more sense, but they know *something* we don't yet.

@FloridaBear,
Anywhere near south florida?

Well, yeah, but difficulty will probably be at least 100 million by the time the first one goes online. Still will be nicely profitable, but plugging in current difficulty is pointless. Time is everything when it comes to ASICs!

No abuse dogie,
I don't know you and would like some insight into your motivations.

I literally want to know why you are saying the things that you are saying?

Are you an unbiased observer here? Do you have any stake in any other ASIC miners?

Did you go to BFL HQ when they opened up for pre-orders?

And to answer your question:
Am I scared? No I am not, I am however concerned about my investment, and like most investors/speculators here, I want to do as much due diligence that I can, hence the questioning of your motivations and your bashing of my decision to back KnC with my BTC.

It's scary that 3 Jupiters can make 149k a month at current difficulty

$5m seed funding when you're playing with 1 month mining + 2 month lead IRL ROIs. Prove the concept as soon as first hardware deploys = as much funding as you can take.

I love how people are now so invested in KNC miner that they abuse others for not sharing their blind beliefs. Are you really that invested that you're so scared that this might not be fluffly clouds and rainbows ready to give you money printing machines for almost nothing?

What do you think BFL appeared to be like on announcement? Identical.

 Hah, bitcoin is about the hottest investment area there is for startups. $50 million is however a damn fortune to take in as A-series financing, period.

yeah +1111 saved me from responding and calling him a #$*&#*$#

There are tons of successful entrepreneurs that have mortgaged houses, sold cars and maxed out credit to fund business. However, I would never do it if there is an outside factor such as hardware delivery that could crush my plan though.

+1. rofl or some such like 

What are you smoking there? Raise $50m in a few weeks? Big LOL! I don't know where you live but raising $50m in a few weeks in a world of recession in a very new domain like Bitcoin seems almost fantasy. Build the biggest farm ever seen? Again big LOL. Do you know the company ASICMiner and do you know how hard is for them to put online 100Thash? And this mining thing was being asked for 100 times on this forum. Why would KnCMiner start mining in order to get 25 bitcoins every 10-30 mins when they can sell the units and make instant money? Do you think mining makes instant money? Mining takes a lot of time and a lot of resources.(think of heat, power and appropriate cooling) They made more money with the preorders in a week than they could make by mining in 6 months.

Please tell me (if you can) how long would it take to mine bitcoins worth of $50m and then maybe you will think twice before speaking such absurdities.

Arrrrrgggghhh I'm meant to be drinking and I'm ignoring company, over and out!