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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 865484 times)
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August 17, 2014, 03:08:33 AM
 #10461

You obviously didn't read the transcripts.  The money paid to the other company was for engineering work done for the IP that is supposedly worth $30M according to Simon and worth almost nothing according to Monica.  The fact is the company just did the two company model to hold the IP and move dollars back and forth.  It wasn't even kept right in the accounting per the testimony and had no stealing of assets involved - that just shows how illiterate you are with basic accounting.

However it is sinful that raises were given to employees who had only been with the company months, some of them big so I do agree with you on that point.  Its probably criminal.
I would think my accounting background is better than yours.    Could be wrong, but I doubt it.   I feel pretty secure about my understanding of what you can and cannot do in business. 
How can you transfer an asset to another company that has value and not receive a payment?   
Ask the IRS that.     I cannot just "gift" assets to companies that are related let alone companies that are "independent" of each other.
The IP cannot get from CA to delaware without a market based payment.    The CA company CANNOT make payments from their revenue to pay for assets that are owned by another company.   Really?   You think it is that easy to dodge taxes and embezzle assets from a company?  Where did you go to business/law school?   That is patently ridiculous. 

Maybe I can make it simpler for you.   You start company A.   You collect $20M from people in exchange for a promise to deliver something.  You buy gold/a house/a boat or even a llama with $6M of the money.    You declare the asset as worthless and you transfer it to company B for free.     Do you think this is legal?   Hint:  it is not.
Then you charge company A $85,000 per month for the use of the asset that Company B never paid for.   hmmm.   Kind of makes your transfer price look like embezzlement doesn't it?
Do you understand?
The raises are not "criminal".   Where did you get that idea?   But, it does make it far easier to argue that all pay to EVERY shareholder of the company while it was undercapitalized could be recalled by the estate.   


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August 17, 2014, 09:08:03 AM
 #10462

Just read the sworn testimony at the link above.   While people were asking for refunds AND MANAGEMENT INCLUDING MONICA knew the company was insolvent, they gave everyone raises (some of them $100,000 per year) for FAILING and they started paying 85,000 per month in "royalties" to a delaware company for use of the IP that the delaware LLC paid NOTHING FOR.

This is probably the most important point everyone needs to read in the testimony for themselves and think about what kind of people would do that.   You have wasted $20 Miilion of other people's money and your actions AFTER it is clear the ship is sinking is to enrich yourself personally through cash raises and an attempt to steal the assets of the company (that other people's $20MM paid for) by transferring them to another company that MOST employees (including the CFO) own shares in.

Well put.

Is Edward still trying to buy a ticket for virgin galactic? Because you know, it was his major concern back at btcmiami. I really feel sad for him having to live in the office, he must be really poor. But I already tipped him, I dont think I will do it again.

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
BitCoin Operated Boy
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August 17, 2014, 07:27:31 PM
 #10463

So are we going to get our money back already or not? :-)
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August 17, 2014, 08:22:28 PM
 #10464

I know with Avalon, I can download the CAD files and presumably order a board from a house, a reel of chips from Avalon (at ehash.com) and produce a product.  This is something an individual with some experience can do.

It seems that if someone built a miner from the already produced Golden Nonce chips that exist, and do so at a cost that still allows profit to be extracted, that would be a win-win.

The LiquidBits proposal was close to that, but it was large scale (a "deal") and still exposed the estate to risk.

What are the show-stopper problems that keep this from happening?





I try to be respectful and informed.
cedivad
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August 17, 2014, 08:48:12 PM
 #10465

What are the show-stopper problems that keep this from happening?
HF's management, if you believe what the committee is saying, or
The Committee, if you believe what the "newbies" in this thread are saying.

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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August 17, 2014, 10:21:18 PM
 #10466

What are the show-stopper problems that keep this from happening?

It's my understanding that late Friday Hashfast finally signed the document giving the CRO authority to take control of the company.  Anyone looking for a fair deal that wants to buy chips or other assets should be able to deal with the company now w/o fear of getting taken.  The CRO should start their work Monday.

Gigampz: Adapter Boards for Server Power Supplies 50% cheaper than ATX power supplies.  DPS-800GBA, DPS-1200FBA, Common Slot, CRPS, DPS-1200TBA, DPS-2000bb, Dell z750p
cedivad
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August 18, 2014, 09:24:38 AM
 #10467

Great, when can we expect something to finally happen? Or you will keep going on with this level of secrecy?

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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August 18, 2014, 03:43:16 PM
 #10468

What are the show-stopper problems that keep this from happening?

