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Why is the creditor's committee taking so long to reach a decision on how to proceed forward? In Bitcoin time, it is forever. Meanwhile the attorneys (on all sides) continue to make money at the creditor's expense. The longer the chip inventory sits, the less it will mine once turned into boards and mining systems. Please tell me the value of the chips if BTC is $1,000 a month from now and difficulty is 20% higher.
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You cannot have mathematical proof by looking at one variable when there are two variables.
You forget the 3rd very important variable. Competitor chips. With Bitmain already shipping in bulk, and Spondoolies wrapping up their next gen, HF chips are increasingly non-competitive. |
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@Minor Miner: I don't have any magic insight here. Having worked for a large company, I have experienced bankruptcies of small companies and creditors seem to only get pennies on the dollars after the dust settles. If you are right about their being a lot of assets that can get liquidated at good prices and distributed to the creditors for a significant percentage of what creditors are owed, then I agree this would be a very simple solution with little risk. I just don't have faith that that will happen. There is typically a big difference in the value of inventory versus what the inventory can be sold quickly for. Listening on the call happening now. Amazed that only one person is asking questions. “July 22 at 10AM PST/1PM EST, so that you can ask any questions or register any complaints directly with the Chief Executive Officer and Chief Strategy Officer of Liquidbits. (Conference #: (712) 432-1500, Participant Access Code: 700281#).” Isn't it as simple as Liquid Bits is the only offer on the table other than chapter 7 liquidation, where you would probably get pennies on the dollar. The lb proposal has the potential to get back a double digit percentage of your cash outlay. Seems like a reasonable risk to a terrible alternative. My bigger concern is that the longer this takes to get to conclusion the less that HF chips will be worth.
Had previously scheduled meetings and LB's did not answer even my simplest question here. I guess because it is true their post here is deceptive and does not match what they filed in court. Interesting, you have a brand new account and think it is a GREAT deal and that in liquidation we could only get "pennies on the dollar". Why don't you share the math behind that statement. LB refused to detail out their valuation of the the inventory, so where are you getting this BS from? There are 29,000 chips plus A LOT MORE ASSETS. There is likely $10,000,000 owed to creditors (many claims are likely overstated) and the $2,000,000 is already IN THE CREDITORS' CLAIMS. Just selling the inventory to bidders will net $7 to 9 Million. That is 60 to 80 cents on the dollar (because lawyers etc. need to be paid). Then every shareholder likely owes all the money they took from the company BACK to the estate. This is substantially more than $2,000,000 which gets you to all of us being repaid fully. This is before we sell the IP etc. That sounds a LOT better, than maybe, perhaps, possibly getting somewhere between 0 cents and 100 cents from a company that is unknown to you and still lists their primary place of business as a residential condo worth $275,000 in a building that does not allow you to run a business out of it. |
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Listening on the call happening now. Amazed that only one person is asking questions. “July 22 at 10AM PST/1PM EST, so that you can ask any questions or register any complaints directly with the Chief Executive Officer and Chief Strategy Officer of Liquidbits. (Conference #: (712) 432-1500, Participant Access Code: 700281#).” Isn't it as simple as Liquid Bits is the only offer on the table other than chapter 7 liquidation, where you would probably get pennies on the dollar. The lb proposal has the potential to get back a double digit percentage of your cash outlay. Seems like a reasonable risk to a terrible alternative. My bigger concern is that the longer this takes to get to conclusion the less that HF chips will be worth. Why don't we just ask questions here so everyone can read them? I have a lot of questions but so it is not confusing I will ask them one by one. I will be upfront and tell you that I think your offer is terrible and puts the creditors at more risk than they have now for recovery.
You have provided me details of your company's capitalization, yet you expect us all to invest in it. The deal means creditors could get zero. Just from hf's sworn testimony it looks like I will get minimum 50 to 75 percent back before the IP is even sold.
First question, please detail out how you feel lb is putting 10 million in cash in this business. If you plan to take over the business and it's assets and from that 10 million will be realized you really are not providing the money, the estate is. If you really plan to put real cash in this new business then why did you file with the court, the words Up to 8 million? That means you could put zero in after the two million (in claims not necessarily the amount you need to pay) is resolved. If you are sincere, please answer this first.
We still intend to host the telephone meeting because some things are just more quickly and effectively answered in an interactive setting. That said however, we are happy to answer your questions here as well as many of these questions seem to indicate large misunderstandings about what the 363 sale terms document says/means. The current terms call for the formation of a new company (sometimes called “NewCo” in the documents). We are not taking over Hashfast, or its estate or anything else; we are forming an new company and it is buying some assets from Hashfast’s estate. Once this new company (“NewCo”) is formed, Liquidbits/its investors will transfer $10 million to the new company in cash. This cash will then be used by NewCo to pay $2 million to the Hashfast estate for administrative/priority expenses and to satisfy executory contracts (who by law would be paid ahead of you or us anyway), and $8 million to pay to convert the chips and wafers into usable mining rigs and get them hosted (which is how the money to pay everyone back will be generated). I think from your question you may have been thinking we were going to do something like give $10 million to the estate, then take over the estate and immediately get our money back. As you can see from the above explanation, this is simply not the case. |
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I am pretty sure that "no money" means that they can't build boards. if they have so many chips and no money ill settle for 5 boards w/ chips, ill supply my own psu and water cooler. I am owed one babyjet but will settle for 5 boards.
