HashFast announces specs for new ASIC: 400GH/s

[bitndx]

What was the big idea behind killing the liquidbits deal?

The main problem was that it was they weren't offering to pay cash.  They wanted to pay a very small amount to a select few companies to get their hands on the chips and then if they decided to build a mine and after they got their investment back they would maybe pay up to 6 million dollars back to creditors.  So the likely outcome for customer creditors was that we would have ended up with $0.  If you have a choice between keeping something that is worth a few million and declining in value so you could look for another buyer or $0 for it right now which would you take?

hindsight on the LB deal....but weird that there wasn't a back and forth where some cash might have come forward..."this deal or no deal". Especially since there wasn't anything waiting in the wings.

where are the new ideas to use the declining value chips? Is there an email address for the CRO to send some ideas too because it sure seems like there are none?

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[pmorici]

What was the big idea behind killing the liquidbits deal?

The main problem was that it was they weren't offering to pay cash.  They wanted to pay a very small amount to a select few companies to get their hands on the chips and then if they decided to build a mine and after they got their investment back they would maybe pay up to 6 million dollars back to creditors.  So the likely outcome for customer creditors was that we would have ended up with $0.  If you have a choice between keeping something that is worth a few million and declining in value so you could look for another buyer or $0 for it right now which would you take?

weird that there wasn't a back and forth where some cash might have come forward..."this deal or no deal". Especially since there wasn't anything waiting in the wings.

where are the new ideas to use the declining value chips? Is there an email address for the CRO to send some ideas too because it sure seems like there are none?

There were negotiations in the sense that Liquidbits negotiated with Hashfast (ie: Monica, Simon, etc...).  It's just that Hashfast's idea of a "good" deal and the creditor's were different and they didn't include the creditors in meaningful negotiation.  Now that the CRO is in control he is much more likely to negotiate a deal for the creditors that the bankruptcy judge will actually approve.  I posted the CRO's contact email back a few pages in this thread.

[mikelitv]

What was the big idea behind killing the liquidbits deal?

The main problem was that it was they weren't offering to pay cash.  They wanted to pay a very small amount to a select few companies to get their hands on the chips and then if they decided to build a mine and after they got their investment back they would maybe pay up to 6 million dollars back to creditors.  So the likely outcome for customer creditors was that we would have ended up with $0.  If you have a choice between keeping something that is worth a few million and declining in value so you could look for another buyer or $0 for it right now which would you take?

weird that there wasn't a back and forth where some cash might have come forward..."this deal or no deal". Especially since there wasn't anything waiting in the wings.

where are the new ideas to use the declining value chips? Is there an email address for the CRO to send some ideas too because it sure seems like there are none?

There were negotiations in the sense that Liquidbits negotiated with Hashfast (ie: Monica, Simon, etc...).  It's just that Hashfast's idea of a "good" deal and the creditor's were different and they didn't include the creditors in meaningful negotiation.  Now that the CRO is in control he is much more likely to negotiate a deal for the creditors that the bankruptcy judge will actually approve.  I posted the CRO's contact email back a few pages in this thread.

Didn't they give PRIORITY mining to the Creditors?  Weren't they giving up their claim of circa $6million?  Didn't they propose to pay $2million dollars upfront?  That's what I read from the proposition.  That's what I understood from the Q&A on this forum.  More would have been given back to creditors than what we are all entitled to hope now.

But why bother?  LQB was interested only up to a certain point.  They put a deadline, which is understandable with the growth of the network.  It was declined.  The Judge seems to have disliked the structure of the proposal saying that it was not a purchase but a re-structuration, inadequate under the terms of a bankruptcy.  IT'S OVER!   LQB, which was by far the best proposition we ever had, was not acceptable to the creditor's council... ok.  Let's MOVE ON.  WHAT DO WE HAVE TODAY?  I keep asking this question.  It seems there is REALLY nothing else.  How can that be better?  With the time this is all taking, those that had an ongoing mine and sit on the council are happy it didn't happen, and the CRO is less and less likely to obtain any value from the sales.  Look at what the competition is doing!

[cedivad]

Did you actually read the opposition to the sale and listened to what the judge said during the hearing before writing that post? If not, please do.

[mikelitv]

Did you actually read the opposition to the sale and listened to what the judge said during the hearing before writing that post? If not, please do.

I did, thank you Cedivad.  Perhaps you have a better proposition than that of LQB?  Perhaps instead of killing the deal because of its structure we could have tried to negotiate it in another way that was legally acceptable.  So far, we have nothing Cedivad.  Nothing at all but more expenses.  I don't see how it can be better.  Anyone here can see how it is better?

[magiccoins]

Did you actually read the opposition to the sale and listened to what the judge said during the hearing before writing that post? If not, please do.

What happened to the " franchise" deal of Minior Miner ? wasn't he confident that we will all get our money back soon what happened to all the propose offer that Minor miner brother ( head of the creditor counsel ) had. LQB deal was the only deal we had at least we would of had a chance to see some money back !!!!

