DragonMint T1 16TH/S halongmining.com

[philipma1957]

is it possible yoshi is being correct..ie....they are just acting as a 'pass thru' on this pre-order equipment that they too have pre-ordered?

then the japanese company comment reads as true? (in other words, the yoshi group is under risk as well as any others on this product)

unclear, just tossing it out there as a possiblity...in that I'VE acted as pass thru on items...on group buys that I have not had a lot to do with on

how/who/what to pay... (not a full escrow thing...more of a shipping thing)

Could be Yoshi is at risk but I have dealt with him  a long time I would think he knows the gear is real.  As to how many get built has fast they ship he could be at risk as much as anyone else.   A big concern for me is  I send 5x via paypal  on March 25  and get gear on April 3  and freaking bitmain drops a 22th unit pulling  1400 watts.

I can mitigate it since I have the solar array but it would hurt.


(Moderator's note: This post was edited by frodocooper to trim the quote from Searing.)

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[Searing]

my expectation is that bitmain will drop a decred miner next (or at least before BTC tanked, perhaps that has been put on the back burner as they fire sale stuff)

but my enthusiasm for equipment with price dumping EVEN BEFORE any scam is shown for Tether and the other FUD one way or another (other shoe to drop)

means, even if all these guys are legit..I'm kinda MEH! about the whole getting ANY equipment thing.

2 futures:


1) either scrypt-pow survives enough to be worth mining due to pump or sideways in price..I have equip..thus no need for more with that uncertainty and ride that with ROI'd equip

2) scrypt-pow mining was the good bet and price of crypto pumps again..and I missed out on equipment...my ROI'd equipment lives again!



right now, IMHO, I'd rather MISS the possibility of rmore profits...then dump crypto into equipment of any flavor... on the HOPE of profits..due to a price pump in crypto again soon.

but then again, I'm still in HODL mode, the whole cryptoverse could go full tulips....and I'll have more crypto than anybody in 20 years, on the USB drive on my belt, at the

old folks home.....not worth anything...but perhaps occasionally at that elder age..I'd forget and still think I'm crypto rich!......(still more tidy then collecting cats at that age also)

win/win

anyway,

chump or champ ....we will be the first to know! We will either be a Chump in all this...or a Champ...no frigging in between it seems.

brad

[krisgt30]

Who in their right mind would conduct business under a sole proprietorship when they are the sole distributor of a major manufacturer? They would be personally held liable for any issues if it came to court and put all their personal possessions at risk. Your presumptions on my lack of knowledge hold no water here. I asked for a tax I’d state and federal under the presumption they were not dumb enough to operate under a sole proprietorship. Also if you look at my email I asked both Scott and Yoshi about the ids.

[philipma1957]

Who in their right mind would conduct business under a sole proprietorship when they are the sole distributor of a major manufacturer? They would be personally held liable for any issues if it came to court and put all their personal possessions at risk. Your presumptions on my lack of knowledge hold no water here. I asked for a tax I’d state and federal under the presumption they were not dumb enough to operate under a sole proprietorship. Also if you look at my email I asked both Scott and Yoshi about the ids.

Once again  here is a very large sole proprietorship

https://www.reference.com/business-finance/famous-sole-proprietors-eb31c3cfaaf62fe3


The problem is I do have an IRS background and I am certain that you do not know much  about what you are saying here.

While I do.  Just say Phil I might be right  but I have to say you could be correct and my conversation with them  does not mean for sure I am correct they are scamming.



I will say exactly  this I don't think they are scamming  and  I will find out in Late March/ early April what is true.

[krisgt30]

By listing exceptions you can claim you are right, I am wrong, fine.

I assumed that if someone was a major distributor for any Tech manufacturer and conducting business anywhere in the United States (i.e. synnex, Avnet, techdata, ingram micro) that they would protect themselves under a corporation and not a sole proprietorship when filing for state and federal ID’s. Every distributor, reseller, or client I have ever worked with required my tax ID’s on both the purchasing and sale side. I don’t get where you think me asking for them was from having no knowledge of taxation. Regardless, even if this was a sole proprietorship all either of them had to say was just that and say they didn’t want to divulge that information. They didn’t, they just did a lot of backpedaling.

[sidehack]

I'm less concerned about a well-established outfit with a several-years business record not sharing its tax ID than I am with it refuting the claim to be a distributor. He left it open that maybe they were a distributor and he just hadn't heard about it, but why is that potential huge lie less of a concern than whether or not BitmainWarranty/Myrig is real?

What am I missing?

[krisgt30]

I'm less concerned about a well-established outfit with a several-years business record not sharing its tax ID than I am with it refuting the claim to be a distributor. He left it open that maybe they were a distributor and he just hadn't heard about it, but why is that potential huge lie less of a concern than whether or not BitmainWarranty/Myrig is real?

What am I missing?

That is what I got from the conversation and what raised a red flag for me to call it a scam. The backpedaling itself was what set off the alarms for me. It wasn’t the lack of supplying ID’s that got me, it was the fact that these three parties are supposed to be working so closely together yet are so far off from each other in conversations.

