I imagine it's possible they intended to not mine for profit, but are maybe turning some of their profits into mining equipment for themselves. So instead of the business 'owning' the gear, they own it 'personally'. Either way, their profit is theirs to do with as they please. My only concern for the community would be if their angle the entire time was to simply crowd-fund their own mining operation--which I don't believe was their intent.


Definitely, and that's part of what I meant by 'extra chips'.


I've been around since day 1 monitoring the situation, and so far the only true red flag in my mind is their delivery date / late tapeout situation. So far, no company has come out ahead when going in late like this, and if they find out most of their chips are sorely underperforming, all of their specs will be out the window, along with promises and guarantees. It's usually not good to promote the effeciency increases until you've run the chip against a sample group, as KNC did. They knew their design would be better, but it wasn't until they started testing in groups that they announced the final specs.


I like PIs for many things, I've never used one for mining but I bet it would be a great choice. It may be easier to just use a standard computer, which will let you use standard libraries to compile the mining software. I use cheap netbooks for my gear which needs hardware hosting. I usually setup 2 for redundancy, per group of hardware. Ubuntu works well, so does Xubuntu.

They may not have any dirt on their hands, you're right, but if there's a connection, there'll be a subpeona. Doesn't mean you're the one going to jail, but you'll be questioned, then knocked off the interest list. That sort of thing. That's just business, that's how it works. Crypto is now being recognized in the legal world, with it comes good and bad.

The details need to be released. This could bring some money back to people who lost it, and will definitely make scammers/crooks re-think their plans in the future.

Which would dictate they ordered more than they needed for chips, and had planned to cloud mine for themselves all along using the crowd-sourced funding to get their business up and running. Their response (up above mine) indicates this, as they're dedicating the hardware they had planned to use for their cloud, and putting it into the batch 1 equipment.

Could be a win-win for folks, if they do in fact ship in July. I'm still skeptical on that, but we'll see. They're still claiming good specs despite not having tested their chips yet..

Perhaps I missed something--and I didn't check the links out, so maybe you will know so please correct me if I am wrong. How are they filling more boards with more chips, if their original order was for just enough to cover current orders plus some spares?

I agree, there shouldn't be mob rule on this.

However, regardless of scam or true theft, the organization is solely responsible for the loss. With recent US laws confirming cryptocurrency as a physical property, and with cases coming up in the US and abroad for this very matter, the fact is the organization and all persons who have been involved with it, are now in the hot box and will have to respond legally if called upon.

I believe that's the purpose.

If I had to place a bet, I'd say they're not getting the swift "remaining payments" that they thought they would, due to their cloudy transparency and impossible timeline. So they're telling people you'll get more hash, and free cloudhashing, and they're just adding more and more sugar on the deal.

With the chip design out of their hands, there's no logical way they could be upping the efficiency, unless their interpreter code was so far off the mark to begin with. The odds of which are very low.

Then, you would have no issue providing every bit of information you have on everyone involved in CR, to the folks who are requesting it, since this is a pursuit of justice. I'm sure contact information would be best, especially email addresses or known identities, as the legal teams can go from there. Folks are upset and of course accusations are flying, so clear your name and provide information to the team.

Bear in mind, your cooperation with these folks now would go a long way, especially if they file an individual or class action suit in a US court. Whether 1% or 99% former owner, you would be indicted along with the others, and since your hands are clean surely you would come off without issue.

Whether or not you agree to help, you have come forth publically and aligned yourself with the accused group, so you're in this now for the long haul.

That kind of attitude is what enables crooks to keep going. If you're fine with losing over 3 grand, then whynot take that amount out of your bank account and burn it. Or give it away to people. There are folks here who lost far more, and some folks are trying to recover from it.

Most coins going through a big change like this experience a mine/pump/sell/pump/dump, and then taper off/die. The pattern, so far, is the same. Perhaps Potcoin will survive. The ATM is one of the good things going for it, but it'll need more and more of them deployed not just 1 or 2.

I agree, where's just a plain zip?

^-- That is exactly the point I was making. They're flying by the seat of their pants on this run, most likely. Unless they taped out sooner than they claimed, the likelihood of July shipments is not likely, not with a tested unit.

If you're going to fix the problems, don't lower the pow:pos ratio like bee did. That changes the coin's original design entirely, and part of it's unique draw. Just fix the bugs.

Well if the website and/or management was in any US territory or handled by any US citizen, they are definitely liable in US court. And considering the size of the loss, they're looking at serious felony charges, with 20+ years.

It was delisted for likely being a scam/dead project.

Aand it sounds like we have a possible contract on someone's head. Now it's getting fun!

If they really want to make waves in the ASIC industry, they should ship the cloud hashrate equivalent to their customers as soon as it's available. To have that much "cloud hashrate" means they have QUITE a farm of their own, backed by your hard earned preorder bitcoin payments. There's no reason for them to hold that hardware, it's yours.

Which is why any good business coin has a dedicated private farm to ensure transactions no matter what. This isn't the first 'business-ish' type coin, but it seems like folks are forgetting that they do take effort.

As an original supporter of the coin, this reality never bothered me because if the coin is successful, this wouldn't be an issue. Seems like folks have less faith than they claim.

Jamis, good chart.. exact same figures and analysis I came up with. I hate to say it, but I doubt anyone in charge thought to even do that. When I saw the halving code I about lost an eyeball, I couldn't believe it.

Multiple issues with what's going on. First, yeah I did evaluate potcoin's original technical design along time ago. The original halving was fine because the problem isn't coin circulation. Now, you guys are going to basically vamp yourselves by the end of 2014. Presume the coin goes back to 1000sat, who on earth is going to want to mine junk at 50 coins per block for that value? Nobody with sense.

Second, with fewer people interested in mining, you lose hashrate. Hashrate secures the blockchain. If you though a multipool was bad a couple weeks back, you just wait until you're under 1GH network hash and see how that goes for you. Smart business coins have a dedicated private mining farm to help ensure security.

Third, a pure democracy never works. You guys are going by community polls and the people's voice. That's cute. How many of them did this type of analysis? How many of them even knew the original technical design of the coin? What about the fact that the coin needs a use for it to carry value beyond speculation? I would wager the majority folks behind the 'voice' know none of this, and just are guessing/hoping that reducing total coin population would increase value. Like most other reddit-supported coins have done recently, most of which have failed after halving or coin changes.

This isn't economics 101 with supply and demand. There's no demand.

For awhile now I've noticed that there's no (apparent) executive leadership on board. It's good to hear the people's concerns and to address them, but to do it wisely. Small changes here and there. Examine what those changes could do in the long run. Consult folks.

There's been a few good posts over the last couple of days which is good, but to just +balls on halving the way it's planned presently.. that's foolish. Let me say, I'm against halving at all. But if you're going to do it, don't cut your arms and legs off to spite your nose which is what's happening. A gradual reduction would've been better, or a self-destructing coin like PPC, where the circulation grows but old coins are wiped out.

Anyhow, the root of the issue is there's no use for the coin, no demand for it, price is purely speculative. There's no benefit of this over dopecoin. Cannacoin at least is being used. None of what's going on solves the root issue, you're just kicking dust up around the grave trying not to fall in.

This isn't belittling anyone, this is just cold hard fact. Do I personally believe this coin will pull out of the nose dive? No.

But best of luck to those trying, prove me wrong. I'll keep an eye in here every now and then like usual.

Yeah you guys were supposed to have something to show us.. and credit card options. With BTC down low, no functional device to show, and the fact you JUST NOW started tapeout... good luck getting folks to pay.

Folks, beware, tapeout on a first gen product will always have bumps and grinds.