[$0.35/GH] Bankrupted HashFast Hardware Sale

[Biffa]

Anyway, in order to try to raise trust towards the manufacturer Simon was authorised to share their name; the company is Bitcrane, and they do their manufacturing in Shenzhen.

The thread about their already existing Hashfast powered rigs is here: https://bitcointalk.org/index.php?topic=718383.0

[BareWail]

oh yes please gimme gimme wait no.

[Syke]

Anyway, in order to try to raise trust towards the manufacturer Simon was authorised to share their name; the company is Bitcrane, and they do their manufacturing in Shenzhen.

Then Bitcrane should build them and sell them from stock. Anything less is unacceptable.

[Biffa]

I think that one way this would work would be if buyers could pay like a deposit, 10% to secure their miners and then when the miners are built and ready to ship they could pay the remainder.

[cedivad]

I think that one way this would work would be if buyers could pay like a deposit, 10% to secure their miners and then when the miners are built and ready to ship they could pay the remainder.

Well, if someone wanted a quick % out of a half million dollar investment, maybe this could happen.

[Biffa]

I think that one way this would work would be if buyers could pay like a deposit, 10% to secure their miners and then when the miners are built and ready to ship they could pay the remainder.

Well, if someone wanted a quick % out of a half million dollar investment, maybe this could happen.

The onus and majority of risk should be on the manufacturer/supplier building the machines, the xx% deposit idea shows the manufacturer the customers are serious about purchasing. Using an existing known manufacturer, as is the case here, should add credence to the deal, however the weight of responsibility needs to move back to a normal supply chain system where companies are shipping from stock.

[2112]

Well, if someone wanted a quick % out of a half million dollar investment, maybe this could happen.

In the normal financial circles this would work as follows:

1) group buy collects the funds in a bank A's account
2) bank A issues a letter of credit
3) bitcrane takes the letter of credit an obtains a loan against it from bank B
4) using loaned funds bitcrane manufactures the miners and ships the miners
5) upon proof of shipment bank A releases the credited funds to bitcrane
6) bitcrane repays the loan to bank B

In other words:

a) bank A is supervising the availability of the funds
b) bank B is supervising the timeliness of manufacturing and shipment

But this is Bitcoin, there's nothing normal about it. In particular many Bitcoiners are actively against banks and conventional finance.

This free market is exactly what you people were screaming for all the time. This is exactly what you wanted. You made the soup, now eat it.