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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 865285 times)
User705
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September 14, 2014, 09:16:47 AM
 #10721

How was HF supposed to both A) keep the BTC in cold storage, and B) pay for the chips/boards/machines to be produced?  That doesn't make sense!  Those are mutually exclusive actions. 

Those are absolutely not mutually exclusive.

Why did hashfast need to cash out all their btc when production costs were less than 10% of what they charged for preorders?
By that logic they didn't "need" any Pre-orders at all.
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Gyrsur
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September 14, 2014, 09:18:43 AM
 #10722

what happens with the frozen BTC of HF. are they still there on an address?
cedivad
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September 14, 2014, 09:21:51 AM
 #10723

By that logic they didn't "need" any Pre-orders at all.
That logic isn't flawed. Your post is. (VC capital, 10% != 100%).

what happens with the frozen BTC of HF. are they still there on an address?
HF claims to have something like 5 BTC total.

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
jimmothy
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September 14, 2014, 09:26:10 AM
 #10724

Does it really matter?  Even the very first TOS has limitation of liability and force majuer clauses.  The question is why a promise of BTC refunds irregardless of value any more reasonable then other idiotic promises like pirates promise of huge interest rates payable in BTC?
 Huh
Ice is right that those who told people not to take or cash refund checks did a disservice to them.  Just say no to preorders and while at it say no to cloud mining.  The next ASIC scam.

In hindsight, yes they should have accepted the usd refunds, but also in hindsight hashfast could have not fucked up/lied several times leading to that point.

Btc refunds irregardless of value are easy to do if you don't convert the payments to fiat. If you need to convert the payments to fiat then don't guarantee btc refunds.

It's really that simple.

The fact that their policy relied on a btc rate that didn't change meant they either had no idea how bitcoin works or were lying.

By that logic they didn't "need" any Pre-orders at all.

I'm not sure how you came to that conclusion. I'm sure they could have been entirely VC funded but that's beside the point.

By my logic they needed ~$1m/PH and they asked for $15m.

If btc was $150/btc they would have been paid 100,000 btc. They could have cashed out 10,000 btc and been left with 90k btc for refunds.
cedivad
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September 14, 2014, 09:36:21 AM
 #10725

If they had accepted USD refunds they would basically have only given up their BTC claims. I personally never received an USD refund check. Remember that HF had yet to finish refunding USD batch 1 customers when they they entered into bankruptcy. Batch 1 was like 14% of their total sales.

The problem was HF and the money they have pocketed; as jimmothy remembers, if HF was another company (let it be KNC or CT) they would have never spent 20M without delivering shit. HF was incredibly able to do so.

If you take my grandmother and ask her to run the same company, you won't be able to duplicate this incredibly ugly result. Not even in a hundred times.

So, from now on:


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
Gyrsur
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September 14, 2014, 02:13:06 PM
 #10726

^^exactly, a bunch of clowns! not all of HF but the important ones.
BitCoin Operated Boy
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September 14, 2014, 04:43:30 PM
 #10727

I see that people are still posting in this thread...

We won't get our money back.

Get over it. It's that f*cking simple. Period .

Just leave it... :-)
cedivad
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September 14, 2014, 04:59:32 PM
 #10728

We won't get our money back. Get over it. It's that f*cking simple. Period . Just leave it... :-)
You are the one doing a disservice now.

We will fight tooth and nail until when we get our money back or the responsible are in prison. Hopefully both.

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
User705
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September 14, 2014, 05:47:26 PM
 #10729

We won't get our money back. Get over it. It's that f*cking simple. Period . Just leave it... :-)
You are the one doing a disservice now.

We will fight tooth and nail until when we get our money back or the responsible are in prison. Hopefully both.
Are you familiar with the expression tilting at windmills? 
Also if you want to find the responsible person all you have to do is look in the mirror.  Relying on blatantly false promises is as much the responsibility of the one pretending those promises are worth something as well as the one making them.  A good post about that is below.  Granted MP rubs people the wrong way but that doesn't make some of what he says any less true.
https://bitcointalk.org/index.php?topic=106391.0
AdamWhite
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September 14, 2014, 06:07:54 PM
 #10730

has it finally been established that icebreaker = simon
cedivad
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September 14, 2014, 06:48:03 PM
 #10731

Are you familiar with the expression tilting at windmills?
No, but I can imagine it's meaning. I don't care if I become as mad as Don Quixote. He was an interesting guy, and Pirateat40 agrees that you shouldn't fuck with the community too much.

