I remember post after post about how you guys would not be affected by the CNY, care to comment why "most of the staff" had off when you previously said it wouldn't affect you guys?
Also since a yes or no answer was never given, will minersource be giving refunds, yes or no?
Minersource cannot issue refunds as they have paid us for your miners.
We're currently making a list with the refund requests to see if we can refund from our margin. Note that our margin is quite low as we have charged our customers $4000 on a miner while others have charged $16000 on the same hardware during the same period.
As we've announced, we've put the ASICs into production and they've been paid in full. Canceling the ASIC now is not possible as we will incur around 85 to 95% penalty so we're left in refunding only from our margin.
I'm going to give Black Arrow a bravo here for at least finally answering the question. But, he's now on record in stating that what he's doing is illegal.
If a customer of mine pays me in full $10,000 to deliver to them yellow barn wood, and I use their money to procure said wood, I must refund them their money if they request such prior to me making delivery, regardless of what my ToS states, otherwise I go to jail, because a sale hasn't happened yet. Now, if I delivery the wood, and it isn't as I described, I also have to refund them their money. This is true no matter want my margin may or may not be, in this case the margins are great. I have no problem selling any barn wood I procure from my suppliers or via farming out a teardown. A bitcoin miner supplier has no problem selling their cancelled orders.
You are now playing a very dangerous game (not in the death sense), for others will now be out in force to call you out on this very issue, even if I hadn't done so myself first. I believe you just messed up here big time, bud.
Hell, I just realized something else:
http://bitcoinexaminer.org/alex-berk-black-arrow-as-soon-as-14nm-is-available-well-release-a-new-asic-that-will-outperform-any-other-14nm-designs/Your rigs have great rates and prices. Are these values permanent?
We do, but the current discounts are limited. We will stop the promotion once weve covered our engineering costs. We dont aim to make any profit from the first batch of ASICs and our sole target is to cover the manufacturing costs. We funded more than 70 percent of the project ourselves. We can obtain the remaining 30 percent from various investors, but their conditions increase the price of our products. We wish to give our customers the opportunity to benefit of low prices while helping us complete this project.
Doing the math, 70% outta your pocket plus 30% from various other investors equals 100%, ergo nary a satoshi of your customer's money was ever at stake. If this is not the case, then you have a lot of explaining to do to our fellow bitcoiners that are about to raise this issue.
It sure is refreshing to read that Black Arrow is not making the same mistakes as previous supplies: Different and BIGGER!