Off-Topic

[Tad3j]

Yeah, read it a dozen times

[1713965342]

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[1713965342]

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[LostDutchman]

Yeah, read it a dozen times

Yeah, I re-read it a few times and still can't figure out what the guy wants.

?

Maybe I am better off ignoring it in future?

My $.02.

[LostDutchman]

for you to stop wasring your time being a know it all douche

Thank you for your input!

[niothor]

Yeah, read it a dozen times

Yeah, I re-read it a few times and still can't figure out what the guy wants.

?

Maybe I am better off ignoring it in future?

My $.02.

God , I should have read this part first.
I did did the same and counting out the image I'm still at a loss.
But i'm 99% sure that he is trying to say something

[bitcoin carpenter]

for you to stop wasring your time being a know it all douche

sorry was having a bad morning and reading the terrahash blog made it worse
deleting old post now

[LostDutchman]

Yeah, read it a dozen times

Yeah, I re-read it a few times and still can't figure out what the guy wants.

?

Maybe I am better off ignoring it in future?

My $.02.

God , I should have read this part first.
I did did the same and counting out the image I'm still at a loss.
But i'm 99% sure that he is trying to say something

I think he's saying that I am a jerk because I think that crypto is all about money and even more of a jerk because I am 62.

It also seems that he is some kind of altruist out to change the world with Bitcoin.

I have no time for altruists.

This is about money and nothing else; anyone who says otherwise is self-deluding.

My $.02.

[hammurabi]

Will SantaHash be coming this year with wonderful refunds?!

[zurg]

Will SantaHash be coming this year with wonderful refunds?!

Hanukkahash is nearly over already.
Lol

[MinermanNC]

Will SantaHash be coming this year with wonderful refunds?!

Hanukkahash is nearly over already.
Lol

Hanukkahash?  lol, that's pretty good hey zurg...sup, looks like the same ol same ol in here lol...me I have been mining my ass off scrypt mining,,,, have made like 5,000 in a matter of 3 weeks...lol and am investing weekly with cex.io let them do the asic work lol,,, ok we better watch btc price?  I just bought 2 new Radeon 7870's I'm counting on 30.00 a day income from them!!!! later
MMNC

[bankbtc]

Amir\Tarandeep, twice now you said that you'd start refunding customer money so why in the hell have you not made any effort to do so yet?  The longer you wait the worse it will be (for you).  The clock is ticking and you are running out of time.  Where is the refund update that you promised?   

[VinceSamios]

http://www.reddit.com/r/Bitcoin/comments/1s8pwz/courthousenews_terrahash_bitcoin_mining_equipment/

Court...

[MinermanNC]

http://www.reddit.com/r/Bitcoin/comments/1s8pwz/courthousenews_terrahash_bitcoin_mining_equipment/

Court...

Just read that, think he will get paid back in BTC? this will be interesting

[bluefin]

For those of you to lazy to click the link here is the text:

SAN JOSE (CN) - A company that sells "Bitcoin mining" equipment folded without delivering the equipment to its customers or refunding hundreds of thousands of dollars in Bitcoin advance payments, a purchaser claims in court.

Howard Loo sued TerraHash Inc., Amir Khan and Tarandeep Gill, in Santa Clara County Court, alleging fraud, unjust enrichment and breach of contract. He claims the company took in more than $600,000 in a single week this summer - $97,000 of it from him, in Bitcoins - then never delivered the goods.
Bitcoins are a virtual currency, which Loo describes as a digital form of gold, which can be transferred between people or merchants. Several businesses worldwide allow customers to pay for goods or services using Bitcoins. A single Bitcoin was selling for more than $1,000 this week.
Bitcoins can be bought or sold through websites that exchange Bitcoins for traditional currencies. "(T)here is even a Bitcoin ATM in Vancouver, Canada, that will allow persons to buy and sell Bitcoins for cash," Loo says in the complaint.

More than 12 million Bitcoins in circulation, and new Bitcoins are constantly being added, though there number will be capped at 21 million, according to the lawsuit.

Bitcoin transactions are protected by cryptography. Specially programmed computers keep track of transfers and prevent people from copying and spending the same Bitcoin more than once time, which is known as double-spending. Operators of such computers are known as "miners" and are rewarded with transaction fees and newly minted Bitcoins, according to the lawsuit.

TerraHash is a computer hardware company that claims to produce and sell application-specific integrated circuit (ASIC) Bitcoin mining equipment using Avalon ASIC chips to sell to miners, Loo says.

The company made several announcements on its website about mining equipment for sale. TerraHash took pre-orders for the equipment and said it would accept Bitcoins for payment, Loo says in the complaint. It offered a 5 percent discount for purchases with Bitcoins, which induced Loo to prepay TerraHash for the equipment, he says in the complaint.

"On June 18, 19, and 20, 2013, defendants accepted online orders and prepayment from approximately 130 customers interested in the purchase of ASIC Bitcoin mining equipment," Loo says in the lawsuit. "TerraHash knew the material importance of delivery of the ASIC Bitcoin mining equipment quickly.

