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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 875472 times)
cedivad
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July 16, 2014, 04:45:11 PM
 #10121

My lawyer gets them. Not me. He is sort of not my lawyer anymore, at least not for now. Paying $20 per month or something is certainly better than being billed for forwarding emails.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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July 16, 2014, 05:50:28 PM
 #10122

I see your point. Finding a lawyer is hard. Using the one that was supposed to represent your enemy is a no brainer. Damn phone books. Too many pages.
Do you often try to find a lawyer by starting at "AAA Lawyers, LLC" and working your way down the list?
No, people do not do that.  But when you have run as many companies as Simon has and have engaged as many VERY good law firms as Simon has (the two very expensive large law firms he has used both have good reputations), you usually call them for a referrals.  The only ray of hope I see in this whole thing is that he has hired a bankruptcy lawyer and not a criminal lawyer.   At least there is still some hope they did not break any laws when they conveniently "lost" or "foolishly spent" $18-22,000,000.
If there was embezzlement or unethical payments to shareholders, I hope some of the HF employees who know of these transactions call the trustee and report them before they also become entangled in this if it goes criminal.   Federal investigators do NOT like being lied to.   Google it.   Guaranteed prison without exception when you do that.   Better to come clean now, then get caught later.
That would go for any "businesses" that might have given ANY interest or share to HF shareholders when they knowingly bought products below market.   Better to confess than to have investigators come later asking questions.

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July 16, 2014, 10:02:07 PM
 #10123

I don't think that scammers like VMC will voluntarily go to the trustee explaining the source of their first gen HF board when they could have produced evo boards instead... Especially with that revision stickers whose paper was left at the sun (or indirect light) for a long time... (lights are usually off in any halfway decent datacenter)

There are simply too many things to work with. Something will be exposed and everyone will start talking about things we couldnt even imagine in a vain attempt to save their individual asses.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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July 17, 2014, 02:25:55 PM
 #10124

I agree, once one individual folds out of fear, it'll be a race to expose all.  We will know, and it'll be ugly.  The last.  Fear motivates irrational and rational.

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July 19, 2014, 03:47:30 AM
 #10125

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!   Grin

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?  One wonders if his plan isn't to evade his own government's currency controls.  Do we know if he paid USD cash?

At the very end... if it's "under $20 for the [new] substrate and assembly", and the new substrate is "less than half" the cost of the current one (quoting Simon), do I understand correctly, then, that the original assembled boards (without the chips) probably cost Hashfast something like $45-50 each?  They had chips on hand.  So chip + $50 = working board? And they had component supplies on hand?  Why the hell couldn't they ship more systems?  If this was the case, they could have furloughed everybody for a week, taken the salary saved, and had the money to build and ship quite a few machines.  What am I missing?

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July 19, 2014, 04:44:14 AM
 #10126

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!   Grin

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?


According to the transcript it was Ms. Hushen. 
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July 19, 2014, 06:02:42 AM
 #10127

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!   Grin

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?  One wonders if his plan isn't to evade his own government's currency controls.  Do we know if he paid USD cash?

At the very end... if it's "under $20 for the [new] substrate and assembly", and the new substrate is "less than half" the cost of the current one (quoting Simon), do I understand correctly, then, that the original assembled boards (without the chips) probably cost Hashfast something like $45-50 each?  They had chips on hand.  So chip + $50 = working board? And they had component supplies on hand?  Why the hell couldn't they ship more systems?  If this was the case, they could have furloughed everybody for a week, taken the salary saved, and had the money to build and ship quite a few machines.  What am I missing?

The substrate is the little PCB that the four dies are placed on. Simon is saying that they can place the cut dies on a chip for $20. Making boards will cost significantly more than that.
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July 19, 2014, 08:29:08 AM
 #10128

The substrate is the little PCB that the four dies are placed on. Simon is saying that they can place the cut dies on a chip for $20. Making boards will cost significantly more than that.
But still less than half the current cost, that again, is an interesting proposition. And again, the cost of the PCB was irrelevant back in January. They never let us pay for it, they preferred to lie about not being broke.

Edit: I knew that checking the dockets on a Saturday morning would have resulted in interesting stuff... The motion for the sale to liquidbits is there.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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July 19, 2014, 01:26:10 PM
 #10129

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!   Grin

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?  One wonders if his plan isn't to evade his own government's currency controls.  Do we know if he paid USD cash?

At the very end... if it's "under $20 for the [new] substrate and assembly", and the new substrate is "less than half" the cost of the current one (quoting Simon), do I understand correctly, then, that the original assembled boards (without the chips) probably cost Hashfast something like $45-50 each?  They had chips on hand.  So chip + $50 = working board? And they had component supplies on hand?  Why the hell couldn't they ship more systems?  If this was the case, they could have furloughed everybody for a week, taken the salary saved, and had the money to build and ship quite a few machines.  What am I missing?



