Topic: Swedish ASIC miner company kncminer.com - page 549. (Read 3050074 times)

And how long is that difficulty going to take to drop if it is at 5 billion and 75% off the hashrate disappears. Going to take a long time to the next retarget.

Pyramid grows, pyramid shrinks, pyramid grows, pyramid shrinks.  Suckers to be made at every turn, always a chance that you're holding the bag.

Hopefully this will be the end of the "get rich on cryptos" bubble and we can move into the next phase of life where people start building realistic services on top of the crypto concept instead of trying to cash in on being an early adopter.  KNC went the route of anyone who had a vision for BTC in 2013/2014, basically rape the market to self fund further abuse, then not really give a damn because you've earned your retirement.  Much like BFL and some of the other early companies (Gox, BitInstant, etc.), KNC needs to go the way of the dinosaur (and fuck off while they're at it, never purchased a product from them and happy I stuck with my gut on it) so more responsible companies can enter the market.  

But hey, let's give everyone a nice parallel to real life.  Everyone hear of Oculus?  You know, that weird VR company that got a community to crowd fund it and hype it so it was the next big thing?  Then the creators basically sold out to Facebook and said "this is a good thing"?  Rewind to KNC, a small company of tech geeks who want to protect the network and build a reasonable amount of miners.  Then the community funds them, they turn around and build their own mine (thanks for the loan, community!) that further degrades the capabilities of the hardware the community purchased, and now they likely don't give a shit about Neptune returns because, for all intents and purposes, their business model rested more around selling tons of v1 and building their mine than shipping v2 in any reasonable speed, letting competitors slip in and further screw over the KNC loyalists.  

Don't ever think money won't corrupt, since the first day someone paid a single penny for BTC money has corrupted things.  Guess us folks in the US should be thankful BTC is property, not that evil money stuff.

Oh yeah, what got me started.  ImI, you just described the basic business model for MLM Pyramid schemes!  They grow, get popular, bring in a broad swath of new suckers, eventually reach saturation, suckers drop off, early adopters continue to cash out, then after the squeeze they bring in a new round of suckers.  BTC itself is not a pyramid scheme, but the community (especially mining) acts a lot like it.

I'm UK based.

I don't think its a SEPA Transfer as the refund is in dollars and Not Euros.

When I got my SWIFT code from Barclays they did ask if it was EURO's, I said it was to be in dollars. So I don't know if there are different SWIFT codes, one for EURO (SEPA) and one for Dollars (USA).

C_C

logical error.

if NO ONE can afford to mine, why should the difficulty stay at 5 billion?

if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.

logic ftw my friend.

yeah....only option is for other "big money" to push back at least in the USA for 'sensible' regulation on the IRS laws ...there will not be
enough NEW users to btc in trade or mining under current setup (hell i'd never would have jumped into this zoo this year) gonna see what
my IRS tax liablility is....my info is on bitstamp (real info with my puny blockchain) so i'm screwed...in that bitstamp bitcoinbuilder and mt gox
all took this info with the statement it was to comply with us gov't money launder on my various wire xfers and refunds back an forth i must b
lit up like an xmas tree in a database someplace... rules etc...that and the forms i filled out to knc and such
at 10k a pop even with refunds on some...again i mean the bank wire xfers and deposit waivers we sign in usa
...so paper trail i'm screwed...I made from oct 18th till end of 2013 just over 16k and change...i figure
my taxes (maybe less with bfl losses and equip knc counted etc etc) could be as high as with state and local 6K or as low as 2k depends
on what they consider business deductable on my puny 16k which IRS says if i show any profit after expenses 25% gross income tax and 10 percent
for my state and a 13.6 percent self-employment tax (if i want equip deducted expenses etc) or so i have it figured so far..and my CPA lady
said with Bitcoin a property DON"T SELL ANY NOW ..which may be the only correct thing i did....i held all my coin
in that if it is a property it is 43% tax if kept coin less then 1 year on capital gains after coin is held 1 yr (property) then 20 % and boy
did i make captial gains last year...of course this all is off the cuff talking to here i'll let you know real deal on tuesday but looks ugly.....

anyway better to come clean don't trust the paper trail remember them nice swiss banks that sent info with the losses and equip i have this year
of taxes 2013 i'll eat it..its only 16k and if it all goes to IRS well
with the info we had from congress and treasury that BTC was being treated
as a currency..they changed their mind when the mt gox and other scandals hit the fan
looks tooo symbolic they dump this all out this harsh on march 25th and april 15th is the end of tax season
lets drive btc down real good as people cash out to pay tax man quick
also a loss ..and 2014 looks the same anyway Tuesday I do a revised tax stuff with the CPA lady i"ll let you know the damage

on the other hand i was a blazing success on my pt job last year (at least on paper)

and even if i break even (knock wood) the next 2yrs ....was kinda fun to rattle the establishments cage (now if i pay $$$ not so much)

Searing

and it is less profitable for joe schmoo to mine and when Joe Schmoo has to spend $1000 for mining gear that will never make $500 then the game is over. Folks fail to realize this whole thing can be a worthless venture for everyone overnight.

BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion

Anyone in SEPA area ?

-2

+ 1

I ordered a neptune from kncminer.cn.
They do not allow refund......

So people that got their refund, how much time passed between your order changing to "Refund ready for process" and the actual refund? especially for SEPA transfers?

Also there isn't any case yet of a refund that wasn't honored right? I requested mine on Monday and I'm a bit nervous because it looks like we are in the last big wave of refunds, hopefully they made enough money with their datacenter to cover all refunds and they won't go belly up...

How many days (from request) for a refund ?

yeah I was, but I want be again in game so I decided to buy one. (when BTC was over 1k $) In meanwhile, KNC turned from couple of crypto geeks to greedy business - and I really don't want to support this..

didn't realize you had bought a neptun. I seem to remember you were quite skeptical, but maybe I'm wrong.

refunded.

Enjoying the cash now is the same thing as back when BTC was 800$ or back before ordering Neptune. It's the same cash then and now. The only question now is if it's worth refunding and getting more BTC than what BTC you paid for it, but what will you do with it except hold them?

Money now in my Bank

Time-frame

Emailed KNC Monday at 15:00 GMT
Money in My Bank Thursday 08:00 GMT

C_C

of course.. they used free interest loans and built uberhall ..   KNC aren't crooks, they just cut rope on all their early supporters

Hi, I just want to let everyone know that i got a refund for a big quantity of neptunes without any problem.

the old proposal is stil valid.

https://bitcointalksearch.org/topic/m.5944363

Cheers

?

come on Joe, you should have known better.

the latter part of your post in particular seems plain FUD.