HashFast announces specs for new ASIC: 400GH/s

[DeathAndTaxes]

Yep. Though to be fair, thats exactly how it went with KnC, and  I assume they did plenty of testing with an FPGA. Of course its entirely possible (likely even) they will run in to more hickups, like the firmware issues KnC had. If they dont get packaged chips in the next 10 days, I seriously doubt they will ship anything before the tail end of November.

Why 20+ days beyond chip arrival for shipping?  Since you reference KNC they went from chip delivery to shipping in 3? 4? days.  Granted that was kinda impressive but even a week isn't 3 weeks.

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[cedivad]

With a first of December delivery, standing to mining.thegenesisblock.com, we will lose 75% of our "investment".
I can't even tell how i regret my bought.

[Bargraphics]

With a first of December delivery, standing to mining.thegenesisblock.com, we will lose 75% of our "investment".
I can't even tell how i regret my bought.

If it makes you guys feel better, if Hashfast is delayed that means the network hashrate won't increase as much until they do start shipping.

[cedivad]

With a first of December delivery, standing to mining.thegenesisblock.com, we will lose 75% of our "investment".
I can't even tell how i regret my bought.

If it makes you guys feel better, if Hashfast is delayed that means the network hashrate won't increase as much until they do start shipping.

With knc shipping in volumes, i'm not sure that this is correct.

Anyway i'm quite sure that the guy who bought 200+ will come out just fine. And apart from that, i would like to have a proof that the delay is really not depending from them/no hashfast chip will hash before the middle of next month. It wouldn't surprise me if "delaying" the shipment by "2 weeks" was a "decision" taken after the btc price spike.

God, i'm starting to know hardware sellers so well that i should start my own.

[joshv06]

With a first of December delivery, standing to mining.thegenesisblock.com, we will lose 75% of our "investment".
I can't even tell how i regret my bought.

If it makes you guys feel better, if Hashfast is delayed that means the network hashrate won't increase as much until they do start shipping.

Nice sarcasm. Reminds me of BFL_Jody. I come from 1.2 years of waiting at BFL, 2 SC Single.

[mgio]

I'm contacting a lawyer in CA to see what can be done. PM me if you are interested in sharing the fees.
(it's a preorder, and i'm demanding for a refund)

Everyone should request refunds!

You are actually LEGALLY entitled to one, despite any "NO REFUNDS" claims that HashFast might make.

If they haven't shipped your order yet then they must give you a refund.

Now they will probably say "no", but if you were to sue them, you would win.

I'm seriously considering requesting a refund and if they say no, I'm going to start the legal process.

[Puppet]

Yep. Though to be fair, thats exactly how it went with KnC, and  I assume they did plenty of testing with an FPGA. Of course its entirely possible (likely even) they will run in to more hickups, like the firmware issues KnC had. If they dont get packaged chips in the next 10 days, I seriously doubt they will ship anything before the tail end of November.

Why 20+ days beyond chip arrival for shipping?  Since you reference KNC they went from chip delivery to shipping in 3? 4? days.  Granted that was kinda impressive but even a week isn't 3 weeks.

I though KnC picked up the chips around the 25th or so, and started shipping on the 3rd? Either way, I have no good argument for my prediction, other than a gut feeling and the fact that KnC felt like an incredible rush job pulling all nighters and even then they simply shipped before they were ready. Something tells me HF wont do that. Well, even if they wanted to, I kinda doubt Ciara will.

[cedivad]

I'm seriously considering requesting a refund and if they say no, I'm going to start the legal process.

Let's do this. We are already 3 people, 300$/hour divided by three, 100$ at hour for our lawyer. Seems almost reasonable.

This is the email i got back:

Hi *,

Thank you for your quick reply.  Sorry to hear of the situation.  You sent me an invoice, not a signed contract.  Do you have a signed contract with the San Jose Company?  A signed contract will show a written agreement and may have different terms.  

According to the invoice you sent me, between pages 1 and 2 of the invoice it states your remedy and process for cancelling a future delivery because of delay and the refund process.  It states:

"Baby Jet Delivery Dates. All of the 550 Baby Jet units from HashFast's first production batch are guaranteed for delivery by December 31, 2013. If Buyer ordered one or more units of such Baby Jets, and HashFast does not deliver such units by that date, then Buyer may cancel the undelivered portion of the order at Buyer's request and HashFast will refund the payment for the units that Buyer purchased but did not receive and cancelled. This cancellation and refund is Buyer's sole and exclusive remedy for HashFast failing to deliver by the December 31, 2013 guaranteed delivery date, and Buyer must cancel the order by January 15, 2014 to avail itself of this remedy. Buyer to pay all taxes, duties and shipping costs."