This was a follow up email sent from Halong yesterday.

[dlezama]

"No resellers" and the product is listed for sale on myrig. All this shit is crazy.

[Biffa]

To be fair, myrig also sell bitmain gear on their site, and bitmain don't have any official distributors either.

I think that myrig are just going to be resellers, buying and selling on equipment.

[Tigggger]

All this talk about myrig/bitmainwarranty having been in business for years and therefore lending credence to this miner....

For those who have been around a while, this reminds me of minersource, they too were in business a long time both as resellers and for hosting miners and had an excellent reputation, and then they went rogue.

I stick to my original assessment, the miniscule gains that this miner may offer over bitmain equipment, are not sufficient for the risk that it's not legit / delayed / made obsolete by a new Bitmain miner.

[philipma1957]

All this talk about myrig/bitmainwarranty having been in business for years and therefore lending credence to this miner....

For those who have been around a while, this reminds me of minersource, they too were in business a long time both as resellers and for hosting miners and had an excellent reputation, and then they went rogue.

I stick to my original assessment, the miniscule gains that this miner may offer over bitmain equipment, are not sufficient for the risk that it's not legit / delayed / made obsolete by a new Bitmain miner.

It is why  I have always said wait do not open your wallets.

My birthday was lasr week I am 61  the single biggest thing I learned  by sticking around for a decent amount of years is don't rush to be first in line.

Somewhere I mentioned in this 60 page thread that by the time this drops  to ship bitmain may issue  a 22th 1400 watt miner.

I have purchased

5 s-9s
1 pangolian
35 1080tis
12 1070tis
8  moonlander usb sticks
and the 13 card beast miner from autominer.at

about 40000 in gear.  Since the Black Friday sale when this offered.

I sold ⅔ of that gear gor 30k and mined 15000 in coin. 

getting 45000 which is 5000 profit.

I have 1 ⅔ s-9s
18 1080tis
8 moonlander sticks

And the people that purchased  on black friday have zero.

I am going to sell 1 s-9  adding to the 5000 profit  and roll that into my late march purchase of this.

It is the major reason I kept an eye out on this thread. Since it is efficient  only once it mines for me.

[vegascoinpool]

I'm less concerned about a well-established outfit with a several-years business record not sharing its tax ID than I am with it refuting the claim to be a distributor. He left it open that maybe they were a distributor and he just hadn't heard about it, but why is that potential huge lie less of a concern than whether or not BitmainWarranty/Myrig is real?

What am I missing?

Yeah I second that. Halong announced MyRig as a distributor. If it wasn’t true, why didn’t MyRig refute immediately? Seems like it was announced, and then poof... the machine showed up on their newly polished website. How can you claim a week or two later you’re not a distributor, or that you might be and didn’t know for sure yet? That’s odd by any standard.

If he’s not a distributor... then under what circumstance did the product appear on his website?

[vegascoinpool]

...about 40000 in gear.  Since the Black Friday sale when this offered.

I sold ⅔ of that gear gor 30k and mined 15000 in coin. 

getting 45000 which is 5000 profit.

I have 1 ⅔ s-9s
18 1080tis
8 moonlander sticks

And the people that purchased  on black friday have zero.

I am going to sell 1 s-9  adding to the 5000 profit  and roll that into my late march purchase of this.

It is the major reason I kept an eye out on this thread. Since it is efficient  only once it mines for me.

I haven’t been around very long, so I’m just getting to know your style. I like how you think. Very strategic. And measured responses, I respect the way you conduct yourself, sir.

[shellyfinest]

Who in their right mind would conduct business under a sole proprietorship when they are the sole distributor of a major manufacturer? They would be personally held liable for any issues if it came to court and put all their personal possessions at risk. Your presumptions on my lack of knowledge hold no water here. I asked for a tax I’d state and federal under the presumption they were not dumb enough to operate under a sole proprietorship. Also if you look at my email I asked both Scott and Yoshi about the ids.

Once again  here is a very large sole proprietorship

https://www.reference.com/business-finance/famous-sole-proprietors-eb31c3cfaaf62fe3


The problem is I do have an IRS background and I am certain that you do not know much  about what you are saying here.

While I do.  Just say Phil I might be right  but I have to say you could be correct and my conversation with them  does not mean for sure I am correct they are scamming.



I will say exactly  this I don't think they are scamming  and  I will find out in Late March/ early April what is true.

There's no doubt that one could operate as a sole proprietorship legally and not want to divulge their SSN in the US, but if they were making any kind of decent profits , would they not have to pay the additional 15% self employment tax on top of income taxes (fed and state) ?   Why would anyone do this and give up 15% of their profits?

[philipma1957]

Who in their right mind would conduct business under a sole proprietorship when they are the sole distributor of a major manufacturer? They would be personally held liable for any issues if it came to court and put all their personal possessions at risk. Your presumptions on my lack of knowledge hold no water here. I asked for a tax I’d state and federal under the presumption they were not dumb enough to operate under a sole proprietorship. Also if you look at my email I asked both Scott and Yoshi about the ids.