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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September 14, 2014, 08:02:24 PM
 #10732

has it finally been established that icebreaker = simon

No, it appears that icebreaker is some guy named Ralph that worked at Hashfast and also posted under the Hashfast_CL name  which is why some posts from Hashfast_CL have the same moronic tone as the stuff Icebreaker posts.

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jimmothy
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September 14, 2014, 08:25:14 PM
 #10733

We won't get our money back. Get over it. It's that f*cking simple. Period . Just leave it... :-)
You are the one doing a disservice now.

We will fight tooth and nail until when we get our money back or the responsible are in prison. Hopefully both.
Are you familiar with the expression tilting at windmills?  
Also if you want to find the responsible person all you have to do is look in the mirror.  Relying on blatantly false promises is as much the responsibility of the one pretending those promises are worth something as well as the one making them.  A good post about that is below.  Granted MP rubs people the wrong way but that doesn't make some of what he says any less true.
https://bitcointalk.org/index.php?topic=106391.0

Have you actually read any of the egomaniacle/flamboyant garbage MP spouts?

MP is not a financial educator/prophet. He's a manipulative scammer bent on taking money from the ignorant. Anyone with even the slightest amount of real world financial knowledge would see through his facade.

You're really trying to blame the victim for some reason while it's clear as day that hashfast is to blame for this.

There were no "blatantly false promises" and if there were you surely didn't speak up about it.

There were promises HF failed to uphold due to their incompetence/scamming but that doesn't mean the promises were unrealistic or unfulfillable.  Any competent company could have come through with the exact same promises HF made.
Micky25
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September 14, 2014, 08:35:22 PM
 #10734

has it finally been established that icebreaker = simon

No, it appears that icebreaker is some guy named Ralph that worked at Hashfast and also posted under the Hashfast_CL name  which is why some posts from Hashfast_CL have the same moronic tone as the stuff Icebreaker posts.
Just mixed up the name back then, meant Icebreaker, not Icedrill...

Now he's just a paid shill.  I wonder how those guys at Crashfast pay him - BTC, chips, or "freebies"?
Most likely with false promises.

The only company in the world selling mining equipment that really hashes at 2TH/s is HashFast (hence our name).
This may be true, selling, but what about delivering? Anything? My Cointerra order, paid in November, arrived last week and hashes away happily since then. I still wait for HashLast products (hence the name).
You sound different since you're back. Are you IceDrill? Did they offer you faster delivery for some propaganda? Don't trust them, they tricked you before.


and: I asked for a refund for my upgrade kit using their refund form, giving up any BTC refund claims (which I didn't anticipate or claim anyways) and guess what: didn't receive anything as well.

Does it really matter?  Even the very first TOS has limitation of liability and force majuer clauses.  The question is why a promise of BTC refunds irregardless of value any more reasonable then other idiotic promises like pirates promise of huge interest rates payable in BTC?
 Huh
Ice is right that those who told people not to take or cash refund checks did a disservice to them.  Just say no to preorders and while at it say no to cloud mining.  The next ASIC scam.

In hindsight, yes they should have accepted the usd refunds, but also in hindsight hashfast could have not fucked up/lied several times leading to that point.

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September 15, 2014, 02:28:30 AM
 #10735

what happens with the frozen BTC of HF. are they still there on an address?

Not sure now which one is it, but on here http://www.plainsite.org/dockets/28mzy2tfp/california-northern-bankruptcy-court/hashfast-technologies-llc/ you'll find the assist statement showing 0 BTC on account, unless they lied to the judge that is.

kikaha
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September 15, 2014, 04:19:34 AM
 #10736

The bigger picture question is how do you take in $18M+ from pre orders, fulfill a small percentage of your customers (1/2 of the first batch) and apparently have next to nothing in $ or BTC to show for it?
stan258
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September 15, 2014, 04:51:51 AM
 #10737

The bigger picture question is how do you take in $18M+ from pre orders, fulfill a small percentage of your customers (1/2 of the first batch) and apparently have next to nothing in $ or BTC to show for it?

Check the company’s executive’s expense accounts.... 
Gleb Gamow
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September 15, 2014, 04:57:05 AM
 #10738

The bigger picture question is how do you take in $18M+ from pre orders, fulfill a small percentage of your customers (1/2 of the first batch) and apparently have next to nothing in $ or BTC to show for it?

Obviously, those involved in the blatant collusion had to be paid. I see it! You see it! Even the judge sees it, but it's not his position to make such an opinion, for he's ONLY the judge. Both sides' lawyers see it, but guess what comes to mind? You guessed it: Blatant collusion.