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Isn't it as simple as Liquid Bits is the only offer on the table other than chapter 7 liquidation, where you would probably get pennies on the dollar. The lb proposal has the potential to get back a double digit percentage of your cash outlay. Seems like a reasonable risk to a terrible alternative. My bigger concern is that the longer this takes to get to conclusion the less that HF chips will be worth. Why don't we just ask questions here so everyone can read them? I have a lot of questions but so it is not confusing I will ask them one by one. I will be upfront and tell you that I think your offer is terrible and puts the creditors at more risk than they have now for recovery.
You have provided me details of your company's capitalization, yet you expect us all to invest in it. The deal means creditors could get zero. Just from hf's sworn testimony it looks like I will get minimum 50 to 75 percent back before the IP is even sold.
First question, please detail out how you feel lb is putting 10 million in cash in this business. If you plan to take over the business and it's assets and from that 10 million will be realized you really are not providing the money, the estate is. If you really plan to put real cash in this new business then why did you file with the court, the words Up to 8 million? That means you could put zero in after the two million (in claims not necessarily the amount you need to pay) is resolved. If you are sincere, please answer this first.
We still intend to host the telephone meeting because some things are just more quickly and effectively answered in an interactive setting. That said however, we are happy to answer your questions here as well as many of these questions seem to indicate large misunderstandings about what the 363 sale terms document says/means. The current terms call for the formation of a new company (sometimes called “NewCo” in the documents). We are not taking over Hashfast, or its estate or anything else; we are forming an new company and it is buying some assets from Hashfast’s estate. Once this new company (“NewCo”) is formed, Liquidbits/its investors will transfer $10 million to the new company in cash. This cash will then be used by NewCo to pay $2 million to the Hashfast estate for administrative/priority expenses and to satisfy executory contracts (who by law would be paid ahead of you or us anyway), and $8 million to pay to convert the chips and wafers into usable mining rigs and get them hosted (which is how the money to pay everyone back will be generated). I think from your question you may have been thinking we were going to do something like give $10 million to the estate, then take over the estate and immediately get our money back. As you can see from the above explanation, this is simply not the case. |
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HashFast posts Raspberry Pi updated firmware on their blog. I took a new SD card, followed their directions and pointed it back to my mining wallet. After 1 hour, I cannot see any difference. It would be better to be notified of new updates, and to have the choice of whether to take it or not, depending on what was changed. This is what I do with Windows. If it ain't broke, don't fix it! http://hashfast.com/how-to-update-babyjets-raspberry-pi-sd-card-software/We’ve updated the BabyJet’s Raspberry Pi SD card software to improve stability and hashing performance. Some BabyJets were shipped without this updated software. Do you have the latest software? If you connect to your MinePeon mining control panel’s web page and see the MinePeon version as “0.2.4.3hf8”, and your system is mining, you are running the correct and current version and do not need to perform any manual updates. This version is capable of receiving new updates automatically as soon as they are released. Be sure that you have not unchecked the “Enable Automatic Updates” in your settings tab of the mining control panel if you’d like to receive these updates. If you have not seen a version number, are having difficulty getting your system working, or it seems to be running but you do not see it when you visit http://setup.hishfast.com/, you should follow the instructions below to get the correct current version of the SD card software image. Raspberry Pi SD Card Update Instructions: Please follow the instructions below to update your SD card yourself, it should only take a few minutes. Or, if you like, you can email us at [email protected] and we will mail you out a new SD card. Please include your order number. 1. If you are already running MinePeon, it’s important to first make a backup from the Settings tab (near the bottom). If you are unsure, and have not been able to log in to your control panel, you may skip this backup, and step #5. 2. Download the following SD card image: Windows users: http://setup.hashfast.com/hashfast-minepeon-1.0.zipLinux users: http://setup.hashfast.com/hashfast-minepeon-1.0.img.bz23. If running windows, we recommend the Win32DiskImager as a simple way to update your card: http://sourceforge.net/projects/win32diskimager/This is faster and easier than other methods. Follow the steps in the Win32DiskImager documentation. If you are running Linux, after downloading the image, you can simply type: bzcat hashfast-minepeon-1.0.img.bz2 | sudo dd bs=1M of=/dev/xxx && sync (Where /dev/xxx is the device name of your SD card. If unsure, type “dmesg” after inserting your card.) 4. Re-install the SD card with the image in your Raspberry Pi. Verify you have followed all the setup instructions viewable on our quick-start web site at: http://setup.hashfast.com/Note that it may take up to 4 minutes or so to collect all the current updates and show up on the above web page. Listen for the fans to start in your BabyJet, then you should be able to reload the above web site and find your system. If for some reason it you don’t see it report in after five minutes, re-verify you have followed the setup instructions including connection to a live internet router, and power-cycle the Raspberry Pi and try again. 