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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 875074 times)
kikaha
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September 09, 2014, 10:32:25 PM
 #10621

Anyone know how the hearing went today?

There will be an important hearing this Tuesday. The US trustee wants to appoint a trustee and the creditors committee filed an opposition because they already put a CRO in place. The US trustee says that the CRO isn't in charge at the company (in the opposition to the opposition to the motion), while he actually should.
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September 09, 2014, 10:53:03 PM
 #10622

Anyone know how the hearing went today?
I got the date wrong, it's tomorrow, Wednesday. Sorry.

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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September 09, 2014, 11:00:51 PM
 #10623

..
The correct course of action is to involve the lawyers.
Fact: BTC suddenly went from ~$100 to ~$1000, and only an greedy idiot would actually expect a 10x windfall at HashFast's expense because of that.
...
Ok. I'll bite. Where is the windfall in not spending your BTC with HashFast? Where is the windfall in getting your equipment on time and yielding the same amount of bitcoins back which were used to purchase the equipment in the first place?

I don't know which agenda you serve or which playbook you're drawing from. But logic certainly is not your friend. You come here and keep insulting the intelligence of HashFast victims and blame them for lending trust to people who nefariously abused it, instead of pointing the finger at those who acted in bad faith.

If you would have the least amount of decency you would just shut up and let the legal system deal with the fallout of this mess.

You don't get to ask questions, and then tell me not to answer them.  At least not if you have any sense of fairness.   Smiley

I never said " not spending your BTC with HashFast" and "getting your equipment on time and yielding the same amount of bitcoins back which were used to purchase the equipment in the first place" are windfalls.  Although they would be in the financial sense, because the BTC price jumped up resulting in a large USD profit.  But you can't expect a company to honor an impossible interpretation of their refund obligations, that's unreasonable and referred to as a "windfall" in the legal domain, where it is not an actionable claim.  Most people got that memo months ago, and wisely dropped the topic.  Not sure why we're reaching back to it now...  Tongue

Even if they agreed with you, where was HF supposed to get the money to pay out 10x their orders, after spending millions to build an amazing chip and some less than amazing boards?  It was a start-up, not IBM.

I'm not insulting all HF customers here, just sharing lessons learned from being among them.

I am insulting the idiots you called "victims" who are still making off-topic Scam Accusations without evidence, and moaning about how they bear zero responsibility for sharing the unavoidable inherent risks of pre-ordering ASICs from a tiny new company.

DYODD and stop whining when you gamble more than you can afford to lose, only to lose.  It's just business, grow up and stop making it personal.  HF wanted to be the Nvidia of ASICS, not the 3dfx, and certainly not a scam.  It's not the first time having the best product was insufficient to maintain solvency.  If it's really your first personal experience of that phenomenon, consider this an expensive but valuable lesson (with my sympathies).


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September 09, 2014, 11:05:53 PM
 #10624

Even if they agreed with you, where was HF supposed to get the money to pay out 10x their orders, after spending millions to build an amazing chip and some less than amazing boards?  It was a start-up, not IBM.

So the offer for refunds was a lie from the start. Thanks for admitting they were a scam from the start.

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September 09, 2014, 11:20:16 PM
 #10625

Even if they agreed with you, where was HF supposed to get the money to pay out 10x their orders, after spending millions to build an amazing chip and some less than amazing boards?  It was a start-up, not IBM.

So the offer for refunds was a lie from the start. Thanks for admitting they were a scam from the start.

The offer for refunds was made at the end of a long period of ~$100 price stability.  The spike to $1000+ was unexpected and unfortunately timed for those of us who had just used BTC to purchase ASIC pre-orders.  Sorry you didn't get the 'windfalls are not legally actionable claims' memo months ago, like the rest of us (who wish they were not).

A scam doesn't make a record-smashing 28nm ASIC at TSMC or start converting MPP/backorders to chips, only to be halted by a lawsuit.

A scam does not get put into Chapter 11.  The DA isn't involved and your tired old off-topic Scam Accusation is defamation.

That defamation does not help us "victims" BTW.  HashFast is worth far more as a nearly-successful start-up with killer IP than a "scam" which got busted.

Thanks for admitting that you can't tell the difference between a company that ran out of money/time (legal) and a scam (not legal).   Smiley


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September 10, 2014, 12:04:55 AM
 #10626

The offer for refunds was made at the end of a long period of ~$100 price stability.  The spike to $1000+ was unexpected and unfortunately timed for those of us who had just used BTC to purchase ASIC pre-orders.  Sorry you didn't get the 'windfalls are not legally actionable claims' memo months ago, like the rest of us (who wish they were not).

This isn't some politician promising to end poverty and failing to accomplish that promise. This was a crucial term of sale. HF had no right to break that term of sale simply because it was "inconvenient" for them.

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September 10, 2014, 12:13:37 AM
 #10627

The offer for refunds was made at the end of a long period of ~$100 price stability.  The spike to $1000+ was unexpected and unfortunately timed for those of us who had just used BTC to purchase ASIC pre-orders.  Sorry you didn't get the 'windfalls are not legally actionable claims' memo months ago, like the rest of us (who wish they were not).

