Off-Topic

[btceic]

Does anyone think TH still has or ever had the parts to build the K16's?
If so what do you think they did or will do with all the parts?

I would bet that just like they outright lied about purchasing the chips, the also fibbed about everything else.

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[southerngentuk]

They had options. They could have done a deal with Marto or Burnin to complete there orders, or refund.

They have chosen the third option instead. Run away with the cash/coins. 

[hammurabi]

Any news to share with us?
Have Yifu refunded chip batches?
Are we waiting for something?
Have you reused/planning to reuse our parts in your mining enterprise?
Can you describe what is the purpose of the stash tracked (below) by fire5?
Do you have timeline of how and when refunds will be handled?

Thx.

BTC from customer payments - https://blockchain.info/address/1LMr1hz5Usk8eFNf4XQbbeaYGWNpFBYbVy
Stash - https://blockchain.info/address/18rKLM23mwJWFB9PPyDWQrPLXWRcp2srZh

Currently the mentioned amount of BTC3,471.86046069 in TH stash divided by 40.000 chips ordered equals to BTC0.086775 per chip.
Which should be available at hand for immediate refunds.

Which is BTC1.3884 per K16. Or $208.26 now.
Which is BTC5.5536 per K64. Or $833.04 now.

(Assuming current btc price ~$150).
And still there is a lot of parts for reuse or sell.

Why is TH not taking action and taking advantage of current exchange price?

Quick Update (2013-10-22):
Current Bitcoin Best Bid aquired from https://bitpay.com/bitcoin-exchange-rates is $181
Which is BTC1.3884 per K16. Or $250+ now.
Which is BTC5.5536 per K64. Or $1000+ now.

That means that from this point on TH have enough money to issue full refunds and still exit with a profit from the failure.
It also means that from this point forward withholding refunds equals to taking an additional unnecessary risk on consumers' money by TerraHash.

[notlist3d]

Any news to share with us?
Have Yifu refunded chip batches?
Are we waiting for something?
Have you reused/planning to reuse our parts in your mining enterprise?
Can you describe what is the purpose of the stash tracked (below) by fire5?
Do you have timeline of how and when refunds will be handled?

Thx.

BTC from customer payments - https://blockchain.info/address/1LMr1hz5Usk8eFNf4XQbbeaYGWNpFBYbVy
Stash - https://blockchain.info/address/18rKLM23mwJWFB9PPyDWQrPLXWRcp2srZh

Currently the mentioned amount of BTC3,471.86046069 in TH stash divided by 40.000 chips ordered equals to BTC0.086775 per chip.
Which should be available at hand for immediate refunds.

Which is BTC1.3884 per K16. Or $208.26 now.
Which is BTC5.5536 per K64. Or $833.04 now.

(Assuming current btc price ~$150).
And still there is a lot of parts for reuse or sell.

Why is TH not taking action and taking advantage of current exchange price?

Quick Update (2013-10-22):
Current Bitcoin Best Bid aquired from https://bitpay.com/bitcoin-exchange-rates is $181
Which is BTC1.3884 per K16. Or $250+ now.
Which is BTC5.5536 per K64. Or $1000+ now.

That means that from this point on TH have enough money to issue full refunds and still exit with a profit from the failure.
It also means that from this point forward withholding refunds equals to taking an additional unnecessary risk on consumers' money by TerraHash.

It honestly dosen't matter what price BTC reaches, when they will never refund.  If they give 50 percent i would still be surprised.  I think its gone unless legal action, which might explain why this thread died off.

Also where is Knight the person who verified chip orders?  I still think you might be smart to look into that verification..... if you are having to get a lawyer.

[Tad3j]

I think they are just trying to deal with the mess. The site is still operatable and they have now enough funds to refund 100% in cash - also the bitcoin payments (this is also a good option). Let's wait as Amir sais and even if they refund 50% it's better than nothing. I personally have trust in them, since they make everything prepared really good.

[notlist3d]

I think they are just trying to deal with the mess. The site is still operatable and they have now enough funds to refund 100% in cash - also the bitcoin payments (this is also a good option). Let's wait as Amir sais and even if they refund 50% it's better than nothing. I personally have trust in them, since they make everything prepared really good.

Anyone that know's situation well enough to know Amir's name, and still trusts them i call something fishy.   

Lets say even if he does refund 50 percent this business venture will haunt him i predict.  He might be able to get around it by having a new LLC which is easy and cheap.  But it would be interesting how many banks, credit cards, and paypal will deal with him in future ventures.  His reputation after this I would be surprised any company hiring him for anything even decent if they find TH.

Job interview... so what made you leave your last job?  Actually i managed it so poorly and treated customers so bad i caused a 1/2 million dollar plus company to go under.  Our accomplishments include missing deadlines, and we did manage to get one half functioning prototype with 1/2 million dollars! 