Have you communicated a need to stop the delivery and seek a refund from the sender company?  Obtaining a cancellation before the December 31, 2013 date depends on whether you have a written contract with different terms and whether the sender company knew or promised that the delivery of the item(s) by a specific date.  Do these apply to your situation?  

If you wish to hire me, I charge $300.00 USD per hour and will require a $5,000.00 USD retainer up front and signed retainer agreement.  At this time, I have not be retained by your or your company.  I would say we should meet in person, but you are in *.  

Thank you.

[Puppet]

With knc shipping in volumes, i'm not sure that this is correct.

KnC is almost through producing and shipping its first batch. I guess the question now is when they will begin the second batch. If they have to wait for more asics, you might get a reprieve. Someone posted there was a 30 day period between batches, but if that means 30 days from end of september, then thats not going to be much of a reprieve.

Anyway i'm quite sure that the guy who bought 200+ will come out just fine.

What makes you think that? If one BJ doesnt make a profit, 200 wont either.

And apart from that, i would like to have a proof that the delay is really not depending from them/no hashfast chip will hash before the middle of next month. It wouldn't surprise me if "delaying" the shipment by "2 weeks" was a "decision" taken after the btc price spike.

Thats sounds like nonsense to me. Why would btc exchange rate have anything to do with it?

God, i'm starting to know hardware sellers so well that i should start my own.

Anyone who wanted to make a profit out of asic mining  should have started one. It always was the only way to make a (fat) profit.

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...
I though KnC picked up the chips around the 25th or so, and started shipping on the 3rd? Either way, I have no good argument for my prediction, other than a gut feeling and the fact that KnC felt like an incredible rush job pulling all nighters and even then they simply shipped before they were ready. Something tells me HF wont do that. Well, even if they wanted to, I kinda doubt Ciara will.

Yeah, the gut feeling is there, nothing to back it up other than there's absolutely no signs of *anything* to hang hopes on, not even a proverbial "box of fans."  
There's that awkward case rendering with dueling power supplies, but nothing tangible.

[gateway]

Hiccups are bound to happen and well even while KNC promised Sept they did slip, yes they got their chips at the stroke of midnight and it was all exciting, I for one have one that came almost 2 weeks late to me.

I agree tho transparency should be more widespread in this industry esp among legitimate companies.  The prob we (miners) all face is that time is money in btc world esp with the diff rising like crazy and in about 2 days projected 42% jump.

Current Blocks: 265602 | Current Difficulty: 267731249.48242 | Next Difficulty At Block: 266111 | Next Difficulty In: 509 blocks | Next Difficulty In About: 2 days, 8 hours, 7 minutes, and 53 seconds | Next Difficulty Estimate: 380574073.30141496 | Estimated Percent Change: 42.1477971052

Anyhow, keep your chins up all will work out! What you guys should be mad at is the diff rise! j/k

[cedivad]

What makes you think that? If one BJ doesnt make a profit, 200 wont either.

200 bj are not bough at the price and with the same warranties of 1.

Thats sounds like nonsense to me. Why would btc exchange rate have anything to do with it?

If the btc price is skyrocketing, your customer are not losing usd, only btc. It's what BFL did.

[joshv06]

I have gotten a call from HF. They said they're going to see what they can do. I shall post back to see what they offer..

I expressed that I don't just want them to get my back, but every one in Batch 1, and every one of their customers for that matter. I suggest everyone calls and demand compensation. We should not be picking up the tab.

For the record, I called Friday the 18th. They said everything was on schedule.

Also, difficulty rises 2x a month. So a month delay means half the profits in BTC. Random fact.

Josh

[Puppet]

If the btc price is skyrocketing, your customer are not losing usd, only btc. It's what BFL did.

Makes no sense. What BFL did was one of two thing, or possibly both:
- deliberately ship late/ very slowly, thereby keeping difficulty artificially low and catch even more preorders that appeared lucrative to gullible investors. Thats no gonna work for hashfast, they arent the only game in town.
- completely fuck up their supply chain and production, helped in no small amount by putting a clown with zero experience in charge

BTC exchange rate would have played no role.

[DeathAndTaxes]

With knc shipping in volumes, i'm not sure that this is correct.

KNC is just about done shipping Sept/Oct batch.  About a week ago they indicated they were 500 of 1500 units complete.   Figure 100 units per day they are probably >1000 units shipped and 400 to go.  They could be done by the end of the week.  Regardless of if it takes them a day or week to wrap up at most KNC is "only" adding another 150 to 200 TH/s from batch 1 (probably less).

KNC has stated Nov batch will not ship before 15 Nov and they also promised to the Batch 1 customers that Batch 2 would be 30 days after last batch 1.  I doubt it will be the full 30 days but I can't see them spitting on their batch 1 customers by shipping batch 2 (which could be up to 2 PH/s) earlier than 15 Nov.