It's my understanding that late Friday Hashfast finally signed the document giving the CRO authority to take control of the company.  Anyone looking for a fair deal that wants to buy chips or other assets should be able to deal with the company now w/o fear of getting taken.  The CRO should start their work Monday.

The power supplies on their parts for sale web page are priced a little higher than the same parts on eBay.  Perhaps an update to this page would help bring in cash.

I try to be respectful and informed.
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August 18, 2014, 03:51:06 PM
 #10469

So are we going to get all our money back already or not? :-)

That depends a lot on your definitions of all and already.

An involuntary bankruptcy changes the game significantly.  It is ponderous and slow, but inescapable.  It is really best to answer the trustee's questions honestly and not try to hide assets.  The trustee tries to protect the creditors, but they do not create wealth, only conserve and distribute what still remains.  Generally, the trustee will approve any (legal) plan that both the debtor and creditors approve. 

I am not a lawyer, and this opinion could be wrong.



I try to be respectful and informed.
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August 18, 2014, 03:56:28 PM
 #10470

What are the show-stopper problems that keep this from happening?

It's my understanding that late Friday Hashfast finally signed the document giving the CRO authority to take control of the company.  Anyone looking for a fair deal that wants to buy chips or other assets should be able to deal with the company now w/o fear of getting taken.  The CRO should start their work Monday.

The power supplies on their parts for sale web page are priced a little higher than the same parts on eBay.  Perhaps an update to this page would help bring in cash.
The coolers are kind of ridiculous as well, since they are just an OEM version of the H80i without the fans. $432 for four of those, vs buying four retail boxed H80i's (with the dual fans) at Newegg today for $299.96.
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August 18, 2014, 04:04:20 PM
 #10471

Great, when can we expect something to finally happen? Or you will keep going on with this level of secrecy?

There's no "secrecy" there just isn't anything to report because nothing has happened.

Gigampz: Adapter Boards for Server Power Supplies 50% cheaper than ATX power supplies.  DPS-800GBA, DPS-1200FBA, Common Slot, CRPS, DPS-1200TBA, DPS-2000bb, Dell z750p
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August 18, 2014, 04:16:45 PM
 #10472

What are the show-stopper problems that keep this from happening?

It's my understanding that late Friday Hashfast finally signed the document giving the CRO authority to take control of the company.  Anyone looking for a fair deal that wants to buy chips or other assets should be able to deal with the company now w/o fear of getting taken.  The CRO should start their work Monday.

The power supplies on their parts for sale web page are priced a little higher than the same parts on eBay.  Perhaps an update to this page would help bring in cash.

Well the ones on eBay are Bronze and the ones Hashfast has are 80 Plus Gold according to their court filings so they should be a bit more expensive.  The model Hashfast has sells on Amazon for $169

But I agree at that price they aren't any great deal esp. considering they have to be bought in lots of 7.  If anyone wanted to contact the CRO and make a bid on the supplies I'm sure they would seriously consider it.

Gigampz: Adapter Boards for Server Power Supplies 50% cheaper than ATX power supplies.  DPS-800GBA, DPS-1200FBA, Common Slot, CRPS, DPS-1200TBA, DPS-2000bb, Dell z750p
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August 18, 2014, 05:25:26 PM
 #10473


The power supplies on their parts for sale web page are priced a little higher than the same parts on eBay.  Perhaps an update to this page would help bring in cash.

Well the ones on eBay are Bronze and the ones Hashfast has are 80 Plus Gold according to their court filings so they should be a bit more expensive.  The model Hashfast has sells on Amazon for $169


I missed that detail.  Then again, others might also miss it on the website.


I try to be respectful and informed.
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August 18, 2014, 05:49:15 PM
 #10474


The power supplies on their parts for sale web page are priced a little higher than the same parts on eBay.  Perhaps an update to this page would help bring in cash.
Well the ones on eBay are Bronze and the ones Hashfast has are 80 Plus Gold according to their court filings so they should be a bit more expensive.  The model Hashfast has sells on Amazon for $169
I missed that detail.  Then again, others might also miss it on the website.

Yup.  That post was made by the old management in an effort to make it look like they were trying to market the assets to people instead of just giving them away at pennies on the dollar.  Once the CRO gets in there and takes stock I'm sure we will see some better marketing of the assets besides just some out of the way blog post that no one noticed for several days until someone posted it here on BTC talk.

