Hashfast is now in bankruptcy. http://hashfast.org/14-30725.38.pdfhttp://hashfast.org/14-30725.35.pdfMoving forward there will be a lot of maneuvering and small players will have to be diligent. We have spent a hefty amount of money out of pocket on lawyers fees in the interest of all those small players. Moving forward we need to put in place a creditors council to make sure a fair resolution is made for everyone. If you are owed refunds or equipment from Hashfast and want to support our efforts please send me contact information in a PM. |
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The first page of that thread should have been enough for any rational person to stay out of this mess. I really have no sympathy for anyone who invested, or stayed invested after July of last year.
How many AMC created threads are there on securities? 5, 6, more? Ken seemed to create a new one every time the stench got too heavy in the old one. Then his cohort of pimps created the latest sham - a thread where anything but happy talk gets deleted instantly.
Didn't you purchase from HashFast? We purchased from several suppliers, including Hashfast. I didn't have much confidence in Hashfast's team, but their schedule was significantly ahead of the competition so we hedged with about 10% of our capital budget directed to them. Haven't you shilled for 2 different companies that turned out to be scams in the past year? Yes I'm aware you hedged hard on Cointerra who was pretty late and delivered 30% less than they were supposed to I believe. I saw you bitching and moaning there too. You logic dictates that somehow you are still above board because "you had less than 10% of your budget in" This is laughable because between ActiveMining and Terrahash they might have totaled ~5% of mine. It's unfortunate that your head is so far up your own ass. How's that lawsuit against HashFast coming or whatever you are trying to organize. So you made some tiny investments and then pumped the hell out of the companies to draw other investors in based upon your personal visits? So your claim to fame is leading people into scams? Well done. I'm sure everyone who listened to your great wisdom is very relieved to hear that you didn't lose much. I have no idea how it's relevant, but Hashfast is in bankruptcy due to our actions. That bankruptcy proceeding will protect all the small investors in Hashfast from being ripped off. I doubt you are smart enough to comprehend the difference between protecting people from a scam and encouraging them to invest in one, but there really is a significant difference in the morality of the 2 actions. |
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Is it possible to take legal action against Ken on the condition he is a scammer? In that case can we sue to get everything he owns? All of his other assets? His home?
You need a lawyer. |
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The first page of that thread should have been enough for any rational person to stay out of this mess. I really have no sympathy for anyone who invested, or stayed invested after July of last year.
How many AMC created threads are there on securities? 5, 6, more? Ken seemed to create a new one every time the stench got too heavy in the old one. Then his cohort of pimps created the latest sham - a thread where anything but happy talk gets deleted instantly.
Didn't you purchase from HashFast? We purchased from several suppliers, including Hashfast. I didn't have much confidence in Hashfast's team, but their schedule was significantly ahead of the competition so we hedged with about 10% of our capital budget directed to them. Haven't you shilled for 2 different companies that turned out to be scams in the past year? |
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The first page of that thread should have been enough for any rational person to stay out of this mess. I really have no sympathy for anyone who invested, or stayed invested after July of last year. How many AMC created threads are there on securities? 5, 6, more? Ken seemed to create a new one every time the stench got too heavy in the old one. Then his cohort of pimps created the latest sham - a thread where anything but happy talk gets deleted instantly. |
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Perpetual mining bonds again? Is it 2012 again? That scam is seriously played out. Somebody bump EskimoBob's thread for the newbs.
Do yourself a favor and skip the years of securities investigations. Walk away now.
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So why don't you detail for us where you think all the money went? They seem to only have bought chips, so where did the other 20 Million or so go?
I am not really qualified to do much more than speculate. First off, I'm sure 20 million did not actually come in. Many of the largest deals had staged payments upon delivery. And where is that number coming from anyways? Someone's linkedin profile? Name the 'many' large deals with staged payments. So far we have: Icedrill $2M in advance ineedausername $1.1M in advance Liquidbits $6M in advance Koi $300k in advance 100s of individual orders, all in advance You are very clearly a shill trying to sow confusion to the benefit of yourself. I've seen that gambit used by Hashfast over a dozen times so far. |
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I can't really share much of substance beyond what has been said already. But there are a couple points worth mentioning.
- the judge specifically said he expected the Delaware LLC to be put into bankruptcy along with Hahsfast, and in his court.
- Hashfast stipulated that they will wait until the end of the 21 day response period and then attempt a Chapter 11 filing. this essentially derailed Liquidbits application for a trustee, but in practice it just pushes the takeover a few days.
Laughing at the insider who suddenly pops up to share information. You are right to be worried, we WILL be coming for the money your extracted from this scam, and more. My eye is on criminal charges for everyone involved.
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Just emailed Gallo's firm with my information and was wondering if he has been good to work with so far? The retainer of 40% plus fees seems like there really won't be anything left for us in the end.
