Official CedarTec Topic - New ASIC [Scam?]

[dan99]

Conspiracy Theory Time: Wouldn't it be amusing if CedarTec ASIC pre-orders were a scam to fund Lebanese rebel forces ?

Possibly the Hezbollah arm wing to fund the civil war in Syria .. so there resolved to selling asic miners as a scam.

[1714808420]

1714808420

[1714808420]

1714808420

[ionstorm]

Most likely they'll announce a shipping date, give a reason why they can't show their prototype/stats, and explain to people that they can refund if anything goes wrong. It'll be their final bid to lure in some more suckers before they do a complete runner and disappear into the darkness.

You've all been warned

This is quite possible, hope they provide definitive proof this time

[johnyj]

I like that NashX site's idea, both buyer and seller must first pay a guarantee money (which is at least 2x price of the product) to an escrow service before they pay/deliver, and if one of them run away, the guarantee money will belong to the other  

[KS]

I like that NashX site's idea, both buyer and seller must first pay a guarantee money (which is at least 2x price of the product) to an escrow service before they pay/deliver, and if one of them run away, the guarantee money will belong to the other  

Utopia.

If you're an OEM/ODM, you want to put your money into producing the goods, not locking it with an escrow.

Best thing to do for all these newcomers is to make some samples and find a reputable distributor (who could act as a sort of escrow if you preorder). The OEM/ODM will still have to put the funds upfront to make the goods but the distributor would guarantee payment upon delivery to both the OEM/ODM and the customer.

[tom_o]

I like that NashX site's idea, both buyer and seller must first pay a guarantee money (which is at least 2x price of the product) to an escrow service before they pay/deliver, and if one of them run away, the guarantee money will belong to the other  

Utopia.

If you're an OEM/ODM, you want to put your money into producing the goods, not locking it with an escrow.

Best thing to do for all these newcomers is to make some samples and find a reputable distributor (who could act as a sort of escrow if you preorder). The OEM/ODM will still have to put the funds upfront to make the goods but the distributor would guarantee payment upon delivery to both the OEM/ODM and the customer.

I agree, or offer said preorder with reputable company such as Amazon thats gonna check up on them first!

[iANDROID]

Since the second page, we know that this is a scam. And you keep talking about it?

[dtmcnamara]

Since the second page, we know that this is a scam.

No, since page 1 there has been skepticism. Since page 2 people have made up things to label these guys a "scam". These guys have yet to "SCAM" anyone, in fact they have refunded one person already and have been in constant email contact with 99% of the people who have contacted them.

I am in no way saying GO BUY ONE RIGHT NOW!!! I am just saying give them a few more days and lets see what unfolds.

[Bitcoinorama]

STFU! Badly photoshopped photos and a bullshit video? Lies about people stationed from the company in china? No known address, or names of people with any experience involved? Posting in the early hours Lebanese time.
Arabic speaking members not recognising the dialect, a German accent?!


They've been banned from other forums.

You're either part of this or another gullible idiot.

Stop it!

[KS]

STFU! Badly photoshopped photos and a bullshit video? Lies about people stationed from the company in china? No known address, or names of people with any experience involved? Posting in the early hours Lebanese time.
Arabic speaking members not recognising the dialect, a German accent?!


They've been banned from other forums.

You're either part of this or another gullible idiot.

Stop it!

Now you're being harsh on the guy (gal?). I've checked: it says on the internet they have replied to 99% of the emails they have received.

I swear, just Google it.

In fact, let me make it easy for you, just go here: https://bitcointalk.org/index.php?topic=170739.msg2097653#msg2097653  - see, it's there. If that's not PROOF!

What RISK might there be? And he even says not to buy one RIGHT NOW.

Really, I think you're just BITTER!

[CedarTec]

Dear customers,

we have re-opened our pre-orders.
Every new order will have the guarantee
to make refunds at any time. Refunds will
be given the whole time period until we ship.
Every new order must enter a bitcoin address,
refunds will be only made on this address,
be careful!
Also we have decided to take refunds from
our first customers, just write us a email
per support but it is important you
use the same email as in your made order.
Every refund will be processed within 48 hours.

We also have updated our order pages,
through our new manufacture and higher costs
as calculated before we adjusted our price to
1299$. Every order made before this change
is not affected.

We have also adjusted our shipment date
to a timeframe between july and august.
Through the problems occured and our
cancled contract we have to wait until
the production can start, until the production
starts we will continue optimizing the ct-80.
We will keep you updated.

With best regards,

Your CedarTec Team.
 

[Bitcoinorama]

I'm not bitter dude, they've apparently taken $150k+.

For whatever reasons, they may or may not be refunding people, the fact is it's been a blatant scam.

I'd love for them to have a change of heart and actually make something.

But they fraudulently doctored photos and claimed to have three proven prototypes over a supposedly three year period before ASICs were even considered as mining devices with the intention of accumulating bitcoins, again fraudulently. Fact.

