Topic: Swedish ASIC miner company kncminer.com - page 598. (Read 3050074 times)

There are two things you do not understand about decentralizing the mining.

1) It makes it hard for those who hate Bitcoin to close us down.
2) It makes transactions more secure. If a farm/pool has enough share to complete 10 transactions in a row it means you cannot know they didn't cheat until you get 10+ confirmations and the integrity of the blockchain is confirmed by another farm/pool.

You will find the biggest ASIC makers both run the biggest farms and pools. It becomes a conflict of interest. You trust these people with you wealth?

Wow!

Good news!

Something that could to that internationally would be worth thousands of dollars per unit.

I sure hope one day that someone invents a faster, cheaper, instant way to transfer value from person to person over the Internet that cuts out legacy banks all together.

I did talk to an officer at the bank and provided KNC with the exact information. Funds are received by a US correspondence bank (JP Morgan) Swift code #1. From there the funds get sent to the Benificiary Bank in Canada, swift code#2 and account number of my beneficiary bank (local branch) this is where I have a transit #, Payee Name, Payee Acct # and Payee address.

KNC's Response to my legit info:

I can confirm that order 125XX has 1 miner and the price you paid 10,166 USD The bank details are not clear for us as you are providing with two bank accounts, two SWIFT codes and there is no routing/clearing number. The fields that we have in our banking system to fill in for transactions are:

Full name of account holder - The full name of the bank - The complete address of your bank - The routing/clearing number - The account number - SWIFT - Payment Comments: Please specify details, as in case if we type them wrong, there is possibility for payment not to reach the account.

If you can subvert mining you can subvert Bitcoin.  Having massive corporate/single "hand" pools centralizes mining and makes it substantially easier for an entity to subvert.

bitcoin mining != everything about bitcoin... 

What KnC is doing just screws up what role avg miners thought about themselves but doesn't hurt bitcoin in general.
There are still the same amount of coins popping up each day... as Satoshi envisioned


If avg miners 'take their toys and go home' big deal.  They were only in for the speculation just like traders no matter how much they try to state their case.

Your credit union should be able to provide you with the information from what's called their correspondent bank so that you can get the wire transfer sent to you, then credited to your account. You'll probably need to get with an officer of the credit union as the tellers and "front facing" clerks generally can't get the required information about the credit union's account with a bank that you'll need.

Basically your credit union has an account at a bank that they use for processing transactions through the ACH and fed wire transfer systems, and SWIFT. That's the account that will need to receive the wire transfer from KnC, then once received credit the amount to your credit union account.

Good luck.

So finally I get a response after almost 2 weeks and they say that the information is invalid. I use a credit Union and as a result there is an intermediary bank that it has to flow through but since KNC's system doesn't allow for that they can't process the refund? I think they are just being lazy or this is a stall tactic. I'm going to be pissed if I need to open a new bank account for this. What a cluster&%@@.

elaborate please (to the other guy who got a dripping wet Jupiter if i remember correctly heh)

Searing

we need a bitcoin supernode

I'm not sure I understand the complaints about mining farms undermining non-centralization.  That was from the days of mining using Bitcoin-QT, with the CPU both maintaining a current record of the blockchain and mining. 

The point was that there were copies of the entire blockchain on every computer using Bitcoin-QT or bitcoind.  That was what needed to not be centralized.

Our miners do not maintain a blockchain with all the blocks.  The pools do tho and some who solo mine might, don't know.

requested refund 2 weeks ago and asked how long the procedure was. they ve said, it would be about 10 days + transfer time.
asked them why the delay of 10 days and also told them 3 days should be enough to manage it.
on day 3 after my request i had the money back, so i dont understand what is goin on in your case.

good luck

Exactly. Some like to drive BMW, some Kia, but it is based on prestige. In bitcoin mining what matters is the cost of equipment and its reliability plus electricity.
It's not like Jupiter has smoother curves or anything, LOL.

I didn't watch the video, but the article mentions NEPTUNES, think they got it wrong.
http://www.networkworld.com/community/node/84986

Or sooner if you know where....hint hint

any ideas why i can run 5 boards using cgminer and overclock settings, but when i try and do this with bfgminer i get 10x as many HW errors and i never achieve anywhere near the hashrate, but when i use 4 boards on bfgminer it is all fine.

i prefer bfg but i am not going to sacrifice the extra hashrate to use it

One thing is for sure.. it's entering the phase where the only ones "truly" making money are equipment sellers and pool operators. Except for the random spurts of profit which might occur if the difficulty ever enters its ripple phase.

It's very obvious from the actions of Knc that they have no plan to deliver new bitcoin mining hardware to the public. I'm sure they will rent out hash power for more Bitcoin than it will ever earn for suckers that are interested in that sort of thing.

It's kind of sad to see some folks ignore the writing on the wall and hope for a Knc turnaround that looks less and less likely by the day.

It's a mistake to be loyal to any bitcoin mining hardware company in the mining business, so I hope folks aren't missing out on some excellent non Knc mining hardware. The Antminer S1 and CoinCraft A1 rigs are both excellent. The Coincraft rigs use under 1W/GH at the wall, which is probably similar to what Neptune power efficiency will be. Asicminer and Bitmain will be releasing next generation hardware within the next month or two.

I have an Ant farm mining away right now because Knc refused to sell more Jupiters and handed that portion of the market to Bitmain. You can now purchase 16 Antminers for $10,000 that will be delivered within a week and have 3TH worth of mining power, yet Knc doesn't say a word about when customers who purchased a Neptune will be mining.

I'm not sure 20nm bitcoin mining hardware will be economically viable within the next year due to high development and manufacturing costs. I have a feeling that Chinese mining hardware manufacturers are going to flood the market with cheap ASICs and end up killing off a lot of underperforming mining hardware companies over the next six months...