"TerraHash received approximately $614,000 in prepayments from orders for ASIC Bitcoin mining equipment during this three day period."

Loo says he ordered a Bitcoin mining device on June 18, for which he paid TerraHash 91.2542309 Bitcoins - now worth $97,050.

Loo says that he was told he would receive the equipment by Aug. 15. But TerraHash did not have the ability to produce functional Bitcoin mining equipment, Loo says. "Indeed, on information and belief, TerraHash was a sham conceived by Amir Khan as a way of defrauding and converting large amounts of money and other valuable assets, including but not limited to Bitcoins, from potential customers of ASIC Bitcoin mining equipment, exploiting the high demand for that equipment," according to the complaint.

The Aug. 15 delivery date came and went with no deliveries, Loo says. On Sept. 25, TerraHash announced on Bitcointalk.org "that 'a lot of customers' had asked for refunds; that TerraHash's bank had shut down its accounts; that it was 'impossible to continue our operation profitably,' and that defendants had therefore 'decided to dissolve the company,'" Loo says in the complaint.

He claims he never received the equipment he paid for, nor a refund of the Bitcoins.
"TerraHash and Khan, by inducing prepayments in the form of Bitcoins, sought to profit further by retaining the Bitcoins, thereby enjoying the anticipated surge in the market value of the Bitcoins," Loo claims.
He wants his Bitcoins refunded and punitive damages for fraud, conversion, negligent misrepresentation, unjust enrichment, breach of contract and breach of faith.

He is represented by Christopher D. Banys.

[imapd]

you think there's a hope to get back our btc?

[justmyname]

you think there's a hope to get back our btc?

You might eventually get the dollar value of the equipment you ordered. The Price of BTC fluctuates too much. They claim they cashed out the BTC but we haven't seen any proof of that. I bet if they were in LA county for a few nights you would all have your money back.   

[Tad3j]

The "cash out" can also mean that they refund the BTC, since a lot of people are confusing it with "cash".

So yeah, let's wait for the Amir to show up and to tell us the status.

[gjgjg]

anyone in the US familiar with court rulings in these kinds of cases inasmuch as if amir is ordered to refund the plaintiff for this case, is he automatically branded a fraud and all cases should be refunded en masse? or does everyone now have to file individual case?

[Biomech]

anyone in the US familiar with court rulings in these kinds of cases inasmuch as if amir is ordered to refund the plaintiff for this case, is he automatically branded a fraud and all cases should be refunded en masse? or does everyone now have to file individual case?

The unfortunate truth is that it depends on the day. It does, however, pave the way for any number of civil suits. Unfortunately, a judgment for civil relief can be discharged in bankruptcy.

I think Lost Dutchman is correct. Most of you are screwed. Which really sucks, even to the observer, because it will make bitcoin related transactions even more "suspect" by the general public.

However, if they do have the bitcoins, I can't see a US court demanding them return the bitcoins, but rather the dollar value of the equipment purchased. So, if as has been speculated, they are sitting on a large chunk of coin, the courts (bankruptcy and otherwise) could order the bitcoin sold for dollars and disburse it to the creditors in the bankruptcy case. Direct investors would likely be reimbursed ahead of customers, but you still might get something. Considering the difference in bitcoin price from august to now, maybe quite a bit. But this would only be likely IF they are sitting on the coins and didn't blow through all the monies they collected.

[btceic]

However, if they do have the bitcoins, I can't see a US court demanding them return the bitcoins, but rather the dollar value

Why not? With bitcoin, people can prove beyond a shadow of a doubt that they own their btc address and paid terrahash via a tx id.

Does anybody have terrahash,s payment address?

[hammurabi]

However, if they do have the bitcoins, I can't see a US court demanding them return the bitcoins, but rather the dollar value

Why not? With bitcoin, people can prove beyond a shadow of a doubt that they own their btc address and paid terrahash via a tx id.
Does anybody have terrahash,s payment address?
[/quote]

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.

Quick Update (2013-11-07):
TerraHash is unavailable since 2013-09-30 and does not respond to any communication channels.
Current Bitcoin Best Bid aquired from https://bitpay.com/bitcoin-exchange-rates is $293
Which is BTC1.3884 per K16. Or $405+ now.
Which is BTC5.5536 per K64. Or $1625+ now.

So TerraHash could repay us 1.5 times over from chips refund alone.

Update (2013-12-06)
Current Bitcoin Best Bid aquired from https://bitpay.com/bitcoin-exchange-rates is $744
Which is BTC1.3884 per K16. Or $1032+ now.
Which is BTC5.5536 per K64. Or $4131+ now.

So TerraHash could repay us 4.59 times over from chips refund alone.

Terrahash is silent again. Probably filled documents for bankruptcy prior to 2013-12-06.
http://www.sccaseinfo.org/pa6.asp?full_case_number=1-13-CV-254284&crumbs=Civil%20Index&crumbs=Party/Case%20Type%20Search&crumbs=Party/Case%20Type%20Results&crumbs=Cases%20Involving%20Amir%20Khan