This isn't some politician promising to end poverty and failing to accomplish that promise. This was a crucial term of sale. HF had no right to break that term of sale simply because it was "inconvenient" for them.

Our wishful thinking aside, it's a matter of possible vs impossible.  They simply didn't have the money to pay out tenfold windfalls after spending millions to build chips/boards/systems.

No lawyer would ever take a case demanding a tenfold windfall.  Do you know why? 

Hint: everyone else on the thread found out the answer months ago!


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September 10, 2014, 01:13:36 AM
 #10628

Our wishful thinking aside, it's a matter of possible vs impossible.  They simply didn't have the money to pay out tenfold windfalls after spending millions to build chips/boards/systems.

What do you call it when a company can't meet its obligations? We call that "bankruptcy"! When that happens, lawyers get involved. Shocker!

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September 10, 2014, 01:30:40 AM
 #10629

Our wishful thinking aside, it's a matter of possible vs impossible.  They simply didn't have the money to pay out tenfold windfalls after spending millions to build chips/boards/systems.

What do you call it when a company can't meet its obligations? We call that "bankruptcy"! When that happens, lawyers get involved. Shocker!

Bankruptcy is one course of action, recapitalization is another.  The latter is preferable, unless you want to ensure the lawyers get everything.

BTW, very wise of you to drop the tenfold windfall demand.  It was making you appear foolish.   Wink


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September 10, 2014, 01:57:33 AM
 #10630

Bankruptcy is one course of action, recapitalization is another.  The latter is preferable, unless you want to ensure the lawyers get everything.

Recapitalization would require people to trust HF. Nobody trusts them, thus creditors take matters into their own hands.

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September 10, 2014, 02:24:41 AM
 #10631

Bankruptcy is one course of action, recapitalization is another.  The latter is preferable, unless you want to ensure the lawyers get everything.

Recapitalization would require people to trust HF. Nobody trusts them, thus creditors take matters into their own hands.

HF was in negotiation for recap funds with several sources.  It's in the court docs, which you could listen to if you'd like to get a clue.

Not many people in the adult world subscribe to such a childish Bad Guy Scammer caricature of HF.

You apparently believe that
1) HF owes you a fivefold windfall, even if that's not a legal cause for action nor within their financial capacity
and
2) we have a decent chance of recovering some of our windfalls/MPP/backorders after spending HF's few remaining resources on lawyers

Bro, if you believe those two things while sober, we've got to get together and party sometime.  I can't wait to hear what other crazy crap you'll say after a few shots!   Cool


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September 10, 2014, 03:12:52 AM
 #10632

Bankruptcy is one course of action, recapitalization is another.  The latter is preferable, unless you want to ensure the lawyers get everything.
Recapitalization would require people to trust HF. Nobody trusts them, thus creditors take matters into their own hands.
HF was in negotiation for recap funds with several sources.  It's in the court docs, which you could listen to if you'd like to get a clue.
Not many people in the adult world subscribe to such a childish Bad Guy Scammer caricature of HF.
You apparently believe that
1) HF owes you a fivefold windfall, even if that's not a legal cause for action nor within their financial capacity
and
2) we have a decent chance of recovering some of our windfalls/MPP/backorders after spending HF's few remaining resources on lawyers

Bro, if you believe those two things while sober, we've got to get together and party sometime.  I can't wait to hear what other crazy crap you'll say after a few shots!   Cool

To be fair, iCEBREAKER, if you want to post here you should let everyone know that your name is ralph and you used to work for Hashfast.    You got laid off as you were not adding any value to the estate and were taking its resources at a time it was severely undercapitalized taking money that could have been returned to creditors.    In fact, if everything was sold off and EVERYONE was fired when you were, the creditors likely would have recovered all their money.   The math is not that complicated. 

Just be fair to the others would do not know your full history. 

And the "offers" that hashfast was "so diligently" working on were with companies that never paid for the products they agreed to by when it came time to settle.    Yes, the deals are in the docs.   So is the failure to pay.    Read them all.   Not just the first act and the cole's notes.

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September 10, 2014, 03:38:26 AM
 #10633

if everything was sold off and EVERYONE was fired when you were, the creditors likely would have recovered all their money.   The math is not that complicated. 

You sure are great at Monday Morning Quarterbacking.  HashFash should have made you CFO and avoided all this unpleasantness thanks to your prodigious acumen.   Grin

If you find that personalizing the discussion is productive, please disclose your own identity and relationship to the matter.

Hint for those playing along at home: MM still has far more to do with the HF imbroglio than I ever did.

All slap fighting aside, it's nice to see the HF thread competing for 'Best ASIC Drama' once again.  AMT and BlackArrow aren't half as entertaining IMO.   Cheesy


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September 10, 2014, 03:44:08 AM
 #10634

thread turned very bad since last time i was here.