Agree.  Igor was hard to listen too, but he stirred them up which was entertaining! Smiley  I don't understand it either although I think the materials for the boards cost a little more than what you stated based on what I have seen. Regardless the cost seems low enough that they should have been producing product after product by this point. I wondered if their were no more to make because everyone wanted a refund in BTC due to that MPP debacle.

 

There were no more to make because they tossed off everyone's money, the expenses they ran up the salaries they were paying out all prioritised before what they should have focused on first and foremost their customers!

It will all come out in the wash, they won't get away with it!! It may take time but barber will probably stay abroad rather than face the music IMO!!

LTCgear.com Review http://ltcgear.co.ukhttp://ltcgear.com/?apage=120 - 160mh/s for $850 use coupon code "anniversary1yr" - Active Multi Algorithm cloud mining in Scrypt, X11 and Scrypt-N - ROI in 5 Weeks
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July 19, 2014, 01:54:24 PM
 #10130

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!   Grin

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?  One wonders if his plan isn't to evade his own government's currency controls.  Do we know if he paid USD cash?

At the very end... if it's "under $20 for the [new] substrate and assembly", and the new substrate is "less than half" the cost of the current one (quoting Simon), do I understand correctly, then, that the original assembled boards (without the chips) probably cost Hashfast something like $45-50 each?  They had chips on hand.  So chip + $50 = working board? And they had component supplies on hand?  Why the hell couldn't they ship more systems?  If this was the case, they could have furloughed everybody for a week, taken the salary saved, and had the money to build and ship quite a few machines.  What am I missing?



Agree.  Igor was hard to listen too, but he stirred them up which was entertaining! Smiley  I don't understand it either although I think the materials for the boards cost a little more than what you stated based on what I have seen. Regardless the cost seems low enough that they should have been producing product after product by this point. I wondered if their were no more to make because everyone wanted a refund in BTC due to that MPP debacle.

  

There were no more to make because they tossed off everyone's money, the expenses they ran up the salaries they were paying out all prioritised before what they should have focused on first and foremost their customers!

It will all come out in the wash, they won't get away with it!! It may take time but barber will probably stay abroad rather than face the music IMO!!


incredible. Given the scale at which they were operating, a 1000 boards would not cost that much...what is that like ~300 machines... I hope you are right and it all comes out in the wash  

Well take Bitmain for example they are shipping 3 batches of S3's at the moment all on time and as promised probably with less revenue, that is because they care more about spending money on the right things to get the job done and to put their customers first, it really doesn't need to be made so complicated they were clearly a) Incompetent and B) Having a field day in Silicon Valley spending money like they were Google! Didn't give a shit about their customers or reputation because we already made them rich within the first 3 months of trading!  They spent money like no tomorrow moving it around from one company to the other, why not just keep it all under one company, IP and sales if they were expecting to be in this game for years to come etc, it stinks to me all of it, but they will get caught out IMO

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cedivad
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July 19, 2014, 05:08:10 PM
 #10131

Ok, so, if the sale is approved LB would take every asset but the IP. They would give back a $3M debt to HF payable after two years and a LLC where they get to decide everything whatsoever always about anything, and where the declared goal is to make boards. If they are succesfull into making those boards, they would pay the $3M debt to HF and another $3M for us, the creditors, in the best case scenario. That would be after that the investment into the mine is repaid. Unsure of what happens if they successfully arrive at that point, since that I guess the share creditors would receive to depend on how many other shares would be emitted, that its not something I see on the terms, but its probably a problem of mine.

Sale Motion:
http://hashfast.org/Sale-Motion.PDF
http://hashfast.org/Sale-Motion-Declaration.PDF
http://hashfast.org/Sale-Motion-OST.PDF

Transcript of the committee hearing with debtor (includes the one we dont have an audio for):
http://hashfast.org/071514.pdf
http://hashfast.org/071514.2.pdf

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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July 19, 2014, 09:53:29 PM
 #10132

What a crappy deal for creditors.  Do we get to know everyone who has any financial interest in liquidbits?   Because they are obviously in bed with Eduardo and Simon.  
Simon and Eduardo get to keep all the intectual property that was paid for with creditors' money. And they avoid all the nasty inquiries that seem even more likely to route out misuses of company money.  The little inconveniences that would require them to repay money they took and possibly face charges.
Liquidbits gets free use or all the chips and the IP to make more chips and boards without paying creditors anything up front.  
And we creditors get nothing but the hope of a chance to get partial repayment of our claim over two years by a company none of us know and who had already entered into shady deals with hashfast before.  
Hopefully the judge sees what a joke this is.   They seem to value their debt at 100 cents on the dollar and include it in their assets or contribution yet all other creditors' debt was valued at zero and only given a contingent npossible partial payback.   Where is the notarized capital structure of liquidbits so creditors can even see if they have sufficient equity in place to do what they claim?

