Adeel, its been a good investment and thank you for the professional approach, I have made ROI ++ and I thank you for that. If you were to arrange another venture I would be an investor for sure as well as recommend you to others.

So, hashfast has sent no shipping news? Niether informed anyone of what the ETA for there machine is?
I have way too much invested in this obvious scam, I feel stupid and could have invested my money much better then this, to add insult to injury I've paid for shares in a GB, one with USD and one with BTC. The one unit we purchased in BTC I paid USD for my shares  and the one we bought off someone else who paid in USD I paid in BTC now the GB organizer wants to pay me back in USD for all my shares be we will have to litigate against HF to get our money back.
BTW the GB organizer should make about 10k USD off this deal if they win

Lesson, trust nobody and believe nothing....

Anyone interested in buying my shares PM me

Good news!? HF shipping??
I'll believe it when we see it as this could be a HF scam to settle fears but this sounds like a bit of progress.
Anyone know if they are the only ones who got a unit?

As to the vote, Ill vote D for now and hope that we get the unit in hand. to everyone who is happy with screwing USD investors who did not have a choice to buy BTC locally, I truly am disappointed but not in the least bit surprised.

If they do not deliver, I vote for a cash refund that we could get as opposed to a btc refund we could wait for life never to see.

One thing is for sure, I will not invest another dime in this scam.
For the investors in R3-R4 I feel for you, I am not an investor in those groups but I think that this discussion is relevant for them as well.
 
I still wish everyone the best of luck.

LTC was considered a scamcoin, so was quark, XPM and my personal favorite DOGE
CDN has the same scientific potential that XPM holds so he argument that it can't be used for quantum computations is unfair. Will it? thats a question but that remains to be answered. With the current protectionist policies of the Chinese central government regarding BTC a Chinese altcoin could be the catalyst needed to change the acceptance of crypto-currencies in China.
Which one do you think that the Central comity  will back?
This could be a game changer, maybe not but I like the effort and think it might have potential.

Im holding on to the few coins I have and would advise others to do the same. Yes there is allot of Chinese discussion on this crypto coin, it needs better publicity in the non Chinese speaking community and a good exchange but I am sure that will happen soon.

If anyone is not following this discussion on R2 (B) then let me inform you on whats happening.

Its been proposed that people who paid there shares in USD for round 1 will be paid back in USD if and when we get a refund. The refund if legal action is successful will return the 62 BTC paid by us.
This means by my calculations that 48 BTC would be paid back to the original investors - the legal costs. This leaves close to 14 BTC left to payout the USD share holders.
Deducting the $1395 for 9 shares there is a profit of close to $10,000 remaining.

There was a suggestion that the founding members of the DZ co-op will have a vote to decide as to what they will do about this.  This vote would not be by the original shareholders but by a non-disclosed group.

I propose a vote by active share holders on what we should do.
Shareholders are defined as people who have shares in R1 and there shares count as votes.
i.e you have 3 shares thats 3 votes of the total.
We have the following choices.

A) We take the refund in USD

B) We take Hashfast to court at the expense of the DZ co-op management BTC shareholders are paid in BTC USD shareholders are paid USD

C) We take hashfast to court our expense, if refunded we divide the refund as per share paid

D) We wait and hope that Hashfast delivers
 
The shareholders of R1 are

DyslexicZombei   8
Anonymous           8
jungle_dave           2
kaz911           2
milkbottlec           2
hannibal42           1
trout                   2
Hektek           1
philipma1957   1
abuelau           2
BeepBeep2           1
filharvey           1
Adamln           1
firsttimeuser   4
mazza           2
-Redacted           2

Please cast your vote so that we can put this business behind us.




 

 Hi philipma1957,

Its a good point. This could drag on and for me its about being fair. Hashfast were the ones that agreed to refund in BTC if we paid that way (we did).
 
We have something close to $30,000 in total HF orders counting all the baby jets and sierras I am sure that DZ has the exact numbers.

We didn't have a vote on the refund proposal from Hashfast, this was a mistake. Now we might be in the position that we have to litigate just to get anything back.
 

So the arguments for a vote are up to now.

A) We accept the refund on HF's terms. Everyone gets paid in USD.

B) We take them to court at the expense of the co-op management, pay investors back in the form they paid.

C) We take them to court at our own expense, pay investors back a percentage based on shares owned of the total refund less costs.

D) we wait for the equipment to show up.


Fair?

DZ, thats why buying from companies who have 0 track record is a risky deal.
They came with a too good to be true story, we all fell for it but lets put things into perspective.

At the time of the original offer, we agreed to compensate "you" for the price charged in BTC in your national currency (USD). I will have to agree with kaz911 that we put our faith in you to take our money and exchange it to BTC as you agreed. This is the part of escrow that you handled for a fee.

The product purchased was listed in BTC, we agreed to that price and bought shares. At that time there was no website, no TOS.

Using your logic, I should be refunded BTC for the R2 as thats what I put in as most people did.

You are also a shareholder in both of these GB's so as I see it you have already lost 100's of dollars.
I also agree that legal costs should not be paid out of your pocket nor should it be charged to those wise people who did not invest in HashFast technologies. Using the same reasoning there is no reason for anyone other then the HashFast investor sub-group should profit from any gains we make with a refund.

As co-op members we have the right to determine how our collectively purchased equipment will be managed.

