I just made the mistake of actually re-reading the offer, and this caught my eye:
"You agree as a group buy owner to host your hardware with us for a total period of at least 120 days. If at any time thereafter the weekly earnings of the miners are insufficient to pay the hosting fees, the group buy owners shall make up the difference in USD. Non-payment of hosting fees/deficit will result in forfeiture of ownership rights to the hosted hardware. Any and all payments are due when invoiced; 30 days late constitutes default and will result in forfeiture of your fractional ownership."
Unless my barrack room lawyer skills are slipping MWNinja, you have effectively created an open ended clause that guarentees that come the inevtiable day when difficulty is so high that the miners do not even cover the hosting fee's, we have to make up the difference in dollars INDEFINATELY or let the ownership revert to you.
Not sure about your laws in US, but in UK that clause would almost certainly be rendered invalid by any court under 'unfair terms and conditions'. I suggest you propose to the group a more moderate/fair clause which specifies the viability conditions under which miners would be de-hosted and optionally returned to owners or sold with cash distributed to owners like other GB's.
Topic: [SOLD OUT] Ninja Group Buy .35BTC=30GH - 30 ANTs + Day 1 Netpune [0/300] - page 7. (Read 19048 times)
February 05, 2014, 01:01:18 PM
February 05, 2014, 09:05:03 AM
Looks like we got ourselves a really good deal witn KnC 
Taken from their email (now probably already on their website ):
Taken from their email (now probably already on their website ):
Quote
Plan B
As you are all aware we broke many world records in releasing the 28nm chip in such a short amount of time. We are a very ambitious company but even for us, to go “all in” and not be able to deliver on our performance targets, like our competition, would be completely unacceptable to us as a company and everything we stand for. So today we are introducing, Plan B.
To make sure that everyone who has paid for their Neptune we are building a data centre like no other. It is located in the north of Sweden not far from Facebook and other Mega Data Centres and it’s totally powered by renewable energy.
Over the next few months we are bringing online enough hashing power to make sure that any delay in the Neptune timeline will be compensated with a completely free hosted hashing packages to all fully paid customers.
In the addition to this commitment, as part of Plan B, for all Neptune customers, we will be offering a free conversion to a hosted hashing package where we will simply fill your wallets directly and you won’t have to worry about anything else. All the other costs taken care of by us. We are able to do this by using our 28nm chips which is why all products that we have coming out of our factory in the next few months will go into building and supplying the Plan B facility.
If, during the course of development of Neptune, there is any threat to the timelines for delivery, those delays will not result in the loss of any mining time for our Neptune customers. We will release more details of this as we get closer to the delivery date, but for now we have one of the world’s largest data centres to build.
As you are all aware we broke many world records in releasing the 28nm chip in such a short amount of time. We are a very ambitious company but even for us, to go “all in” and not be able to deliver on our performance targets, like our competition, would be completely unacceptable to us as a company and everything we stand for. So today we are introducing, Plan B.
To make sure that everyone who has paid for their Neptune we are building a data centre like no other. It is located in the north of Sweden not far from Facebook and other Mega Data Centres and it’s totally powered by renewable energy.
Over the next few months we are bringing online enough hashing power to make sure that any delay in the Neptune timeline will be compensated with a completely free hosted hashing packages to all fully paid customers.
In the addition to this commitment, as part of Plan B, for all Neptune customers, we will be offering a free conversion to a hosted hashing package where we will simply fill your wallets directly and you won’t have to worry about anything else. All the other costs taken care of by us. We are able to do this by using our 28nm chips which is why all products that we have coming out of our factory in the next few months will go into building and supplying the Plan B facility.
If, during the course of development of Neptune, there is any threat to the timelines for delivery, those delays will not result in the loss of any mining time for our Neptune customers. We will release more details of this as we get closer to the delivery date, but for now we have one of the world’s largest data centres to build.
Looks like a good deal to me; KNC are totally legit. Group #1 has one of the first Neptune orders; while group 2-3 have some of the last units sold. I wish we had bought more of them ~ they were sold out before I could get an order in for Group #4.
February 05, 2014, 05:41:14 AM
Interesting. What is our delivery date for the Neptune?
As an aside it does seem slightly incongruous to have a cloud mining pool, outsourcing to another cloud mining pool ...
As an aside it does seem slightly incongruous to have a cloud mining pool, outsourcing to another cloud mining pool ...