Gigampz: Adapter Boards for Server Power Supplies 50% cheaper than ATX power supplies.  DPS-800GBA, DPS-1200FBA, Common Slot, CRPS, DPS-1200TBA, DPS-2000bb, Dell z750p
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August 18, 2014, 06:16:31 PM
 #10475

Great, when can we expect something to finally happen? Or you will keep going on with this level of secrecy?

There's no "secrecy" there just isn't anything to report because nothing has happened.

I was under the impression that you guys had a plan? Or something resembling it? So your post means that there is no timeline for the franchising program, no PCBs being produced, no plan for the famous second board design for the chips still in wafer form, etc?

I sincerely hope not, that the plan isn't simply to market something the market isn't interested in.

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
pmorici
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August 18, 2014, 06:25:05 PM
 #10476

Great, when can we expect something to finally happen? Or you will keep going on with this level of secrecy?

There's no "secrecy" there just isn't anything to report because nothing has happened.

I was under the impression that you guys had a plan? Or something resembling it? So your post means that there is no timeline for the franchising program, no PCBs being produced, no plan for the famous second board design for the chips still in wafer form, etc?

I sincerely hope not, that the plan isn't simply to market something the market isn't interested in.

The only concrete 'plan' was to get a CRO or a trustee so we could perhaps begin to do some of those things.  The committee has no control over anything.  They can suggest things or object to things that are clearly bad that is about it.  Up until now all the suggestions the committee made to the HF management were ignored.  That is why we needed a CRO.

Gigampz: Adapter Boards for Server Power Supplies 50% cheaper than ATX power supplies.  DPS-800GBA, DPS-1200FBA, Common Slot, CRPS, DPS-1200TBA, DPS-2000bb, Dell z750p
BitCoin Operated Boy
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August 18, 2014, 07:58:43 PM
 #10477

So are we going to get all our money back already or not? :-)

That depends a lot on your definitions of all and already.

An involuntary bankruptcy changes the game significantly.  It is ponderous and slow, but inescapable.  It is really best to answer the trustee's questions honestly and not try to hide assets.  The trustee tries to protect the creditors, but they do not create wealth, only conserve and distribute what still remains.  Generally, the trustee will approve any (legal) plan that both the debtor and creditors approve. 

I am not a lawyer, and this opinion could be wrong.




Thanks for reply. Brief and very coherent.

Hopefully the court will arrive at decisions in our favour instead of favour of these silly, selfish, inconsiderate, immature kids who fiddled with our money like toys in the sandpit.
scr3u.ucr3trs
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August 18, 2014, 11:40:14 PM
 #10478

Great, when can we expect something to finally happen? Or you will keep going on with this level of secrecy?

There's no "secrecy" there just isn't anything to report because nothing has happened.

As is typical with all the so called CRO plans or committee plans.  Two weeks ago bravado about what honking money maker plans they were and now nothing to show other than hiring expensive people to criticize a website?  What is the actual plan to get creditors money back?  You're on the committee so you should know as the plans were all supposed to be unanimous votes.
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August 18, 2014, 11:43:30 PM
 #10479

Great, when can we expect something to finally happen? Or you will keep going on with this level of secrecy?

There's no "secrecy" there just isn't anything to report because nothing has happened.

I was under the impression that you guys had a plan? Or something resembling it? So your post means that there is no timeline for the franchising program, no PCBs being produced, no plan for the famous second board design for the chips still in wafer form, etc?

I sincerely hope not, that the plan isn't simply to market something the market isn't interested in.

The only concrete 'plan' was to get a CRO or a trustee so we could perhaps begin to do some of those things.  The committee has no control over anything.  They can suggest things or object to things that are clearly bad that is about it.  Up until now all the suggestions the committee made to the HF management were ignored.  That is why we needed a CRO.

It was stated that a "Plan" was presented to HashFast management a couple weeks ago.  Now you are saying that it wasn't a plan, but just a CRO?  What specific suggestions in lieu of a plan did the committee make that were ignored by HF management and who were the suggestions made to?  Were they formalized legally (those are the only people gonna get any money out of this thing now).  Why didn't the lawyers raise a stink?  Where is LB now that there deal is dead, shouldn't they be screaming and jumping and whining too?
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August 19, 2014, 05:22:14 PM
 #10480

This facade is just going to go on and on and on until there is nothing left to liquidate as the chips will be become worthless... IMO the best way forward is for the new CRO or whom ever to agree a sale over the remaining inventory, tangible and intangible and then do HF to pay back the creditors what ever they can get.

Question is who's gonna buy the chips? Who's gonna buy the IP? Is anyone actually proactively looking for a buyer? What we waiting for?

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