5. Log into the web interface and restore your backed up MinePeon settings (if any). Note that the system will generate a new wallet when you first boot from the new SD image, and will begin mining using that wallet. It’s important to switch your mining settings using the “Pools” tab or restore your backup so that your mining proceeds end up in the right wallet! If you don’t want your system checking in for updates with HashFast servers, you can disable this in the Settings tab, but we advise you to at least do it manually once in a while. We hope to have some new firmware and software soon. We also advise you to immediately set a password on MinePeon, especially if your machine is not behind a firewall. We will be providing future updates automatically which we anticipate will increase the overall hashing performance of your system. |
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Here is how my Sierra is hooked up. USB Type B female port on the chassis to USB IDC female connector to USB IDC male header on Top (of the 2 stacked boards) (Board #1) Board #1 chain-down (flat ribbon cable) to the bottom of the 2 stacked boards (Board #2) Board #2 chain-down to the bottom board adjacent to the other bottom board (Board #3) For MPP, it would be good to know if you can chain together more than 3 boards. The chain cable looks pretty generic. Going to search for the connector and verify that the ribbon is straight through (looks like it). I also am going to try a big ass artic radiant cooler, since I hate water coolers. The Sewell part won't work since it has a male IDC and we need a female IDC. I ordered these from Amazon and they work fine. http://www.amazon.com/gp/product/B000IV6S9S/ or course, you will also need one of these to go with it http://www.amazon.com/gp/product/B000R4OSFM (picture is wrong, but the two together work perfectly) |
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A few things I have found.
10 (5x2) header on the top right of the board (closest to the right power supply) seem to be for the following
1 GND PWR Seasonic Power Supply
2 GND PWR
3 ?? ??
4 ?? ??
5 ?? ??
1 is for Power, as verified on a Baby Jet. Know that these take a long time to turn off (why would you do this LOL) because of the numerous caps in the on-board supply.
2 is for Activity, and blinks while cgminer is running
I haven't figured out what 3, 4 and 5 do yet. They don't seem to do anything that I can tell.
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There is a USB 5-pin header also near the top right of the board.
Typically, USB motherboard (IDC) connections are red-white-green-black-black for (power, D-, D+, Gnd, Gnd) (note that the last ground is typically not connected). But in the photo you can clearly see (from the outside of the board inward) black-green-white-red-black, which is completely wrong for USB. Testing the pins and then using my own USB IDC to Type A cable, I found the header on the board is correct. If you connect a standard IDC cable to the board with red starting on the outside of the board, it works perfectly. Don't know why they would use a USB cable with messed up color coding.
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Another interesting observation is that the USB pins appear to be messed up in minternj's photo, which matches mine as well. Typically, USB motherboard (IDC) connections are red-white-green-black-black for (power, D-, D+, Gnd, Gnd) (note that the last ground is typically not connected). But in the photo you can clearly see (from the outside of the board inward) black-green-white-red-black, which is completely wrong for USB. Testing the pins and then using my own USB IDC to Type A cable, I found the header on the board is correct. If you connect a standard IDC cable to the board with red starting on the outside of the board, it works perfectly. Don't know why they would use a USB cable with messed up color coding.  |
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Mine were not connected, but I determined that they are for status LEDs. Top pins toward the outside of the board are power and inside pins are ground. From the outside of the board going inward, the first column is power status. I am guessing, since it goes high when powered on and takes a long to turn off, guessing it is all of the caps. The next one in is some sort of status. It seems to blink randomly. I am guessing it is reporting transactions between the mining ASIC and cgminer. The rest of the pins do not see to do anything, that I could tell. I have a friend who got his Baby Jet and these same two sets of pins are connected to the white LEDs on the top of the Baby Jet sticker on the front panel. Power supply inside a Sierra is a Seasonic Model (X-850) SS-850KM Active PFC F3 power supply rated at 850 Watts. There are two. One supply goes to the left PCIE power inputs of all 3 boards and the other goes to the right PCIE power inputs of each board. I will post some photos later on today, since after verifying that it mined, I took it apart to see how everything was connected. Kikaha, can you tell me if one of the boards have the front panel pins connected ? If so can you tell me what order they are in? I've circled below. |
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Power supply inside a Sierra is a Seasonic Model (X-850) SS-850KM Active PFC F3 power supply rated at 850 Watts. There are two. One supply goes to the left PCIE power inputs of all 3 boards and the other goes to the right PCIE power inputs of each board. I will post some photos later on today, since after verifying that it mined, I took it apart to see how everything was connected. |
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