February 04, 2014, 12:29:48 PM
Looks like we got ourselves a really good deal witn KnC
Taken from their email (now probably already on their website ):
Taken from their email (now probably already on their website ):
Quote
Plan B
As you are all aware we broke many world records in releasing the 28nm chip in such a short amount of time. We are a very ambitious company but even for us, to go “all in” and not be able to deliver on our performance targets, like our competition, would be completely unacceptable to us as a company and everything we stand for. So today we are introducing, Plan B.
To make sure that everyone who has paid for their Neptune we are building a data centre like no other. It is located in the north of Sweden not far from Facebook and other Mega Data Centres and it’s totally powered by renewable energy.
Over the next few months we are bringing online enough hashing power to make sure that any delay in the Neptune timeline will be compensated with a completely free hosted hashing packages to all fully paid customers.
In the addition to this commitment, as part of Plan B, for all Neptune customers, we will be offering a free conversion to a hosted hashing package where we will simply fill your wallets directly and you won’t have to worry about anything else. All the other costs taken care of by us. We are able to do this by using our 28nm chips which is why all products that we have coming out of our factory in the next few months will go into building and supplying the Plan B facility.
If, during the course of development of Neptune, there is any threat to the timelines for delivery, those delays will not result in the loss of any mining time for our Neptune customers. We will release more details of this as we get closer to the delivery date, but for now we have one of the world’s largest data centres to build.
As you are all aware we broke many world records in releasing the 28nm chip in such a short amount of time. We are a very ambitious company but even for us, to go “all in” and not be able to deliver on our performance targets, like our competition, would be completely unacceptable to us as a company and everything we stand for. So today we are introducing, Plan B.
To make sure that everyone who has paid for their Neptune we are building a data centre like no other. It is located in the north of Sweden not far from Facebook and other Mega Data Centres and it’s totally powered by renewable energy.
Over the next few months we are bringing online enough hashing power to make sure that any delay in the Neptune timeline will be compensated with a completely free hosted hashing packages to all fully paid customers.
In the addition to this commitment, as part of Plan B, for all Neptune customers, we will be offering a free conversion to a hosted hashing package where we will simply fill your wallets directly and you won’t have to worry about anything else. All the other costs taken care of by us. We are able to do this by using our 28nm chips which is why all products that we have coming out of our factory in the next few months will go into building and supplying the Plan B facility.
If, during the course of development of Neptune, there is any threat to the timelines for delivery, those delays will not result in the loss of any mining time for our Neptune customers. We will release more details of this as we get closer to the delivery date, but for now we have one of the world’s largest data centres to build.
February 01, 2014, 12:14:35 PM
Week #3 Dividends
Total Earnings: 9BTC Payout Addr
Total Shares: 300
Hosting fees:
Amount per share:0.03BTC
Tx Fee: .004 Transaction
Bad News ~ Luck was down a bit this week. Good news ~ the next difficulty increase doesn't look too bad yet.
Total Earnings: 9BTC Payout Addr
Total Shares: 300
Hosting fees:
Amount per share:0.03BTC
Tx Fee: .004 Transaction
Bad News ~ Luck was down a bit this week. Good news ~ the next difficulty increase doesn't look too bad yet.
January 31, 2014, 07:14:00 AM
I'ts going up now luckily
January 30, 2014, 04:00:14 PM
I note the 24 hour BTC rate is tumbling rapidly, pretty well halved in the last week, we need that Neptune ...
OUCH!!! That hurts to look at. I hope it's just some really bad luck on BTCguild cause that's a huge drop. We do desperately need that Neptune!Edit:
Ya... really bad luck...
Approximate Pool Luck* (24H / 3D / 1W / 2W / 1M): 63.068% / 87.287% / 100.327% / 102.589% / 102.465%
January 30, 2014, 03:27:31 PM
I note the 24 hour BTC rate is tumbling rapidly, pretty well halved in the last week, we need that Neptune ...
January 28, 2014, 02:03:17 PM
Please post here when/if GB#4 starts for those who have this thread on watch. Thanks.
https://bitcointalksearch.org/topic/sold-out-ninja-group-buy-4-30-hosted-ants-7-290x-0300-3btc-434311 Group #4 is launched.
Take a decent sleep Ninja will you ?
January 28, 2014, 12:31:49 PM
Please post here when/if GB#4 starts for those who have this thread on watch. Thanks.
https://bitcointalksearch.org/topic/sold-out-ninja-group-buy-4-30-hosted-ants-7-290x-0300-3btc-434311 Group #4 is launched.