Example, if we had bought and received equipment in October as promised and "I" decided that it would be a good idea to sell our boxes now (Jan 2014) and start mining BBQ coins on my drunk uncles i386 that we could buy with the proceeds, the investor group that invested in the baby jets would probably vote me down.
I doubt that anyone who bought KnC shares would want to be bothered with that vote as they have no dividend from our equipment.

People who did not invest in hashfast equipment have no say, sorry but they do not pay me and I am not interested in there opinion as anything more then advise.
 
 
People who did invest in Hashfast equipment and want a refund should join together and have a vote per share. This includes you DZ, myself, philipma1957, firsttimeuser, etc..

If you feel that you should be compensated for the extra work, headache, expense and logistics involved I would agree but we can work that out together.

 
 

Great to hear that we are on our way to a refund and compliments on following this through.
Just a point of clarification, I paid R1 with USD and R2 +upgrades with BTC, as some others did.

The R1 invoice was billed using BTC so theoretically  we would be refunded the BTC value paid in Aug. 2013.
The R2 round was paid in USD but as I remember we paid the upgrade in BTC or am I wrong?

This can lead to a confusing situation 

We agreed to buy out the original R2 buyer in FIAT and we were billed in USD by HF so there is nothing we can do about that but R1 IMO should be paid out in the form we receive the refund - legal costs and escrow of course.

We invested in the co-op not the equipment. The co-op has done well, in part due to the original investors returning investment. That said we all knew this was a risk from the start and thats just part of the mining game.

Maybe the fairest way to do this would be to take all the HF batch 1 orders put them together and divide the total - costs and pay out the total divided per share purchased. I would love to get as much as I can out of any refund but we all got fooled by HF collectively. I would not mind getting a bit less back knowing that we all got compensated by HF..
 
This is by no means a critique but a suggestion I propose to DZ co-op members who invested in HashFast equipment.

Any ideas on this?

So, the rumor is that they are shipping end of this week... Any truth to that?

Is this still mineable?

Been mining for a couple of days but only got 1 block and 3 orphans.
Whats funny is that my smallest rig hashing 0.52 chains per day found the valid block.
My bigger rig (16 core) is finding nothing after 2 days.

 "blocks" : 87194,
    "chainspermin" : 25,
    "chainsperday" : 2.68485530,
    "currentblocksize" : 1000,
    "currentblocktx" : 0,
    "difficulty" : 9.69136578,
    "errors" : "",
    "generate" : true,
    "genproclimit" : -1,
    "primespersec" : 5099,
    "pooledtx" : 0,
    "sieveextensions" : 9,
    "sievepercentage" : 10,
    "sievesize" : 1000000,
    "testnet" : false

Am I doing something wrong or just unlucky ?

DGTU5LSekrFnP4gXs5UP1Yf7nFu4z8T119



Great guide Thx !!

XPM is doing really well how is the fund doing?

Yes folks, lets try to remember that every egg is a chicken on pre-order.
KnC made in the area of 56 mil. off the sales of their equipment. They did a good job bringing this to market on time and only had a small delay in shipping. That said they had horrible problems with faulty electronics, defective chips and such but they did do better then most to fix that.
The problem is, given they have the profits from a successful launch why do they need to raise money from preorders?
Personally I don't like this model for the general consumer, it makes sense for big companies with exclusive contracts but even in that model there are huge risks.
It makes more sense to invest in a company that mines with a salad of technologies then to be a home miner now.

Just my 2 satoshi's

Hi DZ,

Thats what I got from the TOS as well.
As we never got a majority vote either way on the subject the best we all can do is hold tight until Dec. 31.
If nobody else noticed the BTC price lately its not bad. Lets just hope it stays that way and Hashfast delivers. I personally hope they do as they started off so well.

Hi guys,

Looks like the general view is for a refund, I vote likewise.
It would be great if we can get this from Hash Fast quickly but that is still to be determined.

I also agree with this proposal to transfer my shares to a new DZ GB post refund .

Would be nice if Hash Fast could give us some information regarding this matter but it seems that this is not happening.
Any update would be greatly appreciated.

Good luck DZ and keep us posted.
 

philipma1957 I like your thinking
That would be great but in the end I too would be happy to get back what we put in at the time.
Its really too bad but these things happen and we all knew the risks.
Personally I don't think they are going to pull a BFL with us but it could be some time before we see refund.
Has anyone been able to contact them yet?

Well, no update or even a PR statement, this is disrespectful to the customers, sorry I mean R&D investors at this point.
This sucks!
Lets get this sorted with a vote , my vote is refund.

We have a few choices to make.

Hash Fast should give us an update as to how they plan to deal with this situation. As of now they have not made a public statement. All I know is that they are late and can't say when they will even assemble a working unit.
Icedrill will make an update report on Teusday, maybe that will shed some more light on the shipping issue as they are there largest customer.
For me Hash Fast has this week to make a statement or my mind is made up.

Nice thing about being in DZ's coop is that there are many choices of GB's, we can't expect every manufacturer to deliver as promised. 
I wold be happy to transfer my shares to a new DZ GB if Hash Fast doesn't work out and refunds our order.

The shipping date of 31st of december on B1 is unacceptable, we were told that there would be a 2 week delay, this is acceptable. Not saying I am happy about any delay but things happen.
This new delivery date (if it applies to us) is a real letdown. Considering we have multiple units on order we need to have a clear and concise response from Hash Fast ASAP.