Once again  here is a very large sole proprietorship

https://www.reference.com/business-finance/famous-sole-proprietors-eb31c3cfaaf62fe3


The problem is I do have an IRS background and I am certain that you do not know much  about what you are saying here.

While I do.  Just say Phil I might be right  but I have to say you could be correct and my conversation with them  does not mean for sure I am correct they are scamming.



I will say exactly  this I don't think they are scamming  and  I will find out in Late March/ early April what is true.

There's no doubt that one could operate as a sole proprietorship legally and not want to divulge their SSN in the US, but if they were making any kind of decent profits , would they not have to pay the additional 15% self employment tax on top of income taxes (fed and state) ?   Why would anyone do this and give up 15% of their profits?

well  at one time  there was a cap  off the top of my head say 175,000  and  the 15%  is really 7.5 + 7.5

since you pay 7.5 with a salary.  So 84 lumber was paying  and extra 7.5 on  say 175,000 or 13,125  extra  which is partially deducted some times.

I think  he feels the total control is worth it.

Also  as a schedule c filer my self that  is primarily doing sales  you can shift tax burden forward.

Lets say it was Jan 1 2017  and I have 10,000 in ending inventory  when coins went mad last fall.  and I made more mining then selling for s short time Nov + Dec.  I can decide  to  push all profits into inventory  and I did purchase 40-50 k in gear in those 2 months.

So when my  tax year ended in dec 2017  my ending inventory  for jan 2018  was  close to 60 k.  vs 10 k   So I shifted profits legally from last year to this year.  I sold a lot of gear in January 2018  .  So the tax return will not be due until april 2019 rather then april 2018.

All legal.


   Yoshi  is me at a bigger scale so I would imagine he could be doing this.  Also he does have a Japanese connection.  I do not know  enough about his  passport etc to say  what he does  about taxes and my  tax work  was collection for the IRS.  My wife did individual returns as did my mom.  My mom retired in 1987  my wife retired a few years ago.


Now does all this mean  this is not a scam  nope it could be.

This is why I lie in wait  for late March  to see if Yoshi does deliver what he promised to me.
I hope it is good gear.  As  bitmain has tired me out a lot.

 I do more GPUS  by far then asics  as I get decent service. From them.

 The only reason I still have any asics is Yoshi  more then any other reason.

[ricknamer]

Now we have another miner?  For siacoin?  Still no proof of anything and they’re getting ready to start an entire other line of miners?

https://halongmining.com/shop/dragonmint-b52-blake2b-miner/

[castiel0504]

Its not really that much new, it was announced one day later after Bitmain has announce their A3 miner, something seems fishy, like they are trying to compete with them...

[HagssFIN]

Halong Mining Innosilicon DragonMint 16Th/s  ?

Still haven't got any replies from Halong or Inno for my questions about this.

This partnership with Myrig.com is the most positive thing that has happened so far,

but I'm affraid their retail price will be really really high, the same as with the S9 miners.

Some new images are uploaded in the Myrig.com shop.

I managed to find the high-res images, they were 'hidden'.

See this Imgur album for the picture found at DragonMint product page: https://imgur.com/a/WaHLd

We can finally have a slightly little better look at the miner.

For cooling there seems to be two pieces Delta TFC1212DE, front and back, in a push-pull configuration.

And I think I now know why the miner web configuration page was just like with the Innosilicon A5 and A4+.
The DragonMint miner has the exact same controller board.
See it for yourself, here is a picture for comparison: https://i.imgur.com/jxHeSP6.jpg

Also the steel case tube looks a lot like the one Innosilicon uses for the A5 and A4+.

Maybe the Halong Mining actually has a subcontract for these miners to be manufactured by Innosilicon?

And another design comparison here (pay attention to the controller with this image as well): https://i.imgur.com/a9sZcJa.jpg

I surely can't be the only one who sees these similiar design details?

One detail to also pay attention  is that the Innosilicon control board uses reversed PWM signal for the cooling fan control.
This method is not that commonly used.
Delta TFC1212DE are cooling fans that are controlled with a reversed PWM signal.
DragonMint and Innosilicon A4+, A5 miners use these cooling fans.
This detail also supports my theory.

[philipma1957]

Its not really that much new, it was announced one day later after Bitmain has announce their A3 miner, something seems fishy, like they are trying to compete with them...

I think they have a hidden connection.  And are far more related to each other then we know.


But that is my own conspiracy theory.

[HagssFIN]

Its not really that much new, it was announced one day later after Bitmain has announce their A3 miner, something seems fishy, like they are trying to compete with them...

I think they have a hidden connection.  And are far more related to each other then we know.


But that is my own conspiracy theory.

Well, to make it more interesting, I bet there is some kind of a triangle connection between Halong-Innosilicon-Bitmain  

Gotta love them consiparicy theories.

But seriously, I think Inno is somehow involved in this Dragonmint project.