Obelisk strikes (out) again | Bitcointalksearch.org

YuSoDum

member

Activity: 164

Merit: 13

Quote from: adaseb on July 21, 2019, 01:09:47 AM

There was another miner manufacture that provided refunds this way and people were upset. This was sometime in 2012 or 2013 or so. I forgot the name, might of been Butterfly Labs or so.

They basically cost like $5000 usd each, and BTC was like $10, so people paid 500 BTC for the miner, then 2 years later they issued refunds in BTC but at the original USD cost, so people got back like 5 BTC instead of the 500 BTC that they paid.

However I am pretty sure if BTC went the other way and hit $1, they would send the original 500 BTC back instead of the actual USD value of 5000 BTC.

Black Arrow did something similar. I want to say around the same timeframe, 2013ish. I paid in BTC and got refunded USD after my cancelled pre-order. I def lost out there....

swogerino

legendary

Activity: 3318

Merit: 1247

Bitcoin Casino Est. 2013

Quote from: adaseb on July 21, 2019, 01:09:47 AM

There was another miner manufacture that provided refunds this way and people were upset. This was sometime in 2012 or 2013 or so. I forgot the name, might of been Butterfly Labs or so.

They basically cost like $5000 usd each, and BTC was like $10, so people paid 500 BTC for the miner, then 2 years later they issued refunds in BTC but at the original USD cost, so people got back like 5 BTC instead of the 500 BTC that they paid.

However I am pretty sure if BTC went the other way and hit $1, they would send the original 500 BTC back instead of the actual USD value of 5000 BTC.

This is the behaviour of every business in the world today unfortunately.They will try these little tricks whenever possible.A business is out there for profit and it will use all its power to do so.

I always pay in Usd when buying graphic cards or other mining equipment,Btc is precious as I think the price of it may well reach 50k dollars for a coin.

papacabeza

copper member

Activity: 67

Merit: 0

Worth listening to my court case with Obelisk. Their attorneys came to court and said there's no recourse because they're a "Kickstarter Campaign." (Hint: they're not). Here's that article with links to Soundcloud of court: bit.ly/OBELISK2

Then they thought it would be cool after all that to ship the e-waste not to my data center, but instead right to my front doorstep at home, 3,000 miles away. I had to write a public letter and include the state regulator to get UPS to agree to remove it and ship it back to them.

Here's a snapshot of what that looks like when delivered to your front door: bit.ly/OBELISK3

adaseb

legendary

Activity: 3808

Merit: 1723

There was another miner manufacture that provided refunds this way and people were upset. This was sometime in 2012 or 2013 or so. I forgot the name, might of been Butterfly Labs or so.

They basically cost like $5000 usd each, and BTC was like $10, so people paid 500 BTC for the miner, then 2 years later they issued refunds in BTC but at the original USD cost, so people got back like 5 BTC instead of the 500 BTC that they paid.

However I am pretty sure if BTC went the other way and hit $1, they would send the original 500 BTC back instead of the actual USD value of 5000 BTC.

yrk1957

member

Activity: 531

Merit: 29

Quote from: Eyedol-X on July 20, 2019, 04:01:45 PM

Quote from: miner29 on July 19, 2019, 10:08:51 PM

Quote from: Eyedol-X on July 19, 2019, 06:56:40 PM

Quote from: miner29 on July 19, 2019, 03:13:35 PM

If you have not seen the news:

https://www.grin-forum.org/t/grn1-cancellation-announcement/5624

Saw this post earlier today, the markets are struggling and I believe that's the biggest impact on this.

Consider if you paid in BTC and now you will be refunded not the same amount of BTC but instead the USD. Thus if you did you paid in $4k btc and now they are cashing out the BTC at $10k but only giving you the $4k value. If they held the BTC then pay the full BTC back not the USD.

How did you read their refund deal?

Helluva way to make 50% plus of other peoples BTC.

From my understanding, BTC was converted into USD at time of payment. I suspect they did this since they are a US based company and need the USD to actually pay suppliers and vendors, I'm sure there is a profit somewhere but I'd bet overall, Obelisk has lost a lot of money in this cancellation in the complete scope of it.

I didn't order one of these particular miners so I'm just interpreting what I've read.

99%, real world bills/salaries are paid in USD not BTC.

Eyedol-X

hero member

Activity: 952

Merit: 508

Quote from: miner29 on July 19, 2019, 10:08:51 PM

Quote from: Eyedol-X on July 19, 2019, 06:56:40 PM

Quote from: miner29 on July 19, 2019, 03:13:35 PM

If you have not seen the news:

https://www.grin-forum.org/t/grn1-cancellation-announcement/5624

Saw this post earlier today, the markets are struggling and I believe that's the biggest impact on this.

Consider if you paid in BTC and now you will be refunded not the same amount of BTC but instead the USD. Thus if you did you paid in $4k btc and now they are cashing out the BTC at $10k but only giving you the $4k value. If they held the BTC then pay the full BTC back not the USD.

How did you read their refund deal?

Helluva way to make 50% plus of other peoples BTC.

From my understanding, BTC was converted into USD at time of payment. I suspect they did this since they are a US based company and need the USD to actually pay suppliers and vendors, I'm sure there is a profit somewhere but I'd bet overall, Obelisk has lost a lot of money in this cancellation in the complete scope of it.

I didn't order one of these particular miners so I'm just interpreting what I've read.

babos8383

sr. member

Activity: 728

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“A nexgen decentralized ride hailing ”

and the return of miners should be done? or they just compensate the cost and the miner will stay with me? not bad, mining and money back

DreamBlob

jr. member

Activity: 86

Merit: 3

I wonder if this will finally get people to stop pre-ordering products and only pay for verified working and in-stock products. I'd imagine many people have gotten burned by this, Obelisk included.

miner29

full member

Activity: 1275

Merit: 141

Quote from: Eyedol-X on July 19, 2019, 06:56:40 PM

Quote from: miner29 on July 19, 2019, 03:13:35 PM

If you have not seen the news:

https://www.grin-forum.org/t/grn1-cancellation-announcement/5624

Saw this post earlier today, the markets are struggling and I believe that's the biggest impact on this.

Consider if you paid in BTC and now you will be refunded not the same amount of BTC but instead the USD. Thus if you did you paid in $4k btc and now they are cashing out the BTC at $10k but only giving you the $4k value. If they held the BTC then pay the full BTC back not the USD.

How did you read their refund deal?

Helluva way to make 50% plus of other peoples BTC.

jasta more

member

Activity: 224

Merit: 18

Inosilicon still making theirs?

Eyedol-X

hero member

Activity: 952

Merit: 508

Quote from: miner29 on July 19, 2019, 03:13:35 PM

If you have not seen the news:

https://www.grin-forum.org/t/grn1-cancellation-announcement/5624

Saw this post earlier today, the markets are struggling and I believe that's the biggest impact on this.

miner29

full member

Activity: 1275

Merit: 141

If you have not seen the news:

https://www.grin-forum.org/t/grn1-cancellation-announcement/5624

Topic: Obelisk strikes (out) again (Read 421 times)