Good Guy Lawyer: I'm going to do A, B and C to try to get this over with ASAP, while you...
Bad Guy Lawyer: ...do X, Y and Z to slow you down. Is it safe to assume we're both getting paid the same hourly rate?
Good Guy Lawyer: Yes, of course, Silly, but sadly the clown wearing the robe doesn't benefit so handsomely.
Bad Guy Lawyer: True, that! But we don't get to don a robe. Guess that's the price we have to pay to remain in our lowly positions.
Good Guy Lawyer: The only saving grace is that our clients pay that price - in spades!

Judge: What's the latest?
GGL: Your Honor, we need to do A, B and C ASAP.
Judge: Any objections, BGL?
BGL: Yes, your Honor. X, Y and Z.
Judge: See you all next month. Adjourned!

GGL: Coffee?
BGL: Can't! Toga party at Long Dong Skropenis and CockMeyers' pad. I'll email you pics.
GGL: Guess I'll have my paralegal email my suckers the latest and ask for next month's payment for legal. Wait, toga party?
BGL: Yep, but don't tell the judge, for I'll be donning a robe - with nothing underneath.
GGL: You always get the good clients!
BGL: Yep! It's not who you know, but who you...

HardwareReviewer
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September 15, 2014, 07:14:55 AM
 #10739

When HF promises BTC refunds, customers expect BTC refunds.

They the fuck don't care how the company would manage to provide them, it's not of their business. For all they care maybe each time a HF employee takes a dump, one newly created bitcoin comes along with it. It's not of their concern, it's HF responsibility to live up to their part of the agreement, as we customers did ours.

- Was there risk involved in pre-ordering from HashFast? Yes, as there is with many bitcoin investments. A lot of scammers, liars, mismanagement and incompetence out here.

- Does that mean WE as customers are responsible for putting our trust and money in that company? Of course not, they are responsible for their own promises and mistakes.

- IOW does it make us greedy bastards to demand BTC refunds as per our agreement?  Absolutely not.


So Icebreaker, you were told about the "Windfall" concept by some gal and you probably thought "Yes, that's something I can use", and now you use a million times it in all your replies as your only defense for your failed company.

Yeah, I know that type of person. The words childish and ridiculous comes to mind, as does the expression "doesn't know what the hell he's talking about".


So please, take you shitfall and go play elsewhere. It's time for you to invent a new scam.


Kisses,
HR  Grin


PS: I paid in fiat.

Prepare to enter a world of stress
bitndx
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September 15, 2014, 03:39:18 PM
 #10740

The bigger picture question is how do you take in $18M+ from pre orders, fulfill a small percentage of your customers (1/2 of the first batch) and apparently have next to nothing in $ or BTC to show for it?

Obviously, those involved in the blatant collusion had to be paid. I see it! You see it! Even the judge sees it, but it's not his position to make such an opinion, for he's ONLY the judge. Both sides' lawyers see it, but guess what comes to mind? You guessed it: Blatant collusion.

Good Guy Lawyer: I'm going to do A, B and C to try to get this over with ASAP, while you...
Bad Guy Lawyer: ...do X, Y and Z to slow you down. Is it safe to assume we're both getting paid the same hourly rate?
Good Guy Lawyer: Yes, of course, Silly, but sadly the clown wearing the robe doesn't benefit so handsomely.
Bad Guy Lawyer: True, that! But we don't get to don a robe. Guess that's the price we have to pay to remain in our lowly positions.
Good Guy Lawyer: The only saving grace is that our clients pay that price - in spades!

Judge: What's the latest?
GGL: Your Honor, we need to do A, B and C ASAP.
Judge: Any objections, BGL?
BGL: Yes, your Honor. X, Y and Z.
Judge: See you all next month. Adjourned!

GGL: Coffee?
BGL: Can't! Toga party at Long Dong Skropenis and CockMeyers' pad. I'll email you pics.
GGL: Guess I'll have my paralegal email my suckers the latest and ask for next month's payment for legal. Wait, toga party?
BGL: Yep, but don't tell the judge, for I'll be donning a robe - with nothing underneath.
GGL: You always get the good clients!
BGL: Yep! It's not who you know, but who you...

collusion seems like alot of professional risk for the GGL(?creditors committee lawyer?). That thing we all know is untrue that she said during the hearings concerning the chips not depreciating was a tactic to kill the liquidbits deal......well that worked.

now what? where are the good ideas?

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