January 28, 2014, 09:10:33 AM
I know its early days but considering the majority of this GB consists of members buying under 10 shares have we thought about options after the 120 days has elapsed in terms of the hardware?
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
I thought that MWNinja would sell them himself if they are no longer profitable.
MWNinja - is this something you would facilitate?
We anticipate running this equipment for a long time to come yet. If you take a look at how the competition stacks up, we are still in the running power wise. Cointerra totally missed the mark. Remember all of the Gen 1 Asicminer, Gen 1 & 2 Avalon, Gen 1 BFL, all would need to be turned off before the Antminers. I've kept a mountain of shipping materials to help facilitate selling off the miners when the time comes to upgrade. Generally speaking, we would expect members to upgrade/trade-in toward newer equipment as the difficulty increases.
January 28, 2014, 05:24:14 AM
I know its early days but considering the majority of this GB consists of members buying under 10 shares have we thought about options after the 120 days has elapsed in terms of the hardware?
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
I thought that MWNinja would sell them himself if they are no longer profitable.
MWNinja - is this something you would facilitate?
January 27, 2014, 05:29:03 PM
Please post here when/if GB#4 starts for those who have this thread on watch. Thanks.
January 27, 2014, 02:59:44 PM
Yes there will be #4; we're just not sure what exactly we are going to offer. I'm building a test rig with 7 290x's in a 4U case next week....hint
I'll be curious to learn of your progress on that - I'm thinking that you may run into some serious cooling issues cramming that many GPU's into a 4u case running at 100%. Also, possible power issues? Each 290X pulls around 300watts (give or take) on full steam, so you could be over 2kw with just the gpus, not counting mobo, hard drive (if used), cpu.
It will all be well documented, we may end up in 2 cases if that's what it takes. I have enough GPU experience that I know I can get *something* working, so we are starting with a prototype before committing to doing 40+ GPU cabs. Group #4 will own the prototype rig.
How much do you pay per kw/h? And where do you plan to mine, on Middlecoin (http://www.middlecoin.com/, so they switch between coins and sell them for you)?
January 27, 2014, 12:44:29 PM
It will all be well documented, we may end up in 2 cases if that's what it takes. I have enough GPU experience that I know I can get *something* working, so we are starting with a prototype before committing to doing 40+ GPU cabs. Group #4 will own the prototype rig.
Sounds good! There is no doubts in my mind that you can get it working! I am just very interested in if you can get it to work in a
January 27, 2014, 12:04:48 PM
Yes there will be #4; we're just not sure what exactly we are going to offer. I'm building a test rig with 7 290x's in a 4U case next week....hint
I'll be curious to learn of your progress on that - I'm thinking that you may run into some serious cooling issues cramming that many GPU's into a 4u case running at 100%. Also, possible power issues? Each 290X pulls around 300watts (give or take) on full steam, so you could be over 2kw with just the gpus, not counting mobo, hard drive (if used), cpu.
It will all be well documented, we may end up in 2 cases if that's what it takes. I have enough GPU experience that I know I can get *something* working, so we are starting with a prototype before committing to doing 40+ GPU cabs. Group #4 will own the prototype rig.
January 27, 2014, 09:04:38 AM
Yes there will be #4; we're just not sure what exactly we are going to offer. I'm building a test rig with 7 290x's in a 4U case next week....hint
I'll be curious to learn of your progress on that - I'm thinking that you may run into some serious cooling issues cramming that many GPU's into a 4u case running at 100%. Also, possible power issues? Each 290X pulls around 300watts (give or take) on full steam, so you could be over 2kw with just the gpus, not counting mobo, hard drive (if used), cpu.
January 27, 2014, 09:04:00 AM
I know its early days but considering the majority of this GB consists of members buying under 10 shares have we thought about options after the 120 days has elapsed in terms of the hardware?
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
I thought that MWNinja would sell them himself if they are no longer profitable.
January 27, 2014, 08:46:43 AM
+1 for a Scrypt groupbuy that kill be awesome
+1, I'd also join if the price is good enough.
Me too!
January 27, 2014, 07:40:15 AM
I know its early days but considering the majority of this GB consists of members buying under 10 shares have we thought about options after the 120 days has elapsed in terms of the hardware?
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
What about grouping together members so 3-4 take "ownership" of an S1 and can then sell it (assuming difficulty etc has skyrocketed) and then distribute among the smaller group - not saying this is the answer but curious what everyone else thinks
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