Sharknado.

Guys can we make some pressure on them? I mean they cannot ignore the whole community?!

Should we make a good plan for reinvestment and then a Vote which we present them? Maybe they take it when we get more than 50+ of the shareholders vote?

I used to really enjoy his brash way of going after topics, specifically the fed bankers, but he seems to be bending over backwards to jeopardize his credibility. I know some people that have their 401Ks invested w/ his outfit and they are all happy fwiw. Of course, none of them has any Bitcoin.

GPUs can perform 'stupid' operations faster while consuming far less energy in the process. Graphics operations are - computational-wise - rather boring and simple operations. When they're configured to perform the mining algorithms, they outperform CPUs easily. But ASICs are even better. They're specifically designed to do those calculations and consume even less energy.

I believe RiverboatRTC requires first name, last name and state of residence to initiate any investigation. Meanwhile the whois info on cryptopower.org
is privacy protected. So one would need either a subpoena or police request to get the domain registrar to unveil the domain owners name and contact info. Any ideas from anyone?

Yeah I just read that thread. I'll be very interested in what they have to say tomorrow. I've got a feeling it will be something along the lines of:

"Sorry but we will miss our worst case shipping date (July 31st) because -insert bullshit excuse here-, but we are on track to make delivery well before our Q3 deadline"

But I'm a cynic so we'll just have to wait and see.

The short answer is that is says $10 million in the documents, but you may not be looking in the right place.  You will note that the filing or petition for the 363 sale was not made by Liquidbits but by the Hashfast estate (because they are the ones who must do that per court rules).  Accordingly, their filing only address the components which will directly interact with them such and cash, stock, and Notes/IOU’s they will be given and inventory and IP license that they will give.  As such it does not discuss the capitalization of NewCo because they are not directly part of it.  However, if you continue all the way to the end, you will see in exhibit A the Terms Sheet from Liquidbits which covers all the components we will be involved (which gives a more complete picture.  Under the heading of capitalization of the new company, it states quite clearly and specifically that we would provide $8 million to convert the boards which combined with the $2 million identified in the document under “consideration” (article 2) is the $10 million we have been referring to.

Regarding the inventory, the $8 million valuation in the testimony is a fantasy.  You will note that the attorneys specifically noted that the individual was not an expert appraiser and that this was just his opinion.  They could just as easily given “sworn testimony” that in their personal opinion the inventory was worth $25 million.  The fact that this statement is sworn does not provide it any extra credibility, as it would be functionally impossible to prosecute someone for perjury, or hold them civilly liable for offering a personal opinion about the value of something.

I would not ask you to simply trust us however.  Hashfast has been making limited sales of chips to keep the lights on and pay some bankruptcy expenses.  It is our understanding that they are having difficulty selling these chips at $125 each.  Given that there are 27,000 chips remaining for bulk liquidation or transfer to Liquidbits, a valuation of $8 million would equate to a price of just under $300 per chip.  In a bulk liquidation scenario, it is highly probable that the unit cost of the chips would be even lower than the current $125, as people/companies buy in bulk to get a lower unit cost, not a higher one.  Further the price which one might realistically expect to get for these chips is bounded by the competing chips/rigs in the marketplace.  Specifically the BitMain AntMiner S3 is sold in rig form for $0.75 per ghash/s and a power consumption of .77 watts at the wall.  When you factor in the cost of mounting HashFast chips, installing cooling units, and in some cases cutting the wafers into chips of about $400 per unit, what you find is that Hashfast’s estate would need to be selling the chips with a final cost of $100 to achieve a cost per ghash of $0.78 in order to compete with chips already in inventory and being sold. Even at this reduced price, they would still be a difficult sell as they have worse power consumption at 1.1 watt per ghash/s

So using a realistic price of $100 per chip, this equates to approximately $2.7 million in chip inventory.  The intellectual property consists of little more than plans for a 16nm chip, which would take months and millions of dollars to produce, and then would be at best equivalent to what is already coming out now, and likely much lower performance than what would be available then.  Consequently, it would be highly generous to assume a value of $2 million for the intellectual property.  In addition, about $1 million (beyond the debts for Hashfast) is owed on this IP, so that the net value would, using a generous value equate to about $1 million.

This results in a total liquidation value of $3.7 million. From this there would need to be deducted the $2 million in priority/secured claims, which by law get paid before general unsecured creditors.  This then leaves $1.7 million to be split among $12 million in claims.  This would translate to a recovery of about 14% for each general unsecured creditor.  If these chips wind up selling for $80 per chip, or if the IP sells for $1.5 million instead of $2million (both entirely likely situations), then the recovery for each general unsecured creditor drops to 10%.  In the unlikely event that they are able to get $150 per chip, the recovery for general unsecured creditors would be approximately 25%.  This is how we arrived at the estimated recovery rates listed earlier.  We stand by these numbers, and think that anyone who thoroughly investigates this matter will arrive at the same conclusion.