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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 875472 times)
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November 04, 2014, 10:50:06 PM
 #11081

+1 Thanks for the link.

Can someone with knowledge for the American legal system explain what in Docket 222.pdf, item e) in Exhibit 1 (Assets to be Sold) is?

It reads "Claims and causes of action against Simon Barber, including preference, fraudulent transfer, and breach of fiduciary duty claims."   Is this really an asset of Hashfast that has value for an auction?

can anyone post the date of the auction and and any details on bidding? It is time to put this lame horse down

https://cases.processgeneral.com/cases/document/case/5/hashfast-technologies-llc/

That information along with every other public document and audio from the case is available on the creditor's information website.

For the auction details look under documents and check out the document labeled Docket222.pdf  It looks like the date is Dec 4th 2014 @ 10:00 in a location in San Francisco TBD.  Procedures for bidding and the items up for auction are also listed.

Thanks!





As odd as it sounds, legal claims have value. You can "buy  the position" of a creditor or a claimant, and pursue those claims legally. In the end, you might win something, so the legal claim has value. But only you can determine what value such a claim has to you.
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November 04, 2014, 10:51:46 PM
 #11082

I don't believe for a second that piles of the fastest 28nm Bitcoin ASIC ever made sat around collecting dust until they're worthless.

Believe it or not, that's exactly what happened and is still happening, thanks to the monumentally ill-advised and self-defeating move of getting courts and lawyers involved.  Some chips are being held hostage by Uniquify/Signetics, with many still in wafers.  Undecided

As many predicted, the creditor committee has been about as effective as a car with five steering wheels.   Tongue

Yikes ... as usual, the only ones who win for sure, when lawyers are involved... the lawyers  Cry
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November 04, 2014, 11:59:21 PM
 #11083

+1 Thanks for the link.
Can someone with knowledge for the American legal system explain what in Docket 222.pdf, item e) in Exhibit 1 (Assets to be Sold) is?
It reads "Claims and causes of action against Simon Barber, including preference, fraudulent transfer, and breach of fiduciary duty claims."   Is this really an asset of Hashfast that has value for an auction?
If you are a shareholder of a company and you took a salary while that company was seriously undercapitalized, all the money you were paid could be claimed back by the estate.  Any cash you or your family took out of the business could be claimed back by the estate.
If you believe that HF did not honestly waste $20M worth of revenue and that millions of dollars were given to friends and family (and if you think you can get that money back with a court order), then these claims would be worth something to you.

Or, if you want to make sure that Simon has to pay up at the auction to buy back the claim on himself then you should register as a bidder.   
I find this the most interesting asset at the auction.   

I would appreciate it if Pete could direct us to all the 1099s issued by HF (by law any payment over $600 per year MUST be issued a 1099 if they are not issued a W2) because I would think there are lots of interesting claims to bid on and then pursue.   First, you need to run asset checks on all the people to see what you can seize after you get your judgement against them.

Some judgments allow you to garnish their wages (up to 25%) for life (or until they pay you off).   We can thank the health care lobby (and the payday loan lobby) for getting those laws loosened up.

It really becomes interesting to think about how much someone who was a shareholder would bid to get their own claim back.   Even if there is NO other money you received from the company other than your salary, there is a chance that all your salary would have to be re-paid because you never put enough equity in the company to allow you to rightfully draw that salary.    So, if you received $250,000 in pay from HF and were Simon, how much would you bid to make sure some asshole did not buy the claim and get a judgement against you?   You would need to pay lawyers too so would simon bid MORE than he is liable for?   Interesting to try and figure out how people think about these things.

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November 05, 2014, 12:20:06 AM
 #11084

File the asset recovery claim in Clark County Nevada. You can file an extention every 5 Years until they pay up so limiting statutes of limitations also court will put a warrant and extradite at no cost as the county has a exterdition contract service.  If you don't get a resolution in payments. If the sum is large enough they will pick you up overseas.  It's from the casino's that we have this structure here. 
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November 05, 2014, 08:13:46 AM
 #11085

 Pwewww... it's really is a long and sad story ..
I just would be really happy when simon barber and is  associated will be put in jail.. Sad
what a pity...  i really hope that's happend..
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November 06, 2014, 02:36:16 PM
 #11086

Wow, haven't been around here in a while.  I see my question, regarding the auction of claims against Simon Barber, has been answered.  

I just hope that whoever buys the asset will be transparent and let us all break out the popcorn and enjoy watching the process of trying to extract cash from the bastard.

What are Eddie, Scrotum, and Long Dong up to these days?

You few who repeatedly complain about the initial bankruptcy filing, claiming it was the wrong thing to do, well, your complaint is based on a false premise.  That premise being that the company was prepared and capable of fixing itself while meeting its outstanding obligations to customers.  However this bankruptcy ends up, and it isn't going well for anybody (since HF spent money like Pablo Escobar), I think it is absolutely clear that the company was not going to do right to its customers, and those customers (including me) were quite reasonably acting within their rights to try to go in and fix it / or salvage.  Turned out to be salvage since, as already mentioned, the irresponsible management had already blown through all the money without  meeting obligations.
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November 07, 2014, 08:17:10 AM
 #11087

Wow, haven't been around here in a while.  I see my question, regarding the auction of claims against Simon Barber, has been answered.  

I just hope that whoever buys the asset will be transparent and let us all break out the popcorn and enjoy watching the process of trying to extract cash from the bastard.

What are Eddie, Scrotum, and Long Dong up to these days?

You few who repeatedly complain about the initial bankruptcy filing, claiming it was the wrong thing to do, well, your complaint is based on a false premise.  That premise being that the company was prepared and capable of fixing itself while meeting its outstanding obligations to customers.  However this bankruptcy ends up, and it isn't going well for anybody (since HF spent money like Pablo Escobar), I think it is absolutely clear that the company was not going to do right to its customers, and those customers (including me) were quite reasonably acting within their rights to try to go in and fix it / or salvage.  Turned out to be salvage since, as already mentioned, the irresponsible management had already blown through all the money without  meeting obligations.
the dumbass "Liquidation was the only way to get our money back, and it will work because i have friends that work in the law field and they say so" guy.... Lord have mercy... its nice to have these drastic ranges of IQ's on here... thanks for being my wingman.

Actually that is not the premise i took, im sorry you are too naive to see that, or acknowledge that after repeated bashing... or just incapable of understanding that people with a whole shitton of money were going to try to buy out the company and get a whole new crew in there, Anybody with any knowledge of bitcoin would have known the real money is in chip design for asics, sure mining can be good, but look at everyone here, how many millions did they get out of us? tell me how many millions the average miner gets?... the fact that you still ignorantly hold on to the notion that it was the right course of action proves you have no understanding whatsover of the legal system and how long these things take, i am sorry that you feel you were correct in filing, it was a bad move. if there was even the slimmest chance of recourse, that has been utterly destroyed by the fiasco this has become, started by a group of greedy ignorant people listening to a lawyer, guess what his occupation is, oh snap...  petition for liquidation, on what fucking planet did you ever think that would work? do you know the odds? 1 in a million? 1 in a trillion?
Tell me the odds of everyone having their refunds back with a few hundred million sitting with new people in place, 1 in 5 chances, 1 in 3? once you start working with numbers, its a lot easier. its a shame there wasn't anyone on "the council" of people trying to force that, i wish i had been, either way you look at it, you fucked up.

https://www.youtube.com/watch?v=OGp9P6QvMjY
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November 07, 2014, 09:19:43 PM
 #11088

Wow, haven't been around here in a while.  I see my question, regarding the auction of claims against Simon Barber, has been answered.  

I just hope that whoever buys the asset will be transparent and let us all break out the popcorn and enjoy watching the process of trying to extract cash from the bastard.

What are Eddie, Scrotum, and Long Dong up to these days?

You few who repeatedly complain about the initial bankruptcy filing, claiming it was the wrong thing to do, well, your complaint is based on a false premise.  That premise being that the company was prepared and capable of fixing itself while meeting its outstanding obligations to customers.  However this bankruptcy ends up, and it isn't going well for anybody (since HF spent money like Pablo Escobar), I think it is absolutely clear that the company was not going to do right to its customers, and those customers (including me) were quite reasonably acting within their rights to try to go in and fix it / or salvage.  Turned out to be salvage since, as already mentioned, the irresponsible management had already blown through all the money without  meeting obligations.

Reportedly they are both (Eddie and Simon) still working for HF and collecting paltry 6 figure salaries!  I guess once Simon got back from his month long over seas vacation he was so recharged and eager to right this ship that it made sense to keep paying him LOL
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November 08, 2014, 07:25:00 PM
 #11089

FYI: http://arstechnica.com/tech-policy/2014/11/its-all-over-bitcoin-miner-maker-hashfast-to-auction-remaining-assets/
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November 08, 2014, 08:45:24 PM
 #11090


yes I saw that. I am waiting for my 500 penny refund to roll around in.

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November 08, 2014, 10:28:45 PM
 #11091



Does this mean I won't be getting my MPP?

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November 08, 2014, 11:06:22 PM
 #11092


What MPP?

It's obvious there was never any MPP from the start, except for a pyramid scheme promising MPP based on new incoming orders (thus screwing over new customers by increasing difficulty even more)

There were never any provisions or stock to delivery any kind of MPP, heck, they had a hard time even fulfilling those base orders, let alone ship out MPP units or even the chips for the MPP.

Does the MPP count as a claim in court? Can one claim for each BBJet one got, one is missing 4 extra units? I don't think so
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November 08, 2014, 11:18:27 PM
 #11093

What MPP?

It's obvious there was never any MPP from the start, except for a pyramid scheme promising MPP based on new incoming orders (thus screwing over new customers by increasing difficulty even more)

There were never any provisions or stock to delivery any kind of MPP, heck, they had a hard time even fulfilling those base orders, let alone ship out MPP units or even the chips for the MPP.

Does the MPP count as a claim in court? Can one claim for each BBJet one got, one is missing 4 extra units? I don't think so

MPP was never mentioned in the ToS either, a point of contention I had when speaking with Eduardo about placing an order in Aug '13
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November 08, 2014, 11:37:31 PM
 #11094

I don't believe for a second that piles of the fastest 28nm Bitcoin ASIC ever made sat around collecting dust until they're worthless.

Believe it or not, that's exactly what happened and is still happening, thanks to the monumentally ill-advised and self-defeating move of getting courts and lawyers involved.  Some chips are being held hostage by Uniquify/Signetics, with many still in wafers.  Undecided

As many predicted, the creditor committee has been about as effective as a car with five steering wheels.   Tongue

You should look at monumental scams in the financial sector (watch American greed as a resource).

One of the perpetrators' main excuses of not being successful is because the authorities were gotten involved just at the "wrong moment" when the supposed legitimate business was about to deliver to their customer what was promised.

Most of them operated as a ponzi robbing Peter to pay Paul. Hashfast is no different.

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November 08, 2014, 11:51:48 PM
 #11095


What MPP?

It's obvious there was never any MPP from the start, except for a pyramid scheme promising MPP based on new incoming orders (thus screwing over new customers by increasing difficulty even more)

There were never any provisions or stock to delivery any kind of MPP, heck, they had a hard time even fulfilling those base orders, let alone ship out MPP units or even the chips for the MPP.

Does the MPP count as a claim in court? Can one claim for each BBJet one got, one is missing 4 extra units? I don't think so


Yeah. That's what pissed me off the most. The only reason I bought was because of the MPP as hashrate "insurance". It's ok, though - if the hashrate were to freeze today, it'd only take me another 28.6 years to recoup what I paid (I just did the math) (before electricity costs).

I should've remembered the first rule of bitcoin back in August 2013: "If you're thinking about buying a miner, just buy the bitcoin directly instead."


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November 09, 2014, 01:46:08 AM
 #11096

You should look at monumental scams in the financial sector (watch American greed as a resource).

One of the perpetrators' main excuses of not being successful is because the authorities were gotten involved just at the "wrong moment" when the supposed legitimate business was about to deliver to their customer what was promised.

Most of them operated as a ponzi robbing Peter to pay Paul. Hashfast is no different.

First thing that comes in mind these days is http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106

Yeah. That's what pissed me off the most. The only reason I bought was because of the MPP as hashrate "insurance". It's ok, though - if the hashrate were to freeze today, it'd only take me another 28.6 years to recoup what I paid (I just did the math) (before electricity costs).

I would've joined for the full BTC refunds in case of missed deadline. Screw MPP! Good luck I didn't buy it.

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
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November 10, 2014, 03:22:39 AM
 #11097

the dumbass "Liquidation was the only way to get our money back, and it will work because i have friends that work in the law field and they say so" guy.... Lord have mercy... its nice to have these drastic ranges of IQ's on here... thanks for being my wingman.

Actually that is not the premise i took, im sorry you are too naive to see that, or acknowledge that after repeated bashing... or just incapable of understanding that people with a whole shitton of money were going to try to buy out the company and get a whole new crew in there, Anybody with any knowledge of bitcoin would have known the real money is in chip design for asics, sure mining can be good, but look at everyone here, how many millions did they get out of us? tell me how many millions the average miner gets?... the fact that you still ignorantly hold on to the notion that it was the right course of action proves you have no understanding whatsover of the legal system and how long these things take, i am sorry that you feel you were correct in filing, it was a bad move. if there was even the slimmest chance of recourse, that has been utterly destroyed by the fiasco this has become, started by a group of greedy ignorant people listening to a lawyer, guess what his occupation is, oh snap...  petition for liquidation, on what fucking planet did you ever think that would work? do you know the odds? 1 in a million? 1 in a trillion?
Tell me the odds of everyone having their refunds back with a few hundred million sitting with new people in place, 1 in 5 chances, 1 in 3? once you start working with numbers, its a lot easier. its a shame there wasn't anyone on "the council" of people trying to force that, i wish i had been, either way you look at it, you fucked up.

https://www.youtube.com/watch?v=OGp9P6QvMjY

Dear God, ArmyofIdiot, do you hate much?  Go take a deep breath. 

By the way, I've never said anything like "Liquidation was the only way to get our money back, and it will work because i have friends that work in the law field and they say so".  Don't know whose ass you pulled that out of.



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November 10, 2014, 03:55:34 AM
 #11098

I'm solo-mining with my block erupters while I wait patiently for my miner to arrive, I keep hope alive.  Smiley
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November 10, 2014, 09:11:52 PM
 #11099

Wow, haven't been around here in a while.  I see my question, regarding the auction of claims against Simon Barber, has been answered.  

I just hope that whoever buys the asset will be transparent and let us all break out the popcorn and enjoy watching the process of trying to extract cash from the bastard.

You few who repeatedly complain about the initial bankruptcy filing, claiming it was the wrong thing to do, well, your complaint is based on a false premise.  That premise being that the company was prepared and capable of fixing itself while meeting its outstanding obligations to customers.  However this bankruptcy ends up, and it isn't going well for anybody (since HF spent money like Pablo Escobar), I think it is absolutely clear that the company was not going to do right to its customers, and those customers (including me) were quite reasonably acting within their rights to try to go in and fix it / or salvage.  Turned out to be salvage since, as already mentioned, the irresponsible management had already blown through all the money without  meeting obligations.

 the dumbass "Liquidation was the only way to get our money back, and it will work because i have friends that work in the law field and they say so" guy.... Lord have mercy... its nice to have these drastic ranges of IQ's on here... thanks for being my wingman.

Actually that is not the premise i took, im sorry you are too naive to see that, or acknowledge that after repeated bashing... or just incapable of understanding that people with a whole shitton of money were going to try to buy out the company and get a whole new crew in there, Anybody with any knowledge of bitcoin would have known the real money is in chip design for asics, sure mining can be good, but look at everyone here, how many millions did they get out of us? tell me how many millions the average miner gets?...

the fact that you still ignorantly hold on to the notion that it was the right course of action proves you have no understanding whatsover of the legal system and how long these things take, i am sorry that you feel you were correct in filing, it was a bad move. if there was even the slimmest chance of recourse, that has been utterly destroyed by the fiasco this has become, started by a group of greedy ignorant people listening to a lawyer, guess what his occupation is, oh snap...  petition for liquidation, on what fucking planet did you ever think that would work? do you know the odds? 1 in a million? 1 in a trillion?


Tell me the odds of everyone having their refunds back with a few hundred million sitting with new people in place, 1 in 5 chances, 1 in 3? once you start working with numbers, its a lot easier. its a shame there wasn't anyone on "the council" of people trying to force that, i wish i had been, either way you look at it, you fucked up.

The premise that legal action would inevitably result in only lawyers getting paid has been demonstrated to be true.

armyof1ne is correct, there was at least a 20% to 33% chance of us getting something rather than nothing if HF had been allowed to recapitalize and reorganize.  Their existing design was a generation ahead of everyone else except Cointerra, and their next gen 16nm 3d FinFET chip would have destroyed the competition.

Congratulations to all you litigious lawsuit-happy laughingstocks!  Cutting off your noses to spite your faces sure was a great strategy!   Roll Eyes

Quote
"Yes, somebody could buy claims against Barber. I’m not sure those have any value though."  -Ray 'I'll fight for your windfall' Gallo


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November 11, 2014, 02:18:08 AM
 #11100

...
...
armyof1ne is correct, there was at least a 20% to 33% chance of us getting something rather than nothing if HF had been allowed to recapitalize and reorganize.  Their existing design was a generation ahead of everyone else except Cointerra, and their next gen 16nm 3d FinFET chip would have destroyed the competition.

Try to put a price tag on removing a bad actor from the mining industry and discouraging other players to follow step. There was never an indication that HashFast would turn around and stop abusing the market. In fact the opposite is true. Old HF customers may get less or close to nothing for their contracts and orders, but overall this should be considered a healthy outcome because it prevents the company from destroying wealth of future miners.

You can start a poll and ask people if they'd rather get 5 cents on a dollar or see their abuser brought to justice.

What lawyers, especially those on contingency, seem to not understand is that legal action is not a business tool. It is a vehicle for stopping abuse. However, in an environment in which the rule of law is increasingly abandoned this confusion is understandable.

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