I've been working on and off with him for months. It's all talk until something actually happens. And as far as the 40% retainer.. you think you'll receive ANYTHING from hashfast? This is def the best move to make. The only way it would be worthwhile is if Gallo guarantees that he will pursue personal claims against the owners and officers of Hashfast. Without that, you are just throwing money away compared to what you would recover just riding out the bankruptcy. |
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Has it occurred to you that LB prepaid 6 MILLION dollars and no one else did? Not even close? That it is basically LB that bank rolled all of HashFast? Perhaps it has occurred to you that LB is just as much of a victim as any of us, and that they are fighting for their survival because of HF's treachery and crookedness?
LB has indicated during the conference that they wanted to create a mine that would encompass all of the creditors, on a pro-rata basis if an agreement could be reached on the terms. This is what they had dealt with HF: a percentage of the mining back to HF. This time, it would be to the smaller creditors instead. So far they ARE BY FAR the largest creditors, with the most at stake. They are the ones who are loosing the most, and paying the most in legal fees against HF, and you are falling on them? WHY?
OF COURSE, none of this will happen if we confuse the enemy for them instead of HF. LB so far has been efficiently active, quiet and respectful. Is it because they invested incredibly large amounts that you are now hitting on them before even asking what their intentions might be? Greg is an upstanding guy and has been a fair player in the community for years. That in itself says more than most can say.
Instead of bashing and attacking blindly, I would encourage you to recognize potential allies that do seem to know what they are doing.
Welcome to the forum Liquidbits. I'll compare legal bills with you any day you would like. Painting yourself as a hero after you tried to strip all the remaining assets of HF out from under the other creditors in an "efficiently active, quiet and respectful" way isn't going to go very far. |
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How that could ever be possible is beyond my understanding.
Read the filings. Liquidbits had a restraining order controlling nearly all of the supposed chip inventory. The really interesting question is this: Liquidbits made this deal for chips and 25% of revenue being kicked back to Hashfast on March 4th. But Hashfast defaulted. So who made Hashfast a better offer? |
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I may have unfortunately generated confusion by being unclear about the relationship between Liquidbits and the petitioners in the Chapter 7 bankruptcy filing. My apologies if I screwed anything up.
In my posts earlier today, I referred to Liquidbits as a fellow creditor, possibly giving the impression that Liquidbits was "in" on the original bankruptcy petition, rather than an intervenor. But Entropy-UC is quite clear that this is not the case.
To be perfectly honest, I was deliberately ambiguous because I wasn't sure that Liquidbits didn't have some relationship to one of the named creditors in that filing that, for some reason, hadn't been fully revealed until now. Maybe I was too cautious.
In any event, dhenson and entropy-uc, I'm sorry if my ambiguity contributed to a misunderstanding.
I am committed in my own small way to the entropy-uc-led Chapter 7 filing, and that's where I intend to stay.
Based on what was revealed today everyone here should be very grateful for the few folks who stepped up to make the bankruptcy filing. Without that filing, Liquidbits would have walked away with all the remaining chips Hashfast had on hand, and the remaining creditors would have been left with nothing. |
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Let me try to be kind. You don't know what the fuck you are talking about.
I filed the bankruptcy petition.
ROFL I don't deny that, though the document I read was filed on behalf of a large purchaser and I didn't assume that was you. Are you trying to dissuade additional claimants? The petition is filed. We gave people 2 weeks to join. Why the fuck would you think I'm trying to dissuade anyone now? There is nothing to join. As the bankruptcy proceeds creditors will need to file claims but that has nothing to do with the current state of the case. |
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I tried to sign up for Gallo's site and it said they can't help me. How can I join the bankruptcy petition? I'm a small player.
There really isn't any need to do so. The bankruptcy petition is already filed. You may need to establish your status as a creditor at some point but for today, everything is already in motion. 1) I'm not sure why they would say that. They are actively looking for new claimants. 2) That isn't true Entropy. The petition was filed by a large creditor, everyone else isn't going to be adequately represented by that action. If Gallo can get enough claimants he will stand a good chance of being able to influence the outcome in our favor. If you guys haven't signed up, please do! Let me try to be kind. You don't know what the fuck you are talking about. I filed the bankruptcy petition. 'They' are lawyers looking for you to give up 50% of your recoveries in exchange for their services. I'm sure 'they' are very eager to take 1/2 of whatever comes back to you in the bankruptcy. But 'they' will have little to no impact on what is actually recovered. |
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I tried to sign up for Gallo's site and it said they can't help me. How can I join the bankruptcy petition? I'm a small player.
There really isn't any need to do so. The bankruptcy petition is already filed. You may need to establish your status as a creditor at some point but for today, everything is already in motion. |
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How would I go about with re-flash since it cannot be found on the network at all? Does anyone have any ideas?
[...]