Mimior miner care to comment since you have such a great business mind ? or was the deployment that LQB wanted to do was going to affect your family mine too much ?

with all the ASIC coming out the HF chips are worthless now OH wait the lawyer for the creditors counsel said it was a non depreciating asset???!!!!! ( lawyer that use to represent The creditors counsel president Robert Hedgworth) Minor miner brother and Koi system a large mine.

now Im quite curious to see how we would get any money back???

 

 

[cedivad]

I did, thank you Cedivad.  Perhaps you have a better proposition than that of LQB?  Perhaps instead of killing the deal because of its structure we could have tried to negotiate it in another way that was legally acceptable.  So far, we have nothing Cedivad.  Nothing at all but more expenses.  I don't see how it can be better.  Anyone here can see how it is better?

Off course, a deal that could return something is better than nothing. However the alternative to the LB deal is not nothing, assets are being auctioned:

Hashfast Bankcruptcy
As it stands it's clear that the estate and its assets will be auctioned off in a controlled manner and details regarding the auction will be made available shortly. A further status conference is set for 24 October.

I was going to say that we will see once that process is completed if refusing LB's offer was good or bad, but I don't think that's actually gonna be possible. With all the caveats that LB was putting in place (protection of the new components of the company, that you didn't elect to choose before, Monica for example would have been granted that protection, probably Simon and Edward too; no control over the management of the mine, no guarantee of any kind that the mine would have actually been created, their ability of returning the assets at any time in the future (like 23 months from the beginning of the mine) without having to pay you a dime keeping the profits of the mined, the unlimited license rights, etc).

These were not details that could have been fixed, errors in good faith because their lawyers forgot to protect the creditors, those were there precisely to have the chance to screw you one last time.

Off course, in a perfect world they wouldn't have never done that, and HF would have delivered my miners the day they received the raw wafers. (when was that, again?)

[Minor Miner]

Did you actually read the opposition to the sale and listened to what the judge said during the hearing before writing that post? If not, please do.

What happened to the " franchise" deal of Minior Miner ? wasn't he confident that we will all get our money back soon what happened to all the propose offer that Minor miner brother ( head of the creditor counsel ) had. LQB deal was the only deal we had at least we would of had a chance to see some money back !!!!
Mimior miner care to comment since you have such a great business mind ? or was the deployment that LQB wanted to do was going to affect your family mine too much ?
with all the ASIC coming out the HF chips are worthless now OH wait the lawyer for the creditors counsel said it was a non depreciating asset???!!!!! ( lawyer that use to represent The creditors counsel president Robert Hedgworth) Minor miner brother and Koi system a large mine.
now Im quite curious to see how we would get any money back???

Post with your real name and I will respond to you.   I have no interest in franchises so I do not know what you are talking about.   Someone proposed that, not me.  I have proposed NOTHING.   I am the person that paid to force them into Chapter 7 (if you do not understand what that means, you need to do some googling).
I stand to gain more from my claim than I would lose in "dilution" if HF sold all their boards so your mining argument is laughable.    Arguably, there would have been no dilution since most of HF boards would have been sold to people who, instead, bought competitor product.  
The JUDGE (learn to read) is the one who threw out LB's "offer" as being completely stupid.  Because others read it and thought the same thing, means people other than the judge can also read and understand words.    
If Simon had not made a company structure to "do nothing" and was not supported by Monica (who he signed all power of decision making (or delay creating to be more precise)) we all would have gotten our money back and HF would be an ongoing concern.   You realize that over $50M in equipment has been sold since HF refused Chapter 7 liquidation?  
I suggest you use your efforts to read Simon's sworn testimony and find where the $20MM really went.
At this point, finding and proving criminal fraud and seeing people prosecuted would satisfy me more than the amount of money I will receive back.    One person is responsible for all of us not getting all our money back and that person was paid by HF.  
What batch is bitmain on right now?    While HF refused to do ANYTHING to try and get creditors' money back?

[RoadStress]

"Lying?"  How was Simon supposed to know on August 9, 2013 that BTC was about to set new records by rising 500-1200%?  No reasonable person would expect HF to be culpable for such an outcome, much less actually believe a tiny new start-up could meet impossible obligations.

Are you that stupid? In 2013 bitcoin went from $13 in January to $260 in April. That is 3 months for a huge increase. Hoping/believing that BTC will stay at ~$100 forever is purely retarded. Actually I think that even a retard would think that it is possible for the price to explode in the future after such a big increase. Except for Simon and HF crew who found it reasonable to stay at the same price forever. Go away with this idiotic posts please.

Lying requires intent.  There is no way Simon intended to lie, because on August 9, 2013 he did not know BTC would suddenly explode in value, making full BTC refunds impossible.  Are you saying Simon is psychic, or controls the price of BTC?  Do you know how crazy that sounds?