[zurg]

Based on their previous business decisions I believe Amir will split up the company in to so it will be Terra and Hash..  then he will proceed to open a dispensary and buy a lot of Hash with our $.
Maybe he only got tangled up in BTC forums after getting a lot of results for his Hash searching?

[Humax]

Maybe knight was part of this scam?

[zurg]

Maybe knight was part of this scam?

I doubt that.
I dealt with him behind the scenes on my TH order (because Amir was ignoring me)... if he was part of it wouldn't have taken him a few trips there to fix my issue at the time.

[ethought]

They seem to have removed all contact options from their website aside from a telephone number.

I want my refund - tired of waiting. 50% is better than nothing..

[bitcoin carpenter]

they also disconnected their phone

[justmyname]

That means that from this point on TH have enough money to issue full refunds and still exit with a profit from the failure.
It also means that from this point forward withholding refunds equals to taking an additional unnecessary risk on consumers' money by TerraHash.

If I was TH I would convert the Bitcoin to US Dollars. Then pay back the US Dollar value of  the mining equipment at the time of purchase. This might save them from litigation.

[notlist3d]

Maybe knight was part of this scam?

I doubt that.
I dealt with him behind the scenes on my TH order (because Amir was ignoring me)... if he was part of it wouldn't have taken him a few trips there to fix my issue at the time.

You will notice knight never has taken any trips to see about refunds.   Also did anyone else see him log in to chip order?  I can't remember anyone else besides him verifying a log in to see orders.

[btceic]

Maybe knight was part of this scam?

I doubt that.
I dealt with him behind the scenes on my TH order (because Amir was ignoring me)... if he was part of it wouldn't have taken him a few trips there to fix my issue at the time.

You will notice knight never has taken any trips to see about refunds.   Also did anyone else see him log in to chip order?  I can't remember anyone else besides him verifying a log in to see orders.

I remember seeing a couple of posts that mentioned people other than knight made it over to the office, might be worth a shot to try and locate those people.

[Tad3j]

That means that from this point on TH have enough money to issue full refunds and still exit with a profit from the failure.
It also means that from this point forward withholding refunds equals to taking an additional unnecessary risk on consumers' money by TerraHash.

If I was TH I would convert the Bitcoin to US Dollars. Then pay back the US Dollar value of  the mining equipment at the time of purchase. This might save them from litigation.

Yeah, that would be a great alternative too !

[hammurabi]

Maybe somebody can contact CloudHashing and check if they got their refunds back then and if they did, how it was handled.
For now we know that only people who forced refunds via PayPal or CC mechanisms got it.

[Tad3j]

Yeah, this was forced option by people. Terrahash tried to do some work in the mean time, then gets ugly when Bitsyncom messed up chip delivery. In between the difficulty rises, people get paranoid and can't stand the pressure, so they start to call refunds. This then buries Terrahash.

Also Terrahash started a bussines and bought 20.000 chips ... then (I only assume) goes all in with 20.000 more ... and spent the last bit of money on accessories for miners. Without responsibility You don't start the bussines that way. And the company should allways have the backup which he can afford.

[notlist3d]

Yeah, this was forced option by people. Terrahash tried to do some work in the mean time, then gets ugly when Bitsyncom messed up chip delivery. In between the difficulty rises, people get paranoid and can't stand the pressure, so they start to call refunds. This then buries Terrahash.

Also Terrahash started a bussines and bought 20.000 chips ... then (I only assume) goes all in with 20.000 more ... and spent the last bit of money on accessories for miners. Without responsibility You don't start the bussines that way. And the company should allways have the backup which he can afford.

Chips or not they never had a proper working prototype in months of being in their office.  Their chip orders were shady to say the least, the ones they magically got out of.  There have been no pictures of "accessories" of miners so i find it hard to believe the 1/2 million just was spent.

The only people that forced this option was TH.  They could have saw this coming switched chips.  TH was a company of salesmen.  And honestly i bet TH made more money off this way out then actually providing products. 

[kkooks]

I think they are just trying to deal with the mess. The site is still operatable and they have now enough funds to refund 100% in cash - also the bitcoin payments (this is also a good option). Let's wait as Amir sais and even if they refund 50% it's better than nothing. I personally have trust in them, since they make everything prepared really good.

we got scammed... take action if you havent already.

[kkooks]

Yeah, this was forced option by people. Terrahash tried to do some work in the mean time, then gets ugly when Bitsyncom messed up chip delivery. In between the difficulty rises, people get paranoid and can't stand the pressure, so they start to call refunds. This then buries Terrahash.

Also Terrahash started a bussines and bought 20.000 chips ... then (I only assume) goes all in with 20.000 more (They admitted that they never bought these... ) ... and spent the last bit of money on accessories for miners (Also false... they never figured out what to buy because they never got a fully working prototype up and running). Without responsibility You don't start the bussines that way. And the company should allways have the backup which he can afford. (True.)