[cedivad]

I expressed that I don't just want them to get my back, but every one in Batch 1, and every one of their customers for that matter. I suggest everyone calls and demand compensation.

I have josh (the sales guy) trolling me on Skype. He keeps repeating that since that the btc exchange rate is skyrocketing, i should't care about the btc i will lose. He didn't seem willed to help in anyway.

However they are underestimating the power of angry and organised customers.

[joshv06]

I expressed that I don't just want them to get my back, but every one in Batch 1, and every one of their customers for that matter. I suggest everyone calls and demand compensation.

I have josh (the sales guy) trolling me on Skype. He keeps repeating that since that the btc exchange rate is skyrocketing, i should't care about the btc i will lose. He didn't seem willed to help in anyway.

However they are underestimating the power of angry and organised customers.

Not that I don't believe you, but can you post a screenshot here for the record?

We took chances, if we price of BTC went up, we gain, if the price of BTC went down, we lose. They shouldn't use the market against us.

[ninjarobot]

This is the email i got back:

Hi *,

Thank you for your quick reply.  Sorry to hear of the situation.  You sent me an invoice, not a signed contract.  Do you have a signed contract with the San Jose Company?  A signed contract will show a written agreement and may have different terms.  

According to the invoice you sent me, between pages 1 and 2 of the invoice it states your remedy and process for cancelling a future delivery because of delay and the refund process.  It states:

"Baby Jet Delivery Dates. All of the 550 Baby Jet units from HashFast's first production batch are guaranteed for delivery by December 31, 2013. If Buyer ordered one or more units of such Baby Jets, and HashFast does not deliver such units by that date, then Buyer may cancel the undelivered portion of the order at Buyer's request and HashFast will refund the payment for the units that Buyer purchased but did not receive and cancelled. This cancellation and refund is Buyer's sole and exclusive remedy for HashFast failing to deliver by the December 31, 2013 guaranteed delivery date, and Buyer must cancel the order by January 15, 2014 to avail itself of this remedy. Buyer to pay all taxes, duties and shipping costs."

Have you communicated a need to stop the delivery and seek a refund from the sender company?  Obtaining a cancellation before the December 31, 2013 date depends on whether you have a written contract with different terms and whether the sender company knew or promised that the delivery of the item(s) by a specific date.  Do these apply to your situation?  

If you wish to hire me, I charge $300.00 USD per hour and will require a $5,000.00 USD retainer up front and signed retainer agreement.  At this time, I have not be retained by your or your company.  I would say we should meet in person, but you are in *.  

Thank you.

Are you sure those are the Conditions of Sale at the time when you placed your order? I'm one of the early orders and my Terms and Conditions of Sale (HASHFAST ONLINE TERMS OF SALE Ver. 1.B – Revised August 8, 2013) do not mention the December 31 date:

DELIVERY AND QUANTITIES.

1) Products shall be delivered EXWORKS (Incoterms 2000) Hashfast’s manufacturing facility, or other facility as designated by Hashfast, unless otherwise agreed in writing between Hashfast and Buyer.  Except for delivery dates explicitly guaranteed in the order confirmation, delivery dates communicated or acknowledged by Hashfast are approximate only, and Hashfast shall not be liable for, nor shall Hashfast be in breach of its obligations to Buyer because of any delivery made within a reasonable time before or after the stated delivery date. Timely delivery requires Buyer to provide all necessary order and delivery information sufficiently prior to the agreed delivery date.

2) In the event Buyer contests delivery, the Buyer must request a proof of delivery from Hashfast within ten (10) days of the date of Hashfast’s invoice or guaranteed delivery date (whichever occurs first), otherwise delivery shall be deemed completed.  If Buyer fails to take delivery, then Hashfast may deliver the Products in consignment at Buyer’s costs and expenses.

3) Buyer will give Hashfast written notice of failure to deliver and thirty (30) days within which to cure, unless the order confirmation explicitly guarantees a delivery date.  In any case, Buyer’s sole and exclusive remedy after such cure period or guaranteed delivery date is to cancel the affected and undelivered portions of the order.

4) No order, Agreement or any part thereof may be rescheduled or cancelled without Hashfast’s prior written consent.

Also, when I ordered the dates were pretty clear. It did not say 'Anticipated to ship' at the time.

[Puppet]

However they are underestimating the power of angry and organised customers.

You mean, they underestimate the power of angry customers that have paid full up front in a irreversible currency while agreeing to ToS that state they will receive their October order no later than December 31st? I wish you luck.

[DeathAndTaxes]

Ninjarobot your image is broken.