How about the lie that they will deliver miners in November while they received chips in November? That is pure intent lie in the face!

[jjiimm_64]

Lying requires intent.  There is no way Simon intended to lie, because on August 9, 2013 he did not know BTC would suddenly explode in value, making full BTC refunds impossible.  Are you saying Simon is psychic, or controls the price of BTC?  Do you know how crazy that sounds?

correct.. He intended to refund in btc value.. when at the end of the year they said refund in usd, they lied!

seriously ice.  stfu

[scr3u.ucr3trs]

What was the big idea behind killing the liquidbits deal?

The main problem was that it was they weren't offering to pay cash.  They wanted to pay a very small amount to a select few companies to get their hands on the chips and then if they decided to build a mine and after they got their investment back they would maybe pay up to 6 million dollars back to creditors.  So the likely outcome for customer creditors was that we would have ended up with $0.  If you have a choice between keeping something that is worth a few million and declining in value so you could look for another buyer or $0 for it right now which would you take?

weird that there wasn't a back and forth where some cash might have come forward..."this deal or no deal". Especially since there wasn't anything waiting in the wings.

where are the new ideas to use the declining value chips? Is there an email address for the CRO to send some ideas too because it sure seems like there are none?

There were negotiations in the sense that Liquidbits negotiated with Hashfast (ie: Monica, Simon, etc...).  It's just that Hashfast's idea of a "good" deal and the creditor's were different and they didn't include the creditors in meaningful negotiation.  Now that the CRO is in control he is much more likely to negotiate a deal for the creditors that the bankruptcy judge will actually approve.  I posted the CRO's contact email back a few pages in this thread.

The timing was off because the creditors "committee" was formed just shortly before the deal negotiations were almost completed and the rush to get it in court, combined with incompetent legal teams, caused the judge to throw it out.  Those that truly understand business terms, M&A, and the court system, would understand it was form over function that the judge was largely referring to and the HashFast counsel and LB counsel, both of whom made big bucks on this, should have known that and worked better on it.

[scr3u.ucr3trs]

   One person is responsible for all of us not getting all our money back and that person was paid by HF.  
What batch is bitmain on right now?    While HF refused to do ANYTHING to try and get creditors' money back?

[/quote]

So now the CRO is being paid by HashFast along with Simon and Eddie.  So now your CRO is still refusing to do ANYTHING to get creditors money back?  Listen to the recording, the guy didn't say anything substantive other than "we are working day and night" Yeh, my money says he's delegating to his lieutenants Simon and Eddie who are running around trying to sell the fabulous vaporware IP that doesn't exist and the CRO is collecting big fat bucks along with all the lawyers for doing nothing to get our money back.  Where is the plan?  The plan that was going to generate all these millions more than LB deal and put all this cash into the HF entity for making paybacks to us creditors?  Its been over a month now committee.  Fess up.

[cedivad]

http://cointerra.com/product/aire-miner-bitcoin-miner/

0.3J/GH.

[SolarSilver]

http://cointerra.com/product/aire-miner-bitcoin-miner/

0.3J/GH.

Preorders, great, where do I sign up? Ahum

[aasl]

http://cointerra.com/product/aire-miner-bitcoin-miner/

0.3J/GH.

no more pre-orders

[RoadStress]

http://cointerra.com/product/aire-miner-bitcoin-miner/

0.3J/GH.

Do you think anyone will buy from Cointerra after their fail? I don't think so...

[cedivad]

I'm not suggesting anyone to preorder anything (apart from HF boards maybe), it's just that it's interesting to see what "the competition" is up to. (HF is supposed to have a 16nm ip, at least partially completed).

[Minor Miner]

http://cointerra.com/product/aire-miner-bitcoin-miner/
0.3J/GH.

Do you think anyone will buy from Cointerra after their fail? I don't think so...

Look like a Spondoolies design to me.    Probably a joint venture since Cointerra seems to be more of a miner (that likes to finance their mines with others' money) than a real HW company.

[RoadStress]

http://cointerra.com/product/aire-miner-bitcoin-miner/
0.3J/GH.

Do you think anyone will buy from Cointerra after their fail? I don't think so...

Look like a Spondoolies design to me.    Probably a joint venture since Cointerra seems to be more of a miner (that likes to finance their mines with others' money) than a real HW company.

I am 95% sure that this isn't a joint venture. I don't have anything official, but it can't be. It's just a copy cat from a fail company.

[cedivad]

http://cointerra.com/product/aire-miner-bitcoin-miner/
0.3J/GH.

Do you think anyone will buy from Cointerra after their fail? I don't think so...

Look like a Spondoolies design to me.

The Spondoolies design is simply smart, imho; a huge surface to dissipiate heat from, air cooled, it's easier to bring power to the chips, etc. It's just the same design as avalon/bitmain, just more compact and more datacenter oriented. I guess that the different chip same wafer design HF should have been working of should have been similar? (it's all again in the examinations).