With bitcoin an exchange can run and independent check with every new block every 10 minutes to verify that their total balance equal what they think they should have, and issue warnings and stop outbound transfers if there is the slightest mismatch.

If I ran a Bitcoin exchange, I would create several independent automated audit functions like this.

Mark is either the dumbest person alive, or a thief who just stole your money.

If Gox really lost 750K coins, wouldn't that create new buyer demand for around that amount?

For example, if I had x coins at Gox and they vanished, I would then be x coins under my target balance and right now would be looking at how to acquire another x coins. Don't get me wrong I would be super pissed at Gox, but also worried about now not having my target number of BTC. I wouldn't be purchasing right now, but planning on how to do so over the coming weeks.

So longer term, shouldn't this create more buying demand?

So who's buying that falling knife?

Since there are still several people waiting for refunds and no information provided, I setup a refund tracking thread so we can see how many people are still waiting and get organized if needed.

https://bitcointalk.org/index.php?topic=470067.0

If you are still expecting a refund, please add your information to the thread.

This thread is to document the state of Liquid Synergy Designs assembly refunds in one place. I am putting this list together due to the lack of communication or confirmation over the past few several months and because some people have received refunds while others have not.

To participate please post in the thread or PM me this information:

Assembly refunds
 * Type and quantity of assembly service: a) Assembly, b) DIY Kit, c) Full Assembly or d) Full+Testing
 * If you: a) accepted refund offer as is, b) accepted refund offer with changes, c) did not accept offer or d) did not receive refund offer at all
 * Date refund offer was emailed to you
 * Date refund offer was accepted
 * Date refund received

Hosting refunds
 * Number of hosting units purchased
 * If you received any payouts for hosting
 * If you were provided a refund offer (yes/no) and what the terms were
 * If you have received a refund

Given that it seems several people still have not received expected refunds and it has been well over half a year at this point, I think it is time to start to collect what information we have on steamboat's identity in order to contact him to receive payout or pursue any possible legal avenues.

I think this is the problem.

You have to 4x the difficulty at each readjustment. Since the beginning there have been almost 130 readjustments. By the time you caugh up to the current lenght the network hashrate would be 10Kh * ( 4 ^ 130 ) or 1.85e+71Kh. This is a stupidly large number and no one would have this hashrate available to them.

"Tradehill is hosting BitSyncom's newest round of next-gen Avalon ASIC mining equipment sales. We've partnered with BitSyncom to bring you a series of auctions, which allows you to set your own purchase price. For more information, please visit our Tradehill Auction page."

This is such bogus I can't believe it.

Yifu made it clear in the gen1 chip fiasco that he did not control anything and did not make or produce the chips, thus when the China folks didn't ship him anything he said there was nothing he could do.

Now he continues to say "bitSyncom's newest round of next-gen Avalon ASICs", these are not his chips to sell. He is just a reseller, and a reseller who has been unable to obtain supply. This guy has a seriously inflated sense of himself.

He said 25% at some point for assembly and then maybe a little more if he is able to find other uses for the parts.

Other batch providers offered 50% upfront with another 20% (for 70% total) after they used the parts for other assembly services, such as bitfury. Other batch providers also offered 100% chip refund while SB only provided 95%, keeping 5% ($25,000) for his time to manage the group buy, which seems excessive.

SB has provided no updates on the assembly refund. He stated that he put in a lot of time and effort. Personally I think SB is trying to keep his profit on the failed project by charging for unfulfiled services, which is very much plainly illegal and he can not do this.

The cost structure of the assembly servies was:
$35    - Parts
$60    - Assembly of K16 board only
$28.5 - Parts for full unit (i.e. heatsinks, fans, power cables, etc)
$10    - Assembly of full unit / Testing

Everyone agrees that parts can not be fully refunded, but the other aspects of assembly have not been performed and should be largly recoverable, but SB does not seem to be willing to talk about this. It also makes no sense that the 25% refund is the same offered for all assembly services.

Personally, I think SB is hoping that he will be able to do a gen2 or bitfury or other ASIC chip assembly, and he is holding onto everyone's money until he is able to work this out. This is also plainly illegal.

Looks like a bunch more have been coming in.

If you posted on this list and received a refund, please make sure to communicate that.

A note on the refund order, it seems SB is refunding in order of requests. If you use rocks and sprint347's second refund request date (due to bad invalid signitures on the first attempt) then the order seems to be FIFO.

Latest status of people who requested a refund and posted to the refund tracking thread. If you would like to add yourself, whether you've requested and received a refund or are still waiting, here is a link to the thread.

https://bitcointalk.org/index.php?topic=299006.0

Since many people here are having issues understanding if their refund request was received or not, I decided to put together the following list to track refund status.

https://bitcointalk.org/index.php?topic=299006.0

To participate if you have requested a refund, please post in the thread this information:

 * Quantity of chips (ex: 256)
 * Batches (ex: Batches 2 & 3 )
 * Date refund was requested
 * Date refund was received (empty if not received)

For all dates, please use the international friendly date format: 17-Jan-2013

Last updated: 30-Sep-2013

The list, sorted by refund request date:

Forum Name	Quantity	Batches	Request Date	Date Received	Type - Chips Only or K16
lithiumfinn	16	5	3-Sep-2013 & 12-Sep-2013	19-Sep-2013
bigbeninlondon	41	3,5	8-Sep-2013	20-Sep-2013	K16
KS	904	4	9-Sep-2013		K16
rocks	485	3,4	9-Sep-2013 & 14-Sep-2013	30-Sep-2013	K16
xjack	34	6	11-Sep-2013	24-Sept-2013
wrenchmonkey	75	4	11-Sep-2013	24-Sep-2013
sprint347	16	6	12-Sep-2013 & 22-Sep-2013	30-Sep-2013	K16
RiseOfTH	64	5	12-Sep-2013	24-Sep-2013
BitHav	296	5	12-Sep-2013		Chips-only
dobber	32	3	13-Sep-2013	24-Sep-2013
mwm4bcf	232	4	14-Sep-2013	30-Sep-2013
r3animation	90	2	14-Sep-2013	30-Sep-2013	K16
bobbyremone	80	3	14-Sep-2013	30-Sep-2013
iluvpcs	80	4	22-Sep-2013		K16
alexuk	100	2	23-Sep-2013

This thread is to document the state of Liquid Synergy Designs Inc. Avalon chip refunds in a convenient list all in one place. I am putting this list together due to the lack of communication or confirmation over the past few weeks, with some people receiving refunds while others receive no information.

To participate if you have requested a refund, please post in the thread or PM me this information:

 * Quantity of chips (ex: 256)
 * Batches (ex: Batches 2 & 3 )
 * Date refund was requested
 * Date refund was received (empty if not received)
 * If order was for "Chips-only" or "K16 Assembly"

[UPDATED] - Include if order was for chips only or if the order included K16 boards and assembly

For all dates, please use the international friendly date format: 17-Jan-2013

In order to be able to participate in the discussions on other forums I thought I'd write an introduction, like others have done..

I started mining briefly at the end of 2011 and recently wanted to get back in again. Been in IT for a long time.

I am not surprised at all by the growth in bitcoin at all. As the network continues to prove itself to be resilient against attacks, despite a larger and larger total network value, I believe bitcoin will continue to grow. What I did not expect was how quick the international adoption would be. As more countries continue to trash their currencies (I'm talking to you Argentina/India) more and more people begin to see BTC as a way to hold onto money and as a store of value. Would not be surprised at all if by 2016 the bitcoin network value reaches $100B or $1T in value...