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September 10, 2014, 03:56:14 AM
 #10635

if everything was sold off and EVERYONE was fired when you were, the creditors likely would have recovered all their money.   The math is not that complicated. 
You sure are great at Monday Morning Quarterbacking.  HashFash should have made you CFO and avoided all this unpleasantness thanks to your prodigious acumen.   Grin
If you find that personalizing the discussion is productive, please disclose your own identity and relationship to the matter.
Hint for those playing along at home: MM still has far more to do with the HF imbroglio than I ever did.
All slap fighting aside, it's nice to see the HF thread competing for 'Best ASIC Drama' once again.  AMT and BlackArrow aren't half as entertaining IMO.   Cheesy
Some large words Ralphie.   I guess I should feel happy that my tax dollars did not get completely wasted on your education (although it would have been preferably for that investment the taxpayers made in you actually enabled you to pay some tax back into the system).   I always thought that commie school was overrated.   But who am I to talk, my alma mater has its own baggage.

Anyone following this drama knows who I am.   I actively told them.   My signature is on the chapter 7 filing.   Which, if was accepted, would have led to the liquidation of the assets immediately instead of allowing a bunch of incompetent people to continue to waste creditors' money.

You, however, are not being that honest with the people that you are trolling.   It is fine to have an opinion but do not push the BS too far or I will let the people you are harassing know enough about you that they will understand why you need to troll them in order to make yourself feel better about yourself.    Have fun, have an opinion, share your thoughts but be helpful and kind.   

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September 10, 2014, 03:57:55 AM
 #10636

thread turned very bad since last time i was here.

We'll go back on topic after tomorrow's hearing.

The battle to combine the MD and CA LLCs should prove interesting.

But the real climax will be the tug of war over the IP.

Funny that a so-called "scam" has IP worth fighting over, isn't it?   Smiley


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whether we have a dictatorship or a real democracy." 
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September 10, 2014, 04:21:28 AM
 #10637


Even if they agreed with you, where was HF supposed to get the money to pay out 10x their orders, after spending millions to build an amazing chip and some less than amazing boards?  It was a start-up, not IBM.

One would think that they would perform some sort of hedging,  such as buying special situation insurance, futures, or options.  That is what companies do that deal in multiple currencies,  anyway.  If they could not do this,  they should not have made that promise.
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September 10, 2014, 04:58:10 AM
 #10638

Even if they agreed with you, where was HF supposed to get the money to pay out 10x their orders, after spending millions to build an amazing chip and some less than amazing boards?  It was a start-up, not IBM.

In the free and volatile market of bitcoin you don't start promising full BTC refunds just to get surprised by a sudden increase in exchange rate. I think that HF should've taken everything into account before lying to get more money from customers. They should've taken into consideration both increase and decrease in value especially when with just 5-6 month before we saw an new ATH from ~33$ to $260.

Promising full BTC refunds was a straight lie from the start just to get more pre-order money and you and cypherdoc supported it!

The offer for refunds was made at the end of a long period of ~$100 price stability.  The spike to $1000+ was unexpected and unfortunately timed for those of us who had just used BTC to purchase ASIC pre-orders.  Sorry you didn't get the 'windfalls are not legally actionable claims' memo months ago, like the rest of us (who wish they were not).

Not sure if it's pure retardness or simply lies. You define as a long period in a free and volatile market a few months? The spike was unexpected despite hitting an ATH with just a few months before? ORLY? Please say more.

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
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September 10, 2014, 05:10:52 AM
 #10639


Even if they agreed with you, where was HF supposed to get the money to pay out 10x their orders, after spending millions to build an amazing chip and some less than amazing boards?  It was a start-up, not IBM.

One would think that they would perform some sort of hedging,  such as buying special situation insurance, futures, or options.  That is what companies do that deal in multiple currencies,  anyway.  If they could not do this,  they should not have made that promise.

Oh good, more Monday Morning Quarterbacking.   Roll Eyes  Nobody expected $100 BTC to suddenly spike past $1000, even if such hypothetical "hedging services" were available and legal for HF to use.

The only reasonable interpretation is that the "refund in BTC" clause always meant "USD purchase price equivalent in BTC."  Ask any attorney with even a vague notion of contract law.

But thanks to the lawsuits, HF was required to use USD, AKA 'legal tender.'

This issue was put to bed months ago, why are you dredging it up at this late date, when it doesn't matter at all? 

Do please try to keep up with the rest of the class, so we don't have to waste time reviewing.   Smiley

And RoadStress, if you really think that your lulzy infinite liability creating interpretation is anything but trolling, please give your money to the nearest lawyer so he can explain the facts of common law to you.  Ask about the "Equity For Dummies" tutorial.   Grin


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Monero
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September 10, 2014, 05:31:17 AM
 #10640

And RoadStress, if you really think that your lulzy infinite liability creating interpretation is anything but trolling, please give your money to the nearest lawyer so he can explain the facts of common law to you.  Ask about the "Equity For Dummies" tutorial.   Grin

It seems like you didn't get it. Let me repeat it

In the free and volatile market of bitcoin you don't start promising full BTC refunds just to get surprised by a sudden increase in exchange rate.

Blaming someone else or some outside event is always easier than being a man and taking responsibility for your facts!

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
H/w Hosting Directory & Reputation - https://bitcointalk.org/index.php?topic=622998.0
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