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July 19, 2014, 11:25:15 PM
 #10133

This deal is all back ended and too risky for creditors, chances are we won't see a cent from this deal. Don't we have a voice collectively, can't we overrule this ridiculous proposal. It is so one sided any one with half a brain can see it! Haven't we been shafted enough? I vote that HF liquidate it's assets for as much cash as possible, I think they said $9m and then they should sell the IP to anyone that will buy it, to pay off the rest!

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cedivad
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July 19, 2014, 11:35:35 PM
 #10134

We could start collecting signatures to show the judge that we are against the sale for x reasons. He will be the one making the final call.

Btw, on the dream side of things, if the 16nm design is ready for tapeout, and we only need the money, and we collect say $5M from the sale of chips and another $5M from an external investor, that could be a better use for the money rather the the proposed "hold bitcoin to pay back our creditors, our estimates are saying so" (they didn't knew bitcoin was going up so they didn't hold it, but now they do and they will be betting our money on it).

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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July 19, 2014, 11:38:18 PM
 #10135

oh look, another asic scam

Be sure to get your orders in

Shipping in "two weeks" i bet

Do all these companies have some secret pact to screw everybody?

My dog didn't have too many fleas when I got him but then in January he started dragging his ass on watts per Gh/s. This lasted for 2 months then he started barking "next week" for 3 months. Most recently he's puked up a few 80Gh/s units to randomly selected customers.

My dog is a sick flea infested little bitch!
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July 20, 2014, 01:32:17 AM
 #10136

What a crappy deal for creditors.  Do we get to know everyone who has any financial interest in liquidbits?   Because they are obviously in bed with Eduardo and Simon.  
Simon and Eduardo get to keep all the intectual property that was paid for with creditors' money. And they avoid all the nasty inquiries that seem even more likely to route out misuses of company money.  The little inconveniences that would require them to repay money they took and possibly face charges.
Liquidbits gets free use or all the chips and the IP to make more chips and boards without paying creditors anything up front.  
And we creditors get nothing but the hope of a chance to get partial repayment of our claim over two years by a company none of us know and who had already entered into shady deals with hashfast before.  
Hopefully the judge sees what a joke this is.   They seem to value their debt at 100 cents on the dollar and include it in their assets or contribution yet all other creditors' debt was valued at zero and only given a continent possible partial payback.   Where is the notarized capital structure of liquidbits so creditors can even see if they have sufficient equity in place to do what they claim?

I agree with this comment  Shocked. So basically one creditor gets paid off. The rest of us can only dream, hope and wish.

Prepare to enter a world of stress
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July 20, 2014, 02:01:55 AM
 #10137

I had split a pre-order for one of the upgraded BabyJet's with my roommate.  Are there any special forms or places that we need to register?  I believe he received some sort of documents in the mail regarding it but didn't mention if we had to do anything on our end to get back whatever pennies on the dollar (if anything) we can?

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July 20, 2014, 03:45:39 AM
 #10138

What a crappy deal for creditors.  
Barber's revenge: creditors get nothing for forcing his baby into bankruptcy.
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July 20, 2014, 07:04:02 AM
 #10139

What a crappy deal for creditors.  Do we get to know everyone who has any financial interest in liquidbits?   Because they are obviously in bed with Eduardo and Simon.  
Simon and Eduardo get to keep all the intectual property that was paid for with creditors' money. And they avoid all the nasty inquiries that seem even more likely to route out misuses of company money.  The little inconveniences that would require them to repay money they took and possibly face charges.
Liquidbits gets free use or all the chips and the IP to make more chips and boards without paying creditors anything up front.  
And we creditors get nothing but the hope of a chance to get partial repayment of our claim over two years by a company none of us know and who had already entered into shady deals with hashfast before.  
Hopefully the judge sees what a joke this is.   They seem to value their debt at 100 cents on the dollar and include it in their assets or contribution yet all other creditors' debt was valued at zero and only given a continent possible partial payback.   Where is the notarized capital structure of liquidbits so creditors can even see if they have sufficient equity in place to do what they claim?

I agree with this comment  Shocked. So basically one creditor gets paid off. The rest of us can only dream, hope and wish.

So this is the TL;DR version? Liquidbits (whoever they are) get paid and the rest have to wait 2 years to get just a part of what they paid? What's the reason behind this and why isn't everyone treated the same and why isn't HF's crew behind bars?

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
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July 20, 2014, 07:34:48 AM
 #10140

Does anyone have a small amount (5-10) of golden nonce chips to sell?

A guy I know has some technicians at hand who could design an asic board.

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