I'm trying to recall, but isn't there a way to connect up to it over USB (the port on the back must be used for something)? Maybe that's something else I'm thinking of... Actually, you are right there is a USB based serial port in the back. It is functional but I can't use it since that would void the warranty. Dusty, quote from user guide to restore original firmware; " To initiate a Factory Restore, press and hold the Reset button recessed in the hole on the front panel with a pin or similar object. After a couple of seconds the CTR1 LED will flash red, at which point you should release the Reset button and the red LED will turn off. After a few seconds the factory firmware will be copied and the TerraMiner will reboot as normal. You will now need to reconfigure the TerraMiner’s settings (or restore your settings using the Import Configuration File option.)" Did you try that? Yes mate, I tried that and it won't work. What happens is that once the machine starts up it lights up red on CTRL1 for about 3-4 seconds and then there is no more activity except for fans spinning. Red controller light means the beaglebone can't find the network. It might mean other things but that's always been the reason for me. |
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Since I don't think these guys are going to show up here, some more docs to cry over: Contract for the 3 Petahash (2500 Sierra) order and "self-mine" kickback (3 October 13): http://bit.ly/SnXpAmAgreement to covert that order into 30,000 chips (4 March 14): http://bit.ly/RXrOFeDeclaration of Gregory Bachrach, Liquidbits CEO (? May 14): http://bit.ly/TyjpcOAnd finally, for the moment, the memorandum summing it up (from Liquidbits' perspective) for the motion it made to hold the bankruptcy hearing earlier. The motion was granted, and the hearing is tomorrow (Fri 23 May): http://bit.ly/1hcNofgJust call me PACER. But, hey, we should alert the press, and we should inform them of the perspective of the small customer. This is not just a dispute between Hashfast and Liquidbits, there are also the interests of hundreds of unpaid small customers at stake. The whole point of the bankruptcy filing was to make sure that Hashfast didn't cut deals benefiting one of their creditors over the others. Small players will be protected by this. Good on DeadTerra for outing Simon's attempt to steal the last few dollars from Hashfast. It was exactly this kind of mistake that we were looking for when we put them into involuntary bankruptcy. Koi will be supporting the request for a trustee tomorrow morning. |
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Out of the at least nine options better than the petition he was thinking at, he can't talk about any of them.
my lawyer is still working towards some of them, there was about 9 options available if nothing had happened, obviously most of those are voided because of time constraints... if this petition fails, you can say you are sorry for being wrong and an asshat... if im wrong and they do allow for liquidation, ill say im sorry for being wrong and an asshat. As for my opinions... do you honestly think i will change anything except maybe enlighten you? do you think my opinions can stop anything in progess... are you high? we have little over 2 weeks... nothing is going to change anything now... whats done is done, the outcome is what matters, and i love being right! Making me look smarter than the rest, even in douchebag form strokes my ego. we will see. And as far as opinions, your's are just as irrelevant... lol I am not in favor of this partition. It stopped my arbitration in its tracks, or put on hold anyway. I would have rather them figure out how to make money selling the chips or whatever and continue doing business somehow.. that way, even if it takes another year, they can pay me my btc back.. my 2 cents. Your arbitration case wasn't moving, and never would move. Arbitration was just a gambit by Hashfast to delay any resolution. As for Hashfast making money; If they are being honest they managed to lose $25M in the hottest bitcoin miner market that will ever exist. If they could fail in that environment, they couldn't make money selling ice in Saudi Arabia. More likely they aren't being honest, and they looted the money and bitcoin out of the company. Bankruptcy now will allow all of those funds to be recovered so that you have a chance of getting your bitcoin refund. Do you even think there is a slight chance of that happening (btc refund)? Last I heard they spent all customer btc payments on developing the chips. It is possible. The BTC did not move far. It's very likely much of it is in the hands of Simon and Eduardo or their investors. Sue them personally and recovery is likely. |
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Out of the at least nine options better than the petition he was thinking at, he can't talk about any of them.
my lawyer is still working towards some of them, there was about 9 options available if nothing had happened, obviously most of those are voided because of time constraints... if this petition fails, you can say you are sorry for being wrong and an asshat... if im wrong and they do allow for liquidation, ill say im sorry for being wrong and an asshat. As for my opinions... do you honestly think i will change anything except maybe enlighten you? do you think my opinions can stop anything in progess... are you high? we have little over 2 weeks... nothing is going to change anything now... whats done is done, the outcome is what matters, and i love being right! Making me look smarter than the rest, even in douchebag form strokes my ego. we will see. And as far as opinions, your's are just as irrelevant... lol I am not in favor of this partition. It stopped my arbitration in its tracks, or put on hold anyway. I would have rather them figure out how to make money selling the chips or whatever and continue doing business somehow.. that way, even if it takes another year, they can pay me my btc back.. my 2 cents. Your arbitration case wasn't moving, and never would move. Arbitration was just a gambit by Hashfast to delay any resolution. As for Hashfast making money; If they are being honest they managed to lose $25M in the hottest bitcoin miner market that will ever exist. If they could fail in that environment, they couldn't make money selling ice in Saudi Arabia. More likely they aren't being honest, and they looted the money and bitcoin out of the company. Bankruptcy now will allow all of those funds to be recovered so that you have a chance of getting your bitcoin refund. |
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You can't.
You will need 2 30 amp 208V circuits to power those 5 machines. And a lot of cooling capacity.
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