If there really is a hairy armed Lebanese kid with staff he has sent to China bulk manufacturing ASIC devices for less than the current market price, good on him, if he's capable of delivering I'll buy a few. I'll happily shake his hand.

Doesn't escape the fact he deceived people with doctored photos intentionally.

[KS]

dude, you must be tired. notice the wording in my post

[yolo2222]

I'm not bitter dude, they've apparently taken $150k+.

For whatever reasons, they may or may not be refunding people, the fact is it's been a blatant scam.

I'd love for them to have a change of heart and actually make something.

But they fraudulently doctored photos and claimed to have three proven prototypes over a supposedly three year period before ASICs were even considered as mining devices with the intention of accumulating bitcoins, again fraudulently. Fact.

If there really is a hairy armed Lebanese kid with staff he has sent to China bulk manufacturing ASIC devices for less than the current market price, good on him, if he's capable of delivering I'll buy a few. I'll happily shake his hand.

Doesn't escape the fact he deceived people with doctored photos intentionally.

+1

[Rampion]

YEP, now they will ship between July and August - so they have plenty of time to keep scamming.

Guys, for the last time:

THIS IS A PROVEN SCAM

[johnyj]

I like that NashX site's idea, both buyer and seller must first pay a guarantee money (which is at least 2x price of the product) to an escrow service before they pay/deliver, and if one of them run away, the guarantee money will belong to the other  

Utopia.

If you're an OEM/ODM, you want to put your money into producing the goods, not locking it with an escrow.

Best thing to do for all these newcomers is to make some samples and find a reputable distributor (who could act as a sort of escrow if you preorder). The OEM/ODM will still have to put the funds upfront to make the goods but the distributor would guarantee payment upon delivery to both the OEM/ODM and the customer.

The NashX idea is to use the blockchain as escrow so to totally remove the dependancy on a third party. A P2P based escrow in its nature require some risk fund to be deposited for each trade, you can divide a trade into many small trades to reduce the requirement for each set of risk fund. If you rely on a big reputable distributor, then that reputable distributor becomes the single point of failure, it must have a huge risk tolerance capital, and puschase other insurance in turn, no difference than today's ebay/amazon system

[Bitcoinorama]

dude, you must be tired. notice the wording in my post

Ha, ok!

It's cool though, they've realised the error of their ways, and...

Opened up pre-orders once again to accept payment via anonymous currency with the pinky promise of a refund, backed up by one he supposedly gave the other day in good faith. Because of this development he's provided absolutely no more proof of prototype, third-party contracts, or real explanation for an original mid-may delivery whilst increasing the price by 30% and given you all till August to take them up on this miraculous sca...offer!

I feel reassured. Definite buy!!

Now let's count the lemmings...

[ionstorm]

Guys they upped the price and moved shipping date to August

[KS]

I like that NashX site's idea, both buyer and seller must first pay a guarantee money (which is at least 2x price of the product) to an escrow service before they pay/deliver, and if one of them run away, the guarantee money will belong to the other  

Utopia.

If you're an OEM/ODM, you want to put your money into producing the goods, not locking it with an escrow.

Best thing to do for all these newcomers is to make some samples and find a reputable distributor (who could act as a sort of escrow if you preorder). The OEM/ODM will still have to put the funds upfront to make the goods but the distributor would guarantee payment upon delivery to both the OEM/ODM and the customer.

The NashX idea is to use the blockchain as escrow so to totally remove the dependancy on a third party. A P2P based escrow in its nature require some risk fund to be deposited for each trade, you can divide a trade into many small trades to reduce the requirement for each set of risk fund. If you rely on a big reputable distributor, then that reputable distributor becomes the single point of failure, it must have a huge risk tolerance capital, and puschase other insurance in turn, no difference than today's ebay/amazon system

With an escrow, you need a person to validate the transaction, so I'm not sure about the benefit of using the blockchain. Someone will need to authorize the transfers anyway, or it's not an escrow.

My worry is rather on the amount of money that needs to be stuck in escrow. You need the money to produce the goods and all the newcomers I've seen are broke (ASICMiner et Al. aside) and so won't have the possibility to even start their projects.

Sure, distributors are points of failure, but so are customers defaulting on their payments/orders, the OEM/DOM going bankrupt, etc. No system is perfect but you have to start somewhere. That's why you chose your distributor carefully and nothing prevents you either from doing both direct and indirect sales, work with resellers etc. Hedge your risk.

Having reputable distributors onboard is an assurance for the buyer, and this will probably lead to more sales for the OEM/ODM. You limit the supply to what you can really work with too, don't be too greedy (sth BFL isn't doing).

[tom_o]

Guys they upped the price and moved shipping date to August

Meaning they can get more money before disappearing, good plan!

[KS]

Guys they upped the price and moved shipping date to August

Meaning they can get more money before disappearing, good plan!

makes good business sense