minershare.net questions - page 2. | Bitcointalksearch.org

krampus

member

Activity: 98

Merit: 10

Village Idiot

Quote from: desertfox470 on January 22, 2014, 12:04:07 AM

We'll if everything is true, that is a good price at the moment because that is the lowest price Ibknow of, and cex.io is currently about $40 a GH.

Except that minershare doesn't actually have hardware yet, and probably won't until March or April at the earliest.

Not that I'm defending cex.io or anything.

desertfox470

sr. member

Activity: 542

Merit: 251

We'll if everything is true, that is a good price at the moment because that is the lowest price Ibknow of, and cex.io is currently about $40 a GH.

michielnl

full member

Activity: 123

Merit: 100

"it appears that they take cc and paypal so if you go that route, you can protect yourself. "
if you choose this option, the order does not work...

Duane Vick

member

Activity: 84

Merit: 10

What is mostly sold out is the 500 share units. Each share was only $24 so even if scammy, unless people buy a lot of those shares individually, the amount to be ripped off individually isn't much. I don't think a lot of people would be devastated if they lost <$100 so probably a lot of willing participants. The availability of shares still left doesn't create a sense of urgency that a scammer typically counts on to get people to make decisions too hastily. Also, it appears that they take cc and paypal so if you go that route, you can protect yourself.

Their business model appears to be to sell the miners' hashing power for $12,000. With a purchase price of under 10k, possibly less if they got a volume price and a 10% fee as well, this looks like a profitable business model. I think they're selling quite a few because it is a cheap way to get in on some of the latest mining power without too high a risk of loss and because it is first batch. If I missed early batch buys and were buying a late batch, it might be better to buy all the shares here with a cc instead to get the early start.

They have a referral program that I might jump on but I still need answers to my questions first. Also, I would like to see some proof of purchase from knc.

michaelhampton2

newbie

Activity: 56

Merit: 0

The website was created 5 days ago, yet most of the share seems sold out. There is little details about the 2 men operation or how the hardware are stored. And no receipt, all they say is that they will pick up the hardware locally???

scam?

michielnl

full member

Activity: 123

Merit: 100

The shipment date seems to be later than Feb 15 ... ??

https://www.kncminer.com/news/news-69
"We have an exciting update for you all today, in 2014 we will be shipping our 20nm product called Neptune.
..........
Shipment begins in Q1/Q2 of 2014"

OK, let's check on:
http://bitcoinwisdom.com/bitcoin/calculator

INVESTMENT
1 share of 30 GH/s now costs 0.14611 BTC.

RETURN
With start date 2014-02-15 total return is 0.2205 (minus 10% fee for minershare.net)
With start date 2014-03-01 total return is 0.1633 (minus 10% fee for minershare.net, 90% = 0,01470)
With start date 2014-03-15 total return is 0.1208 (minus 10% fee for minershare.net)

Already after a two weeks delay on the estimated (very ambitious) start date of Feb 15, the return seems to be negative.

Looking at the previous post, the estimated date of Feb 15 does not seem realistic.

krampus

member

Activity: 98

Merit: 10

Village Idiot

Quote from: railzand on January 19, 2014, 04:12:28 PM

Yes, we have 10 KnC Miner Neptune first batch miners ordered. We will pick-up them in person in order to reduce any possible shipping errors. Miners are expected to be received in mid February at latest. Mining operation set up time is expected to be 2 days (including synchronizing real-time data with website)

copied from their faq

From this post on 2014.01.17:

Quote from: Bitcoinorama on January 17, 2014, 11:12:17 AM

Neptunes are still very much in the preliminary design phase. As much as the timeline will be reduced significantly in comparison to a standard engineering project at 20nm, if such exists, because this is absolute bleeding edge we want to be absolutely sure what we commit to silicon will ensure a successful product at the end. This initial phase will not be rushed.

That said we have completely re-written and optimised the RTL code. The Jupiter project was very much focused upon safe speed to market and the window of opportunity hashing power presented in this present finite period prior to significant competition. The Neptune project whilst adhering to aspects of the aforementioned must focus upon power consumption as it's primary trait if customers (you guys) will be able to compete successfully over a longer period. We know that we are reaching limits on standard household circuits, we want you to remain competitive w.r.t. the unfolding mining landscape and we are all to well aware that electricity costs will come into focus in the not too distant future.

So where we are now is that we have a working FPGA code and are in the process of testing that and tweaking any further refinements before it's submission.

Mid-February my ass.

Duane Vick

member

Activity: 84

Merit: 10

How long is the contract. Is it 1 yr, duration of profitability, etc.?

What happens when these neptunes are no longer earning their keep? Will they be sold off and if so will the proceeds of the sale be divided according to share? If they won't be sold, will you reactivate them if bitcoin rise in price makes them viable again?

railzand

sr. member

Activity: 462

Merit: 250

Lux e tenebris

Yes, we have 10 KnC Miner Neptune first batch miners ordered. We will pick-up them in person in order to reduce any possible shipping errors. Miners are expected to be received in mid February at latest. Mining operation set up time is expected to be 2 days (including synchronizing real-time data with website)

copied from their faq

krampus

member

Activity: 98

Merit: 10

Village Idiot

I wonder what start date they're using for their payout estimation. Seems that all indications are that Neptune batch #1 isn't shipping until Q2 2014, which makes ROI... unlikely. If the Neptunes started hashing today, then yeah -- I could see the payback. But that doesn't appear to be the case.

~~Isn't that somewhat dishonest?~~

Strike that. Par for the course around here.

bit.alex

newbie

Activity: 28

Merit: 0

The $300 estimated payout is for a 1% ($120) share. Obviously you should do calculations too for your own estimations.

For $24 (0.2%) share the estimated payout is $60:
https://i.imgur.com/67V6fzt.png

Duane Vick

member

Activity: 84

Merit: 10

A search on here didn't get much information. Price of$4/gh seems better than most cloud hashing prices I've seen. Their website estimates a $300 USD income per share but different machines on their site have different size shares. I assume they refer to the $24 share being worth $300 in expected ROI.

Anyone have any firsthand information to share? Also, if you feel this to be an unprofitable venture, feel free to chime in as well.

Topic: minershare.net questions